<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 March 30, 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>
                                                                        March 30,       December 31,
                                                                          2001              2000
<S>                                                                   <C>               <C>
----------------------------------------------------------------------------------------------------
ASSETS
Cash                                                                   $16,618,120      $15,726,465
Net unrealized gain on open futures contracts                              487,915        2,066,876
Accrued interest receivable                                                  2,578          --
Subscriptions receivable                                                   --                 3,042
                                                                      -------------     ------------
Total assets                                                           $17,108,613      $17,796,383
                                                                      -------------     ------------
                                                                      -------------     ------------
LIABILITIES AND TRUST CAPITAL
Liabilities
Commissions payable                                                    $   125,026      $   129,068
Redemptions payable                                                         83,074           34,170
Management fees payable                                                     32,915           34,053
                                                                      -------------     ------------
Total liabilities                                                          241,015          197,291
                                                                      -------------     ------------
Commitments

Trust capital
Limited interests (135,295.716 and 142,903.342 interests
  outstanding)                                                          16,682,640       17,416,280
General interests (1,500 and 1,500 interests outstanding)                  184,958          182,812
                                                                      -------------     ------------
Total trust capital                                                     16,867,598       17,599,092
                                                                      -------------     ------------
Total liabilities and trust capital                                    $17,108,613      $17,796,383
                                                                      -------------     ------------
                                                                      -------------     ------------

Net asset value per limited and general interest ('Interests')         $    123.31      $    121.87
                                                                      -------------     ------------
                                                                      -------------     ------------
----------------------------------------------------------------------------------------------------
                  The accompanying notes are an integral part of these statements.
</TABLE>
                                       2
<PAGE>
                         WORLD MONITOR TRUST--SERIES B
                          (a Delaware Business Trust)
                            STATEMENTS OF OPERATIONS
                                  (Unaudited)
<TABLE>
<CAPTION>
                                                              For the period from    For the period from
                                                                January 1, 2001        January 1, 2000
                                                                       to                     to
                                                                 March 30, 2001         March 31, 2000
<S>                                                           <C>                    <C>
---------------------------------------------------------------------------------------------------------
REVENUES
Net realized gain (loss) on futures contracts                     $  1,947,929           $ (1,167,318)
Change in net unrealized gain on open futures contracts             (1,578,961)               546,167
Interest income                                                        242,503                362,460
                                                              --------------------   --------------------
                                                                       611,471               (258,691)
                                                              --------------------   --------------------
EXPENSES
Commissions                                                            328,132                482,515
Management fees                                                         84,557                124,336
                                                              --------------------   --------------------
                                                                       412,689                606,851
                                                              --------------------   --------------------
Net income (loss)                                                 $    198,782           $   (865,542)
                                                              --------------------   --------------------
                                                              --------------------   --------------------
ALLOCATION OF NET INCOME (LOSS)
Limited interests                                                 $    196,636           $   (855,066)
                                                              --------------------   --------------------
                                                              --------------------   --------------------
General interests                                                 $      2,146           $    (10,476)
                                                              --------------------   --------------------
                                                              --------------------   --------------------
NET INCOME (LOSS) PER WEIGHTED AVERAGE LIMITED
AND GENERAL INTEREST
Net income (loss) per weighted average limited
  and general interest                                            $       1.40           $      (4.14)
                                                              --------------------   --------------------
                                                              --------------------   --------------------
Weighted average number of limited and general
  interests outstanding                                                141,794                209,099
                                                              --------------------   --------------------
                                                              --------------------   --------------------
---------------------------------------------------------------------------------------------------------
</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                                 2,083.106         254,384           --          254,384
Net income                                                      196,636        2,146          198,782
Redemptions                                  (9,690.732)     (1,184,660)          --       (1,184,660)
                                            -----------     -----------     ---------     -----------
Trust capital--March 30, 2001               136,795.716     $16,682,640     $184,958      $16,867,598
                                            -----------     -----------     ---------     -----------
                                            -----------     -----------     ---------     -----------
-----------------------------------------------------------------------------------------------------
                  The accompanying notes are an integral part of these statements.
</TABLE>
                                       3
<PAGE>
                         WORLD MONITOR TRUST--SERIES B
                          (a Delaware Business Trust)
                         NOTES TO FINANCIAL STATEMENTS
                                 March 30, 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 present fairly the financial position of
World Monitor Trust--Series B ('Series B') as of March 30, 2001 and the results
of its operations for the periods from January 1, 2001 to March 30, 2001 ('First
Quarter 2001') and January 1, 2000 to March 31, 2000 ('First 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 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 First Quarter 2001
and First Quarter 2000 were $328,132, and $482,515, 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 March 30, 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 contracts 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
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

