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Previous: BALCOR REALTY INVESTORS 85 SERIES III, 8-K, 1997-03-07 |
Next: NORTH STAR UNIVERSAL INC, SC 13D, 1997-03-07 |
<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 January 31, 1997
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) 663-7500
(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 1. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
FOUR SEASONS FUND
(An Illinois Limited Partnership)
CONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
JANUARY 31, 1997 JULY 31,
ASSETS (UNAUDITED) 1996
--------------- ---------------
<S> <C> <C>
EQUITY IN FUTURES AND FORWARD TRADING ACCOUNTS:
U.S. TREASURY SECURITIES, AT COST PLUS ACCRUED
INTEREST WHICH APPROXIMATES MARKET VALUE $ 9,100 $ 0
NET UNREALIZED APPRECIATION ON OPEN
FUTURES AND FORWARD CONTRACTS 496,552 250,897
AMOUNT DUE FROM (TO) BROKER 2,237,755 2,198,520
--------------- ---------------
2,743,407 2,449,417
U.S TREASURY STRIP NOTES, AT MARKET VALUE 13,805,565 13,620,157
--------------- ---------------
TOTAL ASSETS $ 16,548,972 $ 16,069,574
=============== ===============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
ACCRUED BROKERAGE COMMISSIONS PAYABLE $ 50,827 $ 54,064
OTHER ACCRUED EXPENSES 4,999 7,182
ACCRUED PROFIT SHARE 0 0
--------------- ---------------
TOTAL LIABILITIES 55,826 61,246
--------------- ---------------
GENERAL PARTNER'S INTEREST IN TRADING COMPANY 81,792 67,366
--------------- ---------------
PARTNERS' CAPITAL:
GENERAL PARTNER, 110 UNIT EQUIVALENTS
OUTSTANDING AT JANUARY 31, 1997 AND JULY 31, 1996 212,724 198,067
LIMITED PARTNERS, 8,376 AND 8,743 UNITS
OUTSTANDING AT JANUARY 31, 1997
AND JULY 31, 1996, RESPECTIVELY 16,198,630 15,742,895
--------------- ---------------
TOTAL PARTNERS' CAPITAL 16,411,354 15,940,962
--------------- ---------------
$ 16,548,972 $ 16,069,574
=============== ===============
PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST:
NET ASSET VALUE $ 1,933.85 $ 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 SIX MONTHS ENDED JANUARY 31, 1997 (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 367 LIMITED
PARTNERSHIP UNITS (664,185) (664,185)
NET INCOME (LOSS) 1,119,920 14,657 1,134,577
-------------- -------------- --------------
FUND EQUITY AT JANUARY 31, 1997 $ 16,198,630 $ 212,724 $ 16,411,354
(8,376 LIMITED PARTNERSHIP UNITS) ============== ============== ==============
NET ASSET VALUE PER UNIT AT
JANUARY 31, 1997: $ 1,933.85
==============
</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 SIX MONTHS ENDED JANUARY 31, 1997 AND 1996 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1997 1996
--------------- ---------------
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES CONTRACTS $ 582,188 $ 364,498
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES AND FORWARD CONTRACTS 245,656 501,348
INTEREST INCOME 53,140 85,177
ACCRETION OF U.S TREASURY STRIP NOTES 498,783 493,511
GAIN (LOSS) ON MARKET VALUE OF U.S. TREASURY
STRIP NOTES 130,511 626,157
--------------- ---------------
TOTAL REVENUES 1,510,278 2,070,691
EXPENSES:
BROKERAGE COMMISSIONS 339,777 414,300
PROFIT SHARE ALLOWABLE TO JOINT VENTURE
TRADING ADVISOR 0 22,620
OTHER EXPENSES 21,500 18,000
--------------- ---------------
TOTAL EXPENSES 361,277 454,920
--------------- ---------------
INCOME (LOSS) BEFORE GENERAL PARTNER'S INTEREST
IN TRADING COMPANY 1,149,001 1,615,771
GENERAL PARTNER'S INTEREST IN TRADING COMPANY
OPERATING INCOME (LOSS) (14,424) (11,723)
--------------- ---------------
NET INCOME (LOSS) $ 1,134,577 $ 1,604,048
=============== ===============
NET INCOME (LOSS) ALLOCATED TO:
GENERAL PARTNER $ 14,657 $ 18,799
=============== ===============
NET INCOME (LOSS) ALLOCATED TO:
LIMITED PARTNERS $ 1,119,920 $ 1,585,249
=============== ===============
INCREASE (DECREASE) IN NET ASSET VALUE FOR A
UNIT OUTSTANDING THROUGHOUT EACH PERIOD $ 133.24 $ 170.89
=============== ===============
</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 JANUARY 31, 1997 AND 1996 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1997 1996
--------------- ---------------
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES CONTRACTS $ 509,994 $ 431,900
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES CONTRACTS (163,803) 366,848
INTEREST INCOME 29,665 46,431
ACCRETION OF U.S TREASURY STRIP NOTES 253,838 243,326
GAIN (LOSS) ON MARKET VALUE OF U.S. TREASURY
STRIP NOTES (120,896) 356,986
