<PAGE>
                                                          1997
--------------------------------------------------------------------------------
Prudential Securities                                    Annual
Aggressive Growth Fund L.P.                              Report

<PAGE>
               PRUDENTIAL SECURITIES AGGRESSIVE GROWTH FUND L.P.

                                                                      March 1998

Dear Limited Partner:

Enclosed is the Annual Report of Prudential Securities Aggressive Growth Fund
L.P. (the 'Fund') for the year ended December 31, 1997, including the audited
financial statements for the Fund which contain, among other things, the
operating results for the year.

The Fund incurred a loss of 2.31% in 1997. The MAR (Managed Account Reports)
Fund/Pool Index, which tracked the performance of 315 futures funds for the year
ended December 31, 1997, returned 9.34%, outperforming the Fund. At year-end,
the Fund's net asset value per unit was $94.83*. Past performance is not
necessarily indicative of future results.

During the course of the year, the Fund incurred losses in the currency, metal,
grain and soft sectors. Slightly offsetting losses, the Fund had gains in the
financial, index and energy sectors. Further information with respect to the
Fund's performance is included in the section of the report entitled
'Management's Discussion and Analysis of Financial Condition and Results of
Operations.'

As of October 1, 1997, Sjo, Inc. no longer served as a Trading Advisor to the
Fund. Assets of the Fund formerly managed by Sjo, Inc. were reallocated to the
Eagle Global Diversified and Eagle-FX programs managed by Eagle Trading Systems,
Inc. We believe that these programs more effectively complement the performance
of the Fund.

We value your continued participation as a Limited Partner of the Fund. 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,

Thomas M. Lane, Jr.
President and Director
Prudential Securities Futures Management Inc.

*As of March 25, 1998, the estimated net asset value per unit was $101.75.

                                       1
<PAGE>
                     1177 Avenue of the Americas    Telephone 212 596 7000
                     New York, NY 10036             Facsimile 212 596 8910
Price Waterhouse LLP                                (LOGO)

Report of Independent Accountants

January 26, 1998

To the General Partner and
Limited Partners of
Prudential Securities Aggressive Growth Fund L.P.

In our opinion, the accompanying statements of financial condition and the
related statements of operations and changes in partners' capital present
fairly, in all material respects, the financial position of Prudential
Securities Aggressive Growth Fund L.P. at December 31, 1997 and 1996, and the
results of its operations for the years then ended in conformity with generally
accepted accounting principles. These financial statements are the
responsibility of the general partner; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these statements in accordance with generally accepted auditing
standards which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by the general
partner, and evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for the opinion expressed above.

/s/ Price Waterhouse LLP

                                       2
<PAGE>
Deloitte &
  Touche LLP
       (LOGO)
------------------------------------------------------------------------------
              Two World Financial Center        Telephone: (212) 436-2000
              New York, New York 10281-1414     Facsimile: (212) 436-5000

INDEPENDENT AUDITORS' REPORT

To the Partners of
Prudential Securities Aggressive Growth Fund L.P.

We have audited the accompanying statements of operations and of changes in
partners' capital of Prudential Securities Aggressive Growth Fund L.P. for the
year ended December 31, 1995. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material
respects, the results of operations and changes in partners' capital of
Prudential Securities Aggressive Growth Fund L.P. for the year ended December
31, 1995 in conformity with generally accepted accounting principles.

/s/ Deloitte & Touche LLP
January 29, 1996

                                       2A

<PAGE>
               PRUDENTIAL SECURITIES AGGRESSIVE GROWTH FUND L.P.
                            (a limited partnership)
                       STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
                                                                               December 31,
                                                                        ---------------------------
                                                                            1997            1996
<S>                                                                     <C>              <C>
---------------------------------------------------------------------------------------------------
ASSETS
Equity in commodity trading accounts:
Cash                                                                     $1,811,247      $2,303,638
U.S. Treasury bills, at amortized cost                                    5,035,022       7,205,981
Net unrealized gain on open commodity positions                             131,368         239,559
                                                                        ------------     ----------
Net equity                                                                6,977,637       9,749,178
Organizational costs, net                                                     1,341           5,157
                                                                        ------------     ----------
Total assets                                                             $6,978,978      $9,754,335
                                                                        ------------     ----------
                                                                        ------------     ----------

LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable                                                      $  597,404      $  650,836
Accrued expenses                                                             73,381          77,089
Management fees payable                                                      11,503          16,082
Options, at market                                                            3,725          28,167
                                                                        ------------     ----------
Total liabilities                                                           686,013         772,174
                                                                        ------------     ----------

