| Delaware                                                                                             | 20-8870560                           |
|------------------------------------------------------------------------------------------------------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization)                                       | (I.R.S. Employer Identification No.) |
|                                                                                                 |
| 7535 Windsor Drive, Suite A205Allentown, PA 18195(Address of principal executive offices) (Zip Code) |
|                                                                                                 |
| (610) 366-3922                                                                                       |
| (Registrant's telephone number, including area code)                                                 |
|                                                                                                 |
| Securities registered pursuant to Section 12(b) of the Act: None                                     |
| Securities registered pursuant to Section 12(g) of the Act:                                          |
| Limited Partnership Units                                                                            |

|   | Large accelerated filer | o |   | Accelerated filer         | o |
|--------|-------------------------|---|--------|---------------------------|---|
|   | Non-accelerated filer   | o |   | Smaller reporting company | x |

----

| PART I                                                                                                                     |
|----------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                       |
| ITEM 1.Business                                                                                                            |
|                                                                                                                       |
| ITEM 1A. Risk Factors                                                                                                      |
|                                                                                                                       |
| ITEM 1B. Unresolved Staff Comments                                                                                         |
|                                                                                                                       |
| ITEM 2. Properties                                                                                                         |
|                                                                                                                       |
| ITEM 3. Legal Proceedings                                                                                                  |
|                                                                                                                       |
| ITEM 4. Removed and Reserved                                                                                               |
|                                                                                                                       |
| PART II                                                                                                                    |
|                                                                                                                       |
| ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters And Issuer Purchases of Equity Securities |
|                                                                                                                       |
| ITEM 6. Selected Financial Data                                                                                            |
|                                                                                                                       |
| ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations                        |
|                                                                                                                       |
| ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk                                                        |
|                                                                                                                       |
| ITEM 8. Financial Statements and Supplementary Data                                                                        |
|                                                                                                                       |
| ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                               |
|                                                                                                                       |
| ITEM 9A. Controls and Procedures                                                                                           |
|                                                                                                                       |
| ITEM 9B. Other Information                                                                                                 |
|                                                                                                                       |
| PART III                                                                                                                   |
|                                                                                                                       |
| ITEM 10.Directors and Executive Officers                                                                                   |
|                                                                                                                       |
| ITEM 11. Executive Compensation                                                                                            |
|                                                                                                                       |
| ITEM 12. Security Ownership of Certain Beneficial Owners and Management Related Stockholder Matters                        |
|                                                                                                                       |
| ITEM 13. Certain Relationships and Related Transactions                                                                    |
|                                                                                                                       |
| ITEM 14. Principal Accountant Fees and Services                                                                            |
|                                                                                                                       |
| PART IV                                                                                                                    |
|                                                                                                                       |
| ITEM 15. Exhibits and Financial Statement Schedules                                                                        |

