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Previous: ARIEL CAPITAL MANAGEMENT INC ET AL, SC 13G/A, 1996-06-07 |
Next: ALTERA CORP, SC 13G, 1996-06-07 |
<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 1996
OR
[] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________to_______________
Commission file number 0-17590
THE FOUR SEASONS FUND
(Exact name of registrant as specified in its charter)
Illinois # 36-3586810
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o Heinold Asset Management, Inc.
One Financial Place
440 S. LaSalle - 20th Floor
Chicago, Illinois
(Address of principal executive offices)
60605
(Zip Code)
(312) 663-7900
(Registrant's telephone number, including area code)
Same
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
-1-
<PAGE> 2
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
FOUR SEASONS FUND
(An Illinois Limited Partnership)
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
APRIL 30, 1996 JULY 31,
ASSETS: (UNAUDITED) 1995
------------------- ----------------
<S> <C> <C>
EQUITY IN FUTURES TRADING ACCOUNTS:
U. S. GOVERNMENT TREASURY SECURITIES, AT
COST PLUS ACCRUED INTEREST WHICH
APPROXIMATES MARKET $ 0 $ 3,832,616
NET UNREALIZED APPRECIATION ON OPEN
FUTURES CONTRACTS (12,008) 92,763
AMOUNT DUE FROM (TO) BROKER 2,863,228 151,758
------------------- ----------------
2,851,220 4,077,137
U.S. TREASURY STRIPPED NOTES,
AT MARKET VALUE 13,633,785 14,357,411
------------------- ----------------
$ 16,485,005 $ 18,434,548
=================== ================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
ACCRUED BROKERAGE COMMISSIONS PAYABLE $ 55,266 $ 61,429
OTHER ACCRUED EXPENSES 674 10,818
ACCRUED PROFIT SHARE 0 0
------------------- ----------------
TOTAL LIABILITIES 55,940 72,247
------------------- ----------------
GENERAL PARTNER'S INTEREST IN TRADING COMPANY 76,044 88,989
------------------- ----------------
PARTNERS' CAPITAL:
GENERAL PARTNER, 110 UNIT 199,843 198,806
EQUIVALENTS OUTSTANDING AT APRIL 30, 1996
AND JULY 31, 1995 RESPECTIVELY
LIMITED PARTNER, 8,891 AND 10,001 UNIT
EQUIVALENTS OUTSTANDING AT APRIL 30, 1996
AND JULY 31, 1995 RESPECTIVELY 16,153,178 18,074,506
------------------- ----------------
TOTAL PARTNERS' CAPITAL 16,353,021 18,273,312
------------------- ----------------
$ 16,485,005 $ 18,434,548
=================== ================
PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST:
NET ASSET VALUE $ 1,816.76 $ 1,807.33
=================== ================
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-2-
<PAGE> 3
FOUR SEASONS FUND
(An Illinois Limited Partnership)
CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL
FOR THE NINE MONTHS ENDED APRIL 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
LIMITED GENERAL
PARTNERS PARTNERS TOTAL
------------------ -------------- --------------
<S> <C> <C> <C>
FUND EQUITY AT JULY 31, 1995 $ 18,074,506 $ 198,806 $ 18,273,312
(10,001 LIMITED PARTNERSHIP UNITS)
REDEMPTION 0F 1,110 LIMITED (1,945,768) (1,945,768)
PARTNERSHIP UNITS
NET INCOME (LOSS) 24,440 1,037 25,477
------------------ -------------- ---------------
FUND EQUITY AT APRIL 30, 1996 $ 16,153,178 $ 199,843 $ 16,353,021
(8,891 LIMITED PARTNERSHIP UNITS) ================== ============== ===============
NET ASSET VALUE PER UNIT AT
APRIL 30, 1996: $ 1,816.76
===============
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-3-
<PAGE> 4
FOUR SEASONS FUND
(An Illinois Limited Partnership)
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED APRIL 30, 1996 AND 1995 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1996 1995
------------------- ----------------
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES CONTRACTS $ 115,739 $ (1,179,803)
INCREASE (DECREASE) IN NET UNREALIZED
APPRECIATION ON OPEN FUTURES CONTRACTS (104,772) 175,982
INTEREST INCOME 107,487 268,912
ACCRETION OF U.S. TREASURY STRIP NOTES 734,200 1,191,436
GAIN (LOSS) ON MARKET VALUE OF U.S. TREASURY
STRIP NOTES (195,232) 341,478
------------------- ----------------
657,422 798,005
------------------- ----------------
EXPENSES:
BROKERAGE COMMISSIONS 598,283 971,399
PROFIT SHARE ALLOCABLE TO JOINT
VENTURE TRADING ADVISOR 19,306 0
OTHER ADMINISTRATIVE EXPENSES 27,600 41,700
------------------- ----------------
645,189 1,013,099
------------------- ----------------
