<PAGE>

                                                         1999
--------------------------------------------------------------------------------
World Monitor Trust--Series A                            Annual
                                                         Report

<PAGE>

                         LETTER TO LIMITED OWNERS FOR
                         WORLD MONITOR TRUST--SERIES A




                                       1
<PAGE>
PricewaterhouseCoopers (LOGO)
                                            PricewaterhouseCoopers LLP
                                            1177 Avenue of the Americas
                                            New York, NY 10036
                                            Telephone (212) 596 8000
                                            Facsimile (212) 596 8910

                       Report of Independent Accountants

To the Managing Owner and
Limited Owners of
World Monitor Trust--Series A

In our opinion, the accompanying statements of financial condition and the
related statements of operations and changes in trust capital present fairly, in
all material aspects, the financial position of World Monitor Trust--Series A at
December 31, 1999 and 1998, and the results of its operations for the year ended
December 31, 1999 and the period from June 10, 1998 (commencement of operations)
to December 31, 1998 in conformity with accounting principles generally accepted
in the United States. These financial statements are the responsibility of the
Managing Owner; 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 auditing standards generally accepted in the United States 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 Managing Owner, and evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for the opinion expressed above.

/s/ PricewaterhouseCoopers LLP

January 28, 2000

                                       2
<PAGE>
                         WORLD MONITOR TRUST--SERIES A
                          (a Delaware Business Trust)
                       STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
                                                                              December 31,
                                                                      -----------------------------
                                                                          1999             1998
<S>                                                                   <C>               <C>
---------------------------------------------------------------------------------------------------
ASSETS
Cash                                                                   $26,587,416      $11,008,050
Net unrealized gain on open futures contracts                              924,338          258,813
                                                                      -------------     -----------
Total assets                                                           $27,511,754      $11,266,863
                                                                      -------------     -----------
                                                                      -------------     -----------
LIABILITIES AND TRUST CAPITAL
Liabilities
Net unrealized loss on open forward contracts                          $ 2,211,068      $   362,056
Commissions payable                                                        185,065           74,604
Management fees payable                                                     48,596           19,457
Redemptions payable                                                         83,436               --
                                                                      -------------     -----------
Total liabilities                                                        2,528,165          456,117
                                                                      -------------     -----------
Commitments
Trust capital
Limited interests (320,147.380 and 108,568.155 interests
outstanding)                                                            24,729,908       10,673,116
General interests (3,284.000 and 1,400.000 interests outstanding)          253,681          137,630
                                                                      -------------     -----------
Total trust capital                                                     24,983,589       10,810,746
                                                                      -------------     -----------
Total liabilities and trust capital                                    $27,511,754      $11,266,863
                                                                      -------------     -----------
                                                                      -------------     -----------
Net asset value per limited and general interest ('Interests')         $     77.25      $     98.31
                                                                      -------------     -----------
                                                                      -------------     -----------
---------------------------------------------------------------------------------------------------
                 The accompanying notes are an integral part of these statements.
</TABLE>
                                       3
<PAGE>
                         WORLD MONITOR TRUST--SERIES A
                          (a Delaware Business Trust)
                            STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
                                                                                   For the period
                                                                                        from
                                                                                    June 10, 1998
                                                                                  (commencement of
                                                                   Year ended      operations) to
                                                                  December 31,      December 31,
                                                                      1999              1998
<S>                                                               <C>             <C>
---------------------------------------------------------------------------------------------------
REVENUES
Net realized gain (loss) on commodity transactions                $(3,253,798 )       $ 174,935
Net unrealized loss on open commodity positions                    (1,183,487 )        (103,243)
Interest income                                                       922,393           272,034
                                                                  ------------    -----------------
                                                                   (3,514,892 )         343,726
                                                                  ------------    -----------------
EXPENSES
Commissions                                                         1,348,655           381,231
Management fees                                                       347,528            98,289
Incentive fees                                                            385            36,064
                                                                  ------------    -----------------
                                                                    1,696,568           515,584
                                                                  ------------    -----------------
Net loss                                                          $(5,211,460 )       $(171,858)
                                                                  ------------    -----------------
                                                                  ------------    -----------------
ALLOCATION OF NET LOSS
Limited interests                                                 $(5,154,378 )       $(170,904)
                                                                  ------------    -----------------
                                                                  ------------    -----------------
General interests                                                 $   (57,082 )       $    (954)
                                                                  ------------    -----------------
                                                                  ------------    -----------------
NET LOSS PER WEIGHTED AVERAGE LIMITED AND GENERAL INTEREST
Net loss per weighted average limited and general interest        $    (27.31 )       $   (1.96)
                                                                  ------------    -----------------
                                                                  ------------    -----------------
Weighted average number of limited and general interests
  outstanding                                                         190,828            87,552
                                                                  ------------    -----------------
                                                                  ------------    -----------------
---------------------------------------------------------------------------------------------------
</TABLE>

