<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly report pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
For the quarterly period ended September 30, 1999
Commission File Number 333-16825
JWH GLOBAL TRUST
(Exact name of registrant as specified in its charter)
Delaware 36-4113382
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
233 South Wacker Drive, Suite 2300, Chicago, Illinois 60606
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (312) 460-4000
Not Applicable
(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
<PAGE>
Part I. Financial Information
Item 1. Financial Statements
Following are Financial Statements for the fiscal quarter ended September 30,
1999 and the additional time frames as noted:
<TABLE>
<CAPTION>
Fiscal Quarter Year to Date Fiscal Year Fiscal Quarter Year to Date
Ended 9/30/99 To 9/30/99 Ended 12/31/98 Ended 9/30/98 To 9/30/98
------------- ---------- -------------- ------------- ----------
<S> <C> <C> <C> <C> <C>
Statement of
Financial Condition X X
Statement of
Operations X X X X
Statement of Changes
in Partners' Capital X
Statement of
Cash Flows X X
Notes to Financial
Statements X
</TABLE>
<PAGE>
JWH GLOBAL TRUST
STATEMENTS OF FINANCIAL CONDITION
UNAUDITED
<TABLE>
<CAPTION>
Sep 30, 1999 Dec 31, 1998
------------ -----------
<S> <C> <C>
ASSETS
Cash $1,148,150 $1,601,405
Equity in commodity futures
trading accounts:
Account balance 95,252,291 90,182,744
Unrealized gain on open futures
and forwards contracts (25,507) 7,559,155
96,374,934 99,343,304
Interest receivable 378,792 338,264
Prepaid Initial O&O 352,460 451,589
Total assets $97,106,186 $100,133,157
============= ==============
LIABILITIES AND UNITHOLDERS' CAPITAL
Liabilities:
Accrued commissions due to CIS $509,258 $528,885
Accrued management fee 319,696 328,109
Accrued incentive fee 0 120,253
Accrued operating expenses 105,952 109,738
Redemptions payable 1,300,967 3,533,024
Selling and Offering Expenses Payable 39,598 40,602
Total liabilities 2,275,470 4,660,611
Unitholders' Capital:
Beneficial owners (842,520.14 units outstanding 93,872,685 94,386,640
at 9/30/99, 817,899.61 units outstanding at
12/31/98) (see Note 1)
Managing owner (8,598.45 units outstanding at 958,030 1,085,906
9/30/99 and 9,409.49 at 12/31/98) (see Note 1)
Total unitholders' capital 94,830,715 95,472,546
Total liabilities and
unitholders' capital $97,106,186 $100,133,157
============= ==============
</TABLE>
This Statement of Financial Condition, in the opinion of management, reflects
all adjustments necessary to fairly state the financial condition of JWH
Global Trust. (See Note 6)
<PAGE>
JWH GLOBAL TRUST
STATEMENTS OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>
July 1, 1999 Jan 1, 1999 July 1, 1998 Jan 1, 1998
through through through through
Sep 30, 1999 Sep 30, 1999 Sep 30, 1998 Sep 30, 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
REVENUES
Gains on trading of commodity futures
and forwards contracts, physical
commodities and related options:
Realized gain (loss) on closed positions ($55,897) $9,910,068 ($3,211,107) ($737,863)
Change in unrealized gain (loss)
on open positions (5,812,473) (7,131,800) 18,942,219 12,220,264
Interest income 1,152,297 3,192,209 1,015,193 2,702,286
Foreign currency transaction gain (loss) 128,860 (260,400) (35,380) (334,421)
Total revenues (4,587,213) 5,710,077 16,710,924 13,850,265
EXPENSES
Commissions paid to CIS 1,564,456 4,700,178 1,125,392 2,963,329
Exchange fees 24,933 63,378 18,063 42,463
Management fees 979,731 2,935,732 872,670 2,294,108
Incentive fees 0 853,599 1,263,310 1,263,310
Organization & Offering Expenses 154,401 462,133 140,682 382,915
Operating expenses 15,000 45,639 329,497 756,444
Total expenses 2,738,521 9,060,659 3,749,614 7,702,569
Net profit (loss) ($7,325,734) ($3,350,583) $12,961,310 $6,147,696
=========== ========== =========== ==========
PROFIT (LOSS) PER UNIT OF
OWNERSHIP INTEREST ($8.64) ($3.98) $15.94 $5.46
=========== ========== =========== ==========
(see Note 1) (see Note 1) (see Note 1) (see Note 1)
</TABLE>
This Statement of Operations, in the opinion of management, reflects all
adjustments necessary to fairly state the financial condition of JWH Global
Trust. (See Note 6)
<PAGE>
JWH GLOBAL TRUST
STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL
From January 1, 1999 through September 30, 1999
UNAUDITED
<TABLE>
<CAPTION>
Additional Units Sold Beneficial Managing
(see Note 1) Units* Owners Owner Total
------ ------ ----- -----
<S> <C> <C> <C> <C>
Unitholders' capital at January 1, 1999 817,899.61 $94,386,640 $1,085,906 $95,472,546
Additional Units Sold 136,348.97 15,632,871 (93,497) 15,539,374
(see Note 1)
Net profit (loss) (3,316,203) (34,379) (3,350,582)
Redemptions (see Note 1) (111,728.44) (12,830,623) 0 (12,830,623)
Unitholders' capital at September 30, 1999 842,520.14 $93,872,685 $958,030 $94,830,715
=========== =========== ======== ===========
Net asset value per unit
January 1, 1999 (see Note 1) 115.40 115.40
Net profit (loss) per unit (see Note 1) (3.98) (3.98)
Net asset value per unit
September 30, 1999 $111.42 $111.42
</TABLE>
* Units of Beneficial Ownership.
