----

----

----

----

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

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

----

----

----

INDEX

|    |                                                                                        |   |
|---------|---------------------------------------------------------------------------------------------|--------|
| Item 1. | Condensed Financial Statements                                                              | 3      |
|    | Condensed Statements of Financial Condition                                                 | 3      |
|    | Condensed Schedules of Investments                                                          | 4      |
|    | Condensed Statements of Income (Loss)                                                       | 6      |
|    | Condensed Statements of Changes in Partners’ Capital (Net Asset Value)                | 7      |
|    | Notes to Condensed Financial Statements                                                     | 9      |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 22     |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk                                  | 25     |
| Item 4. | Controls and Procedures                                                                     | 25     |

| PART II - OTHER INFORMATION |                                                        |
|-----------------------------|-------------------------------------------------------------|
|                        |                                                        |   |
| Item 1.                     | Legal Proceedings                                           | 25 |
| Item 1A.                    | Risk Factors                                                | 25 |
| Item 2.                     | Unregistered Sales of Equity Securities and Use of Proceeds | 25 |
| Item 3.                     | Defaults Upon Senior Securities                             | 26 |
| Item 4.                     | Removed and Reserved                                        | 26 |
| Item 5.                     | Other Information                                           | 26 |
| Item 6.                     | Exhibits                                                    | 26 |

----

Index

Condensed Financial Statements

CONDENSED STATEMENTS OF FINANCIAL CONDITION

----

|                                                                                                                                      |   | June 30,2011 |       |   | December 31,2010 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|------------|--------|------------------|--------|
| ASSETS                                                                                                                                    |   |         |       |   |             |   |
| EQUITY IN COMMODITY FUTURES TRADING ACCOUNTS:                                                                                             |   |         |       |   |             |   |
| Due from brokers (including margin deposits of  $820,686 for 2011 and $1,542,223 for 2010)                                      |   | $            | 10,204,986 |   |             | $      | 13,275,165 |   |
| Net unrealized gains on open positions                                                                                                    |   |         | 19,013     |   |             |   | 1,256,636 |   |
| Net unrealized (losses) on open positions                                                                                                 |   |         | (104,979   | )      |             |   | 0 |   |
|                                                                                                                                      |   |         | 10,119,020 |   |             |   | 14,531,801 |   |
| CASH AND CASH EQUIVALENTS                                                                                                                 |   |         | 9,472,524  |   |             |   | 17,411,836 |   |
| DUE FROM GENERAL PARTNER                                                                                                                  |   |         | 10,394     |   |             |   | 205,403 |   |
| PREPAID EXPENSES                                                                                                                          |   |         | 149,272    |   |             |   | 0 |   |
| INTEREST RECEIVABLE                                                                                                                       |   |         | 0          |   |             |   | 711 |   |
| TOTAL ASSETS                                                                                                                              |   | $            | 19,751,210 |   |             | $      | 32,149,751 |   |
| LIABILITIES AND PARTNERS’ CAPITAL (NET ASSET VALUE)                                                                                 |   |         |       |   |             |   |   |   |
| LIABILITIES                                                                                                                               |   |         |       |   |             |   |   |   |
| Prepaid subscriptions                                                                                                                     |   | $            | 12,973     |   |             | $      | 1,438 |   |
| Redemptions payable                                                                                                                       |   |         | 760,800    |   |             |   | 2,083,797 |   |
| Other accrued expenses                                                                                                                    |   |         | 58,899     |   |             |   | 88,705 |   |
| Accrued incentive fees                                                                                                                    |   |         | 0          |   |             |   | 60,299 |   |
| Accrued management fees                                                                                                                   |   |         | 34,558     |   |             |   | 61,112 |   |
| TOTAL LIABILITIES                                                                                                                         |   |         | 867,230    |   |             |   | 2,295,351 |   |
| PARTNERS’ CAPITAL (NET ASSET VALUE)                                                                                                 |   |         |       |   |             |   |   |   |
| Limited partners – Class A (2,335.3008 and 2,570.7404 fully redeemable units at June 30, 2011 and December 31, 2010, respectively)  |   |         | 16,903,443 |   |             |   | 19,608,673 |   |
| Limited partners – Class B (2,246.3017 and 11,880.0907 fully redeemable units at June 30, 2011 and December 31, 2010, respectively) |   |         | 1,979,585  |   |             |   | 10,145,727 |   |
| General partner – Class A (0.1315 and 13.1103 fully redeemable units at June 30, 2011 and December 31, 2010, respectively)          |   |         | 952        |   |             |   | 100,000 |   |
| TOTAL PARTNERS’ CAPITAL (NET ASSET VALUE)                                                                                           |   |         | 18,883,980 |   |             |   | 29,854,400 |   |
| TOTAL LIABILITIES AND PARTNERS’ CAPITAL (NET ASSET VALUE)                                                                           |   | $            | 19,751,210 |   |             | $      | 32,149,751 |   |

----

Index

CONDENSED SCHEDULES OF INVESTMENTS

----

|                              |   | UnrealizedGain(Loss), Net |    |   | % ofPartners’Capital* |   |
|-----------------------------------|--------|---------------------------|---------|--------|-----------------------------|--------|
| Commodity Futures Industry Sector |   |                      |    |   |                        |   |
| Currencies                        |   | $                         | (872    | )      |                        |   | (0.005 | )% |
| Interest rates                    |   |                      | (65,990 | )      |                        |   | (0.349 | )% |
| Metals                            |   |                      | 2,079   |   |                        |   | 0.011 | % |
| Stock indices                     |   |                      | 2,152   |   |                        |   | 0.011 | % |
| Tropical products                 |   |                      | 13,933  |   |                        |   | 0.074 | % |
| Total long futures contracts      |   | $                         | (48,698 | )      |                        |   | (0.258 | )% |

|                              |   | UnrealizedGain(Loss), Net |    |   | % ofPartners’Capital* |   |
|-----------------------------------|--------|---------------------------|---------|--------|-----------------------------|--------|
| Commodity Futures Industry Sector |   |                      |    |   |                        |   |
| Currencies                        |   | $                         | (17,101 | )      |                        |   | (0.091 | )% |
| Energy                            |   |                      | (76,322 | )      |                        |   | (0.404 | )% |
| Grains                            |   |                      | 100,211 |   |                        |   | 0.531 | % |
| Interest rates                    |   |                      | 14,836  |   |                        |   | 0.079 | % |
| Metals                            |   |                      | (49,057 | )      |                        |   | (0.260 | )% |
| Stock indices                     |   |                      | (11,729 | )      |                        |   | (0.062 | )% |
| Tropical products                 |   |                      | 1,894   |   |                        |   | 0.010 | % |
| Total short futures contracts     |   | $                         | (37,268 | )      |                        |   | (0.197 | )% |
|                              |   |                      |    |   |                        |   |   |   |
| Total futures contracts           |   | $                         | (85,966 | )      |                        |   | (0.455 | )% |

