<PAGE>

                                                         2000
--------------------------------------------------------------------------------
World Monitor Trust--Series A                            Annual
                                                         Report
 
<PAGE>
<PAGE>

                         WORLD MONITOR TRUST--SERIES A

                                                                      March 2001

Dear Limited Owner:


                                       1

<PAGE>

PricewaterhouseCoopers (LOGO)

                                               PricewaterhouseCoopers LLP
                                               1177 Avenue of the Americas
                                               New York, NY 10036
                                               Telephone (212) 596 8000
                                               Facsimile (212) 596 8910

                       Report of Independent Accountants

To the Managing Owner and
Limited Owners of
World Monitor Trust--Series A

In our opinion, the accompanying statements of financial condition and the
related statements of operations and changes in trust capital present fairly, in
all material aspects, the financial position of World Monitor Trust--Series A at
December 31, 2000 and 1999, and the results of its operations for the years
ended December 31, 2000 and 1999 and for the period from June 10, 1998
(commencement of operations) to December 31, 1998 in conformity with accounting
principles generally accepted in the United States of America. These financial
statements are the responsibility of the Managing Owner; our responsibility is
to express an opinion on these financial statements based on our audits. We
conducted our audits of these statements in accordance with auditing standards
generally accepted in the United States of America which require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by the Managing Owner, and evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.

/s/ PricewaterhouseCoopers LLP

January 26, 2001

                                       2

<PAGE>

                         WORLD MONITOR TRUST--SERIES A
                          (a Delaware Business Trust)
                       STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
                                                                              December 31,
                                                                      -----------------------------
                                                                          2000             1999
---------------------------------------------------------------------------------------------------
<S>                                                                   <C>               <C>
ASSETS
Cash                                                                   $ 8,755,205      $26,587,416
Net unrealized gain on open futures contracts                              531,296          924,338
                                                                      -------------     -----------
Total assets                                                           $ 9,286,501      $27,511,754
                                                                      -------------     -----------
                                                                      -------------     -----------
LIABILITIES AND TRUST CAPITAL
Liabilities
Net unrealized loss on open forward contracts                          $        --      $ 2,211,068
Commissions payable                                                         64,688          185,065
Management fees payable                                                      9,311           48,596
Redemptions payable                                                          3,042           83,436
                                                                      -------------     -----------
Total liabilities                                                           77,041        2,528,165
                                                                      -------------     -----------
Commitments
Trust capital
Limited interests (120,332.109 and 320,147.380 interests
outstanding)                                                             9,115,823       24,729,908
General interests (1,236 and 3,284 interests outstanding)                   93,637          253,681
                                                                      -------------     -----------
Total trust capital                                                      9,209,460       24,983,589
                                                                      -------------     -----------
Total liabilities and trust capital                                    $ 9,286,501      $27,511,754
                                                                      -------------     -----------
                                                                      -------------     -----------
Net asset value per limited and general interest ('Interests')         $     75.76      $     77.25
                                                                      -------------     -----------
                                                                      -------------     -----------
---------------------------------------------------------------------------------------------------
<CAPTION>
                 The accompanying notes are an integral part of these statements.
</TABLE>
                                       3

