<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 27, 2002

                                       OR

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

For the transition period from _______________________ to ______________________

Commission file number: 0-25787

                         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
incorporation or organization)                        Identification No.)


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

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

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

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

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

<Page>

                         PART I. FINANCIAL INFORMATION
                          ITEM I. FINANCIAL STATEMENTS
                         WORLD MONITOR TRUST--SERIES B
                          (a Delaware Business Trust)

                       STATEMENTS OF FINANCIAL CONDITION
                                  (Unaudited)

<Table>
<Caption>
                                                                      September 27,     December 31,
                                                                          2002              2001
----------------------------------------------------------------------------------------------------
<S>                                                                   <C>               <C>
ASSETS
Cash                                                                   $ 9,797,466      $10,752,455
Net unrealized gain (loss) on open futures contracts                       412,300          (18,407 )
Accrued interest receivable                                                 16,322          --
                                                                      -------------     ------------
Total assets                                                           $10,226,088      $10,734,048
                                                                      -------------     ------------
                                                                      -------------     ------------
LIABILITIES AND TRUST CAPITAL
Liabilities
Commissions payable                                                    $    58,937      $    68,108
Management fees payable                                                     15,648           17,858
Redemptions payable                                                        --               110,284
                                                                      -------------     ------------
Total liabilities                                                           74,585          196,250
                                                                      -------------     ------------
Commitments

Trust capital
Limited interests (78,793.819 and 95,859.349 interests
  outstanding)                                                          10,038,371       10,407,513
General interests (888 and 1,200 interests outstanding)                    113,132          130,285
                                                                      -------------     ------------
Total trust capital                                                     10,151,503       10,537,798
                                                                      -------------     ------------
Total liabilities and trust capital                                    $10,226,088      $10,734,048
                                                                      -------------     ------------
                                                                      -------------     ------------

Net asset value per limited and general interest ('Interests')         $    127.40      $    108.57
                                                                      -------------     ------------
                                                                      -------------     ------------
----------------------------------------------------------------------------------------------------

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

                                       2

<Page>

                         WORLD MONITOR TRUST--SERIES B
                          (a Delaware Business Trust)

                       Condensed Schedules of Investments
                                  (Unaudited)

<Table>
<Caption>
                                                  September 27, 2002                  December 31, 2001
                                           --------------------------------    --------------------------------
                                           Net Unrealized                      Net Unrealized
                                            Gain (Loss)                         Gain (Loss)
                                             as a % of       Net Unrealized      as a % of       Net Unrealized
Futures Contracts                          Trust Capital      Gain (Loss)      Trust Capital      Gain (Loss)
---------------------------------------------------------------------------------------------------------------
<S>                                        <C>               <C>               <C>               <C>
Futures contracts purchased:
  Interest rates                                                $205,003                           $   59,973
  Currencies                                                      62,943                               17,755
  Commodities                                                   (101,202)                            (251,248)
                                                             --------------                      --------------
     Net unrealized gain (loss) on
     futures contracts purchased                 1.64%           166,744            (1.64)%          (173,520)
                                                             --------------                      --------------
Futures contracts sold:
  Stock indices                                                   82,943                               (1,200)
  Currencies                                                          --                              379,750
  Commodities                                                    162,613                             (223,437)
                                                             --------------                      --------------
     Net unrealized gain (loss) on
     futures contracts sold                      2.42            245,556             1.47             155,113
                                               ------        --------------        ------        --------------
     Net unrealized gain (loss) on
     futures contracts                           4.06%          $412,300            (0.17)%        $  (18,407)
                                               ------        --------------        ------        --------------
                                               ------        --------------        ------        --------------
Settlement Currency--Futures Contracts
  Euro                                           1.61%          $163,620             0.13%         $   13,461
  Japanese yen                                   0.01                532             0.05               5,542
  Australian dollar                             (0.04)            (4,512)              --                  --
  U.S. dollar                                    2.48            252,660            (0.35)            (37,410)
                                               ------        --------------        ------        --------------
     Total                                       4.06%          $412,300            (0.17)%        $  (18,407)
                                               ------        --------------        ------        --------------
                                               ------        --------------        ------        --------------
---------------------------------------------------------------------------------------------------------------
                       The accompanying notes are an integral part of these statements.
</Table>

