<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended June 25, 1999
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: 0-25785
WORLD MONITOR TRUST--SERIES A
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 13-3985040
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
One New York Plaza, 13th Floor, New York, New York 10292
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 778-7866
N/A
- --------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last report
Indicate by check CK 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 _CK_ No __
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
WORLD MONITOR TRUST--SERIES A
(a Delaware Business Trust)
STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
<TABLE>
<CAPTION>
June 25, December 31,
1999 1998
<S> <C> <C>
- ---------------------------------------------------------------------------------------------------
ASSETS
Equity in commodity trading accounts:
Cash $16,044,071 $11,008,050
Net unrealized loss on open commodity positions (87,498) (103,243 )
----------- ------------
Net equity 15,956,573 10,904,807
Accrued interest receivable 63,424 --
----------- ------------
Total assets $16,019,997 $10,904,807
----------- ------------
----------- ------------
LIABILITIES AND TRUST CAPITAL
Liabilities
Redemptions payable $ 765,083 $ --
Commissions payable 91,765 74,604
Management fee payable 24,352 19,457
Incentive fee payable 335 --
----------- ------------
Total liabilities 881,535 94,061
----------- ------------
Commitments
Trust capital
Limited interests (154,891.184 and 108,568.155 interests
outstanding) 14,955,013 10,673,116
General interests (1,900 and 1,400 interests outstanding) 183,449 137,630
----------- ------------
Total trust capital 15,138,462 10,810,746
----------- ------------
Total liabilities and trust capital $16,019,997 $10,904,807
----------- ------------
----------- ------------
Net asset value per limited and general interests ('Interests') $ 96.55 $ 98.31
----------- ------------
----------- ------------
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements.
</TABLE>
2
<PAGE>
WORLD MONITOR TRUST--SERIES A
(a Delaware Business Trust)
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
For the period from
June 10, 1998
For the period from For the period from (commencement of
January 1, 1999 to March 27, 1999 to operations) to
June 25, 1999 June 25, 1999 June 26, 1998
<S> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------
REVENUES
Net realized gain (loss) on commodity
transactions $ (28,488) $ 371,410 $ (40,404)
Change in net unrealized gain/loss on
open commodity positions 15,745 (992,386) (23,896)
Interest income 326,913 182,707 16,515
-------------------- -------------------- --------------------
314,170 (438,269) (47,785)
-------------------- -------------------- --------------------
EXPENSES
Commissions 527,826 302,819 23,279
Management fees 136,014 78,032 6,002
Incentive fees 335 335 --
-------------------- -------------------- --------------------
664,175 381,186 29,281
-------------------- -------------------- --------------------
Net loss $ (350,005) $ (819,455) $ (77,066)
-------------------- -------------------- --------------------
-------------------- -------------------- --------------------
ALLOCATION OF NET LOSS
Limited interests $ (345,738) $ (809,769) $ (76,231)
-------------------- -------------------- --------------------
-------------------- -------------------- --------------------
General interests $ (4,267) $ (9,686) $ (835)
-------------------- -------------------- --------------------
-------------------- -------------------- --------------------
NET LOSS PER WEIGHTED AVERAGE LIMITED
AND GENERAL INTEREST
Net loss per weighted average limited
and general interest $ (2.50) $ (5.27) $ (1.21)
-------------------- -------------------- --------------------
-------------------- -------------------- --------------------
Weighted average number of limited and
general interests outstanding 140,159 155,560 63,911
-------------------- -------------------- --------------------
-------------------- -------------------- --------------------
- --------------------------------------------------------------------------------------------------------------
</TABLE>
STATEMENT OF CHANGES IN TRUST CAPITAL
(Unaudited)
<TABLE>
<CAPTION>
LIMITED GENERAL
INTERESTS INTERESTS INTERESTS TOTAL
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------
Trust capital--December 31, 1998 109,968.155 $10,673,116 $137,630 $10,810,746
Contributions 60,175.953 5,940,072 50,086 5,990,158
Net loss -- (345,738) (4,267 ) (350,005)
Redemptions (13,352.924) (1,312,437) -- (1,312,437)
------------ ----------- --------- -----------
Trust capital--June 25, 1999 156,791.184 $14,955,013 $183,449 $15,138,462
------------ ----------- --------- -----------
------------ ----------- --------- -----------
- -----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements.
