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WORLD MONITOR TRUST--
SERIES C
MONTHLY REPORT/
MARCH 31, 2000
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WORLD MONITOR TRUST--SERIES C
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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 C ('Series C'). The net asset value of an
interest as of March 31, 2000 was $74.83, a decrease of 9.14% from the February
25, 2000 value of $82.36. The year-to-date return for Series C was a decrease of
22.04% 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 at .9500 against the U.S. dollar 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 C
The following is a summary of performance for the major sectors in which Series
C traded:
Financial (-): Global bond yields generally declined while inflationary pressure
continued to build and economies improved. Losses incurred at the beginning of
the quarter in short Japanese government bond and 30-year U.S. Treasury bond
positions were partially offset by profits on long positions in U.S. Treasury
notes and European bonds in March.
Metals (-): Net losses in the metal sector resulted from short zinc positions as
that market rallied amid evidence of increased demand. Series C's long exposure
to gold also provided losses as prices drifted lower during the second half of
the quarter.
Index (-): Despite profits in the German DAX, the index sector incurred net
losses due to long positions in the British FTSE and Japanese Nikkei.
Currency (-): Japanese yen gained on the U.S. dollar and most other currencies
in the final month of Japan's fiscal year. Short yen positions as well as
Japanese yen/British pound cross-rate positions resulted in losses.
Softs (+): Short sugar positions contributed gains as that market fell during
the first two months of the quarter.
The estimated net asset value per interest as of April 24, 2000 was $75.36. 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 February 26, 2000 to
March 31, 2000
<S> <C>
Revenues:
Realized loss on commodity
transactions............................ $ (942,453)
Change in unrealized commodity
positions............................... (410,477)
Interest income........................... 83,513
-----------
(1,269,417)
-----------
Expenses:
Commissions............................... 102,046
Management fee............................ 26,295
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128,341
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Net loss.................................. $(1,397,758)
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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 (185,693.398
interests)...................... $15,293,339 $ 82.36
Contributions..................... 64,800
Net loss.......................... (1,397,758)
Redemptions....................... (578,052)
-----------
Net asset value at end of
period (178,838.669
interests)...................... $13,382,329 74.83
-----------
-----------
-------
Change in net asset
value per interest........................... $ (7.53)
-------
-------
Percentage change.............................. (9.14)%
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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 C 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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