<PAGE>

                         WORLD MONITOR TRUST--SERIES A
                          (a Delaware Business Trust)
                            STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
                                                                                       For the period
                                                                                            from
                                                                                        June 10, 1998
                                                        Year ended December 31,       (commencement of
                                                      ----------------------------     operations) to
                                                          2000            1999        December 31, 1998
-------------------------------------------------------------------------------------------------------
<S>                                                   <C>             <C>             <C>
REVENUES
Net realized gain (loss) on commodity transactions    ($3,245,181)    $(3,253,798)        $ 174,935
Net unrealized gain (loss) on open commodity
  positions                                             1,818,026      (1,183,487)         (103,243)
Interest income                                         1,149,804         922,393           272,034
                                                      ------------    ------------    -----------------
                                                         (277,351)     (3,514,892)          343,726
                                                      ------------    ------------    -----------------
EXPENSES
Commissions                                             1,387,964       1,348,655           381,231
Management fees                                           229,367         347,528            98,289
Incentive fees                                                 --             385            36,064
                                                      ------------    ------------    -----------------
                                                        1,617,331       1,696,568           515,584
                                                      ------------    ------------    -----------------
Net loss                                              $(1,894,682)    $(5,211,460)        $(171,858)
                                                      ------------    ------------    -----------------
                                                      ------------    ------------    -----------------
ALLOCATION OF NET LOSS
Limited interests                                     $(1,876,633)    $(5,154,378)        $(170,904)
                                                      ------------    ------------    -----------------
                                                      ------------    ------------    -----------------
General interests                                     $   (18,049)    $   (57,082)        $    (954)
                                                      ------------    ------------    -----------------
                                                      ------------    ------------    -----------------
NET LOSS PER WEIGHTED AVERAGE LIMITED AND GENERAL
INTEREST
Net loss per weighted average limited and general
  interest                                            $     (7.42 )   $    (27.31)        $   (1.96)
                                                      ------------    ------------    -----------------
                                                      ------------    ------------    -----------------
Weighted average number of limited and general
  interests outstanding                                   255,349         190,828            87,552
                                                      ------------    ------------    -----------------
                                                      ------------    ------------    -----------------
<CAPTION>
-------------------------------------------------------------------------------------------------------
</TABLE>

                     STATEMENTS OF CHANGES IN TRUST CAPITAL
<TABLE>
<CAPTION>
                                                              LIMITED        GENERAL
                                            INTERESTS        INTERESTS      INTERESTS        TOTAL
------------------------------------------------------------------------------------------------------
<S>                                        <C>              <C>             <C>           <C>
Trust capital--December 31, 1997                 10.000     $   --          $   1,000     $      1,000
Contributions                               111,257.885      10,972,172       137,584       11,109,756
Net loss                                                       (170,904)         (954)        (171,858)
Redemptions                                  (1,299.730)       (128,152)       --             (128,152)
                                           ------------     -----------     ---------     ------------
Trust capital--December 31, 1998            109,968.155      10,673,116       137,630       10,810,746
Contributions                               255,845.193      23,000,355       190,540       23,190,895
Net loss                                                     (5,154,378)      (57,082)      (5,211,460)
Redemptions                                 (42,381.968)     (3,789,185)      (17,407)      (3,806,592)
                                           ------------     -----------     ---------     ------------
Trust capital--December 31, 1999            323,431.380      24,729,908       253,681       24,983,589
Net loss                                                     (1,876,633)      (18,049)      (1,894,682)
Redemptions                                (201,863.271)    (13,737,452)     (141,995)     (13,879,447)
                                           ------------     -----------     ---------     ------------
Trust capital--December 31, 2000            121,568.109     $ 9,115,823     $  93,637     $  9,209,460
                                           ------------     -----------     ---------     ------------
                                           ------------     -----------     ---------     ------------
<CAPTION>
------------------------------------------------------------------------------------------------------
                   The accompanying notes are an integral part of these statements.
</TABLE>
                                       4

<PAGE>

                         WORLD MONITOR TRUST--SERIES A
                          (a Delaware Business Trust)
                         NOTES TO FINANCIAL STATEMENTS

A. General

The Trust, Trustee, Managing Owner and Affiliates

   World Monitor Trust (the 'Trust') is a business trust organized under the
laws of Delaware on December 17, 1997. The Trust commenced trading operations on
June 10, 1998 and will terminate on December 31, 2047 unless terminated sooner
as provided in the Second Amended and Restated Declaration of Trust and Trust
Agreement. The Trust consists of three separate and distinct series ('Series'):
Series A, B and C. The assets of each Series are segregated from those of the
other Series, separately valued and independently managed. Each Series was
formed to engage in the speculative trading of a diversified portfolio of
futures, forward and options contracts and may, from time to time, engage in
cash and spot transactions. The trustee of the Trust is Wilmington Trust
Company. The managing owner is Prudential Securities Futures Management Inc.
(the 'Managing Owner'), a wholly owned subsidiary of Prudential Securities
Incorporated ('PSI'), which, in turn, is a wholly owned subsidiary of Prudential
Securities Group Inc. PSI is the selling agent for the Trust as well as its
commodity broker ('Commodity Broker').