</TABLE>
3
<PAGE>
WORLD MONITOR TRUST--SERIES A
(a Delaware Business Trust)
NOTES TO FINANCIAL STATEMENTS
JUNE 25, 1999
(Unaudited)
A. General
These financial statements have been prepared without audit. In the opinion
of management, the financial statements contain all adjustments (consisting of
only normal recurring adjustments) necessary to present fairly the financial
position of World Monitor Trust--Series A ('Series A') as of June 25, 1999 and
the results of its operations for the periods from January 1, 1999 to June 25,
1999 ('Year-To-Date 1999'), March 27, 1999 to June 25, 1999 ('Second Quarter
1999') and June 10, 1998 (commencement of operations) to June 26, 1998 ('Second
Quarter 1998'). However, the operating results for the interim periods may not
be indicative of the results expected for a full year.
Certain information and footnote disclosures normally included in annual
financial statements prepared in accordance with generally accepted accounting
principles have been omitted. It is suggested that these financial statements be
read in conjunction with the financial statements and notes thereto included in
Series A's Annual Report on Form 10-K filed with the Securities and Exchange
Commission for the year ended December 31, 1998 (the 'Annual Report').
New Accounting Guidance
In June 1999, the Financial Accounting Standards Board ('FASB') issued
Statement No. 137, Accounting for Derivative Instruments and Hedging
Activities--Deferral of the Effective Date of FASB Statement No. 133--an
amendment of FASB Statement No. 133, which delayed the effective date of FASB
Statement No. 133, Accounting for Derivative Instruments and Hedging Activities
('SFAS 133'). Series A does not believe the effect of adoption of SFAS 133, now
required effective January 1, 2001, will be material.
B. Related Parties
The managing owner of Series A is Prudential Securities Futures Management
Inc. (the 'Managing Owner'), a wholly owned subsidiary of Prudential Securities
Incorporated ('PSI') which, in turn, is a wholly owned subsidiary of Prudential
Securities Group Inc. The Managing Owner or its affiliates perform services for
Series A which include but are not limited to: brokerage services, accounting
and financial management, registrar, transfer and assignment functions, investor
communications, printing and other administrative services. Except for costs
related to brokerage services, PSI or its affiliates pay the costs of these
services in addition to costs of organizing Series A and offering its Interests
as well as the routine operational, administrative, legal and auditing fees. As
described in the Annual Report, all commissions for brokerage services are paid
to PSI.
All of the proceeds of the offering of Series A are received in the name of
Series A and deposited in trading or cash accounts at PSI, Series A's commodity
broker. Series A's assets are maintained either with PSI or, for margin
purposes, with the various exchanges on which Series A is permitted to trade.
PSI credits Series A monthly with 100% of the interest it earns on the average
net assets in Series A's accounts.
Series A, acting through its trading advisor, may execute over-the-counter,
spot, forward and/or option foreign exchange transactions with PSI. PSI then
engages in back-to-back trading with an affiliate, Prudential-Bache Global
Markets Inc. ('PBGM'). PBGM attempts to earn a profit on such transactions. PBGM
keeps its prices on foreign currency competitive with other interbank currency
trading desks. All over-the-counter currency transactions are conducted between
PSI and Series A pursuant to a line of credit. PSI may require that collateral
be posted against the marked-to-market positions of Series A.
As of June 25, 1999, a non-U.S. affiliate of the Managing Owner owns 101.112
limited interests of Series A.
C. Credit and Market Risk
Since Series A's business is to trade futures, forward (including foreign
exchange transactions) and options contracts, its capital is at risk due to
changes in the value of these contracts (market risk) or the inability of
counterparties to perform under the terms of the contracts (credit risk).
4
<PAGE>
Futures, forward and options contracts involve varying degrees of off-balance
sheet risk; and changes in the level or volatility of interest rates, foreign
currency exchange rates or the market values of the contracts (or commodities
underlying the contracts) frequently result in changes in unrealized gain (loss)
on open commodity positions reflected in the statements of financial condition.
Series A's exposure to market risk is influenced by a number of factors
including the relationships among the contracts held by Series A as well as the
liquidity of the markets in which the contracts are traded.