                                       3

<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, 2002     January 1, 2001      June 29, 2002       June 30, 2001
                                         to                  to                  to                  to
                                    September 27,       September 28,       September 27,       September 28,
                                        2002                2001                2002                2001
---------------------------------------------------------------------------------------------------------------
<S>                               <C>                 <C>                 <C>                 <C>
REVENUES
Net realized gain (loss) on
  futures contracts                  $ 1,783,092         $   798,328         $ 1,432,197          $(302,367)
Change in net unrealized
  gain/loss on open futures
  contracts                              430,707          (1,294,848)           (247,282)           580,754
Interest income                          166,510             501,251              55,765            106,664
                                  -----------------   -----------------   -----------------   -----------------
                                       2,380,309               4,731           1,240,680            385,051
                                  -----------------   -----------------   -----------------   -----------------
EXPENSES
Commissions                              584,812             816,708             202,319            230,600
Management fees                          150,700             210,452              52,135             59,422
                                  -----------------   -----------------   -----------------   -----------------
                                         735,512           1,027,160             254,454            290,022
                                  -----------------   -----------------   -----------------   -----------------
Net income (loss)                    $ 1,644,797         $(1,022,429)        $   986,226          $  95,029
                                  -----------------   -----------------   -----------------   -----------------
                                  -----------------   -----------------   -----------------   -----------------
ALLOCATION OF NET INCOME (LOSS)
Limited interests                    $ 1,623,524         $(1,009,371)        $   973,872          $  93,597
                                  -----------------   -----------------   -----------------   -----------------
                                  -----------------   -----------------   -----------------   -----------------
General interests                    $    21,273         $   (13,058)        $    12,354          $   1,432
                                  -----------------   -----------------   -----------------   -----------------
                                  -----------------   -----------------   -----------------   -----------------
NET INCOME (LOSS) PER WEIGHTED
AVERAGE LIMITED AND GENERAL
INTEREST
Net income (loss) per weighted
  average limited and general
  interest                           $     18.05         $     (8.29)        $     11.56          $     .87
                                  -----------------   -----------------   -----------------   -----------------
                                  -----------------   -----------------   -----------------   -----------------
Weighted average number of
  limited and general interests
  outstanding                             91,135             123,344              85,302            109,360
                                  -----------------   -----------------   -----------------   -----------------
                                  -----------------   -----------------   -----------------   -----------------

---------------------------------------------------------------------------------------------------------------
</Table>

                     STATEMENT OF CHANGES IN TRUST CAPITAL
                                  (Unaudited)
<Table>
<Caption>
                                                              LIMITED        GENERAL
                                             INTERESTS       INTERESTS      INTERESTS        TOTAL
-----------------------------------------------------------------------------------------------------
<S>                                         <C>             <C>             <C>           <C>
Trust capital--December 31, 2001             97,059.349     $10,407,513     $130,285      $10,537,798
Contributions                                   378.869          39,871           --           39,871
Net income                                                    1,623,524       21,273        1,644,797
Redemptions                                 (17,756.399)     (2,032,537)     (38,426 )     (2,070,963)
                                            -----------     -----------     ---------     -----------
Trust capital--September 27, 2002            79,681.819     $10,038,371     $113,132      $10,151,503
                                            -----------     -----------     ---------     -----------
                                            -----------     -----------     ---------     -----------

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

                                       4

<Page>

                         WORLD MONITOR TRUST--SERIES B
                          (a Delaware Business Trust)

                         NOTES TO FINANCIAL STATEMENTS
                               September 27, 2002
                                  (Unaudited)

A. General

   These financial statements have been prepared without audit. In the opinion
of Prudential Securities Futures Management Inc. (the 'Managing Owner'), the
financial statements contain all adjustments (consisting of only normal
recurring adjustments) necessary to state fairly the financial position of World
Monitor Trust--Series B ('Series B') as of September 27, 2002 and December 31,
2001 and the results of its operations for the periods from January 1, 2002 to
September 27, 2002 ('Year-To-Date 2002'), January 1, 2001 to September 28, 2001
('Year-To-Date 2001'), June 29, 2002 to September 27, 2002 ('Third Quarter
2002') and June 30, 2001 to September 28, 2001 ('Third Quarter 2001'). 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, 2001.

