1996 SEMI-ANNUAL REPORT
ALL SEASONS GLOBAL FUND, INC.
All Seasons Global Fund, Inc.
250 Park Avenue South, Suite 200
Winter Park, FL 32789
<PAGE>
TABLE OF CONTENTS
Letter to Shareholders ....................2
Statement of Assets and Liabilities .......4
Statement of Operations ...................5
Statement of Changes in Net Assets ........6
Notes to Financial Statements .............7
Investments in Securities ................12
Financial Highlights .....................13
<PAGE>
2
ALL SEASONS GLOBAL FUND, INC.
July 16, 1996
Dear Fellow Shareholders:
The first six months of this year have brought positive results to our Fund.
Here are some of the highlights.
* The market price of the Fund's shares rose from a March low of $3.81
per share to $4.16 per share at the end of June-a 9.2% increase.
* During the first half of this year, the net asset value of a share of
the Fund increased from $5.09 to $5.21 per share-a 2.4% increase.
* The performance of the Fund has been achieved by continuing to apply
a risk-averse style--our risk-to-reward ratio remains one of the best
in the industry.
As we have seen, the U.S. stock market has begun its much-belated correction. In
the past month alone, the Dow Jones is down 5.2% and the NASDAQ has suffered a
more substantial loss, down 12.8%. The good news is that as of today's writing,
the net asset value of the Fund is up 1.0% since the beginning of the year.
As you are well aware, we have been very concerned about overvaluation of the
U.S. market and possible impact on prices of weaker earnings by U.S. companies.
Based on our investment forecast, we have only kept approximately 18% of our
portfolio in U.S. stocks, and total equity exposure is only 53%. The remainder
of the Fund's assets are in fixed income or cash. In addition, we have also
taken some "insurance" on our U.S. portfolio by buying S&P puts and individual
puts on some other U.S. stocks. This partly hedges our portfolio to reduce our
risk.
In addition, the price of our stock continues to react favorably to the news
that our Board of Directors has recommended a new manager, Quest Advisory Corp.,
headed by Charles M. Royce, Chairman and Chief Investment Officer.
As you might be aware, Chuck Royce has a wonderful track record choosing small
cap growth stocks using a value investment strategy.
Of course, the new manager will be authorized to continue to maintain a global
exposure to foreign equities and foreign fixed income, if the new agreement is
approved by stockholders.
<PAGE>
3
ALL SEASONS GLOBAL FUND, INC.
We continue to see a bright future for the Fund, especially since its mandate is
to invest globally in markets around the world which we feel would offer better
value than the U.S. market.
We want to thank you for the many years of support and encouragement that you,
our shareholders, have given us during our management of your fund.
With kind regards.
Sincerely yours,
Diego, J. Veitia
Chairman & Chief
Investment Officer
P.S. YOUR VOTE IS VERY IMPORTANT! If the Fund does not receive a sufficient
number of votes prior to the meeting date, it will have to engage in additional
proxy solicitations, and the meeting will have to be postponed. PLEASE REVIEW
YOUR PROXY STATEMENT AND COMPLETE, SIGN AND MAIL YOUR PROXY CARD AS SOON AS
POSSIBLE. If you have any questions regarding the proxy material, please call
Investor Information at 1-800-432-0000, Ext. 324.
<PAGE>
4
ALL SEASONS GLOBAL FUND, INC.
Statement of Assets and Liabilities
June 30, 1996
(unaudited)
ASSETS
Investments in securities at market value
(identified cost $37,074,459) ................... $ 38,561,475
Cash .............................................. 2,731,051
Accrued interest receivable ....................... 360,066
Dividends receivable .............................. 130,142
Other assets ...................................... 9,871
----------
Total assets ............................. 41,792,605
LIABILITIES
Accrued expenses ............................................ 82,809
----------
Total liabilities .................................. 82,809
Net assets applicable to outstanding
capital stock ........................ $ 41,709,796
==========
Represented by:
Common stock - authorized 100,000,000 shares of $.01 par
value; issued and outstanding, 7,998,419 shares ............. 79,984
Additional paid-in capital .................................... 39,836,453
Accumulated net realized loss from investments ................ (549,546)
Undistributed net investment income ........................... 912,348
Unrealized appreciation of investments and foreign curr ....... 1,430,557
----------
Total - representing net assets applicable to
outstanding capital stock ................. $ 41,709,796
==========
Net assets value per share of outstanding
capital stock ............................. $ 5.21
====
See accompanying notes to financial statements.
