~~Table~~UNITED ofSTATES ~~Contents~~

~~UNITED~~SECURITIES ~~STATES~~AND EXCHANGE COMMISSION

~~SECURITIES~~WASHINGTON, ~~AND~~D.C. ~~EXCHANGE~~20549 ~~COMMISSION~~

~~WASHINGTON,~~FORM ~~D.C.~~10-Q ~~20549~~

~~FORM~~x ~~10-Q~~QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

xFor ~~QUARTERLY~~the ~~REPORT~~quarterly ~~PURSUANT~~period TOended ~~SECTION~~March 31, 132007 ~~OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~

~~For~~or ~~the quarterly period ended June 30, 2004~~

or¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

¨For ~~TRANSITION~~the ~~REPORT~~transition ~~PURSUANT~~period ~~TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~from to

~~For~~Commission ~~the~~File ~~transition~~number: ~~period from to~~333-115353

~~Commission~~The ~~File~~Beacon Financial ~~number:~~Futures ~~333-115353~~Fund, L.P.

~~THE~~(Exact ~~BEACON~~name ~~FINANCIAL~~of ~~FUTURES~~registrant ~~FUND,~~as ~~L.P.~~specified in charter)

(Exact name of registrant as specified in charter)


Delaware		20-0963234
(State of Organization)		(IRS Employer Identification Number)

Delaware		20-0963234
c/o Beacon Management Corporation (USA) 116 Village Boulevard Suite 210 Princeton, New Jersey		08540
(State of Organization)		(IRS Employer Identification Number)
(Address of principal executive offices)		(Zip Code)

c/o Beacon Management Corporation (USA) 47 Hulfish Street Princeton, New Jersey		08542
(Address of principal executive offices)		(Zip Code)

(609) 514-1801

(~~609~~Registrant’s telephone number, including area code) ~~924-5395~~

Indicate by check mark whether the registrant (~~Registrant’s~~1) has ~~telephone~~filed ~~number,~~all ~~including~~reports ~~area~~required ~~code~~to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant ~~(1)~~is ~~has~~an accelerated ~~filed~~filer ~~all~~(as ~~reports~~defined ~~required~~in toRule be12b-2 ~~filed by Section 13 or 15(d)~~ of the ~~Securities~~ Exchange Act ~~of 1934 during the preceding 12 months, and (2~~) ~~has been subject to such filing requirements for the past 90 days~~. Yes ¨ No x

~~Total~~Indicate ~~number~~by ofcheck ~~Pages:~~mark 12whether ~~plus~~the ~~exhibits~~registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.): Yes ¨ No x

~~Table~~Total number of ~~Contents~~Pages: 18 plus exhibits

PART I - —FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

The following financial statements of The Beacon Financial Futures Fund, L.P. are included in Item 1:

	Page	~~Page~~
Financial Statements
	Statements of Financial Condition as of April 12, 2004 and June 30, 2004 (unaudited)	3
Statements of Financial Condition as of March 31, 2007 (Unaudited) and December 31, 2006	3
	Notes to Statements of Financial Condition as of April 12, 2004 and June 30, 2004 (unaudited)	4
Condensed Schedules of Investments as of March 31, 2007 (Unaudited) and December 31, 2006	4
Statements of Operations for the Three Months Ended March 31, 2007 and 2006 (Unaudited)	5
Statements of Changes in Partners’ Capital for the Three Months Ended March 31, 2007 and 2006 (Unaudited)	6
Net Asset Value Per General and Limited Partner Unit (Unaudited)	6
Statements of Cash Flows for the Three Months Ended March 31, 2007 and 2006 (Unaudited)	7
Financial Highlights for the Three Months Ended March 31, 2007 and 2006 (Unaudited)	8
Notes to the Financial Statements (Unaudited)	9-12

~~Table~~ The ofBeacon ~~Contents~~Financial Futures Fund, L.P.

~~The~~Statements ~~Beacon~~of Financial ~~Futures~~Condition ~~Fund, L.P.~~

~~Statements~~March 31, of2007 ~~Financial~~(Unaudited) ~~Condition~~and December 31, 2006

As of April 12, 2004 and June 30, 2004 (unaudited)


	March 31, 2007		December 31, 2006
	(unaudited)
ASSETS
Equity in Brokerage Accounts
Cash	$	632,558	$	810,883
Net Unrealized Gain on Open Futures Contracts		636		12,745

Total Equity in Brokerage Accounts		633,194		823,628

Other Cash		6,980		18,642
Accounts Receivable		97,014		77,728
Other Assets		—		8,298


TOTAL ASSETS	$	737,188	$	928,296


LIABILITIES & PARTNERS’ CAPITAL
Liabilities
Accrued Commissions	$	71	$	310
Fixed Asset Fee Payable		7,682		2,742
Accrued Expenses		16,670		22,055
Redemptions Payable		47,917		107,542

Total Liabilities		72,340		132,649


Partners’ Capital
General Partner’s Capital (units outstanding March 31, 2007 — 15.00, December 31, 2006 — 150.00)		13,733		140,354
Limited Partners’ Capital (units outstanding March 31, 2007 — 711.15, December 31, 2006 — 700.33)		651,115		655,293


Total Partners’ Capital		664,848		795,647

TOTAL LIABILITIES & PARTNERS’ CAPITAL	$	737,188	$	928,296

~~ASSETS~~See Accompanying Notes to the Financial Statements.

	April 12, 2004		June 30, 2004
			(unaudited)
Current Assets
Cash	$	1,000	$	2,379
Total Current Assets	$	1,000	$	2,379

~~LIABILITIES &~~ ~~PARTNER’S~~The ~~CAPITAL~~Beacon Financial Futures Fund, L.P.

	April 12, 2004		June 30, 2004
			(unaudited)
Liabilities
Payable to General Partner	$	0	$	1,379
Total Liabilities		0		1,379
Partner’s Capital
General Partner Capital Contribution (one unit)		1,000		1,000
Total Partner’s Capital		1,000		1,000
Total Liabilities & Partner’s Capital	$	1,000	$	2,379

Condensed Schedules of Investments

~~See~~March 31, ~~Notes~~2007 to(Unaudited) ~~Statements of~~and ~~Financial~~December 31, ~~Condition~~2006


	March 31, 2007					December 31, 2006
	(Unaudited)
Description	Value			% of Partners’ Capital		Value			% of Partners’ Capital
LONG FUTURES CONTRACTS
Currencies	$	5,793		0.87	%	$	(2,325	)	-0.29	%
Interest Rate Instruments		(2,409	)	-0.36	%		(9,398	)	-1.18	%

Total long futures contracts		3,384		0.51	%		(11,723	)	-1.47	%


SHORT FUTURES CONTRACTS
Canadian Dollar¹						$	17,630		2.21	%
Other Currencies		(2,748	)	-0.41	%		2,300		0.29	%
Interest Rate Instruments		—		0.00	%		4,538		0.57	%


Total short futures contracts		(2,748	)	-0.41	%		24,468		3.07	%

Total futures contracts	$	636		0.10	%	$	12,745		1.60	%

~~Table~~1 of16 ~~Contents~~contracts for March 2007 delivery

~~The~~See ~~Beacon~~Accompanying ~~Financial~~Notes ~~Futures~~to ~~Fund,~~the LFinancial Statements.P.

~~Notes~~4 ~~to the Statements of Financial Condition as of April 12, 2004 and June 30, 2004 (unaudited)~~

~~Note~~ The 1Beacon :Financial ~~Nature~~Futures ofFund, ~~Operations~~L.P. ~~and Significant Accounting Policies~~

~~Nature~~Statements of Operations: The Beacon Financial Futures Fund, L.P. (a Delaware limited partnership) (the “Partnership”) was organized on April 6, 2004 to engage in speculative trading of a diversified portfolio of commodity interests including futures, options on futures and forward contracts.

~~Beacon~~For ~~Management Corporation,~~ the ~~general~~Three ~~partner~~Months ofEnded ~~the Partnership (the “General Partner”)~~March 31, is2007 ~~registered as a commodity pool operator~~ and ~~commodity~~ ~~trading~~2006 ~~advisor.~~(Unaudited) ~~UBS Financial Services and Man Financial, Inc. will initially serve as the Partnership’s clearing brokers.~~

The Partnership was initially capitalized by the General Partner on April 12, 2004 through the contribution of $1,000 in exchange for one unit of Partnership interest. The Partnership has not commenced operations and has had no other transactions or changes in net assets. The General Partner and each limited partner will share in the profits and losses of the Partnership in proportion to their respective ownership interests.


	Three Months Ended
	March 31, 2007			March 31, 2006
	(Unaudited)			(Unaudited)
Income

Trading Gains and Losses
Change in Unrealized	$	(12,109	)	$	33,031
Realized		305			(22,320	)
Brokerage Commissions		(489	)		(2,195	)

Total Trading Gains and Losses		(12,293	)		8,516


Investment Income
Interest Income		8,412			11,216


Expenses

Fixed Asset Fee		12,038			16,552
Professional Fees		8,029			13,629
Operating Expenses		809			2,789
Offering Expenses		8,580			4,629

Total Expenses Before Reimbursement of Expenses		29,456			37,599

Less: Reimbursement of Expenses		(18,375	)		(7,000	)

Net Expenses		11,082			30,599

Net Investment Loss		(2,670	)		(19,383	)

Net Loss	$	(14,963	)	$	(10,867	)


Net loss per General and Limited Partner Unit (Based on weighted average number of units outstanding during the period)	$	(20.11	)	$	(10.16	)

Decrease in Net Asset Value per General Partner and Limited Partner Unit	$	(20.11	)	$	(10.16	)

~~During~~See ~~the~~Accompanying ~~period~~Notes ~~from April 6, 2004 (date of organization)~~ to ~~June 30, 2004,~~ the ~~General~~Financial ~~Partner deposited $24,670 with the Partnership for the Partnership’s SEC and NASD registration fees~~Statements. The fees actually incurred related to these registrations were $23,291 and at June 30, 2004, $1,379 is due from the Partnership to the General Partner. As of June 30, 2004, the Partnership has admitted no additional partners, has not commenced operations and has no changes in partner’s capital.

