<Page>
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-Q

(Mark One)

/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

For the quarterly period ended March 31, 2002

                                       OR

/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

For the transition period from _______________________ to ______________________

Commission file number: 0-23885

                     PRUDENTIAL SECURITIES STRATEGIC TRUST
--------------------------------------------------------------------------------
             (Exact name of Registrant as specified in its charter)

Delaware                                        13-7075398
--------------------------------------------------------------------------------
(State or other jurisdiction of                 (I.R.S. Employer Identification
incorporation or organization)                  No.)

One New York Plaza, 13th Floor, New York, New York         10292
--------------------------------------------------------------------------------
(Address of principal executive offices)                (Zip Code)

Registrant's telephone number, including area code (212) 778-7866

                                      N/A
--------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last report

   Indicate by check CK whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes _CK_  No __

<Page>

                         PART I. FINANCIAL INFORMATION
                          ITEM I. FINANCIAL STATEMENTS
                     PRUDENTIAL SECURITIES STRATEGIC TRUST
                          (a Delaware Business Trust)
                       STATEMENTS OF FINANCIAL CONDITION
                                  (Unaudited)
<Table>
<Caption>
                                                                        March 31,      December 31,
                                                                          2002             2001
---------------------------------------------------------------------------------------------------
<S>                                                                    <C>             <C>
ASSETS
Cash                                                                   $ 9,232,983     $ 9,662,833
Net unrealized gain (loss) on open futures contracts                       118,350         (95,924 )
Net unrealized gain on open forward contracts                               34,378              --
Other receivable                                                             4,091           2,120
                                                                       -----------     ------------
Total assets                                                           $ 9,389,802     $ 9,569,029
                                                                       -----------     ------------
                                                                       -----------     ------------
LIABILITIES AND TRUST CAPITAL
Liabilities
Redemptions payable                                                    $   164,142     $    93,665
Management fees payable                                                     10,577          10,694
Net unrealized loss on open forward contracts                                   --          21,053
                                                                       -----------     ------------
Total liabilities                                                          174,719         125,412
                                                                       -----------     ------------
Commitments

Trust capital
Limited interests (109,745.109 and 113,584.560 interests
  outstanding)                                                           9,122,893       9,349,125
General interests (1,109 and 1,148 interests outstanding)                   92,190          94,492
                                                                       -----------     ------------
Total trust capital                                                      9,215,083       9,443,617
                                                                       -----------     ------------
Total liabilities and trust capital                                    $ 9,389,802     $ 9,569,029
                                                                       -----------     ------------
                                                                       -----------     ------------

Net asset value per limited and general interest ('Interests')         $     83.13     $     82.31
                                                                       -----------     ------------
                                                                       -----------     ------------
---------------------------------------------------------------------------------------------------
          The accompanying notes are an integral part of these statements.
</Table>

                                       2

<Page>

                     PRUDENTIAL SECURITIES STRATEGIC TRUST
                          (a Delaware Business Trust)
                       Condensed Schedules of Investments
                                  (Unaudited)
<Table>
<Caption>
                                                  March 31, 2002                    December 31, 2001
                                         --------------------------------    --------------------------------
                                         Net Unrealized                      Net Unrealized
                                          Gain (Loss)                         Gain (Loss)
                                           as a % of       Net Unrealized      as a % of       Net Unrealized
Futures Contracts                        Trust Capital      Gain (Loss)      Trust Capital      Gain (Loss)
-------------------------------------------------------------------------------------------------------------
<S>                                      <C>               <C>               <C>               <C>
Futures contracts purchased:
  Stock indices                                              $  (12,611)                         $   36,704
  Interest rates                                               (235,002)                            (92,254)
  Currencies                                                     17,227                            (192,533)
  Commodities                                                       (81)                            (33,820)
                                                           --------------                      --------------
     Net unrealized loss on futures
     contracts purchased                      (2.50)%          (230,467)          (2.99)%          (281,903)
                                                           --------------                      --------------
Futures contracts sold:
  Stock indices                                                      93                                  --
  Interest rates                                                314,912                              18,171
  Currencies                                                     44,763                             157,050
  Commodities                                                   (10,951)                             10,758
                                                           --------------                      --------------
     Net unrealized gain on futures
     contracts sold                            3.79             348,817            1.97             185,979
                                             ------        --------------        ------        --------------
     Net unrealized gain (loss) on
     futures contracts                         1.29%         $  118,350           (1.02)%        $  (95,924)
                                             ------        --------------        ------        --------------
                                             ------        --------------        ------        --------------

