PANTHER PARTNERS, L.P.
Financial Statements
June 30, 1997
Panther Partners, L.P.
(a limited partnership)
Financial Statements
June 30, 1997
Panther Partners, L.P.
(a limited partnership)
Financial Statements
June 30, 1997
Contents
Report of Independent Accountants.............................. 1
Statement of Assets, Liabilities and Partners' Capital......... 2
Statement of Operations and Special Allocation................. 3
Statement of Changes in Partners' Capital - Net Assets......... 4
Statement of Cash Flows........................................ 5
Notes to Financial Statements.................................. 6
Schedule of Portfolio Investments............................. 15
Schedule of Securities Sold, Not Yet Purchased................ 21
Affirmation of the Commodity Pool Operator.................... 25
Report of Independent Accountants
To the Partners of
Panther Partners, L.P.
In our opinion, the accompanying statement of assets, liabilities and
partners' capital, including the schedules of portfolio investments and
securities sold, not yet purchased, and the related statements of operations
and special allocation, of changes in partners' capital-net assets, of cash
flows and the selected financial ratios present fairly, in all material
respects, the financial position of Panther Partners, L.P. (the "Fund") at
June 30, 1997, the results of its operations, the changes in its partners'
capital-net assets, and the selected financial ratios for the six months ended
June 30, 1997 and the statement of changes in partners' capital-net assets and
the selected financial ratios for the year ended December 31, 1996, in
conformity with generally accepted accounting principles. These financial
statements and financial ratios (hereafter referred to as "financial
statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in
accordance with generally accepted auditing standards which require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included
confirmation of investments at June 30, 1997 by correspondence with the
counterparties and brokers and the application of alternative auditing
procedures where such confirmations were not received, provides a reasonable
basis for the opinion expressed above. The selected financial ratios for each
of the periods presented from March 1, 1992 (commencement of operations)
through December 31, 1995 were audited by other independent accountants whose
report dated February 16, 1996 expressed an unqualified opinion on the
financial statements.
As more fully described in Note 1, the Corporate General Partner has elected
to dissolve the Partnership effective close of business on June 30, 1997.
Price Waterhouse LLP
New York, New York
August 20, 1997
Panther Partners, L.P.
(a limited partnership)
Statement of Assets, Liabilities and Partners' Capital
June 30, 1997
Assets
Cash $ 1,020
Investments in securities - at market value
(cost - $178,668,085) 200,282,258
Due from brokers 214,295,209
Other assets 1,720,587
-----------
Total Assets 416,299,074
-----------
Liabilities
Short-term borrowing 1,300,664
Securities sold, not yet purchased - at market value
(proceeds of sales - $64,393,871) 69,748,699
Due to brokers 979,658
Management fee payable 702,693
Other liabilities 1,105,151
-----------
Total liabilities 73,836,865
-----------
Partners' capital - net assets $342,462,209
===========
Partners' capital - Net Assets
Represented by:
Capital contributions, (net of syndication costs of
$150,000 in 1992) $506,982,638
Capital withdrawals (400,378,686)
Accumulated net investment loss (34,619,653)
Accumulated net realized gain on investments 251,960,968
Net unrealized appreciation on investments 18,516,942
-----------
$342,462,209
===========
The accompanying notes should be read in
conjunction with the financial statements
Panther Partners, L.P.
(a limited partnership)
Statement of Operations and Special Allocation
For the Six Months ended June 30, 1997
Loss from investment transactions
Net realized gain on:
Investment transactions $ 14,513,786
Foreign currency contracts 1,850,357
-----------
16,364,143
-----------
Unrealized appreciation on investments:
Beginning of period 44,667,908
End of period 18,516,942
-----------
Net decrease in unrealized appreciation (26,150,966)
-----------
Loss from investment transactions (9,786,823)
-----------
Investment loss
Income:
Dividends 3,085,290
Interest 611,555
-----------
3,696,845
-----------
Expenses:
Interest 3,709,353
Management fee 1,397,674
Taxes withheld on foreign dividends 539,929
Transactions fees 150,000
Dividends on securities sold, not yet purchased 84,624
Legal fees 44,916
Individual General Partners' fees and expenses 38,785
Amortization of organizational costs 25,047
Miscellaneous 112,282
-----------
6,102,610
-----------
Investment loss - net (2,405,765)
-----------
Net decrease in net assets resulting from operations (12,192,588)
Less allocation of net increase in net assets
resulting from operations:
Special allocation to General Partner (Note 2) 0
-----------
Net decrease in net assets resulting from operations available
for pro-rata distribution to all partners (Note 2) $ (12,192,588)
===========
The accompanying notes should be read in
conjunction with the financial statements
Panther Partners, L.P.