The Offering

   Beneficial interests in each Series ('Interests') are offered once each week
until each Series' subscription maximum has been issued either through sale or
exchange. On June 10, 1998, a sufficient number of subscriptions for each Series
had been received and accepted by the Managing Owner to permit each Series to
commence trading. Series A completed its initial offering with gross proceeds of
$6,039,177 from the sale of 59,631.775 limited interests and 760 of general
interests. General interests were sold exclusively to the Managing Owner.

   Series A was offered until it achieved its subscription maximum of
$34,000,000 during November 1999. Interests in Series B and Series C will
continue to be offered on a weekly basis at the net asset value per Interest
('Continuous Offering Period') until the subscription maximum of $33,000,000 for
each Series is sold. Series B and Series C will continue to be offered to
investors who meet certain established suitability standards, with a minimum
initial subscription of $5,000 ($2,000 for an individual retirement account) per
subscriber, although the minimum purchase for any single Series is $1,000.
Additional purchases may be made in $100 increments.

   The Managing Owner is required to maintain at least a 1% interest in the
capital, profits and losses of each Series so long as it is acting as the
Managing Owner, and it has made contributions (and in return has received
general interests) as were necessary to meet this requirement.

The Trading Advisor

   Each Series has its own independent commodity trading advisor that makes that
Series' trading decisions. The Managing Owner has allocated 100% of the proceeds
from the initial and continuous offering of Series A to its trading advisor. The
Managing Owner, on behalf of the Trust, initially entered into an advisory
agreement (the 'Initial Advisory Agreement') with Eagle Trading Systems, Inc.
(the 'Trading Advisor') to make the trading decisions for Series A utilizing
both the Eagle-Global System and the Eagle-FX System.

   Effective December 6, 1999, the Eagle-Global System became the exclusive
trading program used by the Trading Advisor to trade Series A's assets. In
conjunction with this change, the Managing Owner and the Trading Advisor
voluntarily agreed to terminate the Initial Advisory Agreement and enter into a
new advisory agreement (the 'New Advisory Agreement') effective March 21, 2000.

   Pursuant to the New Advisory Agreement, the Trading Advisor will be paid a
weekly management fee at an annual rate of 1% of Series A's net asset value
until the net asset value per Interest is at least $80 for a period of 10
consecutive business days, at which time the weekly management fee will be
increased to an annual rate of 2% (i.e. the rate pursuant to the Initial
Advisory Agreement). Additionally, although the term of the New Advisory
Agreement commenced on March 21, 2000, the Trading Advisor must recoup all
trading losses incurred under the Initial Advisory Agreement before an incentive
fee is paid. The incentive fee is discussed further in Note C. Furthermore, the
New Advisory Agreement resets the net asset value for

                                       5

<PAGE>

purpose of its termination provisions, as more fully discussed in Note F. The
New Advisory Agreement may be terminated for a variety of reasons, including at
the discretion of the Managing Owner.

Exchanges, Redemptions and Termination

   Interests owned in one Series may be exchanged, without any charge, for
Interests of one or more other Series 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.
Exchanges are made at the applicable Series' then current net asset value per
Interest as of the close of business on the Friday immediately preceding the
week in which the exchange request is effected. The exchange of Interests is
treated as a redemption of Interests in one Series (with the related tax
consequences) and the simultaneous purchase of Interests in the Series exchanged
into.