----

----

Index

----

|                              |   | UnrealizedGain(Loss), Net |      |   | % ofPartners’Capital* |   |
|-----------------------------------|--------|---------------------------|-----------|--------|-----------------------------|--------|
| Commodity Futures Industry Sector |   |                      |      |   |                        |   |
| Currencies                        |   | $                         | 265,654   |   |                        |   | 0.890 | % |
| Energy                            |   |                      | 157,014   |   |                        |   | 0.526 | % |
| Grains                            |   |                      | 129,820   |   |                        |   | 0.435 | % |
| Interest rates                    |   |                      | 57,168    |   |                        |   | 0.191 | % |
| Livestock                         |   |                      | 7,360     |   |                        |   | 0.025 | % |
| Metals                            |   |                      | 403,052   |   |                        |   | 1.350 | % |
| Stock indices                     |   |                      | (1,064    | )      |                        |   | (0.004 | )% |
| Tropical products                 |   |                      | 305,881   |   |                        |   | 1.024 | % |
| Total long futures contracts      |   | $                         | 1,324,885 |   |                        |   | 4.437 | % |

|                              |   | UnrealizedGain(Loss), Net |      |   | % ofPartners’Capital* |   |
|-----------------------------------|--------|---------------------------|-----------|--------|-----------------------------|--------|
| Commodity Futures Industry Sector |   |                      |      |   |                        |   |
| Currencies                        |   | $                         | (16,243   | )      |                        |   | (0.054 | )% |
| Energy                            |   |                      | (19,760   | )      |                        |   | (0.066 | )% |
| Grains                            |   |                      | (16,252   | )      |                        |   | (0.054 | )% |
| Interest rates                    |   |                      | 17,310    |   |                        |   | 0.058 | % |
| Metals                            |   |                      | (33,343   | )      |                        |   | (0.112 | )% |
| Stock indices                     |   |                      | 1,159     |   |                        |   | 0.004 | % |
| Tropical products                 |   |                      | (1,120    | )      |                        |   | (0.004 | )% |
| Total short futures contracts     |   | $                         | (68,249   | )      |                        |   | (0.228 | )% |
| Total futures contracts           |   | $                         | 1,256,636 |   |                        |   | 4.209 | % |

----

----

Index

CONDENSED STATEMENTS OF INCOME (LOSS)

----

|                                                                      |   | Three Months EndedJune 30, |         |   | Six Months EndedJune 30, |   |
|---------------------------------------------------------------------------|--------|----------------------------|--------------|--------|--------------------------|--------|
|                                                                      |   | 2011                       |         |   | 2010                     |   |   | 2011 |   |   | 2010 |   |
| NET INVESTMENT (LOSS)                                                     |   |                       |         |   |                     |   |   |   |   |   |   |   |
| Income:                                                                   |   |                       |         |   |                     |   |   |   |   |   |   |   |
| Interest income                                                           |   | $                          | 1,396        |   |                     | $      | 13,440 |   |   | $ | 6,893 |   |   | $ | 22,330 |   |
| Expenses:                                                                 |   |                       |         |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Brokerage commissions                                                     |   |                       | 210,932      |   |                     |   | 594,785 |   |   |   | 471,433 |   |   |   | 1,367,653 |   |
| Incentive fees                                                            |   |                       | 0            |   |                     |   | 0 |   |   |   |  26,850 |   |   |   |  0 |   |
| Management fees                                                           |   |                       | 109,193      |   |                     |   | 239,725 |   |   |   | 225,570 |   |   |   | 536,065 |   |
| Professional fees                                                         |   |                       | 14,068       |   |                     |   | 49,733 |   |   |   | 58,010 |   |   |   | 117,931 |   |
| Accounting, administrative fees and other expenses                        |   |                       |  52,384 |   |                     |   |  81,794 |   |   |   |  97,088 |   |   |   | 198,823 |   |
| Total expenses                                                            |   |                       | 386,577      |   |                     |   | 966,037 |   |   |   | 878,951 |   |   |   | 2,220,472 |   |
| Net investment (loss)                                                     |   |                       | (385,181     | )      |                     |   | (952,597 | ) |   |   | (872,058 | ) |   |   | (2,198,142 | ) |
| TRADING PROFITS (LOSSES)                                                  |   |                       |         |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Profits (losses) on trading of commodity futures                          |   |                       |         |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Net realized gains (losses) on closed positions                           |   |                       | 388,921      |   |                     |   | 735,823 |   |   |   | 1,007,940 |   |   |   | (2,753,989 | ) |
| Change in net unrealized gains (losses) on open positions                 |   |                       | (1,061,090   | )      |                     |   | (597,331 | ) |   |   | (1,342,602 | ) |   |   | (1,189,700 | ) |
| Net trading profits (losses)                                              |   |                       | (672,169     | )      |                     |   | 138,492 |   |   |   | (334,662 | ) |   |   | (3,943,689 | ) |
| NET (LOSS)                                                                |   | $                          | (1,057,350   | )      |                     | $      | (814,105 | ) |   | $ | (1,206,720 | ) |   | $ | (6,141,831 | ) |
| NET (LOSS) PER UNIT                                                       |   |                       |         |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      |   |                       |         |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| (based on weighted average number of units outstanding during the period) |   |                       |         |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Class A                                                                   |   | $                          | (387.93      | )      |                     | $      | (105.24 | ) |   | $ | (376.76 | ) |   | $ | (822.91 | ) |
| Class B – Series 1                                                  |   | $                          | (47.43       | )      |                     | $      | (10.86 | ) |   | $ | (37.95 | ) |   | $ | (93.12 | ) |
| Class B – Series 2                                                  |   | $                          | (26.54       | )      |                     | $      | (16.48 | ) |   | $ | (75.35 | ) |   | $ | (100.46 | ) |
| Class B – Series 3                                                  |   | $                          | (55.00       | )      |                     | $      | (16.31 | ) |   | $ | (56.92 | ) |   | $ | (124.09 | ) |

----

Index

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (NET ASSET VALUE)

----

|                                     |   | CLASS A         |     |   | CLASS B LIMITED PARTNERS |   |     |   |   |
|------------------------------------------|--------|-----------------|----------|--------|--------------------------|--------|----------|--------|--------|
|                                     |   | General Partner |     |   | Limited Partners         |   |     | Total  |   |   | Series 1 |   |   | Series 2 |   |   | Series 3 |   |   | Total |   |   |   |   |
|                                     |   | Units           |     |   | Amount                   |   |     | Units  |   |   | Amount |   |   | Class A |   |   | Units |   |   | Amount |   |   | Units |   |   | Amount |   |   | Units |   |   | Amount |   |   | Class B |   |   | Total |   |
| PARTNERS’ CAPITAL, JANUARY 1, 2011 |   |            | 13.1103  |   |                     | $      | 100,000  |   |   |   | 2,570.7404 |   |   | $ | 19,608,673 |   |   | $ | 19,708,673 |   |   |   | 2,980.2313 |   |   | $ | 2,958,623 |   |   |   | 8,852.8246 |   |   | $ | 7,139,159 |   |   |   | 47.0348 |   |   | $ | 47,945 |   |   | $ | 10,145,727 |   |   | $ | 29,854,400 |   |
| Subscriptions                            |   |            | 0.6527   |   |                     |   | 4,946    |   |   |   | 4.8207 |   |   |   | 36,790 |   |   |   | 41,736 |   |   |   | - |   |   |   | - |   |   |   | 22.3658 |   |   |   | 17,556 |   |   |   | - |   |   |   | - |   |   |   | 17,556 |   |   |   | 59,292 |   |
| Redemptions                              |   |            | -        |   |                     |   | -        |   |   |   | (253.8918 | ) |   |   | (1,918,980 | ) |   |   | (1,918,980 | ) |   |   | (1,563.0318 | )  |   |   | (1,520,624 | ) |   |   | (8,093.1230 | ) |   |   | (6,383,388 | ) |   |   | - |   |   |   | - |   |   |   | (7,904,012 | ) |   |   | (9,822,992 | ) |
| Transfers                                |   |            | (13.6315 | )      |                     |   | (104,039 | )      |   |   | 13.6315 |   |   |   | 104,039 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                        |   |            | -        |   |                     |   | 45       |   |   |   | - |   |   |   | (927,079 | ) |   |   | (927,034 | ) |   |   | - |   |   |   | (96,146 | ) |   |   | - |   |   |   | (180,863 | ) |   |   | - |   |   |   | (2,677 | ) |   |   | (279,686 | ) |   |   | (1,206,720 | ) |
| PARTNERS’ CAPITAL, June 30, 2011   |   |            | 0.1315   |   |                     | $      | 952      |   |   |   | 2,335.3008 |   |   | $ | 16,903,443 |   |   | $ | 16,904,395 |   |   |   | 1,417.1995 |   |   | $ | 1,341,853 |   |   |   | 782.0674 |   |   | $ | 592,464 |   |   |   | 47.0348 |   |   | $ | 45,268 |   |   | $ | 1,979,585 |   |   | $ | 18,883,980 |   |

