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Alternative Investment
Strategies

WORLD MONITOR TRUST II--
SERIES F

MONTHLY REPORT/
APRIL 25, 2003

PRUDENTIAL FINANCIAL (LOGO)

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         WORLD MONITOR TRUST II--SERIES F
- --------------------------------------------------------------------------------

Dear Interest Holder:

Enclosed is the report for the period from March 29, 2003 to April 25, 2003 for
World Monitor Trust II--Series F ('Series F'). The net asset value of an
interest as of April 25, 2003 was $132.12, an increase of 1.98% from the March
28, 2003 value of $129.55. The calendar year-to-date return for Series F was an
increase of 11.25% as of April 25, 2003.

Effective May 2003, Ronald J. Ivans has been elected by the Board of Directors
of Prudential Securities Futures Management Inc. as Chief Financial Officer
replacing Steven Weinreb.

The estimated net asset value per interest as of May 27, 2003 was $136.52. 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) 778-2443.

          Sincerely yours,

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

Please note that the unit 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 March 29, 2003 to
  April 25, 2003
Revenues:
Realized gain on commodity
  transactions......................   $   33,812
Change in unrealized commodity
  positions.........................    1,073,834
Interest income.....................       32,073
                                       ----------
                                        1,139,719
                                       ----------
Expenses:
Incentive fee.......................      192,323
Commissions.........................      164,584
Management fee......................       54,998
Other expenses......................       10,737
Other transaction fees..............        3,144
                                       ----------
                                          425,786
                                       ----------
Net gain............................   $  713,933
                                       ----------
                                       ----------
</Table>

<Table>
<Caption>
STATEMENT OF CHANGES IN NET ASSET VALUE
- ---------------------------------------------------
For the period from March 29, 2003 to
  April 25, 2003

<Caption>
                                             Per
                                Total      Interest
                            -----------   --------
                                     
 Net asset value at
  beginning of period
  (260,235.750
  interests)...............  $33,712,503   $ 129.55
Contributions..............    2,576,483
Net gain...................      713,933
Redemptions................     (140,596)
                             -----------
Net asset value at end of
  period (279,013.037
  interests)...............  $36,862,323     132.12
                             -----------   --------
                             -----------

Change in net asset
  value per interest....................   $   2.57
                                           --------
                                           --------
Percentage change.......................       1.98%
                                           --------
                                           --------
</Table>

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

                         PRUDENTIAL SECURITIES FUTURES
                                MANAGEMENT INC.
                              /s/ Ronald J. Ivans
                              -------------------
                              by: Ronald J. Ivans
                            Chief Financial Officer