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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 OCTOBER,31 1997
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from
Commission file number 0-17590
THE FOUR SEASONS FUND
(Exact name of registrant as specified in its charter)
State of jurisdiction or incorporation (Illinois)
IRS EMPLOYER ID NO. #36-3586810
C/0 HEINOLD ASSET MANAGEMENT. INC.
ONE FINANCIAL PLACE
440 S. LASALLE ST-21 FLOOR
CHICAGO ILLINOIS 60605
PHONE NUMBER 663-7500
SAME
( Former name, former address and former fiscal year, if changed)
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 shortened 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
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PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
FOUR SEASONS FUND
(An Illinois Limited Partnership)
CONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION
OCT 31, 1997 JULY 31,
(UNAUDITED) 1997
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ASSETS - -
EQUITY IN FUTURES TRADING ACCOUNTS:
U.S. GOVERNMENT TREASURY SECURITIES, AT COST PLUS
ACCRUED INTEREST WHICH APPROXIMATES MARKET 0 0
NET UNREALIZED APPRECIATION ON OPEN FUTURES
CONTRACTS 233,576 1,489,012
AMOUNT DUE FROM (TO) BROKER 2,750,100 2,165,611
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2,983,676 3,654,623
U.S. TREASURY STRIP NOTES, AT MARKET VALUE 13,802,668 13,615,510
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LIABILITIES: 16,786,344 17,270,133
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ACCRUED BROKERAGE COMMISSIONS PAYABLE 51,402 52,556
OTHER ACCRUED EXPENSES 12,112 17,741
ACCRUED PROFIT SHARE 46,837 99,843
REDEMPTION PAYABLE 0 0
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TOTAL LIABILITIES 110,351 170,140
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GENERAL PARTNER'S INTEREST IN TRADING COMPANY 104,713 125,341
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PARTNERS' CAPITAL:
GENERAL PARTNER, 110 UNIT EQUIVALENTS
OUTSTANDING AT OCTOBER 31, 1997 AND
JULY 31, 1997 RESPECTIVELY 232,443 236,820
LIMITED PARTNERS, 7,732 AND 7,775 UNIT
EQUIVALENTS OUTSTANDING AT OCTOBER 31, 1997
AND JULY 31, 1997 RESPECTIVELY 16,338,837 16,737,832
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TOTAL PARTNERS' CAPITAL 16,571,280 16,974,652
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16,786,344 17,270,133
NET ASSET VALUE PER OUTSTANDING UNIT OF ============= =============
PARTNERSHIP INTEREST 2,113.11 2,152.91
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THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
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FOUR SEASONS FUND
(An Illinois Limited Partnership)
CONSOLIDATED
STATEMENTS OF PARTNERS' CAPITAL
FOR THE THREE MONTHS ENDED OCTOBER 31, 1997 (UNAUDITED)
LIMITED GENERAL
PARTNERS PARTNERS TOTAL
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FUND EQUITY AT JULY 31, 1997 16,737,832 236,820 16,974,652
(7,775 LIMITED PARTNERSHIP UNITS)
ADD (DEDUCT):
REDEMPTION 0F 43 LIMITED
PARTNERSHIP UNITS (91,416) (91,416)
NET INCOME (LOSS) (307,579) (4,377) (311,956)
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FUND EQUITY AT OCTOBER 31, 1997 16,338,837 232,443 16,571,280
(7,732 LIMITED PARTNERSHIP UNITS) ============== ============== ==============
NET ASSET VALUE PER UNIT AT
OCTOBER 31, 1997: 2,113.11
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FOUR SEASONS FUND
(An Illinois Limited Partnership)
CONSOLIDATED
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED OCTOBER 31, 1997 AND 1996 (UNAUDITED)
REVENUES: 1997 1996
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NET REALIZED TRADING GAINS (LOSSES) ON CLOSED
FUTURES CONTRACTS 765,115 72,194
INCREASE (DECREASE) IN NET UNREALIZED APPRECIATION
ON OPEN FUTURES CONTRACTS (1,255,436) 409,459
INTEREST INCOME 36,161 23,475
ACCRETION OF U.S TREASURY STRIP NOTES 243,550 244,945
GAIN (LOSS) ON MARKET VALUE OF U.S
TREASURY STRIP NOTES (6,220) 251,407