|            |   | Net Asset Value Per Unit |     |
|-----------------|--------|--------------------------|----------|
|            |   |                     |     |   |   |   |   |   |   |   |   |   |
|            |   | Class A                  |     |   | Class B, Series 1 |   |   | Class B, Series 2 |   |   | Class B, Series 3 |   |
|            |   |                     |     |   |   |   |   |   |   |   |   |   |
| January 1, 2011 |   | $                        | 7,627.64 | (1) |   | $ | 992.75 |   |   | $ | 806.43 |   |   | $ | 1,019.35 |   |
|            |   |                     |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| June 30, 2011   |   | $                        | 7,238.23 | (2) |   | $ | 946.83 |   |   | $ | 757.56 |   |   | $ | 962.44 |   |

----

----

Index

----

|                                     |   | CLASS A         |     |   | CLASS B LIMITED PARTNERS |   |    |   |   |
|------------------------------------------|--------|-----------------|----------|--------|--------------------------|--------|---------|--------|--------|
|                                     |   | General Partner |     |   | Limited Partners         |   |    | Total  |   |   | Series 1 |   |   | Series 2 |   |   | Series 3 |   |   | Total |   |   |   |   |
|                                     |   | Units           |     |   | Amount                   |   |    | Units  |   |   | Amount |   |   | Class A |   |   | Units |   |   | Amount |   |   | Units |   |   | Amount |   |   | Units |   |   | Amount |   |   | Class B |   |   | Total |   |
|                                     |   |            |     |   |                     |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                     |   |            |     |   |                     |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL, JANUARY 1, 2010 |   |            | 116.8617 |   |                     | $      | 936,983 |   |   |   | 3,328.8303 |   |   | $ | 26,690,125 |   |   | $ | 27,627,108 |   |   |   | 3,232.6375 |   |   | $ | 3,339,684 |   |   |   | 39,711.9928 |   |   | $ | 34,346,892 |   |   |   | 70.7534 |   |   | $ | 76,578 |   |   | $ | 37,763,154 |   |   | $ | 65,390,262 |   |
| Subscriptions                            |   |            | 2.0986   |   |                     |   | 15,824  |   |   |   | 144.4330 |   |   |   | 1,074,612 |   |   |   | 1,090,436 |   |   |   | 99.5516 |   |   |   | 95,000 |   |   |   | 591.7281 |   |   |   | 490,101 |   |   |   | - |   |   |   | - |   |   |   | 585,101 |   |   |   | 1,675,537 |   |
| Redemptions                              |   |            | -        |   |                     |   | -       |   |   |   | (873.1324 | ) |   |   | (6,514,041 | ) |   |   | (6,514,041 | ) |   |   | (193.3736 | ) |   |   | (186,773 | ) |   |   | (16,714.5863 | ) |   |   | (13,112,210 | ) |   |   | (23.7186 | ) |   |   | (23,549 | ) |   |   | (13,322,532 | ) |   |   | (19,836,573 | ) |
| Net (loss)                               |   |            | -        |   |                     |   | (87,829 | )      |   |   | - |   |   |   | (2,344,772 | ) |   |   | (2,432,601 | ) |   |   | - |   |   |   | (292,184 | ) |   |   | - |   |   |   | (3,409,949 | ) |   |   | - |   |   |   | (7,097 | ) |   |   | (3,709,230 | ) |   |   | (6,141,831 | ) |
|                                     |   |            |     |   |                     |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL, JUNE 30, 2010   |   |            | 118.9603 |   |                     | $      | 864,978 |   |   |   | 2,600.1309 |   |   | $ | 18,905,924 |   |   | $ | 19,770,902 |   |   |   | 3,138.8155 |   |   | $ | 2,955,727 |   |   |   | 23,589.1346 |   |   | $ | 18,314,834 |   |   |   | 47.0348 |   |   | $ | 45,932 |   |   | $ | 21,316,493 |   |   | $ | 41,087,395 |   |

|            |   | Net Asset Value Per Unit |     |
|-----------------|--------|--------------------------|----------|
|            |   |                     |     |   |   |   |   |   |   |   |   |   |
|            |   | Class A                  |     |   | Class B, Series 1 |   |   | Class B, Series 2 |   |   | Class B, Series 3 |   |
|            |   |                     |     |   |   |   |   |   |   |   |   |   |
| January 1, 2010 |   | $                        | 8,017.87 | (1) |   | $ | 1,033.11 |   |   | $ | 864.90 |   |   | $ | 1,082.32 |   |
|            |   |                     |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| June 30, 2010   |   | $                        | 7,271.14 | (2) |   | $ | 941.67 |   |   | $ | 776.41 |   |   | $ | 976.55 |   |

----

----

Index

NOTES TO CONDENSED FINANCIAL STATEMENTS

----

| 1.  | BASIS OF PRESENTATION |
|----------|-----------------------|

|   | The interim condensed financial statements of Bridgeton Tactical Advisors Fund, LP, formerly, RFMC Tactical Advisors Fund, LP and RFMC Willowbridge Fund, L.P. (the “Partnership”), included herein, have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and Rule 8-03 of Regulation S-X.  Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete annual financial statements.  These condensed financial statements are unaudited and should be read in conjunction with the audited financial statements and notes thereto included in the Partnership’s Annual Report on Form10-K for the year ended December 31, 2010.  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 Partnership, a Delaware limited partnership, was organized on January 24, 1986.  Prior to March 1, 2010, Willowbridge Associates, Inc (“Willowbridge”) served as the Partnership’s sole trading advisor. Effective March 1, 2010, the Partnership added Quantitative Investment Management, LLC (“QIM”) as an additional trading advisor (Willowbridge and QIM, collectively the “Trading Advisors”). |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | From the Partnership’s start until February 1, 2011, Ruvane Fund Management Corporation, a Delaware corporation (“Ruvane” or the “General Partner” for periods prior to March 1, 2011), was the sole general partner of the Partnership.  From that date until March 1, 2011, Bridgeton Fund Management, LLC (“Bridgeton” or the “General Partner” for periods on or after March 1, 2011) was a co-general partner of the Partnership with Ruvane.  Effective March 1, 2011, Bridgeton is the sole general partner of the Partnership.  Bridgeton has been registered with the Commodity Futures Trading Commission (“CFTC”) pursuant to the Commodity Exchange Act (“CEA”) as a Commodity Pool Operator(“CPO”) since January 11, 2011 and has been a member of the National Futures Association (“NFA”) since January 11, 2011. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

