<PAGE>
UNITED STATES
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: 0-25787
WORLD MONITOR TRUST--SERIES B
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 13-3985041
- --------------------------------------------------------------------------------
(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 B
(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 $19,173,986 $11,239,221
Net unrealized gain on open commodity positions 612,400 318,838
------------- ------------
Net equity 19,786,386 11,558,059
Accrued interest receivable 76,914 --
------------- ------------
Total assets $19,863,300 $11,558,059
------------- ------------
------------- ------------
LIABILITIES AND TRUST CAPITAL
Liabilities
Incentive fees payable $ 275,243 $ 60,812
Commissions payable 109,481 76,364
Redemptions payable 56,300 --
Management fees payable 29,581 20,626
------------- ------------
Total liabilities 470,605 157,802
------------- ------------
Commitments
Trust capital
Limited interests (154,827.060 and 100,451.891 interests
outstanding) 19,169,829 11,249,078
General interests (1,800 and 1,350 interests outstanding) 222,866 151,179
------------- ------------
Total trust capital 19,392,695 11,400,257
------------- ------------
Total liabilities and trust capital $19,863,300 $11,558,059
------------- ------------
------------- ------------
Net asset value per limited and general interest ('Interests') $ 123.81 $ 111.98
------------- ------------
------------- ------------
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements.
</TABLE>
2
<PAGE>
WORLD MONITOR TRUST--SERIES B
(a Delaware Business Trust)
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
For the period from
For the period from For the period from June 10, 1998
January 1, 1999 March 27, 1999 (commencement of
to to operations) to
June 25, 1999 June 25, 1999 June 26, 1998
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
REVENUES
Net realized gain (loss) on commodity
transactions $ 2,163,179 $ 1,563,293 $ (102,775)
Change in net unrealized gain on open
commodity positions 293,562 252,425 51,239
Interest income 362,687 213,863 14,961
------------------- ------------------- --------------------
2,819,428 2,029,581 (36,575)
------------------- ------------------- --------------------
EXPENSES
Commissions 588,731 348,822 21,051
Management fees 152,643 90,692 5,432
Incentive fees 343,117 275,243 --
------------------- ------------------- --------------------
1,084,491 714,757 26,483
------------------- ------------------- --------------------
Net income (loss) $ 1,734,937 $ 1,314,824 $ (63,058)
------------------- ------------------- --------------------
------------------- ------------------- --------------------
ALLOCATION OF NET INCOME (LOSS)
Limited interests $ 1,714,500 $ 1,298,737 $ (62,120)
------------------- ------------------- --------------------
------------------- ------------------- --------------------
General interests $ 20,437 $ 16,087 $ (938)
------------------- ------------------- --------------------
------------------- ------------------- --------------------
NET INCOME (LOSS) PER WEIGHTED
AVERAGE LIMITED AND GENERAL INTEREST
Net income (loss) per weighted
average limited and general
interest $ 13.03 $ 8.84 $ (1.07)
------------------- ------------------- --------------------
------------------- ------------------- --------------------
Weighted average number of limited
and general interests outstanding 133,154 148,801 58,688
------------------- ------------------- --------------------
------------------- ------------------- --------------------
- -------------------------------------------------------------------------------------------------------------
</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 101,801.891 $11,249,078 $151,179 $11,400,257
Contributions 60,030.995 6,821,176 51,250 6,872,426
Net income -- 1,714,500 20,437 1,734,937
Redemptions (5,205.826) (614,925) -- (614,925)
------------ ----------- --------- -----------
Trust capital--June 25, 1999 156,627.060 $19,169,829 $222,866 $19,392,695
------------ ----------- --------- -----------
------------ ----------- --------- -----------
- -----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements.
</TABLE>
3
<PAGE>
WORLD MONITOR TRUST--SERIES B
(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 B ('Series B') 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 B'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 B 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 B 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 B 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 B 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 B are received in the name of
Series B and are deposited in trading or cash accounts at PSI, Series B's
commodity broker. Series B's assets are maintained either with PSI or, for
margin purposes, with the various exchanges on which Series B is permitted to
trade. PSI credits Series B monthly with 100% of the interest it earns on the
average net assets in Series B's accounts.
Series B, 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 B pursuant to a line of credit. PSI may require that collateral
be posted against the marked-to-market positions of Series B.
As of June 25, 1999, a non-U.S. affiliate of the Managing Owner owns 101.245
limited interests of Series B.
C. Credit and Market Risk
Since Series B'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 B's exposure to market risk is influenced by a number of factors
including the relationships among the contracts held by Series B 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 B must rely solely on the credit of its broker (PSI) with
respect to forward transactions. Series B 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 B 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 B, the Managing Owner and the trading advisor,
Series B 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 B will liquidate its positions, and eventually
dissolve, if Series B 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 B.