This Statement of Changes in Unitholders' Capital, in the opinion of
management, reflects all adjustments necessary to fairly state the financial
condition of JWH Global Trust. (See Note 6)
<PAGE>
JWH GLOBAL TRUST
STATEMENTS OF CASH FLOWS
UNAUDITED
<TABLE>
<CAPTION>
Jan 1, 1999 Jan 1, 1998
through through
Sep 30, 1999 Sep 30, 1998
------------ ------------
<S> <C> <C>
Cash flows from operating activities:
Net profit (loss) ($3,350,583) ($6,813,614)
Adjustments to reconcile net profit
(loss) to net cash provided by
(used in) operating activities:
Change in assets and liabilities:
(Increase) decrease in receivable for units sold 453,255 510,880
Unrealized gain (loss) on open
futures contracts 7,584,662 6,721,954
Interest receivable (40,528) (67,734)
Prepaid Organization and Offering Expenses 99,129 66,087
Accrued liabilities (152,080) (561,591)
Redemptions payable (2,232,057) 675,797
Selling and Offering Expenses Payable (1,004) 7,193
--------- --------
Net cash provided by (used in)
operating activities 2,360,795 538,971
--------- --------
Cash flows from financing activities:
Additional Units Sold 15,539,374 25,178,102
Unitholder redemptions (12,830,623) (2,294,736)
----------- ----------
Net cash provided by (used in)
financing activities 2,708,752 22,883,368
Net increase (decrease) in cash 5,069,546 23,422,338
Cash at beginning of period $90,182,744 56,278,134
----------- ----------
Cash at end of period $95,252,290 $79,700,472
=========== ===========
</TABLE>
This Statement of Cash Flows, in the opinion of management, reflects all
adjustments necessary to fairly state the financial condition of JWH Global
Trust. (See Note 6)
<PAGE>
JWH GLOBAL TRUST
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1999
(1) GENERAL INFORMATION AND SUMMARY
JWH Global Trust (the "Trust") is a Delaware business trust organized on
November 12, 1996 under the Delaware Business Trust Act. The business of the
Trust is the speculative trading of commodity interests, including futures
contracts on currencies, interest rates, energy and agricultural products,
metals and stock indices, options on such futures contracts, and spot and
forward contracts on currencies and precious metals ("Commodity Interests")
pursuant to the trading instructions of an independent trading advisor. The
managing owner of the Trust is CIS Investments, Inc., a Delaware corporation
organized in June 1983 (the "Managing Owner"). The Managing Owner is registered
as a commodity pool operator under the Commodity Exchange Act, as amended, and
is responsible for administering the business and affairs of the Trust exclusive
of trading decisions. The Managing Owner is an affiliate of Cargill Investor
Services, Inc., the clearing broker for the Trust (the "Clearing Broker") and
CIS Financial Services, Inc., which acts as the Trust's currency dealer
("CISFS"). Trading decisions for the Trust were made by an independent commodity
trading advisor, John W. Henry & Company, Inc.
The initial public offering of the Trust's units of beneficial interest
("Units") commenced on April 3, 1997 and concluded on September 23, 1997. The
initial offering price was $100 per Unit until the initial closing of the Trust,
and thereafter at the current Net Asset Value of the Trust on the last business
day of the calendar month. The total amount of the initial offering was
$50,000,000. On September 24, 1997, a registration statement was declared
effective with the SEC to register $155,000,000 of additional Units. The Units
were offered pursuant to a Prospectus dated September 26, 1997 until June 25,
1998. On June 26, 1998, an amendment to the registration statement was declared
effective with the SEC and the Units were offered pursuant to a Prospectus dated
June 26, 1998 until March 25, 1999. On March 26, 1999, an amendment to the
registration statement was declared effective with the SEC and the Units are
currently offered pursuant to a prospectus dated March 31, 1999. A
Post-Effective Amendment was declared effective with the SEC on October 20, 1997
to deregister $3,120,048.99 of Units which remained unsold upon the termination
of the initial offering of the Units. As a result of the Units being offered at
each month-end Net Asset Value, the total number of Units authorized for the
Trust is not determinable and therefore is not disclosed in the financial
statements.
The initial closing of the Trust was on May 30, 1997 and the Trust commenced
trading on June 2, 1997. The initial Beneficial Owners of the Trust,
representing ownership of $1,000, were redeemed on May 30, 1997, prior to the
commencement of trading.
The minimum subscription size for the offering is $5,000 for individuals and
$2,000 for trustees or custodians of eligible employee benefit plans and
individual retirement accounts (subject to higher minimums in certain States);
and $1,000 for existing investors in the Trust (the "Unitholders"). By September
30, 1999, a total of 842,520.14 Units were sold to Beneficial Owners of the
Trust for an investment of $93,872,685 and 8598.45 Units were sold to the
Managing Owner of the Trust for an investment of $958,030, resulting in a total
of 851,118.59 Units representing a total investment of $94,830,715 being sold in
the offering period commencing April 3, 1997.
<PAGE>
The Managing Owner of the Trust advanced organization and offering costs of
$650,000. The Trust reimbursed the Managing Owner for these costs. The Trust is
amortizing these costs over 60 months.
The Trust shall terminate on December 31, 2026 if none of the following occur
prior to that date: (1) investors holding more than 50 percent of the
outstanding Units notify the Managing Owner to dissolve the Trust as of a
specific date; (2) withdrawal, insolvency, bankruptcy, retirement, resignation,
expulsion or dissolution of the Managing Owner of the Trust; (3) bankruptcy or
insolvency of the Trust; (4) decline in the aggregate Net Assets of the Trust to
less than $2,500,000; (5) decline in the Net Asset Value per Unit to $50 or
less; (6) dissolution of the Trust pursuant to the Fourth Amended and Restated
Declaration and Agreement of Trust; or (7) any other event which shall make it
unlawful for the existence of the Trust to be continued or require dissolution
of the Trust. The Trust's Fourth Amended and Restated Declaration and Agreement
of Trust contains a full description of the Trust's term and dissolution
procedures.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting and reporting policies of the Trust conform to generally accepted
accounting principles and to general practices within the commodities industry.
The following is a description of the more significant of those policies that
the Trust follows in preparing its financial statements.
