<PAGE>
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------
FORM N-8A
NOTIFICATION OF REGISTRATION
FILED PURSUANT TO SECTION 8(a) OF THE
INVESTMENT COMPANY ACT OF 1940
------------------------
The undersigned investment company hereby notifies the Securities and
Exchange Commission that it registers under and pursuant to the provisions of
Section 8(a) of the Investment Company Act of 1940 and in connection with such
notification of registration submits the following information:
COMPASS STRATEGIC INVESTMENTS FUND
Name
c/o McKinsey & Company, Inc.
Park Avenue Plaza
55 East 52nd Street
New York, New York 10022
Address of Principal Business Office
Telephone Number (including area code): (212) 446-8067
Name and address of agent for service of process:
Timothy J.E. Church
c/o McKinsey & Company, Inc.
Park Avenue Plaza
55 East 52nd Street
New York, New York 10022
--------------------------
Check Appropriate Box:
Registrant is filing a Registration Statement pursuant to Section 8(b)
of the Investment Company Act of 1940 concurrently with the filing of Form N-8A:
Yes / / No /X/
- --------------------------------------------------------------------------------
<PAGE>
Item 1. Exact name of registrant.
COMPASS STRATEGIC INVESTMENTS FUND.
Item 2. Name of state under the laws of which registrant was organized or
created and the date of such organization or creation.
NEW YORK, September 28, 1990.
Item 3. Form of organization of registrant (for example, corporation,
partnership, trust, joint stock company, association, fund).
Partnership.
Item 4. Classification of registrant (face-amount certificate company, unit
investment trust, or management company).
Management company. Registrant is an employee securities company
and is subject to an exemptive order granted to Partners Income
Fund (Investment Company Act Release No. IC-18948 (September 14,
1992)).
Item 5. If registrant is a management company:
(a) state whether registrant is a "closed-end" company or an
"open-end" company;
Closed-end company.
(b) state whether registrant is registering as a "diversified"
company or a "non-diversified" company (read Instruction 4(i)
carefully before replying).
Non-diversified company.
Item 6. Name and address of each investment adviser of registrant.
PAUL HARRIS MANAGEMENT, INC.
c/o McKinsey & Company, Inc.
Park Avenue Plaza
55 East 52nd Street
New York, New York 10022
Item 7. If registrant is an investment company having a board of directors,
state the name and address of each officer and director of registrant.
-2-
<PAGE>
Registrant does not have a board of directors. Registrant
is a "commodity pool" for purposes of the Commodity Exchange
Act and is advised by Paul Harris Management Inc. ("Paul
Harris"), a registered commodity pool operator. Paul Harris
is advised by an "Advisory Committee," which under the
registrant's partnership agreement has only administrative
and consultative responsibilities. The members of the
Advisory Committee (all of whom are partners in the
registrant) are:
Stephen C. Coley
Peter A. Flaherty
Roger C. Kline
Timothy Church
Donald Waite
Item 8. If registrant is an unincorporated investment company not having a
board of directors:
(a) state the name and address of each sponsor of registrant;
Not applicable.
(b) state the name and address of each officer and director of each
sponsor of registrant;
Not applicable.
(c) state the name and address of each trustee and each custodian of
registrant.
Not applicable.
Item 9. (a) state whether registrant is currently issuing and offering its
securities directly to the public (yes or no).
No.
(b) If registrant is currently issuing its securities to the public
through an underwriter, state the name and address of such
underwriter.
Not applicable.
(c) If the answer to Item 9(a) is "no" and the answer to Item 9(b) is
"not applicable," state whether registrant presently proposes to
make a public offering of its securities (yes or no).
-3-
<PAGE>
No.
(d) State whether registrant has any securities currently issued and
outstanding (yes or no).
Yes.
(e) If the answer to Item 9(d) is "Yes," state as of a date not to
exceed ten days prior to the filing of this notification of
registration the number of beneficial owners of registrant's
outstanding securities (other than short-term paper) and the name
of any company owning 10 percent or more of registrant's
outstanding voting securities.
138 beneficial owners. No company owns 10% or more of the
registrant's outstanding voting securities.
Item 10. State the current value of registrant's total assets.
$87.5 million as of July 31, 1998.
Item 11. State whether registrant has applied or intends to apply for license
to operate as a small business investment company under the Small
Business Investment Act of 1958 (yes or no).
No.
Item 12. Attach as an exhibit a copy of the registrant's last regular periodic
report to its securityholders, if any.
The requested exhibit is attached.
-4-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Investment Company Act of 1940,
the registrant has caused this notification of registration to be duly signed on
its behalf in the City of New York and State of New York on the 24th day of
September, 1998.
COMPASS STRATEGIC INVESTMENTS FUND
By: /S/ Timothy J.E. Church
-----------------------
Title: General Partner
Attest: /S/ Todd Tibbets
-------------------
Title: General Partner
-5-
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
(A NEW YORK GENERAL PARTNERSHIP)
ACCOUNT STATEMENT
FOR THE QUARTER ENDED
MARCH 31, 1998
(UNAUDITED)
THIS POOL OPERATES PURSUANT TO AN EXEMPTION UNDER REGULATION
SECTION 4.22 (A), 4.22 (C) AND 4.22 (D) OF THE COMMODITY EXCHANGE ACT OF
THE UNITED STATES OF AMERICA.
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
BALANCE SHEET
(UNAUDITED)
<TABLE>
<CAPTION>
QUARTER
ENDED
ASSETS 03/31/98
-----------
<S> <C>
CASH & CASH EQUIVALENTS $ 300,880
INVESTMENTS IN LIMITED PARTNERSHIPS AND NON-U.S.
INVESTMENT CORPORATIONS, AT ESTIMATED CURRENT
VALUE (NOTE 1) 84,849,504
RECEIVABLE FROM PARTNERS 233,008
INVESTMENTS IN SECURITIES 253
RECEIVABLE FROM INVESTMENT MANGER 376,742
DUE FROM PARTNERS - LOANS 13,837,993
-----------
TOTAL ASSETS $99,598,380
-----------
LIABILITIES & PARTNERS' CAPITAL
ACCRUED EXPENSES 32,301
INTEREST PAYABLE 229,174
STATE INCOME TAXES PAYABLE 28,638
OTHER PAYABLE 10,066
DISTRIBUTIONS TO PARTNERS PAYABLE 110,289
LOANS PAYABLE - BANK 13,987,993
-----------
TOTAL LIABILITIES 14,398,461
PARTNERS' CAPITAL 85,199,919
-----------
TOTAL LIABILITIES & PARTNERS' CAPITAL $99,598,380
-----------
-----------
</TABLE>
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
INCOME STATEMENT
(UNAUDITED)
<TABLE>
<CAPTION>
QUARTER
ENDED
03/31/98
REVENUES ------------
<S> <C>
NET APPRECIATION (DEPRECIATION) IN ESTIMATED
CURRENT VALUE OF LIMITED PARTNERSHIPS AND
NON-U.S. INVESTMENT CORPORATIONS (NOTE 1) $ 5,195,375
INTEREST & DIVIDEND INCOME 482
------------
TOTAL REVENUES 5,195,857
EXPENSES
ACCOUNTING FEES 6,250
BANK & SERVICE CHARGES 9,971
------------
TOTAL EXPENSES 16,221
INCOME (LOSS) BEFORE INTEREST EXPENSE 5,179,636
------------
INTEREST EXPENSE - DEFERRED CAPITAL 231,696
LESS: AMOUNT SPECIFICALLY ALLOCATED 231,696
NET INTEREST EXPENSE 0
------------
NET INCOME (LOSS) $ 5,179,636
------------
------------
</TABLE>
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
STATEMENT OF PARTNERS' CAPITAL ACCOUNT
(UNAUDITED)
<TABLE>
<CAPTION>
QUARTER
ENDED
03/31/98
------------
<S> <C>
OPENING CAPITAL BALANCE (NOTE 2) $ 71,721,263
ADD: NET GAIN OR (LOSS) 5,179,636
ADD: CAPITAL CONTRIBUTIONS 10,696,228
LESS: CAPITAL DISTRIBUTIONS 2,397,208
------------
ENDING CAPITAL BALANCE - ECONOMIC 85,199,919
RECONCILIATION BETWEEN ECONOMIC AND TAX CAPITAL:
CAPITAL CONTRIBUTED FOR INTEREST ON DEFERRED
CAPITAL - CUMULATIVE 2,469,223
INTEREST EXPENSE ON DEFERRED CAP. SPECIFICALLY
ALLOC. - CUMULATIVE (2,469,223)
------------
ENDING CAPITAL BALANCE - TAX $ 85,199,919
------------
------------
VALUE PER PARTNERSHIP UNIT - BEGINNING $240,810.90
------------
------------
TOTAL PARTNERSHIP UNITS - BEGINNING 297.8323
------------
------------
VALUE PER PARTNERSHIP UNIT - ENDING $256,398.35
------------
------------
TOTAL PARTNERSHIP UNITS - ENDING 332.2951
------------
------------
------------
RATE OF RETURN TO PARTNERS 6.5%
------------
</TABLE>
TO THE BEST OF MY KNOWLEDGE AND BELIEF, THE INFORMATION CONTAINED
IN THIS ACCOUNT STATEMENT IS ACCURATE AND COMPLETE.
- -------------------------------------------------
TIM CHURCH
PRESIDENT, PAUL HARRIS MANAGEMENT, INC. -
COMMODITY POOL OPERATOR
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
NOTES TO ACCOUNT STATEMENT
MARCH 31, 1998
(UNAUDITED)
NOTE 1 - ESTIMATED CURRENT VALUE OF INVESTMENTS
IN LIMITED PARTNERSHIPS, GENERAL PARTNERSHIPS,
MUTUAL FUNDS, AND LIMITED LIABILITY CORPORATIONS:
<TABLE>
<CAPTION>
MARCH 31,
1998
------------
<S> <C>
APPALOOSA INVESTMENT, L.P. $ 3,069,849
BAY POND PARTNERS, L.P. 2,474,562
BEDFORD FALLS INVESTORS., L.P. 3,377,606
BENNETT RESTRUCTURING FUND, L.P. 1,718,277
BIOTECHNOLOGY VALUE FUND, L.P. 1,858,701
BLACK BEAR FUND I, L.P. 1,783,318
CERBERUS PARTNERS, L.P. 1,211,065
CHESAPEAKE PARTNERS, L.P. 3,091,060
COLUMBUS EMERGING MARKEST FUND, L.P. 2,407,200
DOUBLE ALPHA PARTNERS, L.P. 1,072,967
EAGLE FX LTD 578,276
EAGLE GLOBAL, L.P. 662,652
GROSSMAN CURRENCY FUND, L.P. 1,267,839
INCOME ARBITRAGE PARTNERS 1,294,339
JOHO PARTNERS, L.P 1,160,614
KINGDON ASSOCIATES 4,867,160
LIBRA FUND, L.P. 1,242,260
MONARCH CAPITAL, L.P. 2,242,394
MUTUAL BEACON FUND 7,178
MUTUAL DISCOVERY FUND 1,440
MUTUAL EUROPEAN FUND 1,499
OPPENHEIMER HORIZON 24,033
PARSEC TRADING CORP. 2,286,358
PERRY PARTNERS, L.P. 3,817,696
REMINGTON INVESTMENT STRATEGIES, L.P. 10,843,974
SANGAMON PARTNERS, L.P. 3,883,784
SPINNAKER TECHNOLOGY FUND L.P. 2,396,921
STARK INVESTMENTS, L.P. 5,188,095
T/A PACIFIC SELECT INVESTMENTS, L.P. 380,617
TAURUS PARTNERS, L.P. 3,205,212
TYNDALL PARTNERS, L.P. 3,841,300
VALUE REALIZATION FUND, L.P. 3,411,734
WELLINGTON PARTNERS, L.P. 7,012,234
WESTCLIFF LONG/SHORT SA L.P. 2,363,705
WINSTON PARTNERS II ONSHORE LLC 803,585
------------
$84,849,504
------------
------------
</TABLE>
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
NOTES TO ACCOUNT STATEMENT
MARCH 31, 1998
(UNAUDITED)
NOTE 1 (CONTINUED) - NET APPRECIATION/(DEPRECIATION) IN ESTIMATED
CURRENT VALUE OF LIMITED PARTNERSHIPS, GENERAL PARTNERSHIPS,
MUTUAL FUNDS, AND LIMITED LIABILITY CORPORATIONS
<TABLE>
<CAPTION>
QUARTER
ENDED
03/31/98
------------
<S> <C>
APPALOOSA INVESTMENT, L.P. $ 495,245
BAY POND PARTNERS, L.P. 42,237
BEDFORD FALLS INVESTORS., L.P. 105,149
BENNETT RESTRUCTURING FUND, L.P. 57,520
BIOTECHNOLOGY VALUE FUND, L.P. (156,300)
BLACK BEAR FUND I, L.P. 183,318
CERBERUS PARTNERS, L.P. 11,065
CHESAPEAKE PARTNERS, L.P. 241,015
COLUMBUS EMERGING MARKEST FUND, L.P. 7,200
DOUBLE ALPHA PARTNERS, L.P. 72,967
EAGLE FX LTD (21,724)
EAGLE GLOBAL, L.P. 62,652
GROSSMAN CURRENCY FUND, L.P. 67,839
INCOME ARBITRAGE PARTNERS (11,542)
JOHO PARTNERS, L.P (39,386)
KINGDON ASSOCIATES 463,857
LIBRA FUND, L.P. 42,260
MONARCH CAPITAL, L.P. 113,596
MUTUAL BEACON FUND 610
MUTUAL DISCOVERY FUND 145
MUTUAL EUROPEAN FUND 190
OPPENHEIMER HORIZON 0
PARSEC TRADING CORP. (24,798)
PERRY PARTNERS, L.P. 460,526
REMINGTON INVESTMENT STRATEGIES, L.P. 1,473,974
SANGAMON PARTNERS, L.P. 39,412
SPINNAKER TECHNOLOGY FUND L.P. 314,621
STARK INVESTMENTS, L.P. 252,738
T/A PACIFIC SELECT INVESTMENTS, L.P. (26,228)
TAURUS PARTNERS, L.P. 162,290
TYNDALL PARTNERS, L.P. 177,156
VALUE REALIZATION FUND, L.P. 157,125
WELLINGTON PARTNERS, L.P. 436,659
WESTCLIFF LONG/SHORT SA L.P. (36,295)
WINSTON PARTNERS II ONSHORE LLC 70,282
------------
5,195,375
------------
------------
</TABLE>
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
NOTES TO ACCOUNT STATEMENT
MARCH 31, 1998
(UNAUDITED)
NOTE 1 (CONTINUED) - INVESTMENT IN LIMITED PARTNERSHIPS, GENERAL PARTNERSHIPS,
MUTUAL FUNDS, AND LIMITED LIABILITY CORPORATIONS
APPALOOSA INVESTMENT, L.P.