--------------- ---------------
508,798 1,445,491
--------------- ---------------
EXPENSES:
BROKERAGE COMMISSIONS 166,544 201,638
PROFIT SHARE ALLOCATION TO JOINT VENTURE
TRADING ADVISOR 0 22,620
OTHER ADMINISTRATIVE EXPENSES 14,000 10,500
--------------- ---------------
180,544 234,758
--------------- ---------------
INCOME (LOSS) BEFORE GENERAL PARTNER'S INTEREST
IN TRADING COMPANY 328,254 1,210,733
GENERAL PARTNER'S INTEREST IN TRADING COMPANY
OPERATING INCOME (LOSS) (5,274) (14,292)
--------------- ---------------
NET INCOME (LOSS) $ 322,980 $ 1,196,441
=============== ===============
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER $ 4,302 $ 13,941
=============== ===============
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS $ 318,678 $ 1,182,500
=============== ===============
INCREASE (DECREASE) IN NET ASSET VALUE FOR A
UNIT OUTSTANDING THROUGHOUT EACH PERIOD $ 39.11 $ 126.73
=============== ===============
</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 SIX MONTHS ENDED JANUARY 31, 1997 AND 1996 (UNAUDITED)
<TABLE>
<CAPTION>
1997 1996
--------------- ---------------
<S> <C> <C>
FUNDS PROVIDED BY:
NET INCOME (LOSS) $ 1,134,577 $ 1,604,048
INCREASE IN OTHER LIABILITIES
DECREASE IN EQUITY IN COMMODITY FUTURES
TRADING ACCOUNTS (479,398) (528,238)
--------------- ---------------
TOTAL FUNDS PROVIDED 655,179 1,075,810
--------------- ---------------
FUNDS APPLIED TO:
REDEMPTION OF LIMITED PARTNERSHIP UNITS 664,185 1,081,539
REDEMPTION OF GENERAL PARTNERSHIP UNITS 0 0
INCREASE IN EQUITY IN COMMODITY FUTURES
TRADING ACCOUNTS
DECREASE IN OTHER LIABILITIES (9,006) (5,729)
--------------- ---------------
655,179 1,075,810
CHANGE IN CASH BALANCE $ 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, 1996, has been prepared by
management without audit by Independent Certified Public Accountants. The
condensed Statement of Financial Condition as of January 31, 1997 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.
-7-
<PAGE> 8
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 six months
ended January 31, 1997.
<TABLE>
<CAPTION>
January 31, 1997 July 31, 1996
<S> <C> <C>
Ending Equity (Note A) $16,411,354 $15,940,962
</TABLE>
NOTE A:
Ending equity at January 31, 1997 is higher than ending equity at July 31,
1996 due to profitable trading.
<TABLE>
<CAPTION>
Six months ended Six months ended
January 31, 1997 January 31, 1996
<S> <C> <C>
Change in net unrealized
trading gains (losses) on
open futures and forward
contracts (Note B) $245,656 $501,348
</TABLE>
NOTE B:
Change in net unrealized trading gains (losses) on open futures and
forward contracts for the six months ended January 31, 1997 is lower than
change in net unrealized trading gains (losses) on open futures contracts for
the six months ended January 31, 1996 due to less profitable trading during the
period.
<TABLE>
<CAPTION>
Three months ended Three months ended
January 31, 1997 January 31, 1996
<S> <C> <C>
Change in net unrealized
trading gains (losses) on
open futures and forward
contracts (Note C) $(163,803) $366,848
</TABLE>
NOTE C:
Change in net unrealized trading gains (losses) on open futures and
forward contracts for the three months ended January 31, 1997 is lower than
change in net unrealized trading gains (losses) on open futures and forward
contracts for the three months ended January 31, 1996 due to less profitable
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
Lee E. Meyer
Chief Financial Officer
-9-
<TABLE> <S> <C>
<ARTICLE> BD
<S> <C> <C>
<PERIOD-TYPE> 6-MOS 6-MOS
<FISCAL-YEAR-END> JUL-31-1996 JUL-31-1995
<PERIOD-START> JUL-31-1996 JUL-31-1995
<PERIOD-END> JAN-31-1997 JAN-31-1996
<CASH> 2,237,755 2,198,520
<RECEIVABLES> 496,552 250,897
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 13,814,665 13,620,157
<PP&E> 0 0
<TOTAL-ASSETS> 16,548,972 16,069,574
<SHORT-TERM> 0 0
<PAYABLES> 137,618 128,612
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
16,411,354 15,940,962
0 0
<COMMON> 0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 16,548,972 16,069,574
<TRADING-REVENUE> 827,844 865,846
<INTEREST-DIVIDENDS> 682,434 1,204,845
<COMMISSIONS> (339,777) (414,300)
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> (35,924) (52,343)
<INCOME-PRETAX> 1,134,577 1,604,048
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 1,134,577 1,604,048
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
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