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Previous: ARIEL CAPITAL MANAGEMENT INC ET AL, N-30D, 1999-05-25 |
Next: MORGAN STANLEY DEAN WITTER CONVERTIBLE SECURITIES TRUST, NSAR-A, 1999-05-25 |
<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 APRIL, 30 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>
APRIL 30, 1999 JULY 31,
ASSETS (UNAUDITED) 1998
---------------- ---------------
<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 289,269 (27,581)
AMOUNT DUE FROM (TO) BROKER 2,132,622 2,591,526
---------------- ---------------
2,421,891 2,563,945
U.S. TREASURY STRIP NOTES, AT MARKET VALUE 12,859,404 13,361,199
--------------- ---------------
$ 15,281,295 $ 15,925,144
================ ===============
LIABILITIES:
ACCRUED BROKERAGE COMMISSIONS PAYABLE $ 47,067 $ 48,898
OTHER ACCRUED EXPENSES 10,179 11,459
ACCRUED PROFIT SHARE 0 65,422
REDEMPTION PAYABLE 0 0
---------------- ---------------
TOTAL LIABILITIES 57,246 125,779
---------------- ---------------
GENERAL PARTNER'S INTEREST IN TRADING COMPANY 143,473 111,371
---------------- ---------------
PARTNERS' CAPITAL:
GENERAL PARTNER, 110 UNIT EQUIVALENTS
OUTSTANDING AT APRIL 30, 1999 AND
JULY 31, 1998 RESPECTIVELY 267,094 246,032
LIMITED PARTNERS, 6,101 AND 6,904 UNIT
EQUIVALENTS OUTSTANDING AT APRIL 30, 1999
AND JULY 31, 1998 RESPECTIVELY 14,813,482 15,441,962
---------------- ---------------
TOTAL PARTNERS' CAPITAL 15,080,576 15,687,994
---------------- ---------------
$ 15,281,295 $ 15,925,144
================ ===============
NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST $ 2,428.13 $ 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 ENDED APRIL 30, 1999 AND 1998 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1999 1998
---------------- ---------------
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES CONTRACTS $ 234,800 $ 494,857
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES CONTRACTS (158,822) (131,951)
INTEREST INCOME 27,531 31,838
ACCRETION OF U.S. TREASURY STRIP NOTES 266,290 241,801
GAIN (LOSS) ON MARKET VALUE OF U.S.
TREASURY STRIP NOTES (197,744) (166,146)
---------------- ---------------
172,054 470,399
---------------- ---------------
EXPENSES:
BROKERAGE COMMISSIONS 158,083 168,909
PROFIT SHARE ALLOCABLE TO JOINT VENTURE
TRADING ADVISOR 0 38,608
OTHER ADMINISTRATIVE EXPENSES 10,000 6,000
---------------- ---------------
168,083 213,516
---------------- ---------------
INCOME BEFORE GENERAL PARTNER'S INTEREST
IN TRADING COMPANY 3,971 256,883
GENERAL PARTNER'S INTEREST IN TRADING COMPANY
OPERATING (INCOME) LOSS 822 (6,462)
---------------- ---------------
NET INCOME (LOSS) $ 4,793 $ 250,421
================ ===============
NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER $ 1,232 $ 7,782
================ ===============
NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS $ 3,561 $ 242,639
================ ===============
NET INCOME (LOSS) PER UNIT OF
PARTNERSHIP INTEREST (FOR A UNIT
OUTSTANDING THROUGHOUT EACH PERIOD) $ 11.20 $ 32.96
================ ===============
</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, 1999 AND 1998 (UNAUDITED)
<TABLE>
<CAPTION>
REVENUES: 1999 1998
---------------- ---------------
<S> <C> <C>
NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES CONTRACTS $ 816,677 $ 1,519,478
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES CONTRACTS 316,850 (1,191,043)
INTEREST INCOME 73,165 95,303
ACCRETION OF U.S. TREASURY STRIP NOTES 760,936 728,961
GAIN (LOSS) ON MARKET VALUE OF U.S.
