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Previous: OPTION CARE INC/DE, 10-Q, EX-27, 2000-11-14 |
Next: FOUR SEASONS FUND II L P, 10-Q, EX-27, 2000-11-14 |
<PAGE>
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 SEPTEMBER 30, 2000
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 # 54-1640874
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o JAMES RIVER MANAGEMENT CORP.
103 Sabot Park
Manakin-Sabot, Virginia
(Address of principal executive offices)
23103
(Zip Code)
(804) 578-4500 Attention: Mr. Paul Saunders
(Registrant's telephone number, including area code)
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>
FORM 10-Q PART 1 ITEM 1 FINANCIAL STATEMENTS
THE FOUR SEASONS FUND II L.P.
COMBINED CONDENSED STATEMENTS OF FINANCIAL CONDITION AS OF SEPTEMBER 30, 2000
AND DECEMBER 31, 1999.
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
------------------ -----------------
(Unaudited) (audited)
<S> <C>
ASSETS
Net Receivable From Commodity Broker:
Receivable For Cash Retained $ 283,635 $ 284,736
Net Unrealized Gain on (16,240) 18,281
Open Futures Contracts
Net Unexpired Option Premiums (4,350) -
Accrued Interest Receivable 940 761
Other 300 403
U.S. Treasury Strip Securities (Cost plus Accrued interest) 1,481,245 1,794,281
---------------- ---------------
TOTAL ASSETS $ 1,745,530 $ 2,098,462
================ ===============
LIABILITIES:
Accrued Brokerage Commissions $ 18,286 $ 12,906
Accrued Advisory Fees 5,794 3,430
Accrued Sponsor Fees 6,605 3,861
Other Accrued Expenses 11,505 15,928
Redemptions Payable 39,256 -
---------------- ---------------
81,446 36,125
Minority interest in Trading Company 3,411 5,103
---------------- ---------------
TOTAL LIABILITIES 84,857 41,228
---------------- ---------------
PARTNERS' CAPITAL:
General Partner ( 22.717 units - 09/30/00) 25,480 26,394
( 22.717 units - 12/31/99)
Limited Partners (1457.909 units - 09/30/00) 1,635,193 2,030,840
(1747.909 units - 12/31/99)
---------------- ---------------
TOTAL PARTNERS' CAPITAL 1,660,673 2,057,234
---------------- ---------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 1,745,530 $ 2,098,462
================ ===============
PARTNERSHIP UNITS OUTSTANDING 1,480.626 1,770.626
================ ===============
NET ASSET VALUE PER PARTNERSHIP UNIT $ 1,121.60 $ 1,161.87
================ ===============
</TABLE>
The accompanying notes are an integral part of these combined condensed
financial statements.
-2-
<PAGE>
FORM 10-Q PART 1 ITEM 1 FINANCIAL STATEMENTS
THE FOUR SEASONS FUND II L.P.
COMBINED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - FOR THE THREE MONTHS
AND NINE MONTHS ENDED SEPTEMBER 30, 2000 AND SEPTEMBER 30, 1999.
<TABLE>
<CAPTION>
Three months Three months Nine months Nine months
ended 09/30/00 ended 09/30/99 ended 09/30/00 ended 09/30/99
-------------- -------------- -------------- --------------
<S> <C>
REVENUES
Trading Profit (Loss)
Net realized gains $ 48,498 $ 4,996 $ 53,180 $ 55,007
Net option premiums (11,794) (15,260) (32,806) (18,185)
Net change in unrealized gains on open
futures contracts (46,949) (1,474) (34,521) (35,289)
Net change in unexpired options 7,500 9,450 (4,350) -
---------- ---------- ----------- ----------
Total Trading Results (2,745) (2,288) (18,497) 1,534
Gain on sale of U.S. Treasury Strip Securities 4,393 - 6,309 5,555
Interest income 27,305 31,660 87,521 95,241
---------- ---------- ----------- ----------
Total Revenues 28,953 29,372 75,333 102,330
EXPENSES
Brokerage commissions 11,001 13,247 35,660 40,645
Management fees 4,284 5,180 13,918 15,874
Sponsor fees 3,218 3,891 10,454 11,925
Administrative expenses 4,895 5,764 14,160 18,573
---------- ---------- ----------- ----------
Total Expenses 23,398 28,082 74,192 87,017
---------- ---------- ----------- ----------
INCOME BEFORE ALLOCATION OF MINORITY INTEREST 5,555 1,290 1,141 15,312
ALLOCATION OF MINORITY INTEREST 364 533 1,691 1,471
---------- ---------- ----------- ----------
NET INCOME: $ 5,919 $ 1,823 $ 2,832 $ 16,783
========== ========== =========== ==========
Limited Partners $ 5,830 $ 1,800 $ 2,838 $ 16,573
General Partner 89 23 (6) 210
Net income (loss) per unit 3.90 1.02 (0.27) 9.25
</TABLE>
The accompanying notes are an integral part of these combined condensed
financial statements.
-3-
<PAGE>
FORM 10-Q PART 1 ITEM 1 FINANCIAL STATEMENTS
THE FOUR SEASONS FUND II L.P.
COMBINED CONDENSED STATEMENT OF PARTNERS' CAPITAL (UNAUDITED) - FOR THE NINE
MONTHS ENDED SEPTEMBER 30, 2000.