| 3.  | SIGNIFICANT ACCOUNTING POLICIES |
|----------|---------------------------------|

|   | A. | Method of Reporting |
|--------|----|---------------------|

----

Index

----

| 3. | SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
|----|---------------------------------------------|

|   | A. | Method of Reporting (Continued) |
|--------|----|---------------------------------|

|   | The Partnership has elected not to provide a statement of cash flows as permitted under ASC Topic 230, Statement of Cash Flows. |
|--------|---------------------------------------------------------------------------------------------------------------------------------|

|   | B. | 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.  Money market mutual funds, which are included in cash equivalents, are classified as Level 1 fair value estimates (unadjusted quoted prices in active markets for identical assets) under the fair value hierarchy provisions as described in ASC Topic 820, Fair Value Measurements and Disclosures.  At June 30, 2011 and December 31, 2010, the Partnership had investments in money market mutual funds of $7,894,894 and $12,889,929, respectively.  Interest received on cash deposits anddividends received from money market mutual funds are included as interest income and recognized on an accrual basis. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | C. | Due from Brokers |
|--------|----|------------------|

|   | Due from brokers represents deposits required to meet margin requirements and excess funds not required for margin.  Due from brokers at June 30, 2011 and December 31, 2010 consisted of cash on deposit with the brokers of $10,204,986 and $13,275,165, respectively.  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 thelikelihood of loss under the aforementioned circumstances is remote. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | D. | Investments in Commodity Futures Contracts |
|--------|----|--------------------------------------------|

|   | 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, based on quoted market prices.  Accordingly, such contracts are classified as Level 1 fair value estimates under the fair value hierarchy as described within ASC Topic 820, Fair Value Measurements and Disclosures.  Gains or losses are realized when contracts are liquidated, on a first-in-first-out basis.  Realized gains are netted with realized losses for financial reporting purposes and shown under the caption “Net realized gains  (losses) on closed positions” in the CondensedStatements of Income (Loss). |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | As each broker has the right of offset, the Partnership presents the aggregate net unrealized gains with such brokers as “Net unrealized gains on open positions” and the aggregate net unrealized losses with such brokers as “Net unrealized losses on open positions” in the Condensed Statements of Financial Condition.  The net unrealized gains on open positions with one broker are not offset against net unrealized losses on open positions from another broker in the Condensed Statements of Financial Condition.  The unrealized gains or losses on open contracts is the difference between contract trade price and quoted market price. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Any change in net unrealized gain or loss from the preceding period is reported in the Condensed Statements of Income (Loss) under the caption “Change in net unrealized gains (losses) on open positions”.  Interest income is recognized on an accrual basis. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | E. | Brokerage Commissions |
|--------|----|-----------------------|

|   | The Class A limited partners pay to the General Partner a flat brokerage commission of 4.0% annually of the net asset value of the Class A limited partners’ capital as of the beginning of each month.  Class B limited partners pay to the General Partner a flat brokerage commission equal to the following percentages of each Series’ applicable net asset value:  Series 1 – 3%, Series 2 – 6%, and Series 3 – 5%.  From these amounts, the General Partner paid (1) actual trading commissions incurred by the Partnership of $33,146 and $83,043 for the three and six months ended June 30, 2011, respectively, and$106,169 and $220,068 for the three and six months ended June 30, 2010, respectively, and (2) 3.0% to properly registered selling agents as their ongoing compensation for servicing Class B limited partners (and to the extent the amount is less than 3%, the brokerage commissions with respect to such Class B limited partnership interests will be reduced accordingly).  Approximately 35% to 45% of the actual trading commissions incurred by the Partnership is remitted by the brokers to an Introducing Broker affiliated with Bridgeton. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

| 3.  | SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
|----------|---------------------------------------------|

|   | E. | Brokerage Commissions (Continued) |
|--------|----|-----------------------------------|

|   | Brokerage commissions charged to each Class or Series of class were as follows: |
|--------|---------------------------------------------------------------------------------|

|                     |   | Three Months Ended June 30, |    |   | Six Months Ended June 30, |   |
|--------------------------|--------|-----------------------------|---------|--------|---------------------------|--------|
|                     |   | 2011                        |    |   | 2010                      |   |   | 2011 |   |   | 2010 |   |
| Class A                  |   | $                           | 183,481 |   |                      | $      | 201,943 |   |   | $ | 374,191 |   |   | $ | 453,799 |   |
| Class B – Series 1 |   |                        | 16,412  |   |                      |   | 21,891 |   |   |   | 37,595 |   |   |   | 45,843 |   |
| Class B – Series 2 |   |                        | 10,437  |   |                      |   | 370,376 |   |   |   | 58,453 |   |   |   | 866,511 |   |
| Class B – Series 3 |   |                        | 602     |   |                      |   | 575 |   |   |   | 1,194 |   |   |   | 1,500 |   |
| Total                    |   | $                           | 210,932 |   |                      | $      | 594,785 |   |   | $ | 471,433 |   |   | $ | 1,367,653 |   |

|   | F. | Allocation of Income (Loss) |
|--------|----|-----------------------------|

|   | Net realized and unrealized trading profits and losses, interest income and other operating income and expenses, except Class or Series specific brokerage commission charges, are allocated to the partners monthly in proportion to their capital account balances, 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 |
|--------|----|----------------|

|   | Pursuant to the Trading Advisory Agreements with Willowbridge (“Willowbridge Agreement”) and QIM (“QIM Agreement”), the Trading Advisors are entitled to a quarterly incentive fee based on the new profits or the new net profits, as defined in the applicable Trading Advisory Agreements, of the Partnership’s trading assets allocated to the respective Trading Advisor. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Willowbridge is entitled to a quarterly incentive fee of 25% of any new profits, as defined in the Willowbridge Agreement.  The term “New Profits” for the purpose of calculating Willowbridge’s incentive fee only, is defined as the excess (if any) of (A) the net asset value of the Partnership’s trading assets allocated to Willowbridge as of the last day of any calendar quarter (before deduction of incentive fees paid or accrued for such quarter), over (B) the net asset value of the Partnership’s trading assets allocated to Willowbridge as of the last day of the most recent quarter for which an incentive fee was paid or payable (after deduction of such incentive fee).  In computing New Profits, the difference between (A) and (B) above shall be(i) increased by the amount of any distributions or redemptions paid or accrued by the Partnership as of or subsequent to the date in (B) through the date in (A), (ii) adjusted (either decreased or increased, as the case may be) to reflect the amount of any additional allocations or negative reallocations of Partnership assets from the date in (B) to the last day of the quarter as of which the current incentive fee calculation is made, and (iii) increased by the amount of any losses attributable to redemptions. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | QIM is entitled to a quarterly incentive fee of 30% of any new net profits (as defined in the QIM Agreement) in the Partnership’s account as of each calendar quarter end.  “New Net Profit”, for the purpose of calculating QIM’s incentive fee, is defined as the excess of cumulative gain/loss from commodity trading (excluding interest) less trading and management fees over its highest past value at any prior calendar quarterly period with respect to trading assets allocated to QIM.  The “gain/loss from commodity trading” is the net gain or loss from closed and completed commodity transactions (after brokerage commissions) plus the increases/decreases in the value of open positions at the end of each calendar quarter (accounting forcommissions that would be incurred by closing such open positions).  In the event of any subsequent losses, the quarterly incentive fees would not be charged until there are Net New Profits to offset such losses. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