INCOME (LOSS) BEFORE GENERAL PARTNER'S
INTEREST IN TRADING COMPANY 12,233 (215,094)
GENERAL PARTNER'S INTEREST IN TRADING COMPANY
OPERATING (INCOME) LOSS 13,244 27,732
------------------- ----------------
NET INCOME (LOSS) $ 25,477 $ (187,362)
=================== ================
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER $ 1,037 9,665
=================== ================
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS $ 24,440 (197,027)
=================== ================
INCREASE (DECREASE) IN NET ASSET VALUE
FOR A UNIT OUTSTANDING THROUGHOUT
THE PERIOD $ 9.43 92.86
=================== ================
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-4-
<PAGE> 5
FOUR SEASONS FUND
(An Illinois Limited Partnership)
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED APRIL 30, 1996 AND 1995 (UNAUDITED)
<TABLE>
<CAPTION>
TRADING INCOME AND (EXPENSE): 1996 1995
------------------- -----------------
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES CONTRACTS $ (248,759) $ 802,942
INCREASE (DECREASE) IN NET UNREALIZED
APPRECIATION ON OPEN FUTURES CONTRACTS (606,120) 338,199
INTEREST INCOME 22,310 41,231
ACCRETION OF U.S. TREASURY STRIP NOTES 240,689 262,484
GAIN (LOSS) ON MARKET VALUE OF U.S. TREASURY
STRIP NOTES (821,389) 464,345
------------------- -----------------
(1,413,269) 1,909,201
------------------- -----------------
EXPENSES:
BROKERAGE COMMISSIONS 183,983 205,339
PROFIT SHARE ALLOCABLE TO JOINT
VENTURE TRADING ADVISOR (3,314) 0
OTHER ADMINISTRATIVE EXPENSES 9,600 16,700
------------------- -----------------
190,269 222,039
------------------- -----------------
INCOME (LOSS) BEFORE GENERAL PARTNER'S
INTEREST IN TRADING COMPANY (1,603,538) 1,687,162
LESS: GENERAL PARTNER'S INTEREST IN TRADING COMPANY
OPERATING (INCOME) LOSS 24,967 (18,999)
------------------- -----------------
NET INCOME (LOSS) $ (1,578,571) $ 1,668,163
=================== =================
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER $ (17,762) $ 32,805
=================== =================
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS $ (1,560,809) $ 1,635,358
=================== =================
INCREASE (DECREASE) IN NET ASSET VALUE
FOR A UNIT OUTSTANDING THROUGHOUT
THE PERIOD $ (161.46) $ 157.14
=================== =================
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-5-
<PAGE> 6
FOUR SEASONS FUND
(An Illinois Limited Partnership)
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED APRIL 30, 1996 AND 1995 (UNAUDITED)
<TABLE>
<CAPTION>
1996 1995
---------------------- ---------------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS) 25,477 (187,362)
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS)
TO NET CASH PROVIDED BY OPERATING ACTIVITIES:
DECREASE IN EQUITY IN FUTURES TRADING ACCOUNT 1,949,543 19,845,736
INCREASE (DECREASE) IN ACCRUED EXPENSES (29,252) (116,907)
---------------------- ---------------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 1,945,768 19,541,467
CASH FLOWS FROM FINANCING ACTIVITIES:
REDEMPTION OF LIMITED PARTNERSHIP UNITS (1,945,768) (19,138,957)
REDEMPTION OF GENERAL PARTNERSHIP UNITS 0 (402,510)
---------------------- ---------------------
NET CHANGE IN CASH 0 0
CASH - BEGINNING OF YEAR 0 0
---------------------- ---------------------
CASH - END OF YEAR $ 0 0
====================== =====================
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS
-6-
<PAGE> 7
THE FOUR SEASONS FUND
(An Illinois Limited Partnership)
NOTES TO FORM 10-Q FINANCIAL STATEMENTS
1. The financial information included herein, other than the condensed
Statement of Financial Condition as of July 31, 1995, has been prepared by
management without audit by Independent Certified Public Accountants. The
condensed Statement of Financial Condition as of April 30, 1996 has been
derived from the audited financial statements as of July 31, 1995. The
interim financial statements do not include all the disclosures contained in
the annual financial statements. The information furnished includes all
adjustments which are, in the opinion of management, necessary for a fair
statement of results for the interim periods. The results of operations as
presented, however, should not be considered indicative of the results to be
expected for the entire year.
