---

UNITED
STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

FORM 10-Q

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

For the Quarterly Period Ended March
31, 2006

( ) 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. 000-23529THE
WILLOWBRIDGE FUND L.P.

Delaware
    22-678474(a Delaware
      Partnership)
    (I.R.S.
      EmployerIdentification No.)


4 Benedek Road,Princeton, New Jersey 08540(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
a large
accelerated filer, an accelerated filer or a non-accelerated filer.  See
definition of  accelerated filer and  large accelerated filer in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer _____        
Accelerated Filer _____       
Non-Accelerated Filer X

Indicate by check mark whether the registrant is
a shell company (as defined in Rule 12b-2 of the Exchange Act).  YES 
        NO X

---



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

|PART I - FINANCIAL INFORMATION |                                                                                            
|------------------------------ | -------------------------------------------------------------------------------------------
|                               | Page                                                                                       
|                               |                                                                                            
|Item 1.                        | Condensed
      Financial Statements                                                       
|                               |                                                                                            
|                               | Condensed
      Statements of Financial Condition                                          
|                               |                                                                                            
|                               | Condensed
      Statements of Loss                                                         
|                               |                                                                                            
|                               | Condensed
      Statements of Changes in Partners' Capital                                 
|                               |                                                                                            
|                               | 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 4.                        | Controls
      and Procedures                                                              
|                               |                                                                                            
|PART II -                      | OTHER
      INFORMATION                                                                    
|                               |                                                                                            
|Item 1.                        | Legal
      Proceedings                                                                    
|                               |                                                                                            
|Item 2.                        | Unregistered Sales of Equity Securities and Use of Proceeds                                
|                               |                                                                                            
|Item 3.                        | Defaults
      Upon Senior Securities                                                      
|                               |                                                                                            
|Item 4.                        | Submission
      of Matters to a Vote of Security Holders                                  
|                               |                                                                                            
|Item 5.                        | Other
      Information                                                                    
|                               |                                                                                            
|Item 6.                        | Exhibits                                                                                   

PART I - FINANCIAL INFORMATIONItem 1.  Condensed Financial
Statements

THE WILLOWBRIDGE FUND L.P.CONDENSED STATEMENTS OF
FINANCIAL CONDITIONAs of March 31, 2006 and December 31, 2005(Unaudited)_______________

March 31, 2006
    
    December 31, 
      2005ASSETSEQUITY IN
      COMMODITY FUTURES TRADING ACCOUNT:Due from broker
    $        9,315,403
    
    $     14,310,149Net unrealized gain on open
      positions, net
    4,738,482
    
    2,084,16614,053,885
    
    16,394,315CASH AND CASH EQUIVALENTS
    35,770,745
    
    37,773,296PREPAID
    MANAGEMENT FEES
    393,030
    
    -DUE FROM GENERAL PARTNER
    140,158
    
    161,962DUE FROM
      LIMITED PARTNER
    -
    
    2,000INTEREST
      RECEIVABLE AND OTHER ASSETS
    61,292
    
    54,121TOTAL
      ASSETS
    $      50,419,110
    
    $     54,385,694LIABILITIES
      AND PARTNERS' CAPITALLIABILITIES:Prepaid
    subscriptions
    $           519,237
    
    $          653,514Redemptions
    payable
    1,565,137
    
    899,527Other accrued
      expenses
    81,439
    
    160,646Accrued management
      fees
    128,452
    
    142,092TOTAL
      LIABILITIES
    2,294,265
    
    1,855,779PARTNERS'
      CAPITALLimited partners - Class A
      (5,064.1812 and 5,548.9041fully redeemable units at March 31, 2006 andDecember
      31, 2005, respectively)
    27,023,725
    
    31,209,589Limited partners - Class B
      (32,667.1073 and 31,125.8715fully redeemable units at March 31, 2006 andDecember
      31, 2005, respectively)
    20,369,891
    
    20,559,440General partner - Class A
      (137.0306 and 135.2815fully
      redeemable units at March 31, 2006 andDecember
      31, 2005, respectively)
    731,229
    
    760,886TOTAL
      PARTNERS' CAPITAL
    48,124,845
    
    52,529,915TOTAL
      LIABILITIES AND PARTNERS' CAPITAL
    $      50,419,110
    
    $     54,385,694NET ASSET
      VALUE PER UNIT -Class A (based on Partners' Capital of $27,754,954 and$31,970,475 and 5,201.2118 and
      5,684.1856
      units outstanding)
    $          5,336.25
    
