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Previous: MMI COMPANIES INC, S-8, 1998-02-25 |
Next: VAN ECK FUNDS, N-30D, 1998-02-25 |
<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 1998
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from
Commission file number 0-17590
THE FOUR SEASONS FUND
(Exact name of registrant as specified in its charter)
State of jurisdiction or incorporation (Illinois)
IRS EMPLOYER ID NO. #36-3586810
C/O HEINOLD ASSET MANAGEMENT. INC.
ONE FINANCIAL PLACE
440 S. LASALLE ST-21 FLOOR
CHICAGO ILLINOIS 60605
PHONE NUMBER 663-7500
SAME
( Former name, former address and former fiscal year, if changed)
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 shortened 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
<PAGE> 2
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
FOUR SEASONS FUND
(An Illinois Limited Partnership)
CONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
JAN 31, 1998 JULY 31,
ASSETS (UNAUDITED) 1997
---------------- ---------------
<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 429,920 1,489,012
AMOUNT DUE FROM (TO) BROKER 2,775,644 2,165,611
---------------- ---------------
3,205,564 3,654,623
U.S. TREASURY STRIP NOTES, AT MARKET VALUE 14,052,761 13,615,510
--------------- ---------------
17,258,326 17,270,133
================ ===============
LIABILITIES:
ACCRUED BROKERAGE COMMISSIONS PAYABLE 52,246 52,556
OTHER ACCRUED EXPENSES 15,288 17,741
ACCRUED PROFIT SHARE 26,010 99,843
REDEMPTION PAYABLE 0 0
---------------- ---------------
TOTAL LIABILITIES 93,544 170,140
---------------- ---------------
GENERAL PARTNER'S INTEREST IN TRADING COMPANY 115,252 125,341
---------------- ---------------
PARTNERS' CAPITAL:
GENERAL PARTNER, 110 UNIT EQUIVALENTS
OUTSTANDING AT JANUARY 31, 1998 AND
JULY 31, 1997 RESPECTIVELY 240,976 236,820
LIMITED PARTNERS, 7,673 AND 7,732 UNIT
EQUIVALENTS OUTSTANDING AT JANUARY 31, 1998
AND JULY 31, 1997 RESPECTIVELY 16,808,553 16,737,832
---------------- ---------------
TOTAL PARTNERS' CAPITAL 17,049,529 16,974,652
---------------- ---------------
17,258,326 17,270,133
================ ===============
NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST 2,190.69 2,152.91
================ ===============
</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 OPERATIONS
FOR THE THREE MONTHS ENDED JANUARY 31, 1998 AND 1997 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1998 1997
---------------- ---------------
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES CONTRACTS 259,505 509,994
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES CONTRACTS 196,344 (163,803)
INTEREST INCOME 27,304 29,665
ACCRETION OF U.S. TREASURY STRIP NOTES 243,610 253,838
GAIN (LOSS) ON MARKET VALUE OF U.S.
TREASURY STRIP NOTES 85,290 (120,896)
---------------- ---------------
812,054 508,798
---------------- ---------------
EXPENSES:
BROKERAGE COMMISSIONS 163,421 166,544
PROFIT SHARE ALLOCABLE TO JOINT VENTURE
TRADING ADVISOR 26,947 0
OTHER ADMINISTRATIVE EXPENSES 6,000 14,000
---------------- ---------------
196,368 180,544
---------------- ---------------
INCOME BEFORE GENERAL PARTNER'S INTEREST
IN TRADING COMPANY 615,686 328,254
GENERAL PARTNER'S INTEREST IN TRADING COMPANY
OPERATING (INCOME) LOSS (10,539) (5,274)
---------------- ---------------
NET INCOME (LOSS) 605,147 322,980
================ ===============
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER 28,252 4,302
================ ===============
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS 576,895 318,678
================ ===============
NET INCOME (LOSS) PER UNIT OF
PARTNERSHIP INTEREST (FOR A UNIT
OUTSTANDING THROUGHOUT EACH PERIOD) 77.58 39.11
================ ===============
</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, 1998 AND 1997 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1998 1997
---------------- ---------------
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES CONTRACTS 1,024,621 582,188
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES CONTRACTS (1,059,092) 245,656
INTEREST INCOME 63,465 53,140
ACCRETION OF U.S. TREASURY STRIP NOTES 487,160 498,783
GAIN (LOSS) ON MARKET VALUE OF U.S.
