UNITED STATES

                    SECURITIES AND EXCHANGE COMMISSION

                          WASHINGTON, D.C. 20549

                                 FORM 10-Q


(X)  QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES
     EXCHANGE ACT OF 1934


             For the Quarterly Period Ended March 31, 2004
                                            ----------------------


( ) TRANSITION REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE
    SECURITIES EXCHANGE ACT OF 1934

    FOR THE TRANSITION PERIOD FROM ______________ TO _____________



                       COMMISSION FILE NO. 000-23529
                                           ---------


                I.R.S. Employer Identification No. 22-678474


                        THE WILLOWBRIDGE FUND L.P.
                         (a Delaware Partnership)
                              4 Benedek Road,
                        Princeton, New Jersey 08540

                          Telephone 609-921-0717


Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.

                    YES  X                 NO
                        ---                   ----

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).


                   YES                    NO   X
                        ---                   ----
<PAGE>




                         THE WILLOWBRIDGE FUND L.P.
                             INDEX TO FORM 10-Q


PART I - FINANCIAL INFORMATION

                                                                           Page
Item 1.   Financial Statements ...............................................3

          Interim Condensed Statements of Financial Condition
          as of March 31, 2004 (Unaudited) and December 31, 2003..............3

          Unaudited Interim Condensed Statements of Income for
          the Three Months Ended March 31, 2004 and 2003......................4

          Unaudited Interim Condensed Statement of Changes in Partners'
          Capital for the Three Months Ended March 31, 2004...................5

          Notes to Unaudited Interim Condensed Financial Statements...........6

Item 2.   Management's Discussion and Analysis of Financial Condition
          and Results of Operations..........................................10

Item 3.   Quantitative and Qualitative Disclosures About Market Risk.........13

Item 4.   Market Price of and Dividends on the Registrant's Common
          Equity and Related Stockholder Matters.............................14

Item 5.   Controls and Procedures............................................15


PART II - OTHER INFORMATION

Item 1.   Legal Proceedings..................................................15

Item 2.   Changes in Securities and Use of Proceeds..........................15

Item 3.   Defaults Upon Senior Securities....................................15

Item 4.   Submission of Matters to a Vote of Security Holders................15

Item 5.   Other Information..................................................15

Item 6.   Exhibits and Reports on Form 8-K...................................15





                                     2
<PAGE>
<TABLE>
<CAPTION>


PART I - FINANCIAL INFORMATION

Item 1.  Condensed Financial Statements

THE WILLOWBRIDGE FUND L.P.


INTERIM CONDENSED STATEMENTS OF FINANCIAL CONDITION
AS OF MARCH 31, 2004 (UNAUDITED) AND DECEMBER 31, 2003

------------------------------------------------------------------------------------------
                                                        March 31,         December 31,
                                                          2004                2003
<S>                                                   <C>                 <C>
ASSETS
CASH IN BANK                                           $  2,839,339        $  1,491,478
EQUITY IN COMMODITY FUTURES TRADING ACCOUNT:
  Due from broker                                        35,323,235          32,839,696
  Net unrealized gain on open positions                   5,392,852           4,034,794
                                                       ------------        ------------
                                                         40,716,087          36,874,490

PREPAID EXPENSES                                            281,629                  -
ACCOUNTS RECEIVABLE                                         128,091             132,554
INTEREST RECEIVABLE                                           5,584               5,491
                                                       ------------        ------------
TOTAL ASSETS                                           $ 43,970,730        $ 38,504,013
                                                       ============        ============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
   Accrued Incentive Fees                              $    834,528        $    179,406
   Prepaid Subscriptions                                    639,165             410,810
   Accrued Management Fees                                  103,461              91,000
   Redemptions Payable                                       60,217             129,171
   Accounts Payable                                              -               14,000
   Other Accrued Expenses                                    81,040             126,190
TOTAL LIABILITIES                                      ------------        ------------
                                                          1,718,411             950,577

