<PAGE>
This filing is made pursuant to
Rule 424(b) (3) of the Securities Act of 1933
Registration Statement No.: 333-43041
WORLD MONITOR TRUST
Series A, Series B and Series C
Prospectus Supplement
THIS SUPPLEMENT UPDATES THE PROSPECTUS DATED APRIL 5, 1999.
This Supplement contains certain information which modifies and/or updates
information set forth in the Prospectus, including:
--Introduction. See page 2.
--Termination of Series A Sales. See page 2.
--Revised Projected Twelve-Month Break-Even Analysis. See page 2.
--Past Performance of the Trust. See page 4.
--Past Performance of Series B. See page 5.
--Past Performance of Series C. See page 7.
--Series B. See page 9.
--Series C. See page 16.
--Description of the Trust, Trustee,
Managing Owner and Affiliates. See page 23.
THIS SUPPLEMENT IS AN INTEGRAL PART OF THE PROSPECTUS AND
SHOULD BE DELIVERED AND READ AS ONE DOCUMENT.
The date of this Supplement is November 23, 1999
<PAGE>
INTRODUCTION
Unless noted herein, the disclosure in the Prospectus remains materially
accurate. Unless otherwise defined, all capitalized terms have the same
meaning in this Supplement as they do in the Prospectus. Unless
otherwise stated herein, page numbers referred to herein refer to pages
of this Supplement.
TERMINATION OF SERIES A SALES
Series A has sold all $34 million of its registered Interests. Accordingly,
Series A Interests are no longer available for sale, and Series B or Series C
Interests may no longer be exchanged for Series A Interests. As of November 1,
1999, Series B and Series C Interests of which are still available for exchange
into or from the other Series, or for initial sale, have sold $24,004,685 and
$20,438,741, respectively. The Interests in each of Series B and Series C
continue to be offered at their Net Asset Value as described in the Prospectus.
REVISED PROJECTED TWELVE-MONTH BREAK-EVEN ANALYSIS
The Projected Twelve-Month Break-Even Analysis on page 14 of the Prospectus
(including the introduction thereto and the accompanying footnotes) is replaced
in its entirety with the Revised Projected Twelve-Month Break-Even Analysis on
the following page.
2
<PAGE>
Revised Projected Twelve-Month Break-Even Analysis
The following is the projected twelve-month break-even analysis for each series
after taking into account all fees and expenses (other than advisory incentive
fees and extraordinary expenses which are impossible to predict). This analysis
is expressed both as a dollar amount and as a percentage of a $5,000 initial
investment:
<TABLE>
<CAPTION>
SERIES B SERIES C
Description of Dollar Percentage Dollar Percentage
Charges Break-Even Break-Even Break-Even Break-Even
<S> <C> <C> <C> <C>
Brokerage Fees $ 387.50 7.75% $ 387.50 7.75%
Advisory Management
Fees $ 100.00 2.00% $ 100.00 2.00%
Advisory Incentive
Fees (1) -- -- -- --
Total $ 487.50 9.75% $ 487.50 9.75%
Less Estimated
Interest Income (2) ($ 260.50) (5.21%) ($ 265.50) (5.21%)
Estimated 12-Month
Break-Even Level
Without Redemption
Charges (3)(5) $ 227.00 4.54% $ 227.00 4.54%
Redemption Charges
(4) $ 150.00 3.00% $ 150.00 3.00%
Estimated 12-Month
Break-Even Level
After Redemption
Charges (5) $ 377.00 7.54% $ 377.00 7.54%
</TABLE>
_________________
1 Advisory incentive fees are only paid on new high net trading profits.
New high net trading profits are determined after deducting brokerage and
advisory management fees and do not include interest income. Each series
could pay advisory incentive fees in years in which the series breaks even, or
even loses money, due to the quarterly, rather than annual, nature of such fees.
2 Each series is credited with 100% of the interest income earned on that
series' assets, currently estimated to be 5.21% per annum.
3 A redemption fee of 4% is assessed on an interest redeemed on or before
the end of the sixth full month after the effective date of its purchase. A
redemption fee of 3% is assessed on an interest redeemed after the end of the
sixth, but on or before the end of the 12th, full month after its purchase.
Redemption fees are not charged if you effect an exchange or if you invest your
redemption proceeds concurrently in another fund sponsored by the managing
owner.
4 Because this break-even analysis is a 12-month computation, only the 3%
redemption fee, which is imposed at the end of the 12-month period, is used.
5 If this break-even analysis was separately computed for a $2,000 initial
IRA account investment, the break-even percentages of 4.54.% (without
redemption charges) and 7.54% (after redemption charges) would be equally
applicable to that investment.
3
<PAGE>
PAST PERFORMANCE OF THE TRUST
Set forth on pages 5 through 8 are the past performances of Series B and
Series C through October 31, 1999, showing each Series' performance since the
commencement of trading on June 10, 1998 as well as discussions concerning
the Series' respective performances during each of the first three quarters of
1999.
4
<PAGE>
PAST PERFORMANCE OF SERIES B
Capsule Performance of World Monitor Trust - Series B
CTA: Eclipse Capital Management, Inc.
Rates of Return
(Computed on a Monthly Basis)
Month 1999 1998
January (2.33)%
February 2.85
March 2.68
April 4.36
May 0.29
June 2.74 (2.22)%
July 1.83 (3.63)
August 1.00 10.81
September 1.48 4.94
October (4.36) 1.18
November (2.31)
December 3.39
Annual/YTD 10.73% 11.98%
Name of Pool: World Monitor Trust -- Series B
Type of Pool: Publicly-Offered
Start Date: June 1998
Aggregate subscriptions: $24,004,685 (as of November 1, 1999)
Current Net Asset
Value per Interest: $123.99 (as of October 31, 1999)
"Draw-down" means losses experienced by
the World Monitor Trust -- Series B over a
specified period.
Largest monthly draw-down: (4.36)% October 1999
"Largest monthly draw-down" means
the greatest percentage decline in
Net Asset Value due to losses
sustained by the World
Monitor Trust -- Series B from the
beginning to the end of a calendar
month.
Largest peak-to-valley
draw-down: (5.77)% June 1998 to July 1998
"Largest peak-to-valley draw-down"
means the greatest cumulative
percentage decline in month-end
Net Asset Value of the World
Monitor Trust - Series B due to
losses sustained during a period
in which the initial month-end
Net Asset Value of the World
Monitor Trust -- Series B is not
equaled or exceeded by a subsequent
month-end Net Asset Value of the World
Monitor Trust -- Series B.
"Rate of Return" is calculated daily by
dividing net performance by beginning
equity. The daily returns are then
compounded to arrive at the rate of
return for the month, which is in turn
compounded to arrive at the rate of
return for the year to date.
