|
|
|
|
|
|
|
|
|
|
Previous: CHROMCRAFT REVINGTON INC, 10-Q, EX-27, 2000-08-14 |
Next: FOUR SEASONS FUND II L P, 10-Q, EX-27, 2000-08-14 |
<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 JUNE 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) 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
<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 SIX MONTH AND THREE MONTH PERIODS ENDED JUNE 30, 2000 AND JUNE
30, 1999:
(A) JUNE 30, JUNE 30,
2000 1999
------------ ------------
PARTNERS' CAPITAL $ 1,694,009 $ 2,077,020
For the six month period ending June 30, 2000, Partners'
Capital decreased $ 363,225 due primarily to net withdrawals of
$ 289,313, capital distributions of $ 70,825, and operating
expenses of $ 50,793. 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 $ 56,736. Net realized and
unrealized trading losses of futures contracts, options on futures
contracts, and currency forwards amounted to a loss $ (15,752).
Largest gains in futures trading were concentrated in natural gas
and 10-yr Treasury Notes contracts, while largest losses were
accumulated in S&P 500 index contracts.
In comparison, for the six month period ending June 30, 1999,
Partners' Capital decreased $ 137,017 due primarily to capital
withdrawals of $ 77,985, capital distributions of $ 73,991, and
operating expenses of $ 58,937. The decrease in capital resulting
from capital withdrawals, capital distributions, and operating
<PAGE>
expenses was partially offset by the increase in accrued interest
of the Treasury strip securities of $ 58,730 and the realized
trading gains of futures contracts, options on futures contracts,
and currency forwards of $ 3,822. Largest gains in futures
trading were concentrated in S&P 500 index contracts.
For the three month period ending June 30, 2000, Partner's
Capital decreased $ 156,596, due primarily to net capital
withdrawals of $ 111,770, trading losses of futures contracts,
options on futures contracts, and currency forwards of $
52,667, and operating expenses of $ 24,246. These losses were
partially offset by the appreciation in accrued interest of
the Treasury strip securities of $ 27,129. Largest losses in
trading were concentrated in the S&P 500 index contracts,
while largest gains were recognized in the energies, namely
natural gas contracts.
In comparision, for the three month period ending June 30, 1999,
Partners' Capital increased $ 6,983, due primarily to the increase
in the value of the the U.S. Treasury strips, which was partially
offset by losses in options on futures trading of $ 7,525, and
operating expenses of $ 29,032. The largest increase was due to
the appreciation in the value of the U.S. Treasury Strip
Securities' interest of $ 28,904, and the realized and
unrealized trading gains of futures contracts, and
currency forwards of $ 8,030. Largest gains in futures
trading were concentrated in the indices and energy markets,
namely the S&P 500 Index, and the largest losses were in
Treasury notes futures contracts.
(B) The U.S. Treasury Strip Securities are valued at the lower of
cost plus accrued interest or market value. As of June 30,
2000, the cost plus accrued interest value (as shown on the
<PAGE>
Combined Statement of Financial Condition) of the U.S. Treasury
Strip Securities is $ 1,627,253 and the value of said securities
at market value is $ 1,665,396. As of June 30, 1999, the
value of the U.S. Treasury Strip Securities at cost plus accrued
interest was $ 1,747,557 and the market value was $ 1,811,801.
<PAGE>
FORM 10-Q PART 1 ITEM 1 FINANCIAL STATEMENTS
THE FOUR SEASONS FUND II L.P.
COMBINED STATEMENTS OF FINANCIAL CONDITION AS OF JUNE 30, 2000 AND
DECEMBER 31, 1999
<TABLE>
<CAPTION>
June 30, December 31,
2000 1999
---------------- ------------
(Unaudited) (audited)
<S> <C>
Net Receivable From Commodity Broker:
Receivable For Cash Retained $ 192,096 $ 284,736
Net Unrealized Gain on 30,709 18,281
Open Futures Contracts
Net Unexpired Option Premiums (11,850) -
Accrued Interest Receivable 370 761
Other 275 403
U.S. Treasury Strip Securities (Cost plus Accrued) 1,627,253 1,794,281
----------- -----------
TOTAL ASSETS $1,838,852 $ 2,098,462
=========== ===========
LIABILITIES:
Accrued Brokerage Commissions $ 7,547 $ 12,906
Accrued Advisory Fees 7,929 3,430
Accrued Sponsor Fees 3,387 3,861
Other Accrued Expenses 10,435 15,928
Redemptions Payable 111,770 -
----------- -----------
141,067 36,125
Minority interest in Trading Company 3,776 5,103
----------- -----------
TOTAL LIABILITIES 144,843 41,228
----------- -----------
PARTNERS' CAPITAL:
General Partner ( 22.717 units - 06/30/00) 25,391 26,394
( 22.717 units - 12/31/99)
Limited Partners (1492.909 units - 06/30/00) 1,668,618 2,030,840
(1747.909 units - 12/31/99)
----------- -----------
TOTAL PARTNERS' CAPITAL 1,694,009 2,057,234
----------- -----------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $1,838,852 $ 2,098,462
=========== ===========
PARTNERSHIP UNITS OUTSTANDING 1,515.626 1,770.626
=========== ===========
NET ASSET VALUE PER PARTNERSHIP UNIT $ 1,117.70 $ 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 STATEMENT OF CASH FLOWS (UNAUDITED) - FOR THE SIX MONTHS ENDED JUNE
30, 2000 AND JUNE 30, 1999.
