Salomon Smith Barney Orion Futures Fund L.P.
Statements of Cash Flows
(Unaudited)
Three months ended Six months ended
June 30, June 30,
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2004 2003 2004 2003
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Cash flows from operating activities:
Net income (loss) (9,030,686) $2,992,395 $2,720,513 $(4,164,619)
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities:
Changes in operating assets and liabilities:
Investment in Master, at fair value (3,241,399) (11,263,417) (6,063,876) (8,651,598)
Net unrealized appreciation (depreciation) on open futures
positions 7,558,443 315,455 5,499,612 6,881,861
Unrealized appreciation (depreciation) on open forward contracts 371,956 (53,672) 1,878,527 (53,672)
Increase (decrease) in interest receivable 4,895 12,548 (10,762) (8,001)
Unrealized depreciation on open forward contracts 73,937 160,720 (424,372) 160,720
Accrued expenses:
Increase (decrease) in commissions (98,496) (12,798) (64,494) 8,549
Increase (decrease) in management fees (16,341) (3,650) 6,909 17,012
Increase (decrease) in administrative fees (4,763) 702 1,686 5,868
Increase in incentive fees (1,579,063) (298,424) (539,454) (272,957)
Increase (decrease) in other (54,348) 29,678 (28,626) 49,864
Increase (decrease) in redemptions payable (1,428,580) (3,284,292) (1,872,227) 208,186
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Net cash provided by (used in) operating activities (7,444,445) (11,404,755) 1,103,436 (5,818,787)
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Cash flows from financing activities:
Proceeds from additions Limited Partners 6,607,000 8,360,000 15,124,000 31,960,000
Proceeds from additions General Partner 160,000 - 440,051 -
Payments for redemptions (2,784,187) (3,551,462) (8,481,399) (11,373,908)
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Net cash provided by financing activities 3,982,813 4,808,538 7,082,652 20,586,092
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Net change in cash (3,461,632) (6,596,217) 8,186,088 14,767,305
Cash, at beginning of period 62,242,650 54,060,829 50,594,930 32,697,307
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Cash, at end of period $58,781,018 $47,464,612 $58,781,018 $47,464,612
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See Accompanying Notes to Unaudited Financial Statements.
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