Revenue Recognition
Commodity futures contracts, forward contracts, and physical commodities are
recorded on the trade date. All such transactions are reported on an identified
cost basis. Unrealized gains and losses reflected in the statements of financial
condition represent the difference between original contract amount and market
value (as determined by exchange settlement prices for futures contracts and
cash dealer prices at a predetermined time for forward contracts and physical
commodities) as of the last business day of the quarter-end.
The Trust earns interest on its assets on deposit with CIS and CISFS at 100% of
the 91-day Treasury bill rate for deposits denominated in dollars, and at the
rates agreed between the Trust and CIS and CISFS for deposits denominated in
other currencies.
Redemptions
A beneficial owner may cause any or all of his or her units to be redeemed by
the Trust effective as of the last trading day of any month of the Trust based
on the Net Asset Value per unit on five days' written notice to the Managing
Owner. Payment will be made within 10 business days of the effective date of the
redemption. Any redemption made during the first 11 months of investment is
subject to a 3% redemption penalty. Any redemption made in the 12th month of
investment or later will not be subject to any penalty. The Trust's Fourth
Amended and Restated Declaration and Agreement of Trust contains a full
description of redemption and distribution policies.
Commissions
Commodity brokerage commissions are typically paid for each trade transacted and
are referred to as "round-turn commissions". These commissions cover
<PAGE>
both the initial purchase (or sale) and the subsequent offsetting sale (or
purchase) of a commodity futures contract. The Trust does not pay commodity
brokerage commissions on a per-trade basis, but rather pays monthly flat-rate
Brokerage Fees at the annual rate of 6.5% (or a monthly rate of approximately
0.542%) of the Trust's month-end assets after reduction of the Management Fee.
CIS receives these Brokerage Fees irrespective of the number of trades executed
on the Trust's behalf.
Certain large investors are eligible for a "Special Brokerage Rate" of 5% per
year.
Foreign Currency Transactions
Trading accounts in foreign currency denominations are susceptible to both
movements on underlying contract markets as well as fluctuation in currency
rates. Translation of foreign currencies into U.S. dollars for closed positions
are translated at an average exchange rate for the quarter, while quarter-end
balances are translated at the quarter-end currency rates. The impact of the
translation is reflected in the statement of operations.
Statements of Cash Flows
For purposes of the statements of cash flows, cash includes cash on deposit with
the Clearing Broker in commodity futures trading accounts.
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of increase and decrease in net assets from operations
during the period. Actual results could differ from those estimates.
(3) FEES
Management fees are accrued and paid monthly and incentive fees are accrued
monthly and paid quarterly. Trading decisions for the period of these financial
statements were made by John W. Henry & Company, Inc. ("JWH") utilizing two of
its trading programs, the Original Investment Program and the Financial and
Metals Portfolio, until October 4, 1998. Effective October 5, 1998, the Managing
Owner added a third JWH program to the Trust, the G-7 Currency Portfolio.
Under signed agreement, JWH receives a monthly management fee of 1/12 of 4% of
the Trust's month-end assets after deduction of a portion of the Brokerage Fee
at the annual rate of 1.25% (rather than 6.5%) of month-end Trust assets but
before deduction of any management fees, redemptions, distributions, or
incentive fee accrued or payable as of the relevant month-end
In addition, the Trust pays to JWH a quarterly incentive fee equal to 15% of the
new trading profits of the Trust. The incentive fee is based on the overall
performance of the Trust, not individually in respect of the performance of the
individual programs utilized by the Trust. This fee is also calculated by
deducting Brokerage Fee at a rate of 1.25% (rather than the 6.5% rate).
<PAGE>
(4) INCOME TAXES
No provision for Federal income taxes has been made in the accompanying
financial statements as each beneficial owner is responsible for reporting
income (loss) based on the pro rata share of the profits or losses of the Trust.
Generally, for both Federal and State tax purposes, trusts such as JWH Global
Trust are treated as partnerships. The Trust is responsible for the Illinois
State Partnership Information and Replacement Tax based on the operating results
of the Trust. Such tax amounted to $0 and $42,246 for the periods ended
September 30, 1999 and September 30, 1998 and is included in operating expenses
in the Statement of Operations.
(5) FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK
The Trust was formed to speculatively trade Commodity Interests. The Trust's
commodity interest transactions and its related cash balance are on deposit with
the Clearing Broker or the Forwards Currency Broker (the "Brokers") at all
times. In the event that volatility of trading of other customers of the Brokers
impaired the ability of the Brokers to satisfy the obligations to the Trust, the
Trust would be exposed to off-balance sheet risk. Such risk is defined in
Statement of Financial Accounting Standards No. 105 ("SFAS 105") as a credit
risk. To mitigate this risk, the Clearing Broker, pursuant to the mandates of
the Commodity Exchange Act, is required to maintain funds deposited by customers
relating to futures contracts in regulated commodities in separate bank accounts
which are designated as segregated customers' accounts. In addition, the
Clearing Broker has set aside funds deposited by customers relating to foreign
futures and options in separate bank accounts which are designated as customer
secured accounts. Lastly, the Clearing Broker is subject to the Securities and
Exchange Commission's Uniform Net Capital Rule which requires the maintenance of
minimum net capital of at least 4% of the funds required to be segregated
pursuant to the Commodity Exchange Act. The Clearing Broker and Forwards
Currency Broker both have controls in place to make certain that all customers
maintain adequate margin deposits for the positions which they maintain at each
Broker. Such procedures should protect the Trust from the off-balance sheet risk
as mentioned earlier. Neither the Clearing Broker nor the Forwards Currency
Broker engage in proprietary trading and thus has no direct market exposure.
The counterparty of the Trust for futures contracts traded in the United States
and most non-U.S. exchanges on which the Trust trades is the Clearing House
associated with the exchange. In general, Clearing Houses are backed by their
membership and will act in the event of non-performance by one of their members
or one of the members' customers and as such should significantly reduce this
credit risk. In cases where the Trust trades on exchanges on which the Clearing
House is not backed by the exchange membership, the sole recourse of the Trust
for non-performance will be the Clearing House. The Forwards Currency Broker is
the counterparty for the Trust's forward transactions. CISFS policies require
that they execute transactions only with top rated financial institutions with
assets in excess of $100,000,000.