                                       4
<PAGE>
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 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 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. 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 and is not allowed to commingle such assets with other assets of
PSI. At March 30, 2001, such segregated assets totalled $13,399,840. Part 30.7
of the CFTC regulations also requires PSI to secure assets of Series B related
to foreign futures trading which totalled $3,706,195 at March 30, 2001.

   As of March 30, 2001, all open futures contracts mature within six months.

                                       5
<PAGE>
   The following table presents the fair value of futures contracts at March 30,
2001 and December 31, 2000:

<TABLE>
<CAPTION>
                                                             2001                          2000
                                                   ------------------------     --------------------------
                                                    Assets      Liabilities       Assets       Liabilities
                                                   --------     -----------     ----------     -----------
<S>                                                <C>          <C>             <C>            <C>
Domestic exchanges
  Interest rates                                   $180,981      $       --     $  723,113      $       --
  Currencies                                        152,219          32,547        821,048              --
  Commodities                                       119,190              --         46,950          16,720
Foreign exchanges
  Stock indices                                      11,792           7,249         55,607              --
  Interest rates                                    196,858          81,170        523,732              --
  Commodities                                        21,240          73,399            556          87,410
                                                   --------     -----------     ----------     -----------
                                                   $682,280      $  194,365     $2,171,006      $  104,130
                                                   --------     -----------     ----------     -----------
                                                   --------     -----------     ----------     -----------
</TABLE>

D. Financial Highlights

<TABLE>
<CAPTION>
                                                                            First Quarter 2001
                                                                            ------------------
        <S>                                                                 <C>
        Performance per Interest
           Net asset value, beginning of period                                  $ 121.87
           Net realized gain and change in net unrealized gain
              on commodity transactions                                              2.64
           Interest income                                                           1.71
           Expenses                                                                 (2.91)
                                                                            ------------------
           Increase for the period                                                   1.44
                                                                            ------------------
           Net asset value, end of period                                        $ 123.31
                                                                            ------------------
                                                                            ------------------

        Total return                                                                 1.18%

        Ratio to average net assets
           Interest income                                                           5.60%
           Expenses                                                                  9.54%
</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 March 30, 2001 resulted in additional gross proceeds to Series
B of $23,828,143. 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 First Quarter 2001 and for the period from
June 10, 1998 (commencement of operations) to March 30, 2001 were $1,184,660 and
$13,977,441, respectively. While there were no redemptions of general interests
for First Quarter 2001, redemptions of general interests for the period from
June 10, 1998 (commencement of operations) to March 30, 2001 totalled $116,237.
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. Series A is no longer offered as
it achieved its subscription maximum during November 1999. Future contributions,
redemptions and exchanges will impact the amount of funds available for
investment in commodity contracts in subsequent periods.

   At March 30, 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 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 contracts.

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

Results of Operations

   The net asset value per Interest as of March 30, 2001 was $123.31, an
increase of 1.18% from the December 31, 2000 net asset value per Interest of
$121.87. Past performance is not necessarily indicative of future results.

                                       7
<PAGE>
   Series B's gross trading gains/(losses) were approximately $369,000 during
First Quarter 2001 compared to $(621,000) for the corresponding period in the
prior year. 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 First Quarter 2001 trading results is presented below.

Quarterly Market Overview

   The first quarter of 2001 brought a global economic slowdown to most world
markets, characterized by negative earning reports, layoffs and low
manufacturing numbers. Investor concerns regarding earnings sparked lower equity
prices and tighter terms on credit. Consumer spending and business capital
investment decelerated markedly, partly due to decreased consumer and business
confidence. This weakening, which was especially evident in durable goods
industries, led to large cutbacks in manufacturing outputs as numerous firms
attempted to cut excess inventory. In addition, elevated energy costs drained
consumer purchasing power and added to business costs, adversely affecting
profits and stock market valuations. Except for energy prices, inflation rates
remained subdued throughout the quarter.

