<PAGE>
                       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: 0-25789

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

Delaware                                        13-3985042
--------------------------------------------------------------------------------
(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 C
                          (a Delaware Business Trust)
                       STATEMENTS OF FINANCIAL CONDITION
                                  (Unaudited)
<TABLE>
<CAPTION>
                                                                        March 30,      December 31,
                                                                           2001            2000
<S>                                                                     <C>            <C>
---------------------------------------------------------------------------------------------------
ASSETS
Cash                                                                    $7,783,886      $8,485,803
Net unrealized gain on open futures contracts                            1,307,497       1,364,440
Accrued interest receivable                                                  1,370              --
                                                                        ----------     ------------
Total assets                                                            $9,092,753      $9,850,243
                                                                        ----------     ------------
                                                                        ----------     ------------
LIABILITIES AND TRUST CAPITAL
Liabilities
Commissions payable                                                     $   65,029      $   70,591
Management fees payable                                                     17,693          24,235
Redemptions payable                                                         17,509          19,399
                                                                        ----------     ------------
Total liabilities                                                          100,231         114,225
                                                                        ----------     ------------
Commitments

Trust capital
Limited interests (94,413.824 and 103,274.013 interests outstanding)     8,899,392       9,633,406
General interests (988 and 1,100 interests outstanding)                     93,130         102,612
                                                                        ----------     ------------
Total trust capital                                                      8,992,522       9,736,018
                                                                        ----------     ------------
Total liabilities and trust capital                                     $9,092,753      $9,850,243
                                                                        ----------     ------------
                                                                        ----------     ------------

Net asset value per limited and general interests ('Interests')         $    94.26      $    93.28
                                                                        ----------     ------------
                                                                        ----------     ------------
---------------------------------------------------------------------------------------------------
                 The accompanying notes are an integral part of these statements.
</TABLE>

                                       2
<PAGE>
                         WORLD MONITOR TRUST--SERIES C
                          (a Delaware Business Trust)
                            STATEMENTS OF OPERATIONS
                                  (Unaudited)
<TABLE>
<CAPTION>
                                                                           For the         For the
                                                                         period from     period from
                                                                         January 1,      January 1,
                                                                           2001 to         2000 to
                                                                          March 30,       March 31,
                                                                            2001            2000
<S>                                                                      <C>             <C>
----------------------------------------------------------------------------------------------------
REVENUES
Net realized gain (loss) on commodity transactions                       $   234,917     $(3,469,660)
Change in net unrealized gain on open commodity positions                    (56,943)       (371,193)
Interest income                                                              124,709         230,627
                                                                         -----------     -----------
                                                                             302,683      (3,610,226)
                                                                         -----------     -----------
EXPENSES
Commissions                                                                  175,793         306,965
Management fees                                                               45,498          79,100
                                                                         -----------     -----------
                                                                             221,291         386,065
                                                                         -----------     -----------
Net income (loss)                                                        $    81,392     $(3,996,291)
                                                                         -----------     -----------
                                                                         -----------     -----------
ALLOCATION OF NET INCOME (LOSS)
Limited interests                                                        $    80,871     $(3,943,410)
                                                                         -----------     -----------
                                                                         -----------     -----------
General interests                                                        $       521     $   (52,881)
                                                                         -----------     -----------
                                                                         -----------     -----------
NET INCOME (LOSS) PER WEIGHTED AVERAGE LIMITED AND GENERAL INTEREST
Net income (loss) per weighted average limited and general interest      $       .80     $    (21.18)
                                                                         -----------     -----------
                                                                         -----------     -----------
Weighted average number of limited and general interests outstanding         101,455         188,677
                                                                         -----------     -----------
                                                                         -----------     -----------
----------------------------------------------------------------------------------------------------
</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              104,374.013     $9,633,406     $102,612      $9,736,018
Contributions                                     763.631         70,614           --          70,614
Net income                                                        80,871          521          81,392
Redemptions                                    (9,735.820)      (885,499)     (10,003 )      (895,502)
                                              -----------     ----------     ---------     ----------
Trust capital--March 30, 2001                  95,401.824     $8,899,392     $ 93,130      $8,992,522
                                              -----------     ----------     ---------     ----------
                                              -----------     ----------     ---------     ----------
-----------------------------------------------------------------------------------------------------
                  The accompanying notes are an integral part of these statements.
</TABLE>
                                       3
<PAGE>
                         WORLD MONITOR TRUST--SERIES C
                          (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 C ('Series C') 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 C'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 C 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 C, 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 C's Interests,
as well as its routine operational, administrative, legal and auditing costs.

