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WORLD MONITOR TRUST--
SERIES B
MONTHLY REPORT/
DECEMBER 31, 1999
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WORLD MONITOR TRUST--SERIES B
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Dear Interest Holder:
Enclosed is the report for the period from November 27, 1999 to December 31,
1999 for World Monitor Trust--Series B ('Series B'). The net asset value of an
interest as of December 31, 1999 was $121.63, a decrease of 1.72% from the
November 26, 1999 value of $123.76. The 1999 calendar year return for Series B
was an increase of 8.62% and the return for the quarterly period from September
25, 1999 to December 31, 1999 was a decrease of 5.09%.
Quarterly Market Overview
Instability across global stock markets was severe during October, but
stabilized into a strong bullish market in November and December. U.S. markets
rallied due to strong U.S. economic data and in anticipation of U.S. Federal
Reserve monetary policy announcements to increase interest rates. In the
currency markets, the U.S. dollar followed U.S. stocks higher and rallied
against most major currencies, particularly against the euro. Euro prices fell
as the European Central Bank raised interest rates by 0.50%, in addition to
pressure from the resignation of France's Prime Minister. The Japanese yen
rallied to a four-year high against the U.S. dollar in November as Japan
remained on course for an economic recovery. In December, the yen moved in a
zig-zag pattern as the Bank of Japan intervened to dampen the strengthening yen
and Japanese officials maintained threats to intervene again. In global bond
markets, investors' inflation and interest rate fears, spurred on by strong U.S.
economic data, depressed bond prices during the fourth quarter.
In commodities, corn prices fell when the U.S. government reported that current
supplies were at their highest level in seven years. The sell-off was sustained
when the government made a large upward revision to its current crop forecast.
Coffee markets were exceptionally volatile in December as coffee prices
increased by nearly one half amid concerns over the effects of dry weather on
the current Brazilian crop. This market then reversed and gave back nearly the
entire gain as heavy rain fell on key producing areas. In the metal sector,
significant speculative buying and anticipated demand due to stronger world
economies supported rising prices in the industrial metals markets. After gold's
price surge in September and October, gold markets gave back some of the gains
recorded from the rally. In the energy markets, in addition to low year-end
inventories, OPEC resolved to limit oil production which supported crude oil
prices towards the end of 1999.
Quarterly Series B Performance
The following is a summary of performance for the major sectors in which Series
B traded:
Currency (-): The Japanese yen surged to a four-year high against the U.S.
dollar in November. The yen kept strengthening despite a disappointing Japanese
economic stimulus package. Though ineffective, Japanese officials intervened
during December to dampen the yen's appreciation. The euro fell amid fears that
the European economic recovery was stagnating. Additionally, the euro was
pressured by the continuing strength of the U.S. economy and concerns over the
slow pace of German economic reforms. Currency sector positions in the Japanese
yen, euro, and British pound incurred losses for Series B.
Financial (-): In October, Australian financial markets rallied following
comments by the Reserve Bank of Australia that a long anticipated tightening in
monetary policy would happen gradually. Global bond markets rallied in unison
during November, though turning sharply lower towards the beginning of December
on news of the U.S. Federal Reserve's interest rate hike. U.S. Treasury bond,
British gilt, and Australian 3-year Treasury bond positions recorded losses.
The estimated net asset value per interest as of January 31, 2000 was $122.35.
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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For the period from November 27, 1999 to
December 31, 1999
<S> <C>
Revenues:
Realized loss on commodity
transactions............................ $(528,049)
Change in unrealized commodity
positions............................... 168,096
Interest income........................... 148,278
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(211,675)
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Expenses:
Commissions............................... 193,298
Management fee............................ 49,811
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243,109
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Net loss.................................. $(454,784)
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</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSET VALUE
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For the period from November 27, 1999 to
December 31, 1999
Per
Total Interest
----------- -------
<S> <C> <C>
Net asset value at beginning of
period (212,301.904
interests).................... $26,274,696 $123.76
Contributions................... 750,660
Net loss........................ (454,784)
Redemptions..................... (593,871)
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Net asset value at end of
period (213,579.665
interests).................... $25,976,701 121.63
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-----------
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Change in net asset
value per interest......................... $ (2.13)
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-------
Percentage change............................ (1.72)%
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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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