<PAGE>
WORLD MONITOR TRUST--
SERIES B
MONTHLY REPORT/
JUNE 25, 1999
<PAGE>
WORLD MONITOR TRUST--SERIES B
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Dear Interest Holder:
Enclosed is the report for the period from May 29, 1999 to June 25, 1999 for
World Monitor Trust--Series B (the 'Trust'). The net asset value of an interest
as of June 25, 1999 was $123.81, an increase of 2.34% from the May 28, 1999
value of $120.98. The 1999 calendar year-to-date return for the Trust was an
increase of 10.56% as of June 25, 1999. Additionally, the return for the
quarterly period from March 27, 1999 to June 25, 1999 was an increase of 7.77%.
Quarterly Market Overview
In the United States, as economic indicators strengthened and the Federal
Reserve Bank announced they would raise interest rates, the U.S. dollar rose
against most major currencies, especially European which were spurred by
deteriorating confidence in the Euro. Throughout the second quarter, several
issues weighed on world markets including significant price declines in global
long-term interest bonds, the U.S. Federal Reserve's tightening of monetary
policy, and an increased supply of corporate debt. Furthermore, 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 Trust Performance
The Trust captured gains in the financial sector, particularly in Japanese
government bonds and Euro denominated German bund positions. Throughout the
quarter, the Japanese economy appeared to strengthen prompting Japanese bond
markets to rally. U.S. interest rate levels rose in June as strong consumer
demand and an improving manufacturing sector caused economic growth to exceed
most market expectations. European bond markets followed the U.S. bond markets,
rallying towards the end of the quarter.
Long global stock index positions contributed gains during the quarter. Global
stock markets rallied in the second quarter fueled by improving economies.
Trading in the SFE Index (Australia) and Nikkei Dow (Japan) was particularly
profitable. The Nikkei Dow posted strong gains reaching levels not seen since
the first quarter of 1998.
The currency sector also experienced gains during the quarter. Positions in the
New Zealand dollar, Swiss franc, and Euro provided profits. The New Zealand
dollar generated strength as Asian markets appeared to rally and their economies
showed signs of improvement. The Swiss franc fell against the U.S. dollar after
losing its safe haven attraction as the war in Kosovo ended, and as the Federal
Reserve Bank increased interest rates. Weakness in the Euro continued due to
deteriorating confidence, Italy's possible retraction from the European Economic
Union and rumors that the European Central Bank is considering an interest rate
increase.
Profits were recorded in the energy sector, particularly from long natural gas
and light crude oil positions. Upward price movement across the oil complex
futures contracts was supported by OPEC production cutbacks and low quarterly
inventories for gas and oil products. Additionally, crude oil rallied as
extremely hot U.S. weather drove increased utility demand.
The estimated net asset value per interest as of July 29, 1999 was $126.55. Past
performance is not necessarily indicative of future results.
Should you have any questions, please contact your Prudential Securities
Financial Advisor. For account status inquiries, contact Prudential Securities
Client Services at 1-800-535-2077.
Sincerely yours,
/s/ Joseph A. Filicetti
-----------------------
Joseph A. Filicetti
President and Director
PRUDENTIAL SECURITIES
FUTURES MANAGEMENT INC.
Please note that the value which appears on your Prudential Securities statement
is an estimated value at calendar month-end. The actual value as of the last
Friday of the month is contained in this report.
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
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For the period from May 29, 1999 to
June 25, 1999
<S> <C>
Revenues:
Realized gain on commodity
transactions............................ $240,154
Change in unrealized commodity
positions............................... 359,459
Interest income........................... 74,368
--------
673,981
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Expenses:
Commissions............................... 113,555
Management fee............................ 29,580
Incentive fee............................. 91,296
--------
234,431
--------
Net gain.................................. $439,550
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--------
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSET VALUE
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For the period from May 29, 1999 to
June 25, 1999
Per
Total Interest
----------- -------
<S> <C> <C>
Net asset value at beginning of
period (150,852.159
interests).................... $18,250,118 $120.98
Contributions................... 885,951
Net gain........................ 439,550
Redemptions..................... (182,924)
-----------
Net asset value at end of
period (156,627.060
interests).................... $19,392,695 123.81
----------- -------
-----------
Change in net asset
value per interest......................... $ 2.83
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-------
Percentage change............................ 2.34%
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-------
</TABLE>
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I hereby affirm that, to the best of my knowledge and belief, the information
contained herein relating to World Monitor Trust--Series B is accurate and
complete.
PRUDENTIAL SECURITIES FUTURES
MANAGEMENT INC.
/s/ Barbara J. Brooks
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by: Barbara J. Brooks
Chief Financial Officer
