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 June 30, 2002
                                            -------------


( ) 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
                        ---                   ----


<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 June 30, 2002 (Unaudited) and December 31, 2001...............3

          Unaudited Interim Condensed Statements of Income (Loss) for
          the Three Months Ended June 30, 2002 and 2001
          and for the Six Months Ended June 30, 2002 and 2001.................4

          Unaudited Interim Condensed Statement of Changes in Partners'
          Capital for the Six Months Ended June 30, 2002......................5

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

Item 2.   Management's Discussion and Analysis of Financial Condition
          and Results of Operations...........................................9

Item 3.   Quantitative and Qualitative Disclosures About Market Risk.........12

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


PART II - OTHER INFORMATION

Item 1.   Legal Proceedings..................................................14

Item 2.   Changes in Securities and Use of Proceeds..........................14

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>




PART I - FINANCIAL INFORMATION

Item 1.  Condensed Financial Statements

THE WILLOWBRIDGE FUND L.P.

INTERIM CONDENSED STATEMENTS OF FINANCIAL CONDITION
AS OF JUNE 30, 2002 (Unaudited) AND DECEMBER 31, 2001
-------------------------------------------------------------------------------

                                                  June 30,         December 31,
                                                    2002               2001


ASSETS
EQUITY IN COMMODITY FUTURES TRADING ACCOUNT:
  Due from broker                                $20,112,413       $19,307,320
  Net unrealized appreciation on open positions   10,375,835         3,470,476
                                                 -----------       -----------

                                                  30,488,248        22,777,796

CASH IN BANK                                       2,491,209         3,332,403

PREPAID EXPENSES                                     128,723                -

ACCOUNTS RECEIVABLE                                   68,177                -

INTEREST RECEIVABLE                                   10,770            11,372
                                                 -----------       -----------
TOTAL ASSETS                                     $33,187,127       $26,121,571
                                                 ===========       ===========
LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES:
  Accrued Incentive Fees                          $  717,503       $        -
  Redemptions Payable                                641,011           183,099
  Prepaid Subscriptions                              156,500            61,887
  Accrued Management Fees                             67,294            66,073
  Sales Commissions                                      840               240
  Accounts Payable                                        -             15,628
  Other accrued expenses                              53,909            50,000
                                                 -----------       -----------
                                                   1,637,057           376,927

PARTNERS' CAPITAL:
  Limited partners (5,489.0505 and 5,596.2849
     fully redeemable units at June 30, 2002
     and December 31, 2001, respectively)         30,885,281        24,946,122
  General partner (118.1490 and 179.1362
     fully redeemable units at June 30, 2002
     and December 31, 2001, respectively)            664,789           798,522
                                                 -----------       -----------

                                                  31,550,070        25,744,644
                                                 -----------       -----------

TOTAL LIABILITIES AND PARTNERS' CAPITAL          $33,187,127       $26,121,571
                                                 ===========       ===========

NET ASSET VALUE PER UNIT
(Based on 5,607.1995 and 5,775.4211 units
  outstanding at June 30, 2002 and               $  5,626.71       $  4,457.63
  December 31, 2001, respectively)               ===========       ===========

See Notes to Unaudited Interim Condensed Financial Statements

                                     3
<PAGE>
<TABLE>
<CAPTION>

THE WILLOWBRIDGE FUND L.P.

UNAUDITED INTERIM CONDENSED STATEMENTS OF INCOME (LOSS)
-------------------------------------------------------------------------------


                                                   For the three    For the three    For the six      For the six
                                                   months ended     months ended     months ended     months ended
                                                   June 30, 2002    June 30, 2001    June 30, 2002    June 30, 2001

<S>                                               <C>              <C>              <C>              <C>
INCOME:
  Gains (losses) on trading of commodity
    futures, forwards and options:
    Realized gains (losses) on closed positions    $  3,687,050     $ (3,414,256)    $  1,056,395     $  4,380,195
    Net change in unrealized gains/
    losses on open positions                          5,673,115         (550,680)       6,905,359       (6,359,090)
                                                   ------------     ------------     ------------     ------------
  Total trading profits (losses)                      9,360,165       (3,964,936)       7,961,754       (1,978,895)