TREASURY STRIP NOTES (129,588) (87,076)
---------------- ---------------
1,838,042 1,065,623
---------------- ---------------
EXPENSES:
BROKERAGE COMMISSIONS 468,664 486,510
PROFIT SHARE ALLOCABLE TO JOINT VENTURE 61,821 12,549
TRADING ADVISOR 29,113 26,580
OTHER ADMINISTRATIVE EXPENSES ---------------- ---------------
559,598 525,639
---------------- ---------------
INCOME BEFORE GENERAL PARTNER'S INTEREST 1,278,444 539,984
IN TRADING COMPANY
GENERAL PARTNER'S INTEREST IN TRADING COMPANY (32,103) 3,627
OPERATING (INCOME) LOSS ---------------- ---------------
1,246,341 $ 543,611
NET INCOME (LOSS) $================ ===============
NET GAIN (LOSS) ALLOCATED TO 21,062 $ 11,937
GENERAL PARTNER $================ ===============
NET GAIN (LOSS) ALLOCATED TO 1,225,278 $ 531,674
LIMITED PARTNERS $================ ===============
NET INCOME (LOSS) PER UNIT OF
PARTNERSHIP INTEREST (FOR A UNIT 191.44 $ 70.74
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 NINE MONTHS ENDED APRIL 30, 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 803 LIMITED
PARTNERSHIP UNITS (1,853,759) (1,853,759)
NET INCOME (LOSS) 1,225,278 21,062 1,246,341
--------------- -------------- ----------------
FUND EQUITY AT APRIL 30, 1999 $ 14,813,482 $ 267,094 $ 15,080,576
(6,101 LIMITED PARTNERSHIP UNITS) =============== ============== ================
NET ASSET VALUE PER UNIT AT
APRIL 30, 1999: $ 2,428.13
================
</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, 1999 AND 1998 (UNAUDITED)
<TABLE>
<CAPTION>
1999 1998
--------------- ---------------
<S> <C> <C>
FUNDS PROVIDED BY:
NET INCOME (LOSS) $ 1,246,341 $ 543,611
INCREASE IN OTHER LIABILITIES 0 0
(INCREASE) DECREASE IN EQUITY IN COMMODITY FUTURES
TRADING ACCOUNTS AND U.S. TREASURE STRIP NOTES 643,849 20,488
--------------- ---------------
1,890,190 564,099
--------------- ---------------
FUNDS APPLIED TO:
REDEMPTION OF LIMITED PARTNERSHIP UNITS 1,853,759 522,184
INCREASE IN EQUITY IN COMMODITY FUTURES TRADING ACCOUNTS 0
DECREASE IN OTHER LIABILITIES 36,431 41,914
--------------- ---------------
1,890,190 564,098
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 April 30, 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.
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
<TABLE>
<CAPTION>
30-Apr-99 31-Jul-98
<S> <C> <C>
Ending Equity(Note A) 15,080,576 15,687,994
</TABLE>
NOTE A:
Ending equity at April 30, 1999 is lower than ending equity at July 31, 1998 due
to redemption of limited partnership units during the period.
NOTE B:
Increase (decrease) in net unrealized appreciation on open futures and forward
contracts for the nine months ended 4/30/99 is more than net unrealized
appreciation on open futures and forward contracts for the nine months ended
4/30/98 due to more profitable trading during the period.
<TABLE>
<CAPTION>
Nine months Nine months
ended 4/30/99 ended 4/30/98
<S> <C> <C>
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION 316,850 (1,191,043)
</TABLE>
NOTE C:
Net realized trading gains losses on closed futures contracts for the three
months ended 4/30/99 is less than net realized trading gains on closed futures
contracts for the three months ended 4/30/98 due to less profitable trading
during the period.
<TABLE>
<CAPTION>
Three months Three months
ended 4/30/99 ended 4/30/98
<S> <C> <C>
Net Realized Trading Gains Losses on Closed Futures Contracts 234,800 (494,857)
</TABLE>
7
<TABLE> <S> <C>
<ARTICLE> BD
<CURRENCY> U.S. DOLLARS
<S> <C> <C>
<PERIOD-TYPE> 9-MOS 9-MOS
<FISCAL-YEAR-END> JUL-31-1998 JUL-31-1997
<PERIOD-START> JUL-31-1998 JUL-31-1997
<PERIOD-END> APR-30-1999 APR-30-1998
<EXCHANGE-RATE> 1 1
<CASH> 2,132,622 2,591,526
<RECEIVABLES> 289,269 (27,581)
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 12,859,404 13,361,199
<PP&E> 0 0
<TOTAL-ASSETS> 15,281,295 15,925,144
<SHORT-TERM> 0 0
<PAYABLES> 200,719 237,150
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
0 0
0 0
<COMMON> 15,080,576 15,687,994
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 15,281,295 15,925,144
<TRADING-REVENUE> 1,133,527 328,435
<INTEREST-DIVIDENDS> 704,513 737,188
<COMMISSIONS> (468,664) (486,510)
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> (123,035) (35,502)
<INCOME-PRETAX> 1,246,341 543,611
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 1,246,341 543,611
<EPS-BASIC> 0 0
<EPS-DILUTED> 0 0
</TABLE>
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