-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DYHCDe60tZA7qZjsNB/FgFUTrBGt5PGyaM63n9BYus7dz9njQN5mvR6uMKlPNLGc 6xaYY7WR5Sqe2BTO4Bwjag== 0000898733-99-000689.txt : 19990810 0000898733-99-000689.hdr.sgml : 19990810 ACCESSION NUMBER: 0000898733-99-000689 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990625 FILED AS OF DATE: 19990809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WORLD MONITOR TRUST SERIES C CENTRAL INDEX KEY: 0001051824 STANDARD INDUSTRIAL CLASSIFICATION: INVESTORS, NEC [6799] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 333-43043 FILM NUMBER: 99681483 BUSINESS ADDRESS: STREET 1: ONE NEW YORK PLAZA 13TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10292-2013 BUSINESS PHONE: 2127787866 MAIL ADDRESS: STREET 1: ONE NEW YORK PLAZA 13TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10292-2013 10-Q 1 WORLD MONITOR TRUST-SERIES C 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: 0-25789 WORLD MONITOR TRUST--SERIES C - -------------------------------------------------------------------------------- (Exact name of Registrant as specified in its charter) Delaware 13-3985042 - -------------------------------------------------------------------------------- (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 __ PART I. FINANCIAL INFORMATION ITEM I. FINANCIAL STATEMENTS WORLD MONITOR TRUST--SERIES C (a Delaware Business Trust) STATEMENTS OF FINANCIAL CONDITION (Unaudited)
June 25, December 31, 1999 1998 - --------------------------------------------------------------------------------------------------- ASSETS Equity in commodity trading accounts: Cash $16,761,787 $10,653,709 Net unrealized gain on open commodity positions 498,213 730,421 ----------- ------------ Net equity 17,260,000 11,384,130 Accrued interest receivable 67,901 -- ----------- ------------ Total assets $17,327,901 $11,384,130 ----------- ------------ ----------- ------------ LIABILITIES AND TRUST CAPITAL Liabilities Commissions payable $ 92,418 $ 71,305 Incentive fee payable 104,857 -- Management fee payable 26,093 19,620 Redemptions payable 54,885 -- ----------- ------------ Total liabilities 278,253 90,925 ----------- ------------ Commitments Trust capital Limited interests (152,657.780 and 107,003.103 interests outstanding) 16,844,407 11,151,465 General interests (1,860 and 1,360 interests outstanding) 205,241 141,740 ----------- ------------ Total trust capital 17,049,648 11,293,205 ----------- ------------ Total liabilities and trust capital $17,327,901 $11,384,130 ----------- ------------ ----------- ------------ Net asset value per limited and general interests ('Interests') $ 110.34 $ 104.22 ----------- ------------ ----------- ------------ - --------------------------------------------------------------------------------------------------- The accompanying notes are an integral part of these statements.
2 WORLD MONITOR TRUST--SERIES C (a Delaware Business Trust) STATEMENTS OF OPERATIONS (Unaudited)
For the period For the period For the period from from 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 - --------------------------------------------------------------------------------------------------------- REVENUES Net realized gain (loss) on commodity transactions $1,604,243 $ 504,952 $ (101,089) Change in net unrealized gain (loss) on open commodity positions (232,208) 343,367 (58,155) Interest income 331,069 184,942 14,799 ------------------ ----------------- ---------------- 1,703,104 1,033,261 (144,445) ------------------ ----------------- ---------------- EXPENSES Commissions 546,115 313,381 20,839 Management fees 141,220 81,234 5,377 Incentive fees 141,868 104,857 -- ------------------ ----------------- ---------------- 829,203 499,472 26,216 ------------------ ----------------- ---------------- Net income (loss) $ 873,901 $ 533,789 $ (170,661) ------------------ ----------------- ---------------- ------------------ ----------------- ---------------- ALLOCATION OF NET INCOME (LOSS) Limited interests $ 863,730 $ 527,035 $ (168,335) ------------------ ----------------- ---------------- ------------------ ----------------- ---------------- General interests $ 10,171 $ 6,754 $ (2,326) ------------------ ----------------- ---------------- ------------------ ----------------- ---------------- NET INCOME (LOSS) PER WEIGHTED AVERAGE LIMITED AND GENERAL INTEREST Net income (loss) per weighted average limited and general interest $ 6.49 $ 3.63 $ (2.90) ------------------ ----------------- ---------------- ------------------ ----------------- ---------------- Weighted average number of limited and general interests outstanding 134,711 147,182 58,845 ------------------ ----------------- ---------------- ------------------ ----------------- ---------------- - ---------------------------------------------------------------------------------------------------------
STATEMENT OF CHANGES IN TRUST CAPITAL (Unaudited)
LIMITED GENERAL INTERESTS INTERESTS INTERESTS TOTAL - ----------------------------------------------------------------------------------------------------- Trust capital--December 31, 1998 108,363.103 $11,151,465 $141,740 $11,293,205 Contributions 53,059.471 5,570,771 53,330 5,624,101 Net income -- 863,730 10,171 873,901 Redemptions (6,904.794) (741,559) -- (741,559) ------------ ----------- --------- ----------- Trust capital--June 25, 1999 154,517.780 $16,844,407 $205,241 $17,049,648 ------------ ----------- --------- ----------- ------------ ----------- --------- ----------- - ----------------------------------------------------------------------------------------------------- The accompanying notes are an integral part of these statements.