~~Significant~~5 ~~Accounting Policies: The following are the significant accounting policies of the Partnership.~~

~~Use of Estimates -~~ The ~~preparation~~Beacon ofFinancial ~~financial~~Futures ~~statements~~Fund, ~~in conformity with U~~L.SP. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statement and accompanying notes. Actual results could differ from those estimates.

~~Income Recognition~~Statements ~~- Purchases and sales~~ of ~~futures,~~Changes ~~options on futures, and forward contracts will be recorded on the trade date, and open contracts will be reflected at market value with the change~~ in ~~unrealized~~Partners’ ~~gains~~Capital (losses) from one period to the next recorded in operations. Gains or losses are realized when contracts are liquidated. The specific contracts liquidated are determined by the clearing broker (in most cases on a FIFO basis).

~~Valuation~~For ~~- The majority of~~ the ~~Partnership’s~~Three ~~positions~~Months ~~will~~Ended ~~be exchange-traded futures contracts~~March 31, ~~which~~2007 ~~will be valued daily at settlement prices published by the exchanges. Any spot~~ and ~~forward~~2006 ~~foreign~~(Unaudited) ~~currency contracts held by the Partnership will also be valued at published daily settlement prices or at dealers’ quotes.~~

Income Taxes - The Partnership is a partnership for federal income tax purposes and Partnership income or loss will be includable in the income tax returns of the individual partner.


	Partners’ Capital
	General					Limited					Total
	Units		Amount			Units		Amount			Units		Amount
Three Months Ended March 31, 2006 (Unaudited)
Balances at December 31, 2005	485.00		$	481,706		584.31		$	580,338		1,069.31		$	1,062,044

Net Loss for the Three Months Ended March 31, 2006				(4,937	)				(5,930	)				(10,867	)

Additions	—			—		2.05			2,000		2.05			2,000

Redemptions	(50.00	)		(49,152	)	—			—		(50.00	)		(49,152	)


Balances at March 31, 2006	435.00		$	427,617		586.36		$	576,408		1,021.36		$	1,004,026


Three Months EndedMarch 31, 2007 (Unaudited)
Balances at December 31, 2006	150.00		$	140,354		700.33		$	655,293		850.33		$	795,647

Net Loss for the Three Months Ended March 31, 2007	—			(421	)	—			(14,542	)	—			(14,963	)

Additions	—			—		20.89			20,000		20.89			20,000

Redemptions	(135.00	)		(126,200	)	(10.07	)		(9,636	)	(145.07	)		(135,836	)


Balances at March 31, 2007	15.00		$	13,733		711.15		$	651,115		726.15		$	664,848

~~Organization and Offering Expenses: Organizational and Offering costs, estimated by the General Partner to be approximately $400,000, will be~~ ~~absorbed~~The byBeacon ~~the~~Financial ~~Selling~~Futures ~~Group Manager (“Uhlmann Price Securities~~Fund, ~~LLC”) and the General Partner~~L. ~~The Selling Group Manager and the General Partner will not be reimbursed by the Partnership for such costs~~P.

~~Note~~Net 2Asset :Value ~~Unit~~Per ~~Transactions~~General and Limited Partner Unit

~~Limited~~(Unaudited) ~~partners may purchase units of the Partnership upon approval by the General Partner at the net asset value, as of the last day of each month or on any other date as determined by the General Partner.~~

After holding the units for eleven months, limited partners may require the Partnership to redeem some or all of their units at the net asset value, as of the last day of each month without a redemption charge. Any units redeemed before the holder has been a limited partner for six months will be assessed a redemption charge equal to 5 percent of the net asset value per unit on the date of such redemption and units redeemed after six but within eleven months will be assessed a 4 percent redemption charge. Redemption charges will be paid by the redeeming limited partner to the General Partner.

March 31,

2007

December 31,
2006

March 31,
2006

December 31,
2005

$ 915.58

935.69

983.05

993.21

4See Accompanying Notes to the Financial Statements.

~~Table~~6 ~~of Contents~~

~~Note~~ The 3Beacon :Financial ~~Partnership~~Futures ~~Fees~~Fund, ~~and~~L.P. ~~Expenses~~

~~Brokerage~~Statements ~~Fee – The Partnership will pay the General Partner a fixed, monthly Brokerage Fee~~ of ~~0.5417%,~~Cash orFlows 6.50% annually, of the Partnership’s monthly net asset value. Out of this Brokerage Fee, the General Partner will pay all clearing, execution and give-up, floor brokerage, exchange and National Futures Association fees, management fees, trading advisory fees, selling agent compensation, and any other transaction costs of the Partnership. The General Partner will retain any balance amount.

~~Included~~For in the ~~Brokerage~~Three ~~Fee~~Months ~~are~~Ended ~~the~~March 31, ~~following~~2007 ~~amounts that are earned by the General Partner~~ and ~~Uhlmann~~2006 ~~Price~~(Unaudited) ~~Securities, LLC, the Selling Group Manager.~~

• Management Fee – paid monthly to the General Partner at a rate of 1/12th of 1% of the Partnership’s monthly net asset value.


	March 31, 2007			March 31, 2006
OPERATING ACTIVITIES
Net Loss	$	(14,963	)	$	(10,867	)
Change in Operating Assets and Liabilities
Equity in Brokerage Accounts		190,434			(5,476	)
Accounts Receivable		(19,286	)		(8,025	)
Other Assets		8,297			(24,254	)
Escrow Accounts Receivable		—			3,000
Accrued Expense		(5,384	)		8,968
Accrued Commission		(239	)		371
Fixed Asset Fee Payable		4,940			137
Rejected Subscriptions Payable		—			7,000

Net Cash Provided By (Used In) Operating Activities		163,799			(29,146	)

FINANCING ACTIVITIES
Partner Additions		20,000			2,000
Partner Redemptions		(195,461	)		—

Net Cash Provided By (Used In) Financing Activities		(175,461	)		2,000

Net Cash Increase (Decrease) for the Period		(11,662	)		(27,146	)
Cash at Beginning of the Period		18,642			32,665

Cash at End of the Period	$	6,980		$	5,519

•Supplemental ~~Trading~~Schedule ~~Advisory~~of ~~Fee~~Noncash –Financial ~~paid~~Activities: ~~monthly~~Partner toredemptions of $47,917 during the ~~General~~three ~~Partner~~months ended March 31, 2007 were unpaid at aMarch 31, ~~rate~~2007. ofPartner ~~1/12th~~redemptions of 1%$49,151 ofduring the ~~Partnership’s~~three ~~monthly~~months ~~net~~ended ~~asset~~March 31, ~~value~~2006 were unpaid at March 31, 2006.

•7 Selling Agent Commission – fee to compensate distributors of the units for the Partnership for costs incurred in the distribution of Partnership units. Such distribution costs may include commissions, payments to sales agents, promotional materials, overhead allocations and interest.

The ~~selling~~Beacon ~~agent~~Financial ~~compensation~~Futures ~~will be paid monthly by the Partnership at a rate of 1/12th of 3% of the Partnership’s monthly net asset value. For the first 12 months after the sale of such units~~Fund, the selling agent compensation will be paid monthly by the Partnership to the General Partner, as reimbursement to the General Partner for amounts advanced by the General Partner to the selling agent at the time of the sale of such unitsL. ~~Commencing with the 13th month after the sale of such units, the selling agent compensation will be paid to the selling agent~~P.

~~Incentive~~Financial ~~Fees~~Highlights – The Partnership will make an incentive allocation equal to 20% trading profits to the capital account of the General Partner each quarter. Trading profits means the net new profits (realized and unrealized), excluding interest income, decreased by monthly Brokerage Fees and other operating expenses that are chargeable to the Partnership’s net assets, with these trading profits and items of decrease determined from the end of the last period for which an incentive fee was earned. Extraordinary expenses of the partnership, if any, are not deducted in determining trading profits.

IfFor the ~~Partnership~~Three ~~makes~~Months anEnded ~~incentive allocation and the Partnership fails to earn new trading profits for any subsequent period~~March 31, ~~the~~2007 General Partner’s capital account will retain the incentive allocation previously made. However, the Partnership will not make any subsequent incentive allocation until these losses have been recovered and ~~the~~2006 ~~Partnership~~(Unaudited) ~~has again earned new trading profits.~~

Other Operating Expenses – The Partnership will pay all of its own direct legal, accounting, administrative, filing, reporting and data processing expenses.


