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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 JANUARY,31 1999
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
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>
JANUARY 31, 1999 JULY 31, 1998
ASSETS (UNAUDITED)
------------------ --------------
<S> <C> <C>
EQUITY IN FUTURES TRADING ACCOUNTS:
NET UNREALIZED APPRECIATION ON OPEN FUTURES
CONTRACTS 448,091 (27,581)
AMOUNT DUE FROM (TO) BROKER 2,699,645 2,591,526
------------------ --------------
3,147,736 2,563,945
U.S. TREASURY STRIP NOTES, AT MARKET VALUE 13,624,987 13,361,199
------------------ --------------
16,772,722 $15,925,144
================== ==============
LIABILITIES:
ACCRUED BROKERAGE COMMISSIONS PAYABLE 51,290 $ 48,898
OTHER ACCRUED EXPENSES 7,074 11,459
ACCRUED PROFIT SHARE 127,242 65,422
REDEMPTION PAYABLE 0 0
------------------ --------------
TOTAL LIABILITIES 185,607 125,779
------------------ --------------
GENERAL PARTNER'S INTEREST IN TRADING COMPANY 144,295 111,371
------------------ --------------
PARTNERS' CAPITAL:
GENERAL PARTNER, 110 UNIT EQUIVALENTS
OUTSTANDING AT JANUARY 31, 1999 AND
JULY 31, 1998 RESPECTIVELY 265,862 246,032
LIMITED PARTNERS, 6,693 AND 6,904 UNIT
EQUIVALENTS OUTSTANDING AT JANUARY 31, 1999
AND JULY 31, 1998 RESPECTIVELY 16,176,958 15,441,962
------------------ --------------
TOTAL PARTNERS' CAPITAL 16,442,820 15,687,994
------------------ --------------
16,772,722 $15,925,144
================== ==============
180.24
NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST 2,416.93 $ 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 JANUARY 31, 1999 AND 1998 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1999 1998
---------------- ---------------
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES CONTRACTS 577,886 $ 259,505
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES CONTRACTS (113,263) 196,344
INTEREST INCOME 25,265 27,304
ACCRETION OF U.S TREASURY STRIP NOTES 249,709 243,610
GAIN (LOSS) ON MARKET VALUE OF U.S
TREASURY STRIP NOTES (171,523) 85,290
---------------- ---------------
568,075 812,054
---------------- ---------------
EXPENSES:
BROKERAGE COMMISSIONS 160,488 163,421
PROFIT SHARE 41,510 26,947
OTHER ADMINISTRATIVE EXPENSES 6,000 6,000
---------------- ---------------
207,998 196,368
---------------- ---------------
INCOME BEFORE GENERAL PARTNER'S INTEREST
IN TRADING COMPANY 360,077 615,686
GENERAL PARTNER'S INTEREST IN TRADING COMPANY
OPERATING (INCOME) LOSS (13,417) (10,539)
---------------- ---------------
NET INCOME (LOSS) 346,660 $ 605,147
================ ===============
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER 5,584 $ 28,252
================ ===============
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS 341,076 $ 576,895
================ ===============
NET INCOME (LOSS) PER UNIT OF
PARTNERSHIP INTEREST (FOR A UNIT
OUTSTANDING THROUGHOUT EACH PERIOD) 50.76 $ 77.58
================ ===============
</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, 1999 AND 1998 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1999 1998
---------- -----------
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES CONTRACTS 581,877 $ 1,024,621
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES CONTRACTS 475,672 (1,059,092)
INTEREST INCOME 45,633 63,465
ACCRETION OF U.S TREASURY STRIP NOTES 494,646 487,160
GAIN (LOSS) ON MARKET VALUE OF U.S
TREASURY STRIP NOTES 68,156 79,070
---------- -----------
1,665,986 595,224
---------- -----------
EXPENSES:
BROKERAGE COMMISSIONS 310,581 317,601
PROFIT SHARE ALLOCABLE TO JOINT VENTURE 61,821 (26,059)
TRADING ADVISOR 19,113 20,580
OTHER ADMINISTRATIVE EXPENSES ---------- -----------