----

| 3.  | SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
|----------|---------------------------------------------|

|   | G. | Incentive Fees (Continued) |
|--------|----|----------------------------|

|   | There were no incentive fees earned by Willowbridge for the three and six months ended June 30, 2011 and June 30, 2010.  Incentive fees earned by QIM totaled $0 and $26,850 for the three and six months ended June 30, 2011, respectively; and no incentive fees were earned for the three and six months ended June 30, 2010. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | H. | Management Fees |
|--------|----|-----------------|

|   | The General Partner is paid an annual management fee equal to 1% 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 2011 and 2010 was $298,544 and $653,903, respectively.  For the three months and six months ended June 30, 2011 the Partnership recorded management fee expense earned by the General Partner of $74,636 and $149,272 respectively, and for the three months and six months ended June 30, 2010, the Partnership recorded management fee expense earned by the General Partner of$163,475 and $326,951, respectively.  As of June 30, 2011 and December 31, 2010, the unamortized prepaid management fees were $149,272 and $0, respectively. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | In addition to the management fee paid to the General Partner, the Partnership pays Willowbridge a quarterly trading advisor management fee of 0.25% (1% per year) of the net asset value of the Partnership’s trading assets allocated to Willowbridge.  These fees amounted to $34,557 and $76,298 for the three months and six months ended June 30, 2011, respectively, and $76,250 and $209,114 for the three months and six months ended June 30, 2010, respectively.  As of June 30, 2011 and December 31, 2010, $34,558 and $61,112, respectively, were due to Willowbridge.  QIM is not paid a trading advisor management fee. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | I. | Income Taxes |
|--------|----|--------------|

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

|   | The Partnership applies the provisions of Codification Topics 740, Income Taxes and 835, Interest, which prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being measured and recognized in the financial statements.  This accounting standard requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority.  Taxpositions with respect to tax at the Partnership level not deemed to meet the “more-likely-than-not” threshold would be recorded as an expense in the current period.  The Partnership has elected an accounting policy to classify interest and penalties, if any, as interest expense.  The General Partner has concluded there is no tax expense or interest expense related to uncertainties in income tax positions for the three and six months ended June 30, 2011 and June 30, 2010. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The Partnership files U.S. federal and state tax returns.  The 2008 through 2010 tax years generally remain subject to examination by U.S. federal and most state authorities. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | J. | 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 1% 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 and six months ended June 30, 2011 and June 30, 2010, no initial administration fees were paid to theGeneral Partner. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | K. | 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 with at least ten days written notice to the General Partner. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

----

| 3.  | SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
|----------|---------------------------------------------|

|   | L. | Foreign Currency Transactions |
|--------|----|-------------------------------|

|   | The Partnership’s functional currency is the U.S. dollar; however, it transacts business in currencies other than the U.S. dollar.  Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the Condensed Statements of Financial Condition.  Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect during the period. Realized gains (losses) resulting from the translation to U.S dollars totaled $284 and $(1,791) for the three and six months ended June 30, 2011, respectively, and $(7,934) and $1,590 for the three and six months ended June 30, 2010, respectively, and are reported as a component of “Netrealized gains (losses) on closed positions” in the Condensed Statements of Income (Loss). |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | M. | Recently Issued Accounting Pronouncements |
|--------|----|-------------------------------------------|

|   | In May 2011, FASB issued Accounting Standards Update 2011-04, Fair Value Measurements (“ASU 2011-04”).  ASU 2011-04 amends ASC Topic 820, Fair Value Measurements and Disclosures, to clarify certain provisions of Topic 820 but also includes some instances where a particular principle or requirement for measuring fair value or disclosing information about fair value measurements has changed.  This ASU results in common principles and requirements for measuring fair value and for disclosing information about fair value and measurements in accordance with U.S. GAAP and International Financial Reporting Standards.  The amendments in ASU2011-04 are to be applied prospectively and will become effective during the interim and annual periods beginning after December 15, 2011.  The Partnership will adopt the methodologies prescribed in ASU 2011-04 by the date required and does not anticipate that this ASU will have material effect on its financial position or results of operations. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | N. | Indemnifications |
|--------|----|------------------|

|   | The Partnership has entered into agreements which provide for the indemnifications against losses, costs, claims and liabilities arising from the performance of its obligations under such agreements, except for gross negligence or bad faith.  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.  The Partnership generally expects the risk of loss from indemnification claims in the future to be remote. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | O. | Reclassification |
|--------|----|------------------|

|   | Certain accounts in the financial statements were reclassified to conform with the current period’s presentation. |
|--------|-------------------------------------------------------------------------------------------------------------------------|

----

Index

----

| 4.  | FAIR VALUE |
|----------|------------|

|   | Fair value of an investment is the amount that would be received to sell the investment in an orderly transaction between market participants at the measurement date (i.e. the exit price). |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The fair value hierarchy, as more fully described in ASC Topic 820, Fair Value Measurements and Disclosures, prioritizes and ranks the level of market price observability used in measuring investments at fair value.  Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment.  Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Investments measured and reported at fair value are classified and disclosed in one of the following categories: |
|--------|------------------------------------------------------------------------------------------------------------------|

|   | Level 1 – Quoted prices are available in active markets for identical investments as of the reporting date.  The type of investments included in Level 1 are publicly traded investments.  As required by ASC Topic 820, Fair Value Measurements and Disclosures, the Partnership does not adjust the quoted price for these investments even in situations where the Partnership holds a large position and a sale could reasonably impact the quoted price. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Level 2 – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies.  Investments which are generally included in this category are investments valued using market data. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Level 3 – Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment.  Fair value for these investments are determined using valuation methodologies that consider a range of factors, including but not limited to the price at which the investment was acquired, the nature of the investment, local market conditions, trading values on public exchanges for comparable securities, current and projected operating performance and financing transactions subsequent to the acquisition of the investment.  The inputs into the determination of fair value require significant management judgment.  Due to the inherent uncertainty of these estimates, these values may differ materially from the values that wouldhave been used had a ready market for these investments existed.  Investments that are included in this category generally are privately held debt and equity securities. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

