----

| Delaware                 |   | 22-678474                       |
|--------------------------|--------|--------------------------------------|
| (a Delaware Partnership) |   | (I.R.S. Employer Identification No.) |

| Large accelerated filer                       |  | Accelerated filer         |  |
|-----------------------------------------------|----------|---------------------------|----------|
| Non-accelerated filer                         |  | Smaller reporting company | Q        |
| (do not check if a Smaller reporting company) |     |

----

|           |                                                                                              |
|----------------|---------------------------------------------------------------------------------------------------|
| Item 1.   | Condensed Financial Statements                                                               |
|           | Condensed Statements of Financial Condition                                                  |
|           | Condensed Schedules of Investments                                                                |
|           | Condensed Statements of Income (Loss)                                                             |
|           | Condensed Statements of Changes in Partners’ Capital (Net Asset Value)                 |
|           | Notes to Condensed Financial Statements                                                      |
| Item 2.   | Management’s Discussion and Analysis of Financial Condition and Results of Operations  |
| Item 3.   | Quantitative and Qualitative Disclosures About Market Risk                                   |
| Item 4T.  | Controls and Procedures                                                                      |

| PART II - OTHER INFORMATION  |
|-----------------------------------|
| Item 1.                      | Legal Proceedings  |
| Item 1A.                     | Risk Factors  |
| Item 2.                      | Unregistered Sales of Equity Securities and Use of Proceeds  |
| Item 3.                      | Defaults Upon Senior Securities  |
| Item 4.                      | Removed and Reserved |
| Item 5.                      | Other Information  |
| Item 6.                      | Exhibits  |

----

Condensed

CONDENSED STATEMENTS OF FINANCIAL CONDITION

| ASSETS                                                                                                                                                              |   | June 30, 2010 |       |   | December 31, 2010 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|--------|-------------------|--------|
| EQUITY IN COMMODITY FUTURES TRADING ACCOUNTS:                                                                                                                       |   |          |       |   |              |   |
| Due from brokers (including margin deposits of$1,829,785 for 2010 and $4,650,422 for 2009)                                                                          |   | $             | 10,400,006 |   |              |   | 6,528,616 |   |
| Net unrealized gains on open positions                                                                                                                              |   |          | 764,740    |   |              |   | 1,954,440 |   |
|                                                                                                                                                                |   |          | 11,164,746 |   |              |   | 8,483,056 |   |
| CASH AND CASH EQUIVALENTS                                                                                                                                           |   |          | 33,512,355 |   |              |   | 57,806,331 |   |
| DUE FROM GENERAL PARTNER                                                                                                                                            |   |          | 29,009     |   |              |   | 55,153 |   |
| PREPAID EXPENSES                                                                                                                                                    |   |          | 326,951    |   |              |   | 0 |   |
| INTEREST RECEIVABLE                                                                                                                                                 |   |          | 301        |   |              |   | 0 |   |
| TOTAL ASSETS                                                                                                                                                        |   | $             | 45,033,362 |   |              | $      | 66,344,540 |   |
| LIABILITIES AND PARTNERS’ CAPITAL (NET ASSET VALUE)                                                                                                           |   |          |       |   |              |   |   |   |
| LIABILITIES:                                                                                                                                                        |   |          |       |   |              |   |   |   |
| Prepaid subscriptions                                                                                                                                               |   | $             | 0          |   |              | $      | 100,000 |   |
| Redemptions payable                                                                                                                                                 |   |          | 3,774,517  |   |              |   | 460,726 |   |
| Other accrued expenses                                                                                                                                              |   |          | 95,200     |   |              |   | 220,025 |   |
| Accrued management fees                                                                                                                                             |   |          | 76,250     |   |              |   | 173,527 |   |
| TOTAL LIABILITIES                                                                                                                                                   |   |          | 3,945,967  |   |              |   | 954,278 |   |
| PARTNERS’ CAPITAL (NET ASSET VALUE)                                                                                                                           |   |          |       |   |              |   |   |   |
| Limited partners – Class A (2,600.1309 and 3,328.8303  fully redeemable units at June 30, 2010 and  December 31, 2009, respectively)      |   |          | 18,905,924 |   |              |   | 26,690,125 |   |
| Limited partners – Class B (26,774.9849 and 43,015.3837  fully redeemable units at June 30, 2010 and  December 31, 2009, respectively)    |   |          | 21,316,493 |   |              |   | 37,763,154 |   |
| General partner – Class A (118.9603 and 116.8617  fully redeemable units at June 30, 2010 and  December 31, 2009, respectively)      |   |          | 864,978    |   |              |   | 936,983 |   |
| TOTAL PARTNERS’ CAPITAL (NET ASSET VALUE)                                                                                                                     |   |          | 41,087,395 |   |              |   | 65,390,262 |   |
| TOTAL LIABILITIES AND PARTNERS’ CAPITAL (NET ASSET VALUE)                                                                                                     |   | $             | 45,033,362 |   |              | $      | 66,344,540 |   |
| NET ASSET VALUE PER UNIT –                                                                                                                                    |   |          |       |   |              |   |   |   |
| Class A (based on Partners’ Capital of $19,770,902 and $27,627,108 and 2,719.0912 and 3,445.6920 fully redeemable units outstanding)                     |   | $             | 7,271.14   |   |              |   | 8,017.87 |   |
| Class B Series 1 – (based on Partners’ Capital of $2,955,727 and $3,339,684 and 3,138.8155 and 3,232.6375 fully redeemable units outstanding)      |   | $             | 941.67     |   |              |   | 1,033.11 |   |
| Class B Series 2 – (based on Partners’ Capital of $18,314,834 and $34,346,892 and 23,589.1346 and 39,711.9928 fully redeemable units outstanding)  |   | $             | 776.41     |   |              |   | 864.90 |   |
| Class B Series 3 – (based on Partners’ Capital of $45,932 and $76,578 and 47.0348 and 70.7534 fully redeemable units outstanding)                       |   | $             | 976.55     |   |              | $      | 1,082.32 |   |