                     STATEMENTS OF CHANGES IN TRUST CAPITAL
<TABLE>
<CAPTION>
                                                              LIMITED        GENERAL
                                             INTERESTS       INTERESTS      INTERESTS        TOTAL
<S>                                         <C>             <C>             <C>           <C>
-----------------------------------------------------------------------------------------------------
Trust capital--December 31, 1997                 10.000     $   --          $  1,000      $     1,000
Contributions                               111,257.885      10,972,172      137,584       11,109,756
Net loss                                        --             (170,904)        (954 )       (171,858)
Redemptions                                  (1,299.730)       (128,152)       --            (128,152)
                                            -----------     -----------     ---------     -----------
Trust capital--December 31, 1998            109,968.155      10,673,116      137,630       10,810,746
Contributions                               255,845.193      23,000,355      190,540       23,190,895
Net loss                                        --           (5,154,378)     (57,082 )     (5,211,460)
Redemptions                                 (42,381.968)     (3,789,185)     (17,407 )     (3,806,592)
                                            -----------     -----------     ---------     -----------
Trust capital--December 31, 1999+           323,431.380     $24,729,908     $253,681      $24,983,589
                                            -----------     -----------     ---------     -----------
                                            -----------     -----------     ---------     -----------
-----------------------------------------------------------------------------------------------------
                  The accompanying notes are an integral part of these statements.
</TABLE>
                                       4
<PAGE>
                         WORLD MONITOR TRUST--SERIES A
                          (a Delaware Business Trust)
                         NOTES TO FINANCIAL STATEMENTS

A. General

The Trust, Trustee, Managing Owner and Affiliates

   World Monitor Trust (the 'Trust') is a business trust organized under the
laws of Delaware on December 17, 1997. The Trust commenced trading operations on
June 10, 1998 and will terminate on December 31, 2047 unless terminated sooner
as provided in the Second Amended and Restated Declaration of Trust and Trust
Agreement. The Trust consists of three separate and distinct series ('Series'):
Series A, B and C. The assets of each Series are segregated from the other
Series, separately valued and independently managed. Each Series was formed to
engage in the speculative trading of a diversified portfolio of futures, forward
and options contracts and may, from time to time, engage in cash and spot
transactions. The trustee of the Trust is Wilmington Trust Company. The managing
owner is Prudential Securities Futures Management Inc. (the 'Managing Owner'), a
wholly owned subsidiary of Prudential Securities Incorporated ('PSI') which, in
turn, is a wholly owned subsidiary of Prudential Securities Group Inc. PSI is
the selling agent for the Trust as well as the commodity broker ('Commodity
Broker') of the Trust.

The Offering

   Beneficial interests in each Series ('Interests') are being offered once each
week until each Series' subscription maximum has been issued either through sale
or exchange. On June 10, 1998, a sufficient number of subscriptions for each
Series had been received and accepted by the Managing Owner to permit each
Series to commence trading. Series A completed its initial offering with gross
proceeds of $6,039,177 from the sale of 59,631.775 limited interests and 760 of
general interests.

   Series A was offered until it achieved its subscription maximum of
$34,000,000 during November 1999. Series B and Series C will continue to be
offered to investors who meet certain established suitability standards, with a
minimum initial subscription of $5,000 ($2,000 for an individual retirement
account) per subscriber, although the minimum purchase for any single Series is
$1,000. Interests in Series B and Series C will continue to be offered on a
weekly basis at the net asset value per Interest ('Continuous Offering Period')
until the subscription maximum of $33,000,000 for each Series is sold.
Additional purchases may be made in $100 increments.