<TABLE>
<CAPTION>
6/30/00 6/30/99
-------------------- -------------------
<S> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ (3,087) 14,959
Adjustments To Reconcile Net Income To
Net Cash Provided By Operating Activities:
Net Change In Unrealized Gains
On Futures Contracts (12,428) 33,814
Net Change In Unrealized
Option Premiums 11,850 9,450
Accrued Interest From U.S. Treasury
Strip Securities (56,736) (58,730)
Gain on Sale of U.S. Treasury
Strip Securities (1,916) (5,555)
(Increase) Decrease In Operating Assets:
Net Receivable From Commodity
Broker For Cash Retained 92,768 26,395
Net Receivable From Commodity
Broker For Interest Receivable 391 177
Increase (Decrease) In Operating Liabilities:
Accrued Brokerage Commissions (5,359) (451)
Accrued Advisory Fees 4,499 (3,827)
Accrued Sponsor Fees (474) (108)
Other Accrued Expenses (5,494) 437
Redemptions Payable 111,770 (35,204)
Allocation of Income to Minority Interest (1,327) (938)
---------- -----------
Net cash provided by operating activities 137,544 (34,540)
---------- -----------
NET CASH FLOWS FROM FINANCING ACTIVITIES
Limited Partner Redemptions (289,313) (77,985)
Partner Distributions (70,825) (73,991)
---------- -----------
Net cash used in financing activities (360,138) (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 154,681 96,557
---------- -----------
Net cash provided by investing activities 225,681 171,557
---------- -----------
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 statements.
<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 SIX MONTHS ENDED
JUNE 30, 2000, AND THE THREE MONTHS ENDED MARCH 31, 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 (155.000) (177,543) - (177,543)
Capital Distributions - (69,916) (909) (70,825)
Net Income (Loss) - 41,203 536 41,739
------------ ----------- --------- -------------
PARTNERS' CAPITAL, MARCH 31, 2000 1,615.626 $ 1,824,584 $ 26,021 $ 1,850,605
============ =========== ========= =============
Capital Withdrawals (100.000) (111,770) - (111,770)
Capital Distributions - - - -
Net Income (Loss) - (44,196) (630) (44,826)
------------ ----------- --------- -------------
PARTNERS' CAPITAL, JUNE 30, 2000 1,515.626 $ 1,668,618 $ 25,391 $ 1,694,009
============ =========== ========= =============
December 31, 1999:
Amount $1,161.87
Units outstanding 1,770.626
March 31, 2000:
Amount $1,145.44
Units outstanding 1,615.626
June 30, 2000:
Amount $1,117.70
Units outstanding 1,515.626
</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 STATEMENTS OF OPERATIONS (UNAUDITED) - FOR THE THREE MONTHS AND SIX
MONTHS ENDED JUNE 30, 2000 AND JUNE 30, 1999.
<TABLE>
<CAPTION>
Three months Three months Six months Six months
ended 06/30/00 ended 06/30/99 ended 06/30/00 ended 06/30/99
--------------- --------------- -------------- -------------
<S> <C>
REVENUES
Trading Profit (Loss)
Net realized gains (losses) $ (19,530) $ 12,198 $ 4,682 $ 50,011
Net option premiums (1,600) 1,925 (21,012) (2,925)
Net change in unrealized gains on
open futures contracts (19,687) (4,168) 12,428 (33,814)
Net change in unexpired options (11,850) (9,450) (11,850) (9,450)
--------- --------- --------- ---------
Total Trading Results (52,667) 505 (15,752) 3,822
Gain on sale of U.S. Treasury Strip Securities 1,916 3,619 1,916 5,555
Interest income 28,609 31,398 60,215 63,581
------------- ----------- ------------- -------------
0
Total Revenues (22,142) 35,522 46,379 72,958
EXPENSES
Brokerage commissions 11,584 13,430 24,659 27,399
Management fees 4,509 5,221 9,634 10,695
Sponsor fees 3,387 3,922 7,235 8,034
Administrative expenses 4,766 6,459 9,265 12,809
------------- ----------- ------------- -------------
Total Expenses 24,246 29,032 50,793 58,937
------------- ----------- ------------- -------------
INCOME (LOSS) BEFORE ALLOCATION OF MINORITY INTEREST (46,388) 6,490 (4,414) 14,021
ALLOCATION OF MINORITY INTEREST 1,562 493 1,327 938
------------- ----------- ------------- -------------
NET INCOME (LOSS): $ (44,826) $ 6,983 $ (3,087) $ 14,959
============= =========== ============= =============
Limited Partners $ (44,196) $ 6,894 $ (2,992) $ 14,768
General Partner (630) 89 (95) 191
Net income per unit (27.75) 3.92 (4.17) 4.13
</TABLE>
The accompanying notes are an integral part of these combined statements.
<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
|
|