<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 June 29, 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>
                                                                        June 29,        December 31,
                                                                          2001              2000
----------------------------------------------------------------------------------------------------
<S>                                                                   <C>               <C>
ASSETS
Cash                                                                   $12,678,246      $15,726,465
Net unrealized gain on open futures contracts                              191,274        2,066,876
Accrued interest receivable                                                  1,764          --
Subscriptions receivable                                                   --                 3,042
                                                                      -------------     ------------
Total assets                                                           $12,871,284      $17,796,383
                                                                      -------------     ------------
                                                                      -------------     ------------
LIABILITIES AND TRUST CAPITAL
Liabilities
Commissions payable                                                    $    91,760      $   129,068
Redemptions payable                                                         66,534           34,170
Management fees payable                                                     24,420           34,053
                                                                      -------------     ------------
Total liabilities                                                          182,714          197,291
                                                                      -------------     ------------
Commitments

Trust capital
Limited interests (111,767.210 and 142,903.342 interests
  outstanding)                                                          12,553,786       17,416,280
General interests (1,200 and 1,500 interests outstanding)                  134,784          182,812
                                                                      -------------     ------------
Total trust capital                                                     12,688,570       17,599,092
                                                                      -------------     ------------
Total liabilities and trust capital                                    $12,871,284      $17,796,383
                                                                      -------------     ------------
                                                                      -------------     ------------

Net asset value per limited and general interest ('Interests')         $    112.32      $    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   March 31, 2001     April 1, 2000
                                                  to                to                to                to
                                             June 29, 2001     June 30, 2000     June 29, 2001     June 30, 2000
-----------------------------------------------------------------------------------------------------------------
<S>                                         <C>               <C>               <C>               <C>
REVENUES
Net realized gain (loss) on futures
  contracts                                   $ 1,100,695       $  (657,602)      $  (847,234)      $   509,716
Change in net unrealized gain/loss on open
  futures contracts                            (1,875,602)         (741,294)         (296,641)       (1,287,461)
Interest income                                   394,587           707,683           152,084           345,223
                                            ---------------   ---------------   ---------------   ---------------
                                                 (380,320)         (691,213)         (991,791)         (432,522)
                                            ---------------   ---------------   ---------------   ---------------
EXPENSES
Commissions                                       586,108           906,723           257,976           424,208
Management fees                                   151,030           233,623            66,473           109,287
                                            ---------------   ---------------   ---------------   ---------------
                                                  737,138         1,140,346           324,449           533,495
                                            ---------------   ---------------   ---------------   ---------------
Net loss                                      $(1,117,458)      $(1,831,559)      $(1,316,240)      $  (966,017)
                                            ---------------   ---------------   ---------------   ---------------
                                            ---------------   ---------------   ---------------   ---------------
ALLOCATION OF NET LOSS
Limited interests                             $(1,102,968)      $(1,808,271)      $(1,299,604)      $  (953,205)
                                            ---------------   ---------------   ---------------   ---------------
                                            ---------------   ---------------   ---------------   ---------------
General interests                             $   (14,490)      $   (23,288)      $   (16,636)      $   (12,812)
                                            ---------------   ---------------   ---------------   ---------------
                                            ---------------   ---------------   ---------------   ---------------
NET LOSS PER WEIGHTED AVERAGE LIMITED AND
GENERAL INTEREST
Net loss per weighted average limited and
  general interest                            $     (8.58)      $     (9.09)      $    (11.04)      $     (4.99)
                                            ---------------   ---------------   ---------------   ---------------
                                            ---------------   ---------------   ---------------   ---------------
Weighted average number of limited and
  general interests outstanding                   130,233           201,540           119,189           193,470
                                            ---------------   ---------------   ---------------   ---------------
                                            ---------------   ---------------   ---------------   ---------------
-----------------------------------------------------------------------------------------------------------------
</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                                 3,465.799         409,485           --          409,485
Net loss                                                     (1,102,968)     (14,490 )     (1,117,458)
Redemptions                                 (34,901.931)     (4,169,011)     (33,538 )     (4,202,549)
                                            -----------     -----------     ---------     -----------
Trust capital--June 29, 2001                112,967.210     $12,553,786     $134,784      $12,688,570
                                            -----------     -----------     ---------     -----------
                                            -----------     -----------     ---------     -----------
-----------------------------------------------------------------------------------------------------
</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
                                 June 29, 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 June 29, 2001 and the results of its
operations for the periods from January 1, 2001 to June 29, 2001 ('Year To Date
2001'), January 1, 2000 to June 30, 2000 ('Year To Date 2000'), March 31, 2001
to June 29, 2001 ('Second Quarter 2001') and April 1, 2000 to June 30, 2000
('Second 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, Second Quarter 2001 and Second Quarter 2000 were $586,108,
$906,723, $257,976 and $424,208, 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 June 29, 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 recent opt out provisions discussed below) and
is not allowed to commingle such assets with other assets of PSI. At June 29,
2001, such segregated assets totalled $10,042,317. Part 30.7 of the CFTC
regulations also requires PSI to secure assets of Series B related to foreign
futures trading which totalled $2,827,203 at June 29, 2001.