   The Managing Owner is required to maintain at least a 1% interest in the
capital, profits and losses of each Series so long as it is acting as the
Managing Owner, and it will make such contributions (and in return will receive
such general interests) as are necessary to effect this requirement.

The Trading Advisor

   Each Series has its own independent commodity trading advisor that makes that
Series' trading decisions. The Managing Owner has allocated 100% of the proceeds
from the initial and continuous offering of Series A to its trading advisor. The
Managing Owner, on behalf of the Trust, initially entered into an advisory
agreement (the 'Initial Advisory Agreement') with Eagle Trading Systems, Inc.
('Trading Advisor') to make the trading decisions for Series A utilizing both
the Eagle-Global System and the Eagle-FX System.

   Effective December 6, 1999, the Eagle-Global System became the exclusive
trading program used by the Trading Advisor to trade Series A's assets. In
conjunction with this change, the Managing Owner and the Trading Advisor
voluntarily agreed to terminate the Initial Advisory Agreement and enter into a
new advisory agreement (the 'New Advisory Agreement') effective March 21, 2000
as more fully discussed in Note G.

Exchanges, Redemptions and Termination

   Interests owned in one Series may be exchanged, without any charge, for
Interests of one or more other Series on a weekly basis for as long as Interests
in those Series are being offered to the public. Since Interests in Series A are
no longer being offered, participants can no longer exchange their Interests
from Series B and/or Series C into Series A; however, participants can currently
continue to exchange their Interests from Series A to Series B and/or Series C.
Exchanges are made at the applicable Series' then current net asset value per
Interest as of the close of business on the Friday immediately preceding the

                                       5

<PAGE>
week in which the exchange request is effected. The exchange of Interests is
treated as a redemption of Interests in one Series (with the related tax
consequences) and the simultaneous purchase of Interests in the Series exchanged
into.

   Redemptions are permitted on a weekly basis. Interests redeemed on or before
the end of the first and second successive six-month periods after their
effective dates of purchase are subject to a redemption fee of 4% and 3%,
respectively, of the net asset value at which they are redeemed. Redemption fees
are paid to the Managing Owner.

   In the event that the estimated net asset value per Interest of a Series at
the end of any business day, after adjustments for distributions, declines by
50% or more since the commencement of trading activities or the first day of a
fiscal year, the Series will terminate.

B. Summary of Significant Accounting Policies

Basis of accounting

   The financial statements of Series A are prepared in accordance with
generally accepted accounting principles.

   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. 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.

   The weighted average number of limited and general interests outstanding was
computed for purposes of disclosing net income per weighted average limited and
general interest. The weighted average limited and general interests are equal
to the number of Interests outstanding at period end, adjusted proportionately
for Interests subscribed and redeemed based on their respective time outstanding
during such period.

   Series A 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.'

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

Income taxes

   Series A is treated as a partnership for Federal income tax purposes. As
such, Series A is not required to provide for, or pay, any federal or state
income taxes. Income tax attributes that arise from its operations are passed
directly to the individual Interest holders including the Managing Owner. Series
A may be subject to other state and local taxes in jurisdictions in which it
operates.

Profit and loss allocations and distributions

   Series A allocates profits and losses for both financial and tax reporting
purposes to its Interest holders weekly on a pro rata basis based on each
owner's Interests outstanding during the week. Distributions (other than
redemptions of Interests) may be made at the sole discretion of the Managing
Owner on a pro rata basis in accordance with the respective capital balances of
the Interest holders; however, the Managing Owner does not presently intend to
make any distributions.