The Trust holds futures positions on the various exchanges throughout the world
and forwards positions with CISFS which transacts with various top rated banks
throughout the world. As defined by SFAS 105, futures and forward currency
contracts are classified as financial instruments. SFAS 105 requires that the
Trust disclose the market risk of loss from all of its financial instruments.
Market risk is defined as the possibility that future changes in market prices
may make a financial instrument less valuable or more onerous. If the markets
should move against all of the futures and forwards positions of the Trust at
the same time (both long positions and short positions), and if the markets
moved such that the CTA was unable to offset the futures positions of the Trust,
the Trust could lose all of its
<PAGE>
assets and the Beneficial Owners would realize a 100% loss. During the period of
these financials, the Trust utilized two of the trading programs of the CTA
until October 4, 1998 (a third program was added on October 5, 1998 as discussed
below). One trading program is diversified among all commodity groups, while the
other is diversified among the various futures contracts and forwards contracts
in the financials and metals group. Both programs trade in the U.S. and outside
of the U.S. To further increase the diversification of the Trust, on October 5,
1998 the Managing Owner added a third program of the CTA to the two programs
already being traded by the Trust. This program, the G-7 Currency Portfolio, is
diversified among a number of world currencies against each other, unlike the
other programs which trade versus the U.S. dollar only. In addition, the G-7
Currency Portfolio trades currencies not traded in the other two programs. Such
diversification should greatly reduce this market risk.
The margin requirement at September 30, 1999 was $11,719,763. To meet this
requirement, the Trust had on deposit with the Clearing Broker $78,911,811 in
segregated funds, $6,647,526 in secured funds and $9,667.447 in non-regulated
funds. At September 30, 1999, cash was on deposit with the Clearing Broker and
the Forwards Currency Broker that exceeded the cash requirement amount.
The following chart discloses the dollar amount of the unrealized gain or loss
on open contracts related to Commodity Interests for the Trust as of September
30, 1999:
<TABLE>
<CAPTION>
COMMODITY GROUP UNREALIZED GAIN/(LOSS)
<S> <C>
AGRICULTURAL COMMODITIES 387,842
FOREIGN CURRENCIES 588,095
STOCK INDICES 78,906
ENERGIES 922,022
METALS (2,188,649)
INTEREST RATE INSTRUMENTS 186,276
---------------
TOTAL (25,508)
</TABLE>
The range of maturity dates of these exchange traded open contracts is November
of 1999 to September of 2000. The average open trade equity for the period of
January 1, 1999 to September 30, 1999 is $5,708,715.
(6) FINANCIAL STATEMENT PREPARATION
The interim financial statements are unaudited but reflect all adjustments that
are, in the opinion of management, necessary for a fair statement of the results
for the interim periods presented. These adjustments consist primarily of normal
recurring accruals. These interim financial statements should be read in
conjunction with the audited financial statements of the Trust for the year
ended December 31, 1998, as filed with the Securities and Exchange Commission on
March 29, 1999, as part of its Annual Report on Form 10-K.
The results of operations for interim periods are not necessarily indicative of
the operating results to be expected for the fiscal year.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATION
FISCAL QUARTER ENDED SEPTEMBER 30, 1999
The Trust recorded a loss of $7,325,734 or $8.64 per Unit for the third quarter
of 1999. This compares to a gain of $12,961,310 or $15.94 per Unit for the third
quarter of 1998.
In the first month of the quarter the Trust posted a loss resulting primarily
from excessive volatility in the currency markets. The Trust posted a small loss
during the second month of the quarter due in part to long positions held in
global interest rates and the Japanese Nikkei stock index. During the third
month of the quarter, the Trust surrendered profits due to rapidly escalating
gold prices and the trust's short gold positions. Overall, the third quarter of
fiscal 1999 ended negatively for the Trust accounts managed by JWH. At September
30, 1999, JWH was managing 100% of the Trust's assets in three trading programs,
the Original Investment Program, the Financial and Metals Portfolio and the G-7
Currency Portfolio.
The Trust posted a loss for July, largely due to excessive volatility in the
currency markets. After gaining value versus the world's currencies for several
weeks, the U.S. dollar ran out of steam by the mid-month. As a result, the Trust
posted losses from long Dollar positions against the Euro, Swiss franc and
Japanese yen. The decline of the Dollar continued through month end, which
prompted short Dollar positions to be established.
Losses in the currency markets wiped out smaller gains that came from global
interest rates, metals, energy and the agricultural sectors. Short positions in
the 10-year and 30-year U.S. bonds provided profits as the long bond yield rose
above 6.1%. The Trust's strongest gains in this sector came from Europe where
interest rates continued to rise. Profits were earned from short positions in
the Euro Bund, Euro Bobl and U.K. Gilt. Likewise, the Trust continued to profit
from its short positions in the gold market as the price of gold fell to its
lowest level in 20 years; $253.70 per troy ounce. All in all, the Trust posted a
loss of $3,458,054 or $4.11 per Unit in July.
In August, the Trust posted another small loss. Gains for the Trust were the
result of a weaker U.S. dollar, versus the Yen and Euro specifically. Stronger
crude oil prices and lower gold prices also provided gains. Unfortunately, these
gains were offset by losses in global interest rates and the Japanese Nikkei
stock index. Long positions in the Japanese stock index (the Nikkei) that were
profitable for the entire year were closed out and small losses were recorded
during August.
Currencies provided some resurrection in the form of a stronger Yen and Euro
versus the U.S. dollar. Since mid-July, the Trust held profitable long positions
in the Yen and Euro looking for these currencies to strengthen against the
Dollar. Long positions in crude oil performed well as prices rose $2 per barrel
during August exceeding $22 per barrel. Gold prices again plummeted through a
20-year low to $253.00 per troy ounce. Notwithstanding these gains, the Trust
posted a loss of $249,569 or $.29 per Unit in August.