CAPITAL ACCOUNT VALUE
<TABLE>
<CAPTION>
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ---- ---------- ------------ ---- ------------ --------- ------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/01/96 - INITIAL INVESTMENT 1,100,000 1,100,000 0 1,100,000 N/A 1,100,000 0 0
03/31/96 1,100,000 0 0 0 13.3% 1,246,196 146,196 146,196
06/30/96 1,100,000 0 0 0 12.9% 1,406,900 160,704 306,900
09/30/96 1,100,000 0 0 0 17.3% 1,650,478 243,578 550,478
12/31/96 1,098,331 (1,669) 0 (1,669) 20.4% 1,984,597 335,788 886,266
03/31/97 1,098,331 0 0 0 14.3% 2,268,390 283,793 1,170,059
06/30/97 1,098,331 0 0 0 6.6% 2,418,393 150,003 1,320,062
09/30/97 1,098,331 0 0 0 3.6% 2,505,365 86,972 1,407,034
12/31/97 1,098,331 0 0 0 2.8% 2,574,604 69,239 1,476,273
03/31/98 1,098,331 0 0 0 19.2% 3,069,849 495,245 1,971,518
<CAPTION>
BAY POND PARTNERS, L.P.
CAPITAL ACCOUNT VALUE
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ---- ---------- ------------ ---- ------------ --------- ------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/01/95 - INITIAL INVESTMENT 750,000 750,000 0 750,000 N/A 750,000 0 0
03/31/95 750,000 0 0 0 15.3% 864,509 114,509 114,509
06/30/95 750,000 0 0 0 15.3% 997,176 132,667 247,176
09/30/95 750,000 0 0 0 22.7% 1,223,623 226,447 473,623
12/31/95 750,000 0 0 0 5.3% 1,288,663 65,040 538,663
03/31/96 350,000 (400,000) 0 (400,000) 7.7% 957,267 68,604 607,267
06/30/96 350,000 0 0 0 7.7% 1,031,177 73,910 681,177
09/30/96 350,000 0 0 0 16.7% 1,203,366 172,189 853,366
12/31/96 350,000 0 0 0 21.8% 1,465,588 262,222 1,115,588
03/31/97 650,000 300,000 0 300,000 4.7% 1,847,931 82,343 1,197,931
06/30/97 650,000 0 0 0 7.5% 1,985,950 138,019 1,335,950
09/30/97 300,000 (350,000) 0 (350,000) 24.9% 2,043,998 408,048 1,743,998
12/31/97 300,000 0 0 0 -0.6% 2,032,325 (11,673) 1,732,325
03/31/98 700,000 400,000 0 400,000 1.7% 2,474,562 42,237 1,774,562
</TABLE>
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
NOTES TO ACCOUNT STATEMENT
MARCH 31, 1998
(UNAUDITED)
NOTE 1 (CONTINUED) - INVESTMENT IN LIMITED PARTNERSHIPS, GENERAL PARTNERSHIPS,
MUTUAL FUNDS, AND LIMITED LIABILITY CORPORATIONS
BEDFORD FALLS INVESTORS L.P.
CAPITAL ACCOUNT VALUE
<TABLE>
<CAPTION>
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ---- ---------- ------------ ---- ------------ --------- ------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/01/97 - INITIAL INVESTMENT 2,000,000 2,000,000 0 2,000,000 0.0% 2,000,000 0 0
03/31/97 2,000,000 0 0 0 5.8% 2,116,306 116,306 116,306
06/30/97 2,000,000 0 0 0 3.7% 2,194,600 78,294 194,600
09/30/97 2,000,000 0 0 0 8.7% 2,385,600 191,000 385,600
12/31/97 2,800,000 800,000 0 800,000 2.7% 3,272,457 86,857 472,457
03/31/98 2,800,000 0 0 0 3.2% 3,377,606 105,149 577,606
<CAPTION>
BENNETT RESTRUCTURING FUND, L.P.
CAPITAL ACCOUNT VALUE
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ---- ---------- ------------ ---- ------------ --------- ------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/01/94 - INITIAL INVESTMENT 1,000,000 1,000,000 0 1,000,000 N/A 1,000,000 0 0
03/31/94 1,000,000 0 0 0 2.6% 1,026,343 26,343 26,343
06/30/94 1,000,000 0 0 0 1.3% 1,040,020 13,677 40,020
09/30/94 1,000,000 0 0 0 7.9% 1,121,808 81,788 121,808
12/31/94 650,000 (350,000) 0 (350,000) 3.3% 808,322 36,514 158,322
03/31/95 650,000 0 0 0 3.8% 839,198 30,876 189,198
06/30/95 650,000 0 0 0 8.1% 907,023 67,825 257,023
09/30/95 650,000 0 0 0 4.0% 943,392 36,369 293,392
12/31/95 650,000 0 0 0 0.8% 951,268 7,876 301,268
03/31/96 650,000 0 0 0 5.1% 999,698 48,430 349,698
06/30/96 650,000 0 0 0 5.9% 1,058,184 58,486 408,184
09/30/96 1,400,000 750,000 0 750,000 -0.7% 1,794,701 (13,483) 394,701
12/31/96 1,400,000 0 0 0 4.6% 1,878,003 83,302 478,003
03/31/97 1,400,000 0 0 0 0.3% 1,884,568 6,565 484,568
06/30/97 1,020,000 (380,000) 0 (380,000) 1.2% 1,523,124 18,556 503,124
09/30/97 1,020,000 0 0 0 6.7% 1,625,532 102,408 605,532
12/31/97 1,020,000 0 0 0 2.2% 1,660,757 35,225 640,757
03/31/98 1,020,000 0 0 0 3.5% 1,718,277 57,520 698,277
</TABLE>
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
NOTES TO ACCOUNT STATEMENT
MARCH 31, 1998
(UNAUDITED)
NOTE 1 (CONTINUED) - INVESTMENT IN LIMITED PARTNERSHIPS, GENL PARTNERSHIPS,
MUTUAL FUNDS, AND LIMITED LIABILITY CORPORATIONS
BIOTECHNOLOGY VALUE FUND, L.P.
CAPITAL ACCOUNT VALUE
<TABLE>
<CAPTION>
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ---- ---------- ------------ ---- ------------ --------- ------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/01/97 - INITIAL INVESTMENT 1,000,000 1,700,000 0 1,700,000 N/A 1,700,000 0 0
03/31/97 1,700,000 0 0 0 8.4% 1,842,624 142,624 142,624
06/30/97 1,700,000 0 0 0 3.8% 1,911,895 69,271 211,895
09/30/97 1,700,000 0 0 0 -2.3% 1,867,410 (44,485) 167,410
12/31/97 1,700,000 0 0 0 7.9% 2,015,001 147,591 315,001
03/31/98 1,700,000 0 0 0 -7.8% 1,858,701 (156,300) 158,701
<CAPTION>
BLACK BEAR FUND I, L.P.
CAPITAL ACCOUNT VALUE
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ---- ---------- ------------ ---- ------------ --------- ------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/02/98 - INITIAL INVESTMENT 1,600,000 0 0 0 N/A 1,600,000 0 0
03/31/98 1,600,000 0 0 0 11.5% 1,783,318 183,318 183,318
<CAPTION>
BRAHMAN PARTNERS II, L.P.
CAPITAL ACCOUNT VALUE
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ---- ---------- ------------ ---- ------------ --------- ------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/01/96 - INITIAL INVESTMENT 950,000 950,000 0 950,000 N/A 950,000 0 0
03/31/96 950,000 0 0 0 4.1% 988,950 38,950 38,950
06/30/96 950,000 0 0 0 -4.2% 946,979 (41,971) (3,021)
09/30/96 950,000 0 0 0 -0.5% 942,000 (4,979) (8,000)
12/31/96 1,450,000 500,000 0 500,000 7.3% 1,547,000 105,000 97,000
03/31/97 1,650,000 200,000 0 200,000 -4.3% 1,672,469 (74,531) 22,469
0630/97 1,650,000 0 0 0 -13.0% 1,454,846 (217,623) (195,154)
09/30/97 1,650,000 0 0 0 2.2% 1,487,131 32,285 (162,869)
12/31/97 1,650,000 0 0 0 19.7% 1,780,677 293,546 130,677
03/31/98 - LIQUIDATING DISTRIBUTION 1,650,000 (1,780,677) 0 (1,780,677) N/A 0 0 130,677
</TABLE>
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
NOTES TO ACCOUNT STATEMENT
MARCH 31, 1998
(UNAUDITED)
NOTE 1 (CONTINUED) - INVESTMENT IN LIMITED PARTNERSHIPS, GENERAL PARTNERSHIPS,
MUTUAL FUNDS, AND LIMITED LIABILITY CORPORATIONS
CERBERUS PARTNERS
CAPITAL ACCOUNT VALUE
<TABLE>
<CAPTION>
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ---- ---------- ------------ ---- ------------ --------- ------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/02/98 - INITIAL INVESTMENT 1,200,000 0 0 0 N/A 1,200,000 0 0
03/31/98 1,200,000 0 0 0 0.9% 1,211,065 11,065 11,065
<CAPTION>
CHESAPEAKE PARTNERS, L.P.
CAPITAL ACCOUNT VALUE
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ---- ---------- ------------ ---- ------------ --------- ------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/01/96 - INITIAL INVESTMENT 1,250,000 1,250,000 0 1,250,000 N/A 1,250,000 0 0
03/31/96 1,250,000 0 0 0 9.4% 1,367,339 117,339 117,339
06/30/96 1,250,000 0 0 0 3.0% 1,408,661 41,322 158,661
09/30/96 1,750,000 500,000 0 500,000 6.8% 2,039,394 130,733 289,394
12/31/96 1,750,000 0 0 0 5.1% 2,142,483 103,089 392,483
03/31/97 1,350,000 (400,000) 0 (400,000) 3.7% 1,807,027 64,544 457,027
06/30/97 1,350,000 0 0 0 8.2% 1,954,655 147,628 604,655
09/30/97 1,950,000 600,000 0 600,000 7.8% 2,754,403 199,748 804,403
12/31/97 1,950,000 0 0 0 3.5% 2,850,045 95,642 900,045
03/31/98 1,950,000 0 0 0 8.5% 3,091,060 241,015 1,141,060
<CAPTION>
COLUMBUS EMERGING MARKETS FD PARTS, L.P.
CAPITAL ACCOUNT VALUE
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ---- ---------- ------------ ---- ------------ --------- ------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/02/98 - INITIAL INVESTMENT 2,400,000 0 0 0 N/A 2,400,000 0 0
03/31/98 2,400,000 0 0 0 0.3% 2,407,200 7,200 7,200
</TABLE>
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
NOTES TO ACCOUNT STATEMENT
MARCH 31, 1998
(UNAUDITED)
NOTE 1 (CONTINUED) - INVESTMENT IN LIMITED PARTNERSHIPS, GENERAL PARTNERSHIPS,
MUTUAL FUNDS, AND LIMITED LIABILITY CORPORATIONS
DOUBLE ALPHA PARTNERS, L.P.
CAPITAL ACCOUNT VALUE
<TABLE>
<CAPTION>
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ---- ---------- ------------ ---- ------------ --------- ------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/02/98 - INITIAL INVESTMENT 1,000,000 0 0 0 N/A 1,000,000 0 0
03/31/98 1,000,000 0 0 0 7.3% 1,072,967 72,967 72,967
<CAPTION>
EAGLE GLOBAL, L.P.
CAPITAL ACCOUNT VALUE
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ---- ---------- ------------ ---- ------------ --------- ------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/02/98 - INITIAL INVESTMENT 600,000 0 0 0 N/A 600,000 0 0
03/31/98 600,000 0 0 0 10.4% 662,652 62,652 62,652
<CAPTION>
EAGLE FX, LTD
CAPITAL ACCOUNT VALUE
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ---- ---------- ------------ ---- ------------ --------- ------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/02/98 - INITIAL INVESTMENT 600,000 0 0 0 N/A 600,000 0 0
03/31/98 600,000 0 0 0 -3.6% 578,276 (21,724) (21,724)
<CAPTION>
GROSSMAN CURRENCY FUND, L.P.
CAPITAL ACCOUNT VALUE
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ---- ---------- ------------ ---- ------------ --------- ------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/02/98 - INITIAL INVESTMENT 1,200,000 0 0 0 N/A 1,200,000 0 0
03/31/98 1,200,000 0 0 0 5.7% 1,267,839 67,839 67,839
</TABLE>
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
NOTES TO ACCOUNT STATEMENT
MARCH 31, 1998
(UNAUDITED)
NOTE 1 (CONTINUED) - INVESTMENT IN LIMITED PARTNERSHIPS, GENERAL PARTNERSHIPS,
MUTUAL FUNDS, AND LIMITED LIABILITY CORPORATIONS
<TABLE>
<CAPTION>
INCOME ARBITRAGE PARTNERS
CAPITAL ACCOUNT VALUE
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ---- ---------- ------------ ---- ------------ ------ ----- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/01/94 - INITIAL INVESTMENT 1,000,000 1,000,000 0 1,000,000 N/A 1,000,000 0 0
03/31/94 1,000,000 0 0 0 -1.4% 986,429 (13,571) (13,571)
06/30/94 1,000,000 0 0 0 3.1% 1,016,625 30,196 16,625
09/30/94 1,000,000 0 0 0 11.1% 1,129,127 112,502 129,127
12/31/94 1,000,000 0 0 0 5.9% 1,195,480 66,353 195,480
03/31/95 1,000,000 0 0 0 6.5% 1,273,731 78,251 273,731
06/30/95 1,000,000 0 0 0 7.5% 1,369,781 96,050 369,781
09/30/95 1,000,000 0 0 0 13.8% 1,558,873 189,092 558,873
12/31/95 1,000,000 0 0 0 9.5% 1,706,309 147,436 706,309
03/31/96 1,000,000 0 0 0 10.8% 1,890,078 183,769 890,078
06/30/96 1,000,000 0 0 0 15.4% 2,180,663 290,585 1,180,663
09/30/96 1,000,000 0 0 0 6.6% 2,324,334 143,671 1,324,334
12/31/96 1,000,000 0 0 0 3.3% 2,402,142 77,808 1,402,142
03/31/97 1,000,000 0 0 0 6.4% 2,555,158 153,016 1,555,158
06/30/97 1,000,000 0 0 0 2.7% 2,624,870 69,712 1,624,870
09/30/97 1,806,369 806,369 0 806,369 5.3% 3,612,950 181,711 1,806,581
12/31/97 1,806,369 0 0 0 1.9% 3,680,000 67,050 1,873,631
03/31/98 (567,750) (2,374,119) 0 (2,374,119) -0.7% 1,294,339 (11,542) 1,862,089
<CAPTION>
JOHO PARTNERS, L.P.