Forward currency contracts purchased:          0.38%         $   35,363           (0.22)%        $  (21,053)

Forward currency contracts sold:              (0.01)               (985)             --                  --
                                             ------        --------------        ------        --------------
     Net unrealized gain (loss) on
     forward contracts                         0.37%         $   34,378           (0.22)%        $  (21,053)
                                             ------        --------------        ------        --------------
                                             ------        --------------        ------        --------------

Settlement Currency--Futures Contracts
  British pound                                0.83%         $   76,793            0.54%         $   51,697
  Canadian dollar                             (0.91)            (84,470)           0.37              34,908
  Euro                                        (0.87)            (80,682)          (1.58)           (148,945)
  Japanese yen                                (0.03)             (3,011)           0.05               4,424
  Australian dollar                           (0.03)             (2,353)          (0.03)             (2,958)
  Swiss franc                                  0.00                 (83)           0.04               3,451
  U.S. dollar                                  2.30             212,156           (0.41)            (38,501)
                                             ------        --------------        ------        --------------
     Total                                     1.29%         $  118,350           (1.02)%        $  (95,924)
                                             ------        --------------        ------        --------------
                                             ------        --------------        ------        --------------

Settlement Currency--Forward Contracts
  U.S. dollar                                  0.37%         $   34,378           (0.22)%        $  (21,053)
                                             ------        --------------        ------        --------------
                                             ------        --------------        ------        --------------
-------------------------------------------------------------------------------------------------------------
          The accompanying notes are an integral part of these statements.
</Table>

                                       3

<Page>

                     PRUDENTIAL SECURITIES STRATEGIC TRUST
                          (a Delaware Business Trust)
                            STATEMENTS OF OPERATIONS
                                  (Unaudited)
<Table>
<Caption>
                                                                       Three months ended March 31,
                                                                       -----------------------------
                                                                           2002             2001
----------------------------------------------------------------------------------------------------
<S>                                                                    <C>               <C>
REVENUES
Net realized loss on commodity transactions                             $   (24,840)     $  (422,440)
Change in net unrealized gain/loss on open commodity positions              269,705         (501,040)
Interest income                                                              45,312          145,991
                                                                       -------------     -----------
                                                                            290,177         (777,489)
                                                                       -------------     -----------
EXPENSES
Commissions                                                                 171,748          234,745
Management fees                                                              31,264           41,887
                                                                       -------------     -----------
                                                                            203,012          276,632
                                                                       -------------     -----------
Net income (loss)                                                       $    87,165      $(1,054,121)
                                                                       -------------     -----------
                                                                       -------------     -----------
ALLOCATION OF NET INCOME (LOSS)
Limited interests                                                       $    86,292      $(1,043,574)
                                                                       -------------     -----------
                                                                       -------------     -----------
General interests                                                       $       873      $   (10,547)
                                                                       -------------     -----------
                                                                       -------------     -----------
NET INCOME (LOSS) PER WEIGHTED AVERAGE
  LIMITED AND GENERAL INTEREST
Net income (loss) per weighted average limited
  and general interest                                                  $       .77      $     (7.27)
                                                                       -------------     -----------
                                                                       -------------     -----------
Weighted average number of limited
  and general interests outstanding                                         113,846          145,083
                                                                       -------------     -----------
                                                                       -------------     -----------
----------------------------------------------------------------------------------------------------
</Table>

                     STATEMENT OF CHANGES IN TRUST CAPITAL
                                  (Unaudited)
<Table>
<Caption>
                                                               LIMITED        GENERAL
                                              INTERESTS       INTERESTS      INTERESTS       TOTAL
-----------------------------------------------------------------------------------------------------
<S>                                          <C>              <C>            <C>           <C>
Trust capital--December 31, 2001              114,732.560     $9,349,125      $94,492      $9,443,617
Net income                                                        86,292          873          87,165
Redemptions                                    (3,878.451)      (312,524)      (3,175)       (315,699)
                                             ------------     ----------     ---------     ----------
Trust capital--March 31, 2002                 110,854.109     $9,122,893      $92,190      $9,215,083
                                             ------------     ----------     ---------     ----------
                                             ------------     ----------     ---------     ----------
-----------------------------------------------------------------------------------------------------
          The accompanying notes are an integral part of these statements.
</Table>