The Trust had a difficult time in the markets during September. Losses were
primarily attributable to its short gold position, as the price rose over $50
per ounce. The price of gold escalated rapidly after 15 European central banks
announced that they wouldn't sell or lease additional gold for the next five
years.
Unfortunately, gains in Crude oil and the Japanese Yen were offset by losses in
gold, as well as short positions in the U.S. and Japanese bond markets.
<PAGE>
The Trust's long positions in Crude oil performed well as prices rose nearly
another $2 per barrel. Currencies provided small gains as the Japanese yen
strengthened against the U.S. dollar for the second consecutive month. In
addition, long yen positions proved profitable relative to the European
currencies. Overall, the Trust posted a loss of $3,618,111 or $4.24 per Unit in
September.
During the quarter there were 39,114.85 additional Units sold to the Beneficial
Owners for an investment of $4,485,084.95; there were no Units sold to the
Managing Owner. Investors redeemed a total of 30,705.28 Units during the
quarter. At the end of the quarter there were 842,520.14 Units outstanding owned
by the Beneficial Owners and 8,598.45 Units outstanding owned by the Managing
Owner.
During the fiscal quarter ended September 30, 1999, the Trust had no credit
exposure to a counterparty which is a foreign commodities exchange or to any
counterparty dealing in over the counter contracts which was material.
See Footnote 5 of the Financial Statements for procedures established by the
Managing Owner to monitor and minimize market and credit risks for the Trust. In
addition to the procedures set out in Footnote 5, the Managing Owner reviews on
a daily basis reports of the Trust's performance, including monitoring of the
daily net asset value of the Trust. The Managing Owner also reviews the
financial situation of the Trust's Clearing Broker on a monthly basis. The
Managing Owner relies on the policies of the Clearing Broker to monitor specific
credit risks. The Clearing Broker does not engage in proprietary trading and
thus has no direct market exposure which provides the Managing Owner assurance
that the Trust will not suffer trading losses through the Clearing Broker.
Year 2000 Issue
CIS surveyed its major applications in 1996 to see if they were Year 2000
compliant. Systems identified with Year 2000 issues were targeted for
replacement or modification. Replacement and modification projects are nearly
complete. In addition, CIS has dedicated resources to assess our work processes
and verify that it will be able to handle the changes in the next millennium.
This process addresses software applications as well as key vendor, bank and
customer relationships.
During 1997, CIS participated in developing the industry-wide test plan with the
Futures Industry Association, with whom it continues to work closely. CIS has
participated in BETA testing, which began in September 1998, and participated
again with the FIA in "street wide" testing during the second quarter of 1999.
In addition, CIS has developed various "contingency plans" in the event that
mission critical systems should fail.
CIS is taking this issue seriously and has a goal of maintaining reasonable
procedures in order to eliminate as much risk as possible to its customers
(including the Partnership), its counterparties and itself. Despite the best
efforts of CIS, CISFS and CISI, there can be no assurance that the above steps
will be sufficient or that all potential problems have been identified in order
to avoid any adverse impact to the Partnership. CIS and its affiliates make no
representations or warrants related to Year 2000 readiness or compliance,
including but not limited to business interruption, whether from failures in
their own computer systems, those of the Advisors, or any other third party.
<PAGE>
FISCAL QUARTER ENDED SEPTEMBER 30, 1998
The Trust recorded a gain of $12,961,310 or $15.94 per Unit for the third
quarter of 1998. This compares to a gain of $174,979 or $2.72 per Unit for the
third quarter of 1997.
The Trust suffered losses during the first month of the quarter largely as a
result of losses in interest rates and stock indices. During the second and
third months of the quarter, the Trust experienced solid gains in interest rates
and smaller gains in currencies and stock indices. At September 30, 1998, John
W. Henry & Company, Inc. was managing 100% of the Trust's assets in two trading
programs, the Original Investment Program and the Financial and Metals
Portfolio. Effective October 5, 1998, the Managing Owner added a third trading
program of John W. Henry & Company, Inc. to the Trust, the G-7 Currency
Portfolio.
In July, the Trust incurred small losses as unprofitable positions in interest
rates, stock indices and agricultural commodities offset moderate gains in gold
and crude oil. The price of gold declined at month end along with the Japanese
yen's fall in world markets; gold and the Japanese yen have moved in lockstep
since early June, reflecting the diminishing demand for gold as the region's
economies retract. Crude oil prices fell at month end following an earlier rise,
as reports indicated a build-up in U.S. inventory. Gains in long-term European
bond markets failed to offset losses in other long-term interest rates traded.
Corn prices plunged on favorable weather conditions for crops; profitable
positions in corn and smaller gains in wheat, soybean oil and live cattle did
not offset losses in other markets traded. The Trust recorded a loss of
$2,455,012 or $3.03 per Unit in July.
In August the Trust posted solid gains, led by profitable positions in global
interest rates. Leading gains in the bond market were positions in German and
U.S. bonds, which benefited from investors' flight to quality during the month,
and the Japanese Government bond, where the yield on the benchmark 10-year bond
dropped to 1.105%, a historic low. The U.S. dollar made little progress against
the Japanese yen as Japanese officials renewed their threats of intervention in
the currency markets. The world's supply of crude oil skyrocketed in August, up
11% from a year earlier, holding prices down. The price of crude oil has been
halved from its 1997 high of $26.62 per barrel; positions in this key energy
market resulted in gains. The Trust recorded a gain of $8,471,809 or $10.42 per
Unit in August.
In September, the Trust recorded gains as profitable positions in interest rates
and smaller gains in currencies and stock indices offset losses in metals,
energy and agricultural commodities. Except for Australian bonds, which
reflected the uncertainty of an upcoming election in that country, positions in
all interest rates traded were profitable. Gains were strongest in German, U.S.
and Japanese government bonds; in all three markets, yields declined to historic
levels. Profitable positions in the German mark and Swiss franc and smaller
gains in the British pound offset losses in other currencies traded. Positions
in gold and silver resulted in losses as prices of both metals rose. Sugar
plummeted to an 11-year low during the month on reduced demand and expectations
of record crops in Brazil; gains in sugar and cocoa failed to offset losses in
other agricultural commodities traded, but the Trust recorded a gain of
$6,944,513 or $8.55 per Unit in September.
