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    WORLD MONITOR TRUST--
    SERIES C
    MONTHLY REPORT/
    JULY 27, 2001

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         WORLD MONITOR TRUST--SERIES C
- --------------------------------------------------------------------------------
Dear Interest Holder:

Enclosed is the report for the period from June 30, 2001 to July 27, 2001 for
the World Monitor Trust--Series C ("Series C"). The net asset value of an
interest as of July 27, 2001 was $86.72, an increase of 0.63% from the
June 29, 2001 value of $86.18. The year-to-date return for Series C was a
decrease of 7.03% as of July 27, 2001.

The estimated net asset value per interest as of August 15, 2001 was $90.32.
Past performance is not necessarily indicative of future results.

Should you have any questions, please contact your Prudential Securities
Financial Advisor. For account status inquiries, contact Prudential Securities
Client Services at (212) 778-1017.

          Sincerely yours,

          /s/ Eleanor L. Thomas
          -------------------------
          Eleanor L. Thomas
          President and Director
          PRUDENTIAL SECURITIES
          FUTURES MANAGEMENT INC.

Please note that the value which appears on your Prudential Securities statement
is an estimated value at calendar month-end. The actual value as of the last
Friday of the month is contained in this report.

<Table>
STATEMENT OF OPERATIONS
- -------------------------------------------------
                                     
For the period from June 30, 2001 to
  July 27, 2001
Revenues:
Realized gain on commodity
  transactions.......................   $ 211,369
Change in unrealized commodity
  positions..........................    (142,172)
Interest income......................      28,309
                                        ---------
                                           97,506
                                        ---------
Expenses:
Commissions..........................      43,419
Management fee.......................      11,230
                                        ---------
                                           54,649
                                        ---------
Net gain.............................   $  42,857
                                        ---------
                                        ---------
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<Table>
STATEMENT OF CHANGES IN NET ASSET VALUE
- ----------------------------------------------------
For the period from June 30, 2001 to
  July 27, 2001


                                              Per
                                 Total      Interest
                               ----------    ------
                                      
Net asset value at beginning
  of period (86,028.097
  interests).................  $7,413,656    $86.18
Net gain.....................      42,857
Redemptions..................    (264,475)
                               ----------
Net asset value at end of
  period (82,936.179
  interests).................  $7,192,038     86.72
                               ----------    ------
                               ----------

Change in net asset
  value per interest.....................    $ 0.54
                                             ------
                                             ------
Percentage change........................      0.63%
                                             ------
                                             ------
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I hereby affirm that, to the best of my knowledge and belief, the information
contained herein relating to World Monitor Trust--Series C is accurate and
complete.
                         PRUDENTIAL SECURITIES FUTURES
                                MANAGEMENT INC.

                             /s/ Barbara J. Brooks
                             --------------------------
                             by: Barbara J. Brooks
                            Chief Financial Officer