(a limited partnership)
Statement of Changes in Partners' Capital - Net Assets
Year ended December 31, 1996 and Six Months ended June 30, 1997
<TABLE>
<CAPTION>
General Limited
Total Partner Partners
---------------------------------------------
<C> <C> <C> <C> <C>
Total partners' capital - net
assets at December 31, 1995 $ 476,667,471 $ 11,418,550 $ 465,248,921
Year ended December 31, 1996:
Capital contributions 9,370,461 120,461 9,250,000
Capital withdrawals (164,880,754) (5,505,596) (159,375,158)
Investment loss - net $ (7,998,910)
Net realized gain on investments 160,155,115
Change in net unrealized
appreciation on investments (21,391,310)
-----------
Net increase in net assets resulting
from operations 130,764,895
Less allocation of net increase in net
assets resulting from operations:
Special allocation to General
Partner (Note 2) 18,644,925 18,644,925 18,644,925
----------
Net increase in net assets resulting
from operations available for
pro-rata distribution to all
partners (Note 2) 112,119,970 3,622,973 108,496,997
-------------------------------------------
Total partners' capital - net assets at
December 31, 1996 451,922,073 28,301,313 423,620,760
Six months ended June 30, 1997:
Capital contributions 8,240,000 - 8,240,000
Capital withdrawals (105,507,276) (19,844,925) (85,662,351)
Investment loss - net (2,405,765)
Net realized gain on investments 16,364,143
Change in net unrealized appreciation
on investments (26,150,966)
----------
Net decrease in net assets resulting
from operations (12,192,588)
Less allocation of net increase in net
assets resulting from operations:
Special allocation to General
Partner (Note 2) - - -
Net decrease in net assets result-
ing from operations available
for pro-rata distribution to all
partners (Note 2) (12,192,588) (292,368) (11,900,220)
-------------------------------------------
Total partners' capital - net assets at
June 30, 1997 $ 342,462,209 $ 8,164,020 $ 334,298,189
===========================================
</TABLE>
The accompanying notes should be read in
conjunction with the financial statements
Panther Partners, L.P.
(a limited partnership)
Statement of Cash Flows
Six Months ended June 30, 1997
Cash flows from operating activities
Net decrease in net assets resulting from operations $(12,192,588)
Adjustments to reconcile net decrease in net assets resulting
from operations to net cash provided by operating activities:
Amortization of organizational costs 25,047
(Increase) decrease in:
Investments in securities 302,940,670
Due from brokers 37,031,549
Other assets (1,439,375)
Increase (decrease) in:
Collateral payable (63,274,548)
Securities sold, not yet purchased (66,148,618)
Securities sold under agreements to repurchase (19,407,345)
Due to brokers (3,165,233)
Management fee payable (102,056)
Other liabilities 340,249
-----------
Net cash provided by operating activities 174,607,752
Cash flows from financing activities
Net payments of short-term borrowings (77,616,761)
Capital contributions 7,840,000
Capital withdrawals (105,507,276)
-----------
Net cash used in financing activities (175,284,037)
Decrease in cash (676,285)
Cash at beginning of the period 677,305
-----------
Cash at end of the period $ 1,020
===========
Supplemental disclosure of cash flow information
Cash paid during the period for:
Interest $ 3,936,175
===========
The accompanying notes should be read in
conjunction with the financial statements
Panther Partners, L.P.
(a limited partnership)
Notes to Financial Statements
June 30, 1997
1. Organization and Summary of Significant Accounting Policies
A. Organization and Dissolution:
Panther Partners, L.P. (the "Partnership") was organized under the Delaware
Revised Uniform Limited Partnership Act on October 2, 1990. The Partnership
is registered under the Investment Company Act of 1940 as a closed-end,
non-diversified management investment company and commenced operations on
March 1, 1992. The investment objective of the Partnership is to maximize
total return primarily through investing and trading in equity and debt
securities of both U.S. and foreign issuers, futures contracts and various
options on the foregoing.
The Agreement provides for not less than five "Individual General Partners"
and a Corporate General Partner. The Corporate General Partner is Panther
Management Company, L.P. ("PMC, L.P.") which is under common control and
management with Tiger Management L.L.C.
PMC, L.P., acting in accordance with Section 6.1(a)(3) of the Agreement
elected to dissolve the Partnership as of the close of business on June 30,
1997. Each partner received on July 1, 1997 approximately 97% of the value of
their interest in the Partnership either (i) in cash or (ii) in securities and
cash which were contributed by the partner to an affiliated partnership. The
remaining 3% will be distributed within 90 days as in (i) and (ii) above.
B. Basis of Preparation of Financial Statements:
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the amounts reported in the financial statements and accompanying
notes. Management believes that the estimates utilized in preparing its
financial statements are reasonable and prudent, however actual results could
differ from these estimates.
C. Investment Transactions:
Investment transactions, including related revenue and expenses, are recorded
on a trade-date basis.
Securities and commodities listed on a national securities exchange or the
NASDAQ national list are valued at their last sales price as of the last
business day of the period. Listed securities and commodities with no
reported sales on such date and over-the-counter securities and commodities
are valued at their closing bid price if held long by the Partnership and
closing ask price if sold short by the Partnership. The resulting unrealized
gains and losses are included in
Panther Partners, L.P.