Commitments
Partners' capital
Limited partners (65,699.974 and 91,609.501 units outstanding)            6,230,001       8,892,274
General partner (664 and 926 units outstanding)                              62,964          89,887
                                                                        ------------     ----------
Total partners' capital                                                   6,292,965       8,982,161
                                                                        ------------     ----------
Total liabilities and partners' capital                                  $6,978,978      $9,754,335
                                                                        ------------     ----------
                                                                        ------------     ----------
Net asset value per limited and general partnership unit ('Units')       $    94.83      $    97.07
                                                                        ------------     ----------
                                                                        ------------     ----------
---------------------------------------------------------------------------------------------------
                 The accompanying notes are an integral part of these statements.
</TABLE>
                                       3
<PAGE>
               PRUDENTIAL SECURITIES AGGRESSIVE GROWTH FUND L.P.
                            (a limited partnership)
                            STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                                                 Year ended December 31,
                                                      ---------------------------------------------
                                                         1997             1996             1995
<S>                                                   <C>             <C>              <C>
---------------------------------------------------------------------------------------------------
REVENUES
Net realized gain on commodity transactions           $   393,201     $  1,575,922     $  4,296,778
Change in net unrealized gain on open commodity
  positions                                               (40,219)        (415,076)         207,232
Interest income                                           452,931          491,688          684,202
                                                      -----------     ------------     ------------
                                                          805,913        1,652,534        5,188,212
                                                      -----------     ------------     ------------
EXPENSES
Commissions                                               622,043          801,140        1,021,543
Other transaction fees                                     48,740           61,589           91,697
Management fees                                           155,528          201,323          261,882
Incentive fees                                             19,952           21,247          285,701
General and administrative expenses                       158,710          163,232          170,518
Amortization of organizational costs                        2,906            4,221            6,919
                                                      -----------     ------------     ------------
                                                        1,007,879        1,252,752        1,838,260
                                                      -----------     ------------     ------------
Net income (loss)                                     $  (201,966)    $    399,782     $  3,349,952
                                                      -----------     ------------     ------------
                                                      -----------     ------------     ------------
ALLOCATION OF NET INCOME (LOSS)
Limited partners                                      $  (199,983)    $    401,458     $  3,305,512
                                                      -----------     ------------     ------------
                                                      -----------     ------------     ------------
General partner                                       $    (1,983)    $     (1,676)    $     44,440
                                                      -----------     ------------     ------------
                                                      -----------     ------------     ------------
NET INCOME (LOSS) PER WEIGHTED
AVERAGE LIMITED AND GENERAL
PARTNERSHIP UNIT
Net income (loss) per weighted average limited and
  general partnership unit                            $     (2.44)    $       3.40     $      20.98
                                                      -----------     ------------     ------------
                                                      -----------     ------------     ------------
Weighted average number of limited and general
  partnership units outstanding                            82,842          117,670          159,700
                                                      -----------     ------------     ------------
                                                      -----------     ------------     ------------
---------------------------------------------------------------------------------------------------
</TABLE>

                   STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
<TABLE>
<CAPTION>
                                                              LIMITED       GENERAL
                                               UNITS         PARTNERS       PARTNER         TOTAL
<S>                                         <C>             <C>             <C>          <C>
----------------------------------------------------------------------------------------------------
Partners' capital--December 31, 1994        181,374.213     $12,449,954     $150,626     $12,600,580
Additional capital contributions                 70.675           5,000           --           5,000
Offering costs                                       --             (90)          --             (90)
Net income                                           --       3,305,512       44,440       3,349,952
Redemptions                                 (49,181.896)     (4,056,314)          --      (4,056,314)
                                            -----------     -----------     --------     -----------
Partners' capital--December 31, 1995        132,262.992      11,704,062      195,066      11,899,128
Net income (loss)                                    --         401,458       (1,676)        399,782
Redemptions                                 (39,727.491)     (3,213,246)    (103,503)     (3,316,749)
                                            -----------     -----------     --------     -----------
Partners' capital--December 31, 1996         92,535.501       8,892,274       89,887       8,982,161
Net loss                                             --        (199,983)      (1,983)       (201,966)
Redemptions                                 (26,171.527)     (2,462,290)     (24,940)     (2,487,230)
                                            -----------     -----------     --------     -----------
Partners' capital--December 31, 1997         66,363.974     $ 6,230,001     $ 62,964     $ 6,292,965
                                            -----------     -----------     --------     -----------
                                            -----------     -----------     --------     -----------
----------------------------------------------------------------------------------------------------
                  The accompanying notes are an integral part of these statements.
</TABLE>
                                       4
<PAGE>
               PRUDENTIAL SECURITIES AGGRESSIVE GROWTH FUND L.P.
                            (a limited partnership)
                         NOTES TO FINANCIAL STATEMENTS

