<PAGE>
WILLOWBRIDGE STRATEGIC TRUST
MONTHLY REPORT/
APRIL 30, 1997
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WILLOWBRIDGE STRATEGIC TRUST
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Dear Interest Holder:
Enclosed is the report for the month of April 1997 for Willowbridge Strategic
Trust (the 'Fund'). The net asset value of an interest as of April 30, 1997 was
$113.31, a decrease of 4.56% from the March 31, 1997 $118.73 value. The 1997
year-to-date return for the Fund was an increase of 9.51% as of April 30, 1997.
The Fund's decline in the net asset value was the result of losses incurred in
the financial, stock index, and soft sectors. Profits were earned in the grain,
currency, meat and soft sectors.
In the financial sector, losses were incurred in U.S., British, German, Italian,
French, Japanese and Australian bond positions. In the U.S. financial markets,
long-term interest rates, which had risen above the 7% level at the end of
March, dropped sharply during April. Lower long-term interest rates resulted
from renewed expectations that the U.S. would be able to enjoy good economic
growth combined with well-controlled inflation. This more encouraging attitude
toward bond yields was accentuated by the signing of a balanced budget accord
between the Clinton Administration and key Republican lawmakers. In the
international interest rate markets, changing expectations about the rates of
economic growth and the timing and degree of certainty of the European Union
caused prices to move abruptly.
In the currency sector, German mark, Japanese yen and Swiss franc positions were
profitable. In the grain sector, positions in soybean meal, soybean oil,
soybeans and wheat posted gains. Grain markets were volatile following advances
in February and March. Driving this volatility were changing expectations about
total world grain production and the intentions of the key grain importing
nations.
The estimated net asset value per interest as of May 16, 1997 was $112.09. Past
performance is not necessarily indicative of future results.
Should you have any questions, please contact your Prudential Securities
Financial Advisor. For questions concerning your account status, contact
Prudential Securities Client Services at 1-800-535-2077.
Sincerely yours,
James M. Kelso
President & Director
PRUDENTIAL SECURITIES FUTURES
MANAGEMENT INC.
Please note that the value which appears on your Prudential Securities statement
is an estimated value at month-end. The correct value is contained in this
report.
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
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For the month of April 1997
<S> <C>
Revenues:
Realized gain on commodity
transactions........................... $ 310,535
Change in unrealized commodity
positions.............................. (2,336,316)
Interest income.......................... 204,162
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(1,821,619)
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Expenses:
Commissions.............................. 319,636
Management fee........................... 118,371
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438,007
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Net loss................................. $(2,259,626)
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</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSET VALUE
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For the month of April 1997
Total Per Unit
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<S> <C> <C>
Net asset value at beginning of
month
(378,977.695 interests)....... $44,997,269 $ 118.73
Contributions................... 4,492,700
Net loss........................ (2,259,626)
Redemptions..................... (269,242)
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Net asset value at end
of month
(414,437.991 interests)....... $46,961,101 113.31
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Change in net asset
value per interest......................... $ (5.42)
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Percentage change............................ (4.56)%
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--------
</TABLE>
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I hereby affirm that, to the best of my knowledge and belief, the information
contained herein relating to Willowbridge Strategic Trust is accurate and
complete.
PRUDENTIAL SECURITIES FUTURES
MANAGEMENT INC.
by: Barbara J. Brooks
Treasurer