    $         5,624.46Class B Series 1 - (based on Partners'
      Capital of $1,492,594 and$1,650,278 and 2,253.1052 and 2,369.5004 units outstanding)
    $            
      662.46
    
    $           
      696.47Class B Series 2 - (based on Partners'
      Capital of $18,787,386 and$18,814,154 and 30,293.7487 and
      28,636.1177 units outstanding)
    $             620.17
    
    $           
      657.01Class B Series 3 - (based on Partners'
      Capital of $89,911 and$95,008 and 120.2534 and 120.2534 units outstanding)
    $             747.68
    
    $           790.06


See Notes to Condensed Financial
Statements.
3



THE WILLOWBRIDGE FUND L.P.CONDENSED STATEMENTS OF LOSSFor the Three Months Ended
March 31, 2006 and 2005
(Unaudited)_______________

Three Months Ended
      March 31,2005
    
    2004NET
      INVESTMENT LOSSIncome:Interest
      income
    $     505,838
    
    $    229,083Expenses:Brokerage
      commissions
    620,849
    
    429,132Management
      fees
    259,558
    
    215,414Administrative
      expenses
    128,731
    
    95,108Total
      expenses
    1,009,138
    
    739,654Net
      investment loss
    (503,300)
    
    (510,571)TRADING
      PROFITS (LOSSES)Profits (losses) on trading of
      commodity futures:Realized
      losses on closed positions, net
    (4,914,952)
    
    (3,888,690)Change
      in unrealized profits on openpositions, net
    2,654,316
    
    2,257,922Total
      trading losses
    (2,260,636)
    
    (1,630,768)NET LOSS
    $  (2,763,936)
    
    $  (2,141,339)NET LOSS PER
      UNITClass A
    $       (288.21)
    
    $       (374.60)Class B - Series
1
    $         (34.01)
    
    $         (43.66)Class B - Series
2
    $         (36.84)
    
    $        
      (49.54)Class B - Series
3
    $         (42.38)
    
    $         (55.77)See Notes to Condensed Financial
  Statements.


4



WILLOWBRIDGE FUND L.P.CONDENSED STATEMENTS
OF CHANGES IN PARTNERS' CAPITALFor the Three Months Ended March 31,
2006 and 2005(Unaudited)_______________

CLASS AGeneral
      Partner
    
    Limited
      Partners
    
    TotalUnits
    
    Amount
    
    Units
    
    Amount
    
    Class APARTNERS'
      CAPITAL,      JANUARY 1, 2006
    135.2815
    
    $       760,886
    
    5,548.9041
    
    $  31,209,589
    
    $  31,970,475Subscriptions
    1.7491
    
    9,753
    
    153.1606
    
    846,508
    
    856,261Redemptions
    -
    
    -
    
    (637.8835)
    
    (3,499,572)
    
    (3,499,572)Net loss
    -
    
    (39,410)
    
    -
    
    (1,532,800)
    
    (1,572,210)PARTNERS'
      CAPITAL,      MARCH 31, 2006
    137.0306
    
    $       731,229
    
    5,064.1812
    
    $  27,023,725
    
    $  27,754,954




CLASS B LIMITED PARTNERSSeries 1
    Series 2
    Series 3
    TotalUnits
    Amount
    Units
    Amount
    Units
    Amount
    Class BPARTNERS'
      CAPITAL,      JANUARY 1, 2006
    2,369.5004
    $1,650,278
    28,636.1177
    $18,814,154
    120.2534
    $     95,008
    $  20,559,440Subscriptions
    246.3940
    173,250
    1,789.9179
    1,165,000
    -
    -
    1,338,250Redemptions
    (362.7892)
    (252,265)
    (132.2869)
    (83,809)
    -
    -
    (336,074)Net loss
    -
    (78,670)
    -
    (1,107,958)
    -
    (5,097)
    (1,191,725)PARTNERS'
      CAPITAL,      MARCH 31, 2006
    2,253.1052
    $1,492,593
    30,293.7487
    $18,787,387
    120.2534
    $     89,911
    $  20,369,891






|                                              | CLASS A              
|--------------------------------------------- | ---------------------
|                                              | General
      Partner
|                                              | Units                
|PARTNERS'
      CAPITAL,      JANUARY 1, 2005 | 133.1216             
|Subscriptions                                 | 2.0617               
|Redemptions                                   | -                    
|Net loss                                      | -                    
|PARTNERS'
      CAPITAL,      MARCH 31, 2005  | 135.1833             





|                                              | CLASS B LIMITED PARTNERS
|--------------------------------------------- | ------------------------
|                                              | Series 1                
|                                              | Units                   
|PARTNERS'
      CAPITAL,      JANUARY 1, 2005 | 119.9385                
|Subscriptions                                 | 1,443.0736              
|Redemptions                                   | -                       
|Net loss (loss)                               | -                       
|PARTNERS'
      CAPITAL,      MARCH 31, 2005  | 1,563.0121              

See
Notes to Condensed Financial Statements.

