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Previous: CATERPILLAR FINANCIAL SERVICES CORP, 424B2, 1998-06-01 |
Next: NEW ENGLAND FUNDS TRUST I, PRE 14C, 1998-06-01 |
<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, 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/0 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>
APRIL 30, 1998 JULY 31,
(UNAUDITED) 1997
---------------- -----------------
ASSETS
<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 297,970 1,489,012
AMOUNT DUE FROM (TO) BROKER 2,991,349 2,165,611
---------------- -----------------
3,289,319 3,654,623
U.S. TREASURY STRIP NOTES, AT MARKET VALUE 13,960,326 13,615,510
--------------- ---------------
17,249,645 17,270,133
================ =================
LIABILITIES:
ACCRUED BROKERAGE COMMISSIONS PAYABLE 53,074 52,556
OTHER ACCRUED EXPENSES 14,160 17,741
ACCRUED PROFIT SHARE 64,618 99,843
REDEMPTION PAYABLE 0 0
---------------- -----------------
TOTAL LIABILITIES 131,852 170,140
---------------- -----------------
GENERAL PARTNER'S INTEREST IN TRADING COMPANY 121,714 125,341
---------------- -----------------
PARTNERS' CAPITAL:
GENERAL PARTNER, 110 UNIT EQUIVALENTS
OUTSTANDING AT APRIL 30, 1998 AND
JULY 31, 1997 RESPECTIVELY 244,602 236,820
LIMITED PARTNERS, 7,533 AND 7,775 UNIT
EQUIVALENTS OUTSTANDING AT APRIL 30, 1998
AND JULY 31, 1997 RESPECTIVELY 16,751,478 16,737,832
---------------- -----------------
TOTAL PARTNERS' CAPITAL 16,996,079 16,974,652
---------------- -----------------
17,249,645 17,270,133
================ =================
NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST 2,223.65 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 APRIL 30, 1998 AND 1997 (UNAUDITED)
<TABLE>
<CAPTION>
1998 1997
------------ ------------
REVENUES:
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES CONTRACTS $ 494,857 $ 447,220
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES CONTRACTS (131,951) (499,228)
INTEREST INCOME 31,838 28,857
ACCRETION OF U.S TREASURY STRIP NOTES 241,801 252,772
GAIN (LOSS) ON MARKET VALUE OF U.S
TREASURY STRIP NOTES (166,146) (208,214)
------------ ------------
470,399 21,407
------------ ------------
EXPENSES:
BROKERAGE COMMISSIONS 168,909 161,174
PROFIT SHARE ALLOCABLE TO JOINT VENTURE
TRADING ADVISOR 38,608 0
OTHER ADMINISTRATIVE EXPENSES 6,000 21,000
------------ ------------
213,516 182,174
------------ ------------
INCOME BEFORE GENERAL PARTNER'S INTEREST
IN TRADING COMPANY 256,883 (160,767)
GENERAL PARTNER'S INTEREST IN TRADING COMPANY
OPERATING (INCOME) LOSS (6,462) 6,249
------------ ------------
NET INCOME (LOSS) 250,421 (154,518)
============ ============
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER 7,782 (1,681)
============ ============
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS 242,639 (157,878)
============ ============
NET INCOME (LOSS) PER UNIT OF
PARTNERSHIP INTEREST (FOR A UNIT
OUTSTANDING THROUGHOUT EACH PERIOD) 32.96 (15.28)
============ ============
</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, 1998 AND 1997 (UNAUDITED)
<TABLE>
<CAPTION>
1998 1997
---------- ----------
REVENUES:
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES CONTRACTS $ 1,519,478 $1,029,408
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES CONTRACTS (1,191,043) (253,572)
INTEREST INCOME 95,303 81,997
ACCRETION OF U.S TREASURY STRIP NOTES 728,961 751,555
GAIN (LOSS) ON MARKET VALUE OF U.S
TREASURY STRIP NOTES (87,076) (77,703)
---------- ----------
1,065,623 1,531,685
---------- ----------
EXPENSES:
BROKERAGE COMMISSIONS 486,510 500,951
PROFIT SHARE ALLOCABLE TO JOINT VENTURE
TRADING ADVISOR 12,549 0
OTHER ADMINISTRATIVE EXPENSES 26,580 42,500
---------- ----------
525,639 543,451