	Three Months Ended
	March 31, 2007			March 31, 2006
	(Unaudited)			(Unaudited)
Per Unit Performance
Net Asset Value per unit at the beginning of the period	$	935.69		$	993.21

Income
Trading Gains and Losses		(16.88	)		7.92


Investment Income
Interest Income		10.30			10.48


Expenses
Fixed Asset Fee		(14.81	)		(15.44	)
Other Expenses		1.28			(13.12	)

Total Expenses		(13.53	)		(28.56	)


Net Investment Loss		(3.23	)		(18.08	)

Net Loss per Unit		(20.11	)		(10.16	)

Net Asset Value per unit at the end of the period	$	915.58		$	983.05


Net investment loss as a percentage of Average Partners’ Capital⁽¹⁾		-1.40	%		-7.41	%

Expenses as a percentage of Average Partners’ Capital⁽¹⁾		-5.77	%		-11.69	%

Total return⁽²⁾		-2.15	%		-1.02	%

InThis ~~accordance~~information ~~with~~has ~~Section~~been ~~IV.C.~~derived offrom information presented in the ~~NASAA~~ ~~Registration~~preceding offinancial ~~Commodity~~statements. ~~Pool~~The above ~~Programs,~~ratios were calculated for the ~~fees~~partners ~~and~~taken ~~expenses,~~as ~~including~~a ~~extraordinary~~whole. ~~expenses,~~The computation of ~~the~~such ~~Partnership~~ratios ~~may~~was not ~~exceed~~based ~~14%~~on the amount of ~~the~~expenses ~~Partnership’s~~assessed ~~average~~and ~~monthly~~income ~~net~~allocated ~~assets,~~to asan ofindividual ~~the~~partner’s ~~last~~capital ~~day~~account, ofwhich ~~each~~may ~~month~~vary ~~during~~from ~~the~~these ~~calendar~~ratios ~~year.~~based ~~The~~on ~~General~~the ~~partner~~timing ~~will~~of ~~bear~~capital ~~any~~transactions ~~fees~~and indifferent ~~excess~~fee ofarrangements ~~these~~(see ~~limitations~~Note 2).

~~Note~~(1) ~~4 : Financial Instruments with Off-Balance-Sheet Risk~~ Annualized.

~~The~~(2) ~~Partnership’s~~Not ~~trading activities will involve derivative financial instruments, primarily futures, options on futures, and forward contracts, which have market and/or credit risk~~annualized.

~~Market~~See ~~Risk:~~Accompanying ~~Market~~Notes ~~risk~~to ~~will arise primarily from changes in~~ the ~~market~~ ~~value~~Financial ~~of financial instruments~~Statements. ~~Generally, the Partnership’s exposure will be equal to the notional value of futures contracts purchased and unlimited~~

~~Table~~ The ofBeacon ~~Contents~~Financial Futures Fund, L.P.

onNotes such contracts sold short. As both a buyer and seller of options on futures, the Partnership will pay or receive a premium at the outset and then bears the risk of unfavorable market variations underlying the option. The risk of loss for purchased options on futures will be limited to the ~~premiums~~Financial ~~paid;~~Statements ~~written~~(Unaudited) ~~or sold options on futures will expose the Partnership to potentially unlimited liability.~~

~~Exposure~~Note ~~to market~~1: ~~risk~~Nature ~~will be influenced by a number~~ of ~~factors,~~Operations ~~including the relationships between financial instruments,~~ and ~~the~~Significant ~~volatility~~Accounting ~~and~~Policies liquidity in the markets in which the financial instruments will be traded. In many cases, the use of financial instruments may serve to modify or offset market risk associated with other transactions and, accordingly, may serve to decrease the Partnership’s overall exposure to market risk. The Partnership will attempt to control its exposure to market risk through various analytical monitoring techniques.

~~Credit~~Nature ~~Risk~~of Operations: ~~Credit~~The ~~risk~~Beacon ~~will~~Financial ~~arise~~Futures ~~primarily~~Fund, ~~from~~L.P. (a Delaware limited partnership) (the ~~potential~~“Partnership”) ~~inability~~was oforganized ~~counterparties~~on April 6, 2004 to ~~perform~~engage in ~~accordance~~speculative ~~with~~trading ~~the~~of ~~terms~~a diversified portfolio of acommodity interests ~~contract~~including futures, options on futures and forward contracts. The Partnership’s ~~exposure~~limited topartnership ~~credit~~agreement ~~risk~~provides, ~~associated~~among other things, that the Partnership shall dissolve no later than December 31, 2052. Beacon Management Corporation (USA), the general partner of the Partnership (the “General Partner”), is registered as a commodity pool operator and commodity trading advisor with ~~counterparty~~the National Futures Association (the “NFA”), an industry ~~nonperformance~~self-regulatory ~~will~~organization. beUBS ~~limited~~Financial toServices currently serves as the ~~current~~Partnership’s ~~cost~~sole clearing broker. The Partnership may also use Man Financial as an additional clearing broker. The General Partner conducts and manages the business of the Partnership. The General Partner is also the commodity trading advisor of the Partnership. The General Partner made an investment in the Partnership equal to, ~~replace~~and ~~all~~will ~~contracts~~maintain its interest in, ~~which~~the capital of the Partnership ~~has~~at no less than the greater of: (a) 1% ~~gain~~of the total investments in the Partnership by all Partners or (b) $25,000. ~~Exchange-traded~~These ~~financial~~contributions ~~instruments~~by ~~generally~~the doGeneral Partner need not ~~give~~exceed ~~rise~~the amount described above and are evidenced by units of General Partnership Interest (“Unit(s) of General Partnership Interest”). On March 31, 2007, the General Partner inadvertently caused its holdings to ~~significant~~drop ~~counterparty~~below ~~exposure~~the ~~due~~$25,000 minimum. The General Partner has subsequently subscribed for additional units to bring its holdings back above the ~~case~~$25,000 ~~settlement~~minimum. As a commodity investment pool, the Partnership is subject to the regulations of the Commodity Futures Trading Commission, an agency of the United States (U.S.) government, which regulates most ~~procedures~~aspects ~~for~~of ~~daily~~the ~~market~~commodity ~~movements~~futures ~~and~~industry; rules of the ~~margin~~NFA; and the requirements of ~~individual~~commodity exchanges and Futures Commission Merchants (brokers) through which the Partnership trades. As a registrant with the Securities and Exchange Commission, the Partnership is subject to the regulatory requirements under the Securities Act of 1933 and the Securities Exchange Act of 1934.

~~Concentration~~Significant Accounting ~~of Credit Risk~~Policies: The ~~Partnership~~following ~~will~~are ~~use Man Financial Inc. and UBS Financial Services as clearing brokers (“Clearing Brokers”). In~~ the ~~event~~significant ~~these~~accounting ~~Clearing~~policies ~~Brokers do not fulfill their obligations, the Partnership may be exposed to risk. This risk~~ of ~~default depends in part on~~ the ~~creditworthiness of these Clearing Brokers. The~~ Partnership: ~~will attempt to minimize this credit risk by monitoring the creditworthiness of the Clearing Brokers.~~

6Use of Estimates—The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

~~Table~~Valuation—The majority of ~~Contents~~the Partnership’s positions are exchange-traded futures contracts, which are valued daily at settlement prices published by the exchanges. Any spot and forward foreign currency contracts held by the Partnership are valued at published daily settlement prices or at dealers’ quotes.

~~ITEM~~Deposits 2with Brokers—The Partnership deposits funds with brokers subject to Commodity Futures Trading Commission regulations and various exchange and broker requirements. ~~MANAGEMENT’S~~Margin ~~DISCUSSION~~requirements ~~AND~~are ~~ANALYSIS~~satisfied OFby ~~FINANCIAL~~the ~~CONDITION~~deposit ~~AND~~of ~~RESULTS~~cash OFwith ~~OPERATIONS~~such brokers. The Partnership earns interest income on its cash deposited with the brokers.

~~MANAGEMENT’S~~Income ~~DISCUSSION~~Recognition—Purchases ~~AND~~and ~~ANALYSIS~~sales OFof ~~FINANCIAL~~futures, ~~CONDITION~~options ~~AND~~on ~~RESULTS~~futures, OFand ~~OPERATIONS~~forward contracts are recorded on the trade date, and open contracts are reflected at market value with the change in unrealized gains (losses) from one period to the next recorded in the statement of operations. Gains or losses are realized when contracts are liquidated. The specific contracts liquidated are determined by the clearing broker (in most cases on a FIFO basis). Net unrealized gains or losses on open contracts (the difference between contract trade price and quoted market price) are reflected in the statement of financial condition. Brokerage commissions include other trading fees and are charged to expense when contracts are opened.

~~INTRODUCTION~~Net Asset Value—For purposes of both financial reporting and calculation of redemption value, the “net asset value” of a unit is an amount equal to the Partnership’s net assets allocated to capital accounts represented by units, divided by the number of units outstanding. “Net assets” means the total assets of the Partnership, including all cash and cash equivalents, accrued interest and amortization of original issue discount, and the market value of all open futures contracts, options on futures contracts, forward contracts, and other assets of the Partnership, less the total liabilities of the Partnership, including, but not limited to, brokerage, incentive allocations, management fees, interest payable and extraordinary expenses.

AsEscrow ofAccounts ~~July~~Receivable—Represents ~~30,~~deposits ~~2004,~~due ~~the~~from ~~partnership~~an ~~had~~escrow ~~sold~~agent nofor ~~units~~recent of limited ~~partnership~~partner ~~interest.~~capital ~~The initial offering period expires upon the sale of 1,000 units~~additions. ~~The continuing offering period commences upon termination of the initial offering period and will be ongoing.~~

~~CAPITAL~~Organization and ~~RESOURCES~~Offering Expenses—Initial organizational and offering costs were paid by Uhlmann Price Securities, LLC (the “Selling Group Manager”) and the General Partner. The Selling Group Manager and the General Partner were not

~~The~~9 partnership will raise additional capital only through the sale of units offered pursuant to the continuing offering and does not intend to raise any capital through borrowing. Due to the nature of the partnership’s business, it will make no capital expenditures and will have no capital assets which are not operating capital or assets.

~~LIQUIDITY~~ reimbursed by the Partnership for such costs. Other offering costs are amortized to expense on a straight line basis over periods from nine to twelve months. In December 2006, the Beacon Management Corporation, as the General Partner of the Beacon Financial Futures Fund, LP, elected to reimburse the Fund in the amount of $52,071 for certain continuing offering expenses that had already been incurred by the Fund throughout the year. Furthermore, Beacon intends to reimburse the Partnership for any future offering expenses in excess of 0.5% of net assets per year at the time that they are incurred.