5



THE WILLOWBRIDGE FUND L.P.NOTES TO CONDENSED FINANCIAL
STATEMENTSFor the Nine Months Ended September 30, 2005 and
2004(Unaudited)_______________

1.             
BASIS OF PRESENTATION

The interim condensed financial
statements of The 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 10-01
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
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, 2005.  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.

2.              PARTNERSHIP
ORGANIZATION

The Willowbridge Fund L.P. (the "Partnership"), a Delaware limited
partnership, was organized on January 24, 1986.  The Partnership may engage
in the speculative trading of commodity futures contracts, options on
commodities or commodity futures contracts and forward contracts.  Ruvane
Fund Management Corporation (formerly named Ruvane Investment 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
an amount equal to one percent of the aggregate capital raised by 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 issued 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.  The Partnership
began issuing Class B interests in 2004.  Commissions and redemption
charges 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 program.

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

A.            Cash
and Cash Equivalents

The Partnership has defined cash and
cash equivalents as cash and short-term, highly liquid investments with
maturities of three months or less when acquired.

B.             Due
from Broker

Due from broker represents cash
required to meet margin requirements.  Excess funds not required for margin

are typically invested in 30 day commercial paper and U.S. Treasury bills
which are carried at cost plus accrued interest, which approximates market
value.  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 condition of the
brokers with which the Partnership conducts business and believes that the
likelihood of loss under the aforementioned circumstances is remote.

6



THE WILLOWBRIDGE FUND L.P.NOTES
TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)For the Three Months Ended
March 31, 2006 and 2005
(Unaudited)_______________

3.             
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C.            
Revenue Recognition

Investments in commodity futures
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 cost basis of the
contract and fair value is recorded as an unrealized gain or loss on open positions on
the Condensed Statements of Financial Condition.  Realized gains and losses
on closed contracts are recorded on a first-in-first-out basis.  Interest
income is recognized on an accrual basis. All commodity futures contracts and
financial instruments are recorded at fair value  based on quoted market prices.

D.            
Commissions

The Class A partners pay to the
General Partner a flat rate commission of 4.0 percent annually of the net asset
value of the Class A partners' capital as of the beginning of each month. 
Class B limited partners pay to the General Partner a flat rate commission of up
to 6.0 percent annually of the net asset value of the Class B partners'
capital.  From these amounts, the General Partner will pay or reimburse the
Partnership for actual trading commissions incurred by the Partnership and will
pay up to 3.0 percent from this amount to properly registered selling agents as
their ongoing compensation for servicing Class B limited partners.

Commissions charged to each class or
series of class were as follows:

Three Months Ended
      March 31,2006
    
    2005Class A
    $   313,309
    
    $  
        421,144Class B - Series 1
    12,207
    
    6,655Class B - Series 2
    294,148
    
    700Class B - Series 3
    1,185
    
    633Total
    $    620,849
    
    $     429,132


For the three and nine months ended
March 31, 2006 and 2005, the General Partner received net brokerage commission
of $364,660 and $306,110, respectively, from
the Partnership.  Net brokerage commission represents commissions charged
to Class A and Class B partners less actual brokerage commissions paid to
clearing brokers and amounts paid to selling agents for servicing Class B
limited partners.  As of March 31, 2006 and December 31, 2005, $140,158
and $161,962, respectively, is due from the General Partner for reimbursement
of actual trading commissions incurred by the Partnership.

E.            
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."

7



THE
WILLOWBRIDGE FUND L.P.NOTES TO CONDENSED FINANCIAL STATEMENTS
(CONTINUED)For the Three Months Ended March 31, 2006 and 2005
(Unaudited)_______________

3.             
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

F.            
Allocation of Net Income (Loss)

Net realized and
unrealized trading profits and losses, interest income and other operating income
and expenses, except class or series specific commission charges, are allocated to the partners monthly in proportion to their
capital account balance, as defined in the Agreement.  Class and/or series
specific commission charges are allocated monthly to the partners of the
respective class and/or series in proportion to their respective capital account
balances within the class and/or series.