Futures and options contracts are traded on organized exchanges and are thus
distinguished from forward contracts which are entered into privately by the
parties. The credit risks associated with futures and options contracts are
typically perceived to be less than those associated with forward contracts
because exchanges typically provide clearinghouse arrangements in which the
collective credit (subject to certain limitations) of the members of the
exchanges is pledged to support the financial integrity of the exchange. On the
other hand, Series A must rely solely on the credit of its broker (PSI) with
respect to forward transactions. Series A presents unrealized gains and losses
on open forward positions, if any, as a net amount in the statements of
financial condition because it has a master netting agreement with PSI.
The Managing Owner attempts to minimize both credit and market risks by
requiring Series A and its trading advisor to abide by various trading
limitations and policies. The Managing Owner monitors compliance with these
trading limitations and policies which include, but are not limited to,
executing and clearing all trades with creditworthy counterparties (currently,
PSI is the sole counterparty or broker); limiting the amount of margin or
premium required for any one commodity or all commodities combined; and
generally limiting transactions to contracts which are traded in sufficient
volume to permit the taking and liquidating of positions. Additionally, pursuant
to the Advisory Agreement among Series A, the Managing Owner and the trading
advisor, Series A shall automatically terminate the trading advisor if the net
asset value allocated to the trading advisor declines by 33 1/3% from the value
at the beginning of any year or since the commencement of trading activities.
Furthermore, the Second Amended and Restated Declaration of Trust and Trust
Agreement provides that Series A will liquidate its positions, and eventually
dissolve, if Series A experiences a decline in the net asset value of 50% from
the value at the beginning of any year or since the commencement of trading
activities. In each case, the decline in net asset value is after giving effect
for distributions, contributions and redemptions. The Managing Owner may impose
additional restrictions (through modifications of such trading limitations and
policies) upon the trading activities of the trading advisor as it, in good
faith, deems to be in the best interests of Series A.
PSI, when acting as the futures commission merchant in accepting orders for
the purchase or sale of domestic futures and options contracts, is required by
Commodity Futures Trading Commission ('CFTC') regulations to separately account
for and segregate as belonging to Series A all assets of Series A relating to
domestic futures and options trading and is not to commingle such assets with
other assets of PSI. At June 25, 1999, such segregated assets totalled
$14,479,203. Part 30.7 of the CFTC regulations also requires PSI to secure
assets of Series A related to foreign futures and options trading which totalled
$2,046,074 at June 25, 1999. There are no segregation requirements for assets
related to forward trading.
As of June 25, 1999, all open futures and forward contracts mature within
three months.
As of June 25, 1999 and December 31, 1998, gross contract amounts of open
futures and forward contracts for Series A were:
<TABLE>
<CAPTION>
1999 1998
------------ ------------
<S> <C> <C>
Financial Futures Contracts:
Commitments to purchase $ 51,322,739 $ 18,683,310
Commitments to sell 188,324,647 16,579,358
Currency Futures Contracts:
Commitments to purchase 5,868,150 --
Commitments to sell 8,173,125 --
Currency Forward Contracts:
Commitments to purchase 27,689,877 362,056
Commitments to sell 24,770,181 --
Other Futures Contracts:
Commitments to purchase 2,631,152 --
Commitments to sell 4,412,064 3,076,903
</TABLE>
5
<PAGE>
The gross contract amounts represent Series A's potential involvement in a
particular class of financial instrument (if it were to take or make delivery on
an underlying futures or forward contract). The gross contract amounts
significantly exceed the future cash requirements as Series A intends to close
out open positions prior to settlement and thus is generally subject only to the
risk of loss arising from the change in the value of the contracts. As such,
Series A considers the 'fair value' of its futures and forward contracts to be
the net unrealized gain or loss on the contracts. Thus, the amount at risk
associated with counterparty nonperformance of all contracts is the net
unrealized gain included in the statements of financial condition. The market
risk associated with Series A's commitments to purchase commodities is limited
to the gross contract amounts involved, while the market risk associated with
its commitments to sell is unlimited since its potential involvement is to make
delivery of an underlying commodity at the contract price; therefore, it must
repurchase the contract at prevailing market prices.
