<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 28, 2001

                                       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: 0-25787

                         WORLD MONITOR TRUST--SERIES B
--------------------------------------------------------------------------------
             (Exact name of Registrant as specified in its charter)

Delaware                                              13-3985041
--------------------------------------------------------------------------------
(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 __

<Page>
                         PART I. FINANCIAL INFORMATION
                          ITEM I. FINANCIAL STATEMENTS
                         WORLD MONITOR TRUST--SERIES B
                          (a Delaware Business Trust)
                       STATEMENTS OF FINANCIAL CONDITION
                                  (Unaudited)
<Table>
<Caption>
                                                                      September 28,     December 31,
                                                                          2001              2000
<S>                                                                   <C>               <C>
----------------------------------------------------------------------------------------------------
ASSETS
Cash                                                                   $11,300,263      $15,726,465
Net unrealized gain on open futures contracts                              772,028        2,066,876
Accrued interest receivable                                                    621          --
Subscriptions receivable                                                   --                 3,042
                                                                      -------------     ------------
Total assets                                                           $12,072,912      $17,796,383
                                                                      -------------     ------------
                                                                      -------------     ------------
LIABILITIES AND TRUST CAPITAL
Liabilities
Commissions payable                                                    $    69,381      $   129,068
Redemptions payable                                                         64,232           34,170
Management fees payable                                                     18,200           34,053
                                                                      -------------     ------------
Total liabilities                                                          151,813          197,291
                                                                      -------------     ------------
Commitments

Trust capital
Limited interests (103,819.405 and 142,903.342 interests
  outstanding)                                                          11,784,883       17,416,280
General interests (1,200 and 1,500 interests outstanding)                  136,216          182,812
                                                                      -------------     ------------
Total trust capital                                                     11,921,099       17,599,092
                                                                      -------------     ------------
Total liabilities and trust capital                                    $12,072,912      $17,796,383
                                                                      -------------     ------------
                                                                      -------------     ------------

Net asset value per limited and general interest ('Interests')         $    113.51      $    121.87
                                                                      -------------     ------------
                                                                      -------------     ------------
----------------------------------------------------------------------------------------------------
</Table>
        The accompanying notes are an integral part of these statements.

                                       2

<Page>
                         WORLD MONITOR TRUST--SERIES B
                          (a Delaware Business Trust)
                            STATEMENTS OF OPERATIONS
                                  (Unaudited)
<Table>
<Caption>
                                   For the period      For the period      For the period      For the period
                                        from                from                from                from
                                   January 1, 2001     January 1, 2000      June 30, 2001       July 1, 2000
                                         to                  to                  to                  to
                                    September 28,       September 29,       September 28,       September 29,
                                        2001                2000                2001                2000
<S>                               <C>                 <C>                 <C>                 <C>
---------------------------------------------------------------------------------------------------------------
REVENUES
Net realized gain (loss) on
  futures contracts                  $   798,328         $(3,824,545)         $(302,367)         $(3,166,943)
Change in net unrealized
  gain/loss on open futures
  contracts                           (1,294,848)           (435,928)           580,754              305,366
Interest income                          501,251           1,010,006            106,664              302,323
                                  -----------------   -----------------   -----------------   -----------------
                                           4,731          (3,250,467)           385,051           (2,559,254)
                                  -----------------   -----------------   -----------------   -----------------
EXPENSES
Commissions                              816,708           1,252,494            230,600              345,771
Management fees                          210,452             322,722             59,422               89,099
                                  -----------------   -----------------   -----------------   -----------------
                                       1,027,160           1,575,216            290,022              434,870
                                  -----------------   -----------------   -----------------   -----------------
Net income (loss)                    $(1,022,429)        $(4,825,683)         $  95,029          $(2,994,124)
                                  -----------------   -----------------   -----------------   -----------------
                                  -----------------   -----------------   -----------------   -----------------
ALLOCATION OF NET INCOME (LOSS)
Limited interests                    $(1,009,371)        $(4,768,025)         $  93,597          $(2,959,754)
                                  -----------------   -----------------   -----------------   -----------------
                                  -----------------   -----------------   -----------------   -----------------
General interests                    $   (13,058)        $   (57,658)         $   1,432          $   (34,370)
                                  -----------------   -----------------   -----------------   -----------------
                                  -----------------   -----------------   -----------------   -----------------
NET INCOME (LOSS) PER WEIGHTED
AVERAGE LIMITED AND GENERAL
INTEREST
Net income (loss) per weighted
  average limited and general
  interest                           $     (8.29)        $    (25.13)         $     .87          $    (17.32)
                                  -----------------   -----------------   -----------------   -----------------
                                  -----------------   -----------------   -----------------   -----------------
Weighted average number of
  limited and general interests
  outstanding                            123,344             192,015            109,360              172,860
                                  -----------------   -----------------   -----------------   -----------------
                                  -----------------   -----------------   -----------------   -----------------