G.            
Incentive Fees

Willowbridge Associates,
Inc. ("Willowbridge"), the Commodity Trading Advisor ("CTA") of the Partnership,
is entitled to a quarterly incentive fee based on an increase in the adjusted
net asset value of the Partnership's assets allocated to trading.  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 assets allocated to trading.

H.            
Management Fees

The General Partner is
paid an annual management fee equal to one percent of the net assets of the
Partnership (as defined in the Agreement) as of the last day of the previous
fiscal year.  Such annual fee is paid in advance at the beginning of the
respective year and is amortized by the Partnership on a straight-line basis
over twelve months.  The total management fee paid to the General Partner
in 2006 and 2005 was $524,421 and $438,972, respectively.  For the
three-month periods ended March 31, 2006 and 2005, the Partnership recorded
management fee expense earned by the General Partner of $131,105 and $109,743,
respectively.  As of March 31, 2006 and December 31, 2005, the unamortized
prepaid management fees were $393,030 and $0, respectively.

In addition to management
fees paid to the General Partner, the
Partnership pays Willowbridge a quarterly management fee of 0.25% (1% per year)
of the net asset value of the Partnership.  These fees were to $128,452
and $105,677 for the three months ended March 31, 2006 and 2005, respectively. 
As of March 31, 2006 and December 31, 2005, $128,452 and $142,092, respectively,
were due to Willowbridge.

I.            
Administrative Expenses

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

J.             
Income Taxes

No provision for income taxes
has been
provided in the accompanying financial statements as each partner is
individually liable for income taxes, if any, on his or her share of the
Partnership's profits.

K.             
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 the previous month.  Partners'
contributions received in advance for subscriptions are recorded as prepaid
subscriptions in the Condensed Statements of Financial Condition. The General
Partner charges a one percent initial administrative fee on all limited partner
unit subscriptions.  The General Partner may waive this charge for limited
partners who are its affiliates or for other limited partners in its sole
discretion. Subscription proceeds to the Partnership are recorded net of these
charges.  For the three months ended March 31, 2006 and 2005,
the General Partner received initial administrative fees of $8,336 and $11,694,
respectively.

8



THE WILLOWBRIDGE FUND L.P.NOTES
TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)For the Three Months Ended
March 31, 2006 and 2005(Unaudited)_______________

3.             SIGNIFICANT
ACCOUNTING POLICIES (CONTINUED)

L.            
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.

M.           
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 (loss) and expenses during the reporting period.
Estimates include accrual of administrative expenses.  Actual
results could differ from these estimates.

N.            
Recently Issued Accounting Pronouncements

In February 2006, the FASB issued
Statement of Financial Accounting Standards No. 155, "Accounting for Certain
Hybrid Financial Instruments" ("FAS 155"). This statement amends FASB Statement
No. 133, Accounting for Derivative Instruments and Hedging Activities, and No.
140, Accounting for Transfers and Servicing of Financial Assets and
Extinguishment of Liabilities. FAS 155 primarily relates to accounting for
derivative financial instruments involved in hedging activities. FAS 155 is
effective for all financial instruments acquired or issued after the beginning
of an entity's first fiscal year that begins after September 15, 2006. The
implementation of FAS 155 is not expected to have a material impact on the
Partnership's financial statements.

O.           
Indemnifications

The Partnership has entered into
agreements, which provide for the indemnifications against losses, costs, claims
and liabilities arising from the performance of their individual obligations
under such agreements, except for gross negligence or bad faith.  The
Partnership has had no prior claims or payments pursuant to these
agreements.  The Partnership's individual maximum exposure under these
arrangements is unknown, as this would involve future claims that may be made
against the Partnership that have not yet occurred. However, based on previous
experience, the Partnership expects the risk of loss to be remote.