3 WORLD MONITOR TRUST--SERIES C (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 C ('Series C') 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 C'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 C 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 C 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 C 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 C 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 C are received in the name of Series C and deposited in trading or cash accounts at PSI, Series C's commodity broker. Series C's assets are maintained either with PSI or, for margin purposes, with the various exchanges on which Series C is permitted to trade. PSI credits Series C monthly with 100% of the interest it earns on the average net assets in Series C's accounts. Series C, 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 C pursuant to a line of credit. PSI may require that collateral be posted against the marked-to-market positions of Series C. As of June 25, 1999, a non-U.S. affiliate of the Managing Owner owns 103.156 limited interests of Series C. C. Credit and Market Risk Since Series C'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 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 C's exposure to market risk is influenced by a number of factors including the relationships among the contracts held by Series C 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 C must rely solely on the credit of its broker (PSI) with respect to forward transactions. Series C 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 C 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 C, the Managing Owner and the trading advisor, Series C 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 C will liquidate its positions, and eventually dissolve, if Series C 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 C. 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 C all assets of Series C 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 $15,162,929. Part 30.7 of the CFTC regulations also requires PSI to secure assets of Series C related to foreign futures and options trading which totalled $2,155,746 at June 25, 1999. There are no segregation requirements for assets related to forward trading. As of June 25, 1999, all open futures and forward contracts mature within one year. As of June 25, 1999 and December 31, 1998, gross contract amounts of open futures and forward contracts for Series C were:
1999 1998 ------------ ------------ Financial Futures Contracts: Commitments to purchase $ 20,473,291 $ 48,489,458 Commitments to sell 397,400,944 117,063,496 Currency Futures Contracts: Commitments to purchase 19,686,620 4,412,265 Commitments to sell 51,532,904 7,040,770 Currency Forward Contracts: Commitments to purchase 58,675 -- Other Futures Contracts: Commitments to purchase 4,532,975 414,073 Commitments to sell 5,887,036 6,486,721
5 The gross contract amounts represent Series C's potential involvement in a particular class of financial instrument (if it were to take or make delivery on an underlying futures or forward contract). The gross contract amounts significantly exceed the future cash requirements as Series C intends to close out open positions prior to settlement and thus is generally subject only to the risk of loss arising from the change in the value of the contracts. As such, Series C considers the 'fair value' of its futures and forward contracts to be the net unrealized gain or loss on the contracts. Thus, the amount at risk associated with counterparty nonperformance of all contracts is the net unrealized gain included in the statements of financial condition. The market risk associated with Series C's commitments to purchase commodities is limited to the gross contract amounts involved, while the market risk associated with its commitments to sell is unlimited since its potential involvement is to make delivery of an underlying commodity at the contract price; therefore, it must repurchase the contract at prevailing market prices. At June 25, 1999 and December 31, 1998, the fair value of open futures and forward contracts was:
1999 1998 ---------------------------- -------------------------- Assets Liabilities Assets Liabilities ---------- ----------- -------- ----------- Futures Contracts: Domestic exchanges Financial $ 395,963 $ 8,594 $ 51,374 $ 7,494 Currencies 202,785 262,694 101,585 76,033 Other 256,020 22,734 106,122 6,522 Foreign exchanges Financial 421,334 183,157 525,504 26,524 Other 48,595 290,630 74,713 12,304 Forward Contracts: Currencies -- 58,675 -- -- ---------- ----------- -------- ----------- $1,324,697 $ 826,484 $859,298 $ 128,877 ---------- ----------- -------- ----------- ---------- ----------- -------- -----------
