Amplitude and phase fluctuations of underwater acoustic signals measured during a series of CW experiments have been statistically analyzed in order to obtain a better understanding of long-range acoustic propagation. The signals were transmitted along a 1318-km path from Eleuthera to Bermuda that utilized a stationary projector and two stationary receivers. The analysis extends previous long-range propagation studies by examining phase fluctuations as well as amplitude fluctuations. The amplitude fluctuations were almost Gaussian in distribution and exhibited a coefficient of variation that ranged from 42% to 65%. Power spectrum levels for these fluctuations underwent their greatest change when the frequency f was between 5 and 20 cycle/h, where the spectrum level was proportionately varied between (1/f)2 and (1/f)4. In the region between 20 and 120 cycle/h, the spectra exhibited seasonal effects, showing a 9-dB difference in spectrum level between March and July. Correlation time for the phase fluctuations varied from 35 to 46 min, exceeding the amplitude fluctuation correlation time by a factor of seven. Power spectrum levels for the phase fluctuations decreased monotonically from 0.3 to 120 cycle/h and were approximately proportional to (1/f)5/2.