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WORLD MONITOR TRUST--
SERIES B
MONTHLY REPORT/
MARCH 31, 2000
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WORLD MONITOR TRUST--SERIES B
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Dear Interest Holder:
Enclosed is the report for the period from February 26, 2000 to March 31, 2000
for World Monitor Trust--Series B ('Series B'). The net asset value of an
interest as of March 31, 2000 was $117.60, an increase of 2.14% from the
February 25, 2000 value of $115.14. The year-to-date return for Series B was a
decrease of 3.31% as of March 31, 2000.
Quarterly Market Overview
While the Y2K scare passed without incident, the new year brought renewed
volatility to the world's financial markets. As stock indexes 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 indexes slumped and
many traditional indexes 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:
Currency (+): The currency sector 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.
Financial (-): 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.
Metal (-): Net losses in the metal sector 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.
Energy (+): The energy markets 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.
Index (-): Profits from long S&P 500 positions were not enough to offset losses
in the Japanese Nikkei.
The estimated net asset value per interest as of April 24, 2000 was $112.44.
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
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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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<S> <C>
For the period from February 26, 2000 to
March 31, 2000
Revenues:
Realized loss on commodity
transactions............................ $(1,014,848)
Change in unrealized commodity
positions............................... 1,574,294
Interest income........................... 146,536
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705,982
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Expenses:
Commissions............................... 174,294
Management fee............................ 44,912
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219,206
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Net gain.................................. $ 486,776
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</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSET VALUE
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For the period from February 26, 2000 to
March 31, 2000
Per
Total Interest
<S> <C> <C>
----------- -------
Net asset value at beginning of
period (206,426.200
interests)...................... $23,768,343 $115.14
Contributions..................... 120,322
Net gain.......................... 486,776
Redemptions....................... (1,157,576)
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Net asset value at end of
period (197,436.248
interests)...................... $23,217,865 117.60
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-----------
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Change in net asset
value per interest........................... $ 2.46
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Percentage change.............................. 2.14%
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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
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