Past Performance Is Not Necessarily Indicative Of Future Results
5
<PAGE>
As of November 1, 1999, gross sales of, and exchanges into, Series B limited
interests since Series B interests were offered is $24,004,685. Redemptions of
Series B limited interests from June 10, 1998 (commencement of operations)
through November 1, 1999 were $2,064,887.19. As of October 31, 1999, Series
B reported a net asset value of $123.99, an increase of 23.99% from the initial
net asset value of $100.00. The MAR Fund/Pool Qualified Universe Index
return for the June 1998 through December 1998 period was 4.69%, and for the
period from January 1, 1999 through October 31, 1999 was -2.70%. The MAR
Fund/Pool Qualified Universe Index is the dollar weighted, total return of all
commodity pools tracked by Managed Account Reports ("MAR"). MAR tracked
the performance of 281 futures funds in 1998 and 375 futures funds in 1999
through October 31.
Management's Discussion And Analysis Of Financial Condition And Results Of
Operations -- Series B
Please turn to page 31 of the Prospectus for Management's Discussion And
Analysis Of Financial Condition And Results Of Operations for Series B for the
period from June 10, 1998, the commencement of operations, through
December 31, 1998.
Series B filed quarterly reports on Form 10-Q with the Securities and Exchange
Commission (the "SEC") for the three-month periods ended March 26, 1999,
June 25, 1999 and September 24, 1999 on May 10, 1999, August 9, 1999 and
November 8, 1999, respectively. Each of these quarterly reports contained a
"Management's Discussion And Analysis Of Financial Condition And Results
Of Operations" section for the applicable period. Each quarterly report can be
viewed on the SEC's internet website, located on the internet at HYPERLINK
http://www.sec.gov www.sec.gov , by following the instructions to retrieve
documents from the EDGAR Archives section of the EDGAR database. Enter
the number 0001051823 as the search keywords in the searchable index, and
then click on the desired quarterly report. If you do not have access to the
internet, or prefer not to retrieve a specific filing off of the internet, a
copy of each quarterly report can be requested from the SEC by calling
the SEC's Public Reference Office at 202-942-8090.
6
<PAGE>
PAST PERFORMANCE OF SERIES C
Capsule Performance of World Monitor Trust - Series C
CTA: Hyman Beck & Company, Inc.
Rates of Return
(Computed on a Monthly Basis)
Month 1999 1998
January (1.47)%
February 2.81
March (0.58)
April 5.31
May 0.60
June 0.98 (3.42)%
July (0.17) (2.43)
August (1.87) 9.29
September (1.88) 2.84
October (8.26) (0.80)
November (6.70)
December 6.33
Annual/YTD (4.99)% 4.21%
Name of Pool: World Monitor Trust - Series C
Type of Pool: Publicly-Offered
Start Date: June 1998
Aggregate subscriptions: $20,438,741 (as of November 1, 1999)
Current Net Asset
Value per Interest: $99.01 (as of October 31, 1999)
"Draw-down" means losses experienced
by the World Monitor Trust -- Series C over a
specified period.
Largest monthly draw-down: (8.26)% October 1999.
"Largest monthly draw-down" means the greatest
percentage decline in Net Asset Value due
to losses sustained by World Monitor
Trust -- Series C from the beginning to
the end of a calendar month.
Largest peak-to-valley
draw-down: (11.82)% July 1999 to October 1999
"Largest peak-to-valley draw-down" means
the greatest cumulative percentage decline
in month-end Net Asset Value of the World
Monitor Trust -- Series C due to losses
sustained during a period in which the
initial month-end Net Asset Value of
the World Monitor Trust -- Series C is not
equaled or exceeded by a subsequent
month-end Net Asset Value of World
Monitor Trust -- Series C.
"Rate of Return" is calculated daily by
dividing net performance by beginning equity.
The daily returns are then
compounded to arrive at the rate
of return for the month, which is in turn
compounded to arrive at the rate of return
for the year to date.
Past Performance Is Not Necessarily Indicative Of Future Results
7
<PAGE>
As of November 1, 1999, gross sales of, and exchanges into, Series C limited
interests since Series C interests were offered is $20,438,741. Redemptions of
Series B limited interests from June 10, 1998 (commencement of operations)
through November 1, 1999 were $1,885,503.12. As of October 31, 1999,
Series C reported a net asset value of $99.01, an decrease of 0.99% from the
initial net asset value of $100.00. (As previously discussed on page 6, the
MAR Fund/Pool Qualified Universe Index return, as tracked by MAR, for the
June 1998 through December 1998 period was 4.69%, and for the period from
January 1, 1999 through October 31, 1999 was -2.70%.)
Management's Discussion And Analysis Of Financial Condition And Results Of
Operations -- Series C
Please turn to page 35 of the Prospectus for Management's Discussion And
Analysis Of Financial Condition And Results Of Operations for Series C for the
period from June 10, 1998, the commencement of operations, through
December 31, 1998.
Series C filed quarterly reports on Form 10-Q with the Securities and Exchange
Commission (the "SEC") for the three-month periods ended March 26, 1999,
June 25, 1999 and September 24, 1999 on May 10, 1999, August 9, 1999 and
November 8, 1999, respectively. Each of these quarterly reports contained a
"Management's Discussion And Analysis Of Financial Condition And Results
Of Operations" section for the applicable period. Each quarterly report can be
viewed on the SEC's internet website, located on the internet at HYPERLINK
http://www.sec.gov www.sec.gov , by following the instructions to retrieve
documents from the EDGAR Archives section of the EDGAR database. Enter
the number 0001051824 as the search keywords in the searchable index, and
then click on the desired quarterly report. If you do not have access to the
internet, or prefer not to retrieve a specific filing off of the internet,
a copy of each quarterly report can be requested from the SEC by calling
the SEC's Public Reference Office at 202-942-8090.
8
<PAGE>
SERIES B
ECLIPSE CAPITAL AND ITS PRINCIPALS (See page 47 of the Prospectus.)
The following information updates and supplements the information found
under this heading on page 47 of the Prospectus.
James R. Klingler serves as Senior Vice President and Corporate Secretary of
Eclipse Capital, with responsibility for the areas of administration,
compliance and legal and corporate management. Mr. Klingler has a B.A.
in Economics from Vanderbilt University and a JD from Vanderbilt
University School of Law. He previously worked as an associate with
the St. Louis law firm of Thompson Coburn (formerly Coburn &
Croft) and as a staff attorney with Mercantile Bancorporation, also
in St. Louis. From January 1991 until December 1997, he
was Compliance Counsel and subsequently Associate Vice President
with A.G. Edwards & Sons, Inc. Mr. Klingler joined Eclipse
Capital in January 1998.
Eric S. Goodbar is Director-Finance and Accounting with responsibility for
client accounting, corporate accounting and data and risk management. Mr.
Goodbar has a BS degree with a dual major in Financial Administration and
Management of Information Systems from the University of Nevada at Las
Vegas and an Executive MBA degree from the University of Chicago Graduate
School of Business. From August 1984 to April 1995, he was employed by
NationsBank CRT in several different capacities, the last of which was as Vice
President, Financial Engineering. From April 1995 to December 1997, he
served as Executive Vice President of New Century Investment Research and
Management, Inc. From 1993-1997, Mr. Goodbar also served as an adjunct
faculty member for the Illinois Institute of Technology. Mr. Goodbar joined
Eclipse Capital in January 1998.