                                       6

<PAGE>
Accounting for Derivative Instruments

   In June 1998, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards ('SFAS') No. 133, Accounting for Derivative
Instruments and Hedging Activities, which Series A adopted effective October 1,
1999. SFAS 133 establishes accounting and reporting standards for derivative
instruments and for hedging activities and requires that an entity recognize all
derivatives as assets or liabilities measured at fair value. SFAS No. 133
supersedes SFAS No. 119, Disclosure about Derivative Financial Instruments and
Fair Value of Financial Instruments and SFAS No. 105, Disclosure of Information
about Financial Instruments with Off-Balance Sheet Risk and Financial
Instruments with Concentrations of Credit Risk which required the disclosure of
average aggregate fair values and contract/notional values, respectively, of
derivative financial instruments for an entity like Series A which carries its
assets at fair value. The adoption of SFAS No. 133 has not had a material effect
on the carrying value of assets and liabilities within the financial statements.

C. Fees

Organizational, offering, general and administrative costs

   PSI or its affiliates paid the costs of organizing Series A and offering its
Interests and pays the administrative costs incurred by the Managing Owner or
its affiliates for services it performs for Series A. These costs include, but
are not limited to, those discussed in Note D below. Routine legal, audit,
postage and other routine third party administrative costs also are paid by PSI
or its affiliates.

Management and incentive fees

   Through March 2000, Series A paid its Trading Advisor a
management fee at an annual rate of 2% of Series A's net asset value
allocated to its management at which time the rate was changed as
described in Note G. The management fee is determined weekly
and the sum of such weekly amounts is paid monthly. Series A
also pays its Trading Advisor a quarterly incentive fee equal to 23% of such
Trading Advisor's 'New High Net Trading Profits' (as defined in the advisory
agreement). The incentive fee also accrues weekly.

Commissions

   The Managing Owner and the Trust entered into a brokerage agreement with PSI
to act as Commodity Broker for each Series whereby Series A pays a fixed fee for
brokerage services rendered at an annual rate of 7.75% of Series A's net asset
value. The fee is determined weekly and the sum of such weekly amounts is paid
monthly. From this fee, PSI pays execution costs (including floor brokerage
expenses, give-up charges and NFA, clearing and exchange fees), as well as
compensation to employees who sell Interests.

D. Related Parties

   The Managing Owner or its affiliates perform services for Series A which
include but are not limited to: brokerage services, accounting and financial
management, registrar, transfer and assignment functions, investor
communications, printing and other administrative services. As further described
in Note C, except for costs related to brokerage services, PSI or its affiliates
pay the costs of these services in addition to Series A's routine operational,
administrative, legal and auditing costs.

   The costs charged to Series A for brokerage services for the year ended
December 31, 1999 and the period from June 10, 1998 (commencement of operations)
to December 31, 1998 were $1,348,655 and $381,231, respectively.

   All of the proceeds of the offering of Series A were received in the name of
Series A and were deposited at PSI. Series A's assets are maintained either in
trading or cash accounts with PSI or, for margin purposes, with the various
exchanges on which Series A is permitted to trade. PSI credits Series A monthly
with 100% of the interest earned on the average net assets in Series A's
accounts.

   Series A, acting through its Trading Advisor, may execute 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 each Series pursuant to a line of credit. PSI may require that
collateral be posted against the marked-to-market position of Series A.

                                       7

<PAGE>
   As of December 31, 1999, a non-U.S. affiliate of the Managing Owner owns
101.112 limited interests of Series A. Additionally, a director of the Managing
Owner owns 249.687 limited interests of Series A.

E. Income Taxes

   There have been no differences between the tax basis and book basis of
Interest holders' capital since inception of the Trust.

F. Credit and Market Risk

   Since Series A's business is to trade futures, forward (including foreign
exchange transactions) 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 or volatility of interest rates, foreign
currency exchange rates or the market values of the contracts (or commodities
underlying the contracts) frequently result in changes in unrealized gain (loss)
on open futures and forward positions reflected in the statements of financial
condition. Series A's exposure to market risk is influenced by a number of
factors including the relationships among the contracts held by Series A 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, Series A must rely solely on the credit of its broker (PSI) with
respect to forward transactions. Series A presents unrealized gains and losses
on open forward positions, if any, as a net amount in the statements of
financial condition because it has a master netting agreement with PSI.