~~Most~~Income ~~United~~Taxes—The ~~States~~Partnership ~~commodity~~is ~~exchanges limit fluctuations in futures contracts prices during~~ a ~~single~~partnership ~~day~~for byfederal ~~regulations referred~~income totax aspurposes ~~“daily~~and ~~price~~Partnership ~~fluctuation~~income ~~limits”~~ or ~~“daily~~loss ~~limits.”~~will ~~During a single trading day, no trades may~~ be ~~executed~~includable atin ~~prices beyond~~ the ~~daily~~income ~~limit.~~tax ~~This~~returns ~~may affect the partnership’s ability to initiate new positions~~of ~~or close existing ones or may prevent it from having orders executed. Futures prices have occasionally moved~~ the ~~daily~~individual ~~limit for several consecutive days with little or no trading~~partners. ~~Similar occurrences could prevent the partnership from promptly liquidating unfavorable positions and subject the partnership to substantial losses~~Accordingly, ~~which could exceed~~ the ~~margin~~Partnership ~~initially~~is ~~committed to such trades. In addition, even if futures prices have~~ not ~~moved~~subject ~~the daily limit, the partnership may not be able~~ to ~~execute~~federal ~~futures~~income ~~trades at favorable prices if little trading in such contracts is taking place~~taxes.

~~Trading~~Recent inAccounting ~~forward~~Pronouncements—In ~~contracts~~September 2006, ~~introduces~~the aFASB ~~possible~~issued ~~further~~SFAS ~~impact~~No. 157, on“Fair ~~liquidity~~Value Measurements.” SFAS 157, among other things, defines fair value, ~~Because~~establishes a ~~such~~framework ~~contracts~~for ~~are~~measuring ~~executed~~fair ~~“off~~value ~~exchange”~~and ~~between~~enhances disclosures ~~private~~about ~~parties,~~fair ~~the~~value ~~time~~measurements required under other accounting pronouncements, but does not change existing guidance as to ~~offset~~whether or ~~“unwind”~~not ~~these~~an ~~positions~~instrument ~~may~~is becarried ~~greater~~at ~~than~~fair value. SFAS ~~that~~157 ~~for~~is ~~regulated~~effective ~~instruments.~~for ~~This~~the ~~potential~~Partnership ~~delay~~on January 1, ~~could~~2008. Management beis ~~exacerbated~~currently toevaluating the ~~extent~~provisions aof ~~counterparty~~SFAS is157 ~~not~~and aits ~~United~~potential ~~States~~effect ~~person~~on its financial statements.

~~Other~~On July 13, ~~than~~2006, ~~these~~the ~~limitations~~FASB onreleased ~~liquidity~~FASB Interpretation No. 48 Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, ~~which~~measured, ~~are~~presented ~~inherent~~and disclosed in the ~~partnership’s~~ ~~futures~~financial ~~trading~~statements. ~~operations,~~FIN 48 requires the ~~partnership~~evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s ~~assets~~tax returns to determine whether the tax positions are ~~expected~~“more-likely-than-not” off being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be ~~highly~~recorded ~~liquid~~as a tax benefit or expense in the current year. Adoption of FIN 48 is required for the Partnership on January 1, 2007 and is to be applied to all open tax years as of the effective date. Management does not believe the guidance provided by FIN 48 has a material effect on its financial statements.

~~RESULTS~~Note OF2: ~~OPERATIONS~~Unit Transactions

AsLimited partners may purchase units of ~~July~~the Partnership 30upon approval by the General Partner at the net asset value, ~~2004~~as of the last day of each month or on any other date as determined by the General Partner. After holding the units for eleven months, limited partners may require the Partnership ~~partnership~~to ~~had~~redeem ~~not~~some ~~commenced~~or ~~trading~~all ~~operations~~of their units at the net asset value as of the last day of each month without a redemption charge. Any units redeemed before the holder has been a limited partner for six months will be assessed a redemption charge equal to 4 percent of the net asset value per unit on the date of such redemption and units redeemed after six but within eleven months will be assessed a 3 percent redemption charge. Redemption charges will be paid by the redeeming limited partner to the General Partner. Unpaid withdrawals are considered redemptions payable.

~~OFF-BALANCE~~Note ~~SHEET~~3: ~~RISK~~Partnership Fees and Expenses

~~The~~Fixed ~~term “off-balance~~Asset ~~sheet~~Fee: ~~risk”~~The ~~refers~~Partnership topays anthe ~~unrecorded~~General ~~potential~~Partner ~~liability~~a ~~that~~fixed, ~~even~~monthly ~~though~~Fixed itAsset ~~does~~Fee ~~not~~of ~~appear on the balance sheet~~0.525%, ~~may result in future obligation~~ or ~~loss~~6.30% ~~The~~annually, ~~partnership~~of ~~intends~~the toPartnership’s ~~trade~~month-end ~~in futures and forward contracts and~~net ~~may~~asset ~~therefore~~value. ~~become~~Out aof ~~party~~this toFixed ~~financial~~Asset ~~instruments~~Fee, ~~with~~the ~~elements~~General ofPartner ~~off-balance~~pays ~~sheet~~all ~~market~~introducing, initial and ~~credit~~ongoing ~~risk.~~servicing Infees, ~~entering~~management ~~into these contracts~~fees, ~~there~~trading ~~exists~~advisory afees ~~market~~and ~~risk~~any ~~that~~other ~~such~~transaction ~~contracts~~costs ~~may~~of bethe ~~significantly~~Partnership ~~influenced~~except bybrokerage ~~conditions~~fees, ~~such~~NFA, asexchange ~~interest~~and ~~rate~~clearing ~~volatility~~fees, ~~resulting~~which inare ~~such~~paid ~~contracts~~separately ~~being~~by ~~less~~the ~~valuable.~~Partnership Ifand ~~the~~are ~~markets~~estimated ~~should~~at ~~move~~0.50% ~~against~~annually ~~all~~ of ~~the~~net ~~futures~~asset ~~interests~~value. ~~positions~~The ofPartnership ~~the~~paid ~~partnership~~Fixed atAsset ~~the~~Fees ~~same~~of ~~time~~$12,039 and if$16,300 for the ~~general~~three ~~partner~~months ~~was~~ended ~~unable~~March 31, to2007 ~~offset~~and ~~such positions~~2006, ~~the~~respectively. ~~partnership~~The ~~could~~General ~~experience~~Partner ~~substantial~~retains ~~losses.~~any ~~The~~excess ~~general~~amount. ~~partner~~Included ~~will~~in ~~access~~the ~~daily~~Fixed ~~positions~~Asset ~~and~~Fee ~~profit~~are ~~and~~the ~~loss~~following ~~summaries~~amounts ~~for~~that ~~the~~are ~~partnership~~earned ~~and~~by ~~will~~the ~~employ~~General ~~various~~Partner ~~measures~~and toUhlmann ~~monitor~~Price ~~draw-downs~~Securities, ~~market~~LLC, ~~diversification~~the ~~and~~Selling ~~leverage~~Group Manager.

In• ~~addition~~Management toFee—paid ~~market~~monthly ~~risk, in entering into futures and forward contracts there is a credit risk that a counterparty will not be able~~ to ~~meet its obligations to~~ the ~~partnership.~~General ~~The~~Partner ~~counterparty~~at ~~for~~a ~~futures~~rate ~~contracts~~of ~~traded~~1/12th inof ~~the United States and on most foreign exchanges is the clearinghouse associated with such exchange~~1.3% ~~In general, clearinghouses are backed by the corporate members~~ of the ~~clearinghouse~~Partnership’s ~~who~~month-end ~~are~~net ~~required~~asset ~~to share any financial~~ value.

7• Trading Advisory Fee—paid monthly to the General Partner at a rate of 1/12th of 2.0% of the Partnership’s month-end net asset value.

~~Table~~• Selling Agent Service Fee—fee to compensate distributors of ~~Contents~~the units for the Partnership for costs incurred in the distribution of Partnership units. Such distribution costs may include commissions, payments to sales agents, promotional materials, overhead allocations and interest. The selling agent service fee is paid monthly by the Partnership at a rate of 1/12th of 3% of the Partnership’s month-end net asset value. For the first 12 months after the sale of such units, the selling agent service fee is paid monthly by the Partnership to the General Partner, as reimbursement to the General Partner for amounts advanced by the General Partner to the selling agent at the time of the sale of such units. Commencing with the 13th month after the sale of such units, the selling agent service fee is paid to the selling agent.

~~burden~~10 resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions.

~~CRITICAL~~Incentive ~~ACCOUNTING~~Fees: ~~POLICIES~~The –Partnership ~~VALUATION~~makes OFan ~~THE~~incentive ~~PARTNERSHIP~~allocation equal to 20% of trading profits to the capital account of the General Partner each quarter. Trading profits means the net new profits (realized and unrealized), excluding interest income, decreased by monthly Fixed Asset Fee and other operating expenses that are chargeable to the Partnership’Ss ~~POSITIONS~~net assets, with these trading profits and items of decrease determined from the end of the last period for which an incentive fee was earned. Extraordinary expenses of the Partnership, if any, are not deducted in determining trading profits. If the Partnership makes an incentive allocation and the Partnership fails to earn new trading profits for any subsequent period, the General Partner’s capital account will retain the incentive allocation previously made. However, the Partnership will not make any subsequent incentive allocation until these losses have been recovered and the Partnership has again earned new trading profits. There were no incentive fees earned by the General Partner for the three months ended March 31, 2007 and 2006.