                                       4

<Page>

                     PRUDENTIAL SECURITIES STRATEGIC TRUST
                          (a Delaware Business Trust)
                         NOTES TO FINANCIAL STATEMENTS
                                 MARCH 31, 2002
                                  (Unaudited)

A. General

   These financial statements have been prepared without audit. In the opinion
of Prudential Securities Futures Management Inc. (the 'Managing Owner'), the
financial statements contain all adjustments (consisting of only normal
recurring adjustments) necessary to state fairly the financial position of
Prudential Securities Strategic Trust (the 'Trust') as of March 31, 2002 and the
results of its operations for the three months ended March 31, 2002 and 2001.
However, the operating results for the interim periods may not be indicative of
the results expected for the full year.

   Certain information and footnote disclosures normally included in annual
financial statements prepared in accordance with accounting principles generally
accepted in the United States of America have been omitted. It is suggested that
these financial statements be read in conjunction with the financial statements
and notes thereto included in the Trust's Annual Report on Form 10-K filed with
the Securities and Exchange Commission for the year ended December 31, 2001.

B. Related Parties

   The Managing Owner is a wholly-owned subsidiary of Prudential Securities
Incorporated ('PSI'), which, in turn, is an indirect wholly-owned subsidiary of
Prudential Financial, Inc. The Managing Owner or its affiliates perform services
for the Trust, 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.
Except for costs related to brokerage services, PSI or its affiliates bear the
costs of these services, as well as the Trust's routine operational,
administrative, legal and auditing costs, and costs paid to organize the Trust
and offer its Interests.

   The costs charged to the Trust for brokerage services for the three months
ended March 31, 2002 and 2001 were $171,748 and $234,745, respectively.

   The Trust's assets are maintained either in trading or cash accounts at PSI
or, for margin purposes, with the various exchanges on which the Trust is
permitted to trade. PSI credits the Trust monthly with 80% of the interest it
earns on the average net assets in the Trust's accounts and retains the
remaining 20%.

   The Trust, 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 Trust pursuant to a line of credit. PSI may require that collateral
be posted against the marked-to-market position of the Trust.

   As of March 31, 2002, a non-U.S. affiliate of the Managing Owner owned
362.197 limited interests of the Trust.

C. Derivative Instruments and Associated Risks

   The Trust is exposed to various types of risks associated with the derivative
instruments and related markets in which it invests. These risks include, but
are not limited to, risk of loss from fluctuations in the value of derivative
instruments held (market risk) and the inability of counterparties to perform
under the terms of the Trust's investment activities (credit risk).

Market Risk

   Trading in futures and forward contracts (including foreign exchange)
involves entering into contractual commitments to purchase or sell a particular
commodity at a specified date and price. The gross or face amount of the
contracts, which is typically many times that of the Trust's net assets being
traded, significantly exceeds the Trust's future cash requirements since the
Trust intends to close out its open positions prior to settlement. As a result,
the Trust is generally subject only to the risk of loss arising from the change
in the value of the contracts. As such, the Trust considers the 'fair value' of
its futures and forwards to be

                                       5

<Page>

the net unrealized gain or loss on the contracts. The market risk associated
with the Trust's commitments to purchase commodities is limited to the gross or
face amount of the contracts held. However, when the Trust enters into a
contractual commitment to sell commodities, it must make delivery of the
underlying commodity at the contract price and then repurchase the contract at
prevailing market prices. Since the repurchase price to which a commodity can
rise is unlimited, entering into commitments to sell commodities exposes the
Trust to unlimited risk.

   Market risk is influenced by a wide variety of factors, including government
programs and policies, political and economic events, the level and volatility
of interest rates, foreign currency exchange rates, the diversification effects
among the derivative instruments the Trust holds and the liquidity and inherent
volatility of the markets in which the Trust trades.

Credit Risk

   When entering into futures and forward contracts, the Trust is exposed to
credit risk that the counterparty to the contract will not meet its obligations.
The counterparty for futures contracts traded on United States and most foreign
futures exchanges is the clearinghouse associated with the particular exchange.
In general, clearinghouses are backed by their corporate members who are
required to share any financial burden resulting from the non-performance by one
of their members and, as such, should significantly reduce this credit risk. In
cases where the clearinghouse is not backed by the clearing members (i.e., some
foreign exchanges), it is normally backed by a consortium of banks or other
financial institutions. On the other hand, if the Trust enters into forward
transactions, the sole counterparty is PSI, the Trust's commodity broker. The
Trust has entered into a master netting agreement with PSI and, as a result,
when applicable, presents unrealized gains and losses on open forward positions
as a net amount in the statements of financial condition. The amount at risk
associated with counterparty non-performance of all of the Trust's contracts is
the net unrealized gain included in the statements of financial condition. There
can be no assurance that any counterparty, clearing member or clearinghouse will
meet its obligations to the Trust.