The following table presents the average fair value of futures and forward contracts for the periods detailed below:
Year-To-Date 1999 Second Quarter 1999 Second Quarter 1998 -------------------------- -------------------------- ------------------------ Assets Liabilities Assets Liabilities Assets Liabilities ---------- ----------- ---------- ----------- -------- ----------- Futures Contracts: Domestic exchanges Financial $ 120,446 $ 7,669 $ 138,099 $ 9,315 $ 16,520 $ 54,251 Currencies 556,105 124,015 835,560 146,301 16,756 5,203 Other 134,545 36,426 156,669 58,973 28,332 51,324 Foreign exchanges Financial 309,713 67,403 248,999 99,347 51,320 33,889 Other 103,210 122,903 109,433 196,018 4,881 18,326 Forward Contracts: Currencies 26,467 33,248 40,890 36,437 1,108 22,597 ---------- ----------- ---------- ----------- -------- ----------- $1,250,486 $ 391,664 $1,529,650 $ 546,391 $118,917 $ 185,590 ---------- ----------- ---------- ----------- -------- ----------- ---------- ----------- ---------- ----------- -------- -----------
6 The following table presents the trading revenues of futures and forward contracts for the periods detailed below:
Year-To-Date Second Quarter Second Quarter 1999 1999 1998 ------------ -------------- -------------- Futures Contracts: Domestic exchanges Financial $ 639,498 $452,244 $ 10,649 Currencies 637,250 400,677 (22,674) Other 299,848 134,158 (86,655) Foreign exchanges Financial 82,090 146,245 1,185 Other (257,843) (267,167) (22,022) Forward Contracts: Currencies (28,808) (17,838) (39,727) ------------ -------------- -------------- $1,372,035 $848,319 $ (159,244) ------------ -------------- -------------- ------------ -------------- --------------
7 WORLD MONITOR TRUST--SERIES C (a Delaware Business Trust) ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Liquidity and Capital Resources Series C commenced operations on June 10, 1998 with gross proceeds of $5,706,177 allocated to commodities trading. Additional contributions raised through the continuous offering for the period from June 10, 1998 (commencement of operations) through June 25, 1999 resulted in additional gross proceeds to Series C of $10,880,806. Additional Interests of Series C 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 C'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 C's trading in commodities. Inasmuch as the sole business of Series C is to trade in commodities, Series C continues to own such liquid assets to be used as margin. PSI credits Series C monthly with 100% of the interest it earns on the average net assets in Series C'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 C from promptly liquidating its commodity futures positions. Since Series C'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 C'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 C's speculative trading as well as the development of drastic market occurrences could result in monthly losses considerably beyond Series C'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 C 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 C's futures and forward contracts. Series C does not have, nor does it expect to have, any capital assets. Redemptions of limited interests for the Second Quarter 1999 were $466,398. Redemptions of limited interests for the period from June 10, 1998 (commencement of operations) through June 25, 1999 were $877,093. Future redemptions and contributions will impact the amount of funds available for investment in commodity contracts in subsequent periods. Results of Operations Series C 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 $110.34, an increase of 5.87% from the December 31, 1998 net asset value per Interest of $104.22. 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 8 weighed on world markets including significant price declines in global long-term interest bonds, the U.S. Federal Reserve's tightening of monetary policy and an increased supply of corporate debt. Furthermore, as the U.S. economy generated strength, investors feared possible inflation. U.S. bond prices fell, followed by European bonds which were depressed by rumors regarding Italy's retreat from the European Economic Union. Global stock markets recorded gains over the quarter, supported by solid corporate earnings and improved economies (especially Asian). In the commodity markets, the energy sector rallied as OPEC announced production cuts and lower inventories in oil and gasoline. A consistent tone prevailed in the agricultural and soft commodity markets as favorable seasonal growing conditions continued to weigh on prices. Quarterly Performance for Series C Series C captured currency sector gains, particularly in Euro, Swiss franc, and British pound positions. Deteriorating confidence in the Euro and Italy's possible retraction from the European Economic Union caused the Euro to fall in value towards the end of the quarter. The Swiss franc also 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. In June, the British pound surpassed a 22-month low versus the U.S. dollar. The Bank of England lowered their interest rate indicating there would be further cuts in the near future. In the financial sector, gains were experienced in the Eurodollar and London 3-month bond. 