During the quarter there were 31,703.31 additional Units sold to the
Beneficial Owners for an investment of $3,286,936; there were no Units sold to
the Managing Owner. Investors redeemed a total of 42,437.10 Units during the
quarter. At the end of the quarter there were 791,423.72 Units outstanding owned
by the Beneficial Owners and 8,410.68 Units outstanding owned by the Managing
Owner.
<PAGE>
FISCAL QUARTER ENDED JUNE 30, 1999
The Trust recorded a gain of $6,060,792 or $7.17 per Unit for the second quarter
of 1999. This compares to a loss of $2,077,043 or $2.98 per Unit for the second
quarter of 1998.
In the first month of the quarter the Trust posted a gain resulting primarily
from an appreciating Japanese stock market, rising crude oil prices, falling
commodity prices and continued appreciation of the U.S. Dollar versus the Euro
and Swiss Franc. The Trust posted a loss during the second month of the quarter
resulting primarily from the currencies and indices and despite the declining
price of gold and the continued decline of the Euro currency. During the third
month of the quarter, the Trust posted a gain as it continued to benefit from
the freefall in gold prices and the declining Euro currency. Overall, the second
quarter of fiscal 1999 ended positively for the Trust accounts managed by JWH.
At June 30, 1999, JWH was managing 100% of the Trust's assets in three trading
programs, the Original Investment Program, the Financial and Metals Portfolio
and the G-7 Currency Portfolio.
In April, currencies were the most favorable sector for the Trust. The
continued flight to quality to the U.S. dollar provided opportunities for
the Trust to profit from long U.S. dollar positions versus the Euro and Swiss
franc. As the conflict in Kosovo persisted, the flow of money into the U.S.
dollar continued. Trading in the Japanese yen and Australian dollar was also
profitable. Confidence in the Japanese stock market restored performance in the
Nikkei 225 as the index was up approximately 20% year to date. A long position
in the Nikkei helped the Trust generate profits as did long positions in the S&P
500 Index and Hang Seng Index.
During April, the unprofitable trading sectors were mainly interest rates and
precious metals. As Europe cut interest rates mid-month, the Trust's position
went from short to long. Short U.S. bond positions generated a small profit by
month end. Short gold positions were also unprofitable. In the interim, this
position turned profitable as the United Kingdom decided to sell off over 50% of
its gold reserves putting severe pressure on the price of gold. All in all, the
Trust posted a gain of $3,721,267 or $4.39 per Unit in April.
In May, gold fell below $270 per ounce, a 20 year low. The Trust benefited from
this price decline since it held short gold positions during the month. The
interest rate rumors in the US, coupled with the inflation fears caused the
continuation of the decline in the US 10-year and 30-year bonds. The Trust held
short positions in this sector during May, resulting in profits for the period.
In addition, the Trust held long positions in the Japanese government bond that
were profitable.
Notwithstanding these gains, the trust posted a loss for May primarily due to
the markets moving against the Trust's long positions in energies and indicies,
as well as from long positions in British pounds and short coffee positions.
During May, we saw the Euro fall to its lowest level versus the US dollar since
its inception at the beginning of the year. Pressure on the Euro surrounded the
conflict in Kosovo, as investors saw the dollar as a safe haven. Overall, the
Trust posted a loss of $201,809 or $.24 per Unit in May.
In June, the rumor of the Fed raising interest rates in the US became a reality.
The Trust's short positions in the 10-year and 30-year bonds provided profits
and strong gains were posted as European bond prices continued to erode. A big
reason was the weakening Euro, which declined 13%, depreciating in a straight
line against the U.S. dollar since its inception January 1, 1999. Short
positions in the German Bund, the German Bobl and
<PAGE>
U.K. Gilt provided the lion's share of performance. Currencies also provided
gains for the Trust for the fourth consecutive month. Once again, the profit
opportunities came from long US dollar positions versus the Euro and Swiss
franc. Pressure on the Euro which initially resulted from the conflict in
Kosovo, also seemed attributable to investors losing confidence in the Euro.
During June, the Trust continued to profit from its short positions in the
gold market. Long positions in the Nikkei stock index have been profitable for
the Trust for the entire year, as the percentage gain in this index for 1999 is
26.64%. Short positions in the agricultural complex, especially in coffee,
caused losses as the prices of these commodities rebounded. Additionally,
continued long positions in crude oil were favorable as oil prices gained nearly
80% in 1999. Overall, the Trust posted a gain of $2,541,334 or $3.02 per Unit in
June.
During the quarter there were 34,289.32 additional Units sold to the Beneficial
Owners for an investment of $4,048,034; there were no Units sold to the Managing
Owner. Investors redeemed a total of 38,895.88 Units during the quarter. At the
end of the quarter there were 834,110.57 Units outstanding owned by the
Beneficial Owners and 8,598.45 Units outstanding owned by the Managing Owner.
During the quarter, the Managing Owner, CIS Investments, Inc. experienced the
following officer changes: Shaun D. O'Brien replaced former Vice President &
Treasurer Richard A. Driver; James Clemens replaced Henry W. Gjersdal as
Assistant Secretary; Lillian Lundeen replaced Bruce H. Barnett as Assistant
Secretary.
During the fiscal quarter ended June 30, 1999, the Trust had no credit exposure
to a counterparty which is a foreign commodities exchange or to any counterparty
dealing in over the counter contracts which was material.
FISCAL QUARTER ENDED JUNE 30, 1998
The Trust recorded a loss of $2,077,043 or $2.98 per Unit for the second quarter
of 1998. This compares to a gain of $20,296.37 or $0.16 per Unit for the second
quarter of 1997.