(a limited partnership)
Notes to Financial Statements (continued)
June 30, 1997
1. Organization and Summary of Significant Accounting Policies (continued)
net decrease in net assets resulting from operations. The Partnership enters
into transactions in futures, options, foreign exchange options, swaps,
swaptions, structured notes and forward currency contracts which are used for
hedging and non-hedging purposes. Contracts which trade on an exchange are
valued at market value. Contracts which do not trade on an exchange are
valued based on pricing models using market quoted inputs.
D. Currency Translation
Assets and liabilities denominated in currencies other than United States
dollars are translated at closing rates of exchange at June 30, 1997, with the
resulting net unrealized gains and losses reflected in net decrease in net
assets resulting from operations. Purchases and sales of securities and
income and expenses which occur during the year are translated at the rates of
exchange prevailing on the respective dates of the transactions. Realized
foreign exchange gains or losses include the effects of currency movements
between trade and settlement dates on securities transactions. The
Partnership includes changes in foreign exchange rates on investments in the
fluctuations arising from changes in market prices of securities held. Such
fluctuations are included in loss from investment transactions.
E. Income and Expense Recognition:
The expenses incurred by the Partnership in connection with its organization
have been amortized over a 60-month period beginning March 1, 1992.
Income taxes have not been provided for as the partners are individually
liable for reporting their share of the profits or losses on their individual
tax returns.
2. Related Party Transactions
Panther Management Corporation, General Partner of PMC, L.P., provides
administrative services to the Partnership and pays substantially all
operating expenses of the Partnership for which it receives a management fee.
The management fee is calculated monthly at an annual rate equal to one and
one-half percent of the first $10,000,000 of the Partnership's net assets, one
percent of the next $10,000,000 of the Partnership's net assets and three
quarters of one percent of the Partnership's net assets in excess of
$20,000,000. For the six months ended June 30, 1997 the management fee
totaled $1,397,674, of which $694,981 has been paid and $702,693 is payable.
Panther Partners, L.P.
(a limited partnership)
Notes to Financial Statements (continued)
June 30, 1997
2. Related Party Transactions (continued)
The Corporate General Partner of the Partnership is entitled under the terms
of the Agreement to receive, subject to certain limitations, an allocation of
up to 15% of the net profits, as defined, of the Partnership. For the six
months ended June 30, 1997, the General Partner was not entitled to this
allocation. The term "pro-rata" as used in the statement of operations and
special allocation and the statement of changes in partners' capital - net
assets, represents the allocation of income in accordance with the Agreement.
Each Individual General Partner receives an annual fee of $15,000 from the
Partnership and is reimbursed by the Partnership for all reasonable
out-of-pocket expenses incurred by them in performing their duties. For the
six months ended June 30, 1997, these fees and expenses totaled $38,785.
During the period, certain securities were traded between the Partnership and
another entity under the control of the Investment Manager. These trades were
executed at the opening price on the day of the respective transactions.
3. Securities Transactions
The aggregate number of purchases and sales of investment securities,
excluding short-term debt securities, for the six months ended June 30, 1997,
amounted to $5,329,398,161 and $5,548,524,323 respectively.
At June 30, 1997, the cost of investments for Federal income tax purposes was
substantially the same as the cost for financial reporting purposes (see the
statement of assets, liabilities and partners' capital).
At June 30, 1997, accumulated net unrealized appreciation on investments in
securities, and securities sold, not yet purchased, was $16,259,345,
consisting of $30,283,990 gross unrealized appreciation and $14,024,645 gross
unrealized depreciation.
4. Financial Instruments with Off-Balance Sheet Risk or
Concentrations of Credit Risk
In the normal course of business, the Partnership trades various financial
instruments and enters into various investment activities with off-balance
sheet risk. These financial instruments include forward and futures
contracts, swaps, written option contracts, structured notes and sales of
securities not yet purchased. Generally, these financial instruments
represent future commitments to purchase or sell other financial instruments
at specific terms at specified future
Panther Partners, L.P.
(a limited partnership)
Notes to Financial Statements (continued)
June 30, 1997
4. Financial Instruments with Off-Balance Sheet Risk or
Concentrations of Credit Risk (continued)
dates. Each of these financial instruments contains varying degrees of
off-balance sheet risk whereby changes in the market values of the securities
underlying the financial instruments may be in excess of the amounts
recognized in the statement of assets, liabilities and partners' capital.
Additionally, these financial investments expose the Partnership to credit
risk arising from potential inability of counterparties to perform under the
terms of these contracts.
The Partnership's foreign exchange trading activities involve the purchase and
sale of foreign exchange options having various maturity dates. The
Partnership seeks to limit its exposure to foreign exchange rate movements by
hedging such option positions with foreign exchange positions in spot
currency, futures and forward contracts.
Securities sold, not yet purchased, represent obligations of the Partnership
to deliver the specified security and thereby creates a liability to
repurchase the security in the market at prevailing prices. Accordingly,
these transactions result in off-balance sheet risk as the Partnership's
ultimate obligation to satisfy the sale of securities sold, not yet purchased,
may exceed the amount recognized in the statement of assets, liabilities and
partners' capital.
