<PAGE>
WORLD MONITOR TRUST--
SERIES C
MONTHLY REPORT/
DECEMBER 25, 1998
<PAGE>
WORLD MONITOR TRUST--SERIES C
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Dear Interest Holder:
Enclosed is the report for the period from November 28, 1998 to December 25,
1998 for World Monitor Trust--Series C (the 'Trust'). The net asset value of an
interest as of December 25, 1998 was $102.12, an increase of 5.20% from the
November 27, 1998 value of $97.07. The 1998 year-to-date return for the Trust,
which commenced trading June 10, 1998, was an increase of 2.12% as of December
25, 1998. Additionally, the return for the period from September 26, 1998
through December 25, 1998 (the 'Fourth Quarter') was a decrease of 1.73%.
Fourth Quarter trading resulted in losses. Profitable sectors included the
financial, energy, and soft markets. Offsetting the profitable areas were losses
experienced in the currency, index, metal and grain sectors.
After the U.S. dollar's decline in October, the currency markets traded with
little direction throughout the remainder of the Fourth Quarter, ending with
large losses from positions in the Swiss franc, Australian dollar, and deutsche
mark. Increased stock market volatility early in the Fourth Quarter caused the
Trust to experience losses in the index sector. Specifically, positions in the
S&P 500, CAC 40 (France), and DAX (Germany) indices added to losses.
In the metal sector, losses in silver and gold offset gains in aluminum and
copper. Weak commodity markets caused the Trust to give back profits in the
grain sector, in particular wheat, soybean, and soybean meal positions.
The Trust accumulated significant profits in short Japanese government bond
positions late in the Fourth Quarter. In November, Japanese government bonds
fell sharply on worries of oversupply as Japan prepared to finance its stimulus
package by issuing additional debt. Declining commodity prices generated profits
in cocoa and light crude in the soft and energy sectors, respectively. The Trust
earned profits in the energy markets as Iraqi tensions increased sector
volatility. Net gains were also posted in the soft sector.
The estimated net asset value per interest as of January 26, 1999 was $101.83.
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 November 28, 1998 to
December 25, 1998
<S> <C>
Revenues:
Realized gain on commodity
transactions....................... $252,677
Change in unrealized commodity
positions.......................... 297,795
Interest income...................... 35,533
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586,005
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Expenses:
Commissions.......................... 61,727
Management fee....................... 15,906
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77,633
--------
Net gain............................. $508,372
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</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSET VALUE
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For the period from November 28, 1998 to
December 25, 1998
Per
Total Interest
----------- -------
<S> <C> <C>
Net asset value at
beginning
of month (98,687.953
interests)............... $ 9,579,240 $ 97.07
Contributions.............. 937,097
Net gain................... 508,372
Redemptions................ (8,685)
-----------
Net asset value at end of
month (107,870.548
interests)............... $11,016,024 102.12
-----------
-----------
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Change in net asset
value per interest.................... $ 5.05
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Percentage change....................... 5.20%
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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.
by: /s/ Barbara J. Brooks
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Barbara J. Brooks
Chief Financial Officer