   The Managing Owner attempts to minimize both credit and market risks by
requiring the Trust and its trading managers 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; 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 agreements among the Trust, the Managing
Owner and each trading manager, the Trust shall automatically terminate a
trading manager if the net asset value allocated to that trading manager
declines by 33 1/3% from the value at the beginning of any year or since the
initial allocation of assets to that trading manager. Furthermore, the Second
Amended and Restated Declaration of Trust and Trust Agreement provides that the
Trust will liquidate its positions, and eventually dissolve, if the Trust
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
and redemptions. The Managing Owner may impose additional restrictions (through
modifications of trading limitations and policies) upon the trading activities
of the trading managers as it, in good faith, deems to be in the best interest
of the Trust.

   PSI, when acting as the Trust's futures commission merchant in accepting
orders for the purchase or sale of domestic futures contracts, is required by
Commodity Futures Trading Commission ('CFTC') regulations to separately account
for and segregate as belonging to the Trust all assets of the Trust relating to
domestic futures trading and is not allowed to commingle such assets with other
assets of PSI. At March 31, 2002, such segregated assets totalled $876,353. Part
30.7 of the CFTC regulations also requires PSI to secure assets of the Trust
related to foreign futures trading, which totalled $8,474,980 at March 31, 2002.
There are no segregation requirements for assets related to forward trading.

   As of March 31, 2002, the Trust's open futures and forward contracts mature
within one year.

                                       6

<Page>

D. Financial Highlights

<Table>
<Caption>
                                                   Three Months Ended      Three Months Ended
                                                     March 31, 2002          March 31, 2001
                                                   -------------------     -----------------
     <S>                                           <C>                     <C>
     Performance per Interest
       Net asset value, beginning of period              $ 82.31                $ 88.28
                                                      ----------           -----------------
       Net realized loss and change in net
          unrealized gain/loss
          on commodity transactions                         2.20                  (6.39)
       Interest income                                       .40                   1.01
       Expenses                                            (1.78)                 (1.91)
                                                      ----------           -----------------
       Increase (decrease) for the period                    .82                  (7.29)
                                                      ----------           -----------------
       Net asset value, end of period                    $ 83.13                $ 80.99
                                                      ----------           -----------------
                                                      ----------           -----------------
     Total return                                           1.00%                 (8.26)%
     Ratio to average net assets (annualized)
       Interest income                                      1.96%                  7.71%
       Expenses                                             8.78%                  8.93%
</Table>

      These financial highlights represent the overall results of the Trust for
the three months ended March 31, 2002 and 2001. An individual limited owner's
actual results may differ depending on the timing of redemptions.

                                       7

<Page>

                     PRUDENTIAL SECURITIES STRATEGIC TRUST
                          (a Delaware Business Trust)
      ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                           AND RESULTS OF OPERATIONS

Liquidity and Capital Resources

   The Trust commenced operations on May 1, 1996 with gross proceeds of
$12,686,200 allocated to commodities trading. Additional Interests were offered
monthly at the then current net asset value per Interest until the continuous
offering period expired on January 31, 1998. Additional contributions made
during the continuous offering period totalled $51,242,700 including $375,000 of
contributions from the Managing Owner.

   The Trust Agreement provides that an Interest holder may redeem its Interests
as of the last day of any month at the then current net asset value per
Interest. Redemptions of limited interests and general interests for the three
months ended March 31, 2002 were $312,524 and $3,175, respectively. Redemptions
of limited interests and general interests from May 1, 1996 (commencement of
operations), through March 31, 2002 were $52,200,317 and $415,801, respectively.
Future redemptions will impact the amount of funds available for investment in
commodity contracts in subsequent periods.

   At March 31, 2002, 100% of the Trust's net assets were allocated to
commodities trading. A significant portion of the net assets of the Trust are
held in cash, which is used as margin for the Trust's trading in commodities.
Inasmuch as the sole business of the Trust is to trade in commodities, the Trust
continues to own such liquid assets to be used as margin. PSI credits the Trust
monthly with 80% of the interest it earns on the average net assets in these
accounts and retains the remaining 20%.