A. General

   Prudential Securities Aggressive Growth Fund L.P. (the 'Partnership') is a
Delaware limited partnership which was formed on February 17, 1993 and will
terminate on December 31, 2013 unless ended sooner under the provisions of the
Amended and Restated Agreement of Limited Partnership (the 'Partnership
Agreement'). On August 2, 1993, the Partnership completed its initial offering
having raised $10,388,300 from the sale of 102,383 limited partnership units and
1,500 general partnership units (collectively, 'Units') and commenced
operations. The Partnership continued to offer Units on a monthly basis until
the continuous offering was terminated on January 31, 1995. Additional
contributions raised through the continuous offering resulted in additional net
proceeds to the Partnership of $9,988,243. The Partnership was formed to engage
in the speculative trading of a portfolio consisting primarily of commodity
futures, forward and options contracts. The general partner is Prudential
Securities Futures Management Inc. (the 'General Partner'), a wholly owned
subsidiary of Prudential Securities Incorporated ('PSI'), which, in turn, is a
wholly owned subsidiary of Prudential Securities Group Inc. ('PSGI'). PSI was
the principal underwriter of the limited partnership units and is the commodity
broker ('Commodity Broker') of the Partnership. The General Partner is required
to maintain at least a 1% interest in the Partnership as long as it is acting as
the Partnership's general partner.

   The General Partner generally maintains not less than 75% of the net asset
value in interest-bearing U.S. Government obligations (primarily U.S. Treasury
bills), a significant portion of which is utilized for margin purposes for the
Partnership's commodity trading activities. The remaining 25% is held in cash in
the Partnership's commodity trading accounts.

   All trading decisions for the Partnership since October 1, 1997 are made by
Eagle Trading Systems, Inc. ('Eagle') and Welton Investment Systems Corporation
('WISC'), independent commodity trading managers. Eagle replaced Sjo, Inc.
('Sjo') as a trading manager effective October 1, 1997. Eagle receives
management fees at the same rate as did Sjo (a monthly fee on traded assets
equal to a 2% annual rate). In addition, Eagle earns a quarterly incentive fee
equal to 23% of New High Net Trading Profits (as defined in the Advisory
Agreement among the Partnership, the General Partner and Eagle) as compared to a
monthly incentive fee of 15% paid to Sjo. Except for the October 1, 1997
replacement of Sjo, there were no changes in trading managers during the three
years ended December 31, 1997. Eagle, WISC and Sjo are collectively referred to
as the 'Trading Managers.' The General Partner retains the authority to override
trading instructions that violate the Partnership's trading policies.

B. Summary of Significant Accounting Policies

Basis of accounting

   The books and records of the Partnership are maintained on the accrual basis
of accounting in accordance with generally accepted accounting principles.

   The preparation of financial statements in conformity with generally accepted
accounting principles requires the General Partner to make estimates and
assumptions that affect the reported amounts of liabilities at the date of the
financial statements and the reported amounts of expenses during the reporting
period. Actual results could differ from those estimates.

   Commodity futures and forward transactions are reflected in the accompanying
statements of financial condition on trade date. The difference between the
original contract amount and market value is reflected as net unrealized gain or
loss. Option transactions are reflected in the statements of financial condition
at market value which is inclusive of the net unrealized gain or loss. The
market value of each contract is based upon the closing quotation on the
exchange, clearing firm or bank on, or through, which the contract is traded.

   To the extent practicable, the Partnership invests a significant portion of
its net asset value in U.S. Treasury bills to fulfill original margin
requirements. U.S. Treasury bills are carried at amortized cost, which
approximates market value. Interest earned on these obligations accrues for the
benefit of the Partnership. See Note D for additional discussion on interest
income.

                                       5
<PAGE>
   The weighted average number of limited and general partnership units
outstanding was computed for purposes of disclosing net income (loss) per
weighted average limited and general partnership unit. The weighted average
limited and general partnership units are equal to the number of Units
outstanding at year end, adjusted proportionately for Units contributed and
redeemed based on their respective time outstanding during the year.

   Certain balances from prior years have been reclassified to conform with the
current financial statement presentation.