----

Business

|   | Agricultural Products - 32 %                      |   | Equities – (2)%                                         |
|--------|---------------------------------------------------|--------|---------------------------------------------------------------|
|   |                                              |   |                                                          |
|   | Coffee 23                                    |   | CAC 40 (JUMBO) 71                                             |
|   | Cotton 20                                    |   | German Sock Index (DAX) 20                                    |
|   | World Sugar 41                               |   | Hang Seng Index 4                                             |
|   | Corn 99                                      |   | NASDAQ 100 E-MINI 78                                          |
|   | Soybeans 61                                  |   | NIKKEI Stock Average 29                                       |
|   | Lean Hogs 105                                |   | Standard & Poor's 500 E-MINI 92                           |
|   | Live Cattle 89                               |   | Standard & Poor's 500 Stock Price and Dow Mini Indices 29 |
|   |                                              |   | FTSE 100 6                                               |
|   | Currencies – 17 %                           |   | Euro Stoxx 50 ETF 24                                          |
|   |                                              |   |                                                          |
|   | Australian Dollar 50                         |   | Interest Rates Long Term - (5)%                               |
|   | Brazilian Real 20                            |   |                                                          |
|   | British Pound (33)                           |   | Japanese Government Bonds (4)                                 |
|   | Euro/Japanese Yen Currency Cross Rate (29)        |   | Long-term Euro Bund (86)                                 |
|   | Japanese Yen 14                              |   | Ten-Year U.S. Treasury Notes (88)                             |
|   | Mexican Peso 13                              |   |                                                          |
|   | New Zealand Dollar 65                        |   | Interest Rates Medium Term – (1)%                       |
|   | South African Rand 16                        |   |                                                          |
|   | Swiss Franc (28)                             |   | ERX 397                                                       |
|   | Australian Dollar/Japanese Yen Cross Rate 5  |   |                                                          |
|   | Euro Currency (37)                           |   | Interest Rates Short Term – 11 %                        |
|   | Canadian Dollar 1                            |   |                                                          |
|   | Norwegian Krone 11                           |   | Eurodollars 594                                               |
|   |                                              |   | Two-Year Treasury Notes (196)                            |
|   |                                              |   | Three Month Euribor 439                                       |
|   | Energy – 9 %                           |   |                                                          |
|   | Gasoline Blend Stock 27                      |   | Metals – 39 %                                           |
|   | Heating Oil 16                               |   | Gold 57                                                       |
|   | Light Sweet Crude Oil 22                     |   | Copper 23                                                     |
|   | Natural Gas 1                                     |   | High Grade Primary Aluminum (17)                         |
|   |                                              |   | Lead 9 Nickel, Tin, and Zinc – 1                   |

| Agriculture   | Interest Rates               | Currencies                  | Stock Indices                  |
|--------------------|------------------------------|-----------------------------|--------------------------------|
| Cocoa              | 10-Yr. Euro Swapnote®   | Australian Bank Bills       | Argentine Peso                 | Indonesian Rupiah | AEX Index | MSCI Singapore Fee Index |
| Coffee             | Australian Bonds (3, 10-yr.) | Canadian Bank Bills         | Australian Dollar              | Japanese Yen | CAC 40 Index | MSCI Taiwan Index |
| Corn               | British Long Gilts           | Euribor                     | Australian Dollar/Japanese Yen | Korean Won | DAX Index | Nasdaq 100 Index |
| Cotton             | Canadian Bonds (10-yrs.)     | Eurodollar                  | Brazilian Real                 | Mexican Peso | Dow Jones Euro Stoxx 50 Index | Nikkei Index |
| Lean Hogs          | Euro-Bobl                    | Euroswiss                   | British Pound                  | New Zealand Dollar | Dow Jones Industrial Index | OMXS 30 Index |
| Live Cattle   | Euro-Bund                    | Euroyen                     | Canadian Dollar                | Norwegian Krone | FTSE 100 Index | S&P/ASE 200 Index |
| Soybean Meal  | Euro-Shatz                   | Libor (1-mo.)               | Chilean Peso                   | Peruvian New Sol | Hang Seng Index | S&P 500 Index |
| Soybean Oil        | Japanese Govt Bond           | New Zealand Bank Bills      | Columbian Peso                 | Philippine Peso | IBEX 35 Index | S&P Canada 60 Index |
| Soybeans      | U.S. Notes (2 ,5, 10 -yr.)   | Short Sterling              | Czech Koruna                   | Polish Zloty | MIB 30 Index |   |
| Sugar         | U.S. Bond (30-yr.)           | U.S. Fed Funds              | Euro Currency                  | Singapore Dollar |   |   |
| Wheat         | Metals                  | Euro Currency/British Pound | South African Rand             |   |   |
| Energies           | Aluminum                     | Euro Currency/Japanese Yen  | Swedish Krona                  |   |   |
| Brent Crude        | Copper                  | Euro Currency/Swiss Franc   | Swiss Franc                    |   |   |
| Crude Oil          | Gold                         | Hong Kong Dollar            | Taiwan Dollar                  |   |   |
| Gasoil             | Lead                         | Hungarian Forint            | Thai Baht                      |   |   |
| Heating Oil        | Nickel                       | Indian Rupee                | Turkish Lira                   |   |   |
| Natural Gas        | Silver                       |                        |                           |   |   |
| Unleaded Gas       | Tin Zinc                |                        |                           |   |   |