   The CFTC recently 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

                                       5

<Page>

not 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 June 29, 2001, all open futures contracts mature within six months.

   The following table presents the fair value of futures contracts at June 29,
2001 and December 31, 2000:

<Table>
<Caption>
                                                             2001                          2000
                                                   ------------------------     --------------------------
                                                    Assets      Liabilities       Assets       Liabilities
                                                   --------     -----------     ----------     -----------
<S>                                                <C>          <C>             <C>            <C>
Domestic exchanges
  Interest rates                                   $ 37,594      $   50,825     $  723,113      $       --
  Currencies                                        106,246          15,780        821,048              --
  Commodities                                       218,810          10,440         46,950          16,720
Foreign exchanges
  Stock indices                                       4,367           9,697         55,607              --
  Interest rates                                     66,497          76,942        523,732              --
  Commodities                                        37,747         116,303            556          87,410
                                                   --------     -----------     ----------     -----------
                                                   $471,261      $  279,987     $2,171,006      $  104,130
                                                   --------     -----------     ----------     -----------
                                                   --------     -----------     ----------     -----------
</Table>

D. Financial Highlights

<Table>
<Caption>
                                                         Year To Date 2001     Second Quarter 2001
                                                         ------------------    -------------------
     <S>                                                 <C>                   <C>
     Performance per Interest
        Net asset value, beginning of period                  $ 121.87               $123.31
                                                         ------------------    -------------------
        Net realized gain (loss) and change in net
           unrealized gain/loss on commodity
           transactions                                          (6.88)                (9.52)
        Interest income                                           2.99                  1.28
        Expenses                                                 (5.66)                (2.75)
                                                         ------------------    -------------------
        Decrease for the period                                  (9.55)               (10.99)
                                                         ------------------    -------------------
        Net asset value, end of period                        $ 112.32               $112.32
                                                         ------------------    -------------------
                                                         ------------------    -------------------

     Total return                                                (7.84)%               (8.91)%

     Ratio to average net assets
        Interest income                                           5.16%                 4.55%
        Expenses                                                  9.65%                 9.71%
</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 June 29, 2001 resulted in additional gross proceeds to Series
B of $23,983,244. 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, Second Quarter 2001 and
for the period from June 10, 1998 (commencement of operations) to June 29, 2001
were $4,169,011, $2,984,351 and $16,961,792, respectively. Redemptions of
general interests for Year To Date 2001 and for the period from June 10, 1998
(commencement of operations) to June 29, 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 June 29, 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

   The net asset value per Interest as of June 29, 2001 was $112.32, a decrease
of 7.84% from the December 31, 2000 net asset value per Interest of $121.87 and
a decrease of 8.91% from the March 30, 2001 net asset value per Interest of
$123.31. Past performance is not necessarily indicative of future results.

   Series B's gross trading losses were approximately $775,000 and $1,144,000
during Year To Date 2001 and Second Quarter 2001, respectively, compared to
$1,399,000 and $778,000 for Year To Date 2000 and Second 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 Second Quarter 2001 trading results is presented below.

Quarterly Market Overview

   The global economy remained sluggish during the second quarter of 2001 and as
a result, U.S. and global stock markets continued their downward trend. In the
U.S., heightened concerns regarding cutbacks in industrial production and future
sales caused downward revisions of corporate earnings. Business investment and
capital spending were weak and appeared to be decreasing further, reflecting in
part the downtrend in manufacturing output. Labor demand weakened considerably
and unemployment rose. Consumer spending held up relatively well despite
deceleration in income, reduced household net worth, and deterioration in
consumer sentiment. Economic activity in foreign industrial countries
decelerated as well, due in part to softening of the U.S. economy, weakness in
world high-tech markets and the downward adjustment in global equity prices.
Expansion in Europe, including the United Kingdom, and Canada slowed
significantly, while the Japanese economy slowed after a brief rebound late last
year. In addition, economic growth in many developing countries softened,
reflecting, in part, weaker external demand. In the U.S., overall inflation, as
measured by the Consumer Price Index (CPI), increased slightly, but was held
down by a deceleration in energy prices.

