<Page>
                                 UNITED STATES
                       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 September 30, 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 No.)
incorporation or organization)

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 __

   Indicate by check CK whether the Registrant is an accelerated filer (as
defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes __  No _CK_

<Page>
                         PART I. FINANCIAL INFORMATION
                          ITEM I. FINANCIAL STATEMENTS
                     PRUDENTIAL SECURITIES STRATEGIC TRUST
                          (a Delaware Business Trust)
                       STATEMENTS OF FINANCIAL CONDITION
                                  (Unaudited)
<Table>
<Caption>
                                                                      September 30,     December 31,
                                                                          2002              2001
<S>                                                                   <C>               <C>
----------------------------------------------------------------------------------------------------
ASSETS
Cash                                                                   $ 8,771,100      $ 9,662,833
Net unrealized loss on open futures contracts                             (282,034)         (95,924)
Other receivable                                                             1,666            2,120
                                                                      -------------     ------------
Total assets                                                           $ 8,490,732      $ 9,569,029
                                                                      -------------     ------------
                                                                      -------------     ------------
LIABILITIES AND TRUST CAPITAL
Liabilities
Redemptions payable                                                    $   134,333      $    93,665
Management fees payable                                                      9,195           10,694
Net unrealized loss on open forward contracts                                  537           21,053
                                                                      -------------     ------------
Total liabilities                                                          144,065          125,412
                                                                      -------------     ------------
Commitments

Trust capital
Limited interests (99,113.397 and 113,584.560 interests
  outstanding)                                                           8,263,129        9,349,125
General interests (1,002 and 1,148 interests outstanding)                   83,538           94,492
                                                                      -------------     ------------
Total trust capital                                                      8,346,667        9,443,617
                                                                      -------------     ------------
Total liabilities and trust capital                                    $ 8,490,732      $ 9,569,029
                                                                      -------------     ------------
                                                                      -------------     ------------

Net asset value per limited and general interest ('Interests')         $     83.37      $     82.31
                                                                      -------------     ------------
                                                                      -------------     ------------
----------------------------------------------------------------------------------------------------
</Table>
         The accompanying notes are an integral part of these statements.

                                       2

<Page>
                     PRUDENTIAL SECURITIES STRATEGIC TRUST
                          (a Delaware Business Trust)
                       Condensed Schedules of Investments
                                  (Unaudited)
<Table>
<Caption>
                                                September 30, 2002                  December 31, 2001
                                         --------------------------------    --------------------------------
                                         Net Unrealized                      Net Unrealized
                                          Gain (Loss)                         Gain (Loss)
                                           as a % of       Net Unrealized      as a % of       Net Unrealized
Futures and Forward Contracts            Trust Capital      Gain (Loss)      Trust Capital      Gain (Loss)
-------------------------------------------------------------------------------------------------------------
<S>                                      <C>               <C>               <C>               <C>
Futures contracts purchased:
  Stock indices                                              $ (163,261)                         $   36,704
  Interest rates                                                416,326                             (92,254)
  Currencies                                                    (95,896)                           (192,533)
  Commodities                                                   (18,808)                            (33,820)
                                                           --------------                      --------------
     Net unrealized gain (loss) on
     futures contracts purchased               1.66%            138,361           (2.99)%          (281,903)
                                                           --------------                      --------------
Futures contracts sold:
  Stock indices                                                   6,770                                  --
  Interest rates                                               (439,234)                             18,171
  Currencies                                                    (15,150)                            157,050
  Commodities                                                    27,219                              10,758
                                                           --------------                      --------------
     Net unrealized gain (loss) on
     futures contracts sold                   (5.04)           (420,395)           1.97             185,979
                                             ------        --------------        ------        --------------
     Net unrealized gain (loss) on
     futures contracts                        (3.38)%        $ (282,034)          (1.02)%        $  (95,924)
                                             ------        --------------        ------        --------------
                                             ------        --------------        ------        --------------

Forward currency contracts purchased:          0.00%         $      158           (0.22)%        $  (21,053)

Forward currency contracts sold:              (0.01)               (695)             --                  --
                                             ------        --------------        ------        --------------
     Net unrealized loss on forward
     contracts                                (0.01)%        $     (537)          (0.22)%        $  (21,053)
                                             ------        --------------        ------        --------------
                                             ------        --------------        ------        --------------