   The Managing Owner attempts to minimize both credit and market risks by
requiring Series A and its Trading Advisor to abide by various trading
limitations and policies. The Managing Owner 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. Additionally, pursuant
to the Advisory Agreement among Series A, the Managing Owner and the Trading
Advisor, Series A shall automatically terminate the Trading Advisor if the net
asset value allocated to the Trading Advisor declines by 33 1/3% from the value
at the beginning of any year or since the commencement of trading activities.
Furthermore, the Second Amended and Restated Declaration of Trust and Trust
Agreement provides that Series A will liquidate its positions, and eventually
dissolve, if Series A experiences a decline in the net asset value of 50% from
the value at the beginning of any year or since the commencement of trading
activities. In each case, the decline in net asset value is after giving effect
for distributions, contributions and redemptions. The Managing Owner may impose
additional restrictions (through modifications of such trading limitations and
policies) upon the trading activities of the Trading Advisor as it, in good
faith, deems to be in the best interests of Series A.

   PSI, when acting as the 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 Series A all assets of Series A relating to
domestic futures and options trading and is not to commingle such assets with
other assets of PSI. At December 31, 1999, such segregated assets totalled
$24,234,466. Part 30.7 of the CFTC regulations also requires PSI to secure
assets of Series A related to foreign futures and options trading which totalled
$3,277,288 at December 31, 1999. There are no segregation requirements for
assets related to forward trading.

   As of December 31, 1999, all open futures and forward contracts mature within
six months.

   Gross contract amounts represent Series A's potential involvement in a
particular class of financial instrument (if it were to take or make delivery on
an underlying futures or forward contract). Gross contract amounts significantly
exceed future cash requirements as Series A intends to close out open positions
prior

                                       8

<PAGE>
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, Series A considers the
'fair value' of its futures and forward contracts to be the net unrealized gain
or loss on the contracts. 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 Series A'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 its potential involvement is to make delivery of an underlying
commodity at the contract price; therefore, it must repurchase the contract at
prevailing market prices.

   As of December 31, 1998, gross contract amounts of open futures and forward
contracts for Series A were:

Interest Rate Futures:
  Commitments to purchase                                 $18,683,310
  Commitments to sell                                      16,579,358
Currency Forwards:
  Commitments to purchase                                     362,056
Commodity Futures:
  Commitments to sell                                       3,076,903

The following table presents the fair value of futures and forward contracts at
December 31, 1999 and December 31, 1998.

<TABLE>
<CAPTION>
                                                            1999                          1998
                                                 --------------------------     ------------------------
<S>                                              <C>            <C>             <C>          <C>
                                                   Assets       Liabilities      Assets      Liabilities
                                                 ----------     -----------     --------     -----------
Futures Contracts:
  Domestic exchanges
     Interest rates                              $  255,937     $        --     $     --      $       --
     Stock indices                                  160,500              --           --              --
     Commodities                                      1,963          49,265       31,724          11,760
  Foreign exchanges
     Interest rates                                  25,510          32,558      204,523              --
     Stock indices                                  425,095              --           --              --
     Commodities                                    137,156              --       34,326              --
Forward Contracts:
  Currencies                                         88,948       2,300,016           --         362,056
                                                 ----------     -----------     --------     -----------
                                                 $1,095,109     $ 2,381,839     $270,573      $  373,816
                                                 ----------     -----------     --------     -----------
                                                 ----------     -----------     --------     -----------
</TABLE>

   The following table presents the average fair value and trading revenues of
futures and forward contracts for the period from June 10, 1998 (commencement of
operations) through December 31, 1998.

<TABLE>
<CAPTION>
                                                                      Average
                                                                     Fair Value
                                                         ----------------------------------      Trading
                                                               Assets           Liabilities     Revenues
                                                         ------------------     -----------     ---------
<S>                                                      <C>                    <C>             <C>
Futures Contracts:
  Domestic exchanges
     Stock indices                                            $     --           $       --     $(44,325)
     Currencies                                                 16,840                2,196     (335,203)
     Commodities                                                60,041               11,195       131,508
  Foreign exchanges
     Interest rates                                            149,855                  605       741,756
     Stock indices                                              16,850                2,215        32,523
     Commodities                                                 5,085               83,278     (161,602)
Forward Contracts:
     Currencies                                                245,765              356,962     (292,965)
                                                         ------------------     -----------     ---------
                                                              $494,436           $  456,451     $  71,692
                                                         ------------------     -----------     ---------
                                                         ------------------     -----------     ---------
</TABLE>
                                       9
<PAGE>
G. Subsequent Event