PARTNERS' CAPITAL:

   Limited partners - Class"A" (5,084.1713 and           41,204,615          36,620,539
   4,811.5582 fully redeemable units at
   March 31, 2004 and December 31, 2003, respectively)

   Limited partner - Class "B" (24.7500 and 0 fully          24,399                  -
   redeemable units at March 31, 2004 and
   December 31, 2003, respectively)

   General partner - Class "A" (126.2640 and 122.5730     1,023,305             932,897
   fully redeemable units at March 31, 2004 and
   December 31, 2003, respectively)
                                                        ------------        -----------
TOTAL PARTNERS' CAPITAL:                                 42,252,319          37,553,436
                                                        ------------        -----------

TOTAL LIABILITIES AND PARTNERS' CAPITAL                $ 43,970,730        $ 38,504,013
                                                       ============        ============
NET ASSET VALUE PER UNIT - Class "A"                   $   8,104.49        $   7,610.95
NET ASSET VALUE PER UNIT - Class "B"                   $     985.80        $         -
                                                       ============        ============


See Notes to Unaudited Interim Condensed Financial Statements


                                      3


<PAGE>
<CAPTION>

THE WILLOWBRIDGE FUND L.P.

UNAUDITED INTERIM CONDENSED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003
----------------------------------------------------------------------------------------------

                                                             For the three     For the three
                                                              months ended     months ended
                                                               March 31,        March 31,
                                                                 2004             2003

<S>                                                           <C>              <C>
INCOME:
   Gains (losses) on trading of commodity
     futures, forwards and options:
     Realized gains on closed positions, net                   $  2,578,253     $  6,343,502
     Change in net unrealized gains/losses on open
     positions                                                    1,358,058       (4,107,805)
                                                               ------------     ------------
   Total trading profits                                          3,936,311        2,235,697
   Interest income                                                   76,588           76,722
                                                               ------------     ------------
                  Total income                                    4,012,899        2,312,419
EXPENSES:                                                      ------------     ------------
   Incentive fees                                                   834,528          254,205
   Brokerage commissions - Class "A"                                402,341          308,612
   Brokerage commissions - Class "B"                                     62              -
   Management fees                                                  197,345          148,982
   Administrative expenses                                           75,039           83,377
                                                               ------------     ------------
                  Total expenses                                  1,509,315          795,176
                                                               ------------     ------------
NET INCOME                                                     $  2,503,584     $  1,517,243
                                                               ============     ============








See Notes to Unaudited Interim Condensed Financial Statements



                                                            4

<PAGE>

<CAPTION>

THE WILLOWBRIDGE FUND L.P.

UNAUDITED INTERIM CONDENSED STATEMENT OF CHANGES IN PARTNERS' CAPITAL
FOR THE THREE MONTHS ENDED MARCH 31, 2004
-----------------------------------------------------------------------------------------------------------------------------------
                                                           Class "A"                                  Class "B"
                                    ----------------------------------------------------------    ------------------
                                                                                                                           Total
                                      General partner         Limited Partners         Total       Limited Partners        Partners'
                                     Units       Amount      Units       Amount        Amount      Units     Amount        Capital
                                   ----------------------   -----------------------   --------    -------- ---------      ---------

<S>                                <C>        <C>           <C>          <C>             <C>        <C>           <C>
PARTNERS' CAPITAL, JANUARY 1, 2004  122.5730  $  932,897  4,811.5582   $36,620,539  $37,553,436     -   $          -    $37,553,436

  Subscriptions                       3.6910      29,051    341.1939     2,684,057    2,713,108    24.7500      24,750    2,737,858

  Redemptions                             -          -      (68.5808)     (542,559)    (542,559)        -          -       (542,559)

  Net income (loss)                       -      61,357          -       2,442,578    2,503,935         -        (351)    2,503,584
                                    --------  ----------  ----------   -----------  -----------    --------   --------   ----------
PARTNERS' CAPITAL, MARCH 31, 2004   126.2640  $1,023,305  5,084.1713   $41,204,615  $42,227,920    24.7500    $ 24,399  $42,252,319
                                    ========  ==========  ==========   ===========  ============   ========   ========   ==========


See Notes to Unaudited Interim Condensed Financial Statements



</TABLE>


                                                                             5

<PAGE>



THE WILLOWBRIDGE FUND L.P.