Settlement Currency--Futures Contracts
  British pound                               (1.70)%        $ (142,113)           0.54%         $   51,697
  Canadian dollar                              0.41              34,183            0.37              34,908
  Euro                                         1.48             123,829           (1.58)           (148,945)
  Japanese yen                                 0.03               2,454            0.05               4,424
  Australian dollar                            0.13              10,842           (0.03)             (2,958)
  Swiss franc                                 (0.27)            (22,268)           0.04               3,451
  Swedish krona                                0.00                 162              --                  --
  U.S. dollar                                 (3.46)           (289,123)          (0.41)            (38,501)
                                             ------        --------------        ------        --------------
     Total                                    (3.38)%        $ (282,034)          (1.02)%        $  (95,924)
                                             ------        --------------        ------        --------------
                                             ------        --------------        ------        --------------

Settlement Currency--Forward Contracts
  Euro                                        (0.01)%        $     (537)             --%         $       --
  U.S. dollar                                    --                  --           (0.22)            (21,053)
                                             ------        --------------        ------        --------------
     Total                                    (0.01)%        $     (537)          (0.22)%        $  (21,053)
                                             ------        --------------        ------        --------------
                                             ------        --------------        ------        --------------
-------------------------------------------------------------------------------------------------------------
</Table>
        The accompanying notes are an integral part of these statements.

                                       3

<Page>
                     PRUDENTIAL SECURITIES STRATEGIC TRUST
                          (a Delaware Business Trust)
                            STATEMENTS OF OPERATIONS
                                  (Unaudited)
<Table>
<Caption>
                                                      Nine months ended           Three months ended
                                                        September 30,               September 30,
                                                  -------------------------     ----------------------
                                                    2002           2001           2002          2001
------------------------------------------------------------------------------------------------------
<S>                                               <C>           <C>
REVENUES
Net realized gain (loss) on commodity
  transactions                                    $ 791,988     $  (826,320)    $ (94,496)    $ 92,737
Change in net unrealized gain/loss on open
  commodity positions                              (165,594)         68,322      (698,792)     166,927
Interest income                                     133,269         329,897        41,938       80,421
                                                  ---------     -----------     ---------     --------
                                                    759,663        (428,101)     (751,350)     340,085
                                                  ---------     -----------     ---------     --------
EXPENSES
Commissions                                         517,316         622,956       174,265      187,339
Management fees                                      91,800         112,666        29,283       34,166
                                                  ---------     -----------     ---------     --------
                                                    609,116         735,622       203,548      221,505
                                                  ---------     -----------     ---------     --------
Net income (loss)                                 $ 150,547     $(1,163,723)    $(954,898)    $118,580
                                                  ---------     -----------     ---------     --------
                                                  ---------     -----------     ---------     --------
ALLOCATION OF NET INCOME (LOSS)
Limited interests                                 $ 149,043     $(1,152,080)    $(945,341)    $117,392
                                                  ---------     -----------     ---------     --------
                                                  ---------     -----------     ---------     --------
General interests                                 $   1,504     $   (11,643)    $  (9,557)    $  1,188
                                                  ---------     -----------     ---------     --------
                                                  ---------     -----------     ---------     --------
NET INCOME (LOSS) PER WEIGHTED AVERAGE LIMITED
  AND GENERAL INTEREST
Net income (loss) per weighted average limited
  and general interest                            $    1.38     $     (8.67)    $   (9.21)    $    .96
                                                  ---------     -----------     ---------     --------
                                                  ---------     -----------     ---------     --------
Weighted average number of limited and general
  interests outstanding                             108,751         134,211       103,700      123,973
                                                  ---------     -----------     ---------     --------
                                                  ---------     -----------     ---------     --------

------------------------------------------------------------------------------------------------------
</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                                                       149,043        1,504         150,547
Redemptions                                   (14,617.163)    (1,235,039)     (12,458)     (1,247,497)
                                             ------------     ----------     ---------     ----------
Trust capital--September 30, 2002             100,115.397     $8,263,129      $83,538      $8,346,667
                                             ------------     ----------     ---------     ----------
                                             ------------     ----------     ---------     ----------

-----------------------------------------------------------------------------------------------------
</Table>
         The accompanying notes are an integral part of these statements.

                                       4

<Page>
                     PRUDENTIAL SECURITIES STRATEGIC TRUST
                          (a Delaware Business Trust)
                         NOTES TO FINANCIAL STATEMENTS
                               SEPTEMBER 30, 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 September 30, 2002 and
December 31, 2001 and the results of its operations for the nine and three
months ended September 30, 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 of the Trust 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 nine months
ended September 30, 2002 and 2001 were $517,316 and $622,956, respectively and
for the three months ended September 30, 2002 and 2001 were $174,265 and
$187,339, 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 equity balances 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 September 30, 2002, a non-U.S. affiliate of the Managing Owner owned
116.497 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

                                       5

<Page>
in the value of the contracts. As such, the Trust considers the 'fair value' of
its futures and forwards to be 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 on all of the Trust's contracts is
the net unrealized gain included in the statements of financial condition;
however, counterparty nonperformance on only certain of the Trust's contracts
may result in greater loss than nonperformance on all of the Trust's contracts.
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 contributions,
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 permitted to commingle such assets with
other assets of PSI. At September 30, 2002, such segregated assets totalled
$637,168. Part 30.7 of the CFTC regulations also requires PSI to secure assets
of the Trust related to foreign futures trading, which totalled $7,851,898 at
September 30, 2002. There are no segregation requirements for assets related to
forward trading.