   The Partnership has elected not to provide a Statement of Cash Flows as
permitted by Statement of Financial Accounting Standards No. 102, 'Statement of
Cash Flows--Exemption of Certain Enterprises and Classification of Cash Flows
from Certain Securities Acquired for Resale.'

Income taxes

   The Partnership is not required to provide for, or pay, any Federal or state
income taxes. Income tax attributes that arise from the Partnership's operations
are passed directly to the individual partners. The Partnership may be subject
to other state and local taxes in jurisdictions in which it operates.

Profit and loss allocations, distributions, subscriptions and redemptions

   Net realized profits or losses for tax purposes are allocated first to
partners who redeem Units to the extent the amounts received on redemption are
greater than or are less than the amounts paid for the redeemed Units by the
partners. Net realized profits or losses remaining after these allocations are
allocated to each partner in proportion to such partner's capital account at
year-end. Net income or loss for financial reporting purposes is allocated
monthly to all partners on a pro rata basis based on each partner's number of
Units outstanding during the month.

   Distributions (other than on redemptions of Units) are made at the sole
discretion of the General Partner on a pro rata basis in accordance with the
respective capital accounts of the partners. No distributions have been made
since inception.

   Additional Units were offered monthly at their month-end net asset value
until the continuous offering was terminated as discussed in Note A. Each
partner bore its pro rata portion of the Partnership's offering expenses. As
such, each new subscriber's investment experienced an immediate dilution of
approximately 1.8%.

   The Partnership Agreement provides that a limited partner may redeem units as
of the last business day of any full calendar quarter at the then current net
asset value per Unit reduced by each Unit's pro rata portion of unamortized
organizational costs.

C. Costs, Fees and Expenses

Organizational and offering costs

   The Partnership is responsible for all of its organizational and offering
expenses, subject to a limitation of 2% of the gross proceeds to the
Partnership. Costs incurred to organize the Partnership are considered deferred
organizational costs. These costs were capitalized and are being amortized over
a 60-month period. The capitalized costs are reduced by each redeeming Unit's
pro rata portion of the unamortized balance as discussed in Note B above. The
accumulated amortization as of December 31, 1997 and 1996 was $25,648 and
$22,742, respectively. As of December 31, 1997 and 1996, the organizational
costs have been reduced by each redeeming Unit's pro rata portion of the
unamortized balance in the amount of $910 and $2,904, respectively. Offering
costs were charged directly to partners' capital. Organizational and offering
costs in excess of the two percent limitation were the responsibility of the
General Partner and/or its affiliates.

Commissions

   The General Partner, on behalf of the Partnership, entered into an agreement
with PSI to act as Commodity Broker whereby the Partnership pays a fixed monthly
fee for brokerage services rendered. The monthly fee equals 2/3 of 1% (8% per
annum) of the Partnership's net asset value as of the first day of each month.
In addition, the Partnership is obligated to pay the National Futures
Association, exchange and clearing fees incurred in connection with the
Partnership's commodity trading activities.

                                       6

<PAGE>
Management and incentive fees

   The Partnership pays each Trading Manager a monthly management fee of 1/6 of
1% (2% per annum) of the portion of the Partnership's net asset value allocated
to that Trading Manager as of the last day of each month. In addition, the
Partnership pays WISC a monthly incentive fee equal to 15% and Eagle a quarterly
incentive fee equal to 23% of the 'New High Net Trading Profits' (as defined in
the Advisory Agreement among the Partnership, the General Partner and each
Trading Manager).

   See Note A for further information concerning changes to incentive fees
during 1997.

General and administrative fees

   In addition to the costs, fees and expenses previously discussed, the
Partnership reimburses the General Partner and its affiliates for actual
Partnership operating expenses payable by, or allocable to, the Partnership. The
amount of reimbursement from the Partnership is limited by the provisions of the
Partnership Agreement. The Partnership also pays amounts directly to unrelated
parties for certain operating expenses.

D. Related Parties

   The General Partner and its affiliates perform services for the Partnership,
which include but are not limited to: brokerage services; accounting and
financial management; registrar; transfer and assignment functions; investor
communications; printing services and other administrative services. The costs
incurred for these services for the years ended December 31, 1997, 1996 and 1995
were:

<TABLE>
<CAPTION>
                                             1997        1996         1995
                                           --------    --------    ----------
<S>                                        <C>         <C>         <C>
  Commissions                              $622,043    $801,140    $1,021,543
  General and administrative                 92,905      96,039       102,962
                                           --------    --------    ----------
                                           $714,948    $897,179    $1,124,505
                                           --------    --------    ----------
                                           --------    --------    ----------
</TABLE>

   Expenses payable to the General Partner and its affiliates (which are
included in accrued expenses) as of December 31, 1997 and 1996 were $19,078 and
$21,231, respectively.