   The costs charged to Series C for brokerage services for First Quarter 2001
and First Quarter 2000 were $175,793 and $306,965, respectively.

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

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

   As of March 30, 2001, a non-U.S. affiliate of the Managing Owner owns 172.024
limited interests of Series C.

C. Derivative Instruments and Associated Risks

   Series C 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 C'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 amount of the
contracts, which is typically many times that of Series C's net assets being
traded, significantly exceeds Series C's future cash requirements since Series C
intends to close out its open positions

                                       4
<PAGE>
prior to settlement. As a result, Series C is generally subject only to the risk
of loss arising from the change in the value of the contracts. As such, Series C
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
C's commitments to purchase commodities is limited to the gross or face amount
of the contracts held. However, when Series C 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 C 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 C holds and the liquidity and inherent
volatility of the markets in which Series C trades.

Credit risk

   When entering into futures or forward contracts, Series C 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 non-performance by one of their
members and, as such, should significantly reduce this credit risk. In cases
where the clearinghouse is not backed by the clearing members (i.e., some
foreign exchanges), it is normally backed by a consortium of banks or other
financial institutions. On the other hand, the sole counterparty to Series C's
forward transactions, if any, is PSI, Series C's commodity broker. Series C has
entered into a master netting agreement with PSI and, as a result, presents
unrealized gains and losses on open forward positions as a net amount in the
statements of financial condition, when applicable. The amount at risk
associated with counterparty non-performance of all of Series C'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 C.

   The Managing Owner attempts to minimize both credit and market risks by
requiring Series C 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 C, the Managing
Owner and the trading advisor, Series C 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 effective
date of the advisory agreement. Furthermore, the Second Amended and Restated
Declaration of Trust and Trust Agreement provides that Series C will liquidate
its positions, and eventually dissolve, if Series C 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 poli-
cies) upon the trading activities of the trading advisor as it, in good faith,
deems to be in the best interests of Series C.

   PSI, when acting as Series C's futures commission merchant in accepting
orders for the purchase or sale of domestic futures contracts, is required by
Commodity Futures Trading Commission ('CFTC') regulations to separately account
for and segregate as belonging to Series C all assets of Series C 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 $6,327,538.
Part 30.7 of the CFTC regulations also requires PSI to secure assets of Series C
related to foreign futures trading, which totalled $2,763,845 at March 30, 2001.
There are no segregation requirements for assets related to forward trading.

   As of March 30, 2001, Series C's open futures contracts mature within three
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                        $  807,956         $ 1,719         $  690,183         $    --
     Currencies                               209,438              --            299,500              --
     Commodities                              161,480          13,163             29,920          14,700
  Foreign exchanges
     Interest rates                            30,988          23,425            212,658              --
     Stock indices                            109,362              --             38,411          13,862
     Commodities                               26,580              --            122,330              --
                                           ----------       -----------       ----------       -----------
                                           $1,345,804         $38,307         $1,393,002         $28,562
                                           ----------       -----------       ----------       -----------
                                           ----------       -----------       ----------       -----------
</TABLE>

D. Financial Highlights

<TABLE>
<CAPTION>
                                                                           First Quarter 2001
                                                                           -------------------
        <S>                                                                <C>
        Performance per Interest
           Net asset value, beginning of period                                  $ 93.28
           Net realized gain and change in net unrealized gain/loss
              on commodity transactions                                             1.93
          Interest income                                                           1.23
          Expenses                                                                 (2.18)
                                                                                --------
          Increase for the period                                                   0.98
                                                                                --------
          Net asset value, end of period                                         $ 94.26
                                                                                --------
                                                                                --------
        Total return                                                                1.05%
        Ratio to average net assets
          Interest income                                                           5.34%
          Expenses                                                                  9.47%
</TABLE>

                                       6
<PAGE>
                         WORLD MONITOR TRUST--SERIES C
                          (a Delaware Business Trust)
           ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                      CONDITION AND RESULTS OF OPERATIONS