<PAGE>
5
ALL SEASONS GLOBAL FUND, INC.
Statement of Operations
For the Six Months Ended June 30, 1996
(unaudited)
Income:
Interest ............................................ $ 605,238
Dividends ........................................... 277,724
-------
882,962
Less foreign taxes withheld .............................. (16,889)
Total investment income ........................... 866,073
-------
Expenses (note 4):
Investment management fee (note 4) ......................... 209,865
Custodian and transfer agent fees .......................... 47,256
Audit and legal fees ....................................... 62,832
Reports to shareholders .................................... 10,360
Directors' fees and expenses ............................... 21,250
Pricing expense ............................................ 32,107
Other ...................................................... 43,139
-------
Total expenses ...................................... 426,809
-------
Investment income - net ............................. 439,264
-------
Realized and unrealized gains and losses on investments and
foreign currency (note 5):
Net realized gain on investments and foreign currency (including
gain of $195,626 from foreign currency transactions 1,483,720
Net realized loss on closed short positions in securities (60,743)
Net change in unrealized appreciation and depreciation
of investments and foreign currency (note 6) (1,030,099)
---------
Net realized and unrealized gains from investments
and foreign currency 392,878
-------
Increase in net assets resulting from operations $ 832,142
=======
See accompanying notes to financial statements.
<PAGE>
6
ALL SEASONS GLOBAL FUND, INC.
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
<S> <C> <C>
Six Months
Ended Year
June 30, 1996 Ended
(unaudited) December 31, 1995
Operations:
Investment income - net .............................. $ 439,264 $ 1,157,628
Net realized gain (loss) on investments and foreign
currency ........................................... 1,483,720 (771,192)
Net realized gain (loss) on closed short positions
in securities ...................................... (60,743) 83,345
Net change in unrealized appreciation and depreciation
of investments and foreign currency (note 6)........ (1,030,099) 3,707,341
--------- ---------
Increase in net assets resulting
from operations ........................ 832,142 4,177,122
------- ---------
Distributions to shareholders from
Investment income - net ............................ 0 (1,334,993)
Net realized gain on investments and foreign currency 0 (60,617)
== =========
0 (1,395,610)
Capital share transactions (note 7) .................. (507,184) (2,502,956)
------- ---------
Net increase in net assets .................. 324,958 278,556
Net assets at beginning of period 41,384,838 41,106,282
---------- ----------
Net assets at end of period (including undistributed
Net investment income of $912,348 and $277,458) $ 41,709,796 $41,384,838
========== ==========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
7
ALL SEASONS GLOBAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1996
(UNAUDITED)
(1) ORGANIZATION
All Seasons Global Fund, Inc. (the Fund), formerly known as America's All Season
Fund, Inc., is registered under the Investment Company Act of 1940, as amended,
as a non-diversified, closed-end management investment company. The Fund was
incorporated on October 30, 1987 and commenced operations on March 2, 1988 upon
becoming effectively registered under the Securities Act of 1933 and
commencement of its initial public offering of common stock. The Fund changed
its name to All Seasons Global Fund, Inc. on June 1, 1995. Shares of the Fund
are traded in the over-the-counter market on NASDAQ. The Fund's symbol is
"FUND".
The Fund invests directly, or through depository receipts, in common stocks,
common stock equivalents (including rights and warrants), preferred stock or
debt securities of companies or governments in the U.S. and various nations
throughout the world, both developed or underdeveloped. The Fund will also enter
into forward currency exchange contracts, write and/or purchase put and call
options on securities, sell securities short and hold limited amounts of cash or
cash equivalents, including foreign currencies. The Fund does not concentrate
the investment of its assets in particular industries and intends to comply with
the diversification requirements of Subchapter M of the Internal Revenue Code.