NOTES TO UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003
-------------------------------------------------------------------------------

1.       GENERAL

The interm condensed financial statements of The Willowbrideg 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 10-01 of Regulation S-X. Accordingly, they do
not include all the information and footnotes required by generally accepted
accounting principles for complete 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, 2003. 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 operation and changes in partners' capital for the interim periods
presented and are not necessarily indicative of a full year's results.

2.       ORGANIZATION

The Willowbridge Fund L.P., a Delaware limited partnership, was organized on
January 24, 1986. The Partnership is engaged in the speculative trading of
commodity futures contracts, options on commodities or commodity futures
contracts and forward contracts. The General Partner, Ruvane Investment
Corporation ("General Partner"), is registered as a Commodity Pool Operator
and a Commodity Trading Advisor with the Commodity Futures Trading Commission.
The General Partner is required by the Limited Partnership Agreement, as
amended and restated (the "Agreement") to contribute an amount equal to one
percent of the aggregate capital raised by the Partnership. The Agreement
requires that all subscriptions are subject to a one percent administrative
charge payable to the General Partner.

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 already issued by the
Partnership will be designated as Class A interests. As per the offering
memorandum dated February 29, 2004, the Partnership offers Class B limited
partnership interests in private offering pursuant to Regulation D as adopted
under section 4(2) of the Securities Act of 1933, as amended. On
March 1, 2004, the Partnership issued for the first time 24.7500 Class B limited
partnership interests at $1,000 net asset value per unit. The Partnership will
offer the Class B interests up to an aggregate of $100,000,000.

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.

3.       SIGNIFICANT ACCOUNTING POLICIES

Due from Broker - Due from broker represents cash required to meet margin
requirements and excess funds not required for margin that are typically
invested in 30-day commercial paper and U.S. Treasury bills which are carried
at cost plus accrued interest, which approximates market. The Partnership is
subject to credit risk to the extent any broker with whom the Partnership
conducts business is unable to deliver cash balances or securities, or clear
securities transactions on the Partnership's behalf. The General Partner
monitors the financial conditions of the brokers with which the Partnership
conducts business and believes that the likelihood of loss under the
aforementioned circumstances is remote.




                                      6
<PAGE>



Prepaid expenses - Prepaid expenses were comprised of the management fees paid
to the General Partner. For the year ended December 31, 2003, prepaid expenses
also included the tax filing fees paid to New Jersey division of taxation. The
fiscal year 2004 management fee is paid by the Partnership to the General
Partner in January 2004. This amount is being amortized (straight-line) by the
Partnership over the twelve-month period ending December 31, 2004. As of March
31, 2004, $93,884 had been amortized by the Partnership.

Revenue Recognition - Investments in swaps, commodity futures, options and
forward contracts are recorded on the trade date and open contracts are
recorded in the financial statements at their fair value on the last business
day of the reporting period. The difference between the original contract
amount and fair value is recorded in statement of income as an unrealized gain
or loss. Fair value is based on quoted market prices. All commodity futures,
options and forward contracts and financial instruments are recorded at fair
value in the financial statements. Fair value is based on quoted market
prices.

Commissions - The Class A partners pay to the General Partner a flat rate of
4.0 percent commission annually of the net asset value of the Class A
partners' capital as of beginning of each month. Class B limited partners pay
to the General Partner commission of up to 6.0 percent annually of the net
asset value of the Class B partners' capital. The General Partner will pay up
to 3.0 percent from this amount to properly registered selling agents as their
compensation.

