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<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 October 31, 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>
OCTOBER 31, 1996 JULY 31,
ASSETS (UNAUDITED) 1996
----------------- -----------
<S> <C> <C>
EQUITY IN FUTURES TRADING ACCOUNTS:
U.S. GOVERNMENT TREASURY SECURITIES, AT COST PLUS
ACCRUED INTEREST WHICH APPROXIMATES MARKET $ 0 $ 0
NET UNREALIZED APPRECIATION ON OPEN FUTURES
CONTRACTS 660,357 250,897
AMOUNT DUE FROM (TO) BROKER 2,000,737 2,198,520
---------- ----------
2,661,094 2,449,417
U.S. TREASURY STRIP NOTES, AT MARKET VALUE 13,874,176 13,620,157
---------- ----------
$16,535,270 $16,069,574
========== ==========
LIABILITIES:
ACCRUED BROKERAGE COMMISSIONS PAYABLE $ 54,862 $ 54,064
OTHER ACCRUED EXPENSES 10,653 7,182
ACCRUED PROFIT SHARE 0 0
---------- ----------
TOTAL LIABILITIES 65,515 61,246
---------- ----------
GENERAL PARTNER'S INTEREST IN TRADING COMPANY 76,517 67,366
---------- ----------
PARTNERS' CAPITAL:
GENERAL PARTNER, 110 UNIT EQUIVALENTS
OUTSTANDING AT OCTOBER 31, 1996 AND
JULY 31, 1996 RESPECTIVELY 208,422 198,067
LIMITED PARTNERS, 8,542 AND 8,743 UNIT
EQUIVALENTS OUTSTANDING AT OCTOBER 31, 1996
AND JULY 31, 1996 RESPECTIVELY 16,184,816 15,742,895
---------- ----------
TOTAL PARTNERS' CAPITAL 16,393,238 15,940,962
---------- ----------
$16,535,270 $16,069,574
========== ==========
NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST $ 1,894.74 $ 1,800.61
========== ==========
</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 THREE MONTHS ENDED OCTOBER 31, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
LIMITED GENERAL
PARTNERS PARTNERS TOTAL
----------- -------- -----------
<S> <C> <C> <C>
FUND EQUITY AT JULY 31, 1996 $15,742,895 $198,067 $15,940,962
(8,743 LIMITED PARTNERSHIP UNITS)
ADD (DEDUCT):
REDEMPTION 0F 201 LIMITED
PARTNERSHIP UNITS (359,321) (359,321)
NET INCOME (LOSS) 801,242 10,355 811,597
----------- -------- -----------
FUND EQUITY AT OCTOBER 31, 1996 $16,184,816 $208,422 $16,393,238
(8,542 LIMITED PARTNERSHIP UNITS) =========== ======== ===========
NET ASSET VALUE PER UNIT AT
OCTOBER 31, 1996: $1,894.74
=========
</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 THREE MONTHS ENDED OCTOBER 31, 1996 AND 1995 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1996 1995
---------------- ---------------
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES CONTRACTS $ 72,194 $ (67,402)
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES CONTRACTS 409,459 134,500
INTEREST INCOME 23,475 38,746
ACCRETION OF U.S TREASURY STRIP NOTES 244,945 250,185
GAIN (LOSS) ON MARKET VALUE OF U.S
TREASURY STRIP NOTES 251,407 269,171
---------------- ---------------
1,001,480 625,200
---------------- ---------------
EXPENSES:
BROKERAGE COMMISSIONS 173,233 212,662
PROFIT SHARE ALLOCABLE TO JOINT VENTURE
TRADING ADVISOR 0 0
OTHER ADMINISTRATIVE EXPENSES 7,500 7,500
---------------- ---------------
180,733 220,162
---------------- ---------------
INCOME BEFORE GENERAL PARTNER'S INTEREST
IN TRADING COMPANY 820,747 405,038
GENERAL PARTNER'S INTEREST IN TRADING COMPANY
OPERATING (INCOME) LOSS (9,150) 2,569
---------------- ---------------
NET INCOME (LOSS) $ 811,597 $ 407,607
================ ===============
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER $ 10,355 $ 4,858
================ ===============
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS $ 801,242 $ 402,749
================ ===============