   Redemptions are permitted on a weekly basis. Interests redeemed on or before
the end of the first and second successive six-month periods after their
effective dates of purchase are subject to a redemption fee of 4% and 3%,
respectively, of the net asset value at which they are redeemed. Redemption fees
are paid to the Managing Owner.

   In the event that the estimated net asset value per Interest of a Series at
the end of any business day, after adjustments for distributions, declines by
50% or more since the commencement of trading activities or the first day of a
fiscal year, the Series will terminate.

B. Summary of Significant Accounting Policies

Basis of accounting

   The financial statements of Series A are prepared in accordance with
accounting principles generally accepted in the United States of America.

   Commodity futures and forward transactions are reflected in the accompanying
statements of financial condition on trade date. The difference between the
original contract amount and market value is reflected as net unrealized gain or
loss. The market value of each contract is based upon the closing quotation on
the exchange, clearing firm or bank on, or through, which the contract is
traded.

   The weighted average number of limited and general interests outstanding was
computed for purposes of disclosing net loss per weighted average limited and
general interest. The weighted average limited and general interests are equal
to the number of Interests outstanding at period end, adjusted proportionately
for Interests subscribed and redeemed based on their respective time outstanding
during such period.

   Series A has elected not to provide a Statement of Cash Flows as permitted by
Statement of Financial Accounting Standards No. 102, 'Statement of Cash
Flows--Exemption of Certain Enterprises and Classification of Cash Flows from
Certain Securities Acquired for Resale.'

Income taxes

   Series A is treated as a partnership for Federal income tax purposes. As
such, Series A is not required to provide for, or pay, any federal or state
income taxes. Income tax attributes that arise from its operations are passed
directly to the individual Interest holders including the Managing Owner. Series
A may be subject to other state and local taxes in jurisdictions in which it
operates.

Profit and loss allocations and distributions

   Series A allocates profits and losses for both financial and tax reporting
purposes to its Interest holders weekly on a pro rata basis based on each
owner's Interests outstanding during the week. Distributions (other than
redemptions of Interests) may be made at the sole discretion of the Managing
Owner on a pro rata basis in accordance with the respective capital balances of
the Interest holders; however, the Managing Owner does not presently intend to
make any distributions.

New Accounting Guidance

   In June 2000, the Financial Accounting Standards Board ('FASB') issued
Statement No. 138, Accounting for Certain Derivative Instruments and Certain
Hedging Activities--an amendment of FASB Statement No.

                                       6

<PAGE>

133 ('SFAS 138'), which became effective for Series A on July 1, 2000. SFAS 138
amends the accounting and reporting standards of FASB Statement No. 133 for
certain derivative instruments and certain hedging activities. SFAS 138 has not
had a material effect on the carrying value of assets and liabilities within the
financial statements.

C. Fees

Organizational, offering, general and administrative costs

   PSI or its affiliates paid the costs of organizing Series A and offering its
Interests and continue to pay the administrative costs incurred by the Managing
Owner or its affiliates for services they perform for Series A. These costs
include, but are not limited to, those discussed in Note D below. Routine legal,
audit, postage and other routine third party administrative costs also are paid
by PSI or its affiliates.

Management and incentive fees

   Through March 2000, Series A paid its Trading Advisor a management fee at an
annual rate of 2% of Series A's net asset value allocated to its management at
which time the rate was changed as previously discussed in Note A. The
management fee is determined weekly and the sum of such weekly amounts is paid
monthly. Series A also pays its Trading Advisor a quarterly incentive fee equal
to 23% of such Trading Advisor's 'New High Net Trading Profits' (as defined in
the advisory agreement). The incentive fee also accrues weekly.

Commissions

   The Managing Owner and the Trust entered into a brokerage agreement with PSI
to act as Commodity Broker for each Series whereby Series A pays a fixed fee for
brokerage services rendered at an annual rate of 7.75% of Series A's net asset
value. The fee is determined weekly and the sum of such weekly amounts is paid
monthly. From this fee, PSI pays execution costs (including floor brokerage
expenses, give-up charges and NFA, clearing and exchange fees), as well as
compensation to employees who sell Interests.