For the quarters ended March 31, 2004 and 2003, the General Partner received
net brokerage commission of $233,163 and $211,687, respectively from the
Partnership. Net brokerage commission represents commission charged to Class A
and Class B partners less actual brokerage commissions paid to clearing
brokers.

Statement of Cash Flows - The Partnership has elected not to provide a
Statement of Cash Flows as permitted by Statement of Financial Accounting
Standards No. 102, "Statement of Cash Flows- Exemption of Certain Enterprises
and Classification of Cash Flows from Certain Securities Acquired for
Resale".

Allocation of Profits (Losses) and Fees - Net realized and unrealized
trading gains and losses, interest income and other operating income and
expenses are allocated to the partners monthly in proportion to their
capital account balance, as defined in the Agreement.

The General Partner was paid a management fee equal to approximately one
percent of the net assets of the Partnership (as defined in the Agreement)
as of the last day of the previous fiscal year-end. Such annual fees
amounted to $375,513 and $281,177 for the year 2004 and 2003, respectively.
In addition, the Partnership pays Willowbridge a quarterly management fee of
0.25% (1% per year) of the net asset value of the Partnership. These fees
amounted to $103,461 for the three months ended March 31, 2004 and $334,246 for
the year ended December 31, 2003.

Willowbridge Associates Inc., ("Willowbridge") the Commodity Trading
Advisor ("CTA") of the Partnership is entitled to an incentive fee based on
an increase in the adjusted net asset value of the allocated assets of the
Partnership. The CTA receives 25% of any new profits, as defined in the
Agreement. The term "new profits" is defined as the increase, if any, in
the adjusted net asset value of the allocated assets. In addition, the
Partnership pays the CTA a quarterly management fee of 0.25% (1% per year)
of the net asset value of the Partnership.

Administrative Expense - Administrative expenses include professional fees,
bookkeeping costs, and other charges such as registration fees, printing
costs and bank fees.

Income Taxes - Income taxes have not been provided in the accompanying
financial statements as each partner is individually liable for taxes, if
any, on his/her share of the Partnership's profits.



                                      7
<PAGE>

Subscriptions - Partnership units may be purchased on the first day of each
month at the net asset value per unit determined on the last business day of
previous month. Partners' contributions received in advance for subscriptions
are recorded as prepaid subscriptions in the statements of financial
condition. The General Partner charges a one percent initial administrative
fee on all limited unit subscriptions. The General Partner waives this charge
for limited partners who are affiliates of the General Partner. Subscription
proceeds to the Partnership are recorded net of these charges. The General
Partner received initial administrative fees of $27,215 and $3,478 for the
three months ended March 31, 2004 and 2003, respectively.

Redemptions - Limited partners may redeem some or all of their units
at net asset value per unit as of the last business day of each month on at
least ten days written notice to the General Partner.

Estimates - The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts
of income Class) during the reporting period. Estimates include
accrual of expenses such as professional fees. Actual results could differ
from these estimates.

Recently Issued Accounting Pronouncements - In January 2003, the Financial
Accounting Standards Board issued FASB Interpretation No. 46, "Consolidation
of Variable Interest Entities" ("FIN 46"), which addresses consolidation by
business enterprises that control another entity through interests other than
voting interest (referred to as variable interest entity or "VIE"). On
December 24, 2003, FASB Interpretation No. 46 (Revised December 2003),
"Consolidation of Variable Interest Entities" ("FIN 46(R)"), was issued to
clarify the application of Accounting Research Bulletin No. 51, "Consolidated
Financial Statements", as amended by FASB Statement No. 94, "Consolidation of
All Majority-Owned Subsidiaries". Neither FIN 46 nor FIN 46(R) exempt
non-registered investment companies from their scope. Nonetheless, the
effective date of FIN 46(R) has been indefinitely deferred for investment
companies (including non-registered investment companies) that are accounting
for their investments in accordance with the AICPA Audit and Accounting Guide,
Audits of Investment Companies. AS of March 31, 2004, management does not
believe that the Partnership holds any interest in investments that may be
considered to be VIEs. Further, management does not believe that the ultimate
adoption of FIN 46(R) will have a material impact on the Partnership's
financial statements.