----

| 4.  | FAIR VALUE (CONTINUED) |
|----------|------------------------|

|   | In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.  The General Partner’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.  The Partnership recognizes transfers, if any, between fair value hierarchy levels at the beginning of the reporting period. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The following table summarizes the valuation of the Partnership’s investments by the above fair value hierarchy levels: |
|--------|-------------------------------------------------------------------------------------------------------------------------------|

|                         |   | As of June 30, 2011 |      |
|------------------------------|--------|---------------------|-----------|
|                         |   | Total               |      |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |
| Assets                       |   |                |      |   |   |   |   |   |   |   |   |   |
| Futures contracts            |   | $                   | 165,884   |   |   | $ | 165,884 |   |   |   | N/A |   |   |   | N/A |   |
| Money market mutual funds    |   |                | 7,894,894 |   |   |   | 7,894,894 |   |   |   | N/A |   |   |   | N/A |   |
| Total investment assets      |   | $                   | 8,060,778 |   |   | $ | 8,060,778 |   |   |   |   |   |   |   |   |   |
| Liabilities                  |   |                |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Futures contracts            |   | $                   | (251,850  | ) |   | $ | (251,850 | ) |   |   | N/A |   |   |   | N/A |   |
| Total investment liabilities |   | $                   | (251,850  | ) |   | $ | (251,850 | ) |   |   |   |   |   |   |   |   |

|                         |   | As of December 31, 2010 |       |
|------------------------------|--------|-------------------------|------------|
|                         |   | Total                   |       |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |
| Assets                       |   |                    |       |   |   |   |   |   |   |   |   |   |
| Futures contracts            |   | $                       | 1,369,179  |   |   | $ | 1,369,179 |   |   |   | N/A |   |   |   | N/A |   |
| Money market mutual funds    |   |                    | 12,889,929 |   |   |   | 12,889,929 |   |   |   | N/A |   |   |   | N/A |   |
| Total investment assets      |   | $                       | 14,259,108 |   |   | $ | 14,259,108 |   |   |   |   |   |   |   |   |   |
| Liabilities                  |   |                    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Futures contracts            |   | $                       | (112,543   | ) |   | $ | (112,543 | ) |   |   | N/A |   |   |   | N/A |   |
| Total investment liabilities |   | $                       | (112,543   | ) |   | $ | (112,543 | ) |   |   |   |   |   |   |   |   |

| 5.  | DERIVATIVE INSTRUMENTS |
|----------|------------------------|

|   | The Partnership engages in the speculative trading of futures contracts in currencies, interest rates and a wide range of commodities, including energy and metals (collectively “derivatives”) for the purpose of achieving capital appreciation.  Since the derivatives held or sold by the Partnership are for speculative trading purposes, the derivative instruments are not designated as hedging instruments as defined in ASC Topic 815, Derivatives and Hedging. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Under provisions of ASC Topic 815, Derivatives and Hedging, entities are required to recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial condition.  Investments in futures contracts are reported in the Condensed Statements of Financial Condition as “Net unrealized gains on open positions” or “Net unrealized (losses) on open positions.” |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

----

| 5.  | DERIVATIVE INSTRUMENTS (CONTINUED) |
|----------|------------------------------------|

|              |   | As of June 30, 2011 |    |
|-------------------|--------|---------------------|---------|
|              |   | Assets              |    |   | Liabilities |   |   | Net |   |
| Currencies        |   | $                   | 7,200   |   |   | $ | (25,173 | ) |   | $ | (17,973 | ) |
| Energy            |   |                | 10,508  |   |   |   | (86,830 | ) |   |   | (76,322 | ) |
| Grains            |   |                | 100,223 |   |   |   | (12 | ) |   |   | 100,211 |   |
| Interest rates    |   |                | 27,575  |   |   |   | (78,729 | ) |   |   | (51,154 | ) |
| Metals            |   |                | 2,399   |   |   |   | (49,377 | ) |   |   | (46,978 | ) |
| Stock indices     |   |                | 2,152   |   |   |   | (11,729 | ) |   |   | (9,577 | ) |
| Tropical products |   |                | 15,827  |   |   |   | 0 |   |   |   | 15,827 |   |
|              |   |                |    |   |   |   |   |   |   |   |   |   |
| Totals            |   | $                   | 165,884 |   |   | $ | (251,850 | ) |   | $ | (85,966 | ) |

|              |   | As of December 31, 2010 |      |
|-------------------|--------|-------------------------|-----------|
|              |   | Assets                  |      |   | Liabilities |   |   | Net |   |
| Currencies        |   | $                       | 271,711   |   |   | $ | (22,300 | ) |   | $ | 249,411 |   |
| Energy            |   |                    | 157,014   |   |   |   | (19,760 | ) |   |   | 137,254 |   |
| Grains            |   |                    | 130,245   |   |   |   | (16,677 | ) |   |   | 113,568 |   |
| Interest rates    |   |                    | 78,380    |   |   |   | (3,902 | ) |   |   | 74,478 |   |
| Livestock         |   |                    | 7,360     |   |   |   | 0 |   |   |   | 7,360 |   |
| Metals            |   |                    | 403,053   |   |   |   | (33,344 | ) |   |   | 369,709 |   |
| Stock indices     |   |                    | 11,147    |   |   |   | (11,052 | ) |   |   | 95 |   |
| Tropical products |   |                    | 310,269   |   |   |   | (5,508 | ) |   |   | 304,761 |   |
| Totals            |   | $                       | 1,369,179 |   |   | $ | (112,543 | ) |   | $ | 1,256,636 |   |

|   | Realized gains and losses, as well as any change in net unrealized gains or losses on open positions from the preceding period, are recognized as part of the Partnership’s trading profits and losses in the Condensed Statements of Income (Loss). |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

| 5.  | DERIVATIVE INSTRUMENTS (CONTINUED) |
|----------|------------------------------------|

|   | The Partnership’s trading results and information related to the volume of the Partnership’s derivative activity by market sector were as follows: |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|              |   | For the three months ended June 30, 2011 |     |
|-------------------|--------|------------------------------------------|----------|
|              |   | Net Realized Gains(Losses)               |     |   | Change in Net UnrealizedGains (Losses) |   |   | Net TradingProfits (Losses) |   |   | Number of ClosedContracts |   |
| Currencies        |   | $                                        | 45,291   |   |   | $ | (197,858 | ) |   | $ | (152,567 | ) |   |   | 1,234 |   |
| Energy            |   |                                     | 35,870   |   |   |   | (315,077 | ) |   |   | (279,207 | ) |   |   | 642 |   |
| Grains            |   |                                     | (262,277 | ) |   |   | 129,662 |   |   |   | (132,615 | ) |   |   | 546 |   |
| Interest rates    |   |                                     | 221,757  |   |   |   | (88,374 | ) |   |   | 133,383 |   |   |   | 2,198 |   |
| Livestock         |   |                                     | (10,780  | ) |   |   | (5,835 | ) |   |   | (16,615 | ) |   |   | 44 |   |
| Metals            |   |                                     | 268,640  |   |   |   | (476,173 | ) |   |   | (207,533 | ) |   |   | 356 |   |
| Stock indices     |   |                                     | (146,608 | ) |   |   | (76,979 | ) |   |   | (223,587 | ) |   |   | 1,422 |   |
| Tropical products |   |                                     | 237,028  |   |   |   | (30,456 | ) |   |   | 206,572 |   |   |   | 280 |   |
| Total             |   | $                                        | 388,921  |   |   | $ | (1,061,090 | ) |   | $ | (672,169 | ) |   |   | 6,722 |   |

|              |   | For the six months ended June 30, 2011 |      |
|-------------------|--------|----------------------------------------|-----------|
|              |   | Net Realized Gains(Losses)             |      |   | Change in Net Unrealized(Losses) |   |   | Net TradingProfits (Losses) |   |   | Number of ClosedContracts |   |
| Currencies        |   | $                                      | (143,313  | ) |   | $ | (267,384 | ) |   | $ | (410,697 | ) |   |   | 3,006 |   |
| Energy            |   |                                   | 314,669   |   |   |   | (213,576 | ) |   |   | 101,093 |   |   |   | 1,664 |   |
| Grains            |   |                                   | (317,884  | ) |   |   | (13,357 | ) |   |   | (331,241 | ) |   |   | 1,182 |   |
| Interest rates    |   |                                   | 144,162   |   |   |   | (125,632 | ) |   |   | 18,530 |   |   |   | 6,122 |   |
| Livestock         |   |                                   | (22,110   | ) |   |   | (7,360 | ) |   |   | (29,470 | ) |   |   | 118 |   |
| Metals            |   |                                   | 489,039   |   |   |   | (416,687 | ) |   |   | 72,352 |   |   |   | 802 |   |
| Stock indices     |   |                                   | (32,443   | ) |   |   | (9,672 | ) |   |   | (42,115 | ) |   |   | 2,786 |   |
| Tropical products |   |                                   | 575,820   |   |   |   | (288,934 | ) |   |   | 286,886 |   |   |   | 662 |   |
| Total             |   | $                                      | 1,007,940 |   |   | $ | (1,342,602 | ) |   | $ | (334,662 | ) |   |   | 16,342 |   |