ECLIPSE CAPITAL'S TRADING SYSTEM
The following information updates and supplements the information found
under this heading on page 48 of the Prospectus.
Eclipse Capital makes its trading decisions for Series B according to
its Global Monetary Program. The Global Monetary Program incorporates
quantitative trend and fundamental analysis and technical
trading principles.
The Global Monetary Program is systematic and primarily trend-following in
nature, with the objective of capitalizing primarily on intermediate and long-
term price trends. Eclipse Capital makes all trading decisions pursuant to its
proprietary trend identification, capital allocation, and risk management
models, using multiple models to accentuate overall diversification.
Trend identification and fundamental models use various technical
and statistical analysis techniques to identify and evaluate price
trends and other economic data. Capital allocation models determine
the percentage of trading capital allocated to various markets
and trading models.
9
<PAGE>
Global Monetary Program Allocation
The following updates the information found under this heading in the
Prospectus on page 51.
Following is a bar graph showing the sectors that are traded by Eclipse Capital
as of October 31, 1999. Investor funds are exposed to these sectors in
approximately the percentage allocation stated. Actual allocations will change
as market conditions and trading opportunities change, and it is likely that
the targeted risk allocations may vary for Series B during future
periods, although it is anticipated that the focus will remain on
the financial instruments markets.
Interest Rate Instruments 40%
Currencies 30
Stock Indices 10
Precious & Base Metals 10
Energy Products 10
Total 100%
(GRAPH)
10
<PAGE>
ECLIPSE CAPITAL'S PAST PERFORMANCE FOR ALL OF ITS CLIENTS
The following information replaces the performance information found on
pages 52 through 57 of the Prospectus.
Capsule summaries B(1) through B(4) contain actual performance for the
periods indicated.
Global Monetary Program
The following is a capsule summary of the past performance for Eclipse
Capital's Global Monetary Program, the program pursuant to which Series B
assets are traded, as of October 31, 1999.
As of September 30, 1999
Name of CTA: Eclipse Capital
Program: Global Monetary Program
Start Date: April 1986 (All trading by Eclipse Capital)
August 1990 (Eclipse Capital Global
Monetary Program)
No. Accounts: 22
Aggregate $$:
All Programs: $434,411,649 (All Programs excluding Notional)
$470,437,000 (All Programs including Notional)
$$ in this Program: $432,311,173 (Global Monetary Program
excluding Notional)
$468,337,324 (Global Monetary Program
including Notional)
Largest monthly
draw-down: (14.62)% July 1994
"Largest monthly draw-down" means
the greatest decline in month-end Net
Asset Value due to losses sustained by
a global monetary program on a
composite basis or an individual
account for any particular
month.
Largest peak-to-valley
draw-down: (26.97)% March 1994 to September 1994
"Largest peak-to-valley draw-down"
means the greatest cumulative percentage
decline in month-end Net Asset Value due
to losses sustained by a global
monetary program on a composite
basis or an individual account during any
period in which the initial month-end
Net Asset Value is not equaled or exceeded
by a subsequent month-end asset
value.
Closed Accounts: Profitable = 15
Unprofitable = 9
CAPSULE B(1) - ECLIPSE CAPITAL GLOBAL MONETARY PROGRAM
MONTHLY/ANNUAL RATES OF RETURN
MONTH 1999 1998 1997 1996 1995 1994
Jan (2.57)% 1.66% 2.07% 5.45% (2.28)% 1.34%
Feb 3.27 (3.12) (0.41) (0.07) 1.19 3.00
Mar 2.92 (0.63) 1.67 (0.30) 4.52 6.09
Apr 4.64 (10.67) (4.93) 5.58 0.84 (3.43)
May 0.44 2.81 4.01 1.96 8.09 (2.91)
Jun 3.12 (2.19) 0.34 0.11 (2.34) 0.28
Jul 2.35 (3.46) 8.80 0.58 1.04 (11.70)
Aug 1.49 13.15 (2.21) 3.04 6.80 (5.12)
Sep 1.50 6.02 5.00 2.77 (0.57) (1.42)
Oct (4.37)* 1.78 (0.78) 3.51 0.34 0.90
Nov (2.33) (1.63) 7.03 2.16 4.50
Dec 3.79 3.66 (2.19) (0.64) (2.24)
Annual/YTD 13.15% 5.03% 15.93% 30.68% 20.21% (11.37)%
*Estimate
Past Performance Is Not Necessarily Indicative Of Future Results
11
<PAGE>
Eclipse Capital's Supplemental Performance Information
Capsules B(2) through B(4) represent the customer accounts traded by Eclipse
Capital pursuant to different trading strategies from those to be utilized by
Series B.
Global Yield Program
(Not open to new investment)
This "sector" program trades a specialized portfolio comprised entirely of
domestic and foreign interest rate instruments. Global money markets and bond
futures contracts are traded on major exchanges located throughout the world,
including Chicago, Montreal, London, Paris, Madrid, Tokyo, Singapore, and
Sydney. The following is a capsule summary of the estimated past performance
for the Global Yield Program traded by Eclipse Capital as of October 31, 1999, a
trading strategy not used on behalf of Series B.
As of October 31, 1999
Name of commodity Eclipse Capital
trading advisor:
Program: Global Yield Program
Start Date: April 1986 (All trading by Eclipse Capital)
August 1992 (Eclipse Capital Global Yield Program)
No. Accounts: 1
Aggregate $$: $434,411,649 (All Programs excluding Notional)
All Programs: $470,437,000 (All Programs including Notional)
$$ in this Program: $2,072,234 (Global Yield Program including
National)
Largest monthly
draw-down: (14.41)% July 1994
"Largest monthly draw-down" means the
greatest decline in month-end net
asset value due to losses sustained
by a global yield program on a composite
basis or an individual account for any
particular month.
Largest peak-to-valley
draw-down: (26.10)% March 1994 to January 1995
"Largest peak-to-valley draw-down" means
the greatest cumulative percentage
decline in month-end net asset value
due to losses sustained by a global yield
program on a composite basis or an
individual account during any period in
which the initial month-end net asset
value is not equaled or exceeded by a
subsequent month-end net asset value.
Closed Accounts: Profitable = 6
Unprofitable = 7
CAPSULE B(2) -- ECLIPSE GLOBAL YIELD PROGRAM ANNUAL RATES OF RETURN
1999 1998 1997 1996 1995 1994
(10 mos.)
ANNUAL 0.65%* (1.86)% 7.26% 15.21% 14.02% 0.02%
*Estimate
Past Performance Is Not Necessarily Indicative Of Future Results
12
<PAGE>
Foreign Exchange Program
(Not open to new investment)
Name of commodity
trading advisor: Eclipse Capital
Program: Foreign Exchange Program
Start Date: April 1986 (Inception of trading by
commodity trading advisor)
March 1992 (Inception of trading in program)
No. Accounts: 0
Aggregate $$ In All
Programs: $429,154,088 (All Programs excluding Notional)
$461,992,544 (All Programs including Notional)
$$ in this Program: $0 (Foreign Exchange Program)
Largest monthly draw-
down: (20.86)% September 1992
"Largest monthly draw-down" means the
greatest decline in month-end net
asset value due to losses sustained
by a trading portfolio on a composite basis or
an individual account for any particular
month.