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(216,831) 1,001,480
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EXPENSES:
BROKERAGE COMMISSIONS 154,180 173,233
PROFIT SHARE ALLOCABLE TO JOINT VENTURE
TRADING ADVISOR (53,006) 0
OTHER ADMINISTRATIVE EXPENSES 14,580 7,500
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115,753 180,733
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INCOME BEFORE GENERAL PARTNER'S INTEREST
IN TRADING COMPANY (332,584) 820,747
GENERAL PARTNER'S INTEREST IN TRADING COMPANY
OPERATING (INCOME) LOSS 20,628 (9,150)
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NET INCOME (LOSS) (311,956) 811,597
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NET GAIN (LOSS) ALLOCATED TO
GENERAL PARTNER (4,377) 10,355
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NET GAIN (LOSS) ALLOCATED TO
LIMITED PARTNERS (307,579) 801,242
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NET INCOME (LOSS) PER UNIT OF
PARTNERSHIP INTEREST (FOR A UNIT
OUTSTANDING THROUGHOUT EACH PERIOD) (39.80) 94.13
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THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
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FOUR SEASONS FUND
(An Illinois Limited Partnership)
CONSOLIDATED
STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED OCTOBER 31, 1997 AND 1996 (UNAUDITED)
1997 1996
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FUNDS PROVIDED BY:
NET INCOME (LOSS) (311,956) 811,597
INCREASE IN OTHER LIABILITIES 0 13,420
(INCREASE) DECREASE IN EQUITY IN COMMODITY FUTURES
TRADING ACCOUNTS AND U.S. TREASURE STRIP NOTES 483,789 (465,696)
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171,833 359,321
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FUNDS APPLIED TO:
REDEMPTION OF LIMITED PARTNERSHIP UNITS 91,416 359,321
INCREASE IN EQUITY IN COMMODITY FUTURES TRADING ACCOUNTS 0 0
DECREASE IN OTHER LIABILITIES 80,417 0
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171,833 359,321
CHANGE IN CASH BALANCE (0) 0
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THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS
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THE FOUR SEASONS FUND
(AN ILLINOIS LIMITED PARTNERSHIP)
NOTES TO FORM 10-Q FINANCIAL STATEMENTS
The financial information included herein, other than
the condensed Statement of Financial Condition as of
October 31,1997, has been prepared by management without
audit by Independent Certified Public Accountants. The
condensed Statement of Financial Condition as of
October 31,1997 has been derived from the audited financial
as of July 31, 1997. The interim financial statements
do not include all the disclosures contained in the annual
financial statement. The information furnished includes
all adjustments which are in the opinion of management,
necessary for fair statements of results for the interim
periods.The results of operations as presented, however,
should not be considered indicative of the results to be
expected for the entire year.
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The Four Seasons Fund
(An Illinois Limited Partnership)
Notes to Form 10-Q Financial Statements, Continued
Item 2, Management's discussion and analysis of Financial Condition,
and operating results for the three months ended Oct 31, 1997.
31-Oct-97 31-Jul-97
Ending Equity(Note A) 16,571,280 16,974,652
NOTE A:
Ending equity at October 31,1997 is lower than ending equity at July
31, 1997 due to unprofitable trading during the period.
NOTE B:
Increase (decrease) in net unrealized appreciation on open futures and
forward contracts for the three months ended 10/31/97 is less than net
unrealized appreciation on open futures contracts for the three months ended
10/31/96 due to less profitable trading during the period.
Three months Three months
ended 10/31/97 ended 10/31/96
(1,255,436) 409,459
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