   As a result of weak global economies, equity markets continued to perform
poorly during most of the quarter. In April, U.S. equity markets, particularly
the NASDAQ, rallied briefly after the U.S. Federal Reserve (Fed) called an
unscheduled meeting to lower interest rates before falling once again amid
continuing softening economies and fears of weak corporate earnings. Markets
rose briefly once again in June following the U.S. Federal Reserve's 25 basis
point interest rate cut. This smaller than anticipated rate reduction seemed to
signal a cessation of the Fed1s recent series of aggressive rate cuts and caused
many investors to exit the bond market and invest in equities.

   Interest rate instruments trended upward throughout most of the quarter as
major central banks cut short-term interest rates in an attempt to bolster
slowing economies. The U.S. Federal Reserve cut rates three times during the
quarter lowering rates from 4.50% to 3.75%. The European Central Bank and the
Bank of England cut interest rates by 25 basis points in May. This was the third
interest rate reduction in five months for the Bank of England. Global bonds
reversed downward towards quarter-end as the Fed cut rates by only 25 basis
points, driving many investors out of interest rate instruments and into
equities.

   In foreign exchange markets, the Japanese yen started the quarter strong
before weakening against the U.S. dollar and other foreign currencies. This
followed a government report that Japan's GDP shrank in the first quarter,
generating fears that the Japanese economy may be slipping into recession. The
Canadian dollar posted gains against the U.S. dollar as economic reports showed
a 1.7% increase in exports to the U.S. in June. The British pound reached a 15
year low against the U.S. dollar in June amid concern that England would join
the European Monetary Union. The euro declined against the U.S. dollar as well,
amid signs of continuing weakness in the European economy.

   Energy prices fell in response to growing inventory levels of crude oil and
related products. The American Petroleum Institute reported that the U.S.
gasoline supply had reached its highest level in two years. Swelling energy
inventories fed fears of an overall weakening demand for fuels in the slowing
global economy. Additionally, the market fell when tropical storm Allison caused
less damage along the Gulf Coast than was originally feared.

                                       8

<Page>

Quarterly Performance of Series B

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

   Interest rates (-): Prices of most interest rate instruments trended upward
throughout most of the quarter due to short-term interest rate cuts by major
central banks in an attempt to bolster slowing economies. Short positions in
U.S. government and euro bonds resulted in losses for Series B.

   Currencies (-): After a strong start, the Japanese yen declined against the
U.S. dollar and many European currencies as the Japanese economy exhibited signs
of weakness. Long Japanese yen and short euro/yen cross-rate positions resulted
in losses. The euro declined against the U.S. dollar, Swiss franc and other
foreign currencies amid fears of weakening European economies resulting in
losses for long positions.

   Metals (-): Gold prices rallied to a ten month high in May before reversing
course amid rumors that Russia would sell a portion of its gold reserve. Long
gold positions incurred losses for Series B. Rate cuts by U.S. and European
central banks stirred fears of inflation driving metal prices higher. Short
copper and aluminum positions resulted in losses.

   Stock indices (-): Weak global economies and concerns regarding corporate
earnings resulted in continued poor performance in the equity markets. Nikkei
Dow and DAX positions resulted in losses for Series B.

   Energies (+): Short crude oil positions resulted in gains as increased
inventories and weakening demand drove prices downward.

   Decreases in interest income, commissions and management fees during Year To
Date 2001 as compared to Year To Date 2000 and Second Quarter 2001 as compared
to Second Quarter 2000 are primarily due to the effect of redemptions 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
$313,000 and $193,000 during Year To Date 2001 as compared to Year To Date 2000
and Second Quarter 2001 as compared to Second 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 $321,000 and $166,000
during Year To Date 2001 as compared to Year To Date 2000 and Second Quarter
2001 as compared to Second 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 $83,000 and $43,000 during Year To Date 2001 as compared to Year
To Date 2000 and Second Quarter 2001 as compared to Second 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

<Page>

                                   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: August 10, 2001
     ----------------------------
     Steven Carlino
     Vice President and Treasurer
                                       11