<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 29, 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: 333-83011
WORLD MONITOR TRUST II--SERIES D
--------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 13-4058318
--------------------------------------------------------------------------------
(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 II--SERIES D
(a Delaware Business Trust)
STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
<TABLE>
<CAPTION>
September 29, December 31,
2000 1999
<S> <C> <C>
----------------------------------------------------------------------------------------------------
ASSETS
Cash $ 6,150,440 $ 1,000
Net unrealized gain on open futures contracts 1,192 --
Unrealized gain on open forward contracts 25,146 --
Accrued interest receivable 1,010 --
------------- ------------
Total assets $ 6,177,788 $ 1,000
------------- ------------
------------- ------------
LIABILITIES AND TRUST CAPITAL
Liabilities
Accrued expenses $ 40,833 $ --
Commissions payable 39,651 --
Redemptions payable 13,375 --
Management fees payable 7,380 --
------------- ------------
Total liabilities 101,239 --
------------- ------------
Commitments
Trust capital
Limited interests (68,981.499 and 0 interests outstanding) 6,005,766 --
General interests (813 and 10 interests outstanding) 70,783 1,000
------------- ------------
Total trust capital 6,076,549 1,000
------------- ------------
Total liabilities and trust capital $ 6,177,788 $ 1,000
------------- ------------
------------- ------------
Net asset value per limited and general interest ('Interests') $ 87.06 $ 100.00
------------- ------------
------------- ------------
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements.
</TABLE>
2
<PAGE>
WORLD MONITOR TRUST II--SERIES D
(a Delaware Business Trust)
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
For the period from
March 13, 2000
(commencement of For the period from
operations) to July 1, 2000 to
September 29, 2000 September 29, 2000
<S> <C> <C>
----------------------------------------------------------------------------------------------------------
REVENUES
Net realized loss on commodity transactions $ (750,386) $ (1,231,573)
Change in net unrealized gain/loss on open commodity
positions 26,338 214,929
Interest income 192,174 90,882
---------------------- ----------------------
(531,874) (925,762)
---------------------- ----------------------
EXPENSES
Commissions and other transaction fees 209,549 85,969
Management fees 39,932 18,666
Incentive fees 27,238 --
General and administrative 48,553 22,549
---------------------- ----------------------
325,272 127,184
---------------------- ----------------------
Net loss $ (857,146) $ (1,052,946)
---------------------- ----------------------
---------------------- ----------------------
ALLOCATION OF NET LOSS
Limited interests $ (846,926) $ (1,040,196)
---------------------- ----------------------
---------------------- ----------------------
General interests $ (10,220) $ (12,750)
---------------------- ----------------------
---------------------- ----------------------
NET LOSS PER WEIGHTED AVERAGE LIMITED AND GENERAL
INTEREST
Net loss per weighted average limited and general
interest $ (14.46) $ (16.75)
---------------------- ----------------------
---------------------- ----------------------
Weighted average number of limited and general
interests outstanding 59,263 62,848
---------------------- ----------------------
---------------------- ----------------------
----------------------------------------------------------------------------------------------------------
</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 10.000 $ -- $ 1,000 $ 1,000
Contributions 81,201.460 8,003,344 105,008 8,108,352
Net loss (846,926) (10,220) (857,146)
Redemptions (11,416.961) (1,150,652) (25,005) (1,175,657)
----------- ---------- --------- ----------
Trust capital--September 29, 2000 69,794.499 $6,005,766 $70,783 $6,076,549
----------- ---------- --------- ----------
----------- ---------- --------- ----------
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements.
</TABLE>
3
<PAGE>
WORLD MONITOR TRUST II--SERIES D
(a Delaware Business Trust)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 29, 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 II--Series D ('Series D') as of September 29, 2000 and the
results of its operations for the period from March 13, 2000 (commencement of
operations) to September 29, 2000 and for the period from July 1, 2000 to
September 29, 2000. 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 D's annual report on Form 10-K filed with the Securities and Exchange
Commission for the year ended December 31, 1999.
On March 13, 2000, a sufficient number of subscriptions for Series D had been
received and accepted by the Managing Owner to permit Series D to commence
trading.
New Accounting Guidance
In June 2000, the Financial Accounting Standards Board ('FASB') issued
Statement No. 138, Accounting for Certain Derivative Instruments and Certain
Hedging Activities--an amendment of FASB Statement No. 133 ('SFAS 138'), which
became effective for Series D on July 1, 2000. SFAS 138 amends the accounting
and reporting standards of FASB Statement No. 133 for certain derivative
instruments and certain hedging activities. SFAS 138 has not had a material
effect on the carrying value of assets and liabilities within the financial
statements.