(2) SIGNIFICANT ACCOUNTING POLICIES
(A) VALUATION OF INVESTMENTS
Each listed security is valued at the last reported sale price. Listed
securities, not traded on an exchange that day, and other securities, which
are traded in the over-the-counter market, are valued at the mean between
the current bid and asked price in the market on that day. The value of a
foreign security is determined in its national currency as of the close of
trading on the foreign exchange on which it is traded, which value is then
converted into its U.S. dollar equivalent at the foreign exchange rate in
effect at noon New York time following the close of the stock exchange in
the country where the security is issued and traded. Short-term debt
securities having a remaining maturity of sixty days or less are valued at
amortized cost, which approximates market value. Any securities or other
assets for which market quotations are not readily available are valued at
their fair value as determined in good faith by the Fund's board of
directors.
Securities transactions are accounted for on the date the securities are
purchased or sold. Realized gains and losses are calculated on the
identified cost basis.
Interest is recorded daily on the accrual basis. The Fund amortizes
premiums and discounts on U.S. Government and corporate long-term bonds
purchased using the straight-line method over the life of the bonds. The
Fund amortizes premiums and discounts on foreign government and corporate
bonds purchased using the yield to maturity method. Dividend income is
recognized on the ex-dividend date.
<PAGE>
8
ALL SEASONS GLOBAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 1996
(UNAUDITED)
(B) FORWARD FOREIGN CURRENCY CONTRACTS
The Fund may enter into forward foreign currency exchange contracts
primarily in order to hedge against foreign currency exchange rate risks on
non-U.S. dollar denominated investment securities held by the Fund. When
entering a forward currency contract, the Fund agrees to receive or deliver
a fixed quantity of foreign currency for an agreed upon price on an agreed
future date. These contracts are valued daily and the Fund's net equity
therein, representing unrealized gain or loss on the contracts as measured
by the difference between the forward foreign exchange rates at the dates
of entry into the contracts and the forward rates at the reporting date, is
included in the statement of assets and liabilities. Realized and
unrealized gains and losses are included in the statement of operations.
These instruments involve market and/or credit risk in excess of the amount
recognized in the statement of assets and liabilities. Risks arise from the
possible inability of counterparties to meet the terms of their contracts
and from movement in currency and securities values and interest rates.
(C) OPTION WRITING
When the Fund writes an option, an amount equal to the premium received by
the Fund is recorded as a liability and is subsequently adjusted to the
current market value of the option written. Premiums received from writing
options which expire unexercised are treated by the Fund on the expiration
date as realized gains from investments. The difference between the premium
and the amount paid on effecting a closing purchase transaction, including
brokerage commissions, is also treated as a realized gain, or if the
premium is less than the amount paid for the closing purchase transaction,
as a realized loss. If a call option is exercised, the premium is added to
the proceeds from the sale of the underlying security or currency in
determining whether the Fund has realized a gain or loss. If a put option
is exercised, the premium reduces the cost basis of the securities
purchased by the Fund. The Fund, as writer of an option, bears the market
risk of an unfavorable change in the price of the security underlying the
written option.
(D) SHORT SALES
The Fund may sell a security it does not own in anticipation of a decline
in the market value of that security. When the Fund makes a short sale, it
must borrow the security sold short and deliver it to the broker-dealer
through which it made the short sale as collateral for its obligation to
deliver the security upon conclusion of the sale. A gain, limited to the
price at which the Fund sold the security short, or a loss, unlimited in
magnitude, will be recognized upon the termination of a short sale.
<PAGE>
9
(E) FOREIGN CURRENCY
The Fund does not isolate that portion of the results of operations
resulting from changes in foreign exchange rates on investments from the
fluctuations arising from changes in market prices of securities held. Such
fluctuations are included with net realized and unrealized gains and losses
on investments.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of short-term securities, sales of foreign currencies,
expiration of currency forward contracts, currency gains or losses realized
between the trade and settlement dates on securities transactions, the
difference between the amounts of dividends, interest, and foreign
withholding taxes recorded on the Fund's books, and the U.S. dollar
equivalent of the amounts actually received or paid. Net unrealized foreign
exchange gains and losses arise from changes in the value of assets and
liabilities including investments in securities at fiscal year end,
resulting from changes in the exchange rate.