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. As the U.S. equity and fixed income markets rose, the European markets followed suit. Profits were recorded in the energy sector from long positions in light crude, natural gas and unleaded gas. Crude oil prices rallied as extremely hot U.S. weather drove utility demand during June. The rally continued following statements by oil ministers from Saudi Arabia and Mexico regarding the high degree of compliance with the current OPEC production cuts. Additionally, natural gas products experienced low quarterly inventories. Losses were incurred in the metal sector. Base metals rallied sharply following announcements that two major companies would significantly cut copper output. If carried out, the estimated production cuts would almost eliminate the estimated global copper supply surplus. 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 $331,000, $185,000 and $15,000 for Year-To-Date 1999, Second Quarter 1999 and Second Quarter 1998, respectively. Commissions are calculated on Series C's net asset value at the end of each week and therefore, vary according to weekly trading performance, contributions and redemptions. Commissions were $546,000, $313,000 and $21,000 for Year-To-Date 1999, Second Quarter 1999 and Second Quarter 1998, respectively. All trading decisions for Series C are made by Hyman Beck & Company, Inc. (the 'Trading Advisor'). Management fees are calculated on Series C's net asset value at the end of each week and therefore, are affected by weekly trading performance, contributions and redemptions. Management fees were $141,000, $81,000 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 C, the Managing Owner and the Trading Advisor. Incentive fees were $142,000 and $105,000 for Year-To-Date 1999 and Second Quarter 1999, respectively. No incentive fees were earned during 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 C does not believe the effect of adoption of SFAS 133, now required effective January 1, 2001, will be material. 9 Year 2000 Risk A discussion of Year 2000 risk and its effect on the operations of Series C is included in Series C's Annual Report. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Information regarding quantitative and qualitative disclosures about market risk is not required pursuant to Item 305(e) of Regulation S-K. 10 PART II. OTHER INFORMATION Item 1. Legal Proceedings--There are no material legal proceedings pending by or against the Registrant or the Managing Owner. Item 2. Changes in Securities--None Item 3. Defaults Upon Senior Securities--None Item 4. Submission of Matters to a Vote of Security Holders--None Item 5. Other Information--None Item 6. (a) Exhibits-- 3.1 and 4.1--Second Amended and Restated Declaration of Trust and Trust Agreements of World Monitor Trust dated as of March 17, 1998 (incorporated by reference to Exhibits 3.1 and 4.1 to Series C's Registration Statement on Form S-1, File No. 333-43043) 4.2--Form of Request for Redemption (incorporated by reference to Exhibit 4.2 to Series C's Registration Statement on Form S-1, File No. 333-43043) 4.3--Form of Exchange Request (incorporated by reference to Exhibit 4.3 to Series C's Registration Statement on Form S-1, File No. 333-43043) 4.4--Form of Subscription Agreement (incorporated by reference to Exhibit 4.4 to Series C's Registration Statement on Form S-1, File No. 333-43043) 27.1--Financial Data Schedule (filed herewith) (b) Reports on Form 8-K--None 11 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 C By: Prudential Securities Futures Management Inc. A Delaware corporation, Managing Owner By: /s/ Steven Carlino Date: August 9, 1999 ---------------------------------------- Steven Carlino Vice President and Treasurer 12 EX-27 2 ART. 5 FDS FOR 2ND QUARTER 10-Q
5 The Schedule contains summary financial information extracted from the financial statements for World Monitor Trust-Series C and is qualified in its entirety by reference to such financial statements 1051824 World Monitor Trust-Series C 1 Dec-31-1999 Jan-1-1999 Jun-25-1999 6-Mos 16,761,787 498,213 67,901 0 0 17,327,901 0 0 17,327,901 278,253 0 0 0 0 17,049,648 17,327,901 0 1,703,104 0 0 829,203 0 0 0 0 0 0 0 0 873,901 6.49 0
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