B. Related Parties
The Managing Owner of Series D is a wholly owned subsidiary of Prudential
Securities Incorporated ('PSI') which, in turn, is a wholly owned subsidiary of
Prudential Securities Group Inc. Series D reimburses the Managing Owner or its
affiliates for services it performs for Series D 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. However, the amount of general and administrative
expenses incurred by Series D is limited to 1.5% of its net asset value during
the year. As a result, a portion of the expenses for the period from March 13,
2000 (commencement of operations) to September 29, 2000 and for the period from
July 1, 2000 to September 29, 2000 have been borne by the Managing Owner and its
affiliates. Additionally, PSI or its affiliates pay the costs of organizing
Series D and offering its Interests.
The costs incurred by Series D for services performed by the Managing Owner
and its affiliates for Series D were:
<TABLE>
<CAPTION>
For the period
March 13, 2000 For the period from
(commencement of operations) to July 1, 2000 to
September 29, 2000 September 29, 2000
------------------------------- -------------------
<S> <C> <C>
Commissions $ 191,621 $89,717
General and administrative 6,253 3,579
------------ -------------------
$ 197,874 $93,296
------------ -------------------
------------ -------------------
</TABLE>
Expenses payable to the Managing Owner and its affiliates (which are included
in accrued expenses) as of September 29, 2000 were $843.
4
<PAGE>
All of the proceeds of the offering are received in the name of Series D and
are deposited in trading or cash accounts maintained at PSI, Series D's
commodity broker. Series D's assets are maintained either with PSI or, for
margin purposes, with the various exchanges on which Series D is permitted to
trade. Series D receives interest income on 100% of its average daily equity
maintained in cash in its accounts with PSI during each month at the 13-week
Treasury bill discount rate. This rate is determined weekly by PSI and
represents the rate awarded to all bidders during each week's auction of 13-week
Treasury bills.
Series D, acting through its trading advisor, executes 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 D pursuant to a line of credit. PSI may require that collateral
be posted against the marked-to-market positions of Series D.
As of September 29, 2000, a non-U.S. affiliate of the Managing Owner owns
102.191 limited interests of Series D.
C. Derivative Instruments and Associated Risks
Series D is exposed to various types of risks 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 D's investment activities (credit risk).
Market risk
Trading in futures and forward (including foreign exchange transactions)
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 D's net assets being
traded, significantly exceeds Series D's future cash requirements since Series D
intends to close out its open positions prior to settlement. As a result, Series
D is generally subject only to the risk of loss arising from the change in the
value of the contracts. As such, Series D considers the 'fair value' of its
derivative instruments to be the net unrealized gain or loss on the contracts.
The market risk associated with Series D's commitments to purchase commodities
is limited to the gross or face amount of the contracts held. However, when
Series D 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 D 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 D holds and the liquidity and inherent
volatility of the markets in which Series D trades.
Credit risk
When entering into futures or forward contracts, Series D 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. On the other hand, the sole counterparty
to Series D's forward transactions is PSI, Series D's commodity broker. Series D
has entered into a master netting agreement with PSI and, as a result, presents
unrealized gains and losses on open forward positions as a net amount in the
statements of financial condition. The amount at risk associated with
counterparty non-performance of all of Series D'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 D.
5
<PAGE>
The Managing Owner attempts to minimize both credit and market risks by
requiring Series D 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 D, the Managing Owner and the trading
advisor, Series D shall automatically terminate the trading advisor if the net
asset value allocated to the trading advisor declines by 40% from the value at
the beginning of any year or since the commencement of trading activities.
Furthermore, the First Amended and Restated Declaration of Trust and Trust
Agreement provides that Series D will liquidate its positions, and eventually
dissolve, if Series D 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 D.
PSI, when acting as Series D's 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 D all assets of Series D relating to
domestic futures trading and is not to commingle such assets with other assets
of PSI. At September 29, 2000, such segregated assets totalled $4,945,929. Part
30.7 of the CFTC regulations also requires PSI to secure assets of Series D
related to foreign futures trading which totalled $1,205,703 at September 29,
2000. There are no segregation requirements for assets related to forward
trading.
As of September 29, 2000, Series D's open futures and forward contracts
mature within one year.