(F) FEDERAL INCOME TAXES
The Fund's policy is to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its investment company taxable income to shareholders. Therefore, no
income tax provision is required.
The Fund's net investment income, if any, is generally distributed by
semi-annual dividends. Any net realized gains are distributed annually,
based upon a November 1 to October 31 year, to avoid incurring federal
excise taxes. Distributions are paid by reinvestment into additional shares
unless the shareholder has elected in writing to receive distributions in
cash.
As of June 30, 1996 the Fund had available for federal income tax purposes
(as computed through October 31, 1995) an unused capital loss carryover of
$1,776,897 which expires in 2000.
Net investment income (loss) and net realized gains (losses) may differ for
financial statement and tax purposes primarily due to net operating losses.
The character of distributions made during the year from net investment
income or net realized gains, if any, may differ from their ultimate
characterization for federal income tax purposes. Also, due to the timing
of dividend distributions, the fiscal year in which amounts are distributed
may differ from the year the income or realized gains (losses) were
recorded by the Fund.
(G) DIVIDENDS ON SHORT POSITIONS
Dividends declared on short positions existing at the record date are
recorded as an expense.
(H) USE OF ESTIMATES IN THE PREPARATION OF THE FINANCIAL STATEMENTS
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of investment
income, expenses and realized gains and losses on investments during the
reporting period. Actual results could differ from those estimates.
<PAGE>
10
ALL SEASONS GLOBAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 1996
(UNAUDITED)
(3) RELATED PARTY TRANSACTIONS
As described more fully in note 4, the Fund's manager is Veitia and
Associates, Inc. (Veitia). The principal underwriter of the Fund's initial
public offering was International Assets Advisory Corporation (IAAC), a
registered broker/dealer. IAAC is a subsidiary of International Assets Holding
Corporation (IAHC). The majority and sole shareholder of IAHC and Veitia,
respectively, is the Fund's chairman of the board and chief investment officer.
During this period, brokerage commissions totaling $9,707 were paid to IAAC for
trades made on behalf of the Fund. Brokerage commissions of $7,502 were also
paid to IAAC during this period for trades made in conjunction with capital
shares repurchased by the Fund.
(4) EXPENSES
The Fund is party to a management agreement with Veitia (the Manager) to conduct
the management and investment activity of the Fund.
The Manager administers the Fund's general business affairs and furnishes the
Fund with clerical, administrative, accounting and bookkeeping services. The
agreement provides for management fees, computed daily and payable monthly, at
the annualized rate of 1% of the Fund's average daily net assets. To comply with
certain state securities laws governing sales of Fund shares in such states, the
Manager has furnished an undertaking to the Fund that if certain Fund expenses,
including the Manager's fee, exceed 2.5% of the first $30 million in average net
assets, 2% of the next $70 million of average net assets, and 1.5% of additional
average net assets, the Manager will adjust its fees downward to cause Fund
expenses to comply with those limits. Such limitations were not exceeded for the
six month period ended June 30, 1996. Management fees for the six month period
ended June 30, 1996 amounted to $209,865.
(5) SECURITIES TRANSACTIONS
Cost of purchases and proceeds from sales of securities (other than U.S.
Government and short-term securities) aggregated $13,388,077 and $12,091,875,
respectively, for the six month period ended June 30, 1996.
Cost of purchases and proceeds from sales of U.S. Government securities
aggregated $3,023,906 and $9,110,156, respectively, for the six month period
ended June 30, 1996.