                                      8
<PAGE>





4.      FINANCIAL HIGHLIGHTS

The following sets forth the financial highlights for the periods presented.
<TABLE>
<CAPTION>
                                                          For the three months                     For the year
                                                          ended March 31, 2004               ended December 31, 2003
                                                        ------------------------            ------------------------
                                                        Class A       Class B(1)                     Class A
                                                        --------      -------                      ----------

<S>                                                   <C>           <C>             <C>
Per Unit Operating Performance
(for a Unit outstanding for the entire period)

Net Asset Value.  Beginning of the period              $  7,610.95   $  1,000.00                 $  6,307.40
                                                       -----------   -----------                 -----------
Gain from investment operations

        Net investment gain (loss) (2)                     (282.40)         0.94                     (817.05)

        Net realized and change in net unrealized
        gain/loss on investments                            775.94        (15.14)                  (2,120.59)
                                                       -----------   -----------                 -----------

        Total from investment operations                    493.54        (14.20)                   1,303.54
                                                       -----------   -----------                 -----------
Net Asset Value. End of the period                     $  8,104.49   $    985.80                 $  7,610.95
                                                       ===========   ===========                 ===========

Total Return (3)                                              6.48%        -1.42%                     20.67%
                                                       ===========   ===========                 ===========
        Supplemental Data

        Ratio of expenses (4) to average net assets         -15.07%         0.34%                    -12.61%

        Ratio of net investment loss (2) (4) to
        average net assets                                  -14.31%         1.13%                    -11.75%


(1) For the Period March 1, 2004 (original issuance of units) to
    March 31, 2004.

(2) Net investment gain (loss) is comprised of interest income less total
    expenses.

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

(4) Annualized.

</TABLE>


                                      9
<PAGE>


Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations

General

The Willowbridge Fund L.P. (the "Partnership") is engaged in the
speculative trading of commodity futures contracts, options on commodities
or commodity futures contracts and forward contracts. The objective of the
Partnership is the appreciation of its assets through speculative trading.
Ruvane Investment Corporation is the General Partner of the Partnership (the
"General Partner") and Willowbridge Associates Inc. is the Partnership's
trading advisor (the "Advisor").

The success of the Partnership is dependent upon the ability of the Advisor
to generate trading profits through the speculative trading of commodity
interests sufficient to produce capital payments after payment of all fees
and expenses. Future results will depend in large part upon the commodity
interests markets in general, the performance of the Advisor, the amount of
additions to and redemptions from the Partnership and changes in interest
rates. Due to the highly leveraged nature of the Partnership's trading
activity, small price movements in commodity interests may result in
substantial gains or losses to the Partnership. As a result of these
factors, the Partnership's past performance is not indicative of future
results and any recent increases in net realized or unrealized gains may
have no bearing on any results that may be obtained in the future.


Summary of Critical Accounting Estimates

The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America ("GAAP")
requires management to adopt accounting policies and make estimates and
assumptions that affect amounts reported in the Partnership's financial
statements. The critical accounting estimates and related judgements
underlying the Partnership's financial statements are summarized below.  In
applying these policies, management makes judgments that frequently require
estimates about matters that are inherently uncertain.  The Partnership's
significant accounting policies are described in detail in Note 3 of the
Notes to the Unaudited Interim Condensed Financial Statements.

The Partnership records all investments at fair value in its financial
statements, with changes in fair value reported as a component of Trading
Profits in the Statements of Income.  Generally, fair
values are based on quoted market prices; however, in certain
circumstances, significant judgments and estimates are involved in
determining fair value in the absence of an active market closing price.