~~The~~Other ~~general~~Operating ~~partner~~Expenses: ~~believes~~The ~~that~~Partnership ~~the~~pays ~~accounting~~all ~~policies~~of ~~that~~its ~~will~~own bedirect ~~most~~legal, accounting, administrative, ~~critical~~filing, toreporting ~~the~~and ~~partnership’s~~data ~~financial~~processing ~~condition~~expenses. ~~and~~The ~~results~~Partnership ofwill ~~operations~~not ~~relate~~pay tomore ~~the~~than ~~valuation~~0.50% of ~~the~~net ~~partnership’s~~assets ~~positions.~~in ~~The~~annual ~~majority~~audit offees provided the ~~partnership’s~~Partnership ~~positions~~has ~~will~~not beissued ~~exchange-traded~~more ~~futures~~than ~~contracts,~~$5 ~~which~~million ~~will~~in ~~be valued~~subscriptions. ~~daily~~Any atexcess ~~settlement~~audit ~~prices~~fees ~~published~~are byreimbursed by the ~~exchanges~~General Partner. ~~Any~~As ~~spot~~of March 31, 2007 and ~~forward~~March 31, ~~foreign~~2006, ~~currency~~accounts ~~contracts~~receivable ~~held~~includes by$94,819 ~~the~~and ~~partnership~~$18,269, ~~will~~respectively, ~~also~~that beis ~~valued~~due atfrom ~~published~~the ~~daily~~General ~~settlement~~Partner. ~~prices~~In oraccordance atwith ~~dealers’~~Section ~~quotes~~IV.C. ~~Thus,~~of the ~~general~~NASAA ~~partner~~Registration of Commodity ~~expects~~Pool ~~that~~Programs, ~~under~~the ~~normal~~Brokerage ~~circumstances~~commissions ~~substantially~~of ~~all~~the Partnership may not exceed 14% of the ~~partnership~~Partnership’s average monthly net assets ~~will~~as beof ~~valued~~the onlast aday ~~daily~~of ~~basis~~each ~~using~~month ~~objective~~during ~~measures~~the calendar year. The General Partner will bear any fees in excess of these limitations.

~~QUANTITATIVE~~Note ~~AND~~4: ~~QUALITATIVE~~Financial ~~DISCLOSURES~~Instruments ~~ABOUT~~with ~~MARKET~~Off-Balance-Sheet ~~RISK~~Risk

~~INTRODUCTION~~The Partnership’s trading activities involve derivative financial instruments, primarily futures, options on futures, and forward contracts, which have market and/or credit risk. Purchase and sale of futures contracts require margin deposits with the brokers. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a broker’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than total cash and other property deposited.

~~Past~~Market ~~Results~~Risk: ~~Not~~Market ~~Necessarily~~risk ~~Indicative~~arises primarily from changes in the market value of ~~Future~~financial ~~Performance~~instruments. Generally, the Partnership’s exposure is equal to the notional value of futures contracts purchased and unlimited on such contracts sold short. As both a buyer and seller of options on futures, the Partnership pays or receives a premium at the outset and then bears the risk of unfavorable market variations underlying the option. The risk of loss for purchased options on futures is limited to the premiums paid; written or sold options on futures expose the Partnership to potentially unlimited liability. Exposure to market risk is influenced by a number of factors, including the relationships between financial instruments, and the volatility and liquidity in the markets in which the financial instruments are traded. In many cases, the use of financial instruments may serve to modify or offset market risk associated with other transactions and, accordingly, may serve to decrease the Partnership’s overall exposure to market risk. The Partnership attempts to control its exposure to market risk through various analytical monitoring techniques.

~~The~~Credit ~~partnership~~Risk: isCredit arisk ~~speculative~~arises ~~commodity~~primarily ~~pool~~from the potential inability of counterparties to perform in accordance with the terms of a contract. The ~~market~~Partnership’s ~~sensitive~~exposure ~~instruments~~to ~~held~~credit byrisk itassociated ~~are~~with ~~acquired~~counterparty ~~for~~nonperformance ~~speculative~~is ~~trading~~limited ~~purposes,~~to ~~and~~the current cost to replace all orcontracts in which the Partnership has a gain. Exchange-traded financial instruments ~~substantial~~generally ~~amount~~does ofnot ~~the~~give ~~partnership’s~~rise ~~assets~~to ~~are~~significant ~~subject~~counterparty exposure due to the ~~risk~~case ofsettlement ~~trading~~procedures ~~loss.~~for ~~Unlike~~daily anmarket ~~operating~~movements ~~company,~~and the ~~risk~~margin requirements of ~~market~~individual ~~sensitive~~exchanges. ~~instruments~~The isnet ~~integral,~~unrealized ~~not~~gain ~~incidental,~~on toopen ~~the~~futures ~~partnership’s~~contracts ~~main~~is ~~line~~comprised of ~~business.~~ the following:

Market movements can produce frequent changes in the fair market value of the partnership’s open positions and, consequently, in its earnings and cash flow. The partnership’s market risk is influenced by a wide variety of factors, including the level and volatility of exchange rates, interest rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the partnership’s open positions and the liquidity of the markets in which it trades.


	Futures Contracts (exchange traded)
	March 31, 2007			December 31, 2006
Gross unrealized gains	$	6,468		$	25,168
Gross unrealized losses		(5,832	)		(12,423	)

Net unrealized gain	$	636		$	12,745

~~The~~11 partnership may rapidly acquire and liquidate both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the partnership’s past performance is not necessarily indicative of its future results.

~~Capital~~Open atcontracts ~~Risk~~generally ismature awithin ~~measure~~three ofmonths; ~~the~~as ~~maximum amount which the partnership could reasonably be expected to lose in a given market sector. However, the inherent uncertainty~~ of the partnership’s speculative trading and the recurrence in the markets traded by the partnership of market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated Capital at Risk or the partnership’s experience to date (i.e.March 31, ~~“risk of ruin”). In light of this~~2007, ~~as well as~~ the ~~risks~~latest ~~and uncertainties~~maturity ~~intrinsic~~date tofor ~~all~~open future projections, the inclusion of the quantification included in this section should not be considered to constitute any assurance or representation that the partnership’s losses in any market sector will befutures ~~limited~~contracts tois ~~Capital~~June ~~at Risk or by the partnership’s attempts to manage its market risk~~2007.

~~Standard~~Concentration of ~~Materiality~~Credit Risk: The Partnership uses UBS Securities as its clearing broker (“Clearing Broker”). In the event this Clearing Broker does not fulfill its obligations, the Partnership may be exposed to risk. This risk of default depends in part on the creditworthiness of this Clearing Broker. The Partnership attempts to minimize this credit risk by monitoring the creditworthiness of the Clearing Broker. The General Partner has established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that it will, in fact, succeed in doing so. The Limited Partners bear the risk of loss only to the extent of the market value of their respective investments and, in certain specific circumstances, distributions and redemptions received. The amount of required margin and good faith deposits with the Clearing Broker usually range from 9% to 17% of net asset value. As of March 31, 2007, the Partnership maintained broker cash balances of $632,558 to satisfy such requirements, which equals 95% of net asset value.

~~Materiality~~Note as5: ~~used~~Guarantees in this section, “Quantitative and Qualitative Disclosures about Market Risk,” is based on an assessment of reasonably possible market movements and the potential losses caused by such movements, taking into account the leverage, and multiplier features of the partnership’s market sensitive instruments.

~~QUANTIFYING~~In ~~THE~~the ~~PARTNERSHIP~~normal course of business, the Partnership may enter into contracts and agreements that contain a variety of representations and warranties and which provide general indemnifications. The Partnership’Ss ~~TRADING~~maximum ~~CAPITAL~~exposure ATunder ~~RISK~~these arrangements cannot be estimated. However, the Partnership believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the financial statements for such indemnifications.

~~Quantitative~~Note ~~Forward-Looking~~6. Interim Financial Statements

The ~~following~~financial ~~quantitative~~statements included ~~disclosures~~herein ~~regarding~~were ~~the~~prepared ~~partnership’s~~by ~~market~~us ~~risk~~without ~~exposures~~audit ~~contain~~according ~~“forward-looking~~to ~~statements”~~the ~~within~~rules ~~the~~and ~~meaning~~regulations of the ~~safe~~Securities ~~harbor~~and ~~from~~Exchange ~~civil~~Commission. ~~liability~~Certain ~~provided~~information ~~for~~and ~~such statements~~footnote bydisclosures ~~the~~normally ~~Private~~included ~~Securities~~in ~~Litigation~~financial ~~Reform~~statements ~~Act~~prepared ofin ~~1995~~accordance ~~(set~~with accounting ~~forth~~principles generally accepted in ~~Section~~the ~~27A~~United States of ~~the~~America ~~Securities~~may ~~Act~~be ofomitted ~~1933~~pursuant to such rules and ~~Section~~regulations. ~~21E~~The offinancial ~~the~~statements ~~Securities~~reflect, ~~Exchange~~in ~~Act~~the opinion of ~~1934).~~management, ~~All~~all ~~quantitative~~adjustments ~~disclosures~~necessary inthat ~~this~~were ~~section~~of ~~are~~normal ~~deemed~~and recurring tonature ~~be forward-looking~~and ~~statements~~adequate ~~for~~disclosures ~~purposes~~to ofpresent fairly the ~~safe~~financial ~~harbor,~~position ~~except~~and ~~for~~results ~~statements~~ of ~~historical~~operations ~~fact~~as ~~(such~~of asand for the ~~dollar~~periods ~~amount~~indicated. ofThe ~~maintenance~~results ~~margin~~of ~~required~~operations for ~~market~~the ~~risk~~three ~~sensitive~~months ~~instruments~~ended ~~held~~March 31, at2007 ~~the~~and ~~end~~2006 are not necessarily indicative of the ~~reporting~~results to be expected for the full year or for any other period).