   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 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 the Trust from promptly liquidating its commodity
futures positions.

   Since the Trust's business is to trade futures and forward 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 Trust'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 relationships among the contracts held. The inherent uncertainty of the
Trust's speculative trading, as well as the development of drastic market
occurrences, could result in monthly losses considerably beyond the Trust'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 the Trust's trading managers to abide by various trading
limitations and policies, which include limiting margin amounts, trading only in
liquid markets and permitting the use of stop loss provisions. See Note C to the
financial statements for a further discussion of the credit and market risks
associated with the Trust's futures and forward contracts.

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

Results of Operations

   The net asset value per Interest as of March 31, 2002 was $83.13, an increase
of 1.00% from the December 31, 2001 net asset value per Interest of $82.31. Past
performance is not necessarily indicative of future results.

   The Trust's gross trading gains were $245,000 during the three months ended
March 31, 2002 compared to Trading losses of $923,000 for the corresponding
period in the prior year. Due to the nature of the Trust's trading activities, a
period to period comparison of its trading results is not meaningful. However, a
detailed discussion of the Trust's current quarter trading results is presented
below.

                                       8

<Page>

Quarterly Market Overview

   While the first quarter of 2002 was generally characterized by continued
weakness in global economies, there was definite evidence of economic recovery.
The combination of post September 11th economic activity, infusions of
government spending and unseasonably warm weather helped jumpstart the economy
during the first quarter. Jobless claims moderated to levels that suggested that
the labor market was no longer contracting, manufacturing activity increased
slightly and consumer spending and housing activity remained stable, helping the
economy achieve a 5.8% growth rate for the quarter. U.S. economic recovery
helped boost global growth, but to a lesser extent than that in the U.S. The
U.K.'s economy expanded by 0.1% during the first quarter while economic activity
in Europe and Canada remained stable. The Japanese economy remained weak.

   Global bond markets trended lower through most of the first quarter amid
growing prospects for imminent interest rate hikes by central banks. In the
U.S., interest rates rose towards the end of the quarter in response to stronger
than expected economic data and indications that the Federal Reserve (the 'Fed')
would lean towards increasing rates in the near future. The Fed kept rates
unchanged at 1.75% during its two meetings this quarter, a marked change from
the eleven rate decreases in 2001. Additionally, the Fed shifted its perception
of the economy's 'balance of risks' from 'economic weakness' to 'balanced'
during the March 19th meeting. This reinforced comments made by Alan Greenspan,
the Fed's Chairman, during his congressional testimony where he stated that
recent evidence suggests an economic expansion is under way. European and
Australian interest rate instruments fell amid indications that the global
recession is showing signs of abatement. Conversely, Japanese interest rates
declined as a result of weak economic data in Japan despite the short-term rise
in the stock market.

   Equity indices began the quarter choppily due to a continuing weak economy
and concerns about balance sheet reporting and accounting irregularities. Stock
markets climbed towards mid-quarter as a result of positive data and hopes of an
economic recovery. U.S. stock markets moved upward as a result of Fed Chairman
Alan Greenspan's testimony to Congress that economic expansion was well under
way. Despite continued weakness in the Japanese economy, the Nikkei rallied in
March to its highest level since August.

   In foreign exchange markets, the U.S. dollar remained strong against most
major foreign currencies as the U.S. economy exhibited signs of recovery. The
Japanese yen started the quarter down against the U.S. dollar, but rose towards
quarter-end as a result of a rally in the Japanese stock market and investors
repatriating capital in anticipation of Japan's March 31st fiscal year-end. Most
European currencies and the euro were weak early in the quarter but rallied in
March amid hopes of an economic recovery.

   Energy markets were volatile at the beginning of the quarter, but rose toward
quarter-end as the escalating conflict in the Middle East prompted fears of an
interruption in supplies. This, together with hopes for increased U.S. energy
demand due to a recovering economy, reinforced the normal seasonal upward
pressure on energy prices. In particular, crude oil reached a six-month high at
the end of the quarter as the conflict in the Middle East gained momentum.
Natural gas prices moved higher in March as the American Gas Association
released better than expected storage numbers. Expectations for colder March
weather, together with concerns regarding the safety of nuclear power plants,
helped drive prices higher.