Largest peak-to-valley
draw-down: (20.86)% August 1992 to September 1992
"Largest peak-to-valley draw-down"
means the greatest cumulative percentage
decline in month-end net asset value
due to losses sustained by a trading
portfolio on a composite basis or an
individual account during any period in
which the initial month-end net asset
value is not equaled or exceeded by a
subsequent month-end asset value.
Closed Accounts: Profitable = 3
Unprofitable = 2
CAPSULE B(3) - FOREIGN EXCHANGE PROGRAM ANNUAL RATES OF RETURN
1995 1994 1993 1992
ANNUAL 10.20% (4.93)% 6.35% 13.18%
(3 mos.) (10 mos.)
Past Performance Is Not Necessarily Indicative Of Future Results
13
<PAGE>
Financial Futures Account
(Not open to new investment)
Name of commodity
trading advisor: Eclipse Capital
Program: Financial Futures Account
Start Date: April 1986 (Inception of trading by commodity
trading advisor)
April 1986 (Inception of trading in program)
No. Accounts: 0
Aggregate $$ In
All Programs: $429,154.088 (All Programs excluding Notional)
$461,992,544 (All Programs including Notional)
$$ in this
Program: $0 (Financial Futures Account)
Largest monthly
draw-down: (20.91)% October 1994
"Largest monthly draw-down" means the
greatest decline in month-end net
asset value due to losses sustained by
a trading portfolio on a composite basis or
an individual account for any particular month.
Largest peak-to-valley
draw-down: (69.20)% February 1989 to April 1992
"Largest peak-to-valley draw-down" means
the greatest cumulative percentage
decline in month-end net asset value due
to losses sustained by a trading
portfolio on a composite basis or an
individual account during any period in
which the initial month-end net asset value
is not equaled or exceeded by a
subsequent month-end asset value.
Closed Accounts: Profitable = 99
Unprofitable = 314
CAPSULE B(4) - FINANCIAL FUTURES ACCOUNT ANNUAL RATES OF RETURN
1996 1995 1994 1993 1992 1991
ANNUAL 4.41% (7.33)% (18.16)% 60.35% (5.43)% (13.42)%
(6 Months)
Past Performance Is Not Necessarily Indicative Of Future Results
14
<PAGE>
Notes to Eclipse Capital Performance Summaries
The following notes refer to Capsules B(1) through B(4).
In the preceding performance summaries, Assets Under Management
(excluding Notional) represent the total actual equity (including cash and cash
equivalents) deposited in the accounts at the carrying FCM plus committed
funds.
Assets Under Management (including Notional) represent the total actual equity
(including cash and cash equivalents) deposited in the accounts at the carrying
FCM plus committed funds plus Notional funds.
Largest Monthly Draw-Down is the largest monthly loss experienced by any
single account in the relevant program in any calendar month expressed as a
percentage of the total equity in such account in the program and includes the
month and year of such draw-down. Largest Peak to Valley Draw-down is the
largest calendar month-end to calendar month-end loss experienced by any
single account in the program expressed as a percentage of total equity
(including Notional equity) in such account in the program.
Prior to August 1, 1996, Monthly Rate of Return is calculated by dividing net
performance by the sum total of the starting equity plus the time-weighted
additions minus the time-weighted withdrawals for the period. Beginning in
1994, additions and withdrawals made other than at the beginning of the month
are time-weighted. Time weight is calculated by multiplying an addition by the
number of days in the period it was available for trading and/or a withdrawal
by the number of days in the period it was not available for trading,
and dividing by the total number of days in the period. Prior to
August 1, 1996, the time weighting of additions and withdrawals method
yields the same Rates of Return as the Fully-Funded Subset Method
(described below), because Eclipse Capital did not manage Notional
funds prior to August 1, 1996.
For the periods beginning after August 1, 1996, Eclipse Capital has adopted a
new method of computing rate-of-return and performance disclosure, referred to
as the Fully-Funded Subset method, pursuant to an Advisory published by the
CFTC. The Fully-Funded Subset refers to that subset of accounts included in
the applicable composite which is funded entirely by Actual Funds (as
defined in the Advisory). To qualify for use of the Fully-Funded
Subset method, the Advisory requires that certain computations be made
in order to arrive at the Fully-Funded Subset and that the accounts
for which performance is so reported meet two tests which are designed to
provide assurance that the Fully-Funded Subset and the resultant Rates
of Return are representative of the trading program. Eclipse Capital
has performed these computations for periods subsequent to
August 1, 1996.
Annual Rate of Return is calculated by dividing the change in the net
asset value of a hypothetical $1,000 investment (VAMI) during the
period by the VAMI at the beginning of the period or at the
commencement of trading. VAMI is calculated by multiplying (1 plus
the period rate of return %) times the prior period value of
a hypothetical $1,000 investment (VAMI).
15
<PAGE>
SERIES C
HYMAN BECK'S TRADING SYSTEM
Volume Of Trading For Hyman Beck Contracts And Markets
The following updates the information found in the Prospectus on page 64.
Set forth below is a bar graph showing the sectors that are traded by Hyman
Beck as of October 31, 1999. Investor funds are exposed to these sectors in
approximately the percentage allocation stated. Actual allocations change as
market conditions and trading opportunities change, and it is likely that the
targeted risk allocations may vary for Series C during future periods,
although it is anticipated that the focus will remain on the
financial instruments markets.
Interest Rates 40%
Currencies 25
Stock Indices 15
Metals 10
Energies 10
Total 100%
(GRAPH)
16
<PAGE>
HYMAN BECK'S PAST PERFORMANCE FOR ALL OF ITS CLIENTS
The following information replaces the performance information found on
pages 65 through 71 of the Prospectus.
Asset Allocation Portfolio
The following summary performance information and Capsule C(1) reflect the
composite performance results of the Asset Allocation Portfolio directed by
Hyman Beck from April 1992 through October 1999 for ten accounts ranging in
size from $630,000 to $30 million. Two open accounts were profitable and one
open account was unprofitable as of October 31, 1999.
<PAGE>
As of October 31, 1999
Name of CTA: Hyman Beck
Program: Asset Allocation Portfolio1
Start Date: March 1991 (All trading by Hyman Beck)
April 1992 (Asset Allocation Program)
No. of Accounts open: 3
Aggregate $$: $296,757,822 (All Programs excluding Notional)
All programs: $365,395,734 (All Programs including Notional)
$$ in this Program: $21,667,904 (Asset Allocation Portfolio
excluding Notional)
$49,345,936 (Asset Allocation Portfolio
including Notional)
Largest monthly
draw-down: (9.38)% February 1996
"Largest monthly draw-down" means
the greatest decline in month-end Net
Asset Value due to losses sustained
by a trading portfolio on a composite
basis or an individual account for
any particular month.