---------------------------------------------------------------------------------------------------------------
</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, 2000            144,403.342     $17,416,280     $182,812      $17,599,092
Contributions                                 4,970.973         571,284           --          571,284
Net loss                                                     (1,009,371)     (13,058 )     (1,022,429)
Redemptions                                 (44,354.910)     (5,193,310)     (33,538 )     (5,226,848)
                                            -----------     -----------     ---------     -----------
Trust capital--September 28, 2001           105,019.405     $11,784,883     $136,216      $11,921,099
                                            -----------     -----------     ---------     -----------
                                            -----------     -----------     ---------     -----------

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

                                       3

<Page>
                         WORLD MONITOR TRUST--SERIES B
                          (a Delaware Business Trust)
                         NOTES TO FINANCIAL STATEMENTS
                               September 28, 2001
                                  (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 World
Monitor Trust--Series B ('Series B') as of September 28, 2001 and the results of
its operations for the periods from January 1, 2001 to September 28, 2001 ('Year
To Date 2001'), January 1, 2000 to September 29, 2000 ('Year To Date 2000'),
June 30, 2001 to September 28, 2001 ('Third Quarter 2001') and July 1, 2000 to
September 29, 2000 ('Third Quarter 2000'). However, the operating results for
the interim periods may not be indicative of the results expected for a 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 Series B's Annual Report on Form 10-K filed with
the Securities and Exchange Commission for the year ended December 31, 2000.

B. Related Parties

   The Managing Owner of Series B is a wholly-owned subsidiary of Prudential
Securities Incorporated ('PSI'), which, in turn, is a wholly-owned subsidiary of
Prudential Securities Group Inc. The Managing Owner or its affiliates perform
services for Series B, 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 pay the
costs of these services in addition to the costs of offering Series B's
Interests as well as its routine operational, administrative, legal and auditing
costs.

   The costs charged to Series B for brokerage services for Year To Date 2001,
Year To Date 2000, Third Quarter 2001 and Third Quarter 2000 were $816,708,
$1,252,494, $230,600 and $345,771, respectively.

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

   Series B, 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 Series B pursuant to a line of credit. PSI may require that collateral
be posted against the marked-to-market positions of Series B.

   As of September 28, 2001, a non-U.S. affiliate of the Managing Owner owns
148.095 limited interests of Series B.

C. Derivative Instruments and Associated Risks

   Series B is exposed to various types of risk 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 Series B's investment activities (credit risk).

Market risk

   Trading in futures and forward (including foreign exchange) contracts
involves entering into contractual commitments to purchase or sell a particular
commodity at a specified date and price. The gross or face

                                       4

<Page>
amount of the contracts, which is typically many times that of Series B's net
assets being traded, significantly exceeds Series B's future cash requirements
since Series B intends to close out its open positions prior to settlement. As a
result, Series B is generally subject only to the risk of loss arising from the
change in the value of the contracts. As such, Series B considers the 'fair
value' of its derivative instruments to be the net unrealized gain or loss on
the contracts. The market risk associated with Series B's commitments to
purchase commodities is limited to the gross or face amount of the contracts
held. However, when Series B 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 Series B 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 Series B holds and the liquidity and inherent
volatility of the markets in which Series B trades.

Credit risk

   When entering into futures or forward contracts, Series B 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 such exchanges. In
general, clearinghouses are backed by their corporate members who are required
to share any financial burden resulting from the nonperformance 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 Series B enters into forward
transactions, the sole counterparty is PSI, Series B's commodity broker. Series
B 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 nonperformance of all of Series B'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 Series B.

   The Managing Owner attempts to minimize both credit and market risks by
requiring Series B 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; 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 B, the Managing
Owner and the trading advisor, Series B 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 B will liquidate its
positions, and eventually dissolve, if Series B 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
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 B.