At June 25, 1999 and December 31, 1998, the fair value of open futures and
forward contracts was:
<TABLE>
<CAPTION>
1999 1998
---------------------------- --------------------------
Assets Liabilities Assets Liabilities
---------- ----------- -------- -----------
<S> <C> <C> <C> <C>
Futures Contracts:
Domestic exchanges
Financial $ 236,323 $ -- $ -- $ --
Currencies 84,521 24,025 -- --
Other 49,563 32,875 31,724 11,760
Foreign exchanges
Financial 333,357 10,782 204,523 --
Other -- 154,876 34,326 --
Forward Contracts:
Currencies 539,420 1,108,124 -- 362,056
---------- ----------- -------- -----------
$1,243,184 $ 1,330,682 $270,573 $ 373,816
---------- ----------- -------- -----------
---------- ----------- -------- -----------
</TABLE>
The following table presents the average fair value of futures and forward
contracts for the periods detailed below:
<TABLE>
<CAPTION>
Year-To-Date 1999 Second Quarter 1999 Second Quarter 1998
-------------------------- -------------------------- ------------------------
Assets Liabilities Assets Liabilities Assets Liabilities
---------- ----------- ---------- ----------- -------- -----------
<S> <C> <C> <C> <C> <C> <C>
Futures Contracts:
Domestic exchanges
Financial $ 43,592 $ 9,441 $ 76,287 $ 14,585 $ -- $ --
Currencies 214,566 6,089 346,683 10,656 692 5,871
Other 50,206 10,344 44,272 9,219 -- 2,216
Foreign exchanges
Financial 174,993 23,428 171,729 19,732 -- --
Other 31,396 67,282 10,105 117,743 -- --
Forward Contracts:
Currencies 600,801 415,161 886,740 495,171 10,762 2,095
---------- ----------- ---------- ----------- -------- -----------
$1,115,554 $ 531,745 $1,535,816 $ 667,106 $ 11,454 $ 10,182
---------- ----------- ---------- ----------- -------- -----------
---------- ----------- ---------- ----------- -------- -----------
</TABLE>
6
<PAGE>
The following table presents the trading revenues of futures and forward
contracts for the periods detailed below:
<TABLE>
<CAPTION>
Year-To-Date Second Quarter Second Quarter
1999 1999 1998
------------ -------------- --------------
<S> <C> <C> <C>
Futures Contracts:
Domestic exchanges
Financial $ 12,132 $ 79,790 $--
Currencies 439,048 191,264 (17,612)
Other (89,872) (58,932) (40,404)
Foreign exchanges
Financial (182,105) 73,015 --
Other (216,789) (208,579) --
Forward Contracts:
Currencies 24,843 (697,534) (6,284)
------------ -------------- --------------
$ (12,743) $ (620,976) $(64,300)
------------ -------------- --------------
------------ -------------- --------------
</TABLE>
7
<PAGE>
WORLD MONITOR TRUST--SERIES A
(a Delaware Business Trust)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
Series A commenced operations on June 10, 1998 with gross proceeds of
$6,039,177 allocated to commodities trading. Additional contributions raised
through the continuous offering for the period from June 10, 1998 (commencement
of operations) through June 25, 1999 resulted in additional gross proceeds to
Series A of $11,061,737. Additional Interests of Series A will continue to be
offered on a weekly basis at the net asset value per Interest until the
subscription maximum of $34,000,000 is sold.
At June 25, 1999, 100% of Series A's net assets were allocated to commodities
trading. A significant portion of the net assets was held in cash which is used
as margin for Series A's trading in commodities. Inasmuch as the sole business
of Series A is to trade in commodities, Series A continues to own such liquid
assets to be used as margin. PSI credits Series A monthly with 100% of the
interest it earns on the average net assets in Series A's accounts.
The commodities contracts are subject to periods of illiquidity because of
market conditions, regulatory considerations and other reasons. For example,
commodity exchanges limit fluctuations in certain commodity futures contract
prices during a single day by regulations referred to as 'daily limits.' During
a single day, no trades may be executed at prices beyond the daily limit. Once
the price of a futures contract for a particular commodity has increased or
decreased by an amount equal to the daily limit, positions in the commodity can
neither be taken nor liquidated unless traders are willing to effect trades at
or within the limit. Commodity futures prices have occasionally moved the daily
limit for several consecutive days with little or no trading. Such market
conditions could prevent Series A from promptly liquidating its commodity
futures positions.