During the first and third months of the quarter, the Trust experienced losses
primarily as a result of unprofitable positions in currencies, interest rates
and metals, while during the second month gains were recorded primarily due to
gains in the currency, interest rate, metals and energy markets. At June 30,
1998, John W. Henry & Company, Inc. was managing 100% of the Trust's assets in
two trading programs, the Original Investment Program and the Financial and
Metals Portfolio.
In April, positions in nearly all markets traded were unprofitable. Positions in
the U.S. 30-year bond and Euro dollar markets resulted in losses for interest
rate futures. Unprofitable positions in the German mark and Swiss franc offset
gains in other currencies traded. Silver prices fell following reports that a
major investment company had sold a third of its holdings. Losses in silver and
copper offset profits in gold. Sugar prices fell to a five-year low on prospects
of a large Brazilian crop. Positions in sugar resulted in profits as did
positions in coffee, wheat, corn and soybean oil. The Trust recorded a loss of
$3,358,004 or $4.68 per Unit in April.
In May gains were recorded reflecting profitable positions in interest rates,
metals, energies and currencies. The strongest gains overall came from
positions in the Japanese yen, Japanese Government bond, silver and crude oil.
Silver prices slumped as investors who bought on hopes of rising value
<PAGE>
lost patience and took profits. Crude oil prices were pressured by worries of
oversupply in world markets. Gains were also recorded in positions in the
Australian dollar as a nervous market dealt with rumors of further currency
devaluations in Asia; the Australian currency fell to a 12-year low against the
U.S. dollar. Positions in stock indices and agricultural commodities resulted in
losses overall; but the Trust recorded a gain of $2,563,534 or $3.34 per Unit in
May.
In June losses were recorded due largely to unprofitable positions in global
interest rates and metals. Unprofitable positions in the Japanese Government
bond led losses in global interest rates as the yield rose from record lows
following intervention to support the yen. A marginal gain in the Japanese yen
failed to offset losses in the British pound and Swiss franc. Positions in gold
and silver also resulted in losses as the prices of both metals remained coupled
to movements in the Japanese yen. Gains were recorded in crude oil positions as
inventories worldwide continued to exceed demand and prices fell. Profitable
positions in cotton, sugar, coffee and corn offset losses in other agricultural
markets. The Trust recorded a loss of $1,282,573 or $1.64 per Unit in June.
During the quarter there were 107,284.71 additional Units sold to the Beneficial
Owners for an investment of $10,589,942 and 1,114.19 Units sold to the Managing
Owner for an investment of $110,000, representing a total of 108,398.90
additional Units sold for a total investment of $10,699,942. Investors redeemed
a total of 14,260.80 Units during the quarter. At the end
of the quarter there were 802,157.51 Units outstanding owned by the Beneficial
Owners and 8,410.68 Units outstanding owned by the Managing Owner.
During the fiscal quarter ended June 30, 1998, the Trust had no credit exposure
to a counterparty which is a foreign commodities exchange or to any counterparty
dealing in over the counter contracts which was material.
FISCAL QUARTER ENDED MARCH 31, 1999
The Trust recorded a loss of $2,085,640 or $2.51 per Unit for the first quarter
of 1999. This compares to a loss of $4,736,571 or $7.50 per Unit for the first
quarter of 1998.
In the first month of the quarter the Trust posted a loss resulting primarily
from volatility in the currency sector as well as Japanese interest rates. The
Trust posted a gain for the second month of the quarter resulting primarily from
trading in precious metals and currencies. During the third month of the quarter
concerns about the military conflict in Kosovo mounted. As a result the global
markets experienced increased volatility, namely in precious metals and interest
rates, and the Trust posted a small loss. Overall, the first quarter of fiscal
1999 ended negatively for the Trust accounts managed by JWH. At March 31, 1999,
JWH was managing 100% of the Trust's assets in three trading programs, the
Original Investment Program, the Financial and Metals Portfolio and the G-7
Currency Portfolio.
Currencies were the most volatile sector for the month of January; namely short
positions in the British pound and long positions in the Japanese yen. The
anxiously awaited Euro began trading and started out the year on a positive note
as short positions rendered small profits for the Trust. The only profitable
interest rate market was in Germany where the Trust maintained a long German
bund position, thereby taking advantage of falling German rates. Short positions
in the Japanese government bond and Australian bond positions created losses for
the Trust. Coffee prices vacillated; rising in December and falling in January.
The Trust posted losses from long coffee positions. Long sugar positions were
also unprofitable. The Nikkei stock index provided the majority of the loss in
the stock indices, as short positions were unprofitable. Crude oil prices showed
no direction during the
<PAGE>
month. Short positions were retained during January and resulted in a small loss
for the Trust. All in all, the Trust posted a loss of $3,893,098 or $4.70 per
Unit in January.
In February, agricultural prices declined steadily throughout the month as the
Trust was positioned to profit from short positions in coffee, corn, wheat, and
soybeans. Energy prices eroded allowing short positions in crude and heating oil
to provide profits. Long silver positions in the precious metals sector were
profitable and the Nikkei stock index provided gains amidst a falling and then
rising market. Currency trading rendered gains from short positions in the Euro,
British pound and Swiss franc as each currency declined against the U.S. dollar.
These gains were able to cover losses in the Australian dollar and Japanese yen.
Interest rates were the only unprofitable sector for the Trust. The Trust was
able to take advantage of rising interest rates in the U.S. 10-year notes and
30-year bonds. However, long Japanese government bond and German bund positions
recorded more significant losses. Overall, the Trust posted a gain of $2,554,238
or $3.07 per Unit in February.