Largest peak-to-valley
draw-down: (18.30)% August 1993 to January 1995
"Largest peak-to-valley draw-down"
means the greatest cumulative percentage
decline in month-end Net Asset Value
due to losses sustained by a trading
portfolio on a composite basis or an
individual account during any period in
which the initial month-end Net Asset
Value is not equaled or exceeded by a
subsequent month-end Net Asset Value.
Closed accounts: Profitable = 4
Unprofitable = 3
______________________________
1. The Asset Allocation Portfolio represents accounts trading a combination
of each of the Global, FX, Diversified and/or Short-Term Portfolios. Although
Series C Assets will not be traded pursuant to the foregoing program, the Asset
Allocation Portfolio employed on behalf of the Series C Assets is traded at a
higher level of leverage (1.5 times). Hyman Beck manages only one Asset
Allocation Portfolio account, the Series C account, at one and one-half times
leverage.
CAPSULE C(1) - ASSET ALLOCATION PORTFOLIO
MONTHLY/ANNUAL RATES OF RETURN
MONTH 1999 1998 1997 1996 1995 1994
Jan (1.25)% (0.87)% 7.39% 2.09% (9.02)% (0.59)%
Feb 2.22 (4.19) 5.11 (9.22) 12.51 (5.96)
Mar (0.26) (0.22) 1.48 0.74 26.39 8.30
Apr 3.92 (5.27) (0.60) 6.04 3.79 (5.05)
May 0.41 1.66 0.81 (2.62) 1.19 2.69
Jun 1.13 (0.93) 1.52 0.97 0.40 3.38
Jul (0.35) (0.56) 4.70 (0.51) (2.60) (4.03)
Aug (1.32) 8.25 (1.64) (4.53) 0.42 (2.97)
Sep (1.19) 2.50 2.11 0.35 (2.07) (0.02)
Oct (5.70) (0.46) (2.64) 11.94 (0.63) 5.52
Nov (5.02) (0.87) 4.65 (0.62) (1.42)
Dec 4.76 2.24 (6.45) 3.34 (0.13)
Annual/YTD (2.65%) 1.20% 20.91% 1.67% 33.35% 1.29%
Series C assets are not traded pursuant to the foregoing program.
The Asset Allocation Portfolio employed on behalf of the Series C assets are
traded at a higher level of leverage (1.5 times).
Past Performance Is Not Necessarily Indicative Of Future Results
17
<PAGE>
Global Portfolio
As of October 31, 1999
Name of CTA: Hyman Beck
Program: Global Portfolio
Start Date: March 1991 (All trading by Hyman Beck)
April 1991 (Global Portfolio)
No. Accounts: 20
Aggregate $$: $296,757,822 (All Programs excluding Notional)
All Programs: $365,395,734 (All Programs including Notional)
$$ in this Program: $273,321,013 (Global Program excluding Notional)
$318,393,889 (Global Program including Notional)
Largest monthly
draw-down: (12.77)% December 1996
"Largest monthly draw-down" means
the greatest decline in month-end Net
Asset Value due to losses sustained by
a global portfolio on a composite basis or
an individual account for any particular month.
Largest peak-to-valley
draw-down: (19.38)% July 1994 to February 1995
"Largest peak-to-valley draw-down" means
the greatest cumulative percentage
decline in month-end Net Asset Value due
to losses sustained by a global
portfolio on a composite basis or
an individual account during any period in
which the initial month-end Net Asset Value
is not equaled or exceeded by a
subsequent month-end Net Asset Value.
Closed Accounts: Profitable = 37
Unprofitable = 16
CAPSULE C(2) - GLOBAL PORTFOLIO ANNUAL RATES OF RETURN
1999 1998 1997 1996 1995 1994
(10 mos.)
Annual/YTD (3.44)% 16.84% 24.38% 10.82% 29.12% 3.81%
Series C assets are not traded pursuant to the foregoing program independently,
but only as a component of the Asset Allocation Portfolio.
Past Performance Is Not Necessarily Indicative Of Future Results
18
<PAGE>
FX Portfolio
As of October 31, 1999
Name of CTA: Hyman Beck
Program: FX Portfolio
Start Date: March 1991 (All trading by Hyman Beck)
March 1991 (FX Portfolio)
No. of Accounts: 3
Aggregate $$: $296,757,822 (All Programs excluding Notional)
All Programs: $365,395,734 (All Programs including Notional)
$$ in this Program: $7,349,550 (FX Portfolio excluding Notional)
$15,790,373 (FX Portfolio including Notional)
Largest monthly draw-
down: (18.72)% November 1994
"Largest monthly draw-down" means
the greatest decline in month-end Net
Asset Value due to losses sustained by
a foreign exchange portfolio on a
composite basis or an individual account for
any particular month.
Largest peak-to-valley
draw-down: (52.49)% August 1993 to January 1995.
"Largest peak-to-valley draw-down"
means the greatest cumulative percentage
decline in month-end Net Asset Value
due to losses sustained by a foreign
exchange portfolio on a composite basis
or an individual account during any
period in which the initial month-end
Net Asset Value is not equaled or exceeded
by a subsequent month-end Net Asset Value.
Closed Accounts: Profitable = 12
Unprofitable = 33
CAPSULE C(3) FX PORTFOLIO ANNUAL RATES OF RETURN
1999 1998 1997 1996 1995 1994
(10 mos.)
Annual/YTD 3.84% (7.68) 29.30% 6.65% 40.58% (20.63)%
Series C assets are not traded pursuant to the foregoing program independently,
but only as a component of the Asset Allocation Portfolio.
Past Performance Is Not Necessarily Indicative Of Future Results
19
<PAGE>
Diversified Portfolio
As of October 31, 1999
Name of CTA: Hyman Beck
Program: Diversified Portfolio
Start Date: March 1991 (All trading by Hyman Beck)
March 1991 (Diversified Portfolio)
No. of Accounts: 3
Aggregate $$: $296,757,822 (All Programs excluding Notional)
All Programs: $365,395,734 (All Programs including Notional)
$$ in this Program: $ 5,603,774 (Diversified Portfolio excluding
Notional)
$10,365,673 (Diversified Portfolio including
Notional)
Largest monthly
draw-down: (15.90)% February 1994
"Largest monthly draw-down" means
the greatest decline in month-end Net
Asset Value due to losses sustained by
a diversified portfolio on a composite
basis or an individual account for
any particular month.
Largest peak-
to-valley draw-down: (30.42)% August 1993 to December 1995
"Largest peak-to-valley draw-down" means
the greatest cumulative percentage
decline in month-end Net Asset Value
due to losses sustained by a diversified
portfolio on a composite basis or an
individual account during any period in
which the initial month-end Net Asset Value
is not equaled or exceeded by a
subsequent month-end Net Asset Value.
Closed Accounts: Profitable = 19
Unprofitable = 27
CAPSULE C(4) - DIVERSIFIED PORTFOLIO ANNUAL RATES OF RETURN
1999 1998 1997 1996 1995 1994
(10 mos.)
Annual/YTD (3.08)% 1.06% 11.88% (8.33)% (4.14)% (7.07)%
Series C assets are not traded pursuant to the foregoing program independently,
but only as a component of the Asset Allocation Portfolio.