Since Series A's business is to trade futures, forward and options contracts,
its capital is at risk due to changes in the value of these contracts (market
risk) or the inability of counterparties to perform under the terms of the
contracts (credit risk). Series A's exposure to market risk is influenced by a
number of factors including the volatility of interest rates and foreign
currency exchange rates, the liquidity of the markets in which the contracts are
traded and the relationships among the contracts held. The inherent uncertainty
of Series A's speculative trading as well as the development of drastic market
occurrences could result in monthly losses considerably beyond Series A's
experience to date and could ultimately lead to a loss of all or substantially
all of investors' capital. The Managing Owner attempts to minimize these risks
by requiring Series A and its trading advisor to abide by various trading
limitations and policies, which include limiting margin amounts, trading only in
liquid markets and utilizing stop loss provisions. See Note C to the financial
statements for a further discussion on the credit and market risks associated
with Series A's futures, forward and options contracts.
Series A does not have, nor does it expect to have, any capital assets.
Redemptions of limited interests for the Second Quarter 1999 were $1,210,037.
Redemptions of limited interests for the period from June 10, 1998 (commencement
of operations) through June 25, 1999 were $1,440,589. Future redemptions and
contributions will impact the amount of funds available for investment in
commodity contracts in subsequent periods.
Results of Operations
Series A commenced trading operations on June 10, 1998, and as such, no
comparative information is available.
The net asset value per Interest as of June 25, 1999 was $96.55, a decrease
of 1.79% from the December 31, 1998 net asset value per Interest of $98.31.
Quarterly Market Overview
In the United States, as economic indicators strengthened and the Federal
Reserve Bank announced they would raise interest rates, the U.S. dollar rose
against most major currencies, especially European, which were also spurred by
deteriorating confidence in the Euro. Throughout the second quarter, several
issues
8
<PAGE>
weighed on world markets including significant price declines in global
long-term interest bonds, the U.S. Federal Reserve's tightening of monetary
policy and an increased supply of corporate debt. Furthermore, as the U.S.
economy generated strength, investors feared possible inflation. U.S. bond
prices fell, followed by European bonds which were depressed by rumors regarding
Italy's retreat from the European Economic Union. Global stock markets recorded
gains over the quarter, supported by solid corporate earnings and improved
economies (especially Asian). In the commodity markets, the energy sector
rallied as OPEC announced production cuts and lower inventories in oil and
gasoline. A consistent tone prevailed in the agricultural and soft commodity
markets as favorable seasonal growing conditions continued to weigh on prices.
Quarterly Performance of Series A
Series A incurred losses in the metal sector due to short positions in
silver, copper, and aluminum. Base metals rallied sharply following
announcements that two major companies would significantly cut copper output. If
carried out, the estimated production cuts would almost eliminate the estimated
global copper supply surplus. Silver experienced extreme volatility throughout
the second quarter, and failed to recognize a trend. Additionally, aluminum
rallied in the beginning of April. However, this bullish market gave back almost
50% of its March-April profits during the first week in May.
In the index sector, trading in the London Stock Market index resulted in
losses. Global stock markets rallied throughout the quarter supported by
strengthening economies around the world. Consequently, Series A's short
positions recorded losses.
The currency sector experienced losses for Series A led by positions in the
Singapore dollar, Japanese yen, and Australian dollar. The Singapore dollar
experienced increased volatility throughout the quarter, failing to materialize
a trend. In Japan, as the economy strengthened, officials feared a premature
strengthening of the yen may inhibit growth, thus causing the Bank of Japan to
intervene by selling yen. Influenced by Asia's economic recovery, the Australian
dollar began to strengthen; however, as gold prices fell to a record low,
commodity based currencies such as the Australian dollar tumbled as well.
Profits were recorded in the energy sector, mitigating Series A losses.
Upward price movement across oil complex futures contracts was supported by OPEC
production cutbacks and low quarterly inventories for gas and oil products.