NET INCOME (LOSS) PER UNIT OF
PARTNERSHIP INTEREST (FOR A UNIT
OUTSTANDING THROUGHOUT EACH PERIOD) $ 94.13 $ 44.16
================ ===============
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-4-
<PAGE> 5
FOUR SEASONS FUND
(An Illinois Limited Partnership)
CONSOLIDATED
STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED OCTOBER 31, 1996 AND 1995 (UNAUDITED)
<TABLE>
<CAPTION>
1996 1995
---------- ---------
<S> <C> <C>
FUNDS PROVIDED BY:
NET INCOME (LOSS) $ 811,597 $ 407,607
INCREASE IN OTHER LIABILITIES 13,420
(INCREASE) DECREASE IN EQUITY IN COMMODITY FUTURES
TRADING ACCOUNTS AND U.S. TREASURE STRIP NOTES (465,696) 180,026
---------- ---------
359,321 587,633
---------- ---------
FUNDS APPLIED TO:
REDEMPTION OF LIMITED PARTNERSHIP UNITS 359,321 584,427
REDEMPTION OF GENERAL PARTNERSHIP UNITS
INCREASE IN EQUITY IN COMMODITY FUTURES
TRADING ACCOUNTS 0 0
DECREASE IN OTHER LIABILITIES 0 3,206
---------- ---------
359,321 587,633
CHANGE IN CASH BALANCE $ 0 $ 0
---------- ---------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS
-5-
<PAGE> 6
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, 1996, has been prepared by
management without audit by Independent Certified Public Accountants. The
condensed Statement of Financial Condition as of October 31, 1996 has been
derived from the audited financial statements as of July 31, 1996. 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.
-6-
<PAGE> 7
THE FOUR SEASONS FUND
(An Illinois Limited Partnership)
NOTES TO FINANCIAL STATEMENTS, Continued
ITEM 2, Management's Discussion and Analysis of Financial Condition and
Operating Results for the three months ended October 31, 1996.
<TABLE>
<CAPTION>
October 31, 1996 July 31, 1996
<S> <C> <C>
Ending Equity (Note A) $16,393,238 $15,940,962
</TABLE>
NOTE A:
Ending equity at October 31, 1996 is higher than ending equity at July 31,
1996 due to profitable trading.
<TABLE>
<CAPTION>
Three months ended Three months ended
October 31, 1996 October 31, 1995
<S> <C> <C>
Net realized trading gains
(losses) on closed futures
contracts (Note B) $72,194 $(67,402)
</TABLE>
NOTE B:
Net realized trading gains (losses) on closed futures contracts for the
three months ended October 31, 1996 is higher than net realized trading gains
(losses) on closed futures contracts for the three months ended October 31,
1995 due to more profitable trading during the period.
-7-
<PAGE> 8
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
Lee E. Meyer
Chief Financial Officer
-8-
<TABLE> <S> <C>
<ARTICLE> BD
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> JUL-31-1996 JUL-31-1995
<PERIOD-START> JUL-31-1996 JUL-31-1995
<PERIOD-END> OCT-31-1996 OCT-31-1995
<CASH> 2,000,737 2,198,520
<RECEIVABLES> 660,357 250,897
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 13,874,176 13,620,157
<PP&E> 0 0
<TOTAL-ASSETS> 16,535,270 16,069,574
<SHORT-TERM> 0 0
<PAYABLES> 142,032 128,612
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
16,393,238 15,940,962
0 0
<COMMON> 0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 16,535,270 16,069,574
<TRADING-REVENUE> 481,653 67,098
<INTEREST-DIVIDENDS> 496,352 519,356
<COMMISSIONS> (173,233) (212,662)
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> 6,825 33,815
<INCOME-PRETAX> 811,597 407,607
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 811,597 407,607
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
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