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WILLOWBRIDGE STRATEGIC TRUST
MONTHLY REPORT/
NOVEMBER 30, 1996
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WILLOWBRIDGE STRATEGIC TRUST
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Dear Interest Holder:
Enclosed is the report for the month of November 1996 for Willowbridge Strategic
Trust (the ``Fund''). The net asset value of an interest as of November 30, 1996
was $106.36, an increase of 6.91% from the October 31, 1996 $99.49 value. The
1996 year-to-date return for the Fund was a increase of 6.36% as of November 30,
1996.
The Fund's positive November performance was primarily driven by gains in the
financial, metal and energy sectors, followed by moderate profits in the
currency, stock index, meat and grain sectors. Slight losses were incurred in
the soft sector.
In the financial sector, positions in U.S., German and French bonds were
profitable. The U.S. bond market benefited from increasing investor expectations
that U.S. economic growth might be maintained without pressures upon the Federal
Reserve to raise interest rates. This favorable sentiment carried over to the
U.S. stock market causing equity prices to rise, benefiting the Fund's S&P 500
positions. In the metal sector, the price of copper rose during the month
creating gains for the Fund's long positions. Gold positions were also
profitable. In the energy sector, light crude oil and natural and unleaded gas
positions were profitable. In addition, heating oil positions posted gains as
forecasts of cold temperatures in the Northeast and Midwest pushed prices
upward. In the currency sector, positions were rewarded by the rising value of
the British pound and the decline of the Swiss franc versus the U.S. dollar.
Additionally, directional price movements in the live hog and pork belly markets
were profitable for positions in the meat sector.
The estimated net asset value per interest as of December 19, 1996 was $104.41.
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 1996 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
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For the month of November 1996
Revenues:
Realized gain on commodity
transactions..................... $ 3,653,678
Change in unrealized commodity
positions........................ (1,302,943)
Interest income.................... 102,409
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2,453,144
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Expenses:
Commissions........................ 167,656
Management fee..................... 71,149
Incentive fee...................... 422,386
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661,191
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Net gain........................... $ 1,791,953
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STATEMENT OF CHANGES IN NET ASSET VALUE
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For the month of November 1996
Per
Total Unit
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Net asset value at beginning
of month
(243,832.305 interests)... $24,259,704 $99.49
Contributions............... 1,700,000
Net gain.................... 1,791,953
Redemptions................. (1,485,718)
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Net asset value at end
of month
(246,950.679 interests)... $26,265,939 106.36
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Change in net asset
value per interest..................... $ 6.87
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Percentage change........................ 6.91%
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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
