10-Q 1 d10q.txt QUARTERLY REPORT 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, 2001 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- 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, 2001 AND DECEMBER 31, 2000.

The accompanying notes are an integral part of these combined condensed financial statements. -2- 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, 2001 AND SEPTEMBER 30, 2000.

The accompanying notes are an integral part of these combined condensed financial statements. -3- 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, 2001.

The accompanying notes are an integral part of these combined condensed financial statements. -4- 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, 2001 AND SEPTEMBER 30, 2000.

The accompanying notes are an integral part of these combined condensed statements. -5- 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 MONTHS ENDED SEPTEMBER 30, 2001 AND SEPTEMBER 30, 2000: (A) SEPT 30, SEPT 30, 2001 2000 ---------- ---------- PARTNERS' CAPITAL $1,700,946 $1,660,673 For the nine month period ended September 30, 2001, Partners' Capital decreased $ 56,699 due primarily to capital distributions of $ 59,225, and operating expenses of $ 74,823. The decrease in capital resulting from capital distributions and operating expenses was partially offset by the U.S. Treasury Strip Securities' interest of $ 73,138. Realized and unrealized results from the trading of futures, options on futures, and currency forwards amounted to a loss of $ 1,414 for the period ended September 30, 2001. Largest losses in futures trading were recognized in the trading of S&P500 futures and Lite Crude Oil and Heating Oil futures contracts. In comparison, for the nine month period ended September 30, 2000, Partners' capital decreased $ 396,561 due to net withdrawals of $ 328,569, capital distributions of $ 70,825, and operating expenses of $ 74,192. The decrease in capital resulting from capital withdrawals and distributions, and operating expenses was offset partially by the U.S. Securities' interest of $ 81,611. Net realized and unrealized trading losses of futures contracts, options on futures contracts, and currency forwards amounted to a loss of $ (18,497). Largest gains in futures trading were concentrated in US Treasury bond futures contracts and 10-yr Treasury Notes contracts, while largest losses were accumulated in S&P 500 index contracts. -6- (B) The U.S. Treasury Strip Securities are valued at the lower of cost plus accrued interest or market value. As of September 30, 2001, the cost plus accrued interest value (as shown on the Combined Condensed Statements of Financial Condition) of the U.S. Treasury Strip Securities is $ 1,486,757 and the value of said securities at market value is $ 1,543,999.20. As of September 30, 2000, the value of the U.S. Treasury Strip Securities at cost plus accrued interest was $1,481,245 and the market value was $ 1,514,983. -7- 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-

FOUR SEASONS FUND II L P 10-Q