CAPITAL ACCOUNT VALUE
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ---- ---------- ------------ ---- ------------ ------ ----- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/02/98 - INITIAL INVESTMENT 1,200,000 0 0 0 N/A 1,200,000 0 0
03/31/98 1,200,000 0 0 0 -3.3% 1,160,614 (39,386) (39,386)
</TABLE>
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
NOTES TO ACCOUNT STATEMENT
MARCH 31, 1998
(UNAUDITED)
NOTE 1 (CONTINUED)- INVESTMENT IN LIMITED PARTNERSHIPS, GENERAL PARTNERSHIPS,
MUTUAL FUNDS, AND LIMITED LIABILITY CORPORATIONS
<TABLE>
<CAPTION>
KINGDON ASSOCIATES
CAPITAL ACCOUNT VALUE
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ---- ---------- ------------ ---- ------------ ------ ----- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/01/96 - INITIAL INVESTMENT 1,600,000 1,600,000 0 1,600,000 N/A 1,600,000 0 0
03/31/96 1,600,000 0 0 0 7.0% 1,712,000 112,000 112,000
06/30/96 1,600,000 0 0 0 8.0% 1,848,713 136,713 248,713
09/30/96 1,600,000 0 0 0 -0.6% 1,837,521 (11,192) 237,521
12/31/96 1,600,000 0 0 0 4.2% 1,913,969 76,448 313,969
03/31/97 2,130,000 530,000 0 530,000 3.3% 2,523,600 79,631 393,600
06/30/97 2,130,000 0 0 0 9.4% 2,760,637 237,037 630,637
09/30/97 2,130,000 0 0 0 12.7% 3,111,165 350,528 981,165
12/31/97 2,130,000 0 0 0 3.0% 3,203,303 92,138 1,073,303
03/31/98 3,330,000 1,200,000 0 1,200,000 10.5% 4,867,160 463,857 1,537,160
<CAPTION>
LIBRA FUND, L.P.
CAPITAL ACCOUNT VALUE
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ---- ---------- ------------ ---- ------------ ------ ----- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/02/98 - INITIAL INVESTMENT 1,200,000 0 0 0 N/A 1,200,000 0 0
03/31/98 1,200,000 0 0 0 3.5% 1,242,260 42,260 42,260
</TABLE>
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
NOTES TO ACCOUNT STATEMENT
MARCH 31, 1998
(UNAUDITED)
NOTE 1 (CONTINUED)- INVESTMENT IN LIMITED PARTNERSHIPS, GENERAL PARTNERSHIPS,
MUTUAL FUNDS, AND LIMITED LIABILITY CORPORATIONS
<TABLE>
<CAPTION>
MONARCH CAPITAL, L.P.
CAPITAL ACCOUNT VALUE
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ---- ---------- ------------ ---- ------------ ------ ----- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/01/96 - INITIAL INVESTMENT 1,250,000 1,250,000 0 1,250,000 N/A 1,250,000 0 0
03/31/96 1,250,000 0 0 0 12.0% 1,400,300 150,300 150,300
06/30/96 1,250,000 0 0 0 4.6% 1,465,375 65,075 215,375
09/30/96 1,650,000 400,000 0 400,000 5.2% 1,962,176 96,801 312,176
12/31/96 1,650,000 0 0 0 -0.2% 1,957,334 (4,842) 307,334
03/31/97 1,650,000 0 0 0 -0.2% 1,953,575 (3,759) 303,575
06/30/97 1,650,000 0 0 0 0.5% 1,962,439 8,864 312,439
09/30/97 1,650,000 0 0 0 3.4% 2,029,037 66,598 379,037
12/31/97 1,650,000 0 0 0 4.9% 2,128,798 99,761 478,798
03/31/98 1,650,000 0 0 0 5.3% 2,242,394 113,596 592,394
<CAPTION>
MUTUAL BEACON FUND
CAPITAL ACCOUNT VALUE
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ---- ---------- ------------ ---- ------------ ------ ----- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
10/01/97 - INITIAL INVESTMENT 5,000 0 0 0 N/A 5,000 0 0
12/31/96 5,000 0 0 0 6.8% 5,340 340 340
03/31/97 5,000 0 0 0 4.2% 5,565 225 565
06/30/97 5,000 0 0 0 7.8% 5,997 432 997
09/30/97 5,000 0 0 0 9.6% 6,572 575 1,572
12/31/97 5,000 0 0 0 -0.1% 6,568 (4) 1,568
03/31/98 5,000 0 0 0 9.3% 7,178 610 2,178
</TABLE>
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
NOTES TO ACCOUNT STATEMENT
MARCH 31, 1998
(UNAUDITED)
NOTE 1 (CONTINUED)- INVESTMENT IN LIMITED PARTNERSHIPS, GENERAL PARTNERSHIPS,
MUTUAL FUNDS, AND LIMITED LIABILITY CORPORATIONS
<TABLE>
<CAPTION>
MUTUAL DISCOVERY FUND
CAPITAL ACCOUNT VALUE
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ---- ---------- ------------ ---- ------------ ------ ----- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
10/01/97 - INITIAL INVESTMENT 1,000 0 0 0 N/A 1,000 0 0
12/31/96 1,000 0 0 0 5.3% 1,053 53 53
03/31/97 1,000 0 0 0 5.8% 1,114 61 114
06/30/97 1,000 0 0 0 7.7% 1,200 86 200
09/30/97 1,000 0 0 0 8.5% 1,302 102 302
12/31/97 1,000 0 0 0 -0.5% 1,295 (7) 295
03/31/98 1,000 0 0 0 11.2% 1,440 145 440
<CAPTION>
MUTUAL EUROPEAN FUND
CAPITAL ACCOUNT VALUE
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ---- ---------- ------------ ---- ------------ ------ ----- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
10/01/97 - INITIAL INVESTMENT 1,000 0 0 0 N/A 1,000 0 0
12/31/96 1,000 0 0 0 5.9% 1,059 59 59
03/31/97 1,000 0 0 0 8.2% 1,146 87 146
06/30/97 1,000 0 0 0 4.5% 1,198 52 198
09/30/97 1,000 0 0 0 9.3% 1,309 111 309
03/31/98 1,000 0 0 0 14.5% 1,499 190 499
</TABLE>
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
NOTES TO ACCOUNT STATEMENT
MARCH 31, 1998
(UNAUDITED)
NOTE 1 (CONTINUED)- INVESTMENT IN LIMITED PARTNERSHIPS, GENERAL PARTNERSHIPS,
MUTUAL FUNDS, AND LIMITED LIABILITY CORPORATIONS
<TABLE>
<CAPTION>
OPPENHEIMER HORIZON FUND, L.P.
CAPITAL ACCOUNT VALUE
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ---- ---------- ------------ ---- ------------ ------ ----- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/01/94 - INITIAL INVESTMENT 1,000,000 1,000,000 0 1,000,000 N/A 1,000,000 0 0
03/31/94 1,000,000 0 0 0 4.31% 1,043,135 43,135 43,135
06/30/94 1,000,000 0 0 0 1.62% 1,060,032 16,897 60,032
09/30/94 1,000,000 0 0 0 1.13% 1,072,034 12,002 72,034
12/31/94 1,000,000 0 0 0 1.13% 1,084,131 12,097 84,131
03/31/95 700,000 (300,000) 0 (300,000) 2.58% 804,358 20,227 104,358
06/30/95 700,000 0 0 0 4.99% 844,508 40,150 144,508
09/30/95 700,000 0 0 0 2.00% 861,423 16,915 161,423
12/31/95 700,000 0 0 0 1.87% 877,520 16,097 177,520
03/31/96 700,000 0 0 0 3.85% 911,276 33,756 211,276
06/30/96 700,000 0 0 0 4.53% 952,513 41,237 252,513
09/30/96 700,000 0 0 0 3.45% 985,409 32,896 285,409
12/31/96 700,000 0 0 0 4.19% 1,026,725 41,316 326,725
03/31/97 0 1,026,725 0 1,026,725 0.00% 0 0 326,725
06/30/97 0 24,034 0 24,034 0.00% 0 0 326,725
09/30/97 0 0 0 0 0.00% 0 0 326,725
12/31/97 24,034 24,034 0 24,034 0.00% 24,034 24,034 350,759
03/31/98 24,034 0 0 0 0.0% 24,034 0 0
</TABLE>
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
NOTES TO ACCOUNT STATEMENT
MARCH 31, 1998
(UNAUDITED)
NOTE 1 (CONTINUED) - INVESTMENT IN LIMITED PARTNERSHIPS, GENERAL PARTNERSHIPS,
MUTUAL FUNDS, AND LIMITED LIABILITY CORPORATIONS
PARSEC TRADING CORP.
CAPITAL ACCOUNT VALUE
<TABLE>
<CAPTION>
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ----- ---------- ------------ ---- ------------ --------- -------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/01/94 - INITIAL INVESTMENT 1,400,117 1,400,117 0 1,400,117 N/A 1,400,117 0 0
03/31/94 1,400,117 0 0 0 6.9% 1,496,638 96,521 96,521
06/30/94 1,400,117 0 0 0 3.0% 1,538,640 42,002 138,523
09/30/94 1,400,117 0 0 0 5.2% 1,615,062 76,422 214,945
12/31/94 1,400,117 0 0 0 7.6% 1,734,106 119,044 333,989
03/31/95 945,742 (454,375) 0 (454,375) 11.9% 1,431,880 152,149 486,138
06/30/95 945,742 0 0 0 23.3% 1,765,952 334,072 820,210
09/30/95 945,742 0 0 0 10.6% 1,953,516 187,564 1,007,774
12/31/95 945,742 0 0 0 7.4% 2,098,007 144,491 1,152,265
03/31/96 795,742 (150,000) 0 (150,000) 15.2% 2,243,386 295,379 1,447,644
06/30/96 795,742 0 0 0 4.9% 2,352,806 109,420 1,557,064
09/30/96 795,742 0 0 0 5.9% 2,491,088 138,282 1,695,346
12/31/96 795,742 0 0 0 7.2% 2,671,385 180,297 1,875,643
03/31/97 895,742 100,000 0 100,000 6.8% 2,958,943 187,558 2,063,201
06/30/97 895,742 0 0 0 0.7% 2,980,292 21,349 2,084,550
09/30/97 895,742 0 0 0 2.2% 3,045,225 64,933 2,149,483
12/31/97 151,227 (744,515) 0 (744,515) 2.2% 2,350,340 49,630 2,199,113
03/31/98 112,042 (39,185) 0 (39,185) -1.1% 2,286,358 (24,797) 2,174,316
</TABLE>
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
NOTES TO ACCOUNT STATEMENT
MARCH 31, 1998
(UNAUDITED)
NOTE 1 (CONTINUED) - INVESTMENT IN LIMITED PARTNERSHIPS, GENERAL PARTNERSHIPS,
MUTUAL FUNDS, AND LIMITED LIABILITY CORPORATIONS
PERRY PARTNERS, L.P.
CAPITAL ACCOUNT VALUE
<TABLE>
<CAPTION>
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ----- ---------- ------------ ---- ------------ --------- -------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/01/92 - INITIAL INVESTMENT 625,000 625,000 0 625,000 N/A 625,000 0 0
03/31/92 625,000 0 0 0 6.9% 668,000 43,000 43,000
06/30/92 625,000 0 0 0 1.4% 677,018 9,018 52,018
09/30/92 625,000 0 0 0 2.4% 693,125 16,107 68,125
12/31/92 625,000 0 0 0 2.9% 712,900 19,775 87,900
03/31/93 625,000 0 0 0 7.2% 764,182 51,282 139,182
06/30/93 625,000 0 0 0 6.8% 815,826 51,644 190,826
09/30/93 1,025,000 400,000 0 400,000 5.9% 1,287,405 71,579 262,405
12/31/93 1,025,000 0 0 0 6.8% 1,375,136 87,731 350,136
03/31/94 1,025,000 0 0 0 1.4% 1,394,366 19,230 369,366
06/30/94 1,025,000 0 0 0 2.1% 1,423,635 29,269 398,635
09/30/94 1,025,000 0 0 0 3.5% 1,474,087 50,452 449,087
12/31/94 1,025,000 0 0 0 -0.6% 1,464,580 (9,507) 439,580
03/31/95 775,000 (250,000) 0 (250,000) 6.9% 1,298,408 83,828 523,408
06/30/95 775,000 0 0 0 1.7% 1,321,080 22,672 546,080
09/30/95 775,000 0 0 0 6.6% 1,407,622 86,542 632,622
12/31/95 775,000 0 0 0 1.9% 1,434,363 26,741 659,363
03/31/96 1,275,000 500,000 0 500,000 4.4% 2,018,781 84,418 743,781
06/30/96 1,275,000 0 0 0 1.7% 2,052,757 33,976 777,757
09/30/96 1,545,000 270,000 0 270,000 3.3% 2,399,608 76,851 854,608
12/31/96 1,545,000 0 0 0 10.5% 2,650,480 250,872 1,105,480
03/31/97 645,000 (900,000) 0 (900,000) 4.3% 1,825,519 75,039 1,180,519
06/30/97 645,000 0 0 0 7.4% 1,959,836 134,317 1,314,836
09/30/97 1,245,000 600,000 0 600,000 10.1% 2,817,483 257,647 1,572,483
12/31/97 2,045,000 800,000 0 800,000 3.9% 3,757,170 139,687 1,712,170
03/31/98 1,645,000 (400,000) 0 (400,000) 13.7% 3,817,696 460,526 2,172,696
</TABLE>
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
NOTES TO ACCOUNT STATEMENT
MARCH 31, 1998
(UNAUDITED)
NOTE 1 (CONTINUED) - INVESTMENT IN LIMITED PARTNERSHIPS, GENERAL PARTNERSHIPS,
MUTUAL FUNDS, AND LIMITED LIABILITY CORPORATIONS
REMINGTON INVESTMENT STRATEGIES, L.P.