D. Related Parties

   The Managing Owner or its affiliates perform services for Series A, 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 A's routine operational, administrative, legal
and auditing costs.

   The costs charged to Series A for brokerage services for the years ended
December 31, 2000 and 1999, and for the period from June 10, 1998 (commencement
of operations) to December 31, 1998 were $1,387,964, $1,348,655 and $381,231,
respectively.

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

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

   As of December 31, 2000, a non-U.S. affiliate of the Managing Owner owns
101.112 limited interests of Series A.

E. Income Taxes

   There have been no differences between the tax basis and book basis of
Interest holders' capital since inception of the Trust.

                                       7

<PAGE>

F. Derivative Instruments and Associated Risks

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

Market Risk

   Series A is exposed to various types of risks 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 A's investment activities (credit 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 A's net assets being
traded, significantly exceeds Series A's future cash requirements since Series A
intends to close out its open positions prior to settlement. As a result, Series
A is generally subject only to the risk of loss arising from the change in the
value of the contracts. As such, Series A 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 A's commitments to purchase commodities
is limited to the gross or face amount of the contract held. However, when
Series A 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 A 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 A holds and the liquidity and inherent
volatility of the markets in which Series A trades.

Credit risk

   When entering into futures or forward contracts, Series A is exposed to
credit risk that the counterparty to the contract will not meet its obligations.
The counterparty for futures contracts traded in the United States and on 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 A's
forward transactions is PSI, Series A's commodity broker. Series A 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. The amount at risk associated with counterparty
non-performance of all of Series A'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 A.

   The Managing Owner attempts to minimize both credit and market risks by
requiring Series A 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 New Advisory Agreement among Series A, the
Managing Owner and the Trading Advisor, Series A 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 New Advisory Agreement. Furthermore, the Second Amended
and Restated Declaration of Trust and Trust Agreement provides that Series A
will liquidate its positions, and eventually dissolve, if Series A experiences a
decline in net asset value of 50% from the value at the beginning of any year or
since the commencement of trading activities. In

                                       8

<PAGE>

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 A.

   PSI, when acting as Series A'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 A all assets of Series A relating to
domestic futures trading and is not to commingle such assets with other assets
of PSI. At December 31, 2000, such segregated assets totalled $3,154,242. Part
30.7 of the CFTC regulations also requires PSI to secure assets of Series A
related to foreign futures trading which totalled $6,132,259 at December 31,
2000. There are no segregation requirements for assets related to forward
trading.

   As of December 31, 2000, all open futures contracts mature within six months.

   The following table presents the fair value of futures and forward contracts
at December 31, 2000 and December 31, 1999.

<TABLE>
<CAPTION>
                                                         2000                           1999
                                              --------------------------     --------------------------
                                                Assets       Liabilities       Assets       Liabilities
                                              ----------     -----------     ----------     -----------
<S>                                           <C>            <C>             <C>            <C>
Futures Contracts:
  Domestic exchanges
     Interest rates                           $  344,677     $        --     $  255,937     $        --
     Stock indices                                    --              --        160,500              --
     Currencies                                  202,200              --             --              --
     Commodities                                  36,563          37,300          1,963          49,265
  Foreign exchanges
     Interest rates                              492,521          23,022         25,510          32,558
     Stock indices                                66,353              --        425,095              --
     Commodities                                      --         550,696        137,156              --
Forward Contracts:
  Currencies                                          --              --         88,948       2,300,016
                                              ----------     -----------     ----------     -----------
                                              $1,142,314     $   611,018     $1,095,109     $ 2,381,839
                                              ----------     -----------     ----------     -----------
                                              ----------     -----------     ----------     -----------
</TABLE>
                                       9

<PAGE>

--------------------------------------------------------------------------------
   I hereby affirm that, to the best of my knowledge and belief, the information
contained herein relating to World Monitor Trust--Series A is accurate and
complete.