<TABLE>
<CAPTION>
UNITS OF
PARTNERSHIP
INTEREST LIMITED PARTNERS GENERAL PARTNER TOTAL
<S> <C>
PARTNERS' CAPITAL, DECEMBER 31, 1999 1,770.626 $ 2,030,840 $ 26,394 $ 2,057,234
=========== ============ ============= =============
Capital Withdrawals (290.000) (328,569) - (328,569)
Capital Distributions - (69,916) (909) (70,825)
Net Income (Loss) - 2,838 (6) 2,832
----------- ------------ ------------- -------------
PARTNERS' CAPITAL, SEPTEMBER 30, 2000 1,480.626 $ 1,635,193 $ 25,480 $ 1,660,673
=========== ============ ============= =============
December 31, 1999:
Amount $1,161.87
Units outstanding 1,770.626
September 30, 2000:
Amount $1,121.60
Units outstanding 1,480.626
</TABLE>
The accompanying notes are an integral part of these combined condensed
statements.
-4-
<PAGE>
FORM 10-Q PART 1 ITEM 1 FINANCIAL STATEMENTS
THE FOUR SEASONS FUND II L.P.
COMBINED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - FOR THE NINE MONTHS
ENDED SEPTEMBER 30, 2000 AND SEPTEMBER 30, 1999.
<TABLE>
<CAPTION>
9/30/00 9/30/99
-------------------- ------------------
<S> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 2,832 16,783
Adjustments To Reconcile Net Income To
Net Cash Used in Operating Activities:
Net Change In Unrealized Gains
On Futures Contracts 34,521 35,289
Net Change In Unrealized
Option Premiums 4,350 -
Accrued Interest From U.S. Treasury
Strip Securities (81,611) (88,126)
Gain on Sale of U.S. Treasury
Strip Securities (6,309) (5,555)
(Increase) Decrease In Operating Assets:
Net Receivable From Commodity
Broker For Cash Retained 1,204 48,435
Net Receivable From Commodity
Broker For Interest Receivable (179) 256
Increase (Decrease) In Operating Liabilities:
Accrued Brokerage Commissions 5,380 8,276
Accrued Advisory Fees 2,364 (2,104)
Accrued Sponsor Fees 2,744 2,478
Other Accrued Expenses (4,424) 1,362
Redemptions Payable 39,256 (21,210)
Allocation of Income to Minority Interest (1,691) (1,471)
-------------- ------------
Net cash used in operating activities (4,395) (22,370)
-------------- ------------
NET CASH FLOWS FROM FINANCING ACTIVITIES
Limited Partner Redemptions (328,569) (91,979)
Partner Distributions (70,825) (73,991)
-------------- ------------
Net cash used in financing activities (399,394) (165,970)
-------------- ------------
NET CASH FLOWS FROM INVESTING ACTIVITIES
Maturity of U.S. Treasury Strip 71,000 75,000
Sale of U.S. Treasury Strip Securities 329,957 96,557
-------------- ------------
Net cash provided by investing activities 400,957 171,557
-------------- ------------
NET INCREASE IN CASH - -
CASH AT BEGINNING OF PERIOD - -
-------------- ------------
CASH AT END OF PERIOD - -
============== ============
</TABLE>
The accompanying notes are an integral part of these combined condensed
statements.
-5-
<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 NINE MONTH AND THREE MONTH PERIODS ENDED SEPTEMBER 30, 2000 AND
1999:
(A) SEPT 30, SEPT 30,
2000 1999
-------- --------
PARTNERS' CAPITAL $1,660,673 2,064,850
For the nine month period ending September 30, 2000, Partners'
Capital decreased $ 396,561 due primarily to capital withdrawals
of $ 328,569, capital distributions of $ 70,825, operating
expenses of $ 74,192, and realized and unrealized trading losses
of futures contracts, options on futures, and currency forwards
of $ 18,497. The decrease in capital resulting from capital
withdrawals, capital distributions, trading losses, and operating
expenses was partially offset by the increase in accrued interest
of the Treasury strip securities of $ 81,611. The largest losses in
futures trading were concentrated in S&P 500 index contracts,
while gains were recognized in 10-year notes and US Treasury bond
futures contracts.
In comparison, for the nine month period ending September 30,
1999, Partners' Capital decreased $ 149,187 due primarily to
capital withdrawals of $ 91,979, capital distributions of
$ 73,991, and operating expenses of $ 87,107. The decrease in
capital resulting from capital withdrawals, capital
distributions, and operating expenses was partially offset by the
increase in accrued interest of the Treasury strip securities of
$ 88,126 and the realized trading gains of futures contracts,
options on futures contracts, and currency forwards of $ 1,534.
The largest gains in futures trading were concentrated in S&P 500
index contracts.
-6-
<PAGE>
For the three month period ending September 30, 2000, Partners'
Capital decreased $ 33,337, due primarily to capital withdrawals
of $ 39,256 and operating expenses of $ 23,398. The decrease in
capital was partially offset by the increase in accrued interest
of the Treasury strip securities of $ 24,875. The largest losses in
futures trading and options on futures trading were recognized in
the S&P 500 index contracts, while the largest gains were
accumulated in 5-year CBOT notes, US bond futures, and foreign
currency futures trading.
For the three month period ending September 30, 1999, Partners'
Capital decreased $ 12,170 , due primarily to net options
premiums of $ (15,260) and operating expenses of $ 28,082. The
decrease in capital was partially offset by the increase in
accrued interest of the Treasury strip securities of $ 29,395.
The largest losses in futures trading and options on futures
trading were recognized in the S&P 500 index contracts and 10-year
Treasury note contracts.
(B) The U.S. Treasury Strip Securities are valued at the lower of
cost plus accrued interest or market value. As of September 30,
2000, the cost plus accrued interest value (as shown on the
Combined Condensed Statements of Financial Condition) of the
U.S. Treasury Strip Securities is $ 1,481,245 and the value of
said securities at market value is $ 1,514,983. As of December 31,
1999, the value of the U.S. Treasury Strip Securities at cost plus
accrued interest was $ 1,794,281 and the market value was $ 1,819,710.
-7-
<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
-8-
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