----

SCHEDULES OF INVESTMENTS

| Commodity Futures Industry Sector |   | UnrealizedGain (Loss), Net |    |   | % of Partners’Capital* |   |
|-----------------------------------|--------|----------------------------|---------|--------|------------------------------|--------|
| Currencies                        |   | $                          | 133,369 |   |                         |   | 0.324 | % |
| Energy                            |   |                       | (30,063 | )      |                         |   | (0.073 | )% |
| Grains                            |   |                       | (12,448 | )      |                         |   | (0.030 | )% |
| Interest rates                    |   |                       | 490,177 |   |                         |   | 1.193 | % |
| Metals                            |   |                       | 18,137  |   |                         |   | 0.044 | % |
| Stock indices                     |   |                       | (48,767 | )      |                         |   | (0.119 | )% |
| Tropical products                 |   |                       | 259,123 |   |                         |   | 0.631 | % |
| Total long futures contracts      |   | $                          | 809,528 |   |                         |   | 1.970 | % |

| Commodity Futures Industry Sector |   | UnrealizedGain (Loss), Net |    |   | % of Partners’Capital* |   |
|-----------------------------------|--------|----------------------------|---------|--------|------------------------------|--------|
| Currencies                        |   | $                          | (2,315  | )      |                         |   | (0.006 | )% |
| Energy                            |   |                       | 12,013  |   |                         |   | 0.029 | % |
| Grains                            |   |                       | (49,559 | )      |                         |   | (0.121 | )% |
| Interest rates                    |   |                       | (5,600  | )      |                         |   | (0.013 | )% |
| Metals                            |   |                       | 2,913   |   |                         |   | 0.007 | % |
| Tropical products                 |   |                       | (2,240  | )      |                         |   | (0.005 | )% |
| Total short futures contracts     |   | $                          | (44,788 | )      |                         |   | (0.109 | )% |
| Total futures contracts           |   | $                          | 764,740 |   |                         |   | 1.861 | % |

| * | No single contract’s value exceeds 5% of partners’ capital. |
|---|-------------------------------------------------------------------------|

----

| Commodity Futures Industry Sector |   | Unrealized Gain(Loss), Net |     |   | % of Partners’ Capital* |   |
|-----------------------------------|--------|----------------------------|----------|--------|-------------------------------|--------|
| Currencies                        |   | $                          | 35,980   |   |                          |   | 0.055 | % |
| Energy                            |   |                       | 74,638   |   |                          |   | 0.114 | % |
| Grains                            |   |                       | 83,277   |   |                          |   | 0.127 | % |
| Interest rates                    |   |                       | (18,706  | )      |                          |   | (0.028 | )% |
| Livestock                         |   |                       | 14,180   |   |                          |   | 0.022 | % |
| Metals                            |   |                       | (309,693 | )      |                          |   | (0.474 | )% |
| Tropical products                 |   |                       | 367,691  |   |                          |   | 0.562 | % |
| Total long futures contracts      |   | $                          | 247,367  |   |                          |   | 0.378 | % |

| Commodity Futures Industry Sector |   | UnrealizedGain (Loss), Net |      |   | % of Partners’Capital* |   |
|-----------------------------------|--------|----------------------------|-----------|--------|------------------------------|--------|
| Currencies                        |   | $                          | 1,275,519 |   |                         |   | 1.951 | % |
| Interest rates                    |   |                       | 416,704   |   |                         |   | 0.637 | % |
| Tropical products                 |   |                       | 14,850    |   |                         |   | 0.023 | % |
| Total short futures contracts     |   | $                          | 1,707,073 |   |                         |   | 2.611 | % |
| Total futures contracts           |   | $                          | 1,954,440 |   |                         |   | 2.989 | % |

| * | No single contract’s value exceeds 5% of partners’ capital. |
|---|-------------------------------------------------------------------------|