CAPITAL ACCOUNT VALUE
<TABLE>
<CAPTION>
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ----- ---------- ------------ ---- ------------ --------- -------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/95 - INITIAL INVESTMENT 600,000 600,000 0 600,000 N/A 600,000 0 0
06/30/95 600,000 0 0 0 2.8% 616,524 16,524 16,524
09/30/95 800,000 200,000 0 200,000 16.5% 950,949 134,425 150,949
12/31/95 1,300,000 500,000 0 500,000 5.8% 1,535,233 84,284 235,233
03/31/96 2,050,000 750,000 0 750,000 9.4% 2,500,502 215,269 450,502
06/30/96 2,050,000 0 0 0 14.0% 2,851,404 350,902 801,404
09/30/96 3,920,000 1,870,000 0 1,870,000 2.7% 4,807,702 86,298 887,702
12/31/96 3,920,000 0 0 0 8.6% 5,222,333 414,631 1,302,333
03/31/97 4,420,000 500,000 0 500,000 6.4% 6,089,191 366,858 1,669,191
06/30/97 4,420,000 0 0 0 2.2% 6,223,496 134,305 1,803,496
09/30/97 5,670,000 1,250,000 0 1,250,000 11.3% 8,319,743 846,247 2,649,743
12/31/97 5,670,000 0 0 0 12.6% 9,370,000 1,050,257 3,700,000
03/31/98 5,670,000 0 0 0 15.7% 10,843,97 1,473,974 5,173,974
</TABLE>
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
NOTES TO ACCOUNT STATEMENT
MARCH 31, 1998
(UNAUDITED)
NOTE 1 (CONTINUED) - INVESTMENT IN LIMITED PARTNERSHIPS, GENERAL PARTNERSHIPS,
MUTUAL FUNDS, AND LIMITED LIABILITY CORPORATIONS
SANGAMON PARTNERS, L.P.
CAPITAL ACCOUNT VALUE
<TABLE>
<CAPTION>
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ----- ---------- ------------ ---- ------------ --------- -------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/91 - INITIAL INVESTMENT 375,000 375,000 0 375,000 N/A 375,000 0 0
03/31/92 375,000 0 0 0 11.0% 416,360 41,360 41,360
06/30/92 375,000 0 0 0 6.0% 441,363 25,003 66,363
09/30/92 375,000 0 0 0 -3.9% 424,139 (17,224) 49,139
12/31/92 375,000 0 0 0 6.5% 451,870 27,731 76,870
03/31/93 375,000 0 0 0 2.7% 463,867 11,997 88,867
06/30/93 375,000 0 0 0 7.7% 499,722 35,855 124,722
09/30/93 375,000 0 0 0 3.2% 515,485 15,763 140,485
12/31/93 1,125,000 750,000 0 750,000 3.9% 1,285,770 20,285 160,770
03/31/94 1,375,000 250,000 0 250,000 -1.2% 1,520,133 (15,637) 145,133
06/30/94 1,475,000 100,000 0 100,000 10.7% 1,783,499 163,366 308,499
09/30/94 1,475,000 0 0 0 5.7% 1,885,655 102,156 410,655
12/31/94 1,475,000 0 0 0 -0.3% 1,880,716 (4,939) 405,716
03/31/95 1,475,000 0 0 0 0.5% 1,889,611 8,895 414,611
06/30/95 1,475,000 0 0 0 1.4% 1,916,525 26,914 441,525
09/30/95 1,475,000 0 0 0 0.9% 1,933,404 16,879 458,404
12/31/95 1,475,000 0 0 0 3.1% 1,993,806 60,402 518,806
03/31/96 1,475,000 0 0 0 3.3% 2,060,000 66,194 585,000
06/30/96 1,475,000 0 0 0 -1.2% 2,035,591 (24,409) 560,591
09/30/96 1,475,000 0 0 0 6.9% 2,176,963 141,372 701,963
12/31/96 1,975,000 500,000 0 500,000 0.6% 2,692,407 15,444 717,407
03/31/97 2,275,000 300,000 0 300,000 9.5% 3,276,715 284,308 1,001,715
06/30/97 2,275,000 0 0 0 -1.6% 3,225,900 (50,815) 950,900
09/30/97 2,275,000 0 0 0 6.5% 3,435,079 209,179 1,160,079
12/31/97 2,275,000 0 0 0 11.9% 3,844,372 409,293 1,569,372
03/31/98 2,275,000 0 0 0 1.0% 3,883,784 39,412 1,608,784
</TABLE>
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
NOTES TO ACCOUNT STATEMENT
MARCH 31, 1998
(UNAUDITED)
NOTE 1 (CONTINUED) - INVESTMENT IN LIMITED PARTNERSHIPS, GENERAL PARTNERSHIPS,
MUTUAL FUNDS, AND LIMITED LIABILITY CORPORATIONS
SPINNAKER TECHNOLOGY FUND L.P.
CAPITAL ACCOUNT VALUE
<TABLE>
<CAPTION>
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ----- ---------- ------------ ---- ------------ --------- -------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
04/01/97 - INITIAL INVESTMENT 1,800,000 1,800,000 0 1,800,000 N/A 1,800,000 0 0
06/30/97 1,800,000 0 0 0 9.4% 1,969,029 169,029 169,029
09/30/97 1,800,000 0 0 0 14.5% 2,253,877 284,848 453,877
12/31/97 1,800,000 0 0 0 -7.6% 2,082,300 (171,577) 282,300
03/31/98 1,800,000 0 0 0 15.1% 2,396,921 314,621 596,921
<CAPTION>
STARK INVESTMENTS, L.P.
CAPITAL ACCOUNT VALUE
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ----- ---------- ------------ ---- ------------ --------- -------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/01/96 - INITIAL INVESTMENT 1,250,000 1,250,000 0 1,250,000 N/A 1,250,000 0 0
03/31/96 1,250,000 0 0 0 7.8% 1,347,025 97,025 97,025
06/30/96 1,650,000 400,000 0 400,000 6.8% 1,856,542 109,517 206,542
09/30/96 2,030,000 380,000 0 380,000 4.5% 2,336,645 100,103 306,645
12/31/96 2,530,000 500,000 0 500,000 5.7% 2,998,886 162,241 468,886
03/31/97 3,420,000 890,000 0 890,000 4.1% 4,046,412 157,526 626,412
06/30/97 3,420,000 0 0 0 6.3% 4,300,315 253,903 880,315
09/30/97 4,620,000 1,200,000 0 1,200,000 7.9% 5,935,555 435,240 1,315,555
12/31/97 4,620,000 0 0 0 0.0% 5,935,357 (198) 1,315,357
03/31/98 3,620,000 (1,000,000) 0 (1,000,000) 5.1% 5,188,095 252,738 1,568,095
</TABLE>
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
NOTES TO ACCOUNT STATEMENT
MARCH 31, 1998
(UNAUDITED)
NOTE 1 (CONTINUED) - INVESTMENT IN LIMITED PARTNERSHIPS, GENERAL
PARTNERSHIPS, MUTUAL FUNDS, AND LIMITED LIABILITY CORPORATIONS
T/A PACIFIC SELECT INVESTMENTS, L.P.
CAPITAL ACCOUNT VALUE
<TABLE>
<CAPTION>
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ----- ---------- ------------ ---- ------------ --------- -------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/01/94 - INITIAL INVESTMENT 1,500,000 1,500,000 0 1,500,000 N/A 1,500,000 0 0
03/31/94 1,500,000 0 0 0 9.0% 1,634,407 134,407 134,407
06/30/94 1,500,000 0 0 0 -4.7% 1,558,260 (76,147) 58,260
09/30/94 1,500,000 0 0 0 -2.4% 1,520,814 (37,446) 20,814
12/31/94 1,500,000 0 0 0 3.4% 1,572,622 51,808 72,622
03/31/95 1,500,000 0 0 0 -13.2% 1,365,294 (207,328) (134,706)
06/30/95 1,500,000 0 0 0 2.5% 1,399,012 33,718 (100,988)
09/30/95 1,500,000 0 0 0 -11.2% 1,242,675 (156,337) (257,325)
12/31/95 1,500,000 0 0 0 -13.4% 1,076,593 (166,082) (423,407)
03/31/96 1,200,000 (300,000) 0 (300,000) 3.2% 801,353 24,760 (398,647)
06/30/96 1,200,000 0 0 0 -7.0% 745,491 (55,862) (454,509)
09/30/96 1,200,000 0 0 0 -7.6% 688,608 (56,883) (511,392)
12/31/96 1,200,000 0 0 0 -19.2% 556,509 (132,099) (643,491)
03/31/97 1,200,000 0 0 0 -14.9% 473,568 (82,941) (726,432)
06/30/97 1,200,000 0 0 0 -8.2% 434,600 (38,968) (765,400)
09/30/97 1,200,000 0 0 0 6.9% 464,742 30,142 (735,258)
12/31/97 1,200,000 0 0 0 -12.5% 406,845 (57,897) (793,155)
03/31/98 1,200,000 0 0 0 -6.4% 380,617 (26,228) (819,383)
TAURUS PARTNERS, L.P.
CAPITAL ACCOUNT VALUE
<CAPTION>
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ----- ---------- ------------ ---- ------------ --------- -------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/01/95 - INITIAL INVESTMENT 1,000,000 1,000,000 0 1,000,000 N/A 1,000,000 0 0
03/31/95 1,000,000 0 0 0 4.5% 1,044,500 44,500 44,500
06/30/95 1,000,000 0 0 0 7.3% 1,120,300 75,800 120,300
09/30/95 1,000,000 0 0 0 3.5% 1,159,000 38,700 159,000
12/31/95 1,000,000 0 0 0 3.0% 1,193,700 34,700 193,700
03/31/96 1,700,000 700,000 0 700,000 2.2% 1,936,119 42,419 236,119
06/30/96 1,700,000 0 0 0 3.7% 2,008,500 72,381 308,500
09/30/96 1,960,000 260,000 0 260,000 3.9% 2,357,840 89,340 397,840
12/31/96 1,960,000 0 0 2.9% 2,427,060 69,220 467,060
03/31/97 1,260,000 (700,000) 0 (700,000) 3.4% 1,786,432 59,372 526,432
06/30/97 1,260,000 0 0 0 4.2% 1,861,406 74,974 601,406
09/30/97 2,160,000 900,000 0 900,000 1.8% 2,810,711 49,305 650,711
12/31/97 2,160,000 0 0 0 8.3% 3,042,922 232,211 882,922
03/31/98 2,160,000 0 0 0 5.3% 3,205,212 162,290 1,045,212
</TABLE>
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
NOTES TO ACCOUNT STATEMENT
MARCH 31, 1998
(UNAUDITED)
NOTE 1 (CONTINUED) - INVESTMENT IN LIMITED PARTNERSHIPS, GENERAL
PARTNERSHIPS, MUTUAL FUNDS, AND LIMITED LIABILITY CORPORATIONS
TYNDALL PARTNERS, L.P.
CAPITAL ACCOUNT VALUE
<TABLE>
<CAPTION>
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ----- ---------- ------------ ---- ------------ --------- -------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/01/94 - INITIAL INVESTMENT 1,000,000 1,000,000 0 1,000,000 N/A 1,000,000 0 0
03/31/94 1,000,000 0 0 0 1.4% 1,014,258 14,258 14,258
06/30/94 1,000,000 0 0 0 5.5% 1,069,726 55,468 69,726
09/30/94 1,000,000 0 0 0 2.4% 1,095,628 25,902 95,628
12/31/94 1,000,000 0 0 0 0.3% 1,098,878 3,250 98,878
03/31/95 1,200,000 200,000 0 200,000 5.1% 1,365,016 66,138 165,016
06/30/95 1,200,000 0 0 0 5.0% 1,433,500 68,484 233,500
09/30/95 1,200,000 0 0 0 6.3% 1,524,200 90,700 324,200
12/31/95 1,200,000 0 0 0 2.9% 1,569,161 44,961 369,161
03/31/96 1,550,000 350,000 0 350,000 0.7% 1,932,800 13,639 382,800
06/30/96 1,550,000 0 0 0 1.6% 1,963,319 30,519 413,319
09/30/96 1,730,000 180,000 0 180,000 3.5% 2,218,800 75,481 488,800
12/31/96 1,730,000 0 0 0 8.6% 2,409,558 190,758 679,558
03/31/97 1,730,000 0 0 0 8.1% 2,604,123 194,565 874,123
06/30/97 1,380,000 (350,000) 0 (350,000) 2.5% 2,311,500 57,377 931,500
09/30/97 1,380,000 0 0 0 15.6% 2,672,300 360,800 1,292,300
12/31/97 1,380,000 0 0 0 3.4% 2,764,144 91,844 1,384,144
03/31/98 2,280,000 900,000 0 900,000 4.8% 3,841,300 177,156 1,561,300
</TABLE>
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
NOTES TO ACCOUNT STATEMENT
MARCH 31, 1998
(UNAUDITED)
NOTE 1 (CONTINUED) - INVESTMENT IN LIMITED PARTNERSHIPS, GENERAL
PARTNERSHIPS, MUTUAL FUNDS, AND LIMITED LIABILITY CORPORATIONS
VALUE REALIZATION FUND, L.P.
