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Previous: OPTION CARE INC/DE, 10-Q, 1998-05-15 |
Next: IBAH INC, 10-Q, 1998-05-15 |
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended MARCH 31, 1998
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number 0-21286
THE FOUR SEASONS FUND II L.P.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of # 54-1640874
incorporation or organization) (I.R.S. Employer
Identification No.)
c/o JAMES RIVER MANAGEMENT CORP.
103 Sabot Park
Manakin-Sabot, Virginia
(Address of principal executive offices)
23103
(Zip Code)
(804) 784-4500 Attention: Mr. Paul Saunders
(Registrant's telephone number, including area code)
Formerly c/o KIDDER PEABODY FUTURES MANAGEMENT CORP.
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by section 13 or l5(d) of
the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the
past 90 days.
Yes [X] No [ ]
-1-
<PAGE>
JAMES RIVER MANAGEMENT CORP.
103 SABOT PARK, 58 BROAD ST. RD
MANAKIN-SABOT, VA 23103
804)784-4500 FAX:(804)784-6771
March 14, 1998
Securities and Exchange Commission
Attn: 1934 Act Filing Desk
450 Fifth Street - Northwest
Washington, D.C. 20549
RE: Form 10-Q for THE FOUR SEASONS FUND II L.P.
Commission File No. 0-21286
Dear Sirs:
Enclosed for filing on behalf of THE FOUR SEASONS FUND II L.P. are eight (8)
signed copies of its Form 10-Q Quarterly Report Under Section 13 or 15 (d) of
the Securities and Exchange Act of 1934, for the three months ended March 31,
1998.
Very truly yours,
Edward M. Jasinski
Director of Fund Administration,
JAMES RIVER MANAGEMENT CORP.
Encls. 8 copies - Form 10-Q -
THE FOUR SEASONS FUND II L.P. - 3/31/98
cc: William Kerr (Sidley & Austin)
Paul Saunders
Kevin Brandt
Robert T. Eads
Keith Middleton (Arthur Andersen)
<PAGE>
EXHIBITS
None
PART II
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE FOUR SEASONS FUND II L.P.
(Registrant)
By JAMES RIVER MANAGEMENT CORP.
(General Partner)
By Edward M. Jasinski
Director of Fund Administration
<PAGE>
Form 10-Q Part 1 Item 2 Management's Discussion
THE FOUR SEASONS FUND II L.P.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND OPERATING
RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND MARCH 31, 1997:
(A) MARCH 31, MARCH 31,
1998 1997
------------ ------------
PARTNERS' CAPITAL $ 2,646,249 $ 2,613,540
For the three month period ending March 31, 1998, Partners' Capital
decreased $ 19,342, due primarily to net withdrawals of $ 56,573 and
operating expenses of $ 37,388. The decrease in capital resulting from
capital withdrawals and operating expenses was partially offset by the
appreciation in the value of the U.S. Treasury Strip Securities'
interest of $ 36,796 and the realized and unrealized trading gains of
futures contracts, options on futures contracts, and currency forwards
of $ 133,190. Largest gains in futures trading were concentrated in
the financial and currency markets, namely the S&P 500 Index, and U.S.
Dollar index contracts.
In comparison, for the three month period ended March 31,1997,
Partners' capital decreased $ 2,297,290 due to net withdrawals of $
2,244,069 and operating expenses of $ 61,498. The decrease in capital
generated by capital withdrawals and operating expenses were offset
partially by the appreciation in the U.S. Securities' interest of $
69,433, realized market gains of $ 11,063 from the sale of Treasury
Strip Securities, and from the realized and unrealized trading gains
of futures contracts, options on futures contracts, and currency
fowards of $ 111,591. Largest gains from
<PAGE>
futures trading were concentrated in the financial and currency
markets, namely the S&P 500, US Dollar Index, and the Swiss franc,
Deutsche mark, and Japanese yen futures contracts. Significant trading
gains were also attributed to currency fowards.
(B) The U.S. Treasury Strip Securities are valued at the lower of cost
plus accrued interest or market value. As of March 31, 1998, the cost
plus accrued interest value (as shown on the Combined Statement of
Financial Condition) of the U.S. Treasury Strip Securities is $
2,208,275 and the value of said securities at market value is $
2,234,069. As of March 31, 1997, the value of the U.S. Treasury Strip
Securities at cost plus accrued interest was $ 4,185,055 and the
market value was $ 4,195,668.