  Interest income                                        91,661          223,813          180,397          667,088
                                                   ------------     ------------     ------------     ------------
           Total income (loss)                        9,451,826       (3,741,123)       8,142,151       (1,311,807)
                                                   ------------     ------------     ------------     ------------

EXPENSES:
  Incentive fees                                        717,503               -           717,503          498,003
  Brokerage commissions                                 207,316          228,447          417,272          469,391
  Management fees                                       131,209          131,117          254,207          270,935
  Administrative expenses                                42,439           55,070           79,704          111,612
                                                   ------------     ------------     ------------     ------------
           Total expenses                             1,098,467          414,634        1,468,686        1,349,941
                                                   ------------     ------------     ------------     ------------

NET INCOME (LOSS)                                  $  8,353,359     $ (4,155,757)    $  6,673,465     $ (2,661,748)
                                                   ============     ============     ============     ============

NET INCOME (LOSS):

  Limited partners                                 $  8,136,189     $ (4,000,837)    $  6,505,156     $ (2,562,387)
                                                   ============     ============     ============     ============

  General partner                                  $    217,170     $   (154,920)    $    168,309     $    (99,361)
                                                   ============     ============     ============     ============

NET INCOME (LOSS) PER UNIT                         $   1,458.12     $    (811.91)    $   1,169.08     $    (532.60)
                                                   ============     ============     ============     ============


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 SIX MONTHS ENDED JUNE 30, 2002
-------------------------------------------------------------------------------------------------------------------------------


                                                                                                                   Total
                                                  General Partner                 Limited Partners                 Partners'
                                               Units         Amount            Units            Amount             Capital
                                           ----------------------------     ------------------------------     ----------------

<S>                                           <C>          <C>               <C>           <C>                  <C>
PARTNERS' CAPITAL, DECEMBER 31, 2001           179.1362     $ 798,522         5,596.2849    $  24,946,122       $  25,744,644

  Additions                                      3.0859        12,958           297.6748        1,247,958           1,260,916

  Redemptions                                  (64.0731)     (315,000)         (404.9092)      (1,813,955)         (2,128,955)

  Net income                                        -         168,309                -          6,505,156           6,673,465
                                             ----------     ---------         ----------    -------------       -------------
PARTNERS' CAPITAL, JUNE 30, 2002               118.1490     $ 664,789         5,489.0505    $  30,885,281       $  31,550,070
                                             ==========     =========         ==========    =============       =============

See Notes to Unaudited Interim Condensed Financial Statements



</TABLE>



                                     5
<PAGE>



THE WILLOWBRIDGE FUND L.P.

NOTES TO UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS
-------------------------------------------------------------------------------

1.       GENERAL

The accompanying unaudited interim condensed financial statements have been
prepared pursuant to the rules and regulations for reporting on Form 10-Q.
Accordingly, certain information and footnotes required by accounting
principles generally accepted in the United States of America for complete
financial statements are not included herein. Interim statements are
subject to possible adjustments in connection with the annual audit of the
Partnership's financial statements for the full year. In the Partnership's
opinion, all adjustments necessary for a fair presentation of these interim
statements have been included and are of a normal and recurring nature.

2.       ORGANIZATION

The Willowbridge Fund L.P. (the "Partnership"), 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.

The Partnership shall end on December 31, 2006 or earlier 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.

Prepaid expenses - Prepaid expenses represents the fiscal year 2002
management fee paid by the Partnership to the General Partner in January
2002. This amount is being amortized (straight-line) by the Partnership over
the twelve-month period ending December 31, 2002. As of June 30, 2002,
approximately $128,723 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 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.

Securities which are traded on a national securities exchange in the
United States of America are valued at their last reported sales price on
the date as of which the value is being determined on the national
securities exchange on which such securities are principally traded
provided that such sales price is between the closing "bid" and the "ask"
prices.  If there are no sales on such date on such exchange or if the last
sales price is not between the "bid" and the "ask," such securities are
valued at the mean between the "bid" and the "ask" prices at the close of
trading on such date on such exchange.