   As of September 30, 2002, the Trust's open futures and forward contracts
mature within one year.
                                       6

<Page>

D. Financial Highlights

<Table>
<Caption>
                                                     For the Nine Months       For the Three Months
                                                     ended September 30,       ended September 30,
                                                     -------------------      ----------------------
                                                      2002        2001          2002          2001
                                                     ------      -------      ---------      -------
<S>                                                  <C>         <C>          <C>            <C>
Performance per Interest
  Net asset value, beginning of period               $82.31      $ 88.28       $ 92.63       $ 79.33
                                                     ------      -------      ---------      -------
  Net realized gain (loss) and change in net
     unrealized gain/loss on commodity
     transactions                                      5.44        (5.00)        (7.70)         2.04
  Interest income                                      1.23         2.43          0.41          0.65
  Expenses                                            (5.61)       (5.48)        (1.97)        (1.79)
                                                     ------      -------      ---------      -------
  Increase (decrease) for the period                   1.06        (8.05)        (9.26)         0.90
                                                     ------      -------      ---------      -------
  Net asset value, end of period                     $83.37      $ 80.23       $ 83.37       $ 80.23
                                                     ------      -------      ---------      -------
                                                     ------      -------      ---------      -------
Total return                                           1.29%       (9.12)%      (10.00)%        1.13%
Ratio to average net assets (annualized)
  Interest income                                      1.92%        3.94%         1.82%         3.21%
  Expenses                                             8.79%        8.79%         8.85%         8.83%
</Table>

      These financial highlights represent the overall results of the Trust for
the nine and three months ended September 30, 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 for the nine and three months ended
September 30, 2002 were $1,235,039 and $421,518, respectively. Redemptions of
general interests for the nine and three months ended September 30, 2002 were
$12,458 and $4,255, respectively. Redemptions of limited and general interests
from May 1, 1996 (commencement of operations) to September 30, 2002 were
$53,122,832 and $425,084, respectively. Future redemptions will impact the
amount of funds available for investment in commodity contracts in subsequent
periods.

   At September 30, 2002, 100% of the Trust's net assets were allocated to
commodities trading. A significant portion of the net assets of the Trust was
held in cash, which was 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 equity balances 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 September 30, 2002 was $83.37, an
increase of 1.29% from the December 31, 2001 net asset value per Interest of
$82.31, and a decrease of 10.00% from the June 30, 2002 net asset value per
Interest of $92.63. Past performance is not necessarily indicative of future
results.

   The Trust's trading gains (losses) before commissions were $626,000 and
$(793,000) during the nine and three months ended September 30, 2002 compared to
$(758,000) and $260,000 for the corresponding period in the prior year. Due to
the nature of the Trust's trading activities, a period to period comparison of

                                       8

<Page>

its trading results is not meaningful. However, a detailed discussion of the
Trust's current quarter trading results is presented below.

Quarterly Market Overview

   Throughout the third quarter of 2002, household wealth continued to decrease
as the result of pervasive declines in global equity markets and uncertainty
regarding worldwide economies. As a result, U.S. consumer spending, which helped
boost U.S. economic growth in the past, was adversely impacted. Additionally,
the higher cost of equity capital, heightened degree of risk aversion and
uncertainty regarding debt and equity markets further inhibited consumer and
business investment worldwide. In the U.S., decreasing wealth stemming from
losses on equities were offset, in part, by continuing increases in home equity
values. Low mortgage interest rates remained a key factor in sustaining the
housing market at a relatively elevated level. Fears of slowing global economies
resulted in major declines in long-term interest rates and bond markets surged.
Foreign economies followed the lead of the U.S. with persistent weakness evident
in European, Asian and Latin American economies, particularly in Japan and
Brazil.