---------- ----------
INCOME BEFORE GENERAL PARTNER'S INTEREST
IN TRADING COMPANY 539,984 988,234
GENERAL PARTNER'S INTEREST IN TRADING COMPANY
OPERATING (INCOME) LOSS 3,627 (8,175)
---------- ----------
NET INCOME (LOSS) 543,611 980,059
========== ==========
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER 11,937 12,976
========== ==========
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS 531,674 967,083
========== ==========
NET INCOME (LOSS) PER UNIT OF
PARTNERSHIP INTEREST (FOR A UNIT
OUTSTANDING THROUGHOUT EACH PERIOD) 70.74 117.96
========== ==========
</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 NINE MONTHS ENDED APRIL 30, 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
(7,775 LIMITED PARTNERSHIP UNITS)
ADD (DEDUCT):
REDEMPTION 0F 242 LIMITED
PARTNERSHIP UNITS (522,184) (522,184)
NET INCOME (LOSS) 535,830 7,782 543,611
---------- --------- -----------
FUND EQUITY AT JANUARY 31, 1998 16,751,478 $ 244,602 16,996,079
(7,533 LIMITED PARTNERSHIP UNITS) ========== ========= ===========
NET ASSET VALUE PER UNIT AT
JANUARY 31, 1998: $ 2,223.65
===========
</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 NINE MONTHS ENDED APRIL 30, 1998 AND 1997 (UNAUDITED)
<TABLE>
<CAPTION>
1998 1997
------------- ----------
<S> <C> <C>
FUNDS PROVIDED BY:
NET INCOME (LOSS) $543,611 $ 980,059
INCREASE IN OTHER LIABILITIES 0 0
(INCREASE) DECREASE IN EQUITY IN COMMODITY FUTURES
TRADING ACCOUNTS AND U.S. TREASURE STRIP NOTES 20,488 467,554
------------- ----------
564,099 1,447,613
------------- ----------
FUNDS APPLIED TO:
REDEMPTION OF LIMITED PARTNERSHIP UNITS 522,184 1,453,656
INCREASE IN EQUITY IN COMMODITY FUTURES TRADING ACCOUNTS 0 0
DECREASE IN OTHER LIABILITIES 41,914 (6,043)
------------- ----------
564,098 1,447,613
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 April 30, 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.
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, 1998
30-Apr-98 31-Jul-97
Ending Equity (Note A) 16,996,079 16,974,652
NOTE A:
Ending equity at April 30, 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 nine months ended 4/30/98 is less than net unrealized
appreciation on open futures and forward contracts for the nine months ended
4/30/97 due to less profitable trading during the period.
Nine months Nine months
ended 4/30/98 ended 4/30/97
------------- -------------
(1,191,043) (253,572)
NOTE C:
Increase (decrease) in net unrealized appreciation on open futures and forward
for the three months ended 4/30/98 is more than net unrealized appreciation on
open futures contracts for the three months ended 4/30/97 due to more profitable
trading during the period.
Three months Three months
ended 4/30/98 ended 4/30/97
------------- -------------
(131,951) (499,228)
8
<TABLE> <S> <C>
<ARTICLE> BD
<S> <C> <C>
<PERIOD-TYPE> 9-MOS 9-MOS
<FISCAL-YEAR-END> JUL-31-1997 JUL-31-1996
<PERIOD-START> JUL-31-1996 JUL-31-1995
<PERIOD-END> APR-30-1998 APR-30-1997
<CASH> 2,991,349 2,165,611
<RECEIVABLES> 297,970 1,489,012
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 13,960,326 13,615,510
<PP&E> 0 0
<TOTAL-ASSETS> 17,249,645 17,270,133
<SHORT-TERM> 0 0
<PAYABLES> 253,565 295,481
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
0 0
0 0
<COMMON> 16,996,079 16,974,652
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 17,249,645 17,270,133
<TRADING-REVENUE> 328,435 775,836
<INTEREST-DIVIDENDS> 737,188 755,849
<COMMISSIONS> (486,510) (500,951)
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> (35,502) (50,675)
<INCOME-PRETAX> 543,611 980,059
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 543,611 980,059
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
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