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 B all assets of Series B 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
$17,268,096. Part 30.7 of the CFTC regulations also requires PSI to secure
assets of Series B related to foreign futures and options trading which totalled
$2,518,290 at June 25, 1999. There are no segregation requirements for assets
related to forward trading.
As of June 25, 1999, all open futures contracts mature within one year.
As of June 25, 1999 and December 31, 1998, gross contract amounts of open
futures contracts were:
<TABLE>
<CAPTION>
1999 1998
------------ -----------
<S> <C> <C>
Financial Futures Contracts:
Commitments to purchase $ 3,974,404 $20,828,796
Commitments to sell 274,424,903 33,695,952
Currency Futures Contracts:
Commitments to purchase 5,088,313 2,212,998
Commitments to sell 19,542,963 4,951,649
Other Futures Contracts:
Commitments to purchase 4,835,034 95,361
Commitments to sell 1,508,590 2,291,372
</TABLE>
The gross contract amounts represent Series B's potential involvement in a
particular class of financial instrument (if it were to take or make delivery on
an underlying futures contract). The gross contract amounts significantly exceed
the future cash requirements as Series B intends to close out open positions
prior to
5
<PAGE>
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 B considers the 'fair
value' of its futures 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 B'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
contracts was:
<TABLE>
<CAPTION>
1999 1998
-------------------------- ------------------------
Assets Liabilities Assets Liabilities
---------- ----------- -------- -----------
<S> <C> <C> <C> <C>
Domestic exchanges
Financial $ 401,356 $ -- $ 25,309 $ --
Currencies 92,340 76,657 156,861 4,900
Other 69,634 2,160 9,860 19,030
Foreign exchanges
Financial 402,258 41,287 230,845 45,758
Other 62,387 295,471 77,834 112,183
---------- ----------- -------- -----------
$1,027,975 $ 415,575 $500,709 $ 181,871
---------- ----------- -------- -----------
---------- ----------- -------- -----------
</TABLE>
The following table presents the average fair value of futures 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>
Domestic exchanges
Financial $ 97,942 $ 6,067 $139,824 $ 5,953 $ 9,250 $--
Currencies 205,232 54,001 202,735 43,691 44,926 7,735
Other 76,669 29,969 114,616 43,161 11,137 5,840
Foreign exchanges
Financial 274,248 38,001 289,368 29,112 18,640 31,909
Other 49,153 155,259 29,189 195,417 3,406 5,750
-------- ----------- -------- ----------- ------- -----------
$703,244 $ 283,297 $775,732 $ 317,334 $87,359 $51,234
-------- ----------- -------- ----------- ------- -----------
-------- ----------- -------- ----------- ------- -----------
</TABLE>
The following table presents the trading revenues of futures contracts for
the periods detailed below:
<TABLE>
<CAPTION>
Year-To-Date 1999 Second Quarter 1999 Second Quarter 1998
----------------- ------------------- -------------------
<S> <C> <C> <C>
Domestic exchanges
Financial $ 494,141 $ 460,560 $ (7,112)
Currencies 464,623 272,970 47,518
Other 461,372 295,999 (47,250)
Foreign exchanges
Financial 1,344,203 968,505 (43,186)
Other (307,598) (182,316) (1,506)
----------------- ------------------- -------------------
$ 2,456,741 $ 1,815,718 $ (51,536)
----------------- ------------------- -------------------
----------------- ------------------- -------------------
</TABLE>
6
<PAGE>
WORLD MONITOR TRUST--SERIES B
(a Delaware Business Trust)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
Series B commenced operations on June 10, 1998 with gross proceeds of
$5,709,093 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 B of $11,750,259. Additional Interests of Series B will continue to be
offered on a weekly basis at the net asset value per Interest until the
subscription maximum of $33,000,000 is sold.
At June 25, 1999, 100% of Series B'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 B's trading in commodities. Inasmuch as the sole business
of Series B is to trade in commodities, Series B continues to own such liquid
assets to be used as margin. PSI credits Series B monthly with 100% of the
interest it earns on the average net assets in Series B'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 B from promptly liquidating its commodity
futures positions.
Since Series B'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 B'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 B's speculative trading as well as the development of drastic market
occurrences could result in monthly losses considerably beyond Series B'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 B 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 B's futures, forward and options contracts.
Redemptions of limited interests for Year-to-Date 1999 and Second Quarter
1999 were $614,925 and $388,265, respectively. Redemptions of limited interests
from June 10, 1998 (commencement of operations) through June 25, 1999 were
$861,247. Future redemptions and contributions will impact the amount of funds
available for investment in commodity contracts in subsequent periods.
Series B does not have, nor does it expect to have, any capital assets.