In March, silver and gold positions were extremely volatile as the Trust
recorded losses from long silver positions and short gold positions. Short bond
positions in Australia and in the United Kingdom were unprofitable as interest
rates in both began to rise. However, long Japanese government bond positions
were the largest loser in this sector as bond prices plummeted. The price
decline in the agricultural complex, which provided profit opportunities during
February from short positions, saw a reversal in March as sustained short corn
and coffee positions gave back profits. Currencies were the most favorable
sector for the Trust. A flight to quality in the U.S. dollar has provided
opportunities for the Trust to profit from long U.S. dollar positions versus the
Euro and Swiss franc. The conflict in Kosovo has exacerbated the crisis-related
selling of the Euro and the flow of money into the U.S. dollar. The Nikkei stock
index moved sharply higher during March and the Trust profited from long
positions. Long positions in the Australian All-Ordinaries index were also
profitable. A sharp rise in energy prices gave way to profits from long
positions in crude oil. Rumors of gasoline shortages as well as the decision of
world oil producers to cut oil production pushed crude prices higher throughout
the month. Overall, the Trust posted a loss of $746,780 or $.88 per Unit in
March.
During the quarter there were 62,944.80 additional Units sold to the Beneficial
Owners for an investment of $7,099,752; there were no Units sold to the Managing
Owner. Investors redeemed a total of 42,127.28 Units during the quarter. At the
end of the quarter there were 838,717.13 Units outstanding owned by the
Beneficial Owners and 8,598.45 Units outstanding owned by the Managing Owner.
During the fiscal quarter ended March 31, 1999, the Trust had no credit exposure
to a counterparty which is a foreign commodities exchange or to any counterparty
dealing in over the counter contracts which was material.
FISCAL QUARTER ENDED MARCH 31, 1998
The Trust recorded a loss of $4,736,571 or $7.50 per Unit for the first quarter
of 1998.
During the first two months of the quarter, the Trust experienced losses
primarily as a result of unprofitable positions in currencies and interest
rates, while during the third month losses were recorded primarily due to losses
in metals positions and in the global interest rate market. At March 31, 1998,
John W. Henry & Company, Inc. was managing 100% of the Trust's assets in two
trading programs, the Original Investment Program and the Financial and Metals
Portfolio.
<PAGE>
In January, performance was negatively impacted by sharp reversals in Japanese
financial markets and in gold. Investor optimism over efforts to revive ailing
Asian economies boosted the Japanese yen against the U.S. dollar and gave
support to the Nikkei; positions in both resulted in losses for the Trust.
Benign inflation news in Europe and the U.S. boosted bond markets in both
regions, resulting in gains for the Trust. These gains were offset by losses in
stock indices and in gold prices. Positions in crude oil and coffee produced
some gains for the Trust. Overall, the Trust recorded a loss of $1,823,674 or
$3.11 per Unit in January.
In February, losses were incurred in nearly all currencies traded. Trading was
also unprofitable in U.S. Treasury bonds, interest rates and gold. The purchase
of large quantities of silver by a major investor caused the prices of the
precious metal to soar in world markets, before succumbing to some profit taking
at month end; positions in silver resulted in gains for the Trust. Profitable
positions in most European bonds failed to offset losses in other long- and
short-term interest rates. Gains in sugar, corn and cotton offset losses in
other agricultural commodities traded. The Trust recorded a loss of $760,060 or
$1.21 per Unit in February.
In March, the U.S. dollar rose against most of its major counterparts, gaining
strength from the flight of international capital from a deteriorating Japanese
economy and the purchase of dollars to buy U.S. Treasury bonds as yields in key
European bond markets hit post-war lows. Positions in the Swiss franc and the
German mark resulted in gains for the Trust. Positions in the U.S. 30-year bond
led losses in the global interest rate market. Inflation concerns, fueled by
rising oil prices, propelled gold prices sharply higher. Positions in gold were
unprofitable, as were positions in silver, which became more volatile during the
month. Except for small gains in soybeans and soybean-derivative markets,
positions in agricultural commodities resulted in losses overall. The Trust
recorded a loss of $2,152,837 or $3.18 per Unit in March.
During the quarter there were 136,808.65 additional Units sold to the Beneficial
Owners for an investment of $14,333,161 and 1,383.81 Units sold to the Managing
Owner for an investment of $145,000, representing a total of 138,192.46
additional Units sold for a total investment of $14,478,161. Investors redeemed
a total of 8,353.80 Units during the quarter. At the end of the quarter there
were 709,133.61 Units outstanding owned by the Beneficial Owners and 7,296.47
Units outstanding owned by the Managing Owner.
During the fiscal quarter ended March 31, 1998, the Trust had no credit exposure
to a counterparty which is a foreign commodities exchange or to any counterparty
dealing in over the counter contracts which was material.
<PAGE>
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK
There has been no material change with respect to market risk since the
"Quantitative and Qualitative Disclosures About Market Risk" was made in the
Form 10K of the Trust dated December 31, 1998.
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
The Trust and its affiliates may from time to time be parties to various legal
actions arising in the normal course of business. The Managing Owner believes
that there are no proceedings threatened or pending against the Trust or any of
its affiliates which, if determined adversely, would have a material adverse
effect on the financial condition or results of operations of the Trust.
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
a) Exhibits
None
b) Reports on Form 8-K
None
<PAGE>
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 and thereunto duly authorized.
JWH GLOBAL TRUST
Date: November 11, 1999 By: CIS Investments, Inc.,
its Managing Owner
By: /s/ Shaun D. O'Brien
Shaun D. O'Brien
Treasurer & Vice President
Duly authorized officer of the Managing Owner and
the Principal Financial Officer of the Managing
Owner)
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM JWH GLOBAL
TRUST FOR THE THIRD QUARTER OF 1999 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH 10-Q
</LEGEND>
<CIK> 0001027099
<NAME> JWH GLOBAL TRUST
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> SEP-30-1999
<CASH> 96,374,934
<SECURITIES> 0
<RECEIVABLES> 731,251
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 97,106,186
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 97,106,186
<CURRENT-LIABILITIES> 2,275,470
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 94,830,715
<TOTAL-LIABILITY-AND-EQUITY> 97,106,186
<SALES> 0
<TOTAL-REVENUES> (4,587,213)
<CGS> 0
<TOTAL-COSTS> 2,738,521
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (7,325,734)
<INCOME-TAX> 0
<INCOME-CONTINUING> (7,325,734)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (7,325,734)
<EPS-BASIC> (8.64)
<EPS-DILUTED> (8.64)
</TABLE>