8These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Form S-1 Registration Statement as filed with the Securities and Exchange Commission.

~~Table~~ITEM of2. ~~Contents~~MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~The~~INTRODUCTION partnership’s risk exposure in the various market sectors traded by the partnership is quantified below in terms of Capital at Risk. Due to the partnership’s mark-to-market accounting, any loss in the fair value of the partnership’s open positions is directly reflected in the partnership’s earnings (realized or unrealized).

~~Exchange~~On ~~maintenance~~May 13, ~~margin~~2005 ~~requirements~~the ~~are expected~~General toPartner bepurchased ~~used~~999 byunits ~~the~~bringing ~~partnership~~its astotal investment up to 1,000 units and enabling the ~~measure~~Partnership ofto ~~its~~commence ~~Capital~~trading atoperations ~~Risk~~on May 16, 2005. ~~Maintenance~~From ~~margin~~May 16, ~~requirements~~2005 ~~are~~through ~~set~~September 30, by2006, ~~exchanges~~the toPartnership ~~equal~~sold or692.61 ~~exceed~~units ~~the~~of ~~maximum~~limited ~~losses~~partnership ~~reasonably~~interest. ~~expected~~The tocontinuing beoffering ~~incurred~~has incommenced ~~the~~and will ~~fair~~be ~~value~~ongoing. ofBetween ~~any~~September 30, ~~given~~2005 ~~contract~~and ~~in 95%-99%~~March 31, of2007, ~~any~~the ~~one-day~~General ~~intervals.~~Partner ~~The~~withdrew ~~maintenance~~985 ~~margin~~units. ~~levels~~On ~~are~~March 31, ~~established~~2007, bythe ~~dealers~~General ~~and~~Partner ~~exchanges~~inadvertently ~~using~~caused ~~historical~~its ~~price~~holdings ~~studies~~to asdrop ~~well~~below asa an$25,000 ~~assessment~~minimum. ofThe ~~current~~General ~~market~~Partner ~~volatility~~will subsequently ~~and~~subscribe ~~economic~~for ~~fundamentals~~additional units to ~~provide~~bring aits ~~probabilistic estimate~~holdings ofback above the ~~maximum~~$25,000 ~~expected~~minimum ~~near-term~~as ~~one-day~~of ~~price~~July 1, ~~fluctuation~~2007.

In12 the case of market sensitive instruments which are not exchange-traded (which includes currencies and some energy products and metals in the case of the partnership), the margin requirements for the equivalent futures positions have been used as Capital at Risk. In those cases in which a futures-equivalent margin is not available, dealers’ margins have been used.

InCAPITAL ~~the~~RESOURCES case of contracts denominated in foreign currencies, the Value at Risk figures include foreign margin amounts converted into U.S. Dollars with an incremental adjustment to reflect the exchange rate risk inherent to the Dollar-based partnership in expressing Capital at Risk in a functional currency other than Dollars.

InThe Partnership ~~quantifying~~will ~~the~~raise ~~partnership’s~~additional ~~Capital~~capital atonly ~~Risk,~~through ~~100% positive correlation in~~ the ~~different~~sale ~~positions~~of ~~held~~units inoffered ~~each market~~pursuant ~~risk category has been assumed. Consequently, the margin requirements applicable~~ to the ~~open~~continuing ~~contracts~~offering ~~have~~and ~~simply~~does ~~been~~not ~~aggregated~~intend to ~~determine~~raise ~~each~~any ~~trading~~capital ~~category’s~~through ~~aggregate Capital at Risk~~borrowing. ~~The~~Due ~~diversification~~to ~~effects resulting from~~ the ~~fact~~nature ~~that~~of the ~~partnership~~Partnership’s ~~positions~~business, ~~are~~it ~~rarely,~~will ifmake ~~ever,~~no capital ~~100%~~expenditures ~~positively~~and ~~correlated~~will have ~~not~~no ~~been~~capital ~~taken~~assets ~~into~~that ~~account~~are not for operating capital.

~~THE~~LIQUIDITY ~~PARTNERSHIP’S TRADING CAPITAL AT RISK IN DIFFERENT MARKET SECTORS~~

~~Since~~Most ~~the~~United ~~partnership~~States ~~has~~commodity ~~not~~exchanges ~~commenced~~limit ~~operations~~fluctuations in futures contracts prices during a single day by regulations referred to as of“daily price fluctuation limits” or “daily limits.” During a single trading day, no trades may be executed at prices beyond the ~~date~~daily oflimit. This may affect the ~~Prospectus,~~Partnership’s ability to initiate new positions or close existing ones or may prevent it ~~has~~from having orders executed. Futures prices have occasionally moved the daily limit for several consecutive days with little or no ~~open~~trading. Similar occurrences could prevent the Partnership from promptly liquidating unfavorable positions ~~susceptible~~and subject the Partnership to substantial losses, which could exceed the margin initially committed to such trades. In general, the Partnership will be required to have 9%—17% of its assets committed to margin on deposit with the broker. In addition, even if afutures ~~Capital~~prices have not moved the daily limit, the Partnership may not be able to execute futures trades at ~~Risk~~favorable ~~analysis~~prices if little trading in such contracts is taking place.

~~MATERIAL~~Trading ~~LIMITATIONS~~in ONforward ~~CAPITAL~~contracts ATintroduces ~~RISK~~a ASpossible ANfurther impact on liquidity. Because such contracts are executed “off exchange” between private parties, the time required to offset or “unwind” ~~ASSESSMENT~~these OFpositions ~~MARKET~~may ~~RISK~~be greater than that for regulated instruments. This potential delay could be exacerbated to the extent a counterparty is not a United States person.

~~The~~Other ~~face~~than ~~value~~these oflimitations ~~the~~on ~~market sector~~liquidity, ~~instruments~~which ~~held~~are byinherent ~~the~~in ~~partnership may typically be many times~~ the ~~applicable~~Partnership’s ~~maintenance~~futures ~~margin~~trading ~~requirement~~operations, ~~(maintenance margin requirements generally ranging between approximately 1% and 10% of contract face value) as well as many times~~ the ~~capitalization of the partnership. The magnitude of the partnership~~Partnership’s ~~open~~assets ~~positions~~are ~~could~~expected ~~create a “risk of ruin” not typically found in most other investment vehicles. Because of the size of its positions, certain market conditions — unusual, but historically recurring from time~~ to ~~time~~be —highly ~~could cause the partnership to incur severe losses over a short period of time~~liquid. ~~The Capital at Risk tables — as well as the past performance of the partnership — give no indication of this “risk of ruin.”~~

~~NON-TRADING RISK~~RESULTS OF OPERATIONS

The partnership may experience non-trading market risk on any foreign cash balances not needed for margin. However, these balances (as well as the market risk they represent) are expected to be immaterial. The partnership also may have non-trading market risk as a result of investing in U.S. Treasury Bills. The market risk represented by these investments is expected to be immaterial.


For the Three Months Months Ended March 31, 2007
Sector	Three Months %Gain (loss)
Currencies	-0.93	%

Interest Rates	-0.84	%

Total	-1.77	%

~~QUALITATIVE~~Of ~~DISCLOSURES~~the ~~REGARDING~~return ~~PRIMARY~~for ~~TRADING~~the ~~RISK~~three ~~EXPOSURES~~months ended March 31, 2007, approximately (1.77%) was due to trading losses net of commissions and approximately 1.09% due to interest income and approximately (1.47) due to fees and operating costs borne by the Partnership giving a net loss of (2.15%).

The ~~following~~Partnership ~~qualitative~~posted ~~disclosures~~a ~~regarding~~gain for January. The currency sector posted a gain led by the ~~partnership’s~~Japanese ~~market~~yen. ~~risk~~During ~~exposures~~January, —the ~~except~~Japanese ~~for~~yen ~~(i)~~continued ~~those~~a ~~disclosures~~trend ~~that~~towards ~~are~~a ~~statements~~lower ofvalue ~~historical~~relative ~~fact~~to ~~and~~the ~~(ii)~~U.S. ~~the~~dollar ~~descriptions~~that ofbegan ~~how~~in May 2006. During the ~~partnership~~last ~~manages~~nine ~~its~~months, ~~primary~~the ~~market~~Japanese ~~risk~~yen ~~exposures~~declined —by ~~constitute~~nearly ~~forward-looking~~8% ~~statements~~relative ~~within~~to the ~~meaning~~U.S. ofdollar ~~Section~~with ~~27A~~nearly 1.5% of this decline during the ~~Securities~~month. ~~Act~~Of the other major foreign currencies, the Australian dollar, Canadian dollar, Euro currency, and ~~Section~~Swiss ~~21E~~franc, ofdecreased in value relative to the ~~Securities Exchange~~U.S. ~~Act~~dollar while the British pound remained unchanged. The ~~partnership’s~~interest ~~primary~~rate ~~market~~sector ~~risk~~posted ~~exposures~~a asgain ~~well~~for asthe month led by the ~~strategies~~Eurodollar. ~~used~~The Eurodollar, reflecting short-term U.S. interest rates, resumed a trend toward higher short-term interest rates that began in early December 2006. During this two month period, short-term and tolong-term berates ~~used~~moved byslightly higher. The remaining interest rate contracts, the ~~general~~30-Year ~~partner~~Treasury ~~for~~Bond, ~~managing~~10-Year ~~such~~Treasury ~~exposures~~Note, ~~are~~and ~~subject~~5-Year Treasury Note moved lower in price, higher in yield, reflecting a gradual shift to ~~numerous~~higher U.S. interest rates along the yield curve.