391,515 312,122
---------- -----------
INCOME BEFORE GENERAL PARTNER'S INTEREST 1,274,471 283,102
IN TRADING COMPANY
GENERAL PARTNER'S INTEREST IN TRADING COMPANY (32,924) 10,089
OPERATING (INCOME) LOSS ---------- -----------
1,241,547 $ 293,191
NET INCOME (LOSS) ========== ===========
NET GAIN (LOSS) ALLOCATED TO 19,830 $ 4,156
GENERAL PARTNER ========== ===========
NET GAIN (LOSS) ALLOCATED TO 1,221,717 $ 289,035
LIMITED PARTNERS ========== ===========
NET INCOME (LOSS) PER UNIT OF
PARTNERSHIP INTEREST (FOR A UNIT 180.24 $ 37.78
OUTSTANDING THROUGHOUT EACH PERIOD) ========== ===========
</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 THE SIX MONTHS JANUARY 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
LIMITED GENERAL
PARTNERS PARTNERS TOTAL
-------------- ------------- --------------
<S> <C> <C> <C>
FUND EQUITY AT JULY 31, 1998 $ 15,441,962 $ 246,032 $ 15,687,994
(6,904 LIMITED PARTNERSHIP UNITS)
ADD (DEDUCT):
REDEMPTION 0F 211 LIMITED
PARTNERSHIP UNITS (486,721) (486,721)
NET INCOME (LOSS) 1,221,717 19,830 1,241,547
-------------- ------------- --------------
FUND EQUITY AT JANUARY 31, 1999 $ 16,176,958 $ 265,862 $ 16,442,820
(6,693 LIMITED PARTNERSHIP UNITS) ============== ============= ==============
NET ASSET VALUE PER UNIT AT
JANUARY 31, 1999: $ 2,416.93
==============
</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 JANUARY 31, 1999 AND 1998 (UNAUDITED)
<TABLE>
<CAPTION>
1999 1998
---------- --------
<S> <C> <C>
FUNDS PROVIDED BY:
NET INCOME (LOSS) $1,241,547 $293,191
INCREASE IN OTHER LIABILITIES 92,752 0
(INCREASE) DECREASE IN EQUITY IN COMMODITY FUTURES
TRADING ACCOUNTS AND U.S. TREASURE STRIP NOTES (847,578) 11,807
---------- --------
486,721 304,998
---------- --------
FUNDS APPLIED TO:
REDEMPTION OF LIMITED PARTNERSHIP UNITS 486,721 218,313
INCREASE IN EQUITY IN COMMODITY FUTURES TRADING ACCOUNTS 0 0
DECREASE IN OTHER LIABILITIES 0 86,685
---------- --------
486,721 304,998
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, 1998, has been prepared by management without
audit by Independent Certified Public Accountants. The condensed Statement of
Financial Condition as of January 31, 1999 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.
7
<PAGE> 8
(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
JANUARY 31, 1999 JULY 31, 1998
Ending Equity(Note A) 16,442,820 15,687,994
NOTE A:
Ending equity at January 31, 1999 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 1/31/99 is more than net unrealized
appreciation on open futures and forward contracts for the three months ended
1/31/98 due to less profitable trading during the period.
Three months Three months
ended 1/31/99 ended 1/31/98
(113,263) 196,344
8
<TABLE> <S> <C>
<ARTICLE> BD
<CURRENCY> U.S. DOLLAR
<S> <C> <C>
<PERIOD-TYPE> 6-MOS 6-MOS
<FISCAL-YEAR-END> JUL-31-1998 JUL-31-1997
<PERIOD-START> JUL-31-1998 JUL-31-1997
<PERIOD-END> JAN-31-1999 JAN-31-1998
<EXCHANGE-RATE> 1 1
<CASH> 2,699,645 2,591,526
<RECEIVABLES> 448,091 (27,581)
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 13,624,987 13,361,199
<PP&E> 0 0
<TOTAL-ASSETS> 16,772,722 15,925,144
<SHORT-TERM> 0 0
<PAYABLES> 329,902 237,150
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
16,442,820 15,687,994
0 0
<COMMON> 0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 16,772,722 15,925,144
<TRADING-REVENUE> 464,624 455,850
<INTEREST-DIVIDENDS> 103,451 356,204
<COMMISSIONS> (160,488) (163,421)
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> (60,927) (43,485)
<INCOME-PRETAX> 346,660 605,147
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 346,660 605,147
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
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