   In conjunction with the change in the trading programs utilized by the
Trading Advisor as discussed in Note A, the Managing Owner and the Trading
Advisor voluntarily agreed to terminate the Initial Advisory Agreement and enter
into a New Advisory Agreement effective March 21, 2000. Pursuant to the New
Advisory Agreement, the Trading Advisor will be paid a weekly management fee at
an annual rate of 1% of Series A's net asset value until the net asset value per
Interest is at least $80 for a period of 10 consecutive business days, at which
time the weekly management fee will be increased to an annual rate of 2% (i.e.
the rate pursuant to the Initial Advisory Agreement). Additionally, although the
term of the New Advisory Agreement commenced on March 21, 2000, the Trading
Advisor must recoup all trading losses incurred under the Initial Advisory
Agreement before an incentive fee is paid. The New Advisory Agreement may be
terminated at the discretion of the Managing Owner.

                                       10
<PAGE>
--------------------------------------------------------------------------------

      I hereby affirm that, to the best of my knowledge and belief, the
information contained herein relating to World Monitor Trust--Series A is
accurate and complete.

     PRUDENTIAL SECURITIES
     FUTURES MANAGEMENT INC.
     (Managing Owner)

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

                                       11
<PAGE>
                         WORLD MONITOR TRUST--SERIES A
                          (a Delaware Business Trust)
               MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                      CONDITION AND RESULTS OF OPERATIONS

Liquidity and Capital Resources

   Series A commenced operations on June 10, 1998 with gross proceeds of
$6,039,177 allocated to commodities trading. Interests in Series A continued to
be offered weekly until Series A achieved its subscription maximum of
$34,000,000 during November 1999. Interests in Series A may be redeemed on a
weekly basis, but are subject to a redemption fee if transacted within one year
of the effective date of purchase. Redemptions of limited interests for the year
ended December 31, 1999 and for the period from June 10, 1998 (commencement of
operations) through December 31, 1999 were $3,789,185 and $3,917,337,
respectively. Additionally, Interests owned in one Series may be exchanged,
without any charge, for Interests of one or more other Series on a weekly basis
for as long as Interests in those Series are being offered to the public. Since
Interests in Series A are no longer being offered, participants can no longer
exchange their Interests from Series B and/or Series C into Series A; however,
participants can currently continue to exchange their Interests from Series A to
Series B and/or Series C. Future redemptions and exchanges will impact the
amount of funds available for investment in commodity contracts in subsequent
periods.

   At December 31, 1999, 100% of Series A's net assets were allocated to
commodities trading. A significant portion of the net assets was held in cash
which is used as margin for Series A's trading in commodities. Inasmuch as the
sole business of Series A is to trade in commodities, Series A continues to own
such liquid assets to be used as margin. PSI credits Series A monthly with 100%
of the interest it earns on the average net assets in Series A's accounts.

   The commodities contracts are subject to periods of illiquidity because of
market conditions, regulatory considerations and other reasons. For example,
commodity exchanges limit fluctuations in certain 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 limit. Commodity futures prices have occasionally moved the daily
limit for several consecutive days with little or no trading. Such market
conditions could prevent Series A from promptly liquidating its commodity
futures positions.

   Since Series A'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
contract (credit risk). Series A's exposure to market risk is influenced by a
number of factors including the volatility of interest rates and foreign
currency exchange rates, the liquidity of the markets in which the contracts are
traded and the relationship among the contracts held. The inherent uncertainty
of Series A's speculative trading as well as the development of drastic market
occurrences could result in monthly losses considerably beyond Series A's
experience to date and could ultimately lead to a loss of all or substantially
all of investors' capital. The Managing Owner attempts to minimize these risks
by requiring Series A and its Trading Advisor to abide by various trading
limitations and policies which include limiting margin amounts trading only in
liquid markets and utilizing stop loss provisions. See Note F to the financial
statements for a further discussion on the credit and market risks associated
with Series A's futures, forward and options contracts.