   PSI, when acting as the 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 Series B all assets of Series B relating to domestic
futures trading (subject to the opt out provisions discussed below) and is not
allowed to commingle such assets with other assets of PSI. At September 28,
2001, such segregated assets totalled $8,891,257. Part 30.7 of the CFTC
regulations also requires PSI to secure assets of Series B related to foreign
futures trading which totalled $3,181,034 at September 28, 2001.

   The CFTC promulgated rules that allow futures commission merchants to permit
certain customers, including Series B, to opt out of segregation with regard to
trading on certain exchanges, but PSI has not

                                       5

<Page>
done so to date. If Series B were to opt out, its funds could be held in a
broader and riskier range of investments.

   As of September 28, 2001, all open futures contracts mature within six
months.

   The following table presents the fair value of futures contracts at September
28, 2001 and December 31, 2000:

<Table>
<Caption>
                                                              2001                          2000
                                                    ------------------------     --------------------------
                                                     Assets      Liabilities       Assets       Liabilities
                                                    --------     -----------     ----------     -----------
<S>                                                 <C>          <C>             <C>            <C>
Domestic exchanges
  Stock indices                                     $ 29,990       $   925       $       --      $       --
  Interest rates                                     388,981            --          723,113              --
  Currencies                                          12,844        54,688          821,048              --
  Commodities                                         37,180            --           46,950          16,720
Foreign exchanges
  Stock indices                                       13,281         1,593           55,607              --
  Interest rates                                     167,508            --          523,732              --
  Commodities                                        179,450            --              556          87,410
                                                    --------     -----------     ----------     -----------
                                                    $829,234       $57,206       $2,171,006      $  104,130
                                                    --------     -----------     ----------     -----------
                                                    --------     -----------     ----------     -----------
</Table>

D. Financial Highlights

<Table>
<Caption>
                                                           Year To Date 2001     Third Quarter 2001
                                                           ------------------    ------------------
     <S>                                                   <C>                   <C>
     Performance per Interest
        Net asset value, beginning of period                    $ 121.87              $ 112.32
                                                           ------------------    ------------------
        Net realized gain (loss) and change in net
           unrealized gain/loss on commodity
           transactions                                            (4.00)                 2.88
        Interest income                                             3.96                   .97
        Expenses                                                   (8.32)                (2.66)
                                                           ------------------    ------------------
        Increase (decrease) for the period                         (8.36)                 1.19
                                                           ------------------    ------------------
        Net asset value, end of period                          $ 113.51              $ 113.51
                                                           ------------------    ------------------
                                                           ------------------    ------------------

     Total return                                                  (6.86)%                1.06%

     Ratio to average net assets
        Interest income                                             4.72%                 3.59%
        Expenses                                                    9.67%                 9.75%
</Table>
                                       6

<Page>
                         WORLD MONITOR TRUST--SERIES B
                          (a Delaware Business Trust)
           ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                      CONDITION AND RESULTS OF OPERATIONS

Liquidity and Capital Resources

   Series B commenced operations on June 10, 1998 with gross proceeds of
$5,709,093 allocated to commodities trading. Additional contributions raised
through the continuous offering for the period from June 10, 1998 (commencement
of operations) to September 28, 2001 resulted in additional gross proceeds to
Series B of $24,145,043. Additional Interests of Series B will continue to be
offered on a weekly basis at the net asset value per Interest until the
subscription maximum of $33,000,000 is sold.

   Interests in Series B 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 Year To Date 2001, Third Quarter 2001 and
for the period from June 10, 1998 (commencement of operations) to September 28,
2001 were $5,193,310, $1,024,299 and $17,986,091, respectively. Redemptions of
general interests for Year To Date 2001 (all during the period from March 31,
2001 to June 29, 2001) and for the period from June 10, 1998 (commencement of
operations) to September 28, 2001 were $33,538 and $149,775, respectively.
Additionally, Interests owned in one series of World Monitor Trust (Series A, B
and C) may be exchanged, without charge, for Interests of one or more other
series of World Monitor Trust 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 contributions, redemptions and exchanges will impact the amount of funds
available for investment in commodity contracts in subsequent periods.