9



THE WILLOWBRIDGE FUND L.P.NOTES
TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)For the Three Months Ended
March 31, 2006 and 2005(Unaudited)_______________

4.             
FINANCIAL HIGHLIGHTS

The following sets forth the financial
highlights for the periods presented.

|                                                                                    | Three Months Ended March 31, 2006
|----------------------------------------------------------------------------------- | ---------------------------------
|                                                                                    |                                  
|                                                                                    | Class A                          
|                                                                                    |                                  
|Per Unit Operating Performance(for a Unit outstanding for
      the entire period): |                                  
|                                                                                    |                                  
|Net Asset Value, Beginning of the period                                            | $   5,624.46                     
|                                                                                    |                                  
|Loss from operations                                                                |                                  
|Net investment
    loss                                                             | (43.73)                          
|Net trading losses                                                                  | (244.48)                         
|Net loss                                                                            | (288.21)                         
|                                                                                    |                                  
|Net Asset Value, End of the
      period                                            | $   5,336.25                     
|Total Return(1)                                                                     | (5.12)                           
|                                                                                    |                                  
|Supplemental Data                                                                   |                                  
|Ratio of expenses to average
      net assets(2)                                    | (7.25)                           
|Ratio of net investment loss                                                        |                                  
|to average net assets (2)`                                                          | (3.24)                           

|    | ___________________                                                                                                                                                                                                            
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Total return is derived as
      opening asset value less ending net asset value divided by opening net
      asset value, and excludes the effect of sales commissions and initial
      administrative fees on subscriptions.
|(2) | Annualized.                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                
|10 

THE
WILLOWBRIDGE FUND L.P.NOTES TO CONDENSED FINANCIAL STATEMENTS
(CONTINUED)For the Three Months Ended March 31, 2006 and 2005
(Unaudited)_______________

4.             FINANCIAL
HIGHLIGHTS (CONTINUED)



|                                                                                   | Year Ended December 31, 2005
|---------------------------------------------------------------------------------- | ----------------------------
|                                                                                   | Class A                     
|Per Unit Operating Performance(for a Unit outstanding for
      the entire period) |                             
|Net Asset Value, Beginning of the period                                           | $       7,594.47            
|Gain (loss) from operations                                                        |                             
|Net investment
    loss                                                            | (278.85)                    
|Net trading losses                                                                 | (1,691.16)                  
|Net
      loss                                                                     | (1,970.01)                  
|Net Asset Value, End of the period                                                 | $      5,624.46             
|                                                                                   |                             
|Total Return (1)                                                                   | (25.94)%                    
|Supplemental Data                                                                  |                             
|Ratio of expenses to average net assets                                            | 7.13 %                      
|Ratio of net investment
      loss      to average net assets                      | 4.44 %                      
|________________                                                                   |                             

|(1) | 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.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                       
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|11 



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 ("Commodity
Interests"). The objective of the Partnership is the appreciation of its assets
through speculative trading. Ruvane Fund Management Corporation (formerly named
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 its advisor, the
amount of additions and redemptions 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. Because of the nature of these factors and their interaction,
past performance is not indicative of future results. As a result, any recent
increases in net realized or unrealized gains may have no bearing on any results
that may be obtained in the future.

The Partnership incurs substantial charges from
the payment of brokerage commissions to the General Partner, payment of
management and incentive fees to the Advisor, payment of management fees to the
General Partner and administrative expenses. The Partnership is required to make
substantial trading profits to avoid depleting and exhausting its assets from
the payment of such fees and expenses.

The markets in which the Commodity Interests trade
are constantly changing in character and in degree of volatility. Although the
Advisor has been the sole advisor trading on behalf of the Partnership since
April 1991, the General Partner continues to evaluate and analyze from both
quantitative and qualitative perspectives the ability of the Advisor to trade
effectively on the Partnership's behalf in the context of the current market
environment. The General Partner seeks to limit market and credit risks by
monitoring daily income and margin levels. The General Partner also relies upon
the risk management strategies inherent in the Advisor's trading programs. In
the future, the General Partner may utilize additional strategies or appoint
additional advisors to trade on behalf of the Partnership.

Class A Interests paid to the General Partner a
flat-rate monthly brokerage commission of approximately 0.29% of the net asset
value of the Class A Interests as of the beginning of each month (a 3.5% annual
rate) for the period, January 1, 2001 to July 31, 2002. Beginning August 1,
2002, the Class A Interests pay to the General Partner a flat-rate monthly
brokerage commission of approximately 0.33% of the net asset value of the Class
A Interests as of the beginning of each month (a 4.0% annual rate).

Class B Interests 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, and to the
extent the amount is less than 3% the brokerage fee with respect to such Class B
limited partnership interests will be reduced accordingly. The General Partner
pays from this amount all commission charges and fees with respect to the
Partner's trading in Commodity Interests. The flat-rate monthly commission is
common among programs such as the Partnership.

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 estimates and related judgments
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 Condensed Financial Statements.