CAPITAL ACCOUNT VALUE
<TABLE>
<CAPTION>
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ----- ---------- ------------ ---- ------------ --------- -------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/01/94 - INITIAL INVESTMENT 1,000,000 1,000,000 0 1,000,000 N/A 1,000,000 0 0
03/31/94 1,000,000 0 0 0 0.7% 1,006,858 6,858 6,858
06/30/94 1,000,000 0 0 0 -2.1% 985,444 (21,414) (14,556)
09/30/94 1,175,000 175,000 0 175,000 1.5% 1,177,698 17,254 2,698
12/31/94 825,000 (350,000) 0 (350,000) -3.4% 787,926 (39,772) (37,074)
03/31/95 825,000 0 0 0 4.0% 819,100 31,174 (5,900)
06/30/95 825,000 0 0 0 5.4% 863,558 44,458 38,558
09/30/95 825,000 0 0 0 6.7% 921,180 57,622 96,180
12/31/95 825,000 0 0 0 3.9% 957,015 35,835 132,015
03/31/96 825,000 0 0 0 5.8% 1,012,243 55,228 187,243
06/30/96 825,000 0 0 0 9.2% 1,105,520 93,277 280,520
09/30/96 825,000 0 0 0 3.9% 1,148,423 42,903 323,423
12/31/96 1,325,000 500,000 0 500,000 3.6% 1,707,834 59,411 382,834
03/31/97 1,575,000 250,000 0 250,000 3.9% 2,034,989 77,155 459,989
06/30/97 1,975,000 400,000 0 400,000 5.1% 2,560,133 125,144 585,133
09/30/97 1,975,000 0 0 0 9.5% 2,803,880 243,747 828,880
12/31/97 2,375,000 400,000 0 400,000 1.6% 3,254,609 50,729 879,609
03/31/98 2,375,000 0 0 0 4.8% 3,411,734 157,125 1,036,734
WELLINGTON PARTNERS, L.P.
CAPITAL ACCOUNT VALUE
<CAPTION>
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ----- ---------- ------------ ---- ------------ --------- -------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/01/96 - INITIAL INVESTMENT 1,600,000 1,600,000 0 1,600,000 N/A 1,600,000 0 0
03/31/96 1,600,000 0 0 0 7.1% 1,713,146 113,146 113,146
06/30/96 1,600,000 0 0 0 6.5% 1,824,311 111,165 224,311
09/30/96 1,980,000 380,000 0 380,000 5.2% 2,318,703 114,392 338,703
12/31/96 1,980,000 0 0 0 2.8% 2,383,108 64,405 403,108
03/31/97 3,470,000 1,490,000 0 1,490,000 3.2% 3,996,002 122,894 526,002
06/30/97 3,470,000 0 0 0 5.7% 4,223,863 227,861 753,863
09/30/97 4,670,000 1,200,000 0 1,200,000 6.0% 5,751,762 327,899 1,081,762
12/31/97 4,670,000 0 0 0 10.8% 6,375,575 623,813 1,705,575
03/31/98 4,870,000 200,000 0 200,000 6.6% 7,012,234 436,659 2,142,234
</TABLE>
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
NOTES TO ACCOUNT STATEMENT
MARCH 31, 1998
(UNAUDITED)
NOTE 1 (CONTINUED) - INVESTMENT IN LIMITED PARTNERSHIPS, GENERAL
PARTNERSHIPS, MUTUAL FUNDS, AND LIMITED LIABILITY CORPORATIONS
WESTCLIFF LONG/SHORT SA, L.P.
CAPITAL ACCOUNT VALUE
<TABLE>
<CAPTION>
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ----- ---------- ------------ ---- ------------ --------- -------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/02/98 - INITIAL INVESTMENT 2,400,000 0 0 0 N/A 2,400,000 0 0
03/31/98 2,400,000 0 0 0 -1.5% 2,363,705 (36,295) (36,295)
WINSTON PARTNERS II ONSHORE LLC
CAPITAL ACCOUNT VALUE
<CAPTION>
NET
NET CURRENT CURRENT CURRENT QUARTERLY CUMULATIVE
CUMULATIVE INVESTMENT INVESTMENT QUARTERLY TOTAL NET NET
DATE INVESTMENT (WITHDRAWAL) LOAD (WITHDRAWAL) RETURN VALUE PERFORMANCE PERFORMANCE
- ----- ---------- ------------ ---- ------------ --------- -------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/96 - INITIAL INVESTMENT 600,000 600,000 0 600,000 N/A 600,000 0 0
06/30/96 600,000 0 0 0 1.2% 607,002 7,002 7,002
09/30/96 600,000 0 0 0 3.9% 630,588 23,586 30,588
12/31/96 600,000 0 0 0 0.5% 633,720 3,132 33,720
03/31/97 600,000 0 0 0 -2.9% 615,134 (18,586) 15,134
06/30/97 600,000 0 0 0 9.0% 670,482 55,348 70,482
09/30/97 600,000 0 0 0 13.9% 763,684 93,202 163,684
12/31/97 600,000 0 0 0 -4.0% 733,303 (30,381) 133,303
03/31/98 600,000 0 0 0 9.6% 803,585 70,282 203,585
</TABLE>
<PAGE>
COMPASS STRATEGIC INVESTMENTS FUND
NOTES TO ACCOUNT STATEMENT
MARCH 31, 1998
(UNAUDITED)
NOTE 2 - RECONCILIATION OF NET ASSET VALUE
(INCLUDING HISTORICAL QUARTERLY RATES OF RETURN TO GENERAL PARTNERS)
<TABLE>
<CAPTION>
QUARTERLY
RATE OF
BEGINNING ENDING RETURN TO NO. OF NET ASSET
NET ASSET CAPITAL CAPITAL NET NET ASSET GENERAL OUTSTANDING VALUE
PERIOD ENDING VALUE (1) ADDITIONS (2) WITHDRAWALS PERFORMANCE (3) VALUE (4) PARTNERS (5) UNITS PER UNIT
- ------------- --------- ------------- ----------- --------------- --------- ------------ ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9/30/90 (INCEPTION) 0 1,020,000 0 0 1,020,000 N/A 10.2000 100,000.00
12/31/90 1,020,000 435,000 0 15,725 1,470,725 1.5% 14.4840 101,541.71
03/31/91 1,470,725 0 0 56,659 1,527,384 3.9% 14.4840 105,453.52
06/30/91 1,527,384 4,359,199 0 18,733 5,905,316 1.2% 55.3207 106,746.92
09/30/91 5,905,316 0 388 17,818 5,922,746 0.3% 55.3171 107,068.99
12/31/91 5,922,746 0 0 -48,104 5,874,642 -0.8% 55.3171 106,908.93
03/31/92 5,874,642 145,301 877,225 256,725 5,399,443 5.0% 48.4709 112,205.42
06/30/92 5,399,443 0 906 191,338 5,589,875 3.5% 48.4628 116,153.57
09/30/92 5,589,875 2,919,000 915 85,362 8,593,322 1.0% 73.5854 117,313.61
12/31/92 8,593,322 0 153 91,247 8,684,416 1.1% 73.5841 118,020.25
03/31/93 8,684,416 3,303,342 218,101 753,758 12,523,415 6.4% 99.7257 125,578.56
06/30/93 12,523,415 0 1,172 680,457 13,202,700 5.4% 99.7164 132,402.48
09/30/93 13,202,700 6,373,443 370,781 724,188 19,929,550 3.8% 145.0529 137,395.06
12/31/93 19,929,550 0 41,484 1,338,385 21,226,451 6.7% 144.7510 146,641.18
03/31/94 21,226,451 9,655,358 565,128 -789,209 29,527,472 -2.6% 206.7406 142,823.79
06/30/94 29,527,472 0 0 -166,999 29,360,473 -0.6% 206.7406 142,016.02
09/30/94 29,360,473 1,890,860 0 600,130 31,851,463 1.9% 220.0550 144,743.20
12/31/94 31,851,463 0 0 -806,235 31,045,228 -2.5% 220.0550 141,079.42
03/31/95 31,045,228 1,819,868 3,230,508 -88,030 29,546,558 -0.3% 210.0561 140,660.34
06/30/95 29,546,558 0 0 1,352,942 30,899,500 4.6% 210.0561 147,101.20
09/30/95 30,899,500 289,895 0 1,909,877 33,099,272 6.1% 212.0268 156,108.91
12/31/95 33,099,272 0 0 1,191,864 34,291,136 3.6% 212.0268 161,730.20
03/31/96 34,291,136 1,556,573 2,858,824 1,815,347 34,804,232 5.5% 203.9748 170,630.06
06/30/96 34,804,232 0 0 1,815,308 36,619,540 5.2% 203.9748 179,529.72
09/30/96 36,619,540 3,236,233 0 1,590,347 41,446,120 4.0% 222.0010 186,693.40
12/31/96 41,446,120 3,818,013 0 2,524,700 47,788,833 5.6% 242.4517 197,106.61
03/31/97 47,788,833 3,787,400 1,162,304 2,268,508 52,682,437 4.5% 255.7699 205,975.91
06/30/97 52,682,437 304,000 0 1,815,885 54,802,322 3.4% 257.2458 213,034.86
09/30/97 54,802,322 7,167,000 70,000 4,780,587 66,679,909 7.7% 290.5596 229,487.90
12/31/97 66,679,909 1,669,000 0 3,372,354 71,721,263 4.9% 297.8323 240,810.90
03/31/98 71,721,263 10,696,228 2,397,208 5,179,636 85,199,919 6.5% 332.2951 256,398.35
</TABLE>
NOTES TO TABLE
1. BEGINNING NET ASSET VALUE FOR A PERIOD REPRESENTS THE PREVIOUS
PERIODS' ENDING NET ASSET VALUE.
2. CAPITAL ADDITIONS REPRESENT ADDITIONAL CAPITAL CONTRIBUTED BY
NEW PARTNERS OR EXISTING PARTNERS.
3. NET PERFORMANCE REPRESENTS THE APPRECIATION (DEPRECIATION) IN
NET ASSETS DURING THE PERIOD.
4. ENDING NET ASSET VALUE REPRESENTS THE SUM OF BEGINNING NET
ASSET VALUE PLUS NET PERFORMANCE AND CAPITAL ADDITIONS LESS
CAPITAL WITHDRAWALS.
5. QUARTERLY RATE OF RETURN TO GENERAL PARTNERS REPRESENTS THE
PERCENTAGE CHANGE IN NET ASSET UNIT VALUE.
PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
<PAGE>
BIOTECHNOLOGY VALUE FUND, L.P.
STATEMENT OF CHANGES IN CAPITAL ACCOUNT
REGULAR CAPITAL ONLY
FOR THE MONTH ENDED JANUARY 31, 1998
(ESTIMATED AND UNAUDITED)
COMPASS STRATEGIC INVESTMENTS FUND
<TABLE>
<S> <C>
Balance at Beginning of the Month $2,015,001
Capital Contributions During the Month 0
Transfers from Designated Subaccounts During the Month 0
Transfers to Designated Subaccounts During the Month (23,812)
Capital Withdrawals During the Month 0
Net Income/(Loss) During the Month (98,944)
Change in Profit Allocation to the General Partner 19,789
----------
Balance at End of the Month $1,912,033
----------
----------
Net Rate of Return for the Month -4.0%
Net Rate of Return for the Quarter -4.0%
Net Rate of Return for Year to Date -4.0%
Cumulative Net Rate of Return since Initial Investment 13.8%
</TABLE>
(1) The returns exclude gains and losses from, and capital allocated to,
"designated" investments.
(2) Regular Capital is marked to market and includes realized and unrealized
gains and losses.
<PAGE>
BIOTECHNOLOGY VALUE FUND, L.P.
STATEMENT OF CHANGES IN CAPITAL ACCOUNT
REGULAR CAPITAL ONLY
FOR THE MONTH ENDED FEBRUARY 28, 1998
(ESTIMATED AND UNAUDITED)
COMPASS STRATEGIC INVESTMENTS FUND
<TABLE>
<S> <C>
Balance at Beginning of the Month $1,912,025
Capital Contributions During the Month 0
Transfers from Designated Subaccounts During the Month 0
Transfers to Designated Subaccounts During the Month 0
Capital Withdrawals During the Month 0
Net Income/(Loss) During the Month 63,373
Change in Profit Allocation to the General Partner (12,675)
----------
Balance at End of the Month $1,962,724
----------
----------
Net Rate of Return for the Month 2.7%
Net Rate of Return for the Quarter -1.4%
Net Rate of Return for Year to Date -1.4%
Cumulative Net Rate of Return since Initial Investment 16.8%
</TABLE>
(1) The returns exclude gains and losses from, and capital allocated to,
"designated" investments.
(2) Regular Capital is marked to market and includes realized and unrealized
gains and losses.
<PAGE>
BIOTECHNOLOGY VALUE FUND, L.P.
STATEMENT OF CHANGES IN CAPITAL ACCOUNT
REGULAR CAPITAL ONLY
FOR THE MONTH ENDED MARCH 31, 1998
(ESTIMATED AND UNAUDITED)
COMPASS STRATEGIC INVESTMENTS FUND
<TABLE>
<S> <C>
Balance at Beginning of the Month $1,962,707
Capital Contributions During the Month 0
Transfers from Designated Subaccounts During the Month 0
Transfers to Designated Subaccounts During the Month 0
Capital Withdrawals During the Month 0
Net Income/(Loss) During the Month (104,659)
Change in Profit Allocation to the General Partner 12,684
----------
Balance at End of the Month $1,870,732
----------
----------
Net Rate of Return for the Month -4.7%
Net Rate of Return for the Quarter -6.0%
Net Rate of Return for Year to Date -6.0%
Cumulative Net Rate of Return since Initial Investment 11.4%
</TABLE>
(1) The returns exclude gains and losses from, and capital allocated to,
"designated" investments.
(2) Regular Capital is marked to market and includes realized and unrealized
gains and losses.
<PAGE>
KINGDON CAPITAL MANAGEMENT CORP.
30-Jan-98
--------------------------------
<TABLE>
<CAPTION>
KINGDON ASSOCIATES MONTH YTD
- ------------------ ----- -------
<S> <C> <C>
GROSS 0.7% 0.7%
NET (EX 20%) 0.6% 0.6%
KINGDON PARTNERS
- ------------------
GROSS 0.5% 0.5%
NET (EX 20%) 0.4% 0.4%
KINGDON FAMILY
- ------------------
GROSS 1.1% 1.1%
NET (EX 20%) 0.9% 0.9%
OFFSHORE NAV
- ------------------
"A" SHARES $35.81
GROSS 0.7% 39.4%
NET (EX 20%) 0.6% 31.5%
"B" SHARES $34.09
GROSS 0.7% 37.2%
NET (EX 20%) 29.8%
S&P 500 (INC. DVDS.) 1.0% 1.0%
- --------------------
<CAPTION>
EXPOSURE ANALYSIS (AT MONTH END) LONG SHORT NET
- -------------------------------- ----- ----- -----
<S> <C> <C> <C>
US EQUITIES 40.2% 8.2% 32.0%
FOREIGN EQUITIES 31.5% 5.6% 25.9%
US BONDS 0.0% 0.0% 0.0%
FOREIGN BONDS 0.1% 13.3% -13.2%
CURRENCIES 3.9% 0.1% 3.8%
METALS 2.5% 1.5% 1.0%
----- ----- -----
EXPOSURE 78.2% 28.7% 49.5%
----- ----- -----
----- ----- -----
0.0% 0.0% 0.0%
</TABLE>
<PAGE>
KINGDON CAPITAL MANAGEMENT CORP.