   In light of the rapid weakening in economic expansion in recent months and
deterioration in business and consumer confidence, the U.S. Federal Reserve
followed a relatively aggressive policy, lowering rates three times during the
first quarter of 2001. The Fed's attempt to avoid recession in the U.S. included
a surprising 50 basis point cut between regularly scheduled Federal Open Market
Committee meetings for a total 150 basis point reduction for the quarter. The
Fed saw little inflation risk due to reduced pressure on resources which stemmed
from sluggish performance of the economy and relatively subdued expectations of
inflation. Other central banks followed the Fed's lead lowering interest rates
as well. In Japan, ongoing economic weakness reinforced expectations that the
Bank of Japan (BOJ) would reinstate its zero interest rate policy. While it
stopped short of directly cutting rates, in March the BOJ announced that it
would take other measures to guide rates lower. As poor corporate earnings and
weak economic data were released throughout the quarter, investors moved assets
from equity markets to fixed income, driving bond markets higher.

   Equity markets performed poorly across the board during the first quarter as
foreign stock markets generally followed the downtrend of the U.S. markets.
Technology stocks led the way and the NASDAQ fell to its lowest level in nearly
two years. Losses in the Dow Jones and NASDAQ brought these indices under the
key 10,000 and 2,000 levels, respectively, and the DAX, FTSE, CAC-40 and Nikkei
experienced similar losses.

   In foreign exchange markets, the U.S. dollar rose slightly against many
foreign currencies throughout the quarter, reflecting expectations that some of
those economies might be adversely affected by slower economic growth in the
United States. Additionally, the U.S. dollar strengthened as investors around
the globe felt that it was safest in this time of economic uncertainty. The
dollar also rose versus the Japanese yen throughout the quarter, reflecting
continuing economic stagnation in Japan. The euro rose against the U.S. dollar
at the beginning of the quarter as prospects for U.S. short-term economic growth
deteriorated relative to those for Europe. Later in the quarter, the euro traded
lower against the dollar as weak economic data was released in Germany and the
European Central Bank decided to leave interest rates unchanged, which dampened
the outlook for European Union growth.

   Energy prices generally remained high throughout most of the quarter. Crude
oil prices increased in January as OPEC announced a likely 5% cut in production.
In March, an agreement by OPEC members to cut production for the second time
this year was not enough to overcome concerns that slowing economies will reduce
oil consumption and prices declined slightly.

Quarterly Performance of Series B

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

   Interest rates (+): Fear of a U.S. recession and falling equity prices
together with the U.S. Federal Reserve's rate reduction strategy resulted in a
flight to quality in the bond market. Bond prices soared throughout the quarter
and gains resulted from long positions in eurobonds and Japanese government
bonds.

   Stock indices (+): Weakness in the U.S. economy and negative earning reports
from blue chip and technology companies caused U.S. and foreign equity markets
to tumble throughout the quarter. Short S&P 500 and Nikkei Dow positions
resulted in gains.

                                       8
<PAGE>
   Energies (-): Short energy positions resulted in losses as prices generally
remained high during the first quarter.

   Currencies (-): Series B incurred losses in long New Zealand dollar, British
pound, euro and Swiss franc positions as many foreign currencies weakened
against the U.S. dollar during the quarter. This was due, in part, to investors'
concern that the European Central Bank would fail to match the U.S. Federal
Reserve's interest rate cuts, thus jeopardizing European economic growth
relative to that of the U.S.

   Metals (-): Losses were incurred in long copper and aluminum positions as
prices declined in an environment of low inflation.

   Decreases in interest income, commissions and management fees during First
Quarter 2001 as compared to First Quarter 2000 are primarily due to the effect
of redemptions throughout 2000 and 2001 on Series B's weekly net asset values
offset, in part, by contributions received.

   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
$120,000 during First Quarter 2001 as compared to First Quarter 2000 due to the
decrease in average net asset levels discussed above.

   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 $154,000 during First
Quarter 2001 as compared to First Quarter 2000 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 $40,000 during First Quarter 2001 as compared to First Quarter
2000 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 First Quarter 2001 or First Quarter 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--Effective February 2001 and March 2001,
                           respectively, Alan J. Brody and A. Laurence Norton,
                           Jr. resigned as Directors of Prudential Securities
                           Futures Management Inc.

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: May 11, 2001
     ----------------------------------------
     Steven Carlino
     Vice President and Treasurer

                                       11