   In the interest rate sector, negative economic news throughout the quarter
coupled with significant downturns in world equity markets and disappointing
corporate profits caused a flight to quality into bond markets around the world.
The U.S. Federal Reserve Bank left interest rates unchanged at 1.75% in its two
meetings this quarter, switching its economic outlook for the near future from
'uncertain' to a bias toward 'economic weakness'. The European Central Bank left
short-term interest rates unchanged as well. The Japanese bond market was
particularly strong as the Japanese economy continued to struggle with recession
and investors fled to bonds for safety.

   The S&P 500 fell 17.63%, the Dow Jones Industrial Average decreased 17.87%
and the London FTSE dropped 20.07% for the quarter as investor confidence
collapsed in response to continued concerns about accounting transparency,
government investigations, heightened tension in the Middle East, and decreased
corporate sales and profits. In Japan, the Nikkei Index hit new lows as the
economy continued to struggle with structural problems and the Japanese
government prepared new fiscal policy initiatives.

   In foreign exchange markets, the U.S. dollar began the quarter down against
many foreign currencies, but reversed its trend towards quarter-end. The euro
surpassed parity with the U.S. dollar early in the quarter as investors' desire
for U.S. assets decreased, but ended the quarter lower. The British pound rose
against the U.S. dollar early in the quarter amid perceived strength in the
British economy, while the Japanese yen weakened as worries regarding the
Japanese economy persisted.

   Energy markets continued their upward climb as fears of impending war with
Iraq pushed crude oil prices up significantly. Crude oil rose from the low $20's
per barrel earlier in the year to approximately $30 a barrel at quarter-end.

   Gold and other precious metals soared throughout most of the quarter in
response to weaknesses in the U.S. dollar and global equity markets and
instability in the Middle East. In commodities markets, drought in the
Mid-Western United States drove price increases in corn, wheat and soybean
markets. Cocoa prices soared as supply deficits and violence in the Ivory Coast
pushed the markets to sixteen-year highs.

Quarterly Trust Performance

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

   Indices (-): Long positions in the S&P 500, Tokyo TOPIX, London FTSE and Euro
DAX resulted in losses as weak economic data and disappointing earning reports
pressed global equity markets downward throughout the quarter.

   Currencies (-): The U.S. dollar reversed its downward trend against many
foreign currencies toward quarter-end resulting in losses for long Australian
dollar, Canadian dollar, euro and Japanese yen positions.

   Metals (-): Weak economic conditions caused price declines in industrial
metals resulting in losses for long copper positions.

   Energies (+): Energy prices rallied amid speculation of imminent war with
Iraq, low crude oil stock in the U.S. and seasonal demand pressure. Long crude
oil and natural gas positions resulted in gains.

                                       9

<Page>

   Interest rates (+): Interest rate instruments rose throughout the quarter in
response to weak economies and poor equity market performance worldwide. Long
positions in European and Japanese bonds resulted in gains.

   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 nine and
three months ended September 30, 2002 as compared to the corresponding period in
the prior year, primarily due to redemptions during the last quarter of 2001 and
2002.

   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 $197,000 and $38,000 for the nine and three months
ended September 30, 2002 as compared to the corresponding periods in 2001. This
decrease was primarily due to lower interest rates during 2002 as compared to
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 $106,000 and $13,000 for the nine and
three months ended September 30, 2002 as compared to the corresponding periods
in 2001. This decrease was due to the decline in average net asset levels as
discussed above.

   At September 30, 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 $21,000 and $5,000 for the nine and
three months ended September 30, 2002 as compared to the corresponding periods
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 incurred for the
nine and three months ended September 30, 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.

ITEM 4. CONTROLS AND PROCEDURES

   Within the 90 days prior to the date of this report, the Managing Owner
carried out an evaluation, under the supervision and with the participation of
the officers of the Managing Owner, including the Managing Owner's Chief
Executive Officer and Chief Financial Officer, of the effectiveness of the
design and operation of the Trust's disclosure controls and procedures. Based
upon that evaluation, the Managing Owner's Chief Executive Officer and Chief
Financial Officer concluded that the Trust's disclosure controls and procedures
are effective. There were no significant changes in the Trust's internal
controls or in other factors that could significantly affect these controls
subsequent to the date of their evaluation.