9The Partnership posted a loss for February. The currency sector posted a loss led by the Japanese yen. During February, the Japanese yen reversed a trend towards a lower value relative to the U.S. dollar that began in May 2006. During the previous nine months, as reported last month, the Japanese yen had declined by nearly 8% relative to the U.S. dollar. During the month of February, the Japanese yen reversed nearly 20% of this previous decline. Of the other major foreign currencies, the Australian dollar, Canadian dollar, Euro currency, and Swiss franc, increased in value relative to the U.S. dollar while the British pound remained unchanged. The interest rate sector posted a loss for the month led by the Eurodollar. The Eurodollar,

~~Table~~13 ~~of Contents~~

~~uncertainties, contingencies and risks, any one of which could cause the actual results of the partnership’s risk~~ ~~controls~~reflecting toshort-term ~~differ materially from the objectives of such strategies~~U.S. ~~Government~~interest ~~interventions~~rates, ~~defaults~~reversed ~~and~~a ~~expropriations,~~trend ~~illiquid~~toward ~~markets,~~higher ~~the~~short-term ~~emergence~~interest ofrates ~~dominant~~that ~~fundamental~~began ~~factors, political upheavals, changes~~ in ~~historical~~early ~~price relationships,~~December an2006. ~~influx~~During ~~of new market participants~~February, short-term ~~increased regulation~~ and ~~many~~long-term ~~other~~rates ~~factors~~moved ~~could~~lower ~~result~~reflecting ina ~~material~~moderate ~~losses~~Federal asReserve ~~well~~stance asand ina ~~material~~flight ~~changes~~ to ~~the~~quality ~~risk~~in ~~exposures~~conjunction ~~and~~with the ~~risk~~collapse ~~management strategies~~ of ~~the~~sub-prime ~~partnership~~lending market. ~~There~~The ~~can~~remaining ~~be no~~interest ~~assurance~~rate ~~that~~contracts, the ~~partnership’s~~30-Year ~~market~~Treasury ~~exposure~~Bond, ~~and/or~~10-Year Treasury ~~risk~~Note, ~~management~~and ~~strategies~~5-Year ~~will~~Treasury ~~not~~Note ~~change~~moved ~~materially~~higher orin ~~that~~price, ~~any~~lower ~~such strategies will be effective~~ in ~~either~~yield, ~~the~~reflecting ~~short-~~a orshift ~~long-term. Investors must be prepared~~ to ~~lose~~lower ~~all~~U.S. ~~or substantially~~interest ~~all~~rates ofalong ~~their investment in~~ the ~~partnership~~yield curve.

~~Since~~The Partnership posted a loss for March. The currency sector posted a loss led by the ~~partnership~~Canadian dollar. During March, the Canadian dollar reversed a trend towards a lower value relative to the U.S. dollar that began in August 2006. During the previous six months, the Canadian dollar had ~~not~~declined ~~commenced~~by ~~operations~~more asthan 5% relative to the U.S. dollar. During the month of March, the ~~date~~Canadian dollar reversed nearly 20% of this ~~Prospectus~~previous decline. Of the other major foreign currencies, itthe ~~had~~Australian nodollar, British ~~primary~~pound, Euro currency, and Swiss franc, increased in value relative to the U.S. dollar while the Japanese yen declined. The interest rate sector posted a loss for the month led by the 5-Year Treasury Note. The 5-Year Note, reflecting intermediate maturity U.S. interest rates, remained unchanged for the month in volatile trade. During February, short-term and long-term rates moved generally lower. During March, rates were generally unchanged. Of the remaining interest rate contracts, the 30-Year Treasury Bond and 10-Year Treasury Note traded in a narrow trading ~~risk~~range. ~~exposures~~The asEurodollar traded higher in price, lower in yield, during the early part of ~~such~~the ~~date.~~month and then reversed, ending the month slightly lower in price.

~~QUALITATIVE DISCLOSURES REGARDING NON~~OFF-~~TRADING~~BALANCE SHEET RISK ~~EXPOSURE~~

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in future obligation or loss. The Partnership intends to trade in futures and forward contracts and may therefore become a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts, there exists a market risk that such contracts may be significantly influenced by conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interests positions of the Partnership at the same time, and if the General Partner was unable to offset such positions, the Partnership could experience substantial losses. The General Partner will access daily positions and profit and loss summaries for the Partnership and will employ various measures to monitor draw-downs, market diversification and leverage.

~~The~~In ~~partnership~~addition isto ~~unaware~~market ofrisk, ~~any~~in ~~(i)~~entering ~~anticipated~~into ~~known~~futures ~~demands,~~and ~~commitments~~forward orcontracts ~~capital~~there ~~expenditures;~~is ~~(ii)~~a ~~material~~credit ~~trends,~~risk ~~favorable~~that ora ~~unfavorable,~~counterparty inwill not be able to meet its obligations ~~capital~~to ~~resources;~~the orPartnership. ~~(iii)~~The ~~trends~~counterparty orfor ~~uncertainties~~futures ~~that will~~contracts ~~have~~traded ain ~~material~~the ~~effect~~United States and on ~~operations.~~most ~~From~~foreign ~~time~~exchanges tois ~~time,~~the ~~certain~~clearinghouse ~~regulatory~~associated ~~agencies~~with ~~have~~such ~~proposed~~exchange. ~~increased~~In ~~margin~~general, ~~requirements~~clearinghouses onare ~~futures~~backed ~~contracts.~~by ~~Because~~the corporate members of the ~~partnership~~clearinghouse ~~generally~~who ~~will~~are ~~use~~required ato ~~small~~share ~~percentage~~any financial burden resulting from the non-performance by one of ~~assets~~their members and, as ~~margin~~such, should significantly reduce this credit risk. In cases where the ~~partnership~~ ~~does~~clearinghouse is not ~~believe~~backed ~~that~~by ~~any~~the ~~increase~~clearing members, inlike ~~margin~~some ~~requirements~~foreign exchanges, asit ~~proposed,~~is ~~will~~normally ~~have~~backed by a ~~material~~consortium ~~effect~~of onbanks ~~the~~or ~~partnership’s~~other ~~operations~~financial institutions.

~~QUALITATIVE~~CRITICAL ~~DISCLOSURES~~ACCOUNTING ~~REGARDING~~POLICIES ~~MEANS~~– VALUATION OF ~~MANAGING~~THE ~~RISK~~PARTNERSHIP’S ~~EXPOSURE~~POSITIONS

The ~~means~~General byPartner ~~which~~believes that the ~~partnership~~accounting ~~attempts~~policies tothat ~~manage~~will ~~the~~be ~~risk~~most ofcritical ~~the~~to ~~partnership~~the Partnership’s ~~open~~financial ~~positions~~condition isand ~~essentially~~results of operations relate to the ~~same~~valuation inof ~~all~~the ~~market~~Partnership’s ~~categories traded~~positions. The ~~general~~majority ~~partner~~of ~~applies~~the ~~risk~~Partnership’s ~~management~~positions ~~policies~~will tobe ~~trading~~exchange-traded ~~which~~futures ~~generally~~contracts, ~~are~~which ~~designed~~will tobe ~~limit~~valued ~~the~~daily ~~total~~at settlement ~~exposure~~prices ~~that~~published ~~may~~by bethe ~~taken~~exchanges. ~~per~~Any ~~“risk~~spot ~~unit”~~and offorward ~~assets~~foreign ~~under~~currency ~~management.~~contracts Inheld ~~addition,~~by the ~~general~~Partnership ~~partner~~will ~~follows diversification~~also ~~guidelines~~be ~~(often~~valued ~~formulated~~at inpublished ~~terms~~daily ofsettlement ~~the~~prices ~~balanced~~or ~~volatility~~at ~~between~~dealers’ ~~markets~~quotes. ~~and correlated groups)~~Thus, asthe ~~well~~General asPartner ~~adopting~~expects ~~non-binding~~that ~~“stop-loss”~~under normal ~~points~~circumstances ~~for~~substantially ~~each~~all of the ~~markets~~Partnership’s inassets ~~which~~will ~~the~~be ~~partnership~~valued ~~trades~~on a daily basis using objective measures.

10ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

~~Table~~INTRODUCTION ~~of Contents~~

~~PART~~Past ~~II-OTHER~~Results ~~INFORMATION~~Are Not Necessarily Indicative of Future Performance

~~Item~~The 1Partnership is a speculative commodity pool. ~~Legal~~The ~~Proceedings~~market sensitive instruments held by it are acquired for speculative trading purposes, and all or a substantial amount of the Partnership’s assets are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Partnership’s main line of business.

~~None~~Market movements can produce frequent changes in the fair market value of the Partnership’s open positions and, consequently, in its earnings and cash flow. The Partnership’s market risk is influenced by a wide variety of factors, including the level and volatility of exchange rates, interest rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Partnership’s open positions and the liquidity of the markets in which it trades.

~~Item~~14 ~~2. Changes in Securities~~

~~None~~The Partnership may rapidly acquire and liquidate both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Partnership’s past performance is not necessarily indicative of its future results.

~~Item~~Value 3at Risk (“VaR”) is a measure of the maximum amount which the Partnership could reasonably be expected to lose in a given market sector. ~~Defaults~~However, ~~upon~~the inherent ~~Senior~~uncertainty ~~Securities~~of the Partnership’s speculative trading and the recurrence in the markets traded by the Partnership of market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated VaR or the Partnership’s experience to date (i.e., “risk of ruin”). In light of this, as well as the risks and uncertainties intrinsic to all future projections, the inclusion of the quantification included in this section should not be considered to constitute any assurance or representation that the Partnership’s losses in any market sector will be limited to VaR or by the Partnership’s attempts to manage its market risk.