----

INCOME 

|                                                                                                |   | Three Months Ended June 30, |     |   | Six Months Ended June 30, |   |
|-----------------------------------------------------------------------------------------------------|--------|-----------------------------|----------|--------|---------------------------|--------|
|                                                                                                |   | 2010                        |     |   | 2009                      |   |   | 2010 |   |   | 2009 |   |
| NET INVESTMENT (LOSS)                                                                               |   |                        |     |   |                      |   |   |   |   |   |   |   |
| Income:                                                                                             |   |                        |     |   |                      |   |   |   |   |   |   |   |
| Interest income                                                                                     |   | $                           | 13,440   |   |                      | $      | 64,667 |   |   | $ | 22,330 |   |   | $ | 205,070 |   |
| Expenses:                                                                                           |   |                        |     |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Brokerage commissions                                                                               |   |                        | 594,785  |   |                      |   | 959,650 |   |   |   | 1,367,653 |   |   |   | 2,028,526 |   |
| Management fees                                                                                     |   |                        | 239,725  |   |                      |   | 404,827 |   |   |   | 536,065 |   |   |   | 818,700 |   |
| Professional fees                                                                                   |   |                        | 49,733   |   |                      |   | 47,156 |   |   |   | 117,931 |   |   |   | 104,300 |   |
| Accounting and administrative                                                                       |   |                        | 47,574   |   |                      |   | 79,407 |   |   |   | 104,830 |   |   |   | 178,154 |   |
| Other expenses                                                                                      |   |                        | 34,220   |   |                      |   | 34,344 |   |   |   | 93,993 |   |   |   | 132,800 |   |
| Total expenses                                                                                      |   |                        | 966,037  |   |                      |   | 1,525,384 |   |   |   | 2,220,472 |   |   |   | 3,262,480 |   |
| Net investment (loss)                                                                               |   |                        | (952,597 | )      |                      |   | (1,460,717 | ) |   |   | (2,198,142 | ) |   |   | (3,057,410 | ) |
| TRADING PROFITS (LOSSES)                                                                            |   |                        |     |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Profits (losses) on trading of commodity futures:Net realized gains (losses) on closed positions    |   |                        | 735,823  |   |                      |   | 7,480,888 |   |   |   | (2,753,989 | ) |   |   | (564,487 | ) |
| Change in net unrealized gains (losses) onopen positions                                       |   |                        | (597,331 | )      |                      |   | (1,457,035 | ) |   |   | (1,189,700 | ) |   |   | (2,303,155 | ) |
| Net trading profits (losses)                                                                   |   |                        | 138,492  |   |                      |   | 6,023,853 |   |   |   | (3,943,689 | ) |   |   | (2,867,642 | ) |
| NET INCOME (LOSS)                                                                                   |   | $                           | (814,105 | )      |                      | $      | 4,563,136 |   |   | $ | (6,141,831 | ) |   | $ | (5,925,052 | ) |
| NET INCOME (LOSS) PER UNIT(based on weighted average number of units outstanding during the period) |   | $                           | (105.24  | )      |                      | $      | 570.92 |   |   | $ | (822.91 | ) |   | $ | (619.83 | ) |
| Class A                                                                                             |   |                        |     |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Class B – Series 1                                                                            |   | $                           | (10.86   | )      |                      | $      | 76.35 |   |   | $ | (93.12 | ) |   | $ | (79.42 | ) |
| Class B – Series 2                                                                            |   | $                           | (16.48   | )      |                      | $      | 55.38 |   |   | $ | (100.46 | ) |   | $ | (82.12 | ) |
| Class B – Series 3                                                                            |   | $                           | (16.31   | )      |                      | $      | 73.25 |   |   | $ | (124.09 | ) |   | $ | (89.29 | ) |

----

CAPITAL

|                                                |   | CLASS A         |     |
|-----------------------------------------------------|--------|-----------------|----------|
|                                                |   | General Partner |     |   | Limited Partners |   |   | Total |   |
|                                                |   | Units           |     |   | Amount |   |   | Units |   |   | Amount |   |   | Class A |   |
| PARTNERS’ CAPITAL,  JANUARY 1, 2010 |   |            | 116.8617 |   |   | $ | 936,983 |   |   |   | 3,328.8303 |   |   | $ | 26,690,125 |   |   | $ | 27,627,108 |   |
| Subscriptions                                       |   |            | 2.0986   |   |   |   | 15,824 |   |   |   | 144.4330 |   |   |   | 1,074,612 |   |   |   | 1,090,436 |   |
| Redemptions                                         |   |            | -        |   |   |   | - |   |   |   | (873.1324 | ) |   |   | (6,514,041 | ) |   |   | (6,514,041 | ) |
| Net (loss)                                          |   |            | -        |   |   |   | (87,829 | ) |   |   | - |   |   |   | (2,344,772 | ) |   |   | (2,432,601 | ) |
| PARTNERS’ CAPITAL,June 30, 2010               |   |            | 118.9603 |   |   | $ | 864,978 |   |   |   | 2,600.1309 |   |   | $ | 18,905,924 |   |   | $ | 19,770,902 |   |

|                                                |   | CLASS B LIMITED PARTNERS |       |
|-----------------------------------------------------|--------|--------------------------|------------|
|                                                |   | Series 1                 |       |   | Series 2 |   |   | Series 3 |   |   | Total |   |
|                                                |   | Units                    |       |   | Amount |   |   | Units |   |   | Amount |   |   | Units |   |   | Amount |   |   | Class B |   |
| PARTNERS’ CAPITAL,  JANUARY 1, 2010 |   |                     | 3,232.6375 |   |   | $ | 3,339,684 |   |   |   | 39,711.9928 |   |   | $ | 34,346,892 |   |   |   | 70.7534 |   |   | $ | 76,578 |   |   | $ | 37,763,154 |   |
| Subscriptions                                       |   |                     | 99.5516    |   |   |   | 95,000 |   |   |   | 591.7281 |   |   |   | 490,101 |   |   |   | - |   |   |   | - |   |   |   | 585,101 |   |
| Redemptions                                         |   |                     | (193.3736  | ) |   |   | (186,773 | ) |   |   | (16,714.5863 | ) |   |   | (13,112,210 | ) |   |   | (23.7186 | ) |   |   | (23,549 | ) |   |   | (13,322,532 | ) |
| Net (loss)                                          |   |                     | -          |   |   |   | (292,184 | ) |   |   | - |   |   |   | (3,409,949 | ) |   |   | - |   |   |   | (7,097 | ) |   |   | (3,709,230 | ) |
| PARTNERS’ CAPITAL,  June 30, 2010   |   |                     | 3,138.8155 |   |   | $ | 2,955,727 |   |   |   | 23,589.1346 |   |   | $ | 18,314,834 |   |   |   | 47.0348 |   |   | $ | 45,932 |   |   | $ | 21,316,493 |   |