Risk 

Unresolved Staff Comments

Properties

Legal Proceedings

----

Market for Registrant's Common Equity, Related Stockholder Matters And Issuer Purchases of Equity Securities

|   |           |   | Amount of     |    |
|--------|----------------|--------|---------------|---------|
|   |           |   | Subscriptions |    |
|   | January 2010   |   | $             | 273,432 |   |
|   | February 2010  |   | $             | 522,000 |   |
|   | March 2010     |   | $             | 553,235 |   |
|   | April 2010     |   | $             | 228,101 |   |
|   | May 2010       |   | $             | 280,647 |   |
|   | June 2010      |   | $             | 271,474 |   |
|   | July 2010      |   | $             | 631,968 |   |
|   | August 2010    |   | $             | 493,369 |   |
|   | September 2010 |   | $             | 38,435  |   |
|   | October 2010   |   | $             | 12,734  |   |
|   | November 2010  |   | $             | 583,455 |   |
|   | December 2010  |   | $             | 292,272 |   |

Selected Financial Data

Management's Discussion and Analysis of Financial Condition and Results of Operations

Quantitative and Qualitative Disclosures About Market Risk

|   | ● | The prices of the Partnership's interest rate positions resulting from a 10% change in interest rates.                      |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------|
|   | ● | The U.S. dollar equivalent balances of the Partnership's currency exposures due to a 10% shift in currency exchange rates.  |
|   | ● | The market value of the Partnership's commodity instruments due to a 10% change in the price of the instruments.            |

|   |  Currency exchange rate risk |   | $ | 126,773 |   |
|--------|-----------------------------------|--------|---|---------|--------|
|   |  Commodity price risk        |   | $ | 749,978 |   |
|   |  Interest rate risk          |   | $ | 370,040 |   |

Financial Statements and Supplementary Data

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Controls and Procedures

Other Information

----

Directors and Executive Officers

Executive Compensation

Security Ownership of Certain Beneficial Owners and Management

Certain Relationships and Related Transactions

Principal Accountant Fees and Services

|   |               |   | 2010   |             |          | 2009   |   |        |
|--------|--------------------|--------|--------|------------------|---------------|--------|--------|-------------|
|   |               |   |   |             |          |   |   |        |
|   | Audit Fees (1)     |   | $      | 60.1        |          |   | $      | 158.5  |   |   |
|   | Audit-Related Fees |   |   | -           |          |   |   | -      |     |   |
|   | Tax Fees           |   |   | -           |          |   |   | -      |     |   |
|   | All Other Fees     |   |   | -           |     |   |   | -      |   |   |
|   |               |   | $      | 60.1   |          |   | $      | 158.5  |   |   |

----

Exhibits and Financial Statement Schedules

----

----

| 3.1    | Certificate of Limited Partnership for the Partnership (Filed as Exhibit 3.1 to Partnership’s Form 10 and incorporated herein by reference)                |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                             |
| 3.2    | Certificate of Amendment to Certificate of Limited Partnership for the Partnership                                                                               |
|   |                                                                                                                                                             |
| 3.3    | Form of Amended and Restated Limited Partnership Agreement for the Partnership                                                                                   |
|   |                                                                                                                                                             |
| 10.1   | Trading Advisor Agreement between the General Partner and the Advisor (Filed as Exhibit 3.1 to Partnership’s Form 10 and incorporated herein by reference) |
|   |                                                                                                                                                             |
| 14.1   | General Partner Code of Ethics                                                                                                                                   |
|   |                                                                                                                                                             |
| 31.1   | Rule 13a-14(a)/13d-14(a) Certifications                                                                                                                          |
|   |                                                                                                                                                             |
| 32.1   | Section 1350 Certification                                                                                                                                       |