                                     6
<PAGE>

Securities not traded on a national securities exchange in the United
States of America, but traded over-the-counter, are valued at their last
reported sales price on the date as of which the value is being determined;
provided that such sales price is between the closing "bid" and "ask"
prices.  If sales are not reported, or there are no sales on such date, or
if the last sales price is not between the "bid" and the "ask" prices, such
securities are valued at the mean between the "bid" and the "ask" prices at
the close of trading on the date as of which the value is determined, as
reported by the NASD Automated Quotations System ("NASDAQ").

Commissions - Commission charges are based on a percentage of the net asset
value of the Partnership at the beginning of the month.  The commission rate
charged is 3.5 percent annually of the net asset value of the Partnership.

Statement of Cash Flows - The Partnership has elected not to provide a
Statement of Cash Flows as permitted by Statement of Financial Accounting
Standard 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 $257,446 and $277,033 for the year 2002 and 2001, respectively.

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.

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 revenues and expenses during the reporting period.
Actual results could differ from these estimates.


                                     7
<PAGE>

Recently Issued Accounting Pronouncements - In June 1998, the Financial
Accounting Standards Board issued Statement of Financial Accounting
Standard ("SFAS") No. 133, "Accounting for Derivative Instruments and
Hedging Activities", effective for fiscal years beginning after June 15,
2000, as amended by SFAS No. 137. SFAS No. 133 is further amended by SFAS
No. 138, which clarifies issues surrounding interest rate risk, foreign
currency denominated items, normal purchases and sales and net hedging.
This Statement supercedes SFAS No. 119 "Disclosure about Derivative
Financial Instruments and Fair Value of Financial Instruments" and SFAS No.
105 "Disclosure of Information about Financial Instruments with Off-Balance
Sheet Risk and Financial Instruments with Concentrations of Credit Risk"
and amends certain disclosure requirements of SFAS No. 107 "Disclosure
About Fair Value of Financial Instruments". The adoption of SFAS No. 133,
as amended, as of January 1, 2001, did not have a significant effect on the
financial statements.

In December 2000, the American Institute of Certified Public Accountants
issued an updated Audit and Accounting Guide - Audits of Investment
Companies (the "Guide") which is effective for fiscal periods beginning
after December 15, 2000.  The Guide establishes new financial reporting
requirements for investment companies, including the disclosure of
financial highlights for the latest operating period.  The Partnership has
presented this information in the Footnote 4.

4.      FINANCIAL HIGHLIGHTS

The following sets forth the financial highlights for the six months ended
June 30, 2002 and the year ended December 31, 2001.

                                                      2002             2001

Per Share Operating Performance

Net Asset Value.  Beginning of the period         $  4,457.63     $   5,061.73
                                                  ------------    -------------
Gain from investment operations

        Net investment loss (1)                       (225.69)         (231.59)

        Net realized and change in unrealized
        gain/loss on investments                     1,394.77          (372.51)
                                                  ------------    -------------

        Total from investment operations             1,169.08          (604.10)
                                                  ------------    -------------
Net Asset Value. End of the period                $  5,626.71     $   4,457.63
                                                  ============    =============

Total Return (2)                                        26.23%         - 11.93%
                                                  ============    =============
Ratios/Supplemental Data

        Ratio of expenses to average net assets        - 5.93%          - 8.26%

        Ratio of net investment loss (1) to            - 5.20%          - 4.52%
        average net assets


(1) Net investment loss is comprised of interest
    income and total expenses

(2) Total return is derived as opening net
    asset value less ending net asset value
    divided by opening net asset value

                                     8

<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 Policies

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 policies 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 (Losses) in the Statements of Income (Loss).  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.

                               9
<PAGE>


Results of Operations

Comparison of Three Months Ended June 30, 2002 and 2001

For the quarter ended June 30, 2002, the Partnership had net trading
profits comprised of $3,687,050 in realized gains on closed positions,
$5,673,115 in net change in unrealized gains/losses on open positions and
$91,661 in interest income. For the same quarter in 2001, the Partnership
had net trading losses comprised of $3,414,256 in realized losses on closed
positions, ($550,680) in net change in unrealized gains/losses on open
positions and $223,813 in interest income.