|                                                |   | CLASS A         |     |
|-----------------------------------------------------|--------|-----------------|----------|
|                                                |   | General Partner |     |   | Limited Partner |   |   | Total |   |
|                                                |   | Units           |     |   | Amount |   |   | Units |   |   | Amount |   |   | Class A |   |
| PARTNERS’ CAPITAL,  JANUARY 1, 2009 |   |            | 112.6562 |   |   | $ | 1,128,608 |   |   |   | 3,484.3295 |   |   | $ | 34,906,553 |   |   | $ | 36,035,161 |   |
| Subscriptions                                       |   |            | 2.1502   |   |   |   | 20,262 |   |   |   | 261.2940 |   |   |   | 2,504,773 |   |   |   | 2,525,035 |   |
| Redemptions                                         |   |            | -        |   |   |   | - |   |   |   | (295.0006 | ) |   |   | (2,737,566 | ) |   |   | (2,737,566 | ) |
| Net (loss)                                          |   |            | -        |   |   |   | (68,428 | ) |   |   | - |   |   |   | (2,199,982 | ) |   |   | (2,268,410 | ) |
| PARTNERS’ CAPITAL,  June 30, 2009   |   |            | 114.8064 |   |   | $ | 1,080,442 |   |   |   | 3,450.6229 |   |   | $ | 32,473,778 |   |   | $ | 33,554,220 |   |

|                                                |   | CLASS B LIMITED PARTNERS |       |
|-----------------------------------------------------|--------|--------------------------|------------|
|                                                |   | Series 1                 |       |   | Series 2 |   |   | Series 3 |   |   | Total |   |
|                                                |   | Units                    |       |   | Amount |   |   | Units |   |   | Amount |   |   | Units |   |   | Amount |   |   | Class B |   |
| PARTNERS’ CAPITAL,  JANUARY 1, 2009 |   |                     | 3,160.4326 |   |   | $ | 4,038,256 |   |   |   | 39,386.8036 |   |   | $ | 43,442,833 |   |   |   | 70.7534 |   |   | $ | 96,665 |   |   | $ | 47,577,754 |   |
| Subscriptions                                       |   |                     | 619.6915   |   |   |   | 736,920 |   |   |   | 5,721.4587 |   |   |   | 6,084,080 |   |   |   | - |   |   |   | - |   |   |   | 6,821,000 |   |
| Redemptions                                         |   |                     | (582.5119  | ) |   |   | (660,372 | ) |   |   | (5,916.2537 | ) |   |   | (5,935,344 | ) |   |   | - |   |   |   | - |   |   |   | (6,595,716 | ) |
| Net (loss)                                          |   |                     | -          |   |   |   | (257,192 | ) |   |   | - |   |   |   | (3,393,132 | ) |   |   | - |   |   |   | (6,318 | ) |   |   | (3,656,642 | ) |
| PARTNERS’ CAPITAL,  June 30, 2009   |   |                     | 3,197.6122 |   |   | $ | 3,857,612 |   |   |   | 39,192.0086 |   |   | $ | 40,198,437 |   |   |   | 70.7534 |   |   | $ | 90,347 |   |   | $ | 44,146,396 |   |

----

NOTES

|   | The interim condensed financial statements of RFMC Tactical Advisors Fund, LP, formerly, RFMC Willowbridge Fund, L.P. (the “Partnership”), included herein, have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and Rule 8-03 of Regulation S-X.  Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete annual financial statements.  These condensed financial statements are unaudited and should be read in conjunction with the audited financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2009.  The Partnership follows the same accounting policies in the preparation of interim reports as set forth in the annual report.  In the opinion of management, the financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the financial position, results of operations and changes in partners’ capital for the interim periods presented and are not necessarily indicative of a full year’s results. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The Partnership, a Delaware limited partnership, was organized on January 24, 1986.  Prior to March 1, 2010, Willowbridge Associates, Inc (“Willowbridge”) served as the Partnership’s sole trading advisor.  Effective March 1, 2010, the Partnership added Quantitative Investment Management, LLC (“QIM”) as an additional trading advisor (Willowbridge and QIM, collectively the “Trading Advisors”).  In order to reflect this additional diversification in Trading Advisors, the Partnership’s name was changed from RFMC Willowbridge Fund, L.P. to RFMC Tactical Advisors Fund, LP on March 10, 2010. The Partnership may engage in the speculative trading of commodity futures contracts, options on commodity futures contracts, and forward contracts. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Ruvane Fund Management Corporation is the general partner of the Partnership (the “General Partner”) and is registered as a Commodity Pool Operator and an Introducing Broker with the Commodity Futures Trading Commission.  The General Partner is required by the Limited Partnership Agreement, as amended and restated (the “Agreement”), to contribute $1,000 to the Partnership. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | In accordance with the amendment to Section 5 of the Agreement, effective January 16, 2003, the Partnership offers separate classes of limited partnership interests, whereby interests which were issued prior to January 16, 2003 by the Partnership are designated as Class A interests.  The Partnership also offers Class B limited partnership interests through a private offering pursuant to Regulation D as adopted under section 4(2) of the Securities Act of 1933, as amended.  The Partnership will offer the Class B interests up to an aggregate of $100,000,000; provided that the General Partner may increase the amount of interests that will be offered in increments of $10,000,000 after notice to the limited partners.  Commissions for the Class B interests will differ from those of the Class A interests, but in all other respects the Class A interests and the Class B interests will be identical.  The Class A interests and Class B interests will also be traded pursuant to the same trading programs. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The Partnership shall end upon withdrawal, insolvency or dissolution of the General Partner or a decline of greater than fifty percent of the net assets of the Partnership as defined in the Agreement, or the occurrence of any event which shall make it unlawful for the existence of the Partnership to be continued. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                                               |   | Three MonthsEnded June 30, |                                                                                   |   | Six MonthsEnded June 30, |   |
|--------------------------------------------------------------------|--------|----------------------------|----------------------------------------------------------------------------------------|--------|--------------------------|--------|
|                                                               |   | 2010                       |                                                                                   |   | 2009                     |   |   | 2010 |   |   | 2009 |   |
|                                                               |   |                       |                                                                                   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|        Class A                  |   | $                          | 201,943                                                                                |   |                     | $      | 327,658 |   |   | $ | 453,799 |   |   | $ | 688,768 |   |
|        Class B – Series 1 |   |                       | 21,891                                                                                 |   |                     |   | 27,484 |   |   |   | 45,843 |   |   |   | 58,453 |   |
|        Class B – Series 2 |   |                       | 370,376                                                                                |   |                     |   | 603,419 |   |   |   | 866,511 |   |   |   | 1,279,040 |   |
|        Class B – Series 3 |   |                       | 575                                                                                    |   |                     |   | 1,089 |   |   |   | 1,500 |   |   |   | 2,265 |   |
|                                                               |   |                       |                                                                                   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|        Total                    |   | $                          |               594,785 |   |                     | $      | 959,650 |   |   | $ | 1,367,653 |   |   | $ | 2,028,526 |   |