   The Partnership maintains its trading and cash accounts at PSI. Except for
the portion of assets that is deposited as margin to maintain forward currency
contract positions as further discussed below, the Partnership's assets are
maintained either with PSI or, for margin purposes, with the various exchanges
on which the Partnership is permitted to trade.

   The Partnership, acting through its Trading Managers, executes
over-the-counter, spot, forward and/or option foreign exchange transactions with
PSI. PSI then engages in back-to-back trading with an affiliate,
Prudential-Bache Global Markets Inc. ('PBGM'). PBGM attempts to earn a profit on
such transactions. PBGM keeps its prices on foreign currency competitive with
other interbank currency trading desks. All over-the-counter currency
transactions are conducted between PSI and the Partnership pursuant to a line of
credit. PSI may require that collateral be posted against the market-to-market
position of the Partnership.

   PSI credits the Partnership monthly with 100% of the interest it earns on the
average equity balances in the Partnership's accounts.

   As of December 31, 1997, a non-U.S. affiliate of the General Partner owns
249.772 limited partnership units of the Partnership.

E. Income Taxes

   There have been no differences between the tax basis and book basis of
partners' capital from the commencement of operations through December 31, 1997.

F. Credit and Market Risk

   Since the Partnership's business is to trade futures, forward and options
contracts, its capital is at risk due to changes in the value of these contracts
(market risk) or the inability of counterparties to perform under the terms of
the contracts (credit risk).

   Futures, forward and options contracts involve varying degrees of off-balance
sheet risk; and changes in the level of volatility of interest rates, foreign
currency exchange rates or the market values of the contracts

                                       7

<PAGE>
(or commodities underlying the contracts) frequently result in changes in the
Partnership's unrealized gain (loss) on open commodity positions reflected in
the statements of financial condition. The Partnership's exposure to market risk
is influenced by a number of factors including the relationships among the
contracts held by the Partnership as well as the liquidity of the markets in
which the contracts are traded.

   Futures and options contracts are traded on organized exchanges and are thus
distinguished from forward contracts which are entered into privately by the
parties. The credit risks associated with futures and options contracts are
typically perceived to be less than those associated with forward contracts,
because exchanges typically provide clearinghouse arrangements in which the
collective credit (subject to certain limitations) of the members of the
exchanges is pledged to support the financial integrity of the exchange. On the
other hand, the Partnership must rely solely on the credit of its broker (PSI)
with respect to forward transactions. The Partnership presents unrealized gains
and losses on open forward positions as a net amount in the statements of
financial condition because it has a master netting agreement with PSI.

   The General Partner attempts to minimize both credit and market risks by
requiring the Partnership's Trading Managers to abide by various trading
limitations and policies. The General Partner monitors compliance with these
trading limitations and policies which include, but are not limited to,
executing and clearing all trades with creditworthy counterparties (currently,
PSI is the sole counterparty or broker); limiting the amount of margin or
premium required for any one commodity or all commodities combined; and
generally limiting transactions to contracts which are traded in sufficient
volume to permit the taking and liquidating of positions. The General Partner
may impose additional restrictions (through modifications of such trading
limitations and policies) upon the trading activities of the Trading Managers as
it, in good faith, deems to be in the best interests of the Partnership.

   PSI, when acting as the Partnership's futures commission merchant in
accepting orders for the purchase or sale of domestic futures and options
contracts, is required by Commodity Futures Trading Commission ('CFTC')
regulations to separately account for and segregate as belonging to the
Partnership all assets of the Partnership relating to domestic futures and
options trading and is not to commingle such assets with other assets of PSI. At
December 31, 1997 and 1996, such segregated assets totalled $5,383,588 and
$6,681,753, respectively. Part 30.7 of the CFTC regulations also requires PSI to
secure assets of the Partnership related to foreign futures and options trading
which totalled $1,615,755 and $3,039,258 at December 31, 1997 and 1996,
respectively. There are no segregation requirements for assets related to
forward trading.

   As of December 31, 1997, the Partnership's open futures, forward and options
contracts mature within three months.