Past Performance Is Not Necessarily Indicative Of Future Results
20
<PAGE>
Short-Term Select Portfolio
As of October 31, 1999
Name of CTA: Hyman Beck
Program: Short-Term Select Portfolio
Start Date: March 1991 (All trading by Hyman Beck)
September 1997 (Short-Term Select Portfolio)
No. Accounts: 4
Aggregate $$: $296,757,822 (All Programs excluding Notional)
All Programs: $365,395,734 (All Programs including Notional)
$$ in this
Program: $1,333,862 (Short-Term Select excluding Notional)
$ 6,134,525 (Short-Term Select including Notional)
Largest monthly
draw-down: (10.53%) September 1999
"Largest monthly draw-down" means the
greatest decline in month-end Net
Asset Value due to losses sustained by
a short-term select portfolio on a
composite basis or an individual account
for any particular month.
Largest peak-to-
valley draw-down: (20.30%) February 1998 to September 1999
"Largest peak-to-valley draw-down" means
the greatest cumulative percentage
decline in month-end Net Asset Value
due to losses sustained by a short-term
select portfolio on a composite basis or
an individual account during any period
in which the initial month-end Net Asset
Value is not equaled or exceeded by a
subsequent month-end Net Asset Value.
Closed Accounts: Profitable = 0
Unprofitable = 6
CAPSULE C(5) - SHORT-TERM SELECT PORTFOLIO ANNUAL RATES OF RETURN
1999 1998 1997
(10 mos.)
Annual/YTD (7.36)% (9.42)% 0.73%
Series C assets are not traded pursuant to the foregoing program independently,
but only as a component of the Asset Allocation Portfolio.
Past Performance Is Not Necessarily Indicative Of Future Results
21
<PAGE>
Hyman Beck's Supplemental Performance Information
Short-Term Original Portfolio
Capsule C(6) represents the customers accounts traded by Hyman Beck
pursuant to a trading strategy that will not be utilized by Series C.
As of October 31, 1999
Name of CTA: Hyman Beck
Program: Short-Term Original Portfolio
Start Date: March 1991 (All trading by Hyman Beck)
April 1996 (Short-Term Original Portfolio)
No. Accounts: 2
Aggregate $$: $296,757,822 (All Programs excluding Notional)
All Programs: $365,395,734 (All Programs including Notional)
$$ in this Program: $9,149,624 (Short-Term Original excluding Notional)
$14,711,274 (Short-Term Original including Notional)
Largest monthly
draw-down: (11.20)% August 1999
"Largest monthly draw-down" means
the greatest decline in month-end Net
Asset Value due to losses sustained by a
short-term original portfolio on a composite
basis or an individual account for
any particular month.
Largest peak-to-
valley draw-down: (35.73)% October 1997 to September 1999
"Largest peak-to-valley draw-down" means
the greatest cumulative percentage
decline in month-end Net Asset Value due
to losses sustained by a short-term
original portfolio on a composite basis
or an individual account during any
period in which the initial month-end Net
Asset Value is not equaled or exceeded
by a subsequent month-end Net Asset Value.
Closed accounts: Profitable = 11
Unprofitable = 8
CAPSULE C(6) - SHORT-TERM ORIGINAL PORTFOLIO ANNUAL RATES OF RETURN
1999 1998 1997 1996
(10 mos.)
Annual/YTD (11.39)% (11.12)% 33.30% 0.58%
Series C assets are not traded pursuant to the foregoing program.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
22
<PAGE>
DESCRIPTION OF THE TRUST, TRUSTEE, MANAGING OWNER AND AFFILIATES
Directors And Officers Of The Managing Owner
The following supplements information found under this heading in the
Prospectus on pages 75 through 77.
Alan J. Brody, born 1952, has been a Director of the managing owner since
May 1999. Mr. Brody has also been a Director of Seaport Futures since
May 1999. Mr. Brody has been a Senior Vice President and Director of
International Sales and Marketing for Prudential Securities since 1996.
Based in London, Mr. Brody is currently responsible for the
marketing and sales of all Prudential Securities products and
services to international clientele throughout the firm's global
branch system, which includes the development of product ideas and
strategy, coordination of distribution efforts and flow of products to
the international sales force. Additionally, Mr. Brody has overall
responsibility for the Managed Futures Department. From 1990 to
1996, Mr. Brody was an executive Director and Senior Vice President
with Lehman Brothers' Financial Services Division in London and
President of Lehman Brothers Futures Asset Management Corp. Prior
to joining Lehman Brothers, Mr. Brody served as President and
Chief Executive Officer of Commodity Exchange, Inc., from 1980
to 1989. Earlier in his career, Mr. Brody was associated with
the law firm of Baer Marks & Upham from 1977 to 1980.
Joseph A. Filicetti became a Director of the managing owner and Seaport
Futures in April 1999. He was also promoted in April 1999 from his previous
positions as Vice President of the managing owner and Seaport Futures to his
current positions as President of the managing owner and Executive Vice
President of Seaport Futures.
Eleanor Thomas became a Director of the managing owner and Seaport
Futures in April 1999. She was also promoted in April 1999 from her previous
positions as First Vice President of the managing owner and Seaport Futures to
her current positions as Executive Vice President of the managing owner and
President of Seaport Futures.
23
<PAGE>
Description And Past Performance Of Other Pools Sponsored By The Managing
Owner And Its Affiliate
The following replaces the capsule summary of the past performance
information found under this heading in the Prospectus on pages 78 through 81.
A description of the various funds sponsored by the managing owner and its
affiliate, Seaport Futures. The January 1994 through October 1999 trading
record for the various funds is provided in the performance table and the
explanatory notes on the following pages.