Results of Operations
Series B commenced trading operations on June 10, 1998, and as such, full
quarterly comparative information is not applicable for 1998.
The net asset value per Interest as of June 25, 1999 was $123.81, an increase
of 10.56% from the December 31, 1998 net asset value per Interest of $111.98.
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 spurred by
deteriorating confidence in the Euro. Throughout the second quarter, several
issues 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,
7
<PAGE>
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 B
Series B captured gains in the financial sector, particularly in Japanese
government bonds and Euro denominated German bund positions. Throughout the
quarter, the Japanese economy appeared to strengthen prompting Japanese bond
markets to rally. U.S. interest rate levels rose in June as strong consumer
demand and an improving manufacturing sector caused economic growth to exceed
most market expectations. European bond markets followed the U.S. bond markets,
rallying towards the end of the quarter.
Long global stock index positions contributed gains during the quarter.
Global stock markets rallied in the second quarter fueled by improving
economies. Trading in the SFE Index (Australia) and Nikkei Dow (Japan) was
particularly profitable. The Nikkei Dow posted strong gains reaching levels not
seen since the first quarter of 1998.
The currency sector also experienced gains during the quarter. Positions in
the New Zealand dollar, Swiss franc and Euro provided profits. The New Zealand
dollar generated strength as Asian markets appeared to rally and their economy
showed signs of improvement. The Swiss franc fell against the U.S. dollar after
losing its safe haven attraction as the war in Kosovo ended, and as the Federal
Reserve Bank increased interest rates. Weakness in the Euro continued due to
deteriorating confidence, Italy's possible retraction from the European Economic
Union and rumors that the European Central Bank is considering an interest rate
increase.
Profits were recorded in the energy sector, particularly from long natural
gas and light crude oil positions. Upward price movement across the oil complex
futures contracts was supported by OPEC production cutbacks and low quarterly
inventories for gas and oil products. Additionally, crude oil rallied as
extremely hot U.S. weather drove increased utility demand.
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 approximately $363,000,
$214,000 and $15,000 for Year-To-Date 1999, Second Quarter 1999 and Second
Quarter 1998, respectively.
Commissions are calculated on Series B's net asset value at the end of each
week and therefore, vary according to weekly trading performance, contributions
and redemptions. Commissions were approximately $589,000, $349,000 and $21,000
for Year-To-Date 1999, Second Quarter 1999 and Second Quarter 1998,
respectively.
All trading decisions for Series B are made by Eclipse Capital Management,
Inc. (the 'Trading Advisor'). Management fees are calculated on Series B's net
asset value at the end of each week and therefore, are affected by weekly
trading performance, contributions and redemptions. Management fees were
approximately $153,000, $91,000 and $5,000 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 B, the
Managing Owner and the Trading Advisor. Incentive fees earned were approximately
$343,000 and $275,000 for Year-To-Date 1999 and Second Quarter 1999,
respectively. No incentive fees were earned in the 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 B does not believe the effect of adoption of SFAS 133, now
required effective January 1, 2001, will be material.
8
<PAGE>
Year 2000 Risk
A discussion of Year 2000 risk and its effect on the operations of Series B
is included in Series B'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.
9
<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. Exhibits and Reports on Form 8-K:
(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 B's
Registration Statement on Form S-1, File No. 333-43041)
4.2--Form of Request for Redemption (incorporated by reference
to Exhibit 4.2 to Series B's Registration Statement on Form
S-1, File No. 333-43041)
4.3--Form of Exchange Request (incorporated by reference
to Exhibit 4.3 to Series B's Registration Statement
on Form S-1, File No. 333-43041)
4.4--Form of Subscription Agreement (incorporated
by reference to Exhibit 4.4 to Series B's
Registration Statement on Form S-1, File No.
333-43041)
27.1--Financial Data Schedule (filed herewith)
(b) Reports on Form 8-K--None
10
<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 B
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
11
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
The Schedule contains summary financial
information extracted from the financial
statements for World Monitor Trust--Series B
and is qualified in its entirety by reference
to such financial statements
</LEGEND>
<RESTATED>
<CIK> 1051823
<NAME> World Monitor Trust--Series B
<MULTIPLIER> 1
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-START> Jan-01-1999
<PERIOD-END> Jun-25-1999
<PERIOD-TYPE> 6-Mos
<CASH> 19,173,986
<SECURITIES> 612,400
<RECEIVABLES> 76,914
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 19,863,300
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 19,863,300
<CURRENT-LIABILITIES> 470,605
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 19,392,695
<TOTAL-LIABILITY-AND-EQUITY> 19,863,300
<SALES> 0
<TOTAL-REVENUES> 2,819,428
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,084,491
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,734,937
<EPS-BASIC> 13.03
<EPS-DILUTED> 0
</TABLE>