During three months ended June 30, 2002, most of the gains incurred by the
Partnership were generated from foreign currencies. The losses in energy
failed to offset these gains.

In April 2002, trading was most unprofitable in financials and tropicals. The
gains in foreign currencies failed to offset these losses. The Partnership
recorded a loss of $1,510,092 or $263.55 per unit. In May 2002, trading was
most profitable in foreign currencies. The losses in energy did not offset
these gains. The Partnership recorded a gain of $2,038,068 or $358.07 per
unit. In June 2002, trading was profitable in all market sectors except for
metals. Foreign currencies and financials produced most of the gains. The
Partnership recorded a gain of $7,825,383 or $1,395.60 per unit.

In April 2001, trading was most unprofitable in tropicals and foreign
currencies. The gains in energy and financials failed to offset these losses.
The Partnership recorded a loss of $2,146,681 or $423.24 per unit. In May
2001, the Partnership was most profitable in foreign currencies. The
Partnership recorded a gain of $1,038,798 or $204.94 per unit. In June 2001,
trading was unprofitable in foreign currencies and financials. The Partnership
recorded a loss of $3,047,874 or $593.61 per unit.

For the three months ended June 30, 2002, the Partnership had expenses
comprised of $717,503 in incentive fees, $207,316 in brokerage commissions
(including clearing and exchange fees), $131,209 in management fees and
$42,439 in administrative expenses. For the same quarter in 2001, the
Partnership had expenses comprised of $228,447 in brokerage commissions
(including clearing and exchange fees), $131,117 in management fees and
$55,070 in administrative expenses. Incentive fees are based upon quarterly
profits. As the quarterly profits increased during the quarter ended June
2002, the trading losses from prior quarters were recouped and incentive
fees were earned by the Commodity Trading Advisor. The Partnership recorded
incentive fees expense for the quarter ended June 2002 as compared to no
incentive fees expense for the quarter ended June 2001. The incentive fees
was not generated for the quarter ended June 2001 as trading losses from
prior quarters were not recouped. Brokerage commissions and management fees
vary primarily as a result of changes in net assets under management and
quarterly profits. Although quarterly profits increased during the three
months ended June 30, 2002, as compared to the three months ended June 30,
2001, there were no significant changes in the average net assets under
management. Brokerage commissions and management fees remained relatively
constant as a result of insignificant change in average net assets under
management during the quarter ended June 30, 2002. Administrative fees
consist primary of legal and other expenses relating to the Partnership's
reporting requirements under the Securities Exchange Act of 1934, as
amended. The Partnership became subject to such reporting requirements in
April 1998.

As a result of the above, the Partnership recorded a profit of $8,353,359 or
$1,458.12 per unit for the quarter compared to a loss of $4,155,757 or $811.91
per unit for the same quarter in 2001.

At June 30, 2002, the net asset value of the Partnership was $31,550,070
compared to its net asset value of $25,744,644 at December 31, 2001. The net
asset value per unit at June 30, 2002 was $5,626.71 compared to $4,457.63 at
December 31, 2001.

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

                                   10
<PAGE>


Comparison of Six Months Ended June 30, 2002 and 2001

For the six months ended June 30, 2002, the Partnership had trading profits
comprised of $1,056,395 in net realized gains on closed positions, $6,905,359
in net change in unrealized gains/losses on open positions and $180,397 in
interest income. For the same six month period in 2001, the Partnership had
trading losses comprised of $4,380,195 in realized losses on closed positions,
($6,359,090) in net change in unrealized gains/losses on open positions and
$667,088 in interest income.

During the six months ended June 30, 2002, most of the gains incurred by the
Partnership were generated from foreign currencies and financials.