At June 30, 1997, the Partnership had outstanding forward exchange contracts,
both to purchase and sell foreign currencies, commodities and other
instruments, as follows:
Foreign Currency Forward Buy and Sell Contracts
<TABLE>
<CAPTION>
Foreign
Denominated Unrealized
Amount Contract Commitment Market Value Gain (Loss)
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Buy Contracts
300,000 British Pound Exp. 9/17/97 $ 499,230 $ 498,289 $ (941)
33,260,208 Deutsche Mark Exp. 9/17/97 19,319,523 19,186,134 (133,389)
5,371,200 European Currency Unit Exp. 7/2/97 6,078,661 6,055,483 (23,178)
14,100,000 French Franc Exp. 9/17/97 2,430,528 2,412,147 (18,381)
47,221,231 Hong Kong Dollar Exp. 9/16/97 6,088,549 6,089,980 1,431
10,352,659,650 Italian Lira Exp. 9/17/97 6,085,138 6,088,904 3,766
16,129,836,506 Japanese Yen Exp. 9/17/97 142,535,246 142,450,537 (84,709)
5,325,071 Malaysian Ringgit Exp. 9/17/97 2,109,607 2,106,052 (3,555)
18,512,937 Netherlands Guilder Exp. 9/17/97 9,564,475 9,493,132 (71,343)
7,200,000 Norwegian Kroner Exp. 9/17/97 996,379 988,790 (7,589)
</TABLE>
Panther Partners, L.P.
(a limited partnership)
Notes to Financial Statements (continued)
June 30, 1997
4. Financial Instruments with Off-Balance Sheet Risk or
Concentrations of Credit Risk (continued)
Foreign Currency Forward Buy and Sell Contracts (continued)
<TABLE>
<CAPTION>
Foreign
Denominated Unrealized
Amount Contract Commitment Market Value Gain (Loss)
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
80,755,205 Portuguese Escudo Exp. 9/17/97 $ 462,026 $ 458,576 $ (3,450)
4,608,611 Swedish Krona Exp. 9/17/97 3,240,594 3,234,220 (6,374)
6,747,799 Swiss Franc Exp. 9/17/97 4,697,335 4,662,739 (34,596)
----------------------------------------
Total buy contracts 204,107,291 203,724,983 (382,308)
----------------------------------------
Sell Contracts
(37,877,809) Austrian Schilling Exp. 9/17/97 (3,129,363) (3,106,382) 22,981
(15,848,924) British Pound Exp. 9/17/97 (25,890,038) (26,324,464) (434,426)
(21,986,162) Canadian Dollar Exp. 9/17/97 (15,963,420) (15,998,766) (35,346)
(4,955,841) Deutsche Mark Exp. 9/17/97 (2,888,306) (2,858,774) 29,532
(5,371,200) European Currency Unit Exp.7/2/97 (6,104,372) (6,055,483) 48,889
(185,553,441) French Franc Exp. 9/17/97 (31,997,723) (31,743,419) 254,304
(538,635,199) Japanese Yen Exp. 9/17/97 (4,772,691) (4,756,953) 15,738
(65,516,457) Norwegian Kroner Exp. 9/17/97 (9,016,791) (8,997,504) 19,287
(1,599,724,916) Portuguese Escudo Exp. 9/17/97 (9,165,977) (9,084,179) 81,798
(3,576,000) South African Rand Exp. 9/17/97 (774,949) (772,262) 2,687
(51,226,210) Swiss Franc Exp. 9/17/97 (35,928,310) (35,397,385) 530,925
----------------------------------------
Total sell contracts (145,631,940) (145,095,571) 536,369
----------------------------------------
Net currencies $ 58,475,351 $ 58,629,412 $ 154,061
========================================
Commodity Forward Contracts
Number of Unrealized
Contracts Contract Commitment Market Value Gain (Loss)
- --------------------------------------------------------------------------------------------------
Buy Contracts
6 Cattle Exp. 7/18/97-1/30/98 $ 8,596,987 $ 8,648,498 $ 51,511
5 Cocoa Exp. 8/1/97-4/13/98 5,812,261 6,922,050 1,109,789
2 Rhodium Exp. 8/28/97-8/29/97 703,818 792,909 89,091
15 Palladium Exp. 9/22/97-12/31/98 5,545,169 6,125,795 580,626
4 Platinum Exp. 7/1/97-1/6/98 1,713,289 1,714,478 1,189
1 Wheat Exp. 6/19/98 1,364,055 1,368,500 4,445
----------------------------------------
Total buy contracts $ 23,735,579 $ 25,572,230 $1,836,651
========================================
</TABLE>
Panther Partners, L.P.