                                      10
<PAGE>

Results of Operations

Comparison of Three Months Ended March 31, 2004 and 2003

For the quarter ended March 31, 2004, the partnership had total income
comprised of net trading profits representing $2,578,253 in realized gains on
closed positions, and $1,358,058 in change in net unrealized gains/losses on
open positions, and $76,588 in interest income. For the same quarter in 2003
the Partnership had total income comprised of net trading profits representing
$6,343,502 in realized gains on closed positions and, $(4,107,805) in change
in net unrealized gains/losses on open positions, and $76,722 in interest
income.

In January 2004, trading was most profitable in energy. The Partnership
recorded a gain of $438,797. In February 2004, trading was most profitable in
tropicals, energy and financials. The Partnership recorded a gain of
$2,710,432. In March 2004, trading was unprofitable in foreign currencies and
energy. Gain in tropicals failed to offset such losses.  The Partnership
recorded a loss of $645,645.

In January 2003 trading was most profitable in foreign currencies and energy.
The Partnership recorded a gain of $2,117,882. In February 2003, trading was
most profitable in energy and financials. The Partnership recorded a gain of
$3,103,123. In March 2003, trading was unprofitable in all market sectors.
Energy, foreign currencies and financials produced most of the losses. The
Partnership recorded a loss of $3,703,762.

For the quarter ended March 31, 2004, the Partnership had expenses comprised
of $834,528 in incentive fees, $402,403 in brokerage commissions (including
clearing and exchange fees), $197,345 in management fees, and $75,039 in
administrative expenses. For the same quarter in 2003, the Partnership had
expenses comprised of $308,612 in brokerage commissions (including clearing
and exchange fees), $254,205 in incentive fees, $148,982 in management fees,
and $83,377 in administrative expenses. Incentive fees are generated by
quarterly profits. Brokerage commissions and management fees vary primarily as
a result of change in assets under management, which are affected by net
income, and capital additions and redemptions. Management fees increased as a
result of increase in average net assets under management during the quarter
ended March 2004 as compared to quarter ended March 2003. Administrative
expenses consists primary of professional fees and other expenses relating to
the Partnership's reporting requirements under Securities Exchange Act of
1934, as amended. Administrative expenses decreased due to the decrease in
accrual of New Jersey division of taxation from 2003 to 2004


As a result of the above, the Partnership recorded a profit of $2,503,584 for
the quarter compared to a profit of $1,517,243 for the same quarter in 2003.

At March 31, 2004, the net asset value of the Partnership was $42,252,319,
compared to its net asset value of 37,553,436 at December 31, 2003.

During the quarter, the Partnership had no credit exposure to a counterparty
that is foreign commodities exchange or to any counterparty dealing in over
the counter contracts which is material.


                                      11
<PAGE>


Liquidity and Capital Resources

In general, the Advisor trades only those commodity interests that have
sufficient liquidity to enable it to enter and close out positions without
causing major price movements. Notwithstanding the foregoing, most United
States commodity exchanges limit the amount by which certain commodities may
move during a single day by regulations referred to as "daily price
fluctuation limits" or "daily limits." Pursuant to such regulations, no trades
may be executed on any given day at prices beyond daily limits. The price of a
futures contract occasionally has exceeded the daily limit for several
consecutive days, with little or no trading, thereby effectively preventing a
party from liquidating its position. While the occurrence of such an event may
reduce or eliminate the liquidity of a particular market, it will not
eliminate losses and may, in fact, substantially increase losses because of
the inability to liquidate unfavorable positions. In addition, if there is
little or no trading in a particular futures or forward contract that the
Partnership is trading, whether such liquidity is caused by any of the above
reasons or otherwise, the Partnership may be unable to liquidate its position
prior to its expiration date, thereby requiring the Partnership to make or
take delivery of the underlying interests of the commodity investment.