     PRUDENTIAL SECURITIES
     FUTURES MANAGEMENT INC.
     (Managing Owner)

     By: Barbara J. Brooks
     Chief Financial Officer
--------------------------------------------------------------------------------

                                       10

<PAGE>

                         WORLD MONITOR TRUST--SERIES A
                          (a Delaware Business Trust)
               MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                      CONDITION AND RESULTS OF OPERATIONS

Liquidity and Capital Resources

   Series A commenced operations on June 10, 1998 with gross proceeds of
$6,039,177 allocated to commodities trading. Interests in Series A continued to
be offered weekly until Series A achieved its subscription maximum of
$34,000,000 during November 1999. Interests in Series A 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 the
years ended December 31, 2000 and 1999 and for the period from June 10, 1998
(commencement of operations) through December 31, 1998 were $13,737,452,
$3,789,185 and $128,152, respectively. Redemptions of general interests for the
years ended December 31, 2000 and 1999 were $141,995 and $17,407, respectively.
Redemptions of limited and general interests from June 10, 1998 (commencement of
operations) to December 31, 2000 were $17,654,789 and $159,402, respectively.
Additionally, Interests owned in one Series may be exchanged, without any
charge, for Interests of one or more other Series 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 redemptions and exchanges will impact the amount of funds
available for investment in commodity contracts in subsequent periods.

   At December 31, 2000, 100% of Series A'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 A's trading in commodities. Inasmuch as the
sole business of Series A is to trade in commodities, Series A continues to own
such liquid assets to be used as margin. PSI credits Series A monthly with 100%
of the interest it earns on the average net assets in Series A'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 A from promptly liquidating its commodity
futures positions.

   Since Series A's business is to trade futures, forward and options 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
contract (credit risk). Series A'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 relationship among the contracts held. The inherent uncertainty
of Series A's speculative trading as well as the development of drastic market
occurrences could result in monthly losses considerably beyond Series A'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 A 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 F to the
financial statements for a further discussion on the credit and market risks
associated with Series A's futures, forward and options contracts.

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

Results of Operations

   The net asset value per Interest as of December 31, 2000 was $75.76, a
decrease of 1.93% from the December 31, 1999 net asset value per Interest of
$77.25, which was a decrease of 21.42% from the December 31, 1998 net asset
value per Interest of $98.31. The MAR (Managed Account Reports) Fund/Pool Index,
which tracks the performance of approximately 300 futures funds, returned 9.14%
and 1.48% for the

                                       11

<PAGE>

years ended December 31, 2000 and 1999, respectively. Past performance is not
necessarily indicative of future results.

   Series A's gross trading gains/(losses) were ($1,427,000), ($4,437,000) and
$72,000 during the years ended December 31, 2000 and 1999 and for the period
from June 10, 1998 (commencement of operations) to December 31, 1998,
respectively. Due to the nature of Series A's trading activities, a period to
period comparison of its trading results is not meaningful. However, a detailed
discussion of Series A's 2000 trading results is presented below.

   Series A's unfavorable performance in 2000 was attributed to losses from
positions in the stock index, currency, grain and metal sectors. Gains were
recognized in the energy and interest rate sectors.

   Extreme volatility in world financial markets during the first half of 2000
led to a lack of trending opportunities and resulted in losses for equity index
positions. During the second half of 2000, equity markets continued to
experienced volatility, but markets trended downward as global economies began
to show signs of slowing down. Most major indices ended the year lower, but
gains from short positions during the fourth quarter were not sufficient to
offset losses from the first three quarters.

