<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 March 31, 2000
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>
March 31, December 31,
2000 1999
<S> <C> <C>
- ----------------------------------------------------------------------------------------------------
ASSETS
Cash $22,674,916 $25,912,785
Net unrealized gain on open futures contracts 919,209 373,042
Accrued interest receivable 3,506 --
------------- ------------
Total assets $23,597,631 $26,285,827
------------- ------------
------------- ------------
LIABILITIES AND TRUST CAPITAL
Liabilities
Commissions payable $ 167,702 $ 186,575
Redemptions payable 167,152 72,082
Management fees payable 44,912 49,811
Incentive fees payable -- 658
------------- ------------
Total liabilities 379,766 309,126
------------- ------------
Commitments
Trust capital
Limited interests (194,836.248 and 210,979.665 interests
outstanding) 22,912,115 25,660,475
General interests (2,600 interests outstanding) 305,750 316,226
------------- ------------
Total trust capital 23,217,865 25,976,701
------------- ------------
Total liabilities and trust capital $23,597,631 $26,285,827
------------- ------------
------------- ------------
Net asset value per limited and general interest ('Interests') $ 117.60 $ 121.63
------------- ------------
------------- ------------
- ----------------------------------------------------------------------------------------------------
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
January 1, 2000 January 1, 1999
to to
March 31, 2000 March 26, 1999
<S> <C> <C>
- ---------------------------------------------------------------------------------------------------------
REVENUES
Net realized gain (loss) on futures contracts $(1,167,318) $599,886
Change in net unrealized gain on open futures contracts 546,167 41,137
Interest income 362,460 148,824
------------------- --------------------
(258,691) 789,847
------------------- --------------------
EXPENSES
Commissions 482,515 239,909
Management fees 124,336 61,951
Incentive fees -- 67,874
------------------- --------------------
606,851 369,734
------------------- --------------------
Net income (loss) $ (865,542) $420,113
------------------- --------------------
------------------- --------------------
ALLOCATION OF NET INCOME (LOSS)
Limited interests $ (855,066) $415,763
------------------- --------------------
------------------- --------------------
General interests $ (10,476) $ 4,350
------------------- --------------------
------------------- --------------------
NET INCOME (LOSS) PER WEIGHTED AVERAGE LIMITED
AND GENERAL INTEREST
Net income (loss) per weighted average limited
and general interest $ (4.14) $ 3.58
------------------- --------------------
------------------- --------------------
Weighted average number of limited and general
interests outstanding 209,099 117,507
------------------- --------------------
------------------- --------------------
- ---------------------------------------------------------------------------------------------------------
</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, 1999 213,579.665 $25,660,475 $316,226 $25,976,701
Contributions 5,291.605 635,614 -- 635,614
Net loss -- (855,066) (10,476 ) (865,542)
Redemptions (21,435.022) (2,528,908) -- (2,528,908)
----------- ----------- --------- -----------
Trust capital--March 31, 2000 197,436.248 $22,912,115 $305,750 $23,217,865
----------- ----------- --------- -----------
----------- ----------- --------- -----------
- -----------------------------------------------------------------------------------------------------
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
MARCH 31, 2000
(Unaudited)
A. General
These financial statements have been prepared without audit. In the opinion
of Prudential Securities Futures Management Inc. (the 'Managing Owner'), 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 March 31, 2000 and the results
of its operations for the periods from January 1, 2000 to March 31, 2000 ('First
Quarter 2000') and January 1, 1999 to March 26, 1999 ('First Quarter 1999').
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, 1999 (the 'Annual Report').
B. Related Parties
The Managing Owner of Series B is 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 costs.
The costs charged to Series B for brokerage services for First Quarter 2000
and First Quarter 1999 were $482,515 and $239,909, respectively.
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 March 31, 2000, a non-U.S. affiliate of the Managing Owner owns 189.783
limited interests of Series B.
C. Derivative Instruments and Associated Risks
Series B is exposed to various types of risk associated with the derivative
instruments and related markets in which it invests. These risks include, but
are not limited to, risk of loss from fluctuations in the value of derivative
instruments held (market risk) and the inability of counterparties to perform
under the terms of Series B's investment activities (credit risk).