Interest income is earned on the average net assets held at PSI and,
therefore, varies monthly according to interest rates, trading performance,
contributions and redemptions. Interest income was $327,000, $183,000 and
$17,000 for Year-To-Date 1999, Second Quarter 1999 and Second Quarter 1998,
respectively.
Commissions are calculated on Series A's net asset value at the end of each
week and, therefore, vary according to weekly trading performance, contributions
and redemptions. Commissions were $528,000, $303,000 and $23,000 for
Year-To-Date 1999, Second Quarter 1999 and Second Quarter 1998, respectively.
All trading decisions for Series A are made by Eagle Trading Systems, Inc.
(the 'Trading Advisor'). Management fees are calculated on Series A's net asset
value at the end of each week and, therefore, are affected by weekly trading
performance, contributions and redemptions. Management fees were $136,000,
$78,000 and $6,000 for Year-To-Date 1999, Second Quarter 1999 and Second Quarter
1998, respectively.
Incentive fees are based on the New High Net Trading Profits generated by the
Trading Advisor, as defined in the Advisory Agreement among Series A, the
Managing Owner and the Trading Advisor. Incentive fees were $300 in Year-To-Date
1999 and Second Quarter 1999. No incentive fees were earned in Second Quarter
1998.
New Accounting Guidance
In June 1999, the Financial Accounting Standards Board ('FASB') issued
Statement No. 137, Accounting for Derivative Instruments and Hedging
Activities--Deferral of the Effective Date of FASB Statement No. 133--an
amendment of FASB Statement No. 133, which delayed the effective date of FASB
Statement No. 133, Accounting for Derivative Instruments and Hedging Activities
('SFAS 133'). Series A does not believe the effect of adoption of SFAS 133, now
required effective January 1, 2001, will be material.
9
<PAGE>
Year 2000 Risk
A discussion of Year 2000 risk and its effect on the operations of Series A
is included in Series A's Annual Report.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Information regarding quantitative and qualitative disclosures about market
risk is not required pursuant to Item 305(e) of Regulation S-K.
10
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings--There are no material legal proceedings pending by or
against the Registrant or the Managing Owner.
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. (a) Exhibits--
3.1
and
4.1--Second Amended and Restated Declaration of Trust and Trust Agreements of
World Monitor Trust dated as of March 17, 1998 (incorporated by reference
to Exhibits 3.1 and 4.1 to Series A's Registration Statement on Form S-1,
File No. 333-43033)
4.2--Form of Request for Redemption (incorporated by reference to Exhibit 4.2
to Series A's Registration Statement on Form S-1, File No. 333-43033)
4.3--Form of Exchange Request (incorporated by reference to Exhibit 4.3 to
Series A's Registration Statement on Form S-1, File No. 333-43033)
4.4--Form of Subscription Agreement (incorporated by reference to Exhibit 4.4
to Series A's Registration Statement on Form S-1, File No. 333-43033)
27.1--Financial Data Schedule (filed herewith)
(b) Reports on Form 8-K--None
11
<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 thereunto duly authorized.
WORLD MONITOR TRUST--SERIES A
By: Prudential Securities Futures Management Inc.
A Delaware corporation, Managing Owner
By: /s/ Steven Carlino Date: August 9, 1999
----------------------------------------
Steven Carlino
Vice President and Treasurer
12
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
The Schedule contains summary financial
information extracted from the financial
statements for World Monitor Trust-Series A
and is qualified in its entirety by reference
to such financial statements
</LEGEND>
<RESTATED>
<CIK> 1051822
<NAME> World Monitor Trust-Series A
<MULTIPLIER> 1
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-START> Jan-1-1999
<PERIOD-END> Jun-25-1999
<PERIOD-TYPE> 6-Mos
<CASH> 16,044,071
<SECURITIES> (87,498)
<RECEIVABLES> 63,424
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 16,019,997
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 16,019,997
<CURRENT-LIABILITIES> 881,535
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 15,138,462
<TOTAL-LIABILITY-AND-EQUITY> 16,019,997
<SALES> 0
<TOTAL-REVENUES> 314,170
<CGS> 0
<TOTAL-COSTS> 664,175
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (350,005)
<EPS-BASIC> (2.50)
<EPS-DILUTED> 0
</TABLE>