Liquidity and Capital Resources

   Series C commenced operations on June 10, 1998 with gross proceeds of
$5,706,177 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
C of $17,771,585. Additional Interests of Series C 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 C 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 $885,499 and
$10,673,705, respectively. Redemptions of general interests for First Quarter
2001 and for the period from June 10, 1998 (commencement of operations) to March
30, 2001 were $10,003 and $105,322, respectively. Additionally, Interests owned
in one series of World Monitor Trust (Series A, B and C) may be exchanged,
without any 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 March 30, 2001, 100% of Series C'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 C's trading in commodities. Inasmuch as the
sole business of Series C is to trade in commodities, Series C continues to own
such liquid assets to be used as margin. PSI credits Series C monthly with 100%
of the interest it earns on the average net assets in Series C'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 C from promptly liquidating its commodity
futures positions.

   Since Series C'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 C'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 C's
speculative trading, as well as the development of drastic market occurrences,
could result in monthly losses considerably beyond Series C'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
C 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 C's futures contracts.

   Series C 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 March 30, 2001 was $94.26, an increase
of 1.05% from the December 31, 2000 net asset value per Interest of $93.28. Past
performance is not necessarily indicative of future results.

   Series C's gross trading gains/(losses) were $178,000 during First Quarter
2001 compared to $(3,841,000) during First Quarter 2000. Due to the nature of
Series C's trading activities, a period to period comparison of its trading
results is not meaningful. However, a detailed discussion of Series C'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 C

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

                                       8
<PAGE>
   Interest rate (+): 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.

   Index (+): Weakness in the U.S. economy and negative earning reports from
blue chip and technology companies caused U.S. and many foreign equity markets
to tumble throughout the quarter. Short positions in the Hong Kong Hang Seng
Index and the Nikkei Dow resulted in gains.

   Softs (+): Short cotton positions resulted in gains as prices declined amid a
decrease in U.S. export levels, which generally leads to increased inventory.

   Currency (-): Series C incurred losses in long euro, Mexican peso 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 failure of
the European Central Bank to match the U.S. Federal Reserve's interest rate cuts
would jeopardize European economic growth relative to that of the U.S.

   Energy (-): Short energy positions resulted in losses as prices generally
remained high during the first quarter of the year. Crude oil prices rose in
January as OPEC announced production cuts.

   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 as well as poor trading performance
during the first half of 2000 on Series C's weekly net asset values, offset, in
part, by favorable trading performance during the fourth quarter of 2000 and
contributions received.

   Interest income is earned on the average net assets held at PSI and,
therefore, varies monthly according to interest rates, trading performance,
contributions and redemptions. Interest income decreased $106,000 during First
Quarter 2001 as compared to First Quarter 2000 due to the decrease in average
net asset levels as discussed above.

   Commissions are calculated on Series C's net asset value at the end of each
week and, therefore, vary according to weekly trading performance, contributions
and redemptions. Commissions decreased $131,000 during First Quarter 2001 as
compared to First Quarter 2000 due to the decrease in average net asset levels
as discussed above.

   As of June 7, 2000, Hyman Beck & Company, Inc. ('Hyman Beck') ceased to serve
as a trading advisor to Series C. The advisory agreement among Series C, the
Managing Owner and Hyman Beck was automatically terminated when the assets
allocated to Hyman Beck declined by greater than 33 1/3% from their initial
allocation on June 10, 1998. On November 13, 2000, the Managing Owner entered
into a new advisory agreement with Northfield Trading L.P. (the 'Trading
Advisor') to make the trading decisions for Series C.

   Management fees are calculated on Series C's net asset value allocated to the
trading advisor at the end of each week and, therefore, are affected by weekly
trading performance, contributions and redemptions. Management fees decreased
$34,000 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 C, the
Managing Owner and the trading advisor. No incentive fees were paid 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 Series C 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. (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 C's Registration Statement on Form S-1,
      File No. 333-43043)

 4.2--Form of Request for Redemption (incorporated by reference to Exhibit 4.2
      to Series C's Registration Statement on Form S-1, File No. 333-43043)

 4.3--Form of Exchange Request (incorporated by reference to Exhibit 4.3 to
      Series C's Registration Statement on Form S-1, File No. 333-43043)

 4.4--Form of Subscription Agreement (incorporated by reference to Exhibit 4.4
      to Series C's Registration Statement on Form S-1, File No. 333-43043)

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

                                       10
<PAGE>
                                   SIGNATURES

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

WORLD MONITOR TRUST--SERIES C

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