Quarterly Trust Performance

   The following is a summary of performance for the major sectors in which the
Trust traded:

   Currencies (+): Short Australian dollar positions resulted in gains as the
Australian dollar fell due to speculation that the Reserve Bank of Australia
would raise interest rates. Short Swiss franc and New Zealand dollar/U.S. dollar
cross-rate positions resulted in gains for the Trust as the U.S. dollar rallied
against these currencies amid positive U.S. economic news.

   Stock indices (+): Long positions in the TOPIX, London FTSE and Euro DAX
resulted in gains as equity indices rallied amid optimism regarding an economic
recovery.

   Interest rates (-): Global bond markets fell on speculation of economic
growth and news in March that the Fed shifted their view on the economy from
weak to neutral. Long positions in U.S. and European bonds incurred losses.

                                       9

<Page>

   Metals (-): Base metals climbed as global economic activity showed signs of
recovery. Short positions in copper and aluminum resulted in losses.

   Energies (-): Energy prices rose as the conflict in the Middle East
intensified resulting in losses for short crude oil and natural gas positions.

   Decreases in the overall average net asset levels of the Trust have led to
corresponding decreases in interest earned, as well as commissions and
management fees incurred by the Trust, which are largely based on the level of
net assets. The Trust's average net asset levels were lower during the three
months ended March 31, 2002 as compared to the corresponding period in the prior
year, primarily due to redemptions and unfavorable trading performance
throughout 2001.

   Interest income is earned on the equity balances held at PSI and, therefore,
varies monthly according to interest rates, trading performance and redemptions.
Interest income decreased by $101,000 for the three months ended March 31, 2002
as compared to the corresponding period in 2001. This decrease was primarily due
to lower interest rates during the first quarter of 2002 as compared to the
first quarter of 2001, as well as the decline in average net asset levels as
discussed above.

   Commissions are calculated on the Trust's net asset value at the beginning of
each month and, therefore, vary according to trading performance and
redemptions. Commissions decreased by $63,000 for the three months ended March
31, 2002 as compared to the corresponding period in 2001. This decrease was due
to the decline in average net asset levels as discussed above.

   At March 31, 2002, all trading decisions were made by Bridgewater Associates,
Inc. and Gamma Capital Management, LLC. Management fees are calculated on the
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 $11,000 for the three months ended March 31, 2002 as compared to
the corresponding period in 2001. This decrease was due to the decline in
average net asset levels as discussed above.

   Incentive fees are based on the 'New High Net Trading Profits' generated by
each trading manager, as defined in the advisory agreements among the Trust, the
Managing Owner and each trading manager. No incentive fees were paid during the
three months ended March 31, 2002 or 2001.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

   Information regarding quantitative and qualitative disclosures about market
risk is not required pursuant to Item 305(e) of Regulation S-K.

                                       10

<Page>

                           PART II. OTHER INFORMATION

Item 1. Legal Proceedings--There are no material legal proceedings pending by or
        against the Trust or the Managing Owner

Item 2. Changes in Securities--None

Item 3. Defaults Upon Senior Securities--None

Item 4. Submission of Matters to a Vote of Security Holders--None

Item 5. Other information--None

Item 6. Exhibits and Reports on Form 8-K:

        (a) Exhibits

             3.1
            and
            4.1--Second Amended and Restated Declaration of Trust and Trust
                 Agreement of the Trust dated as of December 14, 1995
                 (incorporated by reference to Exhibit 3.1 to 4.1 to the Trust's
                 Registration Statement on Form S-1, File No. 33-80443)

            4.2--Subscription Agreement (incorporated by reference to
                 Exhibit 4.2 to the Trust's Registration Statement on
                 Form S-1, File No. 33-80443)

            4.3--Request for Redemption (incorporated by reference to
                 Exhibit 4.3 to the Trust's Registration Statement on
                 Form S-1, File No. 33-80443)

        (b) Reports on Form 8-K--None

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<Page>

                                   SIGNATURES

   Pursuant to the requirements of the Securities Exchange Act of 1934, the
Trust has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.

PRUDENTIAL SECURITIES STRATEGIC TRUST

By:  Prudential Securities Futures Management Inc.
     A Delaware corporation, Managing Owner

     By: /s/ Barbara J. Brooks                    Date: May 14, 2002
     ----------------------------------------
     Barbara J. Brooks
     Chief Financial Officer

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