-7-
<PAGE> 8
THE FOUR SEASONS FUND
(An Illinois Limited Partnership)
NOTES TO FORM 10-Q FINANCIAL STATEMENTS, Continued
ITEM 2, Management's Discussion and Analysis of Financial
Condition and Operating Results for the nine months ended April
30, 1996.
<TABLE>
<CAPTION>
April 30, 1996 July 31, 1995
<S> <C> <C> <C>
Ending Equity (Note A) $16,353,021 $18,273,312
</TABLE>
NOTE A:
Ending equity at April 30, 1996 is lower than ending equity at July 31,
1995 due to unprofitable trading activity.
<TABLE>
<CAPTION>
Nine months ended Nine months ended
April 30, 1996 April 30, 1995
<S> <C> <C>
Net realized trading gains
(losses) on closed futures
and forward contracts $115,739 $(1,179,803)
(Note B)
</TABLE>
NOTE B:
Net realized trading gains (losses) on closed futures and forward
contracts for the nine months ended April 30, 1996 is higher than net realized
trading gains (losses) on closed futures and forward contracts for the nine
months ended April 30, 1995 due to more profitable trading during the period.
<TABLE>
<CAPTION>
Three months ended Three months ended
April 30, 1996 April 30, 1995
<S> <C> <C>
Net realized trading gains
(losses) on closed futures
and forward contracts $(248,759) $802,942
(Note C)
</TABLE>
NOTE C:
Net realized trading gains (losses) on closed futures and forward
contracts for the three months ended April 30, 1996 is lower than net realized
trading gains (losses) on closed futures and forward contracts for the three
months ended April 30, 1995 due to unprofitable trading during the period.
-8-
<PAGE> 9
EXHIBITS
None
PART II
None
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.
THE FOUR SEASONS FUND
(Registrant)
By Heinold Asset Management, Inc.
(General Partner)
By Robert Ledvora
Chief Financial Officer
-9-
<TABLE> <S> <C>
<ARTICLE> BD
<S> <C> <C>
<PERIOD-TYPE> 9-MOS 9-MOS
<FISCAL-YEAR-END> JUL-31-1995 JUL-31-1994
<PERIOD-START> JUL-31-1995 JUL-31-1994
<PERIOD-END> APR-30-1996 APR-30-1995
<CASH> 2,863,228 151,758
<RECEIVABLES> (12,008) 92,763
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 13,633,785 18,190,027
<PP&E> 0 0
<TOTAL-ASSETS> 16,485,005 18,434,548
<SHORT-TERM> 0 0
<PAYABLES> 131,984 161,236
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
0 0
0 0
<COMMON> 16,353,021 18,273,312
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 16,485,005 18,434,548
<TRADING-REVENUE> 10,967 (1,003,821)
<INTEREST-DIVIDENDS> 538,968 1,532,914
<COMMISSIONS> (598,283) (971,399)
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> 73,825 254,944
<INCOME-PRETAX> 25,477 (187,362)
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 25,477 (187,362)
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
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