   The euro began 2000 lower versus the U.S. dollar, Japanese yen and British
pound before rallying slightly in June as a result of solid European economic
data and sentiment that the currency was undervalued. Short euro positions
incurred losses. Despite a brief rally after intervention by the European
Central Bank and other G-7 central banks to boost the failing euro in September,
the euro settled back down more than $0.02 below its intervention peaks and
short positions resulted in gains for Series A. The euro reversed its downtrend
during the fourth quarter as it rose against the U.S. dollar and Japanese yen
resulting in gains for long positions. The Japanese yen rallied sharply, gaining
on the U.S. dollar and most other currencies in the final months of Japan's
fiscal year (which ended March 31st) resulting in losses for short positions.
This was attributed to positive sentiment regarding Japan's economy. In May, the
yen rose slightly against the U.S. dollar supported by expectations of a
possible change in the Bank of Japan's (BOJ) zero-interest rate policy and
continued to rise when the BOJ increased short-term interest rates in August,
incurring losses for short positions. Political and economic uncertainty in
Japan during the fourth quarter caused the yen to fall against the U.S. dollar
and short Japanese yen positions resulted in gains. The Swiss franc spent most
of the first three quarters of the year drifting lower against the U.S. dollar,
tracking the euro's trend and incurring losses for long positions. The Swiss
franc and other foreign currencies rose against the U.S. dollar in the fourth
quarter due to a weakening U.S. economy. Gains in long Swiss franc positions
during the fourth quarter were not enough to cover losses incurred over the
first three quarters.

   In the grain sector, long positions in corn incurred losses during the first
half of the year as corn prices trended downward. Favorable growing conditions
faced the corn market with a potentially large crop, consequently prices fell.
Soybean markets rallied sharply in November following a decision by the European
Union to ban meat based animal feed, which was expected to boost demand for
soybean meal. Short soybean positions incurred losses.

   Short metal positions provided negative performance for Series A throughout
most of the year as strong demand and fear of inflation drove prices higher. In
addition, the high cost of energy, which is used in the production of base
metals, caused a decrease in metal supply driving prices higher and incurring
losses for short positions.

   Energy prices climbed throughout January and February and into the first week
of March. Prices of crude oil futures rose above $33 a barrel, the highest level
for a front-month (the most liquid) contract since the Gulf War in 1991. The
energy sector reached a high early in March just prior to OPEC's agreement to
increase production sufficiently to stabilize prices. Political pressure by the
United States, along with a desire among OPEC members to maintain crude oil
prices in the range of $22-$28 per barrel, prompted the cartel to announce a
production increase and crude oil prices reversed downward. Increased demand and
low supplies caused oil prices to surge once again during the second and third
quarters resulting in gains for long energy positions. Energy markets ended a
year long uptrend with natural gas surging to an all time high in December as
low supplies were strained by unusually cold temperatures in the U.S. Losses in
short gas and crude oil positions were not large enough to offset gains earned
during the first three quarters of the year and the energy sector produced net
gains for the year.

   Global bond markets began 2000 on a strong note. The U.S. Federal Reserve,
European Central Bank, Bank of England, Reserve Bank of Australia, and Bank of
Canada increased interest rates in early February.

                                       12

<PAGE>

These rate increases shared motivation of strong economic growth and concerns
about inflation. Despite rate hikes and news of robust worldwide economic
growth, global bond markets continued to rally partially due to investors
seeking refuge from volatile equity markets. Short U.S. and euro bond positions
resulted in losses in the first half of the year. Negative equity performance
throughout the third and fourth quarters and mounting fears of a global economic
slowdown contributed to a bond market rally towards year end as investors
continued their flight to quality from the stock market. Prices of long- and
short-term interest rate instruments rose and Series A produced gains in long
U.S., Japanese and euro bond positions during the last two quarters of the year.

   Effective December 6, 1999, the Eagle-Global System became the exclusive
trading program used by the Trading Advisor to trade Series A's assets. In
conjunction with this change, the Managing Owner and the Trading Advisor
voluntarily agreed to terminate the Initial Advisory Agreement and enter into
the New Advisory Agreement effective March 21, 2000.