<PAGE>
11
ALL SEASONS GLOBAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 1996
(UNAUDITED)
(6) NET CHANGE IN UNREALIZED APPRECIATION AND DEPRECIATION OF INVESTMENTS AND
FOREIGN CURRENCY
Net change in unrealized appreciation and depreciation of investments and
foreign currency for the six month period ended June 30, 1996 and the year ended
December 31, 1995 consist of the following:
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED YEAR ENDED
06/30/96 12/31/95
____ ____
Net change in unrealized appreciation and depreciation
of portfolio investments .......................... $ (957,578) $ 3,693,639
Net change in unrealized foreign exchange gains and
losses related to foreign currencies held ......... (66,932) ---
Net change in unrealized foreign exchange gains and
losses related to forward contracts ............... 3,365 (3,365)
Net change in unrealized foreign exchange gains and
losses related to interest and dividends receivable (8,954) 17,067
___________ ___________
$(1,030,099) $ 3,707,341
</TABLE>
(7) CAPITAL SHARE TRANSACTIONS
During the six month period ended June 30, 1996, the Fund repurchased 125,038 of
its common shares in the amount of $507,184.
<PAGE>
12
ALL SEASONS GLOBAL FUND, INC.
Investments in Securities
June 30, 1996
(unaudited)
NUMBER MARKET
NAME OF ISSUER OF SHARES VALUE
(Percentages of each category relate to total net assets)
COMMON STOCK (53.93%):
Argentina
Yacimentos Petrliferos Fiscale 20,000 $ 450,000
Australia
WMC Ltd. 120,000 859,504
Brazil
Cia Vale Do Rio Doce-SP ADR 25,000 500,750
France
Remy Cointreau 40,000 1,173,271
Compagnie de Saint-Gobain 4,000 535,354
-------
1,708,625
Germany
Bayer AG 30,000 1,055,450
Indonesia
Indosat 25,000 837,500
Italy
Stet-Societa Finanziaria
Telefonica S.p.A 350,000 1,182,686
Japan
Honda Motor Co. Ltd. 46,000 1,191,086
Kao Corp. 40,000 539,745
Mitsubishi Corp. 88,000 1,155,346
Mitsubishi Heavy Industries Ltd. 140,000 1,216,433
Royal Co. Ltd. 35,000 682,887
Toshiba Corp. 134,000 952,942
--------
5,738,439
Sweden
Astra AB-B 28,450 1,239,119
Switzerland
Nestle SA 1,000 1,141,739
United States
Abbott Laboratories 20,000 870,000
Atlantic Richfield Co. 4,300 509,550
Eastman Kodak Co. 10,000 777,500
Johnson & Johnson 20,000 990,000
McDonald's Corp. 25,000 1,168,750
Minnesota Mining & Manufacturing Co. 15,000 1,035,000
Morgan, J.P. & Co., Inc. 9,000 761,625
Phelps Dodge Corp. 15,000 935,625
Silicon Graphics, Inc.* 30,000 720,000
-------
7,768,050
Total Common Stock (cost $20,763,161) 22,481,862
<PAGE>
13
ALL SEASONS GLOBAL FUND, INC.
Investments in Securities (continued)
June 30, 1996
(unaudited)
NUMBER MARKET
OF CONTRACTS VALUE
OPTIONS (0.52%):
Philip Morris Cos., Inc. Put 100 Strike Expires 01/97 200 $ 95,000
S & P 500 Index Put 675 Strike Expires 12/60 60 123,750
Total Options (cost $518,755) -------
218,750
PRINCIPAL
AMOUNT
BONDS (38.05%):
U.S. Treasury Notes
U.S. Treasury Note, 6.875% due 10/31/96 $ 4,000,000 4,019,440
U.S. Treasury Note, 6.000% due 11/30/97 6,000,000 6,005,219
---------
Total U.S. Treasury Notes 10,024,659
U.S. corporate notes
Toyota Motor Credit, 9.750% due 03/09/98 2,000,000 2,220,000
Foreign government obligations
Deutschland Republic, 6.500% due 10/14/05
(principal amount denominated in German
Deutsche marks) 2,750,000 1,803,643
Foreign corporate bonds
General Electric Capital Corp., 10.500% due 10/23/98
(Principal amount denominated in Czech korunas) 50,000,000 1,812,561
Total Bonds (cost $15,792,543) 15,860,863
Total Investments (cost $37,074,459) $38,561,475
==========
* Non-income producing security.