In January 2002, trading was unprofitable for tropicals and financials. The
Partnership recorded a loss of $19,891 or $3.48 per unit. For the same
month in 2001, trading was profitable in financials and foreign currencies.
The Partnership recorded a gain of $513,388 or $94.99 per unit. In February
2002, the Partnership was unprofitable in all the market sectors. The
Partnership recorded a loss of $5,332,606 or $923.53 per unit. For the same
month in 2001, the Partnership was unprofitable in metals, financials and
foreign currencies. The Partnership recorded a loss of $406,588 or $76.93
per unit. In March 2002, energy and financials produced most of the gains.
The Partnership recorded a gain of $3,702,128 or $653.84 per unit. For the
same month in 2001, foreign currencies produced most of the trading gains,
in addition to the gains in agriculture and energy. The Partnership
recorded a gain of $1,387,209 or $275.68 per unit. In April 2002, trading
was most unprofitable in financials and tropicals. The gains in foreign
currencies failed to offset these losses. The Partnership recorded a loss
of $1,510,092 or $263.55 per unit. For the same month in 2001, trading was
most unprofitable in tropicals and foreign currencies. The gains in energy
and financials failed to offset these losses. The Partnership recorded a
loss of $2,146,681 or $423.24 per unit. In May 2002, trading was most
profitable in foreign currencies. The losses in energy did not offset these
gains. The Partnership recorded a gain of $2,038,068 or $358.07 per unit.
For the same month in May 2001, the Partnership was most profitable in
foreign currencies. The Partnership recorded a gain of $1,038,798 or
$204.94 per unit. In June 2002, trading was profitable in all market
sectors except for metals. Foreign currencies and financials produced most
of the gains. The Partnership recorded a gain of $7,825,383 or $1,395.60.
For the same month in June 2001, trading was unprofitable in foreign
currencies and financials. The Partnership recorded a loss of $3,047,874 or
$593.61 per unit.

For the six months ended June 30, 2002, the Partnership had expenses
comprised of $717,503 in incentive fees, $417,272 in brokerage commissions
(including clearing and exchange fees), $254,207 in management fees and
$79,704 in administrative expenses. For the same six months in 2001, the
Partnership had expenses comprised of $498,003 in incentive fees, $469,391
in brokerage commissions (including clearing and exchange fees), $270,935
in management fees and $111,612 in administrative expenses. Brokerage
commissions and management fees vary primarily as a result of changes in
assets under management. Management fees decreased during the six months
ended June 30, 2002 as compared to the six months ended June 30, 2001 as
the average assets under management decreased in the six months ended June
30, 2002, as compared to the six months ended June 30, 2001. The
Partnership incurred incentive fee expense for both the periods as trading
losses from prior quarters were recouped. Incentive fees are based upon
quarterly profits and are paid to the Commodity Trading Advisor.
Administrative fees consist primary of legal and other expenses relating to
the Partnership's reporting requirements under the Securities Exchange Act
of 1934, as amended. The Partnership became subject to such reporting
requirements in April 1998.

                                  11
<PAGE>


As a result of the above, the Partnership recorded a profit of $6,505,156 or
$1,169.08 per unit for the six months ended June 30, 2002, as compared to a
loss of $2,661,748 or $532.60 per unit for the same period in 2001.


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.

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


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<PAGE>

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 June 30, 2002, 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 June 30, 2002, 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
June 30, 2002 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.

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 June 30, 2002.


                                    13
<PAGE>


The potential loss in earnings for each market risk exposure as of June 30,
2002 was approximately:

Trading portfolio:

Commodity price risk               $  522,358.78

Interest rate risk                 $  627,706.41

Currency exchange rate risk        $1,148,780.68


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 June 30, 2002, approximately 5,607.1995 Partnership
Units were held by 281 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, 2002 through June 30, 2002, a total of 168.2216
Partnership Units were redeemed for the aggregate net redemption amount of
$868,039.  Details of the net subscriptions and redemptions of these
Partnership Units are as follows:

Date of subscriptions/                Net amount of
    redemptions                  subscriptions/redemptions
    -----------                  -------------------------
    January 2002                      $  (238,712)
    February 2002                     $   247,721
    March 2002                        $  (470,588)
    April 2002                        $   293,877
    May 2002                          $  (184,326)
    June 2002                         $  (516,011)

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.


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.



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<PAGE>


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.

99.1    Certification pursuant to Section 906 of the Sarbanes-Oxley Act

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: July 19, 2002                    By:  Ruvane Investment Corporation
                                              Its General Partner

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





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