   Series A does not have, nor does it expect to have, any capital assets.

Results of Operations

   Series A commenced trading operations on June 10, 1998, and as such,
comparative analysis of the 1999 full year results versus the 1998 partial year
results is not meaningful. Additionally, Series A's asset levels have
continually increased since the commencement of operations in June 1998,
primarily from additional contributions. These rising asset levels have led to
proportionate increases in the amount of interest earned by Series A as well as
the commissions and management fees incurred.

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   As of December 31, 1999, Series A reported a net asset value per Interest of
$77.25, a decrease of 21.42% from the December 31, 1998 net asset value per
Interest of $98.31, which was a decrease of 1.69% from the June 10, 1998 initial
net asset value per Interest of $100.00. These returns compare negatively to the
MAR (Managed Accounts Reports) Fund/Pool Index which returned a gain of 1.48% in
1999 and a gain of 4.74% for the June 1998 through December 1998 period. MAR
tracked the performance of 317 and 281 futures funds in 1999 and 1998,
respectively.

   Series A's negative performance in 1999 was attributable to losses in the
currency, metal, and financial sectors. Gains were achieved in the energy,
grain, and index sectors.

   By far the largest losses were experienced in the currency sector. Series A
suffered from the volatility and range bound nature of many currencies in which
it invests. Currency sector positions added profits in the first quarter, but
failed to add gains in subsequent quarters. In the second quarter, Series A
experienced losses in the Singapore dollar, Japanese yen, and Australian dollar.
Increased volatility drove losses in the Singapore dollar. In Japan, as the
economy strengthened, officials feared a premature strengthening of the yen
might inhibit growth, thus, causing the Bank of Japan to intervene by selling
yen, causing long yen positions to incur losses. Influenced by Asia's economic
recovery, the Australian dollar began to rise; however, as gold prices fell to a
record low, commodity based currencies like the Australian dollar tumbled,
leading to losses in long positions. The Australian dollar reversed in the third
quarter as it rose, along with the Canadian dollar, when the price of gold
surged in September. Short Canadian and Australian dollar positions recorded
losses. During the third quarter, long Swiss franc, euro and British pound
positions lost money. In Europe, despite sluggish German exports and a rapidly
expanding money supply, a strong economy made possible a rate hike by the
European Central Bank. Additionally, the Bank of England shocked markets with a
25 basis point interest rate hike. The Swiss franc bottomed out early in the
quarter after trading passed an 8-year low against the U.S. dollar. The Swiss
franc fell again in the fourth quarter when the Swiss National Bank added
liquidity to their domestic money market in an attempt to keep interest rates
from rising due to millennium-related liquidity concerns. The euro also fell
amid fears that the European economic recovery was stagnating. Also pressuring
the euro was the continuing strength of the U.S. economy and concerns over the
slow pace of German economic reforms. Finally, strong economic data from Canada
pushed the Canadian dollar higher against the U.S. dollar during the last week
of December. Short Canadian dollar positions lost value.

   The currency sector losses were primarily incurred through the use of the
Eagle-FX System, one of the two trading programs used by Series A's trading
advisor, Eagle Trading Systems, Inc. (the 'Trading Advisor'), to trade Series
A's assets. Effective December 6, 1999, the Eagle-Global System became the
exclusive trading program used by the Trading Advisor to trade Series A's
assets. In conjunction with this change, the Managing Owner and the Trading
Advisor voluntarily agreed to terminate the initial advisory agreement (the
'Initial Advisory Agreement') and enter into a new advisory agreement (the 'New
Advisory Agreement') effective March 21, 2000. Pursuant to the New Advisory
Agreement, the Trading Advisor will be paid a weekly management fee at an annual
rate of 1% of Series A's net asset value until the net asset value per Interest
is at least $80 for a period of 10 consecutive business days, at which time the
weekly management fee will be increased to an annual rate of 2% (i.e. the rate
pursuant to the Initial Advisory Agreement). Additionally, although the term of
the New Advisory Agreement commenced on March 21, 2000, the Trading Advisor must
recoup all trading losses incurred under the Initial Advisory Agreement before
an incentive fee is paid.