----

----

----

|                                                                |   | As of June 30, 2010 |       |
|---------------------------------------------------------------------|--------|---------------------|------------|
|                                                                |   | Total               |       |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |
|                                                                |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|        Futures contracts         |   | $                   | 764,740    |   |   | $ | 764,740 |   |   |   | N/A |   |   |   | N/A |   |
|        Money market mutual funds |   |                | 29,967,557 |   |   |   | 29,967,557 |   |   |   | N/A |   |   |   | N/A |   |
|                                                                |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|        Total Fair Value          |   | $                   | 30,732,297 |   |   | $ | 30,732,297 |   |   |   |   |   |   |   |   |   |

|                                                                |   | As of December 31, 2009 |       |
|---------------------------------------------------------------------|--------|-------------------------|------------|
|                                                                |   |                    |       |   |   |   |   |   |   |   |   |   |
|                                                                |   | Total                   |       |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |
|        Futures contracts         |   | $                       | 1,954,440  |   |   | $ | 1,954,440 |   |   |   | N/A |   |   |   | N/A |   |
|        Money market mutual funds |   |                    | 55,446,370 |   |   |   | 55,446,370 |   |   |   | N/A |   |   |   | N/A |   |
|                                                                |   |                    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|        Total Fair Value          |   | $                       | 57,400,810 |   |   | $ | 57,400,810 |   |   |   |   |   |   |   |   |   |

----

|                                                        |   | As of June 30, 2010 |      |
|-------------------------------------------------------------|--------|---------------------|-----------|
|                                                        |   | Assets              |      |   | Liabilities |   |   | Net |   |
|                                                        |   |                |      |   |   |   |   |   |   |   |   |   |
|        Currencies        |   | $                   | 201,217   |   |   | $ | (70,163 | ) |   | $ | 131,054 |   |
|        Energy            |   |                | 12,013    |   |   |   | (30,063 | ) |   |   | (18,050 | ) |
|        Grains            |   |                | 21,363    |   |   |   | (83,370 | ) |   |   | (62,007 | ) |
|        Interest rates    |   |                | 499,068   |   |   |   | (14,491 | ) |   |   | 484,577 |   |
|        Metals            |   |                | 26,170    |   |   |   | (5,120 | ) |   |   | 21,050 |   |
|        Stock indices     |   |                | 225       |   |   |   | (48,992 | ) |   |   | (48,767 | ) |
|        Tropical products |   |                | 278,764   |   |   |   | (21,881 | ) |   |   | 256,883 |   |
|        Totals            |   | $                   | 1,038,820 |   |   | $ | (274,080 | ) |   | $ | 764,740 |   |

|                                                        |   | As of December 31, 2009 |      |
|-------------------------------------------------------------|--------|-------------------------|-----------|
|                                                        |   | Assets                  |      |   | Liabilities |   |   | Net |   |
|                                                        |   |                    |      |   |   |   |   |   |   |   |   |   |
|        Currencies        |   | $                       | 1,331,189 |   |   | $ | (19,690 | ) |   | $ | 1,311,499 |   |
|        Energy            |   |                    | 90,611    |   |   |   | (15,973 | ) |   |   | 74,638 |   |
|        Grains            |   |                    | 94,014    |   |   |   | (10,737 | ) |   |   | 83,277 |   |
|        Interest rates    |   |                    | 422,652   |   |   |   | (24,654 | ) |   |   | 397,998 |   |
|        Livestock         |   |                    | 14,180    |   |   |   | 0 |   |   |   | 14,180 |   |
|        Metals            |   |                    | 180,087   |   |   |   | (489,780 | ) |   |   | (309,693 | ) |
|        Tropical products |   |                    | 404,711   |   |   |   | (22,170 | ) |   |   | 382,541 |   |
|        Totals            |   | $                       | 2,537,444 |   |   | $ | (583,004 | ) |   | $ | 1,954,440 |   |