28-Feb-98
--------------------------------
<TABLE>
<CAPTION>
KINGDON ASSOCIATES MONTH YTD
- ------------------ ----- -------
<S> <C> <C>
GROSS 6.1% 6.9%
NET (EX 20%) 4.9% 5.5%
KINGDON PARTNERS
- ------------------
GROSS 5.7% 6.3%
NET (EX 20%) 4.6% 5.0%
KINGDON FAMILY
- ------------------
GROSS 5.9% 7.1%
NET (EX 20%) 4.7% 5.7%
OFFSHORE NAV
- ------------------
"A" SHARES $37.48
GROSS 5.8% 6.6%
NET (EX 20%) 4.6% 5.3%
"B" SHARES $35.62
GROSS 5.6% 6.3%
NET (EX 20%) 5.1%
S&P 500 (INC. DVDS.) 7.2% 8.4%
- --------------------
<CAPTION>
EXPOSURE ANALYSIS (AT MONTH END) LONG SHORT NET
- -------------------------------- ----- ----- -----
<S> <C> <C> <C>
US EQUITIES 48.7% 9.3% 39.4%
FOREIGN EQUITIES 29.8% 7.1% 22.7%
US BONDS 0.0% 0.0% 0.0%
FOREIGN BONDS 2.0% 7.3% -5.3%
CURRENCIES 1.4% 0.4% 1.0%
METALS 1.7% 0.5% 1.2%
----- ----- -----
EXPOSURE 83.6% 24.6% 59.0%
----- ----- -----
----- ----- -----
0.0% 0.0% 0.0%
</TABLE>
<PAGE>
KINGDON CAPITAL MANAGEMENT CORP.
31-Mar-98
--------------------------------
<TABLE>
<CAPTION>
KINGDON ASSOCIATES MONTH YTD
- ------------------ ----- -------
<S> <C> <C>
GROSS 5.9% 13.2%
NET (EX 20%) 4.7% 10.5%
KINGDON PARTNERS
- ------------------
GROSS 6.3% 12.9%
NET (EX 20%) 5.0% 10.4%
KINGDON FAMILY
- ------------------
GROSS 5.4% 12.7%
NET (EX 20%) 4.3% 10.2%
OFFSHORE NAV
- ------------------
"A" SHARES $39.16
GROSS 5.8% 12.5%
NET (EX 20%) 4.6% 10.0%
"B" SHARES $37.16
GROSS 5.8% 12.0%
NET (EX 20%) 4.5% 9.6%
S&P 500 (INC. DVDS.) 5.1% 13.9%
- --------------------
<CAPTION>
EXPOSURE ANALYSIS (AT MONTH END) LONG SHORT NET
- -------------------------------- ----- ----- -----
<S> <C> <C> <C>
US EQUITIES 52.9% 18.3% 34.6%
FOREIGN EQUITIES 29.8% 6.2% 23.6%
US BONDS 0.0% 0.0% 0.0%
FOREIGN BONDS 1.3% 3.9% -2.6%
CURRENCIES 0.4% 2.6% -2.2%
METALS 2.9% 0.1% 2.8%
----- ----- -----
EXPOSURE 87.3% 31.1% 56.2%
----- ----- -----
----- ----- -----
0.0% 0.0% 0.0%
</TABLE>
<PAGE>
LONG-TERM CAPITAL PARTNERS, L.P.
UNAUDITED MONTHLY STATEMENT OF PARTNER'S CAPITAL
JANUARY 31, 1998
Income Arbitrage Partners
c/o McKinsey & Company, Inc.
485 Madison Avenue
New York, NY 10022, U.S.A.
Jimmy Chiu
<TABLE>
<CAPTION>
Month Year-to-Date
----------- ------------
<S> <C> <C>
Opening Balance - Capital Account $22,342,000 $22,342,000
Net Additional Contribution (Withdrawal) $0 $0
Performance and Other Increase (Decrease)
in Partner Capital ($392,596) ($392,596)
less: Contingent General Partner Allocation $0 $0
----------- -----------
Closing Balance - Capital Account as of
January 31, 1998 $21,949,404 $21,949,404
----------- -----------
----------- -----------
- ------------------------------------------------------------------------------
Generic Investor Performance Results
(Net of Fees)
Performance % Increase (Decrease)
of $1 -1.76% -1.76%
----------- -----------
----------- -----------
Index of $1 Invested on February 24, 1994 $2.77
-----------
-----------
</TABLE>
The above performance results include charges for management fees and
incentive fees or general partner allocation for a generic investment made on
February 24, 1994. However, individual investor results may vary due to
investors closing on different dates and because the results do not include
various adjustments and items of income or expense that are specific to an
Investment Vehicle or an individual investor.
- ------------------------------------------------------------------------------
Please contact Amod Kumar of MeesPierson Trust (Curacao) N.V. at
(599-9) 4 639384 with any questions regarding this statement
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
<PAGE>
LONG-TERM CAPITAL PARTNERS, L.P.
UNAUDITED MONTHLY STATEMENT OF PARTNER'S CAPITAL
FEBRUARY 28, 1998
Income Arbitrage Partners
c/o McKinsey & Company, Inc.
485 Madison Avenue
New York, NY 10022, U.S.A.
Jimmy Chiu
<TABLE>
<CAPTION>
Month Year-to-Date
----------- ------------
<S> <C> <C>
Opening Balance - Capital Account $21,949,404 $22,342,000
Net Additional Contribution (Withdrawal) $0 $0
Performance and Other Increase (Decrease)
in Partner Capital $272,985 ($119,611)
less: Contingent General Partner Allocation $0 $0
----------- -----------
Closing Balance - Capital Account as of
February 28, 1998 $22,222,389 $22,222,389
----------- -----------
----------- -----------
- ------------------------------------------------------------------------------
Generic Investor Performance Results
(Net of Fees)
Performance % Increase (Decrease)
of $1 1.24% -0.53%
----------- -----------
----------- -----------
Index of $1 Invested on February 24, 1994 $2.81
-----------
-----------
</TABLE>
The above performance results include charges for management fees and
incentive fees or general partner allocation for a generic investment
made on February 24, 1994. However, individual investor results may vary
due to investors closing on different dates and because these results do not
include various adjustments and items of income or expense that are specific
to an Investment Vehicle or an individual investor.
- ------------------------------------------------------------------------------
Please contact Amod Kumar of MeesPierson Trust (Curacao) N.V. at
(599-9) 4 639384 with any questions regarding this statement
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
<PAGE>
LONG-TERM CAPITAL PARTNERS, L.P.
UNAUDITED MONTHLY STATEMENT OF PARTNER'S CAPITAL
MARCH 31,1998
Income Arbitrage Partners - LP #26
c/o Paul Harris Management, Inc.
Park Avenue Plaza
55 East 52nd Street
New York, NY 10022
Attn: Mr. Richard H. Moskowitz
<TABLE>
<CAPTION>
Month Year-to-Date
----------- ------------
<S> <C> <C>
Opening Balance - Capital Account $22,222,389 $22,342,000
Net Additional Contribution (Withdrawal) $0 $0
Performance and Other Increase (Decrease)
in Partner Capital ($65,879) ($185,490)
less: Contingent General Partner Allocation $0 $0
----------- -----------
Closing Balance - Capital Account as of
March 31, 1998 $22,156,510 $22,156,510
----------- -----------
----------- -----------
- ------------------------------------------------------------------------------
Generic Investor Performance Results
(Net of Fees)
Performance % Increase (Decrease)
of $1 -0.30% -0.83%
----------- -----------
----------- -----------
Index of $1 Invested on February 24, 1994 $2.80
-----------
-----------
</TABLE>
The above performance results include charges for management fees and
incentive fees or general partner allocation for a generic investment made on
February 24, 1994. However, individual investor results may vary due to
investors closing on different dates and because these results do not include
various adjustments and items of income or expense that are specific to an
Investment Vehicle or an individual investor.
- ------------------------------------------------------------------------------
Please contact Amod Kumar of MeesPierson Trust (Curacao) N.V. at
(599-9) 4 639384 with any questions regarding this statement
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
<PAGE>
---------------------------
EAGLE TRADING SYSTEMS, INC.
---------------------------
EAGLE GLOBAL L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
MONTH ENDED JANUARY 31, 1998
PARTNERSHIP INFORMATION
- -----------------------
Partner's Capital, January 1, 1998 $ 9,384,080
Capital Contributions $ 4,018,108
Redemptions $ (1,000,000)
Net Income $ 825,781
Partner's Capital, January 31, 1998 $ 13,227,969
INVESTOR INFORMATION:
- ---------------------
COMPASS STRATEGIC FUND TODD TIBBETTS
Your capital balance at January 31, 1998 $ 639,950
I affirm that, to the best of my knowledge and belief, the information
contained in this account statement of Eagle Global L.P. for the month ended
January 31, 1998 is accurate and complete.
/s/ Menachem Sternberg
----------------------
Menachem Sternberg
Chief Executive Officer
Eagle Trading Systems, Inc.
General Partner
701 MOUNT LUCAS ROAD, PRINCETON, NEW JERSEY 08540
TELEPHONE 609-497-5810 - FAX 609-497-5813
<PAGE>
---------------------------
EAGLE TRADING SYSTEMS, INC.
---------------------------
EAGLE GLOBAL L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
MONTH ENDED FEBRUARY 28, 1998
PARTNERSHIP INFORMATION
- -----------------------
Partner's Capital, February 1, 1998 $ 13,227,969
Capital Contributions $ --
Redemptions $ --
Net Income $ (13,108)
Partner's Capital, February 28, 1998 $ 13,214,861
INVESTOR INFORMATION:
- ---------------------
COMPASS STRATEGIC FUND TODD TIBBETTS
Your capital balance at February 28, 1998 $ 639,316
I affirm that, to the best of my knowledge and belief, the information
contained in this account statement of Eagle Global L.P. for the month ended
February 28, 1998 is accurate and complete.
/s/ Menachem Sternberg
----------------------
Menachem Sternberg
Chief Executive Officer
Eagle Trading Systems, Inc.
General Partner
701 MOUNT LUCAS ROAD, PRINCETON, NEW JERSEY 08540
TELEPHONE 609-497-5810 - FAX 609-497-5813
<PAGE>
---------------------------
EAGLE TRADING SYSTEMS, INC.
---------------------------
EAGLE GLOBAL L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
MONTH ENDED MARCH 31, 1998
PARTNERSHIP INFORMATION
- -----------------------
Partner's Capital, March 1, 1998 $ 13,222,347
Capital Contributions $ --
Redemptions $ --
Net Income $ 488,641
Partner's Capital, March 31, 1998 $ 13,710,988
INVESTOR INFORMATION:
- ---------------------
COMPASS STRATEGIC FUND TODD TIBBETTS
Your capital balance at March 31, 1998 $ 663,318
I affirm that, to the best of my knowledge and belief, the information
contained in this account statement of Eagle Global L.P. for the month ended
March 31, 1998 is accurate and complete.
/s/ Menachem Sternberg
----------------------
Menachem Sternberg
Chief Executive Officer
Eagle Trading Systems, Inc.
General Partner
701 MOUNT LUCAS ROAD, PRINCETON, NEW JERSEY 08540
TELEPHONE 609-497-5810 - FAX 609-497-5813
<PAGE>
EAGLE FX LTD.
Postal Address P.O. Box HM 951, Hamilton HM DX, Bermuda
F A C S I M I L E
Sender's name: Sara Churley
Message for: Kevin Droutman
Compass Strategic Investment Fund
Facsimile No.: 1 212 980 1066
No. of page(s): One
Date: 13 February, 1998
Dear Mr. Droutman
Please note the details of your investment in Eagle FX Ltd. as of 31 January,
1998.
Number of Shares 54.9658
Net Asset Value Per Share $10,634.6281
Total Investment $584,540.84
Regards,
/s/ Sara Churley
Sara Churley
<PAGE>
EAGLE FX LTD.
Postal Address P.O. Box HM 951, Hamilton HM DX, Bermuda
F A C S I M I L E
Sender's name: Sara Churley
Message for: Kevin Droutman
Compass Strategic Investment Fund
Facsimile No.: 1 212 980 1066
No. of page(s): One
Date: 17 March, 1998
Dear Mr. Droutman
Please note the details of your investment in Eagle FX Ltd. as of 28 February,
1998.
Number of Shares 54.9658
Net Asset Value Per Share $10,654.8813
Total Investment $585,654.07
Regards,
/s/ Sara Churley
Sara Churley
<PAGE>
EAGLE FX LTD.
Postal Address P.O. Box HM 951, Hamilton HM DX, Bermuda
F A C S I M I L E
Sender's name: Sara Churley
Message for: Kevin Droutman
Compass Strategic Investment Fund
Facsimile No.: 1 212 980 1066
No. of page(s): Two
Date: 15 April, 1998
Dear Mr. Droutman
Please note the details of your investment in Eagle FX Ltd. as of 31 March,
1998.
Number of Shares 54.9658
Net Asset Value Per Share $10,535.3109
Total Investment $579,081.79
Please find attached the performance overview for the quarter ended 31 March,
1998 for the company.