Market risk
Trading in futures contracts involves entering into contractual commitments
to purchase or sell a particular commodity at a specified date and price. The
gross or face amount of the contracts, which is typically many times that of
Series B's net assets being traded, significantly exceeds Series B's future cash
requirements since Series B intends to close out its open positions prior to
settlement. As a result, Series B is
4
<PAGE>
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 derivative
instruments to be net unrealized gain or loss on the contracts. The market risk
associated with Series B's commitments to purchase commodities is limited to the
gross or face amount of the contracts held. However, when Series B enters into a
contractual commitment to sell commodities, it must make delivery of the
underlying commodity at the contract price and then repurchase the contract at
prevailing market prices. Since the repurchase price to which a commodity can
rise is unlimited, entering into commitments to sell commodities exposes Series
B to unlimited risk.
Market risk is influenced by a wide variety of factors including government
programs and policies, political and economic events, the level and volatility
of interest rates, foreign currency exchange rates, the diversification effects
among the derivative instruments Series B holds and the liquidity and inherent
volatility of the markets in which Series B trades.
Credit risk
When entering into futures contracts, Series B is exposed to credit risk that
the counterparty to the contract will not meet its obligations. The counterparty
for futures contracts traded in the United States and on most foreign futures
exchanges is the clearinghouse associated with such exchanges. In general,
clearinghouses are backed by the corporate members of the clearinghouse who are
required to share any financial burden resulting from the non-performance by one
of its members and, as such, should significantly reduce this credit risk. In
cases where the clearinghouse is not backed by the clearing members (i.e., some
foreign exchanges), it is normally backed by a consortium of banks or other
financial institutions. The amount at risk associated with counterparty
non-performance of all of Series B's contracts is the net unrealized gain
included in the statements of financial condition. There can be no assurance
that any counterparty, clearing member or clearinghouse will meet its
obligations to Series B.
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; 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 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 trading and is not to commingle such assets with other assets of PSI. At
March 31, 2000, such segregated assets totalled $22,402,205. Part 30.7 of the
CFTC regulations also requires PSI to secure assets of Series B related to
foreign futures trading which totalled $1,191,920 at March 31, 2000.
As of March 31, 2000, all open futures contracts mature within six months.
5
<PAGE>
The following table presents the fair value of futures contracts at March 31,
2000 and December 31, 1999.
<TABLE>
<CAPTION>
2000 1999
-------------------------- ------------------------
Assets Liabilities Assets Liabilities
---------- ----------- -------- -----------
<S> <C> <C> <C> <C>
Domestic exchanges
Stock indices $ 151,300 $ -- $ -- $ 20,100
Interest rates 217,213 -- 126,538 --
Currencies 613,258 91,683 35,254 130,915
Commodities 116,700 113,590 12,320 23,740
Foreign exchanges
Stock indices 52,199 65,506 17,878 --
Interest rates 249,918 58,803 110,580 9,267
Commodities 49,071 200,868 360,789 106,295
---------- ----------- -------- -----------
$1,449,659 $ 530,450 $663,359 $ 290,317
---------- ----------- -------- -----------
---------- ----------- -------- -----------
</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) to March 31, 2000 resulted in additional gross proceeds to Series
B of $21,681,670. 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.
Interests in Series B may be redeemed on a weekly basis, but are subject to a
redemption fee if transacted within one year of the effective date of purchase.
Redemptions of limited interests for First Quarter 2000 and for the period from
June 10, 1998 (commencement of operations) to March 31, 2000 were $2,528,908 and
$5,483,569, respectively. Additionally, Interests owned in one series may be
exchanged, without charge, for Interests of one or more other series on a weekly
basis for as long as Interests in those series are being offered to the public.
Future contributions, redemptions and exchanges will impact the amount of funds
available for investment in commodity contracts in subsequent periods.
At March 31, 2000, 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 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 contracts.