   The Managing Owner suspended the offering of Interests in Series B and World
Monitor Trust--Series C ('Series C') upon the expiration of selling
registrations, which expired by April 30, 2002.

B. Related Parties

   The Managing Owner of Series B is a wholly-owned subsidiary of Prudential
Securities Incorporated ('PSI'), which, in turn, is an indirect wholly-owned
subsidiary of Prudential Financial, Inc. The Managing Owner or its affiliates
perform services for 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 Series B's routine operational,
administrative, legal and auditing costs. Additionally, PSI or its affiliates
paid the costs associated with offering Series B's Interests.

   The costs charged to Series B for brokerage services for Year-To-Date 2002,
Year-To-Date 2001, Third Quarter 2002 and Third Quarter 2001 were $584,812,
$816,708, $202,319 and $230,600, respectively.

   All of the proceeds of the offering of Series B were received in the name of
Series B and were 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.

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

                                       5

<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 the particular exchange.
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 on all of Series B's contracts is
the net unrealized gain included in the statements of financial condition;
however, counterparty nonperformance on only certain of Series B's contracts may
result in greater loss than nonperformance on all of Series B's contracts. 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 permitted to commingle such assets with other assets
of PSI. At September 27, 2002, such segregated assets totalled $6,369,671. Part
30.7 of the CFTC regulations also requires PSI to secure assets of Series B
related to foreign futures trading which totalled $3,840,095 at September 27,
2002.

   As of September 27, 2002, Series B's open futures contracts mature within six
months.

                                       6

<Page>

D. Financial Highlights

<Table>
<Caption>
                                    Year-To-Date    Year-To-Date    Third Quarter     Third Quarter
                                        2002            2001             2002              2001
                                    ------------    ------------    --------------    --------------
   <S>                              <C>             <C>             <C>               <C>
   Performance per Interest
      Net asset value, beginning
      of period                       $ 108.57        $ 121.87         $ 116.00          $ 112.32
                                    ------------    ------------    --------------    --------------
      Net realized gain (loss)
         and change in net
         unrealized gain/loss on
         commodity transactions          25.11           (4.00)           13.74              2.88
      Interest income                     1.84            3.96             0.66               .97
      Expenses                           (8.12)          (8.32)           (3.00)            (2.66)
                                    ------------    ------------    --------------    --------------
      Increase (decrease) for the
      period                             18.83           (8.36)           11.40              1.19
                                    ------------    ------------    --------------    --------------
      Net asset value, end of
      period                          $ 127.40        $ 113.51         $ 127.40          $ 113.51
                                    ------------    ------------    --------------    --------------
                                    ------------    ------------    --------------    --------------
   Total return                          17.34%          (6.86)%           9.83%             1.06%

   Ratio to average net assets
     (annualized)
      Interest income                     2.19%           4.72%            2.15%             3.59%
      Expenses                            9.67%           9.67%            9.82%             9.75%
</Table>

   These financial highlights represent the overall results of Series B during
Year-To-Date 2002, Year-To-Date 2001, Third Quarter 2002 and Third Quarter 2001.
An individual limited owner's actual results may differ depending on the timing
of contributions and redemptions.

                                       7

<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. Interests in Series B continued to
be offered weekly and resulted in additional gross proceeds to Series B of
$24,385,015. The Managing Owner suspended the offering of Interests in Series B
and Series C and allowed all selling registrations to expire by April 30, 2002.
Additionally, Series A achieved its subscription maximum of $34,000,000 during
November 1999. As such, Interests in one series of World Monitor Trust may no
longer be exchanged for Interests of one or more other series of World Monitor
Trust.