The Partnership's capital resources are dependent upon three factors: (a)
the income or losses generated by the Advisor; (b) the money invested or
redeemed by the limited partners; and (c) the capital invested or redeemed
by the General Partner.

The Partnership sells limited partnership units to investors from time to
time in private placements pursuant to Regulation D of the Securities Act
of 1933, as amended. As of the last day of any month, a limited partner may
redeem all of its limited partnership units on 10 days' prior written
notice to the General Partner.

The General Partner must maintain a capital account in such amount as is
necessary for the General Partner to maintain a one percent (1%) interest
in the capital, income and losses of the Partnership. All capital
contributions by the General Partner necessary to maintain such capital
account balance are evidenced by units of general partnership interest,
each of which has an initial value equal to the net asset value per unit at
the time of such contribution. The General Partner may withdraw any excess
above its required capital contribution without notice to the limited
partners and may also contribute any greater amount to the Partnership.







                                      12
<PAGE>



Item 3.  Quantitative and Qualitative Disclosures About Market Risk.

The Partnership is a commodity pool engaged in the speculative trading of
commodity futures contracts (including agricultural and non-agricultural
commodities, currencies and financial instruments), options on commodities
or commodity futures contracts, and forward contracts. The risk of market
sensitive instruments is integral to the Partnership's primary business
activities. The futures interests traded by the Partnership involve varying
degrees of related market risk. Such market risk is often dependent upon
changes in the level or volatility of interest rates, exchange rates,
and/or market values of financial instruments and commodities. Fluctuations
in related market risk based upon the aforementioned factors result
in frequent changes in the fair value of the Partnership's open positions,
and, consequently, in its earnings and cash flow. The Partnership accounts
for open positions on the basis of mark-to-market accounting principles. As
such, any gain or loss in the fair value of the Partnership's open
positions is directly reflected in the Partnership's earnings, whether
realized or unrealized. The Partnership's total market risk is influenced
by a wide variety of factors including the diversification effects among
the Partnership's existing open positions, the volatility present within
the markets and the liquidity of the markets. At varying times, each of
these factors may act to exacerbate or mute the market risk associated with
the Partnership. The following were the primary trading risk exposures of
the Partnership as of March 31, 2004, by market sector:

Interest Rate: Interest rate risk is a significant market exposure of the
Partnership. Interest rate movements in one country as well as relative
interest rate movements between countries materially impact the
Partnership's profitability. The Partnership's primary interest rate
exposure is to interest rate fluctuations in the United States and the
other G-7 countries. The General Partner anticipates that G-7 interest
rates will remain the primary market exposure of the Partnership for the
foreseeable future.

Currency: The Partnership's currency exposure is to exchange rate
fluctuations, primarily in the following countries: Germany, England,
Japan, France, Switzerland, Australia, Canada and the United States of
America. These fluctuations are influenced by interest rate changes as well
as political and general economic conditions. The General Partner does not
anticipate that the risk profile of the Partnership's currency sector will
change significantly in the future.

Commodity: The Partnership's primary metals market exposure is to
fluctuations in the price of gold, silver and copper. The Partnership also
has commodity exposures in the price of soft commodities, which are often
directly affected by severe or unexpected weather conditions. The General
Partner anticipates that the Advisor will maintain an emphasis in the
commodities described above. Additionally, the Partnership had exposure to
energies (gas, oil) as of March 31, 2004, and it is anticipated that
positions in this sector will continue to be evaluated on an ongoing basis.