   At December 31, 1997 and 1996, gross contract amounts of open futures,
forward and options contracts are:

<TABLE>
<CAPTION>
                                                      1997            1996
                                                  ------------    ------------
<S>                                               <C>             <C>
Financial Futures and Options Contracts:
  Commitments to purchase                         $31,963,286     $164,104,016
  Commitments to sell                               3,430,271       27,390,279
Currency Futures Contracts:
  Commitments to purchase                           1,371,557        6,277,845
  Commitments to sell                               7,726,254        2,997,574
Currency Forward Contracts:
  Commitments to purchase                             173,921          --
  Commitments to sell                               8,190,630          --
Other Futures Contracts:
  Commitments to purchase                              48,400           87,850
  Commitments to sell                               3,413,653          --
</TABLE>

   The gross contract amounts represent the Partnership's potential involvement
in a particular class of financial instrument (if it were to take or make
delivery on an underlying futures, forward or options contract). The gross
contract amounts significantly exceed the future cash requirements as the
Partnership intends to close out open positions prior to settlement and thus is
generally subject only to the risk of loss arising from the change in the value
of the contracts. As such, the Partnership considers the 'fair value' of its
futures, forward and options contracts to be the net unrealized gain or loss on
the contracts (plus premiums on

                                       8

<PAGE>
options). Thus, the amount at risk associated with counterparty nonperformance
of all contracts is the net unrealized gain included in the statements of
financial condition. The market risk associated with the Partnership's
commitments to purchase commodities is limited to the gross contract amounts
involved, while the market risk associated with its commitments to sell is
unlimited since the Partnership's potential involvement is to make delivery of
an underlying commodity at the contract price; therefore, it must repurchase the
contract at prevailing market prices.

   At December 31, 1997 and 1996, the fair value of open futures, forward and
options contracts was:

<TABLE>
<CAPTION>
                                                    1997                       1996
                                           -----------------------    -----------------------
<S>                                        <C>         <C>            <C>         <C>
                                            Assets     Liabilities     Assets     Liabilities
                                           --------    -----------    --------    -----------
Futures Contracts:
  Domestic exchanges
     Financial                             $  4,438     $      --     $     --     $   1,350
     Currencies                              77,423        20,787      150,473         5,008
     Other                                  107,158            --           --         5,010
  Foreign exchanges
     Financial                               33,537         2,970      236,276       135,822
     Other                                    6,400        48,400           --            --
Forwards Contracts:
     Currencies                             170,173       195,604           --            --
Options Contracts:
  Domestic exchanges
     Financial                                   --         3,725           --        12,450
  Foreign exchanges
     Financial                                   --            --           --        15,717
                                           --------    -----------    --------    -----------
                                           $399,129     $ 271,486     $386,749     $ 175,357
                                           --------    -----------    --------    -----------
                                           --------    -----------    --------    -----------
</TABLE>

   The following table presents the average fair value of futures, forward and
options contracts during the years ended December 31, 1997 and 1996,
respectively.

<TABLE>
<CAPTION>
                                                    1997                       1996
                                           -----------------------    -----------------------
<S>                                        <C>         <C>            <C>         <C>
                                            Assets     Liabilities     Assets     Liabilities
                                           --------    -----------    --------    -----------
Futures Contracts:
  Domestic exchanges
     Financial                             $ 16,325     $     851     $ 14,043      $   786
     Currencies                             103,491         8,945       82,753        7,711
     Other                                    8,243         2,066          710          449
  Foreign exchanges
     Financial                              168,893        33,150      393,777       32,558
     Currencies                              33,454        38,896           --           --
     Other                                      492        18,981           --           --
Forwards Contracts:
     Currencies                              19,630        28,425           --           --
Options Contracts:
  Domestic exchanges
     Financial                                   --        24,578           --        2,931
     Currencies                               2,215         6,673           --           --
  Foreign exchanges
     Financial                                3,787         2,501           --        1,209
                                           --------    -----------    --------    -----------
                                           $356,530     $ 165,066     $491,283      $45,644
                                           --------    -----------    --------    -----------
                                           --------    -----------    --------    -----------
</TABLE>

                                       9

<PAGE>
   The following table presents the trading revenues from futures, forward and
options contracts during the three years ended December 31, 1997:

<TABLE>
<CAPTION>
                                             1997          1996          1995
                                           ---------    ----------    ----------
<S>                                        <C>          <C>           <C>
Futures Contracts:
  Domestic exchanges
     Financial                             $ 138,719    $      500    $  251,063
     Currencies                              (64,498)      212,798       356,083
     Other                                    37,086         1,840      (220,605)
  Foreign exchanges
     Financial                               267,972       893,976     4,175,703
     Currencies                                   --         3,036       (77,759)
     Other                                   (92,775)           --        19,525
Forwards Contracts:
     Currencies                              (25,431)           --            --
Options Contracts:
  Domestic exchanges
     Financial                                89,241        64,312            --
     Currencies                               34,794            --            --
  Foreign exchanges
     Financial                               (32,126)      (15,616)           --
                                           ---------    ----------    ----------
                                           $ 352,982    $1,160,846    $4,504,010
                                           ---------    ----------    ----------
                                           ---------    ----------    ----------
</TABLE>

                                       10

<PAGE>
               PRUDENTIAL SECURITIES AGGRESSIVE GROWTH FUND L.P.
                            (a limited partnership)
               MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                      CONDITION AND RESULTS OF OPERATIONS

Liquidity and Capital Resources

   The Partnership commenced trading operations on August 2, 1993 with net
proceeds of $10,180,534. The Partnership continued to offer Units on a monthly
basis until the continuous offering was terminated on January 31, 1995.
Additional contributions raised through the continuous offering resulted in
additional net proceeds to the Partnership of $9,988,243.

   At December 31, 1997, 100% of the Partnership's net assets were allocated to
commodities trading. A significant portion of the net asset value was held in
U.S. Treasury bills (which represented approximately 73% of the net asset value
prior to redemptions payable) and cash, which are used as margin for the
Partnership's trading in commodities. Inasmuch as the sole business of the
Partnership is to trade in commodities, the Partnership continues to own such
liquid assets to be used as margin. Beginning February 1, 1995, interest earned
on equity balances held at PSI has been paid to the Partnership in addition to
all interest earned on the U.S. Treasury bills.

   The commodity contracts are subject to periods of illiquidity because of
market conditions, regulatory considerations and other reasons. For example,
commodity exchanges limit fluctuations in commodity futures contract prices
during a single day by regulations referred to as 'daily limits.' During a
single day no trades may be executed at prices beyond the daily limit. Once the
price of a futures contract for a particular commodity has increased or
decreased by an amount equal to the daily limit, positions in the commodity can
neither be taken nor liquidated unless traders are willing to effect trades at
or within the daily limit. Commodity futures prices have occasionally moved the
daily limit for several consecutive days with little or no trading. Such market
conditions could prevent the Partnership from promptly liquidating its commodity
futures positions.

   Since the Partnership's business is to trade futures, forward and options
contracts, its capital is at risk due to changes in the value of these contracts
(market risk) or the inability of counterparties to perform under the terms of
the contracts (credit risk). The General Partner attempts to minimize these
risks by requiring the Partnership's Trading Managers to abide by various
trading limitations and policies. See Note F to the financial statements for a
further discussion on the credit and market risks associated with the
Partnership's futures, forward and options contracts.

   Redemptions by limited partners recorded for the years ended December 31,
1997, 1996 and 1995 were $2,462,290, $3,213,246 and $4,056,314, respectively.
Redemptions by the General Partner for the years ended December 31, 1997 and
1996 were $24,940 and $103,503, respectively. Redemptions recorded from the
commencement of operations in August 1993 through December 31, 1997 were
$12,691,026 for the limited partners and $128,443 for the General Partner.
Future redemptions will impact the amount of funds available for investments in
commodity contracts in subsequent periods.

   The Partnership does not have, nor does it expect to have, any capital
assets.

   Effective October 1, 1997, all assets previously managed by Sjo were
reallocated to Eagle. Eagle receives management fees at the same rate as did Sjo
(a monthly fee on traded assets equal to a 2% annual rate). In addition, Eagle
earns a quarterly incentive fee equal to 23% of New High Trading Profits (as
defined in the Advisory Agreement among the Partnership, the General Partner and
Eagle) as compared to a monthly incentive fee of 15% paid to Sjo.

Results of Operations

   The net asset value per Unit as of December 31, 1997 was $94.83, a decrease
of 2.31% from the December 31, 1996 net asset value per Unit of $97.07, which
was an increase of 7.89% from the December 31, 1995 net asset value per Unit of
$89.97. The MAR (Managed Account Reports) Fund/Pool Index, which tracked the
performance of 315 futures funds for the year ended December 31, 1997, returned
9.34%, outperforming the Partnership. Past performance is not necessarily
indicative of future results.

   During 1997, the Partnership incurred losses in the currency, metal, grain
and soft sectors. Slightly offsetting losses, the Partnership had gains in the
financial, index and energy sectors.

