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Previous: H&Q LIFE SCIENCES INVESTORS, NSAR-A, 2000-05-22 |
Next: FOCUS ENHANCEMENTS INC, 10QSB, 2000-05-22 |
<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 MARCH 31, 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
(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 15(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 STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
------------- ---------------
(Unaudited) (audited)
<S> <C> <C>
Net Receivable From Commodity Broker:
Receivable For Cash Retained $ 260,382 $ 284,736
Net Unrealized Gain on 50,397 18,281
Open Futures Contracts
Accrued Interest Receivable 790 761
Other 417 403
U.S. Treasury Strip Securities (Cost plus Accrued) 1,752,889 1,794,281
------------- ---------------
TOTAL ASSETS $ 2,064,875 $ 2,098,462
============= ===============
LIABILITIES:
Accrued Brokerage Commissions $ 12,852 $ 12,906
Accrued Advisory Fees 3,420 3,430
Accrued Sponsor Fees 3,849 3,861
Other Accrued Expenses 11,268 15,928
Redemptions Payable 177,543 -
------------- ---------------
208,932 36,125
Minority interest in Trading Company 5,338 5,103
------------- ---------------
TOTAL LIABILITIES 214,270 41,228
------------- ---------------
PARTNERS' CAPITAL:
General Partner (22.717 units - 03/31/00) 26,021 26,394
(22.717 units - 12/31/99)
Limited Partners (1592.909 units - 03/31/00) 1,824,584 2,030,840
(1747.909 units - 12/31/99)
------------- ---------------
TOTAL PARTNERS' CAPITAL 1,850,605 2,057,234
------------- ---------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 2,064,875 $ 2,098,462
============= ===============
PARTNERSHIP UNITS OUTSTANDING 1,615.626 1,770.626
============= ===============
NET ASSET VALUE PER PARTNERSHIP UNIT $ 1,145.44 $ 1,161.87
============= ===============
</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.
COMBINED STATEMENTS OF OPERATIONS (UNAUDITED) - FOR THE THREE MONTHS ENDED MARCH
31, 2000 AND MARCH 31, 1999.
<TABLE>
<CAPTION>
Three months Three months
ended 03/31/00 ended 03/31/99
-------------- --------------
<S> <C> <C>
REVENUES
Trading Profit (Loss)
Net realized gains $ 24,212 $ 37,813
Net option premiums -19,412 -4,850
Net change in unrealized gains on open futures contracts 32,116 -29,646
-------- --------
Total Trading Results 36,916 3,317
Gain on sale of U.S. Treasury Strip Securities -- 1,936
Interest income 31,606 32,183
-------- --------
Total Revenues 68,522 37,436
EXPENSES
Brokerage commissions 13,076 13,969
Management fees 5,124 5,474
Sponsor fees 3,848 4,112
Administrative expenses 4,500 6,350
-------- --------
Total Expenses 26,548 29,905
-------- --------
INCOME BEFORE ALLOCATION OF MINORITY INTEREST 41,974 7,531
ALLOCATION OF MINORITY INTEREST -235 445
-------- --------
NET INCOME: $ 41,739 $ 7,976
======== ========
Limited Partners $ 41,203 $ 7,874
General Partner 536 102
Net income per unit $ 23.57 $ 4.31
</TABLE>
The accompanying notes are an integral part of these combined statements.
-3-
<PAGE>
FORM 10-Q PART 1 ITEM 1 FINANCIAL STATEMENTS
THE FOUR SEASONS FUND II L.P.
COMBINED STATEMENTS OF PARTNERS' CAPITAL (UNAUDITED) - FOR THE THREE MONTHS
ENDED MARCH 31, 2000, AND DECEMBER 31, 1999.
<TABLE>
<CAPTION>
UNITS OF
PARTNERSHIP
INTEREST LIMITED PARTNERS GENERAL PARTNER TOTAL
<S> <C> <C> <C> <C>
PARTNERS' CAPITAL, DECEMBER 31, 1999 1,770.626 $ 2,030,840 $ 26,394 $ 2,057,234
============== ============= ============ =============
Capital Withdrawals (155.000) (177,543) - (177,543)
Capital Distributions - (69,916) (909) (70,825)
Net Income - 41,203 536 41,739
-------------- ------------- ------------ -------------
PARTNERS' CAPITAL, MARCH 31, 2000 1,615.626 $ 1,824,584 $ 26,021 $ 1,850,605
============== ============= ============ =============
NET ASSET VALUE PER PARTNERSHIP UNIT:
December 31, 1999:
Amount $1,161.87
Units outstanding 1,770.626
March 31, 2000:
Amount $1,145.44
Units outstanding 1,615.626
</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.