(a limited partnership)
Notes to Financial Statements (continued)
June 30, 1997
4. Financial Instruments with Off-Balance Sheet Risk or
Concentrations of Credit Risk (continued)
Commodity Forward Contracts (continued)
<TABLE>
<CAPTION>
Number of Unrealized
Contracts Contract Commitment Market Value Gain (Loss)
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sell Contracts
2 Coffee Exp. 2/28/98 - 4/27/98 $ (1,456,525) $ (1,409,508) $ 47,017
1 Copper Exp. 9/14/98 (122,949) (124,151) (1,202)
----------------------------------------
Total sell contracts (1,579,474) (1,533,659) 45,815
----------------------------------------
Net commodity contracts $22,156,105 $24,038,571 $1,882,466
=======================================
Other Contracts
Number of Unrealized
Contracts Contract Market Value Gain (Loss)
- --------------------------------------------------------------------------------------------------
Buy Contracts
10 Domestic equity swaps $ (48,736) $ (48,736)
1 Foreign equity swap 46,166 46,166
Total buy contracts $ (2,570) $ (2,570)
Sell Contracts
10 Foreign equity swaps $ 223,640 $ 223,640
Total sell contracts 223,640 223,640
Net other contracts $ 221,070 $ 221,070
</TABLE>
The net unrealized gain of $2,257,597, on these investments, is included in
the statement of assets, liabilities and partners' capital in due from brokers
of $3,236,499 and due to brokers of $978,902.
The contract amounts of these instruments reflect the Partnership's extent of
involvement in the particular class of financial instruments and do not
represent the Partnership's risk of loss due to counterparty nonperformance.
The Partnership's exposure to credit risk associated with counterparty
nonperformance on forward contracts is limited to the unrealized gains
inherent in such contracts that are recognized in the Partnership's statement
of assets, liabilities and partners' capital. The settlement of these
transactions is not expected to have a material effect upon the Partnership's
statement of assets, liabilities and partners' capital. The Partnership seeks
to limit its exposure to credit risk associated with counterparty
nonperformance on options by obtaining collateral where possible.
Panther Partners, L.P.
(a limited partnership)
Notes to Financial Statements (continued)
June 30, 1997
4. Financial Instruments with Off-Balance Sheet Risk or
Concentrations of Credit Risk (continued)
Options purchased provide for cash settlement and require the payment of a
premium, or a percentage thereof, in exchange for the right to receive the
market movement on the underlying security or basket of instruments. Risk of
loss is limited to the premiums as reflected in the statement of assets,
liabilities and partners' capital.
A summary of open contract or notional amounts (in millions) at June 30, 1997
is as follows:
Purchases Sales
--------------------
Equity and Future Options $682 $187
Foreign Exchange Options 369 -
Fixed Income Options 83 -
Commodity Options 20 5
The Partnership's principal trading activities are primarily with brokers and
other financial institutions with a concentration in North America, Europe and
Asia. The Partnership is subject to the risk of restrictions imposed by
foreign governments on repatriation of cash and to political or economic
uncertainties.
The Partnership's assets are held with a trust company.
5. Financial Instruments Held or Issued for Trading Purposes
The Partnership maintains positions in a variety of financial instruments.
The following table summarizes the components of loss from investment
transactions for each category:
Net Gains
(Losses) for
the six months ended
June 30, 1997
--------------------
Equity activities $ 8,391,202
Commodity activities 6,003,112
U.S. Dollar activities 252,934
Fixed Income activities (9,366,748)
Foreign Exchange activities (15,067,323)
-----------
Loss from investment transactions $ (9,786,823)
-----------
Panther Partners, L.P.
(a limited partnership)
Notes to Financial Statements (continued)
June 30, 1997
5. Financial Instruments Held or Issued for Trading Purposes (continued)
The following table presents the June 30, 1997 values of derivative financial
instruments and the average values during the period of those instruments:
Average Value for
Value at the six months ended
June 30,1997 June 30, 1997
-------------------------------------
Assets:
Equities $27,983,960 $78,894,086
Commodities 5,519,877 49,278,660
Foreign Exchange 551,065 48,680,281
Fixed Income - 30,082,571
Liabilities:
Equities 669,157 480,783
Foreign Exchange - 2,344,064
Commodities - 2,341,554
6. Short-term Borrowings
The Partnership has a short-term borrowing that is collateralized by
securities held by a trust company. The borrowing bears interest at
fluctuating rates primarily based on brokers' call and federal fund rates.
The fair value of the short-term borrowing approximates its recorded amount.
Panther Partners, L.P.
(a limited partnership)
Notes to Financial Statements (continued)
June 30, 1997
7. Selected Financial Ratios
The following represents the ratios to average net assets for the period:
<TABLE>
<CAPTION> March 1, 1992
Six Months Ended Operations) to
June 30, 1997 Year Ended December 31 December 31, 1992
(not annualized) 1996 1995 1994 1993 (not annualized)
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Investment loss (.67)% (2.09)% (2.34)% (1.35)% (1.06)% (1.68)%
Operating expenses .65 1.15 1.08 1.09 1.24 1.00
Interest and dividends on
securities sold, not
yet purchased 1.06 2.25 2.74 1.80 1.45 2.53
Total expenses 1.71 3.40 3.82 2.89 2.69 3.53
Portfolio turnover 274.65 447.80 441.79 289.85 203.56 216.17
Total return * (3.44) 38.83 10.60 (18.90) 70.67 5.93
Average commission rate
(per share of security)(a) $0.03 $0.04 n/a n/a n/a n/a
</TABLE>
* Total return assumes a purchase of a Partnership interest on the first day
and a sale of the Partnership interest on the last day of the periods noted,
before special allocation to General Partner, if any.