                                       11

<PAGE>
   In the financial sector, the Partnership had gains as assets continued to
flow out of the Asian sector and into U.S. and European markets. The Partnership
also generated gains in S&P 500, German DAX and FTSE 100 positions. Gains were
outweighed by losses in the currency sector as many currency prices responded to
the flight to quality into Europe. Losses were also incurred in aluminum.

   The Partnership earns interest on its investments in U.S. Treasury bills
(approximately 75% of its net asset value) and receives an interest credit from
PSI on the remaining 25% of its net asset value. Interest income decreased by
approximately $39,000 for the year ended December 31, 1997 as compared to 1996
primarily as a result of redemptions during 1996 and 1997 which reduced the
Partnership's net assets, including its investments in U.S. Treasury bills.
Interest income decreased by approximately $193,000 for the year ended December
31, 1996 as compared to 1995 primarily due to lower interest rates in 1996 and a
decline in net assets as a result of redemptions and poor trading performance in
the first half of 1996.

   Commissions are calculated on the Partnership's net asset value as of the
first day of each month and, therefore, vary according to trading performance,
contributions and redemptions. Commissions decreased by approximately $179,000
for the year ended December 31, 1997 as compared to 1996 and approximately
$220,000 for the year ended December 31, 1996 as compared to 1995 primarily due
to the effect of redemptions on the monthly net asset values. The 1996 decrease
was also affected by the Partnership's poor trading performance during the first
half of 1996 which further reduced its monthly net asset values.

   Other transaction fees consist of National Futures Association, exchange and
clearing fees which are based on the number of trades the Trading Managers
execute. Other transaction fees decreased by approximately $13,000 for the year
ended December 31, 1997 as compared to 1996 and approximately $30,000 for the
year ended December 31, 1996 as compared to 1995 due to decreases in trading
volume.

   All trading decisions are currently being made by Eagle (Eagle replaced Sjo
effective October 1, 1997 as discussed in Liquidity and Capital Resources above)
and WISC. Management fees are calculated on the portion of the Partnership's net
asset value allocated to each Trading Manager at the end of each month and,
therefore, are affected by trading performance and redemptions. Management fees
decreased by approximately $46,000 for the year ended December 31, 1997 as
compared to 1996 and approximately $61,000 for the year ended December 31, 1996
as compared to 1995 for the same reasons commissions decreased as described
above.

   Incentive fees are based on the New High Net Trading Profits generated by
each Trading Manager, as defined in the Advisory Agreement between the
Partnership, the General Partner and each Trading Manager. WISC generated
sufficient trading profits to earn approximately $20,000 in incentive fees
during the year ended December 31, 1997. Sjo generated sufficient trading
profits in 1996 and 1995 to earn incentive fees of approximately $21,000 and
$286,000 for the years ended December 31, 1996 and 1995, respectively. See
Liquidity and Capital Resources above for information concerning changes to
incentive fees during 1997.

   General and administrative expenses decreased by approximately $5,000 for the
year ended December 31, 1997 as compared to 1996 and approximately $7,000 for
the year ended December 31, 1996 as compared to 1995. Expenses include
reimbursements of costs incurred by the General Partner on behalf of the
Partnership in addition to accounting, audit, tax and legal fees as well as
printing and postage costs related to reports sent to limited partners.

Inflation

   Inflation has had no material impact on operations or on the financial
condition of the Partnership from inception through December 31, 1997.

                                       12
<PAGE>
--------------------------------------------------------------------------------

   I hereby affirm that, to the best of my knowledge and belief, the information
contained herein relating to Prudential Securities Aggressive Growth Fund L.P.
is accurate and complete.

     PRUDENTIAL SECURITIES FUTURES
     MANAGEMENT INC.
     (General Partner)

     By: Barbara J. Brooks
     Treasurer and Chief Financial Officer
--------------------------------------------------------------------------------

                                       13
<PAGE>
                               OTHER INFORMATION

   The actual round-turn equivalent of brokerage commissions paid per contract
for the year ended December 31, 1997 was $43.

   The Partnership's Annual Report on Form 10-K as filed with the Securities and
Exchange Commission is available to limited partners without charge upon written
request to:

        Prudential Securities Aggressive Growth Fund L.P.
        P.O. Box 2016
        Peck Slip Station
        New York, NY 10272-2016

                                       14
<PAGE>
Peck Slip Station                                 BULK RATE
P.O. Box 2016                                    U.S. POSTAGE
New York, NY 10272                                  PAID
                                                Automatic Mail
AGGGROWTH/17217-4