TREASURY STRIP NOTES 79,070 130,511
---------------- ---------------
595,224 1,510,278
---------------- ---------------
EXPENSES:
BROKERAGE COMMISSIONS 317,601 339,777
PROFIT SHARE ALLOCABLE TO JOINT VENTURE
TRADING ADVISOR (26,059) 0
OTHER ADMINISTRATIVE EXPENSES 20,580 21,500
---------------- ---------------
312,122 361,277
---------------- ---------------
INCOME BEFORE GENERAL PARTNER'S INTEREST
IN TRADING COMPANY 283,102 1,149,001
GENERAL PARTNER'S INTEREST IN TRADING COMPANY
OPERATING (INCOME) LOSS 10,089 (14,424)
---------------- ---------------
NET INCOME (LOSS) 293,191 1,134,577
================ ===============
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER 4,156 14,657
================ ===============
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS 289,035 1,119,920
================ ===============
NET INCOME (LOSS) PER UNIT OF
PARTNERSHIP INTEREST (FOR A UNIT
OUTSTANDING THROUGHOUT EACH PERIOD) 37.78 133.24
================ ===============
</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 PARTNERS' CAPITAL
FOR SIX MONTHS ENDED JANUARY 31, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
LIMITED GENERAL
PARTNERS PARTNERS TOTAL
--------------- -------------- ----------------
<S> <C> <C> <C>
FUND EQUITY AT JULY 31, 1997 16,737,832 236,820 16,974,652
(7,732 LIMITED PARTNERSHIP UNITS)
ADD (DEDUCT):
REDEMPTION 0F 59 LIMITED
PARTNERSHIP UNITS (218,313) (218,313)
NET INCOME (LOSS) 289,035 4,156 293,191
--------------- -------------- ----------------
FUND EQUITY AT JANUARY 31, 1998 16,808,553 240,976 17,049,529
(7,673 LIMITED PARTNERSHIP UNITS) =============== ============== ================
NET ASSET VALUE PER UNIT AT
JANUARY 31, 1998: 2,190.69
================
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-5-
<PAGE> 6
FOUR SEASONS FUND
(An Illinois Limited Partnership)
CONSOLIDATED
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JANUARY 31, 1998 AND 1997 (UNAUDITED)
<TABLE>
<CAPTION>
1998 1997
--------------- ---------------
<S> <C> <C>
FUNDS PROVIDED BY:
NET INCOME (LOSS) 293,191 1,134,577
INCREASE IN OTHER LIABILITIES 0 0
(INCREASE) DECREASE IN EQUITY IN COMMODITY FUTURES
TRADING ACCOUNTS AND U.S. TREASURE STRIP NOTES 11,807 (479,398)
--------------- ---------------
304,998 655,179
--------------- ---------------
FUNDS APPLIED TO:
REDEMPTION OF LIMITED PARTNERSHIP UNITS 218,313 664,185
INCREASE IN EQUITY IN COMMODITY FUTURES TRADING ACCOUNTS 0 0
DECREASE IN OTHER LIABILITIES 86,685 (9,006)
--------------- ---------------
304,998 655,179
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
The financial information included herein, other than
the condensed Statement of Financial Condition as of
July 31,1997, has been prepared by management without
audit by Independent Certified Public Accountants. The
condensed Statement of Financial Condition as of
January 31,1998 has been derived from the audited financial
as of July 31, 1997. The interim financial statements
do not include all the disclosures contained in the annual
financial statement. The information furnished includes
all adjustments which are in the opinion of management,
necessary for fair statements 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.
<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 six months ended Jan 31, 1998
<TABLE>
<CAPTION>
31-Oct-98 31-Jul-97
<S> <C> <C>
Ending Equity(Note A) 17,049,529 16,974,652
</TABLE>
NOTE A:
Ending equity at January 31,1998 is higher than ending equity at July
31, 1997 due to profitable trading during the period.
NOTE B:
Increase (decrease) in net unrealized appreciation on open futures and forward
contracts for the six months ended 1/31/98 is less than net unrealized
appreciation on open futures contracts for the six months ended 1/31/97 due to
less profitable trading during the period.
<TABLE>
<CAPTION>
Six months Six months
ended 1/31/98 ended 1/31/97
<S> <C>
(1,059,092) 245,656
</TABLE>
NOTE C:
Increase (decrease) in net unrealized appreciation on open futures and forward
contracts for the three months ended 1/31/98 is more than net unrealized
appreciation on open futures contracts for the three months ended 1/31/97 due
to more profitable trading during the period.
<TABLE>
<CAPTION>
Three months Three months
ended 1/31/98 ended 1/31/97
<S> <C>
196,344 (163,803)
</TABLE>
8
<TABLE> <S> <C>
<ARTICLE> BD
<S> <C> <C>
<PERIOD-TYPE> 6-MOS 6-MOS
<FISCAL-YEAR-END> JUL-31-1997 JUL-31-1996
<PERIOD-START> JUL-31-1996 JUL-31-1995
<PERIOD-END> JAN-31-1998 JAN-31-1997
<CASH> 2,775,644 2,165,611
<RECEIVABLES> 429,920 1,489,012
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 14,052,761 13,615,510
<PP&E> 0 0
<TOTAL-ASSETS> 17,258,326 17,270,133
<SHORT-TERM> 0 0
<PAYABLES> 208,796 295,481
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
0 0
0 0
<COMMON> 17,049,529 16,974,652
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 17,258,325 17,270,133
<TRADING-REVENUE> (34,471) 827,844
<INTEREST-DIVIDENDS> 629,695 682,434
<COMMISSIONS> (317,601) (339,777)
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> 15,568 (35,924)
<INCOME-PRETAX> 293,191 1,134,577
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 293,191 1,134,577
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
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