   At September 28, 2001, 100% of Series B'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 B's trading in commodities. Inasmuch as the
sole business of Series B is to trade in commodities, Series B continues to own
such liquid assets to be used as margin. PSI credits Series B monthly with 100%
of the interest it earns on the average net assets in Series B'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 B from promptly liquidating its commodity
futures positions.

   Since Series B'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). Series B'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 Series B's
speculative trading as well as the development of drastic market occurrences
could result in monthly losses considerably beyond Series B'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
B and its trading advisor 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 on the credit and market risks associated
with Series B's futures and forward contracts.

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

                                       7

<Page>
Results of Operations

   After the attacks of September 11th, the Managing Owner contacted Series B's
trading advisor who reported that there was no material disruption to its
ability to follow its trading systems and to function normally. Additionally,
there was no material disruption to the Managing Owner's ability to maintain
operations and perform its functions as a result of the tragic events.

   The net asset value per Interest as of September 28, 2001 was $113.51, a
decrease of 6.86% from the December 31, 2000 net asset value per Interest of
$121.87 and an increase of 1.06% from the June 29, 2001 net asset value per
Interest of $112.32. Past performance is not necessarily indicative of future
results.

   Series B's gross trading gains (losses) were approximately $(497,000) and
$278,000 during Year To Date 2001 and Third Quarter 2001, respectively, compared
to $(4,260,000) and $(2,862,000) for Year To Date 2000 and Third Quarter 2000,
respectively. Due to the nature of Series B's trading activities, a period to
period comparison of its trading results is not meaningful. However, a detailed
discussion of Series B's Third Quarter 2001 trading results is presented below.

Quarterly Market Overview

   The pace of global economic activity remained slow throughout the third
quarter of 2001. Weakened business expenditure and efforts to reduce inventory
resulted in decreased manufacturing activity. Labor demand declined in most
sectors and the unemployment rate edged up to 4.9% in August. After a period of
strength, the U.S. dollar fell against most major foreign currencies,
particularly the Japanese yen, the euro and the Swiss franc. Global equity
markets fell throughout most of the quarter while short- and long-term interest
rates declined pushing bond prices higher. Consumer spending weakened slightly,
but generally remained strong through most of the quarter, supported in part by
low mortgage rates, tax rebates, declining energy prices and widespread
discounting of retail prices. Consumer confidence remained at moderately
favorable levels during the first two months of the quarter and helped moderate
economic weakness. Growth in many foreign industrial economies, including Japan
and much of Europe, weakened during the third quarter as well. Financial
conditions deteriorated markedly in Argentina and many other developing
countries.

   The terrorist attacks of September 11th further weakened the sluggish U.S.
and global economies. Equity markets throughout the world plunged in the week
following the attacks. The Dow Jones industrial average suffered its worst
percentage loss since the Great Depression due to uncertainty about how the
economy would perform as a result of these attacks and other threats of
terrorism. U.S. equity indices recovered somewhat at the end of September as
interest rate cuts by the U.S. Federal Reserve and fiscal stimuli by Congress
combined to help fuel an economic rebound. Global equity markets followed suit
rebounding from earlier lows as well.

   The U.S. dollar's downward trend against many foreign currencies accelerated
after September 11th. As a result of the attacks, many investors switched
exposure from the U.S. dollar to other currencies such as the Swiss franc,
British pound and euro all of which rose against the U.S. dollar.

   U.S. and European interest rate instruments rose throughout most of the
quarter as data indicated persistent weakness in the U.S. economy. The U.S.
Federal Reserve lowered interest rates by 25 basis points in August in an effort
to stimulate the economy. Interest rate instruments continued to rally in the
wake of September 11th as the U.S. Federal Reserve moved to inject liquidity
into the economy, cutting interest rates 50 basis points on September 17th to
3%. This move was soon followed by the Central Bank of Canada, the European
Central Bank and Swiss National Central Bank who also lowered their rates 0.50%.

   Energy prices began the quarter low, but peaked sharply immediately after the
September 11th attacks amid worries of a potential interruption in supplies.
Energy prices soon reversed course as concerns of decreased demand caused by a
global economic recession outweighed fears of scarcity. Two weeks after the
attacks, oil prices plunged more than 12% to a 22-month low of $23 a barrel.
OPEC leaders announced that with prices within their $22 to $28 a barrel target,
they see no need to alter output and assured that there will be no disruption in
supplies.