Type of Fund Name of Fund
Public commodity funds for
which the managing owner
is the general partner
(or managing owner) and
the commodity pool
operator: Prudential-Bache Capital Return
Futures Fund 2, L.P. (PBCRFF2)
Prudential Securities Optimax
Fund 2 L.P. (PBOFF2) (g)
Prudential Securities Aggressive
Growth Fund, L.P. (PSAGF)(m)
Diversified Futures Trust I (DFT)
Prudential Securities Strategic
Trust (PRUST) (h)
Non-public commodity funds
for which the managing
owner is the general
partner (or the managing
owner) and the commodity
pool operator: Signet Partners II, L.P. (SPLP2) (f)
Diversified Futures Trust II (DFTII)
Prudential Securities Foreign
Financials Fund, L.P. (PSFFF) (i)
Prudential Securities Financial
Futures Fund L.P. (PSFNF) (e)
Offshore investment funds
for which the managing
owner is investment
manager (j) Devonshire Multi-Strategy Fund (k)
Prudential-Bache International
Futures Fund A, PLC (PBIFFA)
Prudential-Bache International Futures
Fund B, PLC (PBIFFB)
Prudential-Bache International
Futures Fund C, PLC (PBIFFC)
Prudential-Bache International
Futures Fund D, PLC (PBIFFD)
Prudential-Bache International
Futures Fund E, PLC (PBIFFE)
Prudential-Bache International
Futures Fund F, PLC (PBIFFF)
Public commodity funds
for which Seaport Futures
is general partner and
commodity pool operator: Prudential-Bache Futures Growth
Fund, L.P. (PBFG) (d)
Prudential-Bache Diversified
Futures Fund L.P. (PBDFF)
Prudential-Bache Capital
Return Futures Fund L.P. (PBCRFF)
Prudential-Bache Capital Return
Futures Fund 3 L.P. (PBCRFF3)(m)
Prudential-Bache Optimax Fund
L.P. (PBOFF)
See Notes to performance table on page 26. The past performance information
in the performance table has not been audited. However, the managing owner
represents and warrants that the performance table and the explanatory notes
are complete and accurate in all material respects
24
<PAGE>
<TABLE>
CAPSULE B
CAPSULE PERFORMANCE OF OTHER POOLS OPERATED BY PRUDENTIAL SECURITIES FUTURES MANAGEMENT INC. AND AFFILIATE [a]
(SEE ACCOMPANYING NOTES)
<CAPTION>
WORST
WORST PEAK
MONTHLY TO
AGGREGATE CURRENT PERCENT VALLEY
TYPE INCEPTION OF SUBSCRIPTIONS TOTAL NAV DRAW- DRAW-
NAME OF POOL OF POOL TRADING ($ x 1,000) ($ x 1,000) DOWN [b] DOWN [c]
<S> <C> <C> <C> <C> <C> <C>
PRUDENTIAL-BACHE
FUTURES GROWTH
FUND, L.P. [d] (PBFG) 3, 5, 6, 8, 10 3/88 24,961 --- -14.38% -24.48%
10/89 12/88 - 1/93
PRUDENTIAL-BACHE
DIVERSIFIED FUTURES
FUND L.P. (PBDFF) 3, 5, 6, 8, 10 10/88 29,747 13,298 -18.37% -36.63%
1/92 1/92 - 5/92
PRUDENTIAL-BACHE
CAPITAL RETURN
FUTURES FUND
L.P. (PBCRFF) 1a, 3, 5, 7, 8, 10 5/89 137,705 11,437 -10.30% -24.43%
11/98 9/93 - 1/95
PRUDENTIAL-BACHE
CAPITAL RETURN
FUTURES FUND 2
L.P. (PBCRFF2) 1a, 3, 5, 7, 8, 9 10/89 100,000 19,305 -11.36% -24.24%
1/92 1/92 - 5/92
PRUDENTIAL-BACHE
CAPITAL RETURN
FUTURES FUND 3
L.P. (m) (PBCRFF3) 1a, 3, 5, 7, 8, 10 5/90 64,863 --- -11.77% -23.66%
4/98 12/96 - 4/98
PRUDENTIAL-BACHE
OPTIMAX FUND L.P. -
OPTIMAX (PBOFF) 3, 5, 7, 8, 10, 11 4/96 69,603 13,732 -7.82% -12.95%
8/97 5/96-10/99
PRUDENTIAL-BACHE
OPTIMAX FUND
L.P. - A (PBOFF) 1, 3, 5, 7, 10, 11 2/91 63,356 --- -6.00% -10.72%
1/92 8/93 - 2/95
PRUDENTIAL-BACHE
OPTIMAX FUND
L.P. - B (PBOFF) 3, 5, 7, 8, 10, 11 2/91 6,247 --- -9.90% -20.26%
1/92 8/93 - 2/95
PRUDENTIAL SECURITIES
OPTIMAX FUND 2 L.P. -
OPTIMAX 2 [g] (PBOFF2) 3, 5, 7, 8, 9, 12 4/97 17,416 --- -9.08% -16.58%
4/98 8/97-5/98
PRUDENTIAL SECURITIES
OPTIMAX FUND 2 L.P. - A
(PBOFF2) 1, 3, 5, 7, 9, 12 1/92 15,197 --- -5.82% -13.53%
9/93 9/93 - 1/95
PRUDENTIAL SECURITIES
OPTIMAX FUND 2 L.P. - B
(PBOFF2) 3, 5, 7, 8, 9, 12 1/92 2,219 --- -9.49% -20.94%
9/93 6/95-7/96
PRUDENTIAL SECURITIES
FINANCIAL FUTURES
FUND L.P. [e] (PSFNF) 2, 4, 6, 8, 9 1/93 3,557 --- -8.39% -40.23%
11/94 8/93 - 1/95
PRUDENTIAL SECURITIES
FOREIGN FINANCIALS
FUND L.P. [i] (PSFFF) 2, 4, 6, 8, 9 1/93 4,198 --- -17.68% -25.96%
9/93 9/93-1/94
PRUDENTIAL SECURITIES
AGGRESSIVE GROWTH
FUND L.P. (m) (PSAGF) 3, 5a, 7, 8, 9 8/93 20,335 --- -9.71% -32.68%
9/93 8/93 - 1/95
DIVERSIFIED FUTURES
TRUST I (DFT) 3, 5a, 6, 8, 9 1/95 65,908 45,335 -9.38% -17.20%
11/98 7/99 - 10/99
SIGNET PARTNERS
II, LP [f] (SPLP2) 2, 4, 7, 8, 9 2/96 1,531 --- -6.37% -8.41%
8/97 8/97 - 1/98
PRUDENTIAL SECURITIES
STRATEGIC TRUST [h] (PRUST) 3, 5a, 6, 8, 9 5/96 63,403 34,793 -15.84% -33.98%
4/98 8/97-7/98
PRUDENTIAL-BACHE
INTERNATIONAL
FUTURES FUND A PLC
[j] (PBIFA) 2, 4, 6, 9, 13 6/96 35,990 14,145 -15.39% -31.52%
4/98 8/97-7/98
PRUDENTIAL-BACHE
INTERNATIONAL FUTURES
FUND C PLC [j] (PBIFC) 2, 4, 6, 9, 13 6/96 29,581 10,404 -9.30% -20.08%
2/99 12/96-4/97
PRUDENTIAL-BACHE
INTERNATIONAL FUTURES
FUND B PLC [j] (PBIFB) 2, 4, 6, 9, 13 7/96 101,000 54,006 -9.10% -20.54%
10/99 7/99-10/99
PRUDENTIAL-BACHE
INTERNATIONAL
FUTURES FUND D PLC [j] (PBIFD) 2, 4, 7, 9, 13 10/96 30,009 19,544 -7.80% -10.99%
4/98 3/99-10/99
PRUDENTIAL-BACHE
INTERNATIONAL FUTURES
FUND E PLC [j] (PBIFE) 2, 4, 6, 9, 13 1/97 19,590 8,167 -9.41% -27.76%
8/97 10/98-10/99
PRUDENTIAL-BACHE
INTERNATIONAL FUTURES
FUND F PLC [j] (PBIFF) 2, 4, 6, 9, 13 9/97 34,008 28,509 -9.50% -11.09%
10/97 10/97-11/97
DIVERSIFIED FUTURES
TRUST II (DFTII) 2, 5, 6, 8, 9 3/97 50,132 28,234 -10.48% -19.05%
10/99 7/99 - 10/99
DEVONSHIRE
MULTI-STRATEGY
FUND [j, k] (DEVON) 2, 4, 8, 9, 14 2/98 13,552 --- -3.88% -8.55%
4/98 4/98-8/98
<CAPTION>
ANNUAL RATE OF RETURN(l)
(COMPUTED ON A COMPOUNDED DAILY BASIS)
(10 mos.)