|                                                        |   | For the three months ended June 30, 2010 |      |
|-------------------------------------------------------------|--------|------------------------------------------|-----------|
|                                                        |   | Net RealizedGains (Losses)               |      |   | Change inNet UnrealizedGains (Losses) |   |   | Net TradingProfits (Losses) |   |   | Number ofRound TurnContracts |   |
|        Currencies        |   | $                                        | 301,399   |   |   | $ | (114,181 | ) |   | $ | 187,218 |   |   |   | 5,370 |   |
|        Energy            |   |                                     | (386,794  | ) |   |   | (561,404 | ) |   |   | (948,198 | ) |   |   | 3,436 |   |
|        Grains            |   |                                     | (188,213  | ) |   |   | (170,771 | ) |   |   | (358,984 | ) |   |   | 4,050 |   |
|        Interest rates    |   |                                     | 1,412,552 |   |   |   | 435,216 |   |   |   | 1,847,768 |   |   |   | 9,644 |   |
|        Livestock         |   |                                     | (27,390   | ) |   |   | (4,380 | ) |   |   | (31,770 | ) |   |   | 156 |   |
|        Metals            |   |                                     | (30,176   | ) |   |   | (78,328 | ) |   |   | (108,504 | ) |   |   | 1,326 |   |
|        Stock indices     |   |                                     | (414,779  | ) |   |   | (62,120 | ) |   |   | (476,899 | ) |   |   | 2,574 |   |
|        Tropical products |   |                                     | 69,224    |   |   |   | (41,363 | ) |   |   | 27,861 |   |   |   | 996 |   |
|        Total             |   | $                                        | 735,823   |   |   | $ | (597,331 | ) |   | $ | 138,492 |   |   |   | 27,552 |   |

|                                                        |   | For the six months ended June 30, 2010 |       |
|-------------------------------------------------------------|--------|----------------------------------------|------------|
|                                                        |   | Net RealizedGains (Losses)             |       |   | Change inNet UnrealizedGains (Losses) |   |   | Net TradingProfits (Losses) |   |   | Number ofRound TurnContracts |   |
|        Currencies        |   | $                                      | 1,673,567  |   |   | $ | (1,180,445 | ) |   | $ | 493,122 |   |   |   | 10,228 |   |
|        Energy            |   |                                   | (3,142,907 | ) |   |   | (92,688 | ) |   |   | (3,235,595 | ) |   |   | 6,052 |   |
|        Grains            |   |                                   | (691,868   | ) |   |   | (145,284 | ) |   |   | (837,152 | ) |   |   | 9,808 |   |
|        Interest rates    |   |                                   | 804,028    |   |   |   | 86,579 |   |   |   | 890,607 |   |   |   | 18,130 |   |
|        Livestock         |   |                                   | (38,670    | ) |   |   | (14,180 | ) |   |   | (52,850 | ) |   |   | 614 |   |
|        Metals            |   |                                   | (1,566,239 | ) |   |   | 330,743 |   |   |   | (1,235,496 | ) |   |   | 3,196 |   |
|        Stock Indices     |   |                                   | (424,202   | ) |   |   | (48,767 | ) |   |   | (472,969 | ) |   |   | 3,454 |   |
|        Tropical products |   |                                   | 632,302    |   |   |   | (125,658 | ) |   |   | 506,644 |   |   |   | 2,580 |   |
|        Total             |   | $                                      | (2,753,989 | ) |   | $ | (1,189,700 | ) |   | $ | (3,943,689 | ) |   |   | 54,062 |   |

----

|                                                        |   | For the three months ended June 30, 2009 |      |
|-------------------------------------------------------------|--------|------------------------------------------|-----------|
|                                                        |   | Net RealizedGains (Losses)               |      |   | Change inNet UnrealizedGains (Losses) |   |   | Net TradingProfits (Losses) |   |   | Number ofRound TurnContracts |   |
|        Currencies        |   | $                                        | 3,193,267 |   |   | $ | (965,386 | ) |   | $ | 2,227,881 |   |   |   | 4,652 |   |
|        Energy            |   |                                     | 3,020,268 |   |   |   | (519,658 | ) |   |   | 2,500,610 |   |   |   | 3,000 |   |
|        Grains            |   |                                     | 1,426,907 |   |   |   | 265,484 |   |   |   | 1,692,391 |   |   |   | 7,478 |   |
|        Interest rates    |   |                                     | (955,166  | ) |   |   | 64,857 |   |   |   | (890,309 | ) |   |   | 10,702 |   |
|        Livestock         |   |                                     | (90,190   | ) |   |   | 79,330 |   |   |   | (10,860 | ) |   |   | 348 |   |
|        Metals            |   |                                     | 1,173,873 |   |   |   | (586,498 | ) |   |   | 587,375 |   |   |   | 2,224 |   |
|        Tropical products |   |                                     | (288,071  | ) |   |   | 204,836 |   |   |   | (83,235 | ) |   |   | 2,582 |   |
|        Total             |   | $                                        | 7,480,888 |   |   | $ | (1,457,035 | ) |   | $ | 6,023,853 |   |   |   | 30,986 |   |