~~Not~~Standard ~~applicable.~~of Materiality

~~Item~~Materiality, 4.as ~~Submissions~~used in this section, “Quantitative and Qualitative Disclosures about Market Risk,” is based on an assessment of ~~Matters~~reasonably topossible amarket ~~Vote~~movements and the potential losses caused by such movements, taking into account the leverage, and multiplier features of the ~~Security~~Partnership’s ~~Holders~~market sensitive instruments.

~~None~~QUANTIFYING THE PARTNERSHIP’S TRADING CAPITAL AT RISK

~~Item~~Quantitative 5.Forward-Looking ~~Other~~Statements ~~Information~~

~~None~~The following quantitative disclosures regarding the Partnership’s market risk exposures contain “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

~~Item~~The 6Partnership’s risk exposure in the various market sectors traded by the Partnership is quantified below in terms of VaR. ~~Exhibits~~The Partnership estimates VaR using a model based on historical simulation (with a confidence level of 97.5%) which involves constructing a distribution of hypothetical daily changes in the value of the trading portfolio. The VaR model takes into account linear exposures to risks, including equity and ~~Reports~~commodity prices, interest rates, and correlation among these variables. The hypothetical changes in portfolio value are based on ~~Form~~daily ~~8-K~~percentage changes observed in key market indices or other market factors to which the portfolio is sensitive. The one day 97.5 confidence level of the Partnership’s VaR corresponds to the negative change in portfolio value that, based on observed market risk factors, would have been exceeded once in 40 trading days or one day in 40. VaR typically does not represent the worst case outcome.

~~None~~The Partnership uses approximately one year of daily market data and revalues its portfolio for each of the historical market moves that occurred over the period. This generates a probability distribution of daily “simulated profit and loss” outcomes. The VaR is the 2.5 percentile of this distribution.

11The VaR for a sector represents the one day downside risk for the aggregate exposures associated with this sector. The aggregate VaR represents the VaR of the Partnership’s open positions across all market sectors, and is less than the sum of the VaRs for all such market sectors due to the diversification benefit across asset classes.

~~Table~~The Partnership’s VaR computations are based on the risk representation of ~~Contents~~the underlying benchmark for each instrument or contract and does not distinguish between exchange and non-exchange dealer-based instruments. It is also not based on exchange and/or dealer based maintenance margin requirements.

~~SIGNATURES~~VaR models, including the Partnership’s, are continually evolving as trading portfolios become more diverse and modeling techniques and systems capabilities improve. Please note that the VaR model is used to numerically quantify market risk for historic reporting purposes only and is not utilized by the Partnership in its daily risk management activities. Please further note that VaR as described above may not be comparable to similarly titled measures used by other entities.

~~Pursuant~~Due to the ~~requirements~~Partnership’s mark-to-market ofaccounting, ~~the~~any ~~Securities~~loss ~~Exchange~~in ~~Act of 1934,~~ the ~~registrant~~fair ~~has~~value ~~duly~~of ~~caused~~the ~~this~~Partnership’s ~~report~~open topositions beis ~~signed~~directly onreflected ~~its~~in ~~behalf by~~ the ~~undersigned~~Partnership’s ~~thereunto duly~~earnings ~~authorized~~(realized onor ~~August 13, 2004~~unrealized).

~~THE~~15 ~~BEACON FINANCIAL FUTURES FUND, L.P. (Registrant) By: Beacon Management Corporation (USA) General Partner By: /s/ Mark S. Stratton Mark S. Stratton President~~

12THE PARTNERSHIP’S TRADING CAPITAL AT RISK IN DIFFERENT MARKET SECTORS


Sector	Value At Risk March 31, 2007		Value At Risk December 31, 2006
Currencies	-1.06	%	-1.24	%
Interest Rates	-0.52	%	-0.44	%
Entire Portfolio	-1.22	%	-1.24	%

~~EXHIBIT~~MATERIAL ~~INDEX~~LIMITATIONS ON CAPITAL AT RISK AS AN ASSESSMENT OF MARKET RISK

ExhibitNumber		Description of Document
31.01		Certification by Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.01		Certification by Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
31.02		Certification by Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.02		Certification by Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

The face value of the market sector instruments held by the Partnership may typically be many times the risk determined by the VaR calculation. The magnitude of the Partnership’s open positions could create a “risk of ruin” not typically found in most other investment vehicles. Because of the size of its positions, certain market conditions — unusual, but historically recurring from time to time — could cause the Partnership to incur severe losses over a short period of time. The Value at Risk tables — as well as the past performance of the Partnership — give no indication of this “risk of ruin.”

13The highly dynamic nature of the Partnership’s portfolio limits the usability of an analysis method (such as VaR), which relies upon the Partnership’s positions as of a single point in time.

Historical price behavior (which is relied upon by the VaR calculation) may not be an accurate predictor of the future price behavior of the markets in the Partnership’s portfolio.

NON-TRADING RISK

The Partnership may experience non-trading market risk on any foreign cash balances not needed for margin. However, these balances (as well as the market risk they represent) are expected to be immaterial. The Partnership also may have non-trading market risk as a result of investing in U.S. Treasury Bills. The market risk represented by these investments is expected to be immaterial.

QUALITATIVE DISCLOSURES REGARDING PRIMARY TRADING RISK EXPOSURES

The following qualitative disclosures regarding the Partnership’s market risk exposures — except for (i) those disclosures that are statements of historical fact and (ii) the descriptions of how the Partnership manages its primary market risk exposures — constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. The Partnership’s primary market risk exposures as well as the strategies used and to be used by the General Partner for managing such exposures are subject to numerous uncertainties, contingencies and risks, any one of which could cause the actual results of the Partnership’s risk controls to differ materially from the objectives of such strategies. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures and the risk management strategies of the Partnership. There can be no assurance that the Partnership’s market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short- or long-term. Investors must be prepared to lose all or substantially all of their investment in the Partnership.

The primary risk exposures of the Partnership as of March 31, 2007 were exchange rate and interest rate risk. The factors that can influence these rates can be domestic or foreign (primarily the G-7 countries) and include (but are not limited to) changes in government fiscal policy, changes in the balance of trade, changes in inflation rates and improvement or degradation of the overall economy.

QUALITATIVE DISCLOSURES REGARDING NON-TRADING RISK EXPOSURE

The Partnership is unaware of any (i) anticipated known demands, commitments or capital expenditures; (ii) material trends, favorable or unfavorable, in its capital resources; or (iii) trends or uncertainties that will have a material effect on operations. From time to time, certain regulatory agencies have proposed increased margin requirements on futures contracts. Because the Partnership generally will use a small percentage of assets as margin, the Partnership does not believe that any increase in margin requirements, as proposed, will have a material effect on the Partnership’s operations.

QUALITATIVE DISCLOSURES REGARDING MEANS OF MANAGING RISK EXPOSURE

The means by which the Partnership attempts to manage the risk of the Partnership’s open positions is essentially the same in all market categories traded. The General Partner applies risk management policies to trading which generally are designed to limit the total exposure that may be taken per “risk unit” of assets under management. In addition, the General Partner follows diversification guidelines (often formulated in terms of the balanced volatility between markets and correlated groups), as well as adopting non-binding “stop-loss” points for each of the markets in which the Partnership trades.

ITEM 4.

CONTROLS AND PROCEDURES

Beacon Management Corporation (USA), the General Partner of the Partnership, with the participation of the General Partner’s chief executive officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) or 15d-15(e)) with respect to the Partnership as of the end of the year covered by this annual report. Based on this evaluation, our Chief Executive Officer concluded that these disclosure controls and procedures were effective, except as discussed in the next paragraph below, in timely alerting him to material information relating to the Partnership required to be included in our periodic filings with the Securities and Exchange Commission. It should be noted that in designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. The General Partner has designed its disclosure controls and procedures to reach a level of reasonable assurance of achieving desired control objectives and, based on the evaluation described above, the General Partner’s Chief Executive Officer concluded that the disclosure controls and procedures were effective at reaching that level of reasonable assurance, except as discussed in the next paragraph below.

The General Partner has identified a material weakness within its internal control framework relating to the preparation and timeliness of financial reporting and in connection with the adequacy of segregation of duties. The General Partner attributes this material weakness to limited personnel resources. Though the Partnership has implemented levels of supervisory reviews and employs a temporary workforce from time to time, there can be no assurance that these measures can definitively prevent transactional errors from occurring or provide the necessary accounting and financial reporting support to the General Partner’s accounting and finance department.

There were no changes in the General Partner’s internal control over financial reporting applicable to the Partnership identified in connection with the evaluation required by paragraph (d) of the Exchange Act Rules 13a-15 or 15d-15 that occurred during the last fiscal quarter that have materially affected, or is reasonably likely to materially affect, internal control over financial reporting applicable to the Partnership.

PART II-OTHER INFORMATION

Item 1.

Legal Proceedings.

None

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

None

Item 3.

Defaults upon Senior Securities.

Not applicable.

Item 4.

Submissions of Matters to a Vote of Security Holders.

None

Item 5.

Other Information

None

Item 6.

Exhibits.

See attached exhibit list.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on July 6, 2007.


THE BEACON FINANCIAL FUTURES FUND, L.P.
(Registrant)

By:		Beacon Management Corporation (USA)
		General Partner

By:		/s/ Mark S. Stratton
		Mark S. Stratton
		President

EXHIBIT INDEX


Exhibit Number		Description of Document
31.01		Certification by Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.01		Certification by Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Table of Contents

Filing Compare · BEACON FINANCIAL FUTURES FUND LP