The following table presents the fair value of futures and forward contracts
at September 29, 2000:
<TABLE>
<CAPTION>
Assets Liabilities
-------- -----------
<S> <C> <C>
Futures Contracts:
Domestic exchanges
Interest rates $ -- $ 17,220
Stock indices 30,700 --
Currencies 230,038 205,165
Commodities 11,200 --
Foreign exchanges
Interest rates 10,667 62,720
Stock indices 21,902 16,810
Commodities -- 1,400
Forward Contracts:
Currencies 25,146 --
-------- -----------
$329,653 $ 303,315
-------- -----------
-------- -----------
</TABLE>
6
<PAGE>
WORLD MONITOR TRUST II--SERIES D
(a Delaware Business Trust)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
Series D commenced operations on March 13, 2000 with gross proceeds of
$5,279,158 allocated to commodities trading. Additional contributions raised
through the continuous offering for the period from March 13, 2000 (commencement
of operations) to September 29, 2000 resulted in additional proceeds to Series D
of $2,830,194. Additional Interests of Series D will continue to be offered on a
weekly basis at the net asset value per Interest until the subscription maximum
is sold.
Interests in Series D 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 from March 13, 2000 (commencement of operations) to September 29,
2000 were $1,150,652 for limited interests and $25,005 for general interests.
Redemptions for the period from July 1, 2000 to September 29, 2000 were $104,298
for limited interests. Additionally, Interests owned in one series may be
exchanged, without any 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 September 29, 2000, 100% of Series D'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 D's trading in commodities. Inasmuch as the
sole business of Series D is to trade in commodities, Series D continues to own
such liquid assets to be used as margin. PSI credits Series D with interest
income on 100% of its average daily equity maintained in cash in its accounts
with PSI during each month at the 13-week Treasury bill discount rate. This rate
is determined weekly by PSI and represents the rate awarded to all bidders
during each week's auction of 13-week Treasury bills.
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 D from promptly liquidating its commodity
futures positions.
Since Series D's business is to trade futures and forward 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 D'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 D's
speculative trading as well as the development of drastic market occurrences
could result in monthly losses considerably beyond Series D'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
D 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 D's
futures and forward contracts.
Series D does not have, nor does it expect to have, any capital assets.
Results of Operations
Series D commenced trading operations on March 13, 2000, and as such no
comparative information is available for 1999.
7
<PAGE>
The net asset value per Interest as of September 29, 2000 was $87.06, a
decrease of 12.94% from the March 13, 2000 initial net asset value per Interest
of $100.00, and a decrease of 15.43% from the June 30, 2000 net asset value per
Interest of $102.95.
Series D's gross trading losses were approximately $724,000 and $1,017,000,
respectively, for the period from March 13, 2000 (commencement of operations) to
September 29, 2000 and for the period from July 1, 2000 to September 29, 2000. A
detailed discussion of Series D's current period trading results is presented
below.
Quarterly Market Overview
U.S. economic activity expanded at a moderate pace at the beginning of the
third quarter and showed signs of slowing down near quarter-end. Growth in
consumer spending slowed from the outsized gains earlier in the year, and sales
of new homes dropped from earlier highs. However, business spending continued to
surge and industrial production trended upward. Even though expansion in
employment slowed considerably in recent months, labor markets remained tight by
historical standards and some measures of labor compensation continued to
accelerate. The recent decrease in consumer spending resulted from moderate
growth of real disposable income in recent months coupled with dips in stock
market valuation. Nevertheless, consumer sentiment continued to be buoyant.
Consumer prices, as measured by the CPI, increased in June in response to a
surge in energy prices, but climbed only modestly in July and August.
U.S. Treasury markets were choppy throughout the quarter but ended slightly
higher, while Japanese government bonds fell sharply on news of a 25 basis point
rate hike. The U.S. Federal Reserve Bank maintained interest rates at 6.50%
throughout the quarter due to increasing indications of a slow down in aggregate
demand and rising productivity. Conversely, there was a shift by other European
and Asian central banks toward tighter domestic monetary policy. At its monetary
policy meeting held in August, the Bank of Japan (BOJ) decided to raise rates
from 0% to 0.25%. In February 1999, the BOJ adopted a zero interest rate policy,
unprecedented both in and out of Japan, to counter the possibility of mounting
deflationary pressure and prevent further deterioration of Japan's economy. Over
the past year and a half, Japan's economy substantially improved; consequently,
the BOJ felt confident that Japan's economy had reached the stage where
deflation was no longer an immediate threat.
The BOJ's increase in short-term interest rates in August caused the yen to
rally sharply against the British pound and U.S. dollar. The U.S. dollar was
strong against most major currencies at the beginning of the quarter. The end of
September brought a sharp reversal to this trend following intervention by the
G-7 central banks to support the euro. This move drove the euro up 5% against
the U.S. dollar and the Japanese yen. The euro surged to a high of above $0.90
after the initial wave of euro buying before settling down more than $0.02 below
its intervention peaks.
Global equity markets experienced choppiness in July and August before
declining in September. This was due to growing concern over near record energy
costs and warnings of earning shortfalls, particularly from U.S. technology
companies.
