Alternative Investment
Strategies

WORLD MONITOR TRUST II--
SERIES F

MONTHLY REPORT/
JULY 25, 2003


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

Dear Interest Holder:

Enclosed is the report for the period from June 28, 2003 to July 25, 2003 for
World Monitor Trust II--Series F ('Series F'). The net asset value of an
interest as of July 25, 2003 was $130.48, a decrease of 2.06% from the June 27,
2003 value of $133.23. The calendar year-to-date return for Series F was an
increase of 9.87% as of July 25, 2003.

The estimated net asset value per interest as of August 31, 2003 was $132.71.
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 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.

STATEMENT OF OPERATIONS
- -------------------------------------------------
For the period from June 28, 2003 to
  July 25, 2003
Revenues:
Realized loss on commodity
  transactions.....................   $(1,578,337)
Change in unrealized commodity
  positions........................       819,261
Interest income....................        26,658
                                      -----------
                                         (732,418)
                                      -----------
Expenses:
Commissions........................       217,371
Management fee.....................        72,815
Other expenses.....................        10,737
Other transaction fees.............         6,116
                                      -----------
                                          307,039
                                      -----------
Net loss...........................   $(1,039,457)
                                      -----------
                                      -----------

STATEMENT OF CHANGES IN NET ASSET VALUE
- ---------------------------------------------------
For the period from June 28, 2003 to
  July 25, 2003
                                             Per
                                Total      Interest
                             -----------   --------
Net asset value at
  beginning of period
  (321,645.876
  interests)...............  $42,854,145   $ 133.23
Contributions..............    5,715,845
Net loss...................   (1,039,457)
Redemptions................     (458,008)
                             -----------
Net asset value at end of
  period (360,755.174
  interests)...............  $47,072,525     130.48
                             -----------
                             -----------
                                           --------
Change in net asset
  value per interest....................   $  (2.75)
                                           --------
                                           --------
Percentage change.......................      (2.06)%
                                           --------
                                           --------
- ------------------------------------------------------

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