<PAGE>
FORM 10-Q PART 1 ITEM 1 FINANCIAL STATEMENTS
THE FOUR SEASONS FUND II L.P.
COMBINED STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
--------------- -----------------
(Unaudited)
<S> <C>
ASSETS:
Net Receivable From Commodity Broker:
Receivable For Cash Retained $ 482,362 $ 435,891
Net Unrealized Gain on 76,036 32,663
Open Futures Contracts
Net Unexpired Option Premiums - (29,400)
Accrued Interest Receivable 1,580 1,116
Other - 914
U.S. Treasury Strip Securities (Cost plus Accrued) 2,208,275 2,282,981
--------------- -----------------
TOTAL ASSETS $ 2,768,253 $ 2,724,165
=============== =================
LIABILITIES:
Accrued Brokerage Commissions $ 16,281 $ 5,637
Accrued Advisory Fees 4,561 4,461
Accrued Sponsor Fees 5,209 1,753
Other Accrued Expenses 13,229 10,637
Redemptions Payable 56,573 15,000
--------------- -----------------
95,853 37,488
Minority interest in Trading Company 26,151 21,076
--------------- -----------------
TOTAL LIABILITIES 122,004 58,564
--------------- -----------------
PARTNERS' CAPITAL:
General Partner ( 86.7171 units - 03/31/98) 98,118 96,767
( 86.7171 units - 12/31/97)
Limited Partners (2252.0549 units - 03/31/98) 2,548,131 2,568,834
(2302.0549 units - 12/31/97)
--------------- -----------------
TOTAL PARTNERS' CAPITAL 2,646,249 2,665,601
--------------- -----------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 2,768,253 $ 2,724,165
=============== =================
PARTNERSHIP UNITS OUTSTANDING 2,338.772 2,388.772
=============== =================
NET ASSET VALUE PER PARTNERSHIP UNIT $ 1,131.47 $ 1,115.89
=============== =================
</TABLE>
The accompanying notes are an integral part of these combined statements.
<PAGE>
FORM 10-Q PART 1 ITEM 1 FINANCIAL STATEMENTS
THE FOUR SEASONS FUND II L.P.
STATEMENT OF CASH FLOWS (UNAUDITED) - FOR THE THREE MONTHS ENDED MARCH 31, 1998
AND MARCH 31, 1997.
<TABLE>
<CAPTION>
3/31/98 3/31/97
-------------- -----------
<S> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 132,772 137,268
Adjustments To Reconcile Net Income To
Net Cash Provided By Operating Activities:
Net Change In Unrealized Gains
On Futures Contracts (43,373) 44,004
Net Change In Unrealized
Option Premiums (29,400) (30,650)
Accrued Interest From U.S. Treasury
Strip Securities (36,796) (69,433)
Gain on Sale of U.S. Treasury
Strip Securities (214) (11,063)
(Increase) Decrease In Operating Assets:
Net Receivable From Commodity
Broker For Cash Retained (46,456) 19,932
Net Receivable From Commodity
Broker For Interest Receivable (464) 445
Increase (Decrease) In Operating Liabilities:
Accrued Brokerage Commissions 11,542 (12,926)
Accrued Advisory Fees 101 (539)
Accrued Sponsor Fees 3,456 (4,018)
Other Accrued Expenses 2,593 (897)
Redemptions Payable 41,573 1,648,840
Allocation of Income to Minority Interest 5,074 1,268
------------- --------------
Net cash (used in) provided by operating activities (92,364) 1,584,963
------------- --------------
NET CASH FLOWS FROM FINANCING ACTIVITIES
Limited Partner Additions - -
Limited Partner Redemptions (56,573) (2,244,069)
Partner Distributions (95,551) (190,489)
------------- --------------
Net cash used in financing activities (152,124) (2,434,558)
------------- --------------
NET CASH FLOWS FROM INVESTING ACTIVITIES
Maturity of U.S. Treasury Strip 97,000 192,000
Sale of U.S. Treasury Strip Securities 14,716 520,327
------------- --------------
Net cash provided by investing activities 111,716 712,327
------------- --------------
NET INCREASE IN CASH 0 0
CASH AT BEGINNING OF PERIOD 0 0
------------- --------------
CASH AT END OF PERIOD 0 0
============= ==============
</TABLE>
The Accompanying Notes Are An Integral Part Of The Financial Statements.