   Long positions in the energy sector, specifically crude oil and derivative
products, provided gains in the second, third and fourth quarters as prices rose
throughout 1999. In the first quarter, energy markets surged as OPEC announced
substantial cuts in crude oil exports. Crude oil prices continued to rally into
the second quarter as extremely hot U.S. weather drove increased utility demand
during June and following statements by Saudi Arabian and Mexican oil ministers
reporting a high degree of compliance with OPEC production cuts. These
production cuts continued to prove beneficial for oil markets throughout the
third and fourth quarters.

   Interest income is earned on the average net assets held at PSI and,
therefore, varies monthly according to interest rates, trading performance,
contributions and redemptions. Interest income was $922,000 and $272,000 for the
year ended December 31, 1999 and for the period from June 10, 1998 to December
31, 1998, respectively. As discussed above, the increase in interest income
during 1999 versus 1998 was due primarily to the difference in the 1999 and 1998
periods covered as well as the increasing net assets as a

                                       13

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result of additional contributions. However, lower overall interest rates in
1999 as compared with interest rates in 1998 offset some of the increase.

   Commissions are calculated on Series A's net asset value at the end of each
week and therefore, vary according to weekly trading performance, contributions
and redemptions. Commissions were $1,349,000 and $381,000 for the year ended
December 31, 1999 and the period from June 10, 1998 to December 31, 1998,
respectively.

   All trading decisions for Series A are made by the Trading Advisor.
Management fees are calculated on Series A's net asset value at the end of each
week and therefore, are affected by weekly trading performance, contributions
and redemptions. Management fees were $348,000 and $98,000 for the year ended
December 31, 1999 and the period from June 10, 1998 to December 31, 1998,
respectively.

   Incentive fees are based on the New High Net Trading Profits generated by the
Trading Advisor, as defined in the Advisory Agreement among the Trust, the
Managing Owner and the Trading Advisor. Incentive fees were negligible for the
year ended December 31, 1999. Incentive fees were $36,000 for the period from
June 10, 1998 to December 31, 1998.

Accounting for Derivative Instruments

   In June 1998, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards ('SFAS') No. 133, Accounting for Derivative
Instruments and Hedging Activities, which Series A adopted effective October 1,
1999. SFAS No. 133 establishes accounting and reporting standards for derivative
instruments and for hedging activities and requires that an entity recognize all
derivatives as assets or liabilities measured at fair value. SFAS No. 133
supersedes SFAS No. 119, Disclosure about Derivative Financial Instruments and
Fair Value of Financial Instruments and SFAS No. 105, Disclosure of Information
about Financial Instruments with Off-Balance Sheet Risk and Financial
Instruments with Concentrations of Credit Risk which required the disclosure of
average aggregate fair values and contract/notional values, respectively, of
derivative financial instruments for an entity like Series A which carries its
assets at fair value. The adoption of SFAS No. 133 has not had a material effect
on the carrying value of assets and liabilities within the financial statements.

Year 2000 Risk

   The arrival of year 2000 was much anticipated and raised serious concerns
about whether or not computer systems around the world would continue to
function properly and the degree of 'Year 2000 Problems' that would have to be
resolved.

   Series A engages third parties such as the Trading Advisor and Commodity
Broker to perform primarily all of the services it needs and also relies on
other third parties such as governments, exchanges, clearinghouses, vendors, and
banks. Series A has not experienced any material adverse impact on operations
related to Year 2000 Problems. While Series A believes that it has mitigated its
Year 2000 risk, Series A cannot guarantee that an as yet unknown Year 2000
failure will not have a material adverse effect on Series A's operations.

Inflation

   Inflation has had no material impact on operations or on the financial
condition of the Trust from inception through December 31, 1999.

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                               OTHER INFORMATION

   The actual round-turn equivalent of brokerage commissions paid per contract
for the year ended December 1999 was $119.

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

        World Monitor Trust--Series A
        P.O. Box 2016
        Peck Slip Station
        New York, New York 10272-2016

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

PFT1/17152