Series B does not have, nor does it expect to have, any capital assets.
Results of Operations
Series B's asset levels during First Quarter 2000 have increased from First
Quarter 1999, primarily from additional contributions. The rising asset levels
have led to proportionate increases in the amount of interest earned by Series B
as well as commissions and management fees incurred.
The net asset value per Interest as of March 31, 2000 was $117.60, a decrease
of 3.31% from the December 31, 1999 net asset value per Interest of $121.63.
Series B's gross trading gains/(losses) were approximately $(621,000) during
the three months ended March 31, 2000 compared to $641,000 for the corresponding
period in the prior year. Due to the nature of
7
<PAGE>
Series B's trading activities, a period to period comparison of its trading
results is not meaningful. However, a detailed discussion of Series B's First
Quarter 2000 trading results is presented below.
Quarterly Market Overview
While the Y2K scare passed without incident, the new year brought renewed
volatility to the world's financial markets. As stock indices reached new highs,
stock valuations appeared driven more by investor interest than each company's
fundamental earnings. March marked a reversal of the differences between 'old'
economy and 'new' economy stocks as the technology laden indices slumped and
many traditional indices recovered lost ground.
The U.S. Federal Reserve, European Central Bank, Bank of England, Reserve
Bank of Australia, and Bank of Canada increased interest rates in early
February. The rate increases shared motivation of strong economic growth and
concerns about inflation. Despite rate hikes and news of robust worldwide
economic growth, global bond markets continued to rally partially due to
investors seeking refuge from volatile equity markets.
In the currency markets, the U.S. dollar advanced sharply in early 2000. The
dollar's advance had been driven by strong growth and soaring asset prices,
resulting in record levels of foreign capital coming into the United States.
Since its inception a year ago, the euro has declined more than 17% against the
U.S. dollar, 21% against the Japanese yen and 11% against the British pound. The
euro touched an all time low against the U.S. dollar at .9500 in March. The
currency's weakness has raised political problems for the European Central Bank
and contributed to the recent decision to hike interest rates without any clear
inflation threat. The Swiss franc had spent most of the last few months drifting
lower against the U.S. dollar, tracking the euro's trend. The Japanese yen
rallied sharply, gaining on the U.S. dollar and most other currencies in the
final months of Japan's fiscal year (which ended March 31st). This is attributed
to positive sentiment regarding Japan's economic recovery. Additionally,
uncertainty regarding the direction of U.S. equities prompted many market
participants to convert assets into yen.
Energy prices continued their climb throughout January and February and into
the first week of March. Crude oil futures prices rose above $33 a barrel, the
highest level for a front-month (the most liquid) contract since the Gulf War in
1991. The energy sector reached a high early in March just prior to OPEC's
agreement to increase production sufficiently to stabilize prices. Political
pressure by the United States, along with a desire among OPEC members to
maintain a crude oil price in the range of $22-$28 per barrel, prompted the
cartel to announce a production increase. The May contract closed below $27 a
barrel at quarter end.
Quarterly Performance of Series B
The following is a summary of performance for the major sectors in which
Series B traded:
Currencies (+): Currencies provided profitable trading opportunities as
Japanese yen gained on the U.S. dollar and most other currencies in the final
month of Japan's fiscal year (which ended March 31st). Long yen positions
against the U.S. dollar, euro, and British pound resulted in gains.
Interest rates (-): Global bond yields generally declined while inflationary
pressure continued to build and economies improved. Series B incurred losses
from short 30-year U.S. Treasury and Japanese government bond positions.
Metals (-): Net losses in metals resulted from short zinc positions as that
market rallied amid evidence of increased demand. Series B's long exposure to
gold also provided losses as prices drifted lower during the second half of the
quarter.
Energies (+): Energies significantly contributed to quarterly performance.
Crude oil's steady price rise reversed in March after OPEC agreed to increase
production. Short crude oil positions produced gains.
Stock indices (-): Profits from long S&P 500 positions were not enough to
offset losses in the Japanese Nikkei.
