<PAGE>
WORLD MONITOR TRUST--
SERIES C
MONTHLY REPORT/
SEPTEMBER 25, 1998
<PAGE>
WORLD MONITOR TRUST--SERIES C
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Dear Interest Holder:
Enclosed is the report for the period from August 29, 1998 to September 25, 1998
for World Monitor Trust--Series C (the 'Trust'). The net asset value of an
interest as of September 25, 1998 was $103.92, an increase of 1.46% from the
August 28, 1998 value of $102.42. The 1998 year-to-date return for the Trust,
which commenced trading June 10, 1998, was an increase of 3.92% as of September
25, 1998. Additionally, the return for the period from June 27, 1998 through
September 25, 1998 (the 'Third Quarter') was an increase of 7.20%.
Third Quarter trading resulted in gains. Profitable sectors included the
financial, index, grain and meat sectors. Partially offsetting gains, were
losses incurred in the currency, metal, energy and soft sectors.
Continued political and economic instability in the Far East and Russia
dominated market activity during the Third Quarter. Profit opportunities were
captured, most notably, on the long side of global bonds and on the short side
of world indices.
The Third Quarter began with optimism regarding the possible economic recovery
in Japan with interest rates stabilizing and the Nikkei stock index showing
signs of strength. Encouraging words quickly turned into concerns as Japan's
commitment to a unified recovery plan was lacking. As the Asian financial crisis
continued, instability in Russia compounded the turmoil. Russia devalued the
ruble in August and announced suspension of debt payments in a last ditch effort
to avoid default. European and U.S. stock markets fell sharply as Russian and
Asian political and economic instability threatened global financial markets.
This chaos caused investors to seek safe havens in financial instruments such as
U.S. and German government bonds, causing prices to rise. The Trust captured
profits on short German DAX, French CAC 40 and Japanese Nikkei index positions
as well as long positions across global bond markets.
The Trust incurred losses in some sectors during the Third Quarter including
currencies. Currency sector exposure led to losses as positions in the Japanese
yen, British pound, Australian dollar and Japanese yen/Deutsche mark crossrate
lost value as market uncertainty led to increased volatility.
The estimated net asset value per interest as of October 26, 1998 was $104.42.
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/ Thomas M. Lane, Jr.
----------------------
Thomas M. Lane, Jr.
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 August 29, 1998 to
September 25, 1998
<S> <C>
Revenues:
Realized gain on commodity
transactions............................. $113,210
Change in unrealized commodity
positions................................ 58,054
Interest income............................ 36,233
--------
207,497
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Expenses:
Commissions................................ 48,958
Incentive fee.............................. 25,298
Management fee............................. 12,696
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86,952
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Net gain................................... $120,545
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--------
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSET VALUE
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For the period from August 29, 1998 to
September 25, 1998
Per
Total Interest
---------- -------
<S> <C> <C>
Net asset value at beginning
of month (79,181.422
interests)...................... $8,109,885 $102.42
Contributions..................... 264,699
Net gain.......................... 120,545
Redemptions....................... (55,173)
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Net asset value at end of
month (81,214.594 interests).... $8,439,956 103.92
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----------
Change in net asset
value per interest.......................... $ 1.50
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Percentage change............................. 1.46%
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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 C is accurate and
complete.
PRUDENTIAL SECURITIES FUTURES
MANAGEMENT INC.
/s/ Barbara J. Brooks
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by: Barbara J. Brooks
Treasurer