The Partnership measures its market risk, related to its holdings of
commodity interests based on changes in interest rates, foreign currency
rates, and commodity prices utilizing a sensitivity analysis. The
sensitivity analysis estimates the potential change in fair values, cash
flows and earnings based on a hypothetical 10% change (increase and
decrease) in interest, currency and commodity prices. The Partnership used
March 31, 2004 market rates and prices on its instruments to perform the
sensitivity analysis. The sensitivity analysis has been prepared separately
for each of the Partnership's market risk exposures (interest rate,
currency rate, and commodity price) instruments. The estimates are based on
the market risk sensitive portfolios described in the preceding paragraph
above. The potential loss in earnings is based on an immediate change in:

The prices of the Partnership's interest rate positions resulting from a
10% change in interest rates.



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<PAGE>


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 instruments due to a 10%
change in the price of the 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 elected
to disclose the potential loss to earnings of its commodity price, interest
rate and currency exchange rate sensitivity positions as of March 31, 2004.

The potential loss in earnings for each market risk exposure as of
March 31, 2004 was approximately:

Trading portfolio:

Commodity price risk               $ 1,380,000

Interest rate risk                 $   315,000

Currency exchange rate risk        $   361,000


Item 4. Market Price of and Dividends on the Registrant's Common Equity and
Related Stockholder Matters

There currently is no established public trading market for the Limited
Partnership Units. As of March 31, 2004, 5,235.1853 Partnership Units were
held by 418 Limited Partners and the General Partner.

All of the Limited Partnership Units are "restricted securities" within the
meaning of Rule 144 promulgated under the Securities Act of 1933, as
amended (the "Securities Act"), and may not be sold unless registered under
the Securities Act or sold in accordance with an exemption therefrom, such
as Rule 144. The Partnership has no plans to register any of the Limited
Partnership Units for resale. In addition, the Partnership Agreement
contains certain restrictions on the transfer of Limited Partnership Units.

Pursuant to the Partnership Agreement, the General Partner has the sole
discretion to determine whether distributions (other than on redemption of
Limited Partnership Units), if any, will be made to partners. The
Partnership has never paid any distributions and does not anticipate paying
any distributions to partners in the foreseeable future.

From January 1, 2004 through March 31, 2004, a total of 301.0541 Partnership
Units were subscribed for the aggregate net subscription amount of
$2,170,550.  Details of the net subscriptions and redemptions of these
Partnership Units are as follows:

                                              Net amount of
Date of subscriptions                         subscriptions
---------------------                  -------------------------
    January 2004                        $   549,327
    February 2004                       $   627,126
    March 2004                          $ 1,018,846


Investors in the Partnership who subscribed through a selling agent may
have been charged a sales commission at a rate negotiated between such
selling agent and the investor, such sales commission in no event exceeded
4% of the subscription amount. All of the sales of Partnership Units were
exempt from registration pursuant to Section 4(2) of the Securities Act and
Regulation D promulgated thereunder.


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Item 5.  Controls and Procedures

The President of the General Partner evaluated the effectiveness of the design
and operation of the Partnership's disclosure controls and procedures, which
are designed to insure that the Partnership's records, processes, summarizes
and reports in a timely and effective manner the information required to be
disclosed in the reports filed with or submitted to the Securities and
Exchange Commission. Based upon this evaluation, the General Partner concluded
that, as of March 31, 2004 the Partnership's disclosure controls are
effective. There were no significant changes in the Partnership's internal
controls or in other factors that could significantly affect those controls
during the first quarter of 2004.


PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

The General Partner is not aware of any pending legal proceedings to which
the Partnership or the General Partner is a party or to which any of their
assets are subject

Item 2. Changes in Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Submission of Matters to a Vote of Security Holders.

None.

Item 5. Other Information.

None.

Item 6. Exhibits and Reports on Form 8-K.

31.1    Rule 13a - 14(a)/15d-14(a) Certification

32.1    Section 1350 Certification




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<PAGE>

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                       THE WILLOWBRIDGE FUND L.P.


Date: May 14, 2004                     By:  Ruvane Investment Corporation
                                              Its General Partner

                                       By:  /s/ Robert L. Lerner
                                            --------------------------------
                                            Robert L. Lerner
                                            President





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