1994 1995 1996 1997 1998 1999
<S> <C> <C> <C> <C> <C> <C>
PRUDENTIAL-BACHE
FUTURES GROWTH
FUND, L.P. [d] (PBFG) 1.57% -9.54% --- --- --- ---
PRUDENTIAL-BACHE
DIVERSIFIED FUTURES
FUND L.P. (PBDFF) -10.05% 33.95% 24.81% 9.03% 1.96% -15.80%
PRUDENTIAL-BACHE
CAPITAL RETURN
FUTURES FUND
L.P. (PBCRFF) -21.43% 23.97% 8.58% 7.93% -1.09% -11.57%
PRUDENTIAL-BACHE
CAPITAL RETURN
FUTURES FUND 2
L.P. (PBCRFF2) -8.08% 27.26% 19.10% 11.40% -7.44% -7.32%
PRUDENTIAL-BACHE
CAPITAL RETURN
FUTURES FUND 3
L.P. (m) (PBCRFF3) 10.41% 16.64% 16.79% -7.97% -10.29% -1.70%
PRUDENTIAL-BACHE
OPTIMAX FUND L.P. -
OPTIMAX (PBOFF) --- --- 11.68% 17.49% 17.54% -8.46%
PRUDENTIAL-BACHE
OPTIMAX FUND
L.P. - A (PBOFF) -6.42% 7.18% -0.41% --- --- ---
PRUDENTIAL-BACHE
OPTIMAX FUND
L.P. - B (PBOFF) -10.66% 7.59% -1.59% --- --- ---
PRUDENTIAL SECURITIES
OPTIMAX FUND 2 L.P. -
OPTIMAX 2 [g] (PBOFF2) --- --- --- -3.67% -9.97% ---
PRUDENTIAL SECURITIES
OPTIMAX FUND 2 L.P. - A
(PBOFF2) -5.51% 13.93% 3.88% 0.86% --- ---
PRUDENTIAL SECURITIES
OPTIMAX FUND 2 L.P. - B
(PBOFF2) -6.57% 18.44% 5.24% 0.68% --- ---
PRUDENTIAL SECURITIES
FINANCIAL FUTURES
FUND L.P. [e] (PSFNF) -24.46% -2.05% --- --- --- ---
PRUDENTIAL SECURITIES
FOREIGN FINANCIALS
FUND L.P. [i] (PSFFF) 16.01% 20.38% 6.65% -1.35% 36.68% -11.00%
PRUDENTIAL SECURITIES
AGGRESSIVE GROWTH
FUND L.P. (m) (PSAGF) -13.51% 29.51% 7.89% -2.31% 13.11% -17.54%
DIVERSIFIED FUTURES
TRUST I (DFT) --- 42.65% 23.49% 8.82% 4.80% -12.14%
SIGNET PARTNERS
II, LP [f] (SPLP2) --- --- 9.70% 6.10% -0.70% ---
PRUDENTIAL SECURITIES
STRATEGIC TRUST [h] (PRUST) --- --- 3.47% -0.49% 20.25% -1.49%
PRUDENTIAL-BACHE
INTERNATIONAL
FUTURES FUND A PLC
[j] (PBIFA) --- --- 12.30% -0.36% 34.14% -4.46%
PRUDENTIAL-BACHE
INTERNATIONAL FUTURES
FUND C PLC [j] (PBIFC) --- --- 22.70% -3.59% 35.42% -12.30%
PRUDENTIAL-BACHE
INTERNATIONAL FUTURES
FUND B PLC [j] (PBIFB) --- --- 28.50% 13.77% 3.49% -16.13%
PRUDENTIAL-BACHE
INTERNATIONAL
FUTURES FUND D PLC [j] (PBIFD) --- --- -1.10% 14.36% 23.87% -4.64%
PRUDENTIAL-BACHE
INTERNATIONAL FUTURES
FUND E PLC [j] (PBIFE) --- --- --- 2.20% 12.23% -26.94%
PRUDENTIAL-BACHE
INTERNATIONAL FUTURES
FUND F PLC [j] (PBIFF) --- --- --- -4.60% 47.90% -7.30%
DIVERSIFIED FUTURES
TRUST II (DFTII) --- --- --- 6.26% 6.82% -15.98%
DEVONSHIRE
MULTI-STRATEGY
FUND [j, k] (DEVON) --- --- --- --- -7.70% -1.19%
PLEASE SEE FOLLOWING PAGE FOR ACCOMPANYING KEY AND NOTES
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
</TABLE>
25
<PAGE>
Key to type of pool
1 Principal-protected pool currently
1a Principal-protected pool initially, but not currently
2 Privately offered pool
3 Publicly offered pool
4 Open ended pool
5 Closed ended pool
5a Initially open ended, currently closed ended
6 Single advisor pool
7 More than one advisor
8 Non-principal protected pool
9 CPO is Prudential Securities Futures Management Inc.
10 CPO is Seaport Futures Management, Inc.
11 Following the expiration of the principal-protected
feature of the A Units on March 31, 1996, the A & B
Units merged into OptiMax Units on April 1, 1996.
12 Following the expiration of the principal-protected
feature of the A Units on March 31, 1997, the A & B
Units merged into OptiMax 2 Units on April 1, 1997.
13 Offshore pool offered to Non-U.S. persons authorized
and supervised by the Central Bank of Ireland.
14 Offshore fund-of-funds offered to Non-U.S. persons
Notes:
[a] All performance is presented as of October 1999.
[b] "Worst monthly percent draw-down" means
greatest percentage decline in net asset value due to losses
sustained by a pool, account, or other trading program
from the beginning to the end of a calendar month.
[c] "Worst peak to valley draw-down" means greatest cumulative
percentage decline in month-end net asset value
due to losses sustained by a pool, account or
other trading program during a
period in which the initial month-end
net asset value is not equaled or
exceeded by a subsequent month-end net asset
value. "Draw-down" means losses
experienced by the pool over a specified period.
[d] Liquidated February 1995
[e] Liquidated December 1995
[f] Liquidated April 1998.
[g] Liquidated May 1998.
[h] Name change from Willowbridge Strategic
Trust to Prudential Securities Strategic Trust during August 1998.
[i] Liquidated March 1999.
[j] These are non-U.S. investment funds, which are
available only to non-U.S. residents. They are
organized as investment companies incorporated in
non-U.S. jurisdictions. Eligibility notices under
CFTC Rule 4.7 has been filed in connection
with these funds.
[k] Liquidated May 1999.
[l] Rate of return is calculated each week by
dividing net performance by beginning
equity. The weekly returns are then
compounded to arrive at the rate of
return for the month, which is in turn
compounded to arrive at the annual rate of return.
[m] Liquidated October 1999.
NOTES TO PERFORMANCE TABLE ON PREVIOUS PAGE
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULT
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