                                       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)

           99.1--Certificate pursuant to 18
                 U.S.C. Section 1350 as adopted
                 pursuant to Section 906 of the
                 SARBANES-OXLEY Act of 2002 (filed
                 herewith)

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

                                       11

<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/ Steven Weinreb                       Date: November 14, 2002
     ----------------------------------------
     Steven Weinreb
     Chief Financial Officer

                                 CERTIFICATIONS

I, Eleanor L. Thomas, certify that:

   1.  I have reviewed this quarterly report on Form 10-Q of Prudential
       Securities Strategic Trust (the 'Trust');

   2.  Based on my knowledge, this quarterly report does not contain any untrue
       statement of a material fact or omit to state a material fact necessary
       to make the statements made, in light of the circumstances under which
       such statements were made, not misleading with respect to the period
       covered by this quarterly report;

   3.  Based on my knowledge, the financial statements, and other financial
       information included in this quarterly report, fairly present in all
       material respects the financial condition, results of operations and cash
       flows of the Trust as of, and for, the periods presented in this
       quarterly report;

   4.  The Trust's other certifying officers and I are responsible for
       establishing and maintaining disclosure controls and procedures (as
       defined in Exchange Act Rules 13a-14 and 15d-14) for the Trust and we
       have:

        a)  designed such disclosure controls and procedures to ensure
            that material information relating to the Trust, including
            its consolidated subsidiaries, is made known to us by others
            within those entities, particularly during the period in
            which this quarterly report is being prepared;

        b)  evaluated the effectiveness of the Trust's disclosure
            controls and procedures as of a date within 90 days prior to
            the filing date of this quarterly report (the 'Evaluation
            Date'); and

        c)  presented in this quarterly report our conclusions about the
            effectiveness of the disclosure controls and procedures based
            on our evaluation as of the Evaluation Date;

   5.  The Trust's other certifying officers and I have disclosed, based on our
       most recent evaluation, to the Trust's auditors and the board of
       directors of the managing owner of the Trust:

        a)  all significant deficiencies in the design or operation of
            internal controls which could adversely affect the Trust's
            ability to record, process, summarize and report financial
            data and have identified for the Trust's auditors any
            material weaknesses in internal controls; and

        b)  any fraud, whether or not material, that involves management
            or other employees who have a significant role in the Trust's
            internal controls; and

   6.  The Trust's other certifying officers and I have indicated in this
       quarterly report whether or not there were significant changes in
       internal controls or in other factors that could significantly affect
       internal controls subsequent to the date of our most recent evaluation,
       including any corrective actions with regard to significant deficiencies
       and material weaknesses.

Date:  November 14, 2002
                                        /s/ Eleanor L. Thomas
                                        --------------------------------------
                                        Eleanor L. Thomas
                                        President (chief executive officer)
                                         of the managing owner of the Trust

                                       12

<Page>

I, Steven Weinreb, certify that:

   1.  I have reviewed this quarterly report on Form 10-Q of Prudential
       Securities Strategic Trust (the 'Trust');

   2.  Based on my knowledge, this quarterly report does not contain any untrue
       statement of a material fact or omit to state a material fact necessary
       to make the statements made, in light of the circumstances under which
       such statements were made, not misleading with respect to the period
       covered by this quarterly report;

   3.  Based on my knowledge, the financial statements, and other financial
       information included in this quarterly report, fairly present in all
       material respects the financial condition, results of operations and cash
       flows of the Trust as of, and for, the periods presented in this
       quarterly report;

   4.  The Trust's other certifying officers and I are responsible for
       establishing and maintaining disclosure controls and procedures (as
       defined in Exchange Act Rules 13a-14 and 15d-14) for the Trust and we
       have:

        a)  designed such disclosure controls and procedures to ensure
            that material information relating to the Trust, including
            its consolidated subsidiaries, is made known to us by others
            within those entities, particularly during the period in
            which this quarterly report is being prepared;

        b)  evaluated the effectiveness of the Trust's disclosure
            controls and procedures as of a date within 90 days prior to
            the filing date of this quarterly report (the 'Evaluation
            Date'); and

        c)  presented in this quarterly report our conclusions about the
            effectiveness of the disclosure controls and procedures based
            on our evaluation as of the Evaluation Date;

   5.  The Trust's other certifying officers and I have disclosed, based on our
       most recent evaluation, to the Trust's auditors and the board of
       directors of the managing owner of the Trust:

        a)  all significant deficiencies in the design or operation of
            internal controls which could adversely affect the Trust's
            ability to record, process, summarize and report financial
            data and have identified for the Trust's auditors any
            material weaknesses in internal controls; and

        b)  any fraud, whether or not material, that involves management
            or other employees who have a significant role in the Trust's
            internal controls; and

   6.  The Trust's other certifying officers and I have indicated in this
       quarterly report whether or not there were significant changes in
       internal controls or in other factors that could significantly affect
       internal controls subsequent to the date of our most recent evaluation,
       including any corrective actions with regard to significant deficiencies
       and material weaknesses.

Date:  November 14, 2002
                                      /s/ Steven Weinreb
                                      --------------------------------------
                                      Steven Weinreb
                                      Chief Financial Officer
                                      of the managing owner of the Trust

                                       13