COMBINED STATEMENT OF CASH FLOWS (UNAUDITED) - FOR THE THREE MONTHS ENDED MARCH
31, 2000 AND MARCH 31, 1999.
<TABLE>
<CAPTION>
3/31/00 3/31/99
--------------- ---------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 41,739 7,976
Adjustments To Reconcile Net Income To
Net Cash Provided By Operating Activities:
Net Change In Unrealized Gains
On Futures Contracts -32,115 29,646
Accrued Interest From U.S. Treasury
Strip Securities -29,607 -29,826
Gain on Sale of U.S. Treasury
Strip Securities - -1,936
(Increase) Decrease In Operating Assets:
Net Receivable From Commodity
Broker For Cash Retained 24,339 -11,871
Net Receivable From Commodity
Broker For Interest Receivable -30 113
Increase (Decrease) In Operating Liabilities:
Accrued Brokerage Commissions -54 8,957
Accrued Advisory Fees -11 384
Accrued Sponsor Fees -12 -1,454
Other Accrued Expenses -4,660 1,097
Redemptions Payable 177,543 42,781
Allocation of Income to Minority Interest 235 -445
--------------- ---------------
Net cash provided by operating activities 135,629 37,446
--------------- ---------------
NET CASH FLOWS FROM FINANCING ACTIVITIES
Limited Partner Redemptions -177,543 -77,985
Partner Distributions -70,825 -73,991
--------------- ---------------
Net cash used in financing activities -248,368 -151,976
--------------- ---------------
NET CASH FLOWS FROM INVESTING ACTIVITIES
Maturity of U.S. Treasury Strip 71,000 75,000
Sale of U.S. Treasury Strip Securities - 31,554
---------------
Net cash provided by investing activities 71,000 106,554
--------------- ---------------
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 these combined 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 THREE MONTHS ENDED MARCH 31, 2000 AND MARCH 31, 1999:
(A) MARCH 31, MARCH 31,
2000 1999
------------ ------------
PARTNERS' CAPITAL $ 1,850,605 $ 2,070,037
For the three month period ending March 31, 2000, Partners'
Capital decreased $ 206,629 due primarily to net withdrawals
of $ 177,543 capital distributions of $ 70,825, and operating
expenses of $ 26,548. The decrease in capital resulting from
capital withdrawals and distributions, and operating expenses
was partially offset by the appreciation in the value of the
U.S. Treasury Strip Securities' interest of $ 29,607 and the
realized and unrealized trading gains of futures contracts,
options on futures contracts, and currency forwards of $
36,916. Largest gains in futures trading were concentrated in
the indices and financial markets, namely the S&P 500 Index,
and 10 Year note contracts.
In comparison, for the three month period ended March 31,
1999, Partners' capital decreased $ 144,000 due to net
withdrawals of $ 77,985 and operating expenses of $ 29,905.
The decrease in capital generated by capital withdrawals and
operating expenses were offset partially by the appreciation
in the U.S. Securities' interest of $ 29,826, and from the
realized and unrealized trading gains of futures contracts,
options on futures contracts, and currency forwards of $
3,317. Largest gains from futures trading were concentrated in
the indices and energy markets, namely the S&P 500 index, and
Light Crude Oil contracts.
<PAGE>
(B) The U.S. Treasury Strip Securities are valued at the lower of
cost plus accrued interest or market value. As of March 31,
2000, the cost plus accrued interest value (as shown on the
Combined Statement of Financial Condition) of the U.S.
Treasury Strip Securities is $ 1,752,889 and the value of said
securities at market value is $ 1,776,104. As of March 31,
1999, the value of the U.S. Treasury Strip Securities at cost
plus accrued interest was $ 1,780,037 and the market value was
$ 1,890,833.
<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
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 1,088,819
<INVESTMENTS-AT-VALUE> 1,776,105
<RECEIVABLES> 261,172
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,064,875
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 208,932
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 1,616
<SHARES-COMMON-PRIOR> 1,771
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,800
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 32,116
<NET-ASSETS> 1,850,605
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 31,606
<OTHER-INCOME> 0
<EXPENSES-NET> 26,548
<NET-INVESTMENT-INCOME> 41,739
<REALIZED-GAINS-CURRENT> 4,800
<APPREC-INCREASE-CURRENT> 41,739
<NET-CHANGE-FROM-OPS> (206,629)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (155)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (33,587)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,124
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 26,548
<AVERAGE-NET-ASSETS> 1,960,329
<PER-SHARE-NAV-BEGIN> 1161.87
<PER-SHARE-NII> (16.43)
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 40
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1145.44
<EXPENSE-RATIO> 1.43
</TABLE>
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