Investments in 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 cost basis of the contract
and fair value is recorded in income as a net unrealized gain on open
positions  on the
Condensed Statements of Financial Condition. Realized gains and losses on closed
contracts are recorded on a first-in-first-out basis. Interest income is
recognized on an accrual basis. All Commodity Interests and financial instruments are recorded at fair value in the financial
statements. Fair value is based on quoted market prices or estimates of fair
value.

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 Condensed Statements of  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.

12



Results of Operations

Comparison of Three Months Ended March 31, 2006 and 2005

For the quarter ended March 31, 2006, the
partnership had total losses comprised of net trading losses representing
$(4,914,952) in realized losses on closed positions, and $2,654,316 in change
in net unrealized gains on open positions, and $505,838 in interest income.
For the same quarter in 2005 the Partnership had total losses comprised of net
trading loss representing $(3,888,690) in realized losses on closed positions
and, $2,257,922 in change in net unrealized gains on open positions, and
$229,083 in interest income.

In January 2006, trading was slightly profitable.
The Partnership earned profits trading in silver, natural gas, Japanese Yen and
copper; the Partnership generated losses in the Euro currency and US fixed
income. The Partnership recorded a profit of $435,883. In February 2006, trading
was unprofitable as the Partnership had losses in heating oil and the Euro
currency; the Partnership earned profits in natural gas. The Partnership
recorded a loss of $2,185,076. In March 2006, trading was not profitable. The
Partnership had losses in unleaded gasoline and the Japanese Yen; the
Partnership had gains in silver and global fixed income markets. The Partnership
recorded a loss of $1,014,742.

In January 2005, trading was unprofitable in
foreign currencies. The Partnership recorded a loss of $2,288,787. In February
2005, trading was unprofitable in energy and long term interest rates. The
Partnership recorded a loss of $2,918,378. In March 2006, trading was most
profitable in energy. The Partnership recorded a gain of $5,079,665.

For the quarter ended March 31, 2006, the
Partnership had expenses comprised of $620,849 in brokerage commissions
(including clearing and exchange fees), $259,558 in management fees, and
$128,731 in administrative expenses. For the same quarter in 2005, the
Partnership had expenses comprised of $429,132 in brokerage commissions
(including clearing and exchange fees), $215,414 in management fees, and $95,108
in administrative expenses. 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 2006 as compared to quarter ended March 2005. 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.

As a result of the above, the Partnership recorded
a net loss of $2,763,936 for the quarter compared to a net loss of $2,141,339 for the
same quarter in 2005.

At
March 31, 2006, the net asset value of the Partnership was $48,124,845, compared
to its net asset value of $52,529,915 at
December 31, 2005.

During the quarter, the Partnership had no credit
exposure to  counterparties that are participants of foreign commodities exchanges or to  counterparties dealing in over the counter contracts which is
considered to be material.

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 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 Interests.

The Partnership's capital resources are dependent
upon three factors: (a) the income or losses generated by the Advisor; (b) the
capital 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.

13



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 a timely
basis of market-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 tie 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, 2006, 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 the
energy markets (natural gas, crude oil, heating oil and unleaded gasoline) as of
March 31, 2006, 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, 2006
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:



14







| | 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 elected to disclose the potential loss to earnings of its
commodity price, interest rate and currency exchange rate sensitivity positions
as of March 31, 2006.

The potential loss in earnings for each market
risk exposure as of March 31, 2006 was approximately:

Trading portfolio:

| | Commodity price risk        | $ 796,058
| | --------------------------- | ---------
| | Interest rate risk          | $ 894,697
| | Currency exchange rate risk | $ 220,551

Item 4.  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, 2006 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 2006.















15



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.
Unregistered Sales of Equity Securities and Use of Proceeds

There currently is no established public trading market for
the Limited Partnership Units. As of March 31, 2006, 37,868.32 Partnership Units
were held by 814 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, 2006
through March 31, 2006, a total of 1,058.262 Partnership Units were subscribed
for the aggregate net subscription amount of ($1,641,135) of the net
subscriptions and redemptions of these Partnership Units are as follows:

Date of
      Subscription
    Net Amount of SubscriptionsJanuary 2006
    ($791,658)February 2006
    ($109,415)March 2006
    ($740,062)


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.

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

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

32.1   Section 1350 Certification









16



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
      18, 2006 |  |  | By:                             
|                         |  |  | Its                             
|                         |  |  |                                 
|                         |  |  | By: 
      /s/ Robert L. Lerner 
|                         |  |  | Robert L. Lerner                
|                         |  |  | President                       











































17