Regards,
/s/ Sara Churley
Sara Churley
<PAGE>
GROSSMAN CURRENCY FUND, LP
LIMITED PARTNER REPORT
COMPASS STRATEGIC INVESTMENTS FUND
JANUARY, 1998
<TABLE>
<S> <C>
Starting Limited Partner Capital: $0
Subscriptions $1,200,000
Redemptions $0
Income Trading Profit/(Loss) $10,838
Accrued Interest $4,785
Expenses Management Fees $2,612
General Partner Fees $234
General Partner Profit Share Accrual $3,125
Fund Expenses $16
Ending Limited Partner Capital: $1,209,637
----------
----------
Limited Partner Net Rate of Return: 0.80%
----------
----------
</TABLE>
<PAGE>
GROSSMAN CURRENCY FUND, LP
LIMITED PARTNER REPORT
COMPASS STRATEGIC INVESTMENTS FUND
FEBRUARY, 1998
<TABLE>
<S> <C>
Starting Limited Partner Capital: $1,209,637
Subscriptions $0
Redemptions $0
Income Trading Profit/(Loss) ($42,338)
Accrued Interest $4,954
Expenses Management Fees $2,806
General Partner Fees $252
General Partner Profit Share Accrual ($3,125)
Fund Expenses $15
Ending Limited Partner Capital: $1,172,305
----------
----------
Limited Partner Net Rate of Return: -3.09%
----------
----------
</TABLE>
<PAGE>
GROSSMAN CURRENCY FUND, LP
LIMITED PARTNER REPORT
COMPASS STRATEGIC INVESTMENTS FUND
MARCH, 1998
<TABLE>
<S> <C>
Starting Limited Partner Capital: $1,172,305
Subscriptions $0
Redemptions $0
Income Trading Profit/(Loss) $112,092
Accrued Interest $5,659
Expenses Management Fees $2,752
General Partner Fees $244
General Partner Profit Share Accrual $19,198
Fund Expenses $24
Ending Limited Partner Capital: $1,267,839
----------
----------
Limited Partner Net Rate of Return: 8.15%
----------
----------
</TABLE>
<PAGE>
SANGAMON PARTNERS, L.P.
UNAUDITED INVESTOR OWNERSHIP DETAIL
FOR THE CALENDAR MONTH OF JANUARY, 1998
(PREPARED FROM BOOKS WITHOUT AUDIT)
MR. RICHARD MOSKOWITZ RE. COMPASS FUND Account Code COM
C/O MCKINSEY & COMPANY, INC.
55 EAST 52ND STREET 23RD FLOOR
NEW YORK, NY 10022
* * STATEMENT OF INCOME (LOSS) * *
<TABLE>
<CAPTION>
JANUARY
<S> <C>
NET TRADING INCOME (LOSS):
REALIZED TRADING GAIN (LOSS) (28,228.21)
CHANGE IN UNREALIZED GAIN (LOSS) 123,032.55
BROKERS' COMMISSION (5,149.73)
CHANGE IN ACCRUED COMMISSIONS (1,283.44)
NATIONAL FUTURES ASSN. FEES (113.46)
NET TRADING INCOME (LOSS) 88,257.71
OTHER INCOME:
BANK & BROKER INTEREST RECEIVED 9,094.21
CHANGE IN ACCRUED INTEREST 8,084.09
DIVIDENDS RECEIVED 49.00
NET INCOME (LOSS) BEFORE EXPENSES 105,485.02
EXPENSES INCURRED OR ACCRUED:
ADMINISTRATIVE FEE 785.74
MANAGEMENT FEE 9,872.68
GENERAL PARTNER'S PROFIT ALLOCATION 19,416.70
NET EXPENSES 30,075.12
INCOME (LOSS) FOR THE PERIOD 75,409.90
</TABLE>
* * STATEMENT OF CHANGES IN NET ASSET VALUE (N.A.V.) * *
<TABLE>
<S> <C>
N.A.V., BEGINNING OF PERIOD 3,844,372.03
YOUR ADDITIONS 0.00
YOUR REDEMPTIONS 0.00
NET INCOME (LOSS) FOR THE PERIOD 75,409.90
N.A.V., END OF PERIOD 3,919,781.93
</TABLE>
Note: allocation of gains and losses to each individual can result
in $0.01 differences for this report.
This statement is accurate and complete to the best of my knowledge
Pool Operator for SANGAMON PARTNERS, L.P.
<PAGE>
SANGAMON PARTNERS, L.P.
UNAUDITED INVESTOR OWNERSHIP DETAIL
FOR THE CALENDAR MONTH OF FEBRUARY, 1998
(PREPARED FROM BOOKS WITHOUT AUDIT)
MR. RICHARD MOSKOWITZ RE: COMPASS FUND Account Code COM
C/O MCKINSEY & COMPANY, INC.
55 EAST 52ND STREET 23RD FLOOR
NEW YORK, NY 10022
* * STATEMENT OF INCOME (LOSS) * *
<TABLE>
<CAPTION>
FEBRUARY
<S> <C>
NET TRADING INCOME (LOSS):
REALIZED TRADING GAIN (LOSS) 25,564.26
CHANGE IN UNREALIZED GAIN (LOSS) (122,220.11)
BROKERS' COMMISSION (5,895.65)
CHANGE IN ACCRUED COMMISSIONS 1,278.31
NATIONAL FUTURES ASSN. FEES (120.87)
NET TRADING INCOME (LOSS) (101,394.06)
OTHER INCOME:
BANK & BROKER INTEREST RECEIVED 4,697.58
T-BILL INTEREST RECEIVED 2,530.22
CHANGE IN ACCRUED INTEREST 8,392.55
DIVIDENDS RECEIVED 37.08
NET INCOME (LOSS) BEFORE EXPENSES (85,736.62)
EXPENSES INCURRED OR ACCRUED:
ADMINISTRATIVE FEE 782.88
MANAGEMENT FEE 9,631.70
GENERAL PARTNER'S PROFIT ALLOCATION (19,416.70)
NET EXPENSES (9,002.12)
NET INCOME (LOSS) FOR THE PERIOD (76,734.50)
</TABLE>
* * STATEMENT OF CHANGES IN NET ASSET VALUE (N.A.V.) * *
<TABLE>
<S> <C>
N.A.V., BEGINNING OF PERIOD 3,919,781.93
YOUR ADDITIONS 0.00
YOUR REDEMPTIONS 0.00
NET INCOME (LOSS) FOR THE PERIOD (76,734.50)
N.A.V., END OF PERIOD 3,843,047.43
</TABLE>
Note: allocation of gains and losses to each individual can result
in $0.01 differences for this report.
This statement is accurate and complete to the best of my knowledge
Pool Operator for SANGAMON PARTNERS, L.P.
<PAGE>
SANGAMON PARTNERS, L.P.
UNAUDITED INVESTOR OWNERSHIP DETAIL
FOR THE CALENDAR MONTH OF MARCH, 1998
(PREPARED FROM BOOKS WITHOUT AUDIT)
COMPASS FUND ATTN: RICHARD MOSKOWITZ Account Code COM
C/O MCKINSEY & COMPANY, INC.
55 EAST 52ND STREET 23RD FLOOR
NEW YORK, NY 10022
* * STATEMENT OF INCOME (LOSS) * *
<TABLE>
<CAPTION>
MARCH
<S> <C>
NET TRADING INCOME (LOSS):
REALIZED TRADING GAIN (LOSS) 43,970.15
CHANGE IN UNREALIZED GAIN (LOSS) (318.91)
BROKERS' COMMISSION (2,536.30)
NATIONAL FUTURES ASSN. FEES (116.51)
NET TRADING INCOME (LOSS) (40,998.43)
OTHER INCOME:
BANK & BROKER INTEREST RECEIVED 5,226.13
T-BILL INTEREST RECEIVED 5,982.99
CHANGE IN ACCRUED INTEREST 6,013.66
DIVIDENDS RECEIVED 13.41
NET INCOME (LOSS) BEFORE EXPENSES 58,234.63
EXPENSES INCURRED OR ACCRUED:
ADMINISTRATIVE FEE 1,409.67
MANAGEMENT FEE 9,749.68
GENERAL PARTNER'S PROFIT ALLOCATION 6,129.65
NET EXPENSES 17,289.01
NET INCOME (LOSS) FOR THE PERIOD 40,945.62
</TABLE>
* * STATEMENT OF CHANGES IN NET ASSET VALUE (N.A.V.) * *
<TABLE>
<S> <C>
N.A.V., BEGINNING OF PERIOD 3,843,047.43
YOUR ADDITIONS 0.00
YOUR REDEMPTIONS 0.00
NET INCOME (LOSS) FOR THE PERIOD 40,945.62
N.A.V., END OF PERIOD 3,883,993.05
</TABLE>
Note: allocation of gains and losses to each individual can result
in $0.01 differences for this report.
This statement is accurate and complete to the best of my knowledge
Pool Operator for SANGAMON PARTNERS, L.P.
<PAGE>
A/A DOUBLE ALPHA GROUP, INC. 212-698-0595
40 WEST 57TH STREET, SUITE 1500 212-698-0534 FAX
NEW YORK, NY 10019-4001
<TABLE>
<CAPTION>
PERFORMANCE TABLE BENCHMARKS
Monthly Cumulative S&P 500 Index
YEAR Returns % Returns % w/dividends
----
<S> <C> <C> <C> <C>
Fletcher Asset Management
1992 18.69% 3.80%
1993 47.78% 9.47%
Double Alpha Partners, L.P.
1994 34.68% 0.22%
1995 36.22% 36.14%
1996 52.60% 21.95%
1997 20.01% 27.38%
1998 January -0.20%
February 3.58%
March 4.10%
April -2.99% 4.39%
Estimate May -0.20%
June
July
August
September
October
November
December
</TABLE>
NOTE: Performance numbers are reported Net of Fees
RETURNS ARE BASED ON PAST RESULTS AND ARE
NOT AN INDICATION OF FUTURE PERFORMANCE.
<PAGE>
TYNDALL PARTNERS, L.P.
500 Park Avenue, Suite 510
New York, New York 10022
-------------
Tel. (212)378-0886 * Fax (212)644-4482
TO: Cathy Henvey
Fax #980-1066
FROM: Kathy Rock
RE: Compass Strategic Investments
Monthly Performance Estimate on Tyndall Partners, L.P.
DATE: February 4, 1998
Estimated Net Performance:
January 1998: 0.2%
Quarter-to-date: 0.2%
Year-to-date: 0.2%
January 31, 1998 estimated capital account balance: $3,670,000
<PAGE>
TYNDALL PARTNERS, L.P.
500 Park Avenue, Suite 510
New York, New York 10022
-------------
Tel. (212)378-0886 * Fax (212)644-4482
TO: Cathy Henvey
Fax #980-1066
FROM: Kathy Rock
RE: Compass Strategic Investments
Monthly Performance Estimate on Tyndall Partners, L.P.
DATE: March 3, 1998
Estimated Net Performance:
February 1998: 2.7%
Quarter-to-date: 2.9%
Year-to-date: 2.9%
February 28, 1998 estimated capital account balance: $3,770,600
<PAGE>
TYNDALL PARTNERS, L.P.
500 Park Avenue, Suite 510
New York, New York 10022
-------------
Tel. (212) 378-0886-Fax (212) 644-4482
TO: Cathy Henvey
Fax # 980-1066
FROM: Kathy Rock
RE: Compass Strategic Investments
Monthly Performance Estimate on Tyndall Partners, L.P.
DATE: April 3, 1998
Estimated Net Performance:
March 1998: 1.8%
Quarter-to-date: 4.8%
Year-to-date: 4.8%
March 31, 1998 estimated capital account balance: $33,841,300
<PAGE>
CITADEL
INVESTMENT GROUP, L.L.C.
February 25, 1998
Ms. Betty Kreutzer
c/o Compass Strategic Investments Fund
McKinsey & Company, Inc.
55 E. 52nd Street, 23rd Floor
New York, NY 10022
Dear Ms. Kreutzer:
Your return from Wellington Partners Limited Partnership for the month ended
January 31, 1998 is 2.22%. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF
FUTURE PERFORMANCE. Changes in your capital account were as follows:
COMPASS STRATEGIC INVESTMENTS FUND
<TABLE>
<CAPTION>
<S> <C>
BALANCE, DECEMBER 31, 1997 $ 6,375,575
Capital contributions 200,000
Capital withdrawals
Net income 146,021
-------------
BALANCE, JANUARY 31, 1998 $ 6,721,596
-------------
-------------
</TABLE>
Your performance and ending capital account balance reflect an estimate of
the special allocation of profits payable to the General Partner. The final
amount of this special allocation will be determined and deducted from your
account on December 31, 1998 for investors who were partners at January 1,
1998 or as of the close of the twelfth month following a new investor's
initial capital contribution to the Partnership. Redemption charges represent
charges on withdrawals by limited partners from the Partnership in accordance
with the withdrawal provisions as discussed in the Partnership Agreement.
These amounts are allocated to each partner based on partnership percentage.
According to our records, you are not restricted from receiving an allocation
of hot issue income. As a result, your hot issue income allocation for
January 1998 is $270. This hot issue allocation is reported net of the
estimate of the special allocation of profits as described above. If you have
any questions with respect to this determination, please contact Gerald
Beeson, Director of Accounting and Finance at (312) 696-2121 or Scott
Rafferty, Director of Investor Relations at (312) 696-2186.
- -------------------------------------------------------------------------------
In accordance with the rules of the Commodity Futures Trading Commission, I,
Kenneth C. Griffin, affirm that to the best of my knowledge and belief, the
information contained in this report is accurate and complete.
Sincerely,
CITADEL LIMITED PARTNERSHIP
General Partner
/s/ Kenneth C. Griffin
- ----------------------
Kenneth C. Griffin
President-Citadel Investment Group, L.L.C.
<PAGE>
CITADEL
INVESTMENT GROUP, L.L.C.
March 31, 1998
Ms. Betty Kreutzer
c/o Compass Strategic Investments Fund
McKinsey & Company, Inc.
55 E. 52nd Street, 23rd Floor
New York, NY 10022
Dear Ms. Kreutzer:
Your return from Wellington Partners Limited Partnership for the month ended
February 28, 1998 is 1.82%. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF
FUTURE PERFORMANCE. Changes in your capital account were as follows:
COMPASS STRATEGIC INVESTMENTS FUND
<TABLE>
<CAPTION>
<S> <C>
BALANCE, JANUARY 31, 1998 $ 6,721,596
Capital contributions
Capital withdrawals
Net income $ 122,575
--------------
BALANCE, FEBRUARY 28, 1998 $ 6,844,171
--------------
--------------
</TABLE>
Your performance and ending capital account balance reflect an estimate of
the special allocation of profits payable to the General Partner. The final
amount of this special allocation will be determined and deducted from your
account on December 31, 1998 for investors who were partners at January 1,
1998 or as of the close of the twelfth month following a new investor's
initial capital contribution to the Partnership. Redemption charges represent
charges on withdrawals by limited partners from the Partnership in accordance
with the withdrawal provisions as discussed in the Partnership Agreement.
These amounts are allocated to each partner based on partnership percentage.
