<PAGE>
WILLOWBRIDGE STRATEGIC TRUST
MONTHLY REPORT/
NOVEMBER 30, 1997
<PAGE>
WILLOWBRIDGE STRATEGIC TRUST
- --------------------------------------------------------------------------------
Dear Interest Holder:
Enclosed is the report for the month of November 1997 for Willowbridge Strategic
Trust ('the Trust'). The net asset value of an interest as of November 30, 1997
was $99.54, an increase of .01% from the October 31, 1997 $99.53 value. The
1997 year-to-date return for the Trust was a decrease of 3.80% as of November
30, 1997.
The Trust's trading resulted in flat returns for the month of November. Gains
were seen in the currency, financial, metal and grain sectors. Losses were
experienced in the index, energy, soft and meat sectors.
Among the sectors traded, the largest gains came from the currency markets. In
particular, the rising value of the U.S. dollar relative to the Japanese yen
provided substantial profits. Weakness in Asian currencies carried over to the
yen and the dollar was further strengthened by the currency market's emphasis on
safety. There were also gains from rising silver prices as supplies tightened
and demand remained strong.
Offsetting gains were losses from the volatile stock index futures markets and
from the energy sector where prices declined during the month as political
tensions eased in the Middle East.
The estimated net asset value per interest as of December 17, 1997 was $99.33.
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.
In connection with your investment in the Fund, you will receive 1997 tax
information on Schedule K-1. If you have any questions concerning your K-1,
please call the K-1 hotline at 1-800-688-6734.
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
- -------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
For the month of November 1997
Revenues:
Realized loss on commodity
transactions............................. $(332,929)
Change in unrealized commodity
positions................................ 584,518
Interest income............................ 177,082
---------
428,671
---------
Expenses:
Commissions................................ 304,484
Management fee............................. 118,175
---------
422,659
---------
Net gain................................... $ 6,012
---------
---------
</TABLE>
STATEMENT OF CHANGES IN NET ASSET VALUE
- --------------------------------------------------------
<TABLE>
<CAPTION>
For the month of November 1997
Per
Total Unit
<S> <C> <C>
----------- -------
Net asset value at beginning of
month
(461,979.894 interests)........ $45,978,942 $ 99.53
Contributions.................... 1,166,900
Net gain......................... 6,012
Redemptions...................... (560,704)
-----------
Net asset value at end of month
(468,071.037 interests)........ $46,591,150 99.54
-----------
-----------
-------
Change in net asset
value per interest.......................... $ .01
-------
-------
Percentage change............................. .01%
-------
-------
</TABLE>
- ------------------------------------------------------
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