   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 2002, Third Quarter 2002 and
for the period from June 10, 1998 (commencement of operations) to September 27,
2002 were $2,032,537, $1,280,874 and $21,089,337, respectively. Redemptions of
general interests for Year-To-Date 2002 and for the period from June 10, 1998
(commencement of operations) to September 27, 2002 were $38,426 and $188,201,
respectively. Future redemptions will impact the amount of funds available for
investment in commodity contracts in subsequent periods.

   At September 27, 2002, 100% of Series B's net assets were allocated to
commodities trading. A significant portion of the net assets was held in cash
which was 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.

Results of Operations

   The net asset value per Interest as of September 27, 2002 was $127.40, an
increase of 17.34% from the December 31, 2001 net asset value per Interest of
$108.57 and an increase of 9.83% from the June 28, 2002 net asset value per
Interest of $116.00. Past performance is not necessarily indicative of future
results.

   Series B's trading gains (losses) before commissions were approximately
$2,214,000 and $1,185,000 during Year-To-Date 2002 and Third Quarter 2002,
respectively, compared to $(497,000) and $278,000 for

                                       8

<Page>

Year-To-Date 2001 and Third Quarter 2001, 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 2002 trading results is presented below.

Quarterly Market Overview

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

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

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

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

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

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

Quarterly Performance of Series B

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

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

   Indices (+): Short positions in the S&P 500, Euro DAX and NASDAQ resulted in
gains as weak economic data and disappointing earning reports pressed global
equity markets downward throughout the quarter.

   Energies (+): Energy prices rallied amid speculation of imminent war with
Iraq and seasonal demand pressure. Long natural gas positions resulted in gains.

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

                                       9

<Page>

   Metals (-): Weak economic conditions caused price declines in industrial
metals resulting in losses in long copper positions. Short gold positions
incurred losses as precious metal prices rose in response to uncertainty in the
Middle East and the weak global economy.

   Decreases in interest income, commissions and management fees during
Year-To-Date 2002 as compared to Year-To-Date 2001 and Third Quarter 2002 as
compared to Third Quarter 2001 are primarily due to the effect of redemptions as
well as unfavorable trading performance during 2001 on Series B's weekly net
asset values offset, in part, by contributions received and favorable trading
performance during Year-To-Date 2002, 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
$335,000 and $51,000 during Year-To-Date 2002 as compared to Year-To-Date 2001
and Third Quarter 2002 as compared to Third Quarter 2001, respectively, due to
the decrease in average net asset levels discussed above as well as lower
overall interest rates during 2002 versus 2001.

   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 $232,000 and $28,000
during Year-To-Date 2002 as compared to Year-To-Date 2001 and Third Quarter 2002
as compared to Third Quarter 2001, 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 $60,000 and $7,000 during Year-To-Date 2002 as compared to
Year-To-Date 2001 and Third Quarter 2002 as compared to Third Quarter 2001,
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 2002 or Year-To-Date 2001.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

ITEM 4. CONTROLS AND PROCEDURES

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

                                       10

<Page>

                           PART II. OTHER INFORMATION

Item 1. Legal Proceedings--There are no material legal proceedings pending by
        or against the 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
                  Agreement 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)

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

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

                                       11

<Page>
                                   SIGNATURES

   Pursuant to the requirements of the Securities Exchange Act of 1934, the
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 Weinreb                       Date: November 12, 2002
     ----------------------------------------
     Steven Weinreb
     Chief Financial Officer

                                 CERTIFICATIONS

I, Eleanor L. Thomas, certify that:

   1.  I have reviewed this quarterly report on Form 10-Q of World Monitor
       Trust--Series B ('Series B');

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

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

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

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

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

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

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

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

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

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

Date:  November 12, 2002               /s/ Eleanor L. Thomas
                                       --------------------------------------
                                       Eleanor L. Thomas
                                       President (chief executive officer)
                                        of the managing owner of Series B

                                       12

<Page>

I, Steven Weinreb, certify that:

   1.  I have reviewed this quarterly report on Form 10-Q of World Monitor
       Trust--Series B ('Series B');

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

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

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

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

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

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

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

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

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

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

Date:  November 12, 2002               /s/ Steven Weinreb
                                       --------------------------------------
                                       Steven Weinreb
                                       Chief Financial Officer
                                        of the managing owner of Series B

                                       13