(a) Average commission rate (per share of security) as required by amended
disclosure requirements effective for fiscal year beginning after September 1,
1995.
Panther Partners, L.P.
(a limited partnership)
Schedule of Portfolio Investments
June 30, 1997
Shares Security Description Value
- -----------------------------------------------------------------------------
Common Stocks-52.74%
Advertising-1.85%
Foreign:
1,540,250 WPP Group $ 6,321,533
----------
6,321,533
----------
Automotive/Trucking-0.08%
Foreign:
3,175 Honda Motor Corp. 191,095
12,000 Nissan Motor Co., Ltd. 93,130
----------
284,225
----------
Banks/Finance-15.59%
Domestic:
442,365 Morgan Stanley, Dean Witter,
Discover & Co. 19,049,343
Foreign:
477,100 Canadian Imperial Bank of Commerce 12,022,505
135,348 Credit Suisse Group-Reg 17,370,123
125,025 Kookmin Bank 2,205,643
294,360 Royal Bank of Scotland 2,742,162
----------
53,389,776
----------
Communications/Cable-0.77%
Foreign:
9,418 Alcatel Alstholm 1,179,574
1,930 SK Telecom Co. Ltd Ord 1,443,470
----------
2,623,044
----------
Consumer Products/Services-0.54%
Domestic:
18 Mattel Inc. 610
Foreign:
8,410 Cho Sun Brewery Co., Ltd. 220,217
20,000 Fuji Photo Film 804,889
158,800 Kimberly Clark de Mexico-A 640,726
4,200 Sega Enterprises 139,328
800 TDK Corp. 58,734
----------
1,864,504
----------
The accompanying notes should be read in
conjunction with the financial statements
Panther Partners, L.P.
(a limited partnership)
Schedule of Portfolio Investments (continued)
June 30, 1997
Shares Security Description Value
- -----------------------------------------------------------------------------
Common Stocks-52.74% (continued)
Cyclicals-4.73%
Domestic:
336,600 Xtra Corp. $ 14,789,363
Foreign:
1,582 Compagnie Generale 449,585
9,247 Marine-Wendel 944,149
----------
16,183,097
----------
Energy-0.59%
Domestic:
720 Tosco Corp. 21,555
Foreign:
144,123 Helikopter Services Group ASA 1,851,519
27,000 Nippon Oil Company Ltd. 147,787
----------
2,020,861
----------
Funds-5.21%
Foreign:
149,000 CITC Seoul Turbo Trust 1,034,255
149,000 Daehan Prime Equity Trust 939,406
38,887 Framlington Russian Investment Fund 505,142
68,100 India Magnum Fund Class "A" 3,541,200
119,300 India Magnum Fund Class "B" 6,203,600
241,264 Korea Magnum Trust 3,843,336
43,869 Maritime Investment Fund Ltd., Ord. "144A" 628,927
89,100 Morgan Stanley India Investment Fund 1,152,731
----------
17,848,597
----------
Health Care Products-7.31%
Foreign:
15,671 Novartis Ag Regd Nom. CHF20 25,034,986
----------
25,034,986
----------
Insurance-2.52%
Domestic:
66 Travelers Group Inc. 4,162
The accompanying notes should be read in
conjunction with the financial statements
Panther Partners, L.P.
(a limited partnership)
Schedule of Portfolio Investments (continued)
June 30, 1997
Shares Security Description Value
- -----------------------------------------------------------------------------
Common Stocks-52.74% (continued)
Insurance-2.52% ( continued)
Foreign:
17,669 LG Insurance $ 1,126,548
3,707 Samsung Fire & Marine Insurance 1,382,719
90 Samsung Fire & Marine Insurance PRF 22,612
1,019,162 Storebrand ASA 6,086,836
----------
8,622,877
----------
Metals-3.65%
Foreign:
3,069,200 British Steel PLC 7,614,378
15,850 British Steel PLC ADR 400,213
59,700 Impala Platinum Holdings ADR 658,359
2,580 Pohang Iron & Steel Co. 240,761
43,146 Usinor Sacilor 778,279
62,265 Voest-Alpine Stahl Ag 2,821,569
----------
12,513,559
----------
Paper-1.39%
Foreign:
347,000 Macmillan Bloedel Ltd. 4,761,513
----------
4,761,513
----------
Retail-0.68%
Domestic:
4,300 Circuit City-Carmax 61,544
Foreign:
3,315,300 Giordano International Ord. Holdings 2,268,262
----------
2,329,806
----------
Shipping-1.29%
Foreign:
314,889 Bona Shipholding Ord. "144A" 3,432,290
76,500 First Olsen Tankers Ltd. 606,396
73,740 Western Bulk Shipping AS 362,804
----------
4,401,490
----------
The accompanying notes should be read in
conjunction with the financial statements
Panther Partners, L.P.