----

|   | REPORTS OF INDEPENDENT REGISTERD PUBLIC ACCOUNTING FIRMS          |
|--------|------------------------------------------------------------------------|
|   |                                                                   | Statements of Financial Condition |
|   |                                                                   |   | as of December 31, 2010 and December 31, 2009  |
|   |                                                                   | Condensed Schedules of Investments |
|   |                                                                   |   | as of December 31, 2010 and December 31, 2009  |
|   |                                                                   | Statements of Income (Loss) and General Partner Incentive Allocation |
|   |                                                                   |   | for the Years Ended December 31, 2010 and 2009  |
|   |                                                                   | Statements of Changes in Partners’ Capital (Net Asset Value) |
|   |                                                                   |   | for the Years Ended December 31, 2010 and 2009  |
|   |     Notes to  Financial Statements  |

----

----

----

|                                                                                                                                                                      |   | December 31, |       |   | December 31, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|------------|--------|--------------|--------|
|                                                                                                                                                                      |   | 2010         |       |   | 2009         |   |
| ASSETS                                                                                                                                                                    |   |         |       |   |         |   |
| EQUITY IN COMMODITY FUTURES TRADING ACCOUNTS:                                                                                                                             |   |         |       |   |         |   |
| Due from brokers (including margin deposits of     $4,927,385 for 2010 and $5,598,001 for 2009)                                                       |   | $            | 18,208,550 |   |         | $      | 9,186,463 |   |
| Net unrealized gains on open positions                                                                                                                                    |   |         | 3,334,386  |   |         |   | 353,674 |   |
| Net unrealized losses on open positions                                                                                                                                   |   |         | 0          |   |         |   | (598,888 | ) |
|                                                                                                                                                                      |   |         | 21,542,936 |   |         |   | 8,941,249 |   |
|  CASH AND CASH EQUIVALENTS                                                                                                                                           |   |         | 24,203,397 |   |         |   | 34,895,928 |   |
|  DUE FROM GENERAL PARTNER                                                                                                                                            |   |         | 62,876     |   |         |   | 59,669 |   |
|  TOTAL ASSETS                                                                                                                                                        |   | $            | 45,809,209 |   |         | $      | 43,896,846 |   |
| LIABILITIES AND PARTNERS’ CAPITAL (NET ASSET VALUE)                                                                                                                 |   |         |       |   |         |   |   |   |
| LIABILITIES:                                                                                                                                                              |   |         |       |   |         |   |   |   |
| Prepaid subscriptions                                                                                                                                                     |   | $            | 342,500    |   |         | $      | 188,000 |   |
| Redemptions payable                                                                                                                                                       |   |         | 1,063,391  |   |         |   | 415,464 |   |
| Other accrued expenses                                                                                                                                                    |   |         | 57,813     |   |         |   | 92,420 |   |
| Accrued management fees                                                                                                                                                   |   |         | 258,425    |   |         |   | 266,691 |   |
|  TOTAL LIABILITIES                                                                                                                                                   |   |         | 1,722,129  |   |         |   | 962,575 |   |
|  PARTNERS’ CAPITAL (NET ASSET VALUE)                                                                                                                      |   |         |       |   |         |   |   |   |
| Limited partners – Investor Class (35,222.9640 and 38,486.0252 fully redeemable unitsat December 31, 2010 and December 31, 2009, respectively)                      |   |         | 40,903,285 |   |         |   | 38,976,534 |   |
| Limited partners – Institutional Class – Series 1 (949.7838 and 1,493.4694 fully redeemable units at December 31, 2010 and December 31, 2009, respectively)   |   |         | 1,281,885  |   |         |   | 1,689,632 |   |
| Limited partners – Institutional Class – Series 2 (1,400.9530 and 1,413.4121 fully redeemable units at December 31, 2010 and December 31, 2009, respectively) |   |         | 1,801,910  |   |         |   | 1,539,004 |   |
| General partner – Institutional Class – Series 3 (21.6686 and 188.4717 fully redeemable units at December 31, 2010 and December 31, 2009, respectively)       |   |         | 100,000    |   |         |   | 729,101 |   |
|  TOTAL PARTNERS’ CAPITAL (NET ASSET VALUE)                                                                                                                     |   |         | 44,087,080 |   |         |   | 42,934,271 |   |
|  TOTAL LIABILITIES AND PARTNERS’ CAPITAL (NET ASSET VALUE)                                                                                                     |   | $            | 45,809,209 |   |         | $      | 43,896,846 |   |