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

----

Index

----

| 5.  | DERIVATIVE INSTRUMENTS (CONTINUED) |
|----------|------------------------------------|

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

|   | The number of contracts closed for futures contracts represents the number of contract half-turns during the three and six months ended June 30, 2011 and June 30, 2010. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

----

| 5.  | DERIVATIVE INSTRUMENTS (CONTINUED) |
|----------|------------------------------------|

|   | A. | Market Risk |
|--------|----|-------------|

|   | Derivative financial instruments involve varying degrees of off-balance sheet market risk whereby changes in the level of volatility of interest rates, foreign currency exchange rates or market values of the underlying financial instruments or commodities may result in cash settlements in excess of the amounts recognized in the Condensed Statements of Financial Condition.  The Partnership’s exposure to market risk is directly influenced by a number of factors, including the volatility of the markets in which the financial instruments are traded and the liquidity of those markets. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | B. | Fair Value |
|--------|----|------------|

|   | The derivative instruments used in the Partnership’s trading activities are reported at fair value with the resulting unrealized gains (losses) recorded in the Condensed Statements of Financial Condition and the related trading profits (losses) reflected in “Trading Profits (Losses)” in the Condensed Statements of Income (Loss).  Open contracts generally mature within 90 days; as of June 30, 2011 and December 31, 2010, the latest maturity dates for open contracts are June 2012 and March 2012, respectively. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | C. | Credit Risk |
|--------|----|-------------|

|   | Futures are contracts for delayed delivery of financial interests in which the seller agrees to make delivery at a specified future date of a specified financial instrument at a specified price or yield.  Risk arises from changes in the fair value of the underlying instruments.  Credit risk due to counterparty nonperformance associated with these instruments is reflected in the “Net unrealized gains on open positions” included in the Condensed Statements of Financial Condition.  The Partnership’s counterparties are major brokerage firms and banks located in the United States, or their foreign affiliates. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The risks associated with exchange-traded contracts are typically perceived to be less than those associated with over-the-counter transactions, because exchanges typically (but not universally) provide clearing house arrangements in which the collective credit (in some cases limited in amount, in some cases not) of the members of the exchange is pledged to support the financial integrity of the exchange, whereas in over-the-counter transactions, traders must rely solely on the credit of their respective individual counterparties. Margins, which may be subject to loss in the event of a default, are generally required in exchange trading, and counterparties may require margin in the over-the-countermarkets. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | D. | Risk Monitoring |
|--------|----|-----------------|

|   | Due to the speculative nature of the Partnership’s derivatives trading, the Partnership is subject to the risk of substantial losses from derivatives trading.  The General Partner actively assesses, manages, and monitors risk exposure on derivatives on a contract basis, a market sector basis, and on an overall basis in accordance with established risk parameters. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.  | SUBSEQUENT EVENT |
|----------|------------------|

|   | As of August 1, 2011, the Partnership added DPT Capital Management, LLC (“DPT”) and PJM Capital (“PJM”) as trading advisors in addition to Willowbridge and QIM.  As a result, effective August 1, 2011 the Partnership allocates its trading assets to the Trading Advisors: approximately 34% to Willowbridge, 34% to QIM, 21% to PJM and 11% to DPT. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

----

| 7.  | FINANCIAL HIGHLIGHTS |
|----------|----------------------|

|   | The following information presents per unit operating performance data and other supplemental financial data for the three and six months ended June 30, 2011 and June 30, 2010.  The information has been derived from information presented in the financial statements. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                           |   | Three Months Ended June 30, 2011 |     |
|------------------------------------------------|--------|----------------------------------|----------|
|                                           |   | Class A                          |     |   | Class BSeries 1 |   |   | Class BSeries 2 |   |   | Class BSeries 3 |   |
| Per Unit Operating Performance                 |   |                             |     |   |   |   |   |   |   |   |   |   |
| (for a Unit outstanding for the entire period) |   |                             |     |   |   |   |   |   |   |   |   |   |
| Net Asset Value, beginning of the period       |   | $                                | 7,632.31 |   |   | $ | 995.84 |   |   | $ | 802.89 |   |   | $ | 1,017.43 |   |
| Profit (loss) from operations                  |   |                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net investment (loss)                          |   |                             | (139.49  | ) |   |   | (15.70 | ) |   |   | (18.69 | ) |   |   | (21.20 | ) |
| Net trading (loss)                             |   |                             | (254.59  | ) |   |   | (33.31 | ) |   |   | (26.64 | ) |   |   | (33.79 | ) |
| Net (loss)                                     |   |                             | (394.08  | ) |   |   | (49.01 | ) |   |   | (45.33 | ) |   |   | (54.99 | ) |
| Net Asset Value, end of the period             |   | $                                | 7,238.23 |   |   | $ | 946.83 |   |   | $ | 757.56 |   |   | $ | 962.44 |   |
| Total Return (1) (4)                           |   |                             | (5.16    | )% |   |   | (4.92 | )% |   |   | (5.65 | )% |   |   | (5.40 | )% |
| Supplemental Data                              |   |                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratios to average net asset value              |   |                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses (3)                                   |   |                             | 7.38     | % |   |   | 6.90 | % |   |   | 9.58 | % |   |   | 8.37 | % |
| Net investment (loss) (3)                      |   |                             | (7.35    | )% |   |   | (6.88 | )% |   |   | (9.56 | )% |   |   | (8.35 | )% |

