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Previous: SBARRO INC, 8-K, 1998-12-02 |
Next: MORGAN STANLEY DEAN WITTER CONVERTIBLE SECURITIES TRUST, 497, 1998-12-02 |
<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, 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 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
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, 1998 JULY 31,
ASSETS (UNAUDITED) 1998
------------- --------------
<S> <C> <C>
EQUITY IN FUTURES TRADING ACCOUNTS:
NET UNREALIZED APPRECIATION ON OPEN FUTURES CONTRACTS 561,354 (27,581)
AMOUNT DUE FROM (TO) BROKER 2,326,740 2,591,526
------------- --------------
2,888,094 2,563,945
U.S. TREASURY STRIP NOTES, AT MARKET VALUE 13,647,948 13,361,199
------------- --------------
$ 16,536,041 $ 15,925,144
============= ==============
LIABILITIES:
ACCRUED BROKERAGE COMMISSIONS PAYABLE $ 50,102 $ 48,898
OTHER ACCRUED EXPENSES 5,332 11,459
ACCRUED PROFIT SHARE 85,733 65,422
REDEMPTION PAYABLE 0 0
------------- --------------
TOTAL LIABILITIES 141,167 125,779
------------- --------------
GENERAL PARTNER'S INTEREST IN TRADING COMPANY 130,878 111,371
------------- --------------
PARTNERS' CAPITAL:
GENERAL PARTNER, 110 UNIT EQUIVALENTS
OUTSTANDING AT OCTOBER 31, 1998 AND
JULY 31, 1998 RESPECTIVELY 260,279 246,032
LIMITED PARTNERS, 6,764 AND 6,904 UNIT
EQUIVALENTS OUTSTANDING AT OCTOBER 31, 1998
AND JULY 31, 1998 RESPECTIVELY 16,003,718 15,441,962
------------- --------------
TOTAL PARTNERS' CAPITAL 16,263,996 15,687,994
------------- --------------
$ 16,536,041 $ 15,925,144
============= ==============
NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST $ 2,366.17 $ 2,236.69
============= ==============
</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 OCTOBER 31, 1998 AND 1997 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1998 1997
------------- ------------
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES CONTRACTS $ 3,991 $ 765,115
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES CONTRACTS 588,935 (1,255,436)
INTEREST INCOME 20,368 36,161
ACCRETION OF U.S TREASURY STRIP NOTES 244,938 243,550
GAIN (LOSS) ON MARKET VALUE OF U.S
TREASURY STRIP NOTES 239,679 (6,220)
----------- ------------
1,097,911 (216,830)
----------- ------------
EXPENSES:
BROKERAGE COMMISSIONS 150,093 154,180
PROFIT SHARE 20,311 (53,006)
OTHER ADMINISTRATIVE EXPENSES 13,113 14,580
----------- ------------
183,517 115,754
----------- ------------
INCOME BEFORE GENERAL PARTNER'S INTEREST
IN TRADING COMPANY 914,394 (332,584)
GENERAL PARTNER'S INTEREST IN TRADING COMPANY
OPERATING (INCOME) LOSS (19,507) 20,628
----------- ------------
NET INCOME (LOSS) $ 894,887 $ (311,956)
=========== ============
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER $ 14,247 $ (4,377)
=========== ============
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS $ 880,640 $ (307,579)
=========== ============
NET INCOME (LOSS) PER UNIT OF
PARTNERSHIP INTEREST (FOR A UNIT
OUTSTANDING THROUGHOUT EACH PERIOD) $ 129.48 $ (39.80)
=========== ============
</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 PARTNERS' CAPITAL
FOR THE THREE MONTHS OCTOBER 31, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
LIMITED GENERAL
PARTNERS PARTNERS TOTAL
------------- ----------- -------------
<S> <C> <C> <C>
FUND EQUITY AT JULY 31, 1997 $ 15,441,962 $ 246,032 $ 15,687,994
(6,764 LIMITED PARTNERSHIP UNITS)
ADD (DEDUCT):
REDEMPTION OF 140 LIMITED
PARTNERSHIP UNITS (318,884) (318,884)
NET INCOME (LOSS) 880,640 14,247 894,887
------------- ----------- -------------
FUND EQUITY AT JANUARY 31, 1998 $ 16,003,718 $ 260,279 $ 16,263,996
(6,904 LIMITED PARTNERSHIP UNITS) ============= =========== =============
NET ASSET VALUE PER UNIT AT
OCTOBER 31, 1998: $ 2,366.17
=============
</TABLE>
-4-
<PAGE> 5
FOUR SEASONS FUND
(An Illinois Limited Partnership)
CONSOLIDATED
STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS OCTOBER 31, 1998 AND 1997 (UNAUDITED)
<TABLE>
<CAPTION>
1998 1997
------------- -------------
<S> <C> <C>
FUNDS PROVIDED BY:
NET INCOME (LOSS) 894,887 $ 811,597
INCREASE IN OTHER LIABILITIES 34,895 13,420
(INCREASE) DECREASE IN EQUITY IN COMMODITY FUTURES
TRADING ACCOUNTS AND U.S. TREASURE STRIP NOTES (610,897) (465,696)
----------- -------------
318,884 359,321
----------- -------------
FUNDS APPLIED TO:
REDEMPTION OF LIMITED PARTNERSHIP UNITS 318,884 359,321
INCREASE IN EQUITY IN COMMODITY FUTURES TRADING ACCOUNTS 0 0
DECREASE IN OTHER LIABILITIES 0 0
----------- -------------
318,884 359,321
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
The financial information included herein, other than the condensed Statement of
Financial Condition as of July 31, 1998, has been prepared by management without
audit by Independent Certified Public Accountants. The condensed Statement of
Financial Condition as of October 31, 1998 has been derived from the audited
financial as of July 31, 1998. 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.
6
<PAGE> 7
(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 three months ended October 31, 1998
<TABLE>
<CAPTION>
31-Oct-98 31-Jul-98
<S> <C> <C>
Ending Equity (Note A) 16,263,996 15,687,994
</TABLE>
NOTE A:
Ending equity at October 31, 1998 is higher than ending equity at July
31, 1998 due to profitable trading during the period.
NOTE B:
Increase (decrease) in net unrealized appreciation on open futures and forward
contracts for the three months ended 10/31/98 is more than net unrealized
appreciation on open futures and forward contracts for the three months ended
10/31/97 due to more profitable trading during the period.
<TABLE>
<CAPTION>
Three months Three months
ended 10/31/98 ended 10/31/97
<S> <C> <C>
588,935 (1,255,436)
</TABLE>
7
<TABLE> <S> <C>
<ARTICLE> BD
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> JUL-31-1998 JUL-31-1997
<PERIOD-START> JUL-31-1998 JUL-31-1997
<PERIOD-END> OCT-31-1998 OCT-31-1997
<CASH> 2,326,740 2,591,526
<RECEIVABLES> 561,354 (27,581)
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 13,647,948 13,361,199
<PP&E> 0 0
<TOTAL-ASSETS> 16,536,041 15,925,144
<SHORT-TERM> 0 0
<PAYABLES> 272,045 237,150
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
0 0
0 0
<COMMON> 16,263,996 15,687,994
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 16,536,041 15,925,144
<TRADING-REVENUE> 592,926 (490,321)
<INTEREST-DIVIDENDS> 504,985 273,491
<COMMISSIONS> (150,093) (154,180)
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> (52,930) 59,054
<INCOME-PRETAX> 894,887 (311,956)
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 894,887 (311,956)
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
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