Quarterly Performance of Series B

   The following is a summary of performance for the major sectors in which
Series B traded:
                                       8

<Page>
   Stock indices (+): The attacks on September 11th further weakened slowing
global economies and declining equity markets. Short positions in the NASDAQ,
Euro DAX, and S&P 500 resulted in gains for Series B.

   Interest rates (+): Long European and Japanese bond positions resulted in
gains throughout the quarter as many central banks lowered interest rates in an
effort to boost weakening economies.

   Metals (+): Short copper and aluminum positions resulted in gains as fears of
a global economic recession and decreasing industrial production lowered prices
of industrial commodities.

   Currencies (-): Short Swiss franc and New Zealand dollar/U.S. dollar
cross-rate positions resulted in losses for Series B as these currencies
strengthened against the U.S. dollar. The U.S. dollar continued to decline
against foreign currencies after September 11th as investors sought to decrease
their exposure to the dollar. Long Japanese yen positions resulted in losses as
the Bank of Japan intervened to stop the recent appreciation of the yen in
response to concerns regarding Japanese exports.

   Energies (-): Energy prices fell from their September 11th peak on concerns
that demand will wane due to weakening global economies. Long crude oil and
natural gas positions resulted in losses.

   Decreases in interest income, commissions and management fees during Year To
Date 2001 as compared to Year To Date 2000 and Third Quarter 2001 as compared to
Third Quarter 2000 are primarily due to the effect of redemptions as well as
unfavorable trading performance during 2000 and 2001 on Series B's weekly net
asset values offset, in part, by contributions received, as further discussed
below.

   Interest income is earned on the average net assets held at PSI and,
therefore, varies weekly according to interest rates, trading performance,
contributions and redemptions. Interest income decreased by approximately
$509,000 and $196,000 during Year To Date 2001 as compared to Year To Date 2000
and Third Quarter 2001 as compared to Third Quarter 2000, respectively, due to
the decrease in average net asset levels discussed above as well as lower
overall interest rates during 2001 versus 2000.

   Commissions are calculated on Series B's net asset value at the end of each
week and, therefore, vary according to weekly trading performance, contributions
and redemptions. Commissions decreased by approximately $436,000 and $115,000
during Year To Date 2001 as compared to Year To Date 2000 and Third Quarter 2001
as compared to Third Quarter 2000, respectively, due to the decrease in average
net asset levels as discussed above.

   All trading decisions for Series B are made by Eclipse Capital Management,
Inc. (the 'Trading Advisor'). Management fees are calculated on Series B's net
asset value at the end of each week and, therefore, are affected by weekly
trading performance, contributions and redemptions. Management fees decreased by
approximately $112,000 and $30,000 during Year To Date 2001 as compared to Year
To Date 2000 and Third Quarter 2001 as compared to Third Quarter 2000,
respectively, due to the decrease in average net asset levels as discussed
above.

   Incentive fees are based on the 'New High Net Trading Profits' generated by
the Trading Advisor, as defined in the advisory agreement among Series B, the
Managing Owner and the Trading Advisor. Series B did not incur an incentive fee
during Year To Date 2001 or Year To Date 2000.

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.

                                       9

<Page>
                           PART II. OTHER INFORMATION

Item 1. Legal Proceedings--There are no material legal proceedings pending by or
        against the Registrant 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
                Agreements of World Monitor Trust dated as of March 17, 1998
                (incorporated by reference to Exhibits 3.1 and 4.1 to Series
                B's Registration Statement on Form S-1, File No. 333-43041)

           4.2--Form of Request for Redemption (incorporated by reference
                to Exhibit 4.2 to Series B's Registration Statement on Form
                S-1, File No. 333-43041)

           4.3--Form of Exchange Request (incorporated by reference
                to Exhibit 4.3 to Series B's Registration Statement
                on Form S-1, File No. 333-43041)

           4.4--Form of Subscription Agreement (incorporated
                by reference to Exhibit 4.4 to Series B's
                Registration Statement on Form S-1, File No.
                333-43041)

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

                                       10

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                                   SIGNATURES

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

WORLD MONITOR TRUST--SERIES B

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

     By: /s/ Steven Carlino                       Date: November 9, 2001
     ----------------------------------------
     Steven Carlino
     Vice President and Treasurer
                                       11