Increases in interest income, commissions and management fees during First
Quarter 2000 as compared to First Quarter 1999 are primarily due to the effect
of contributions received throughout 1999 as well as favorable trading
performance during 1999 on Series B's weekly net asset values.
8
<PAGE>
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 increased by approximately
$214,000 during First Quarter 2000 as compared to First Quarter 1999 due to the
increase in net assets as discussed above as well as higher interest rates
during First Quarter 2000 versus First Quarter 1999.
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 increased by approximately $243,000 during First
Quarter 2000 as compared to First Quarter 1999 due to the increase in net assets
as discussed above.
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 increased by
approximately $62,000 during First Quarter 2000 as compared to First Quarter
1999 due to the increase in net assets as discussed above.
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 were approximately
$68,000 for First Quarter 1999. Series B did not incur an Incentive fee during
the First Quarter 2000.
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
Item 305(c) of Regulation S-K requires disclosures during each interim
reporting period of material changes in the quantitative and qualitative market
risk information provided as of the end of the immediately preceding year. The
following information should be read in conjunction with Series B's Form 10-K as
filed with the Securities and Exchange Commission for the year ended December
31, 1999.
The following table presents the trading Value at Risk associated with Series
B's open positions by market sector at March 31, 2000 and December 31, 1999. All
open position trading risk exposures of Series B have been included in
calculating the figures set forth below. At March 31, 2000 and December 31,
1999, Series B had total capitalizations of approximately $23.2 million and
$26.0 million, respectively.
<TABLE>
<CAPTION>
March 31, 2000 December 31, 1999
----------------------------- -----------------------------
<S> <C> <C> <C> <C>
Value at % of Total Value at % of Total
Market Sector Risk Capitalization Risk Capitalization
- --------------- ----------- -------------- ----------- --------------
Interest rates $ 1,107,351 4.77% $ 508,359 1.96%
Currencies 596,466 2.57 301,887 1.16
Commodities 487,000 2.10 305,000 1.17
Stock indices 310,981 1.34 96,070 .37
----------- ------- ----------- -----
Total $ 2,501,798 10.78% $ 1,211,316 4.66%
----------- ------- ----------- -----
----------- ------- ----------- -----
</TABLE>
9
<PAGE>
The following table presents the average trading Value at Risk of Series B's
open positions by market sector for First Quarter 2000.
<TABLE>
<CAPTION>
First Quarter 2000
---------------------------------
<S> <C> <C>
Value at % of Average Total
Market Sector Risk Capitalization
- --------------- ----------- ------------------
Interest rates $ 819,094 3.31%
Currencies 486,304 1.97
Commodities 529,813 2.14
Stock indices 151,107 .61
----------- -----
Total $ 1,986,318 8.03%
----------- -----
----------- -----
</TABLE>
Throughout First Quarter 2000, Series B experienced an overall increase in
its Value at Risk, relative to capitalization levels, reflecting increases in a
wide variety of positions. Some of the more significant increases were in U.S.
Treasury bonds, Japanese government bonds and SFE 10-year Treasury bonds within
the interest rates sector; euro, yen and euro/yen crossrate positions within the
currencies sector; natural gas and gold within the commodities sector and the
Nikkei (Japan) and S&P 500 (U.S.) within the stock indices sector.
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. 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
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 B
By: Prudential Securities Futures Management Inc.
A Delaware corporation, Managing Owner
By: /s/ Steven Carlino Date: May 12, 2000
----------------------------------------
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 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-31-2000
<PERIOD-START> Jan-01-2000
<PERIOD-END> Mar-31-2000
<PERIOD-TYPE> 3-Mos
<CASH> 22,674,916
<SECURITIES> 919,209
<RECEIVABLES> 3,506
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 23,597,631
<CURRENT-LIABILITIES> 379,766
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 23,217,865
<TOTAL-LIABILITY-AND-EQUITY> 23,597,631
<SALES> 0
<TOTAL-REVENUES> (258,691)
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 606,851
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (865,542)
<EPS-BASIC> (4.14)
<EPS-DILUTED> 0
</TABLE>