At June 30, 1996, the cost of securities for federal income tax purposes was
$37,074,459. Net unrealized appreciation of $1,487,016 consists of:
Gross unrealized appreciation $ 2,825,556
Gross unrealized depreciation (1,338,540)
---------
Net unrealized appreciation $ 1,487,016
<PAGE>
14
ALL SEASONS GLOBAL FUND, INC.
Financial Highlights
Selected per share data for a share of capital stock outstanding and selected
supplemental and ratio information are as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS
ENDED
JUNE 30, YEARS ENDED DECEMBER 31,
(UNAUDITED) 1995 1994 1993 1992 1991
Net asset value at begining of period $ 5.09 4.70 5.24 4.99 6.01 5.59
----- ----- ----- ----- ----- -----
Operations:
Investment income - net ........... 0.08 0.13 0.19 0.04 0.04 0.21
Realized and unrealized gains and
losses on investments and foreign
currency - net 0.04 0.36 (0.62) 0.46 (0.64) 0.49
---- ---- ---- ---- ---- ----
Increase (decrease) in net assets
resulting from operations .......... 0.12 0.49 (0.43) 0.50 (0.60) 0.70
Distributions to shareholders:
From investment income -net ..... --- (0.16) (0.11) (0.03) (0.02) (0.17)
From realized gain on investments
and foreign currency ........ --- (0.01) --- (0.22) (0.05) (0.11)
From other sources .............. --- --- --- --- (0.35) ---
Capital share transactions (note 7) --- 0.07 --- --- --- ---
--- ---- ---- ---- ---- ----
Net asset value at end of peroid $ 5.21 5.09 4.70 5.24 4.99 6.01
==== ==== ==== ==== ==== ====
Per share market value at end ........ $ 4.16 4.19 3.56 4.31 4.06 4.63
of peroid ........................... ==== ==== ==== ==== ==== ====
Total investment return, market value* (0.75%) 22.32% (17.38%) 9.29 (3.26%) (4.50)
</TABLE>
*Total investment return, market value, is based on the change in market price
of a share during the year and assumes reinvestment of distributions at actual
prices pursuant to the Fund's dividend reinvestment plan.
See accompanying notes to financial statements.
<PAGE>
15
ALL SEASONS GLOBAL FUND, INC.
Financial Highlights (continued)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS
ENDED
JUNE 30, YEARS ENDED DECEMBER 31,
(unaudited) 1995 1994 1993 1992 1991
Net assets at end of peroid $ 41,710 41,385 41,106 45,839 43,615 52,540
Ratio of expenses to average
net assets ............... 2.03%** 2.14 2.27% 2.43% 2.21% 2.36%
Ratio of expenses (excluding
dividends on securities sold
short and interest expense)
to average net assets ...... N/A 2.13% 2.06% 1.96% 2.10% 1.96%
Ratio of net investment
income to average net assets 2.09%** 2.80% 3.81% 0.74% 0.67% 4.01%
Portfolio turnover rate
(excluding short-term securities) 42% 76% 483% 445% 267% 269%
Average commission rate $ 0.0332 N/A N/A N/A N/A N/A
</TABLE>
** Annualized
See accompanying notes to financial statements.
<PAGE>
16
ALL SEASONS GLOBAL FUND, INC.
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17
ALL SEASONS GLOBAL FUND, INC.
DIRCETORS AND OFFICERS
The Directors of the corporation are fiduciaries for the shareholders
and are governed by the law of the State of Maryland in this regard.
They establish and appoint the officers who conduct the daily
bussiness of the corporation. The Directors and Officers of the Fund
and their positions with the Fund are as follows:
DIEGO J. VEITIA
Chairman of the Board and
Chief Investment Officer
ROBERT A. MILLER, PH.D.
Chaiarman of the Audit Committee
ADRIAN DAY
Chairman of the External Review Committee
JEROME F. MICELLI
Treasurer
STEPHEN A. SAKER
Secretary
INVESTMENT ADVISOOR:
Veitia and Associates, Inc.
SHAREHOLDER INQUIRES TO:
Fund/Plan Services, Inc.
P.O. Box 874
2 Elm Street
Conshohocken, PA 19428
(800)441-6580
All Seasons Global Fund, Inc.
250 Park Avenue South, Ste 200
Winter Park, FL 32789