|                                                |   | Six Months Ended June 30, 2011 |     |
|-----------------------------------------------------|--------|--------------------------------|----------|
|                                                |   | Class A                        |     |   | Class BSeries 1 |   |   | Class BSeries 2 |   |   | Class BSeries 3 |   |
| Per Unit Operating Performance                      |   |                           |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (for a Unit outstanding for the entire period)      |   |                           |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Asset Value, beginning of the period            |   | $                              | 7,627.64 |   |   | $ | 992.75 |   |   | $ | 806.43 |   |   | $ | 1,019.35 |   |
| Profit (loss) from operations                       |   |                           |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net investment (loss)                               |   |                           | (283.14  | ) |   |   | (32.06 | ) |   |   | (38.38 | ) |   |   | (42.87 | ) |
| Net trading (loss)                                  |   |                           | (106.27  | ) |   |   | (13.86 | ) |   |   | (10.49 | ) |   |   | (14.04 | ) |
| Net (loss)                                          |   |                           | (389.41  | ) |   |   | (45.92 | ) |   |   | (48.87 | ) |   |   | (56.91 | ) |
| Net Asset Value, end of the period                  |   | $                              | 7,238.23 |   |   | $ | 946.83 |   |   | $ | 757.56 |   |   | $ | 962.44 |   |
| Total Return (1) (4)                                |   |                           |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Return before incentive fees (2)              |   |                           | (5.00    | )% |   |   | (4.49 | )% |   |   | (5.86 | )% |   |   | (5.48 | )% |
| Incentive fees                                      |   |                           | (0.11    | )% |   |   | (0.14 | )% |   |   | (0.20 | )% |   |   | (0.10 | )% |
| Total Return after incentive fees                   |   |                           | (5.11    | )% |   |   | (4.63 | )% |   |   | (6.06 | )% |   |   | (5.58 | )% |
| Supplemental Data                                   |   |                           |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratios to average net asset value                   |   |                           |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses prior to incentive fees (3) (5)            |   |                           | 7.35     | % |   |   | 6.69 | % |   |   | 10.29 | % |   |   | 8.32 | % |
| Incentive fees (4)                                  |   |                           | 0.11     | % |   |   | 0.14 | % |   |   | 0.20 | % |   |   | 0.10 | % |
| Total Expense                                       |   |                           | 7.46     | % |   |   | 6.83 | % |   |   | 10.49 | % |   |   | 8.42 | % |
| Net investment (loss) before incentive fees (3) (5) |   |                           | (7.29    | )% |   |   | (6.62 | )% |   |   | (10.20 | )% |   |   | (8.26 | )% |
| Incentive fees (4)                                  |   |                           | (0.11    | )% |   |   | (0.14 | )% |   |   | (0.20 | )% |   |   | (0.10 | )% |
| Net investment (loss) after incentive fees          |   |                           | (7.40    | )% |   |   | (6.76 | )% |   |   | (10.40 | )% |   |   | (8.36 | )% |

----

Index

----

| 7.  | FINANCIAL HIGHLIGHTS (CONTINUED) |
|----------|----------------------------------|

|                                           |   | Three Months Ended June 30, 2010 |
|------------------------------------------------|--------|---------------------------------------|
|                                           |   | Class A                               |   |   | Class BSeries 1 |   |   | Class BSeries 2 |   |   | Class BSeries 3 |   |
| Per Unit Operating Performance                 |   |                                  |   |   |   |   |   |   |   |   |   |   |
| (for a Unit outstanding for the entire period) |   |                                  |   |   |   |   |   |   |   |   |   |   |
| Net Asset Value, Beginning of the period       |   | $                                     | 7,373.96 |   |   | $ | 952.59 |   |   | $ | 791.36 |   |   | $ | 992.84 |   |
| Profit (loss) from operations                  |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net investment (loss)                          |   |                                  | (128.49 | ) |   |   | (14.09 | ) |   |   | (18.64 | ) |   |   | (19.52 | ) |
| Net trading gain                               |   |                                  | 25.67 |   |   |   | 3.17 |   |   |   | 3.69 |   |   |   | 3.23 |   |
| Net (loss)                                     |   |                                  | (102.82 | ) |   |   | (10.92 | ) |   |   | (14.95 | ) |   |   | (16.29 | ) |
| Net Asset Value, End of the period             |   | $                                     | 7,271.14 |   |   | $ | 941.67 |   |   | $ | 776.41 |   |   | $ | 976.55 |   |
| Total Return (1) (4)                           |   |                                  | (1.39 | )% |   |   | (1.15 | )% |   |   | (1.89 | )% |   |   | (1.64 | )% |
| Supplemental Data                              |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratios to average net asset value              |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses (3)                                   |   |                                  | 7.14 | % |   |   | 6.07 | % |   |   | 9.63 | % |   |   | 8.05 | % |
| Net investment (loss) (3)                      |   |                                  | (7.03 | )% |   |   | (5.96 | )% |   |   | (9.52 | )% |   |   | (7.94 | )% |
|                                           |   | Six Months Ended June 30, 2010 |     |
|------------------------------------------------|--------|--------------------------------|----------|
|                                           |   | Class A                        |     |   | Class BSeries 1 |   |   | Class BSeries 2 |   |   | Class BSeries 3 |   |
| Per Unit Operating Performance                 |   |                           |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (for a Unit outstanding for the entire period) |   |                           |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Asset Value, Beginning of the period       |   | $                              | 8,017.87 |   |   | $ | 1,033.11 |   |   | $ | 864.90 |   |   | $ | 1,082.32 |   |
| Profit (loss) from operations                  |   |                           |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net investment (loss)                          |   |                           | (269.65  | ) |   |   | (29.42 | ) |   |   | (38.49 | ) |   |   | (42.22 | ) |
| Net trading (loss)                             |   |                           | (477.08  | ) |   |   | (62.02 | ) |   |   | (50.00 | ) |   |   | (63.55 | ) |
| Net (loss)                                     |   |                           | (746.73  | ) |   |   | (91.44 | ) |   |   | (88.49 | ) |   |   | (105.77 | ) |
| Net Asset Value, End of the period             |   | $                              | 7,271.14 |   |   | $ | 941.67 |   |   | $ | 776.41 |   |   | $ | 976.55 |   |
| Total Return (1) (4)                           |   |                           | (9.31    | )% |   |   | (8.85 | )% |   |   | (10.23 | )% |   |   | (9.77 | )% |
| Supplemental Data                              |   |                           |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratios to average net asset value              |   |                           |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses (3)                                   |   |                           | 7.27     | % |   |   | 6.17 | % |   |   | 9.61 | % |   |   | 8.41 | % |
| Net investment (loss) (3)                      |   |                           | (7.18    | )% |   |   | (6.08 | )% |   |   | (9.53 | )% |   |   | (8.32 | )% |

----

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

|   | (2) | Total return before incentive fees is derived by dividing the sum of net income per unit plus the incentive fees per unit by opening net asset value per unit. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Annualized. |
|--------|-----|-------------|

|   | (4) | Not annualized. |
|--------|-----|-----------------|

|   | (5) | Excludes the effect of incentive fees. |
|--------|-----|----------------------------------------|

----

Index

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

----

Index

----

Index

----

Index

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Item 4. Controls and Procedures

Item 1. Legal Proceedings

Item 1A. Risk Factors

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

| Date ofSubscriptions |   | Amount ofSubscriptions |   |
|----------------------|--------|------------------------|--------|
| January 2011         |   | $                      | 5,287  |   |
| February 2011        |   | $                      | 20,646 |   |
| March 2011           |   | $                      | 24,076 |   |
| April 2011           |   | $                      | 3,085  |   |
| May 2011             |   | $                      | 3,029  |   |
| June 2011            |   | $                      | 3,169  |   |

----

Index

Item 3. Defaults Upon Senior Securities

Item 4.  Removed and Reserved

Item 5. Other Information

. Exhibits

31.1

32.1

|                  | BRIDGETON TACTICAL ADVISORS FUND, L P                 |
|-----------------------|------------------------------------------------------------|
|                  |                                                       |   |   |
|                  |                                                       |   |   |
| Date: August 15, 2011 | By: Bridgeton Fund Management LLCIts: General Partner |
|                  |                                                       |   |   |
|                  | By:                                                        | /s/ Stephen J. Roseme |   |
|                  |                                                       | Stephen J. Roseme, Chief Executive, Principal Executive Officer and Principal Financial Officer |

----