(a limited partnership)
Schedule of Portfolio Investments (continued)
June 30, 1997
Shares Security Description Value
- -----------------------------------------------------------------------------
Common Stocks-52.74% (continued)
Telecommunications-3.22%
Foreign:
39,500 Portugal Telecom ADR $ 1,584,938
145,570 Portugal Telecom SA 5,869,091
23,600 Telephone Company of Brazil 3,584,250
-----------
11,038,279
-----------
Transportation-1.61%
Foreign:
9,000 Japan Air Lines Ltd. 40,934
539,268 Penninsular & Orient Steam NAV 5,387,287
2,900 Ryanair Holdings PLC-ADR 78,663
-----------
5,506,884
-----------
Utilities-1.66%
Foreign:
23,460 CIE Generale Des Eaux 3,006,157
20,908 OMV AG Ords. 2,679,315
-----------
5,685,472
-----------
Wholesale-0.05%
Domestic:
6,955 Ingram Micro Inc. 167,789
-----------
167,789
-----------
Total Common Stocks (Cost $158,948,243) $180,598,292
===========
Contracts
- ---------
Options-1.62%
Calls-1.50%
Domestic:
3 Copper Call Str. 2,000,
Exp. 7/14/97-9/15/97 $ 1,469,963
1 Platinum Call Str. 422, Exp. 8/27/97 23,612
3 U.S. Dollar Call/Japanese Yen Put
Str. 116.64 - 121.44
Exp 11/10/97-11/12/97 397,003
The accompanying notes should be read in
conjunction with the financial statements
Panther Partners, L.P.
(a limited partnership)
Schedule of Portfolio Investments (continued)
June 30, 1997
Contracts Security Description Value
- -----------------------------------------------------------------------------
Options-1.62% (continued)
Calls-1.50%
Foreign:
3 Storebrand Call Str. 26.45-26.9,
Exp. 10/14/97-1/30/98 $ 3,261,850
-----------
5,152,428
-----------
Puts-0.12%
Domestic:
1 Morgan Stanley High Tech Index Str. 373.5,
Exp. 7/2/97 0
Foreign:
2 Brazil Put Str. 8834.2-11330.5,
Exp. 7/11/97-9/17/97 0
4 British Sky Put Str. 5.7874-5.8242,
Exp. 7/31/97 393,670
3 Italian Bond Put Str. 98.1745-100.11,
Exp. 8/5/97-9/12/97 0
4 Mexican Bolsa Put Str. 455.741-489.31,
Exp. 7/10/97-8/14/97 0
-----------
393,670
-----------
Total Options (Cost $5,491,080) $ 5,546,098
===========
Other Options-0.53%
Domestic:
3 Soybean Swaption, Exp. 10/6/97-12/10/97 $ 1,816,830
Foreign:
3 Deutschemark/French Franc Spread Str.116-122,
Exp. 8/7/97-10/15/97 0
-----------
Total Other Options (Cost $961,474) $ 1,816,830
===========
The accompanying notes should be read in
conjunction with the financial statements
Panther Partners, L.P.
(a limited partnership)
Schedule of Portfolio Investments (continued)
June 30, 1997
Face Amounts Security Description Value
- -----------------------------------------------------------------------------
Short-Term Investments-1.74%
Domestic:
6,000,000 U.S. T-Bill Due 8/14/97 $ 5,961,375
-----------
Total Short-Term Investments
(Cost $5,923,710) $ 5,961,375
===========
Equity Linked Notes-1.85%
Foreign:
6,360,000 SK Telecom $ 6,359,663
-----------
Total Equity Linked Notes (Cost $7,343,578) $ 6,359,663
===========
Total Investments (Cost $178,668,085)
- 58.48% $200,282,258
Other Assets Less Liabilities - 41.52% 142,179,951
-----------
Net Assets-100% $342,462,209
===========
The accompanying notes should be read in
conjunction with the financial statements
Panther Partners, L.P.
(a limited partnership)
Schedule of Securities Sold, Not Yet Purchased
June 30, 1997
Shares Security Description Value
- -----------------------------------------------------------------------------
Common Stocks
Banks/Finance
Foreign:
32,000 Chuo Trust & Banking $ 212,309
400 Daiwa Bank Ltd. 1,896
200 Daiwa Securities Co., Ltd.. 1,578
16,000 Fuji Bank Ltd. 240,244
79,500 Grupo Financiero Bancomer ADR Ser. B 765,831
109,100 Grupo Financiero Serfin ADR 327,300
223,100 Hang Seng Bank Ltd. 3,182,411
4,000 Industrial Bank Of Japan 62,156
7,200 Nikko Securities Co. 44,313
580,000 Nippon Credit Bank 1,306,329
42,000 Sakura Bank 321,921
7,800 Softbank Corp. 499,118
16,000 Sumitomo Bank 262,593
7,000 Yasuda Trust & Banking 26,766
-----------
7,254,765
-----------
Communications/Cable
Foreign:
7,313 British Sky Broadcasting - ADR 326,800
1,792,078 Singapore Telecommunications 3,308,452
-----------
3,634,252
-----------
Construction
Foreign:
26,120 Cemex Unrestricted Ads 227,244
201,800 Grupo Mex Desarrollo ADR 340,538
520,600 Grupo Tribasa SA ADR 2,798,225
86,324 Kvaerner A SHS 5,232,294
10,182 Kvaerner B SHS 570,537
79,200 Transport Martima MEX-ADR L 490,050
-----------
9,658,888
-----------
The accompanying notes should be read in
conjunction with the financial statements
Panther Partners, L.P.