|                                                        |   | For the six months ended June 30, 2009 |       |
|-------------------------------------------------------------|--------|----------------------------------------|------------|
|                                                        |   | Net RealizedGains (Losses)             |       |   | Change inNet UnrealizedGains (Losses) |   |   | Number ofNet TradingProfits (Losses) |   |   | Round TurnContracts |   |
|        Currencies        |   | $                                      | 1,086,988  |   |   | $ | (410,136 | ) |   | $ | 676,852 |   |   |   | 8,812 |   |
|        Energy            |   |                                   | 1,297,202  |   |   |   | (765,188 | ) |   |   | 532,014 |   |   |   | 4,806 |   |
|        Grains            |   |                                   | 564,395    |   |   |   | (2,671 | ) |   |   | 561,724 |   |   |   | 11,688 |   |
|        Interest rates    |   |                                   | (2,703,021 | ) |   |   | (1,417,978 | ) |   |   | (4,120,999 | ) |   |   | 17,552 |   |
|        Livestock         |   |                                   | (156,270   | ) |   |   | 74,440 |   |   |   | (81,830 | ) |   |   | 530 |   |
|        Metals            |   |                                   | 250,074    |   |   |   | 61,510 |   |   |   | 311,584 |   |   |   | 3,804 |   |
|        Tropical products |   |                                   | (903,855   | ) |   |   | 156,868 |   |   |   | (746,987 | ) |   |   | 3,978 |   |
|        Total             |   | $                                      | (564,487   | ) |   | $ | (2,303,155 | ) |   | $ | (2,867,642 | ) |   |   | 51,170 |   |

----

|                                           |   | Three Months Ended June 30, 2010 |     |
|------------------------------------------------|--------|---------------------------------------|----------|
|                                           |   | Class A                               |     |   | Class BSeries 1 |   |   | Class BSeries 2 |   |   | Class BSeries 3 |   |
| Per Unit Operating Performance                 |   |                                  |     |   |   |   |   |   |   |   |   |   |
| (for a Unit outstanding for the entire period) |   |                                  |     |   |   |   |   |   |   |   |   |   |
| Net Asset Value, Beginning of the period       |   | $                                     | 7,373.96 |   |   | $ | 952.59 |   |   | $ | 791.36 |   |   | $ | 992.84 |   |
| Profit/(loss) from operations                  |   |                                  |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net investment (loss)                          |   |                                  | (128.49  | ) |   |   | (14.09 | ) |   |   | (18.64 | ) |   |   | (19.52 | ) |
| Net trading gain                               |   |                                  | 25.67    |   |   |   | 3.17 |   |   |   | 3.69 |   |   |   | 3.23 |   |
| Net (loss)                                     |   |                                  | (102.82  | ) |   |   | (10.92 | ) |   |   | (14.95 | ) |   |   | (16.29 | ) |
| Net Asset Value, End of the period             |   | $                                     | 7,271.14 |   |   | $ | 941.67 |   |   | $ | 776.41 |   |   | $ | 976.55 |   |
| Total Return(1) (3)                            |   |                                  | (1.39    | )% |   |   | (1.15 | )% |   |   | (1.89 | )% |   |   | (1.64 | )% |
| Supplemental Data                              |   |                                  |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratios to average net asset valueExpenses(2)   |   |                                  | 7.14     | % |   |   | 6.07 | % |   |   | 9.63 | % |   |   | 8.05 | % |
| Net investment (loss) (2)                      |   |                                  | (7.03    | )% |   |   | (5.96 | )% |   |   | (9.52 | )% |   |   | (7.94 | )% |

|                                                 |   | Six Months Ended June 30, 2010 |     |
|------------------------------------------------------|--------|--------------------------------|----------|
|                                                 |   | Class A                        |     |   | Class BSeries 1 |   |   | Class BSeries 2 |   |   | Class BSeries 3 |   |
| Per Unit Operating Performance                       |   |                           |     |   |   |   |   |   |   |   |   |   |
| (for a Unit outstanding for the entire period)       |   |                           |     |   |   |   |   |   |   |   |   |   |
|   Net Asset Value, Beginning of the period |   | $                              | 8,017.87 |   |   | $ | 1,033.11 |   |   | $ | 864.90 |   |   | $ | 1,082.32 |   |
|   Profit/(loss) from operations            |   |                           |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Net investment (loss)                    |   |                           | (269.65  | ) |   |   | (29.42 | ) |   |   | (38.49 | ) |   |   | (42.22 | ) |
|   Net trading (loss)                       |   |                           | (477.08  | ) |   |   | (62.02 | ) |   |   | (50.00 | ) |   |   | (63.55 | ) |
|  Net (loss)                                     |   |                           | (746.73  | ) |   |   | (91.44 | ) |   |   | (88.49 | ) |   |   | (105.77 | ) |
| Net Asset Value, End of the period                   |   | $                              | 7,271.14 |   |   | $ | 941.67 |   |   | $ | 776.41 |   |   | $ | 976.55 |   |
| Total Return(1) (3)                                  |   |                           | (9.31    | )% |   |   | (8.85 | )% |   |   | (10.23 | )% |   |   | (9.77 | )% |
| Supplemental Data                                    |   |                           |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratios to average net asset value                    |   |                           |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses (2)                                         |   |                           | 7.27     | % |   |   | 6.17 | % |   |   | 9.61 | % |   |   | 8.41 | % |
| Net investment (loss) (2)                            |   |                           | (7.18    | )% |   |   | (6.08 | )% |   |   | (9.53 | )% |   |   | (8.32 | )% |