   Pursuant to the New Advisory Agreement, the Trading Advisor will be paid a
weekly management fee at an annual rate of 1% of Series A's net asset value
until the net asset value per Interest is at least $80 for a period of 10
consecutive business days, at which time the weekly management fee will be
increased to an annual rate of 2% (i.e. the rate pursuant to the Initial
Advisory Agreement). Additionally, although the term of the New Advisory
Agreement commenced on March 21, 2000, the Trading Advisor must recoup all
trading losses incurred under the Initial Advisory Agreement before an incentive
fee is paid. The New Advisory Agreement may be terminated for a variety of
reasons, including at the discretion of the Managing Owner.

   Fluctuations in overall average net asset levels have led to corresponding
fluctuations in interest earned and commissions and management fees incurred by
Series A, which are largely based on the level of net assets. Series A's average
net asset levels were slightly higher during the year ended December 31, 2000
versus the prior year, primarily from additional contributions in the 4th
quarter of 1999 offset, in part, by redemptions and unfavorable trading
performance in 1999 and 2000. Series A's average net asset levels were
significantly higher during the year ended December 31, 1999 versus the period
from June 10, 1998 (commencement of operations) to December 31, 1998, primarily
from additional contributions as well as a full year of operations in 1999
versus approximately seven months in 1998.

   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 increased $227,000 for the year
ended December 31, 2000 as compared to 1999 and increased $650,000 for the year
ended December 31, 1999 as compared to the period from June 10, 1998
(commencement of operations) to December 31, 1998. These increases were due
primarily to changes in net asset levels as discussed above. Additionally,
higher overall interest rates in 2000 versus 1999 contributed to the 2000
increase versus 1999, but lower overall interest rates in 1999 as compared with
1998 offset some of the 1999 increase versus 1998.

   Commissions are calculated on Series A's net asset value at the end of each
week and, therefore, vary according to weekly trading performance, contributions
and redemptions. Commissions increased $39,000 for year ended December 31, 2000
as compared to 1999 and increased $967,000 for the year ended December 31, 1999
as compared to the period from June 10, 1998 (commencement of operations) to
December 31, 1998 due to fluctuations in average net asset levels as discussed
above.

   All trading decisions for Series A are made by the Trading Advisor.
Management fees are calculated on Series A's net asset value at the end of each
week and, therefore, are affected by weekly trading performance, contributions
and redemptions. Management fees decreased $118,000 for the year ended December
31, 2000 as compared to 1999, but increased $249,000 for the year ended December
31, 1999 as compared to the period from June 10, 1998 (commencement of
operations) to December 31, 1998 due to the fluctuations in average net asset
levels as well as the reduction in the management fee rate during March 2000 as
discussed above.

   Incentive fees are based on the 'New High Net Trading Profits' generated by
the Trading Advisor, as defined in the New Advisory Agreement among Series A,
the Managing Owner and the Trading Advisor. Series A did not incur an incentive
during the year ended December 31, 2000 and incurred only a negligible amount
for the year ended December 31, 1999. Incentive fees were $36,000 for the period
from June 10, 1998 (commencement of operations) to December 31, 1998.

                                       13

<PAGE>

New Accounting Guidance

   In June 2000, FASB issued SFAS 138, which became effective for Series A on
July 1, 2000. SFAS 138 amends the accounting and reporting standards of FASB
Statement No. 133 for certain derivative instruments and certain hedging
activities. SFAS 138 has not had a material effect on the carrying value of
assets and liabilities within the financial statements.

Inflation

   Inflation has had no material impact on operations or on the financial
condition of the Trust from inception through December 31, 2000.

                                       14

<PAGE>

                               OTHER INFORMATION

   The actual round-turn equivalent of brokerage commissions paid per contract
for the year ended December 2000 was $48.

   Series A's Annual Report on Form 10-K as filed with the Securities and
Exchange Commission is available to limited owners without charge upon written
request to:

        World Monitor Trust--Series A
        P.O. Box 2016
        Peck Slip Station
        New York, New York 10272-2016

                                       15

<PAGE>

Peck Slip Station
P.O. Box 2016                                          PRESORTED
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