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WILLOWBRIDGE STRATEGIC TRUST
MONTHLY REPORT/
JANUARY 31, 1997
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WILLOWBRIDGE STRATEGIC TRUST
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Dear Interest Holder:
Enclosed is the report for the month of January 1997 for Willowbridge Strategic
Trust (the ``Fund''). The net asset value of an interest as of January 31, 1997
was $106.01, an increase of 2.45% from the December 31, 1996 $103.47 value.
The Fund's positive January performance was primarily the result of profits
earned in the currency, metal, soft and grain sectors. Losses were incurred in
the financial, stock index, energy and meat sectors.
In the currency sector, the dollar's continued strength, which prevailed
throughout most of the fourth quarter 1996, was attributed to a strong U.S.
macroeconomic position with a sustained moderate growth rate, low inflation and
a declining budget deficit. The U.S. dollar was also buoyed when the U.S.
Treasury Department stated that ``a strong dollar is to the U.S.'s benefit''.
The Canadian dollar rose on indications of its own strengthening economic
position. Canadian dollar, German mark, Japanese yen and Swiss franc positions
were profitable. In the metal sector, copper prices rose on increased demand and
gold prices fell on market concerns regarding the partial sell-off of reserves
by central banks. Positions in gold, aluminum and silver were profitable. In the
soft sector, a sharp rise in the price of coffee driven by a labor strike at
Colombia's largest port for coffee exports pushed prices higher and benefited
the Fund's long position.
In the financial sector, German and French interest rates declined as both
countries continued to encounter sluggish economic growth and high unemployment.
Early in the month, the U.S. interest rate market fell in response to concerns
that stronger growth might prompt the U.S. Federal Reserve to raise interest
rates. U.S., German, British and Japanese bond positions were unprofitable.
The estimated net asset value per interest as of February 26, 1997 was $113.68.
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.
STATEMENT OF OPERATIONS
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For the month of January 1997
Revenues:
Realized loss on commodity
transactions......................... $ (708,702)
Change in unrealized commodity
positions............................ 1,787,579
Interest income........................ 138,141
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1,217,018
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Expenses:
Commissions............................ 203,004
Management fee......................... 81,117
Incentive fee.......................... 158,951
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443,072
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Net gain............................... $ 773,946
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STATEMENT OF CHANGES IN NET ASSET VALUE
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For the month of January 1997
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<CAPTION>
Total Per Unit
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<S> <C> <C>
Net asset value at beginning
of month
(260,763.310 interests)..... $26,980,168 $ 103.47
Contributions................. 4,452,700
Net gain...................... 773,946
Redemptions................... (59,068)
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Net asset value at end
of month
(303,239.850 interests)..... $32,147,746 106.01
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Change in net asset
value per interest....................... $ 2.54
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Percentage change.......................... 2.45%
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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
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