According to our records, you are not restricted from receiving an allocation
of hot issue income. As a result, your hot issue income allocation for
February 1998 is $3,060. This hot issue allocation is reported net of the
estimate of the special allocation of profits as described above. If you have
any questions with respect to this determination, please contact Gerald
Becson, Director of Accounting and Finance at (312) 696-2121 or Scott
Rafferty, Director of Investor Relations at (312) 696-2186.
...............................................................................
In accordance with the rules of the Commodity Futures Trading Commission, I,
Kenneth C. Griffin, affirm that to the best of my knowledge and belief, the
information contained in this report is accurate and complete.
Sincerely,
CITADEL LIMITED PARTNERSHIP
General Partner
/s/ Kenneth C. Griffin
- ----------------------
Kenneth C. Griffin
President-Citadel Investment Group, L.L.C.
<PAGE>
CITADEL
INVESTMENT GROUP, L.L.C.
April 30, 1998
Ms. Betty Kreutzer
c/o Compass Strategic Investments Fund
McKinsey & Company, Inc.
55 E. 52nd Street, 23rd Floor
New York, NY 10022
Dear Ms. Kreutzer:
Your return from Wellington Partners Limited Partnership for the month ended
March 31, 1998 is 2.44%. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF
FUTURE PERFORMANCE. Changes in your capital account were as follows:
COMPASS STRATEGIC INVESTMENTS FUND
BALANCE, FEBRUARY 28, 1998 $ 6,844,171
Capital contributions
Capital withdrawals
Net income 167,169
--------------
BALANCE, MARCH 31, 1998 $ 7,011,340
--------------
--------------
Your return and ending capital account balance reflect an estimate of the
special allocation of profits payable to the General Partner. The amount of
this special allocation will be finally determined and allocated to the
General Partner's capital account on December 31, 1998 (or if you were not a
limited partners at January 1, 1998, as of the close of the twelfth month
following your initial capital contribution to the Partnership). Withdrawal
charges represent charges on withdrawals by limited partners from the
Partnership in accordance with the withdrawal provisions set forth in the
Partnership Agreement. Withdrawal charges are allocated among partners on a
pro rata basis.
According to our records, you are not restricted from receiving an allocation
of hot issue income. As a result, your hot issue income allocation for the
month ended March 31, 1998 is $1,095. Hot issue income is reported net of the
estimate of the special allocation of profits as described above. If you have
any questions with respect to this determination, please contact Gerald
Beeson, Director of Accounting and Finance at (312) 696-2121 or Scott
Rafferty, Director of Investor Relations at (312) 696-2186.
- -------------------------------------------------------------------------------
In accordance with the rules of the Commodity Futures Trading Commission, I,
Kenneth C. Griffin, affirm that to the best of my knowledge and belief, the
information contained in this report is accurate and complete.
Sincerely,
CITADEL LIMITED PARTNERSHIP
General Partner
/s/ Kenneth C. Griffin
- ---------------------
Kenneth C. Griffin
President-Citadel Investment Group, L.L.C.
<PAGE>
Parsec Trading Corp.
[CONFIDENTIAL]
FINANCIAL REPORTS
JANUARY 1998
Dear Sirs:
We are pleased to provide herewith the unaudited financial statements
for Parsec Trading Corp. for the month of January 1998.
Should you have any questions, please do not hesitate to contact us.
Yours truly,
PARSEC TRADING CORP.
/s/ Anthony L. M. Inder Rieden
-----------------------------
Anthony L. M. Inder Rieden
President
<PAGE>
as of 01/30/98 value date 02/02/98
ASSETS VALUE IN USD
<TABLE>
<CAPTION>
<S> <C>
Total for Cash Balances -32,876,319
Total for Accrued interest on cash accounts -25,069
Total for Mtm on open futures contracts 38,225,406
Total for Accrued, unpaid commissions on futures -454,290
Total for Mtm value of interest rate swap -39,832,215
Total for Swap payments receivable -440,169
Total for Mtm of forward currency trades 2,122,819
Total for Mtm of forward bond trades -3,406,394
Total for Value of bonds owned 382,489,840
Total for Bond Coupons Receivable 2,812,500
TOTAL ASSETS 348,616,105
LIABILITIES VALUE IN USD
Total for Net Payable/Receivable on Share -131,283
Total for Accrued expenses -141,700
Total for Current and deferred incentive fees -55,527,846
Total for Indirect Expense Fee -298,160
TOTAL LIABILITIES -56,098,990
NET ASSET VALUE: 292,517,115
COMPRISED OF:
222,032 COMMON SHARES AT 1,198.31022
222,032 PREFERRED SHARES AT 119.14453
TOTAL UNIT PRICE AT 1,317.45476
</TABLE>
<PAGE>
PARSEC TRADING CORPORATION
INCOME SUMMARY
<TABLE>
<CAPTION>
January 1998 since 12/31/97
<S> <C> <C> <C>
Gross Investment Performance: $-2,112,373 $-2,112,373
Change in Performance Fees:
Present Value of Deferred Fee: $-521,118 $-521,118
-Current Performance Fee: $-776,633 $-776,633
Other Expenses: $220,034 $220,034
Net Performance: $-1,034,655 $-1,034,655
NET ASSET VALUE SUMMARY
Opening Gross Total Capital: $457,118,829 $457,118,829
+/-Contributions/Withdrawals: $-100,021,462 $-100,021,462
-Management Fees Paid: $6,720,000 $6,720,000
+Investment Performance: $-2,122,373 $-2,112,373
-Expenses (excl. Perf. Fees): $220,034 $220,034
=Ending Gross Total Capital: $348,044,959
-Present Value of Deferred Fee: $56,304,485
-value of Performance Fee: $-776,639
=Ending Net Total Capital: $292,517,113
Comprised of 222,032 shares:
Common Shares at 1,198.31022 per share: $266,062,214
Preferred shares at 119.14453 per share: $26,453,898
PERFORMANCE SUMMARY
Opening Unit Value:
Common Share Price: 1211.07317 1211.07317
Preferred Share Price: + 118.57511 + 118.57511
----------- -----------
Total: = 1329.64828 = 1329.64828
Ending Unit Value:
Common Share Price: 1198.31022
Preferred Share Price: + 119.14453
-----------
Total: = 1317.45475
Net Gain:
Common Shares: -12.76295 -12.76295
Preferred Dividends Accrued: 0.56942 0.56942
--------- ---------
Total: -12.19353 -12.19353
Rate of Return: -0.92% -0.92%
</TABLE>
To the best of the knowledge and belief of the undersigned, the foregoing
information is accurate and complete.
/s/ Anthony L.M. Inder Rieden
- -----------------------------
Anthony L.M. Inder Rieden
in his capacity as President of A and D Associates Ltd.
the Commodity Pool Operator
of Parsec Trading Corp.
<PAGE>
PARSEC TRADING CORP.
[CONFIDENTIAL]
FINANCIAL REPORTS
-----------------
FEBRUARY 1998
Dear Sirs:
We are pleased to provide herewith the unaudited financial statements
for Parsec Trading Corp. for the month of February 1998.
Should you have any questions, please do not hesitate to contact us.
Yours truly,
PARSEC TRADING CORP.
/S/ Anthony L.M. Inder Rieden
-----------------------------
Anthony L.M. Inder Rieden
President
ALMI/MBH
Encs.
XXX/monthly:
P.O. BOX N-9204, CHARLOTTE HOUSE, CHARLOTTE STREET, NASSAU, BAHAMAS
TELEPHONE (242) 228-1022 / TELEFAX (242) 323-7918
<PAGE>
PARSEC TRADING CORPORATION
INCOME SUMMARY
<TABLE>
<CAPTION>
February 1998 since 12/31/97
<S> <C> <C> <C>
Gross Investment Performance: $-882,217 $-2,994,590
Change in Performance Fees:
Present Value of Deferred Fee: $-100,225 $-621,344
-Current Performance Fee: $-536,783 $-1,313,416
Other Expenses: $275,489 $495,524
Net Performance: $-520,698 $-1,555,354
NET ASSET VALUE SUMMARY
Opening Gross Total Capital: $348,044,959 $457,118,829
+/-Contributions/Withdrawals: $0 $-100,021,462
-Management Fees Paid: $0 $6,720,000
+Investment Performance: $-882,217 $-2,994,590
-Expenses (excl. Perf. Fees): $275,489 $495,524
=Ending Gross Total Capital: $346,887,251
-Present Value of Deferred Fee: $56,204,289
-value of Performance Fee: $-1,313,422
=Ending Net Total Capital: $291,996,414
Comprised of 222,032 shares:
Common Shares at 1,195.44837 per share: $265,427,792
Preferred shares at 119.66123 per share: $26,568,622
PERFORMANCE SUMMARY
Opening Unit Value:
Common Share Price: 1198.31022 1211.07317
Preferred Share Price: + 119.14453 + 118.57511
----------- -----------
Total: = 1317.45475 = 1329.64828
Ending Unit Value:
Common Share Price: 1195.44837
Preferred Share Price: + 119.66123
-----------
Total: = 1315.10960
Net Gain:
Common Shares: -2.86185 -15.62480
Preferred Dividends Accrued: 0.51670 1.08612
--------- ---------
Total: -2.34515 -14.53868
Rate of Return: -0.18% -1.09%
</TABLE>
To the best of the knowledge and belief of the undersigned, the foregoing
information is accurate and complete.
/s/ Anthony L.M. Inder Rieden
- -----------------------------
Anthony L.M. Inder Rieden
in his capacity as President of A and D Associates Ltd.
the Commodity Pool Operator
of Parsec Trading Corp.
<PAGE>
BALANCE SHEET FOR PARSEC
AS OF 02/27/98 VALUE DATE 03/02/98
<TABLE>
<CAPTION>
ASSETS VALUE IN USD
<S> <C>
Total for Cash Balances -34,891,821
Total for Accrued interest on cash accounts -12,807
Total for Mtm on open futures contracts 31,532,574
Total for Accrued, unpaid commissions on futures -455,699
Total for Mtm value of interest rate swap -21,466,110
Total for Swap payments receivable -1,914,930
Total for Mtm of forward currency trades 464,135
Total for Mtm of forward bond trades -178,420
Total for Value of bonds owned 374,733,680
TOTAL ASSETS 347,810,600
LIABILITIES VALUE IN USD
Total for Net Payable/Receivable on Share -131,852
Total for Accrued expenses -222,800
Total for Current and deferred incentive fees -54,890,837
Total for Indirect Expense Fee -568,594
TOTAL LIABILITIES -55,814,186
NET ASSET VALUE: 291,996,414
Comprised of:
222,032 Common shares at 1,198.44837
222,032 Preferred shares at 119.66123
Total Unit Price at 1,315.10960
</TABLE>
<PAGE>
PARSEC TRADING CORP.
[CONFIDENTIAL]
FINANCIAL REPORTS
MARCH 1998
Dear Sirs:
We are pleased to provide herewith the unaudited financial statements for
Parsec Trading Corp. for the month of March 1998.
Should you have any questions, please do not hesitate to contact us.
Yours truly,
PARSEC TRADING CORP.
/s/ Anthony L. M. Inder Rieden
------------------------------
Anthony L. M. Inder Rieden
President
ALMI/dmm
Encs.
<PAGE>
BALANCE SHEET FOR PARSEC
AS OF 03/31/98 VALUE DATE 04/01/98
<TABLE>
<CAPTION>
ASSETS VALUE IN USD
<S> <C>
Total for Cash Balances -32,994,736
Total for Accrued interest on cash accounts -54,075
Total for Mtm on open futures contracts 36,116,324
Total for Accrued, unpaid commissions on futures -459,625
Total for Mtm value of interest rate swap -20,203,137
Total for Swap payments receivable -166,142
Total for Mtm of forward currency trades 6,565,454
Total for Mtm of forward bond trades 804,499
Total for Value of bonds owned 358,196,476
TOTAL ASSETS 347,805,237
LIABILITIES VALUE IN USD
Total for Net Payable/Receivable on Share -132,467
Total for Accrued expenses -208,800
Total for Current and deferred incentive fees -54,521,334
Total for Indirect Expense Fee -859,859
TOTAL LIABILITIES -55,722,461
NET ASSET VALUE: 292,082,776
Comprised of:
222,032 Common shares at 1,195.27958
222,032 Preferred shares at 120.21898
Total Unit Price at 1,315.49896
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PARSEC TRADING CORPORATION March 1998 since 12/31/97
INCOME SUMMARY
<S> <C> <C> <C>
GROSS INVESTMENT PERFORMANCE: $113,873 $-2,880,716
Change in Performance Fees:
Present Value of Deferred Fee: $16,623 $-604,721
-Current Performance Fee: $-386,126 $-1,699,542
Other Expenses: $397,015 $892,539
Net Performance: $86,361 $-1,468,992
NET ASSET VALUE SUMMARY
Opening Gross Total Capital: $346,997,251 $457,118,829
+/-Contributions/Withdrawals: $0 $-100,021,462
-Management Fees Paid: $0 $-6,720,000
+Investment Performance: $113,673 $-2,880,716
-Expenses (excl. Perf. Fees): $397,015 $892,539
=Ending Gross Total Capital: $346,604,110
-Present Value of Deferred Fee: $56,220,882
-Value of Performance Fee: $-1,699,549
=Ending Net Total Capital: $292,082,776
Comprised of 222,032 shares:
Common Shares at 1,195.27958 per share: $263,390,315
Preferred shares at 120.21898 per share: $26,692,460
PERFORMANCE SUMMARY
Opening Unit Value:
Common Share Price: 1195.44837 1211.07317
Preferred Share Price: +119.66123 +118.57511
---------- ----------
Total: =1315.10960 =1329.64828
Ending Unit Value
Common Share Price: 1195.27958
Preferred Share Price: +120.21898
----------
Total: =1315.49856
Net Gain:
Common Shares: -0.16879 -15.79359
Preferred Dividends Accrued: 0.55775 1.64387
---------- ----------
Total: 0.38896 -14.14972
Rate of Return: 0.03% -1.06%
</TABLE>
To the best of the knowledge and belief of the undersigned, the foregoing
information is accurate and complete.
/s/ Anthony L.M. Inder Rieden
- -------------------------------
Anthony L.M. Inder Rieden
in his capacity as President of A and B Associates Ltd.
the Commodity Pool Operator
of Parsec Trading Corp.