<PAGE>
FORM 10-Q PART 1 ITEM 1 FINANCIAL STATEMENTS
THE FOUR SEASONS FUND II L.P.
STATEMENT OF OPERATIONS (UNAUDITED) - FOR THE THREE MONTHS ENDED MARCH 31, 1998
AND MARCH 31, 1997.
<TABLE>
<CAPTION>
03/31/98 03/31/97
-------------- ------------
<S> <C>
REVENUES
Trading Profit (Loss)
Net realized gains $ 99,850 $ 165,745
Net option premiums (38,564) (40,800)
Net change in unrealized gains on open futures contracts 43,373 (44,004)
Net change in unexpired options 29,400 30,650
---------- ----------
Total Trading Results 134,059 111,591
Gain on sale of U.S. Treasury Strip Securities 214 11,063
Interest income 40,961 77,380
---------- ----------
Total Revenues 175,234 200,034
EXPENSES
Brokerage commissions 17,396 31,802
Management fees 6,838 12,480
Sponsor fees 5,136 9,371
Administrative expenses 8,018 7,845
---------- ----------
Total Expenses 37,388 61,498
---------- ----------
INCOME BEFORE ALLOCATION OF MINORITY INTEREST 137,846 138,536
ALLOCATION OF MINORITY INTEREST (5,074) (1,268)
---------- ----------
NET INCOME: $132,772 $137,268
========== ==========
Limited Partners $ 127,952 $ 134,768
General Partner 4,820 2,500
Net income per unit 55.58 28.82
</TABLE>
The accompanying notes are an integral part of these combined Financial
Statements.
<PAGE>
FORM 10-Q PART 1 ITEM 1 FINANCIAL STATEMENTS
THE FOUR SEASONS FUND II L.P.
STATEMENTS OF PARTNERS' CAPITAL (UNAUDITED) - FOR THE THREE MONTHS ENDED
MARCH 31, 1998, AND DECEMBER 31, 1997.
<TABLE>
<CAPTION>
UNITS OF
PARTNERSHIP LIMITED GENERAL
INTEREST PARTNERS PARTNER TOTAL
<S> <C>
PARTNERS' CAPITAL, SEPTEMBER 30, 1997 2,402,214 $2,570,155 $96,254 $2,666,410
Capital Contributions -- -- -- --
Capital Withdrawals (13,442) (15,000) -- (15,000)
Capital Distributions -- -- -- --
Net Income -- 13,679 512 14,191
--------- ---------- ------- ----------
PARTNERS' CAPITAL, DECEMBER 31, 1997 2,388,772 $2,568,835 $96,767 $2,665,601
========= ========== ======= ==========
Capital Contributions -- -- -- --
Capital Withdrawals (50,000) (56,573) -- (56,573)
Capital Distributions -- (92,082) (3,469) (95,551)
Net Income -- 127,952 4,820 132,772
--------- ---------- ------- ----------
PARTNERS' CAPITAL, MARCH 31, 1998 2,338,772 $2,548,131 $98,118 $2,646,249
========= ========== ======= ==========
NET ASSET VALUE PER PARTNERSHIP UNIT:
September 30, 1997:
Amount $1,109.98
Units outstanding 2,402,214
December 31, 1997:
Amount $1,115.69
Units outstanding 2,388,772
March 31, 1998:
Amount $1,131.47
Units outstanding 2,338,772
</TABLE>
The Accompanying Notes Are An Integral Part Of The Financial Statements.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 1,656,200
<INVESTMENTS-AT-VALUE> 2,234,069
<RECEIVABLES> 483,942
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,768,253
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 122,004
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 2,339
<SHARES-COMMON-PRIOR> 2,389
<ACCUMULATED-NII-CURRENT> 1,932,548
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 61,500
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 72,773
<NET-ASSETS> 2,646,249
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 40,961
<OTHER-INCOME> 0
<EXPENSES-NET> 37,388
<NET-INVESTMENT-INCOME> 137,846
<REALIZED-GAINS-CURRENT> 61,500
<APPREC-INCREASE-CURRENT> 137,846
<NET-CHANGE-FROM-OPS> (19,352)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (50)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 44,088
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,838
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 37,388
<AVERAGE-NET-ASSETS> 2,669,552
<PER-SHARE-NAV-BEGIN> 1,115.89
<PER-SHARE-NII> 55.58
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1,131.47
<EXPENSE-RATIO> 1.41
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
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