----

|                                                 |   | Three Months Ended June 30, 2009 |     |
|------------------------------------------------------|--------|----------------------------------|----------|
|                                                 |   | Class A                          |     |   | Class BSeries 1 |   |   | Class BSeries 2 |   |   | Class BSeries 3 |   |
| Per Unit Operating Performance                       |   |                             |     |   |   |   |   |   |   |   |   |   |
| (for a Unit outstanding for the entire period)       |   |                             |     |   |   |   |   |   |   |   |   |   |
|   Net Asset Value, Beginning of the period |   | $                                | 8,849.32 |   |   | $ | 1,131.62 |   |   | $ | 969.22 |   |   | $ | 1,203.67 |   |
|   Profit (loss) from operations            |   |                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Net investment (loss)              |   |                             | (149.66  | ) |   |   | (16.28 | ) |   |   | (21.31 | ) |   |   | (23.42 | ) |
|    Net trading profit                 |   |                             | 711.33   |   |   |   | 91.06 |   |   |   | 77.77 |   |   |   | 96.68 |   |
|     Net profit                   |   |                             | 561.67   |   |   |   | 74.78 |   |   |   | 56.46 |   |   |   | 73.26 |   |
| Net Asset Value, End of the period                   |   | $                                | 9,410.99 |   |   | $ | 1,206.40 |   |   | $ | 1,025.68 |   |   |   | 1,276.93 |   |
| Total Return(1) (3)                                  |   |                             | 6.35     | % |   |   | 6.61 | % |   |   | 5.83 | % |   |   | 6.09 | % |
| Supplemental Data                                    |   |                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratios to average net asset value                    |   |                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Expenses (2)                             |   |                             | 6.96     | % |   |   | 5.95 | % |   |   | 8.99 | % |   |   | 7.88 | % |
|   Net investment (loss) (2)                |   |                             | (6.62    | )% |   |   | (5.61 | )% |   |   | (8.65 | )% |   |   | (7.54 | )% |

|                                                      |   | Six Months Ended June 30, 2009 |      |
|-----------------------------------------------------------|--------|--------------------------------|-----------|
|                                                      |   | Class A                        |      |   | Class BSeries 1 |   |   | Class BSeries 2 |   |   | Class BSeries 3 |   |
| Per Unit Operating Performance                            |   |                           |      |   |   |   |   |   |   |   |   |   |
| (for a Unit outstanding for the entire period)            |   |                           |      |   |   |   |   |   |   |   |   |   |
|   Net Asset Value, Beginning of the period |   | $                              | 10,018.16 |   |   | $ | 1,277.75 |   |   | $ | 1,102.98 |   |   | $ | 1,366.22 |   |
|   Profit/(loss) from operations                 |   |                           |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Net investment (loss)             |   |                           | (307.60   | ) |   |   | (33.39 | ) |   |   | (44.05 | ) |   |   | (48.25 | ) |
|     Net trading (loss)                |   |                           | (299.57   | ) |   |   | (37.96 | ) |   |   | (33.25 | ) |   |   | (41.04 | ) |
|      Net (loss)                  |   |                           | (607.17   | ) |   |   | (71.35 | ) |   |   | (77.30 | ) |   |   | (89.29 | ) |
| Net Asset Value, End of the period                        |   | $                              | 9,410.99  |   |   | $ | 1,206.40 |   |   | $ | 1,025.68 |   |   | $ | 1,276.93 |   |
| Total Return(1) (3)                                       |   |                           | (6.06     | )% |   |   | (5.58 | )% |   |   | (7.01 | )% |   |   | (6.54 | )% |
| Supplemental Data                                         |   |                           |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratios to average net asset value                         |   |                           |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Expenses (2)                                  |   |                           | 7.15      | % |   |   | 6.23 | % |   |   | 9.30 | % |   |   | 8.04 | % |
|   Net investment (loss) (2)                     |   |                           | (6.63     | )% |   |   | (5.71 | )% |   |   | (8.78 | )% |   |   | (7.54 | )% |

| (1) | Total return is derived as ending net asset value less beginning net asset value divided by beginning net asset value, and excludes the effect of sales commissions and initial administrative charges on subscriptions. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Annualized |
|-----|------------|

| (3) | Not annualized |
|-----|----------------|

----

Management’s 

----

----

----

Quantitative

----

|   | • | The prices of the Partnership’s positions resulting from a 10% change in interest rates. |
|--------|---------|------------------------------------------------------------------------------------------------|

|   | • | The U.S. dollar equivalent balances of the Partnership’s currency exposures due to a 10% shift in currency exchange rates. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------|

|   | • | The market value of the Partnership’s Commodity Interests due to a 10% change in the price of the Commodity Instruments. The Partnership has determined that the impact of a 10% change in market rates and prices on its fair values, cash flows and earnings would not be material. The Partnership has disclosed the potential loss to earnings of its commodity price, interest rate and currency exchange rate sensitivity positions as of June 30, 2010. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Commodity price risk        | $ | 298,357 |
|-----------------------------|---|---------|
| Interest rate risk          | $ | 196,237 |
| Currency exchange rate risk | $ | 147,920 |

Controls and Procedures

Legal

Risk

----

Unregistered

| Date of Subscription |   | Amount of Subscriptions |    |
|----------------------|--------|------------------------------|---------|
| January 2010         |   | $                            | 208,085 |   |
| February 2010        |   | $                            | 404,792 |   |
| March 2010           |   | $                            | 233,906 |   |
| April 2010           |   | $                            | 302,591 |   |
| May 2010             |   | $                            | 442,731 |   |
| June 2010            |   | $                            | 83,432  |   |

Defaults

Removed

Other

Exhibits

----

|   Date:  August 16, 2010 |   | RFMC TACTICAL ADVISORS FUND, L P                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                               |   | By:/s/ Robert L. Lerner                                                               Robert L. LernerPresident, Principal Executive Officer and Principal Financial Officer |

----