Energy prices continued their upward trend throughout the quarter. In August,
the American Petroleum Institute reported that crude inventories were at a
24-year low and by month's end the price per barrel had moved to over $33. On
September 22nd, the U.S. announced that it would release 30 million barrels of
oil from the U.S. strategic petroleum reserve over the next month in an effort
to cap surging energy prices; crude oil prices fell by $2 a barrel.
Quarterly Performance of Series D
The following is a summary of performance for the major sectors in which
Series D traded:
Currencies (-): Long positions in the euro yielded losses despite a brief
rally after intervention by the European Central Bank and other G-7 central
banks to boost the failing euro. The Reserve Bank of Australia raised interest
rates by 25 basis points in August, but this failed to boost their currency. The
Australian dollar lost ground and long positions incurred losses.
Interest rates (-): Losses were incurred in long domestic and European bond
positions. The slowing global economy resulted in negative performance.
8
<PAGE>
Indices (-): The global economic slowdown negatively affected the major stock
indices. Long positions in the S&P 500, European DAX, and London FTSE resulted
in losses.
Metals (+): Long copper positions provided positive performance for the
quarter as strong demand and weakening foreign currencies drove prices higher.
Interest income is earned on the average daily equity maintained in cash with
PSI at the 13-week Treasury bill discount rate and, therefore, varies monthly
according to interest rates, trading performance, contributions and redemptions.
Interest income was approximately $192,000 and $91,000 for the periods from
March 13, 2000 (commencement of operations) to September 29, 2000 and July 1,
2000 to September 29, 2000, respectively.
Commissions are calculated on Series D's net asset value at the end of each
week and, therefore, vary according to weekly trading performance, contributions
and redemptions. Other transaction fees consist of National Futures Association,
exchange, clearing fees as well as floor brokerage costs and give-up charges,
which are based on the number of trades the trading advisor executes, as well as
which exchange, clearing firm or bank on, or through, which the contract is
traded. Commissions and other transaction fees were approximately $210,000 and
$86,000 for the periods from March 13, 2000 (commencement of operations) to
September 29, 2000 and July 1, 2000 to September 29, 2000, respectively.
All trading decisions for Series D are made by Bridgewater Associates, Inc.
(the 'Trading Advisor'). Management fees are calculated on Series D'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
$40,000 and $19,000 for the periods from March 13, 2000 (commencement of
operations) to September 29, 2000 and July 1, 2000 to September 29, 2000,
respectively.
Incentive fees are based on the New High Net Trading Profits generated by the
Trading Advisor, as defined in the Advisory Agreement among the Trust, the
Managing Owner and the Trading Advisor. Incentive fees of approximately $27,000
for the period from March 13, 2000 (commencement of operations) to September 29,
2000 was generated as a result of positive trading performance in March 2000.
General and administrative expenses were approximately $49,000 and $23,000
for the periods from March 13, 2000 (commencement of operations) to September
29, 2000 and July 1, 2000 to September 29, 2000, respectively. These expenses
include reimbursement of costs incurred by the Managing Owner on behalf of
Series D, in addition to accounting, audit, tax and legal fees as well as
printing and postage costs related to reports sent to limited owners. The amount
of expenses charged to Series D is limited to 1.5% of its net asset value during
any one year.
New Accounting Guidance
In June 2000, FASB issued SFAS 138, which became effective for Series D on
July 1, 2000. SFAS 138 amends the accounting and reporting standards of FASB
Statement No. 133 for certain derivative instruments and certain hedging
activities. SFAS 138 has not had a material effect on the carrying value of
assets and liabilities within the financial statements.
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--Effective September 2000, Eleanor L. Thomas was
elected by the Board of Directors of Prudential
Securities Futures Management Inc. as President
replacing Joseph A. Filicetti.
Item 6. (a) Exhibits--
3.1
and
4.1--First Amended and Restated Declaration of Trust and Trust Agreement of
World Monitor Trust II dated as of May 15, 1999 (incorporated by reference
to Exhibits 3.1 and 4.1 to Series D's Registration Statement on Form S-1,
File No. 333-83011)
4.2--Form of Request for Redemption (incorporated by reference to Exhibit 4.2
to Series D's Registration Statement on Form S-1, File No. 333-83011)
4.3--Form of Exchange Request (incorporated by reference to Exhibit 4.3 to
Series D's Registration Statement on Form S-1, File No. 333-83011)
4.4--Form of Subscription Agreement (incorporated by reference to Exhibit 4.4
to Series D's Registration Statement on Form S-1, File No. 333-83011)
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 II--SERIES D
By: Prudential Securities Futures Management Inc.
A Delaware corporation, Managing Owner
By: /s/ Steven Carlino Date: November 13, 2000
----------------------------------------
Steven Carlino
Vice President and Treasurer
11