(a limited partnership)
Schedule of Securities Sold, Not Yet Purchased (continued)
June 30, 1997
Shares Security Description Value
- -----------------------------------------------------------------------------
Common Stocks-(continued)
Consumer Products\Service
Foreign:
17,550 Moet Hennessy Louis Vuitton $ 4,718,705
-----------
4,718,705
-----------
Cyclicals
Foreign:
212,825 Empresas Ica Sociedad 3,418,502
282,740 Vitro Sociedad Anonima ADR 3,180,825
-----------
6,599,327
-----------
Energy
Domestic:
26,900 Global Marine 625,425
Foreign:
11,000 Cosmo Oil Company Ltd. 52,623
60,900 Gazprom ADR 1,047,480
30,800 Gazprom-Reg S (GDS) 529,760
-----------
2,255,288
-----------
Entertainment/Media
Domestic:
2,065 MGM Grand Inc. 76,405
Foreign:
154,960 Euro Disney 241,284
-----------
317,689
-----------
Funds
Foreign:
16,666 Mexico Fund Inc. 322,904
-----------
322,904
-----------
Healthcare Products
Domestic:
70 Foundation Health Systems A 2,122
48,300 Vivus Inc. 1,150,144
-----------
1,152,266
-----------
The accompanying notes should be read in
conjunction with the financial statements
Panther Partners, L.P.
(a limited partnership)
Schedule of Securities Sold, Not Yet Purchased (continued)
June 30, 1997
Shares Security Description Value
- -----------------------------------------------------------------------------
Common Stocks-(continued)
Metals
Foreign:
34,908 Hoogovens $ 1,947,244
-----------
1,947,244
-----------
Real Estate
Foreign:
4,000 Sumitomo Realty & Development 35,268
-----------
35,268
-----------
Retail
Foreign:
694,000 Daiei Inc. 4,452,990
600 Mitsukoshi 4,269
-----------
4,457,259
-----------
Technology
Domestic:
23,900 C-Cube Micro Systems Inc. 419,744
43,900 Netscape Communications Corp. 1,407,544
74,400 Xylan Corp. 1,264,800
Foreign:
101,630 Baan Company NV .01 6,892,102
115,200 Baan Company NV .02 7,934,400
73,000 Casio Computer Co., Ltd. 635,364
1,000 Oki Electric Industry Co. 5,072
-----------
18,559,026
-----------
Telecommunications
Domestic:
44,700 Ascend Communications Inc. 1,760,063
Foreign:
2,000 Kokusai Denshin Denwa Co. 138,455
431,850 Telekom Malaysia 2,021,353
-----------
3,919,871
-----------
The accompanying notes should be read in
conjunction with the financial statements
Panther Partners, L.P.
(a limited partnership)
Schedule of Securities Sold, Not Yet Purchased (continued)
June 30, 1997
Shares Security Description Value
- -----------------------------------------------------------------------------
Common Stocks-(continued)
Transportation
Foreign:
161,000 All Nippon Airways $ 1,033,042
2,722,397 Eurotunnel 2,988,132
-----------
4,021,174
-----------
Total Short Common Stock
(Proceeds $63,747,640) $ 68,854,926
==========
Contracts
- ---------
Options
Calls
Domestic:
1 Morgan Stanley High Tech Index Str. 373.50
Exp. 7/2/97 $ 291,070
Foreign:
2 Brazil Bovespa Call Str. 8834.2-11330.5,
Exp. 7/11/97-9/17/97 350,148
4 British Sky Call Str. 5.7874-5.8242, Exp. 7/31/97 0
4 Mexican Bolsa Call Str.455.471-489.31,
Exp. 7/10/97-8/14/97 251,579
-----------
892,797
-----------
Puts
Domestic:
6 Copper Put Str. 1700, Exp. 7/14/97-12/15/97 976
-----------
976
-----------
Total Options (Proceeds $646,231) $ 893,773
===========
Total Short Securities (Proceeds $64,393,871) $ 69,748,699
===========
The accompanying notes should be read in
conjunction with the financial statements
Affirmation of the Commodity Pool Operator
IN WITNESS WHEREOF, the undersigned has made and signed this document as of
the 20th day of August, 1997, and affirms that to the best of his knowledge
and belief, the information contained in this document is accurate and
complete.
PANTHER MANAGEMENT COMPANY, L.P.
Corporate General Partner and
Commodity Pool
Operator of Panther Partners, L.P.
By: PANTHER MANAGEMENT CORPORATION
Sole General Partner
By: /s/ Nolan Altman
-------------------------------
Nolan Altman
Chief Financial Officer