----

| No. of Contracts | Range of Expiration Dates | Commodity Futures Industry Sector |   | Unrealized Gain (Loss), Net |      |   | % of Partners' Capital* |   |
|------------------|---------------------------|-----------------------------------|--------|-----------------------------|-----------|--------|-------------------------|--------|
|             |                      | Currencies                        |   | $                           | 628,348   |   |                    |   | 1.425 | % |
|             |                      | Energy                            |   |                        | 629,734   |   |                    |   | 1.428 | % |
|             |                      | Grains                            |   |                        | 506,137   |   |                    |   | 1.148 | % |
|             |                      | Interest rates                    |   |                        | 411,355   |   |                    |   | 0.933 | % |
|             |                      | Livestock                         |   |                        | 209,800   |   |                    |   | 0.476 | % |
|             |                      | Metals                            |   |                        |      |   |                    |   |   |   |
| 98               | 03/16/11 – 06/15/11 | London Copper                     |   |                        | 2,946,275 |   |                    |   | 6.683 | % |
|             |                      | Other                             |   |                        | 2,790,085 |   |                    |   | 6.329 | % |
|             |                      | Stock indices                     |   |                        | (82,854   | )      |                    |   | (0.188 | )% |
|             |                      | Tropical products                 |   |                        | 368,120   |   |                    |   | 0.835 | % |
|             |                      | Total long futures contracts      |   | $                           | 8,407,000 |   |                    |   | 19.069 | % |

| No. of Contracts | Range of Expiration Dates | Commodity Futures Industry Sector |   | Unrealized Gain (Loss), Net |       |   | % of Partners' Capital* |   |
|------------------|---------------------------|-----------------------------------|--------|-----------------------------|------------|--------|-------------------------|--------|
|             |                      | Currencies                        |   | $                           | (44,697    | )      |                    |   | (0.101 | )% |
|             |                      | Energy                            |   |                        | (344,100   | )      |                    |   | (0.781 | )% |
|             |                      | Interest rates                    |   |                        | (255,169   | )      |                    |   | (0.579 | )% |
|             |                      | Metals                            |   |                        |       |   |                    |   |   |   |
| 75               | 03/16/11-06/15/11         | London Copper                     |   |                        | (1,545,620 | )      |                    |   | (3.506 | )% |
|             |                      |     Other          |   |                        | (2,883,028 | )      |                    |   | (6.539 | )% |
|             |                      | Total short futures contracts     |   | $                           | (5,072,614 | )      |                    |   | (11.506 | )% |
|             |                      | Total futures contracts           |   | $                           | 3,334,386  |   |                    |   | 7.563 | % |

----

| No. of Contracts | Range of Expiration Dates | Commodity Futures Industry Sector |   | Unrealized Gain (Loss), Net |      |   | % Partners' Capital* |   |
|------------------|---------------------------|-----------------------------------|--------|-----------------------------|-----------|--------|----------------------|--------|
|             |                      | Currencies                        |   | $                           | (236,100  | )      |                 |   | (0.550 | )% |
|             |                      | Energy                            |   |                        | (10,161   | )      |                 |   | (0.024 | )% |
|             |                      | Grains                            |   |                        | 56,875    |   |                 |   | 0.133 | % |
|             |                      | Interest rates                    |   |                        | (392,162  | )      |                 |   | (0.913 | )% |
|             |                      | Livestock                         |   |                        | 30,240    |   |                 |   | 0.070 | % |
|             |                      | Metals                            |   |                        |      |   |                 |   |   |   |
| 119              | 3/17/10 – 6/16/10   | London Copper                     |   |                        | 2,305,723 |   |                 |   | 5.370 | % |
|             |                      | Other                             |   |                        | 3,100,159 |   |                 |   | 7.221 | % |
|             |                      | Stock indices                     |   |                        | 193,239   |   |                 |   | 0.450 | % |
|             |                      | Tropical products                 |   |                        | 94,472    |   |                 |   | 0.220 | % |
|             |                      | Total long futures contracts      |   | $                           | 5,142,285 |   |                 |   | 11.977 | % |

| No. of Contracts | Range of Expiration Dates | Commodity Futures Industry Sector |   | Unrealized Gain (Loss), Net |       |   | % Partners' Capital* |   |
|------------------|---------------------------|-----------------------------------|--------|-----------------------------|------------|--------|----------------------|--------|
|             |                      | Currencies                        |   | $                           | 308,804    |   |                 |   | 0.719 | % |
|             |                      | Energy                            |   |                        | (222,390   | )      |                 |   | (0.518 | )% |
|             |                      | Interest rates                    |   |                        | 173,047    |   |                 |   | 0.403 | % |
|             |                      | Metals                            |   |                        |       |   |                 |   |   |   |
| 83               | 3/17/10 – 6/16/10   | London Copper                     |   |                        | (1,569,108 | )      |                 |   | (3.655 | )% |
|             |                      | Other                             |   |                        | (4,070,317 | )      |                 |   | (9.480 | )% |
|             |                      | Stock indices                     |   |                        | (7,535     | )      |                 |   | (0.017 | )% |
|             |                      | Total short futures contracts     |   | $                           | (5,387,499 | )      |                 |   | (12.548 | )% |
|             |                      | Total futures contracts           |   | $                           | (245,214   | )      |                 |   | (0.571 | )% |

----

|                                                                      |   | 2010   |       |   | 2009   |   |
|---------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| NET INVESTMENT (LOSS)                                                     |   |   |       |   |   |   |
| Income:                                                                   |   |   |       |   |   |   |
| Interest income                                                           |   | $      | 34,020     |   |   | $      | 76,326 |   |
| Expenses:                                                                 |   |   |       |   |   |   |   |   |
| Brokerage commissions                                                     |   |   | 2,745,921  |   |   |   | 2,970,353 |   |
| Management fees                                                           |   |   | 1,383,669  |   |   |   | 1,455,367 |   |
| Professional fees                                                         |   |   | 144,152    |   |   |   | 247,764 |   |
| Accounting, administrative fees and other expenses                        |   |   | 186,639    |   |   |   | 187,492 |   |
| Total expenses                                                            |   |   | 4,460,381  |   |   |   | 4,860,976 |   |
| Net investment (loss)                                                     |   |   | (4,426,361 | )      |   |   | (4,784,650 | ) |
| TRADING PROFITS (LOSSES)                                                  |   |   |       |   |   |   |   |   |
| Profits (losses) on trading of commodity futures:                         |   |   |       |   |   |   |   |   |
| Net realized gains (losses) on closed positions                           |   |   | 6,606,434  |   |   |   | (3,363,824 | ) |
| Change in net unrealized gains (losses) on open positions            |   |   | 3,579,600  |   |   |   | (589,789 | ) |
| Net trading profits (losses)                                              |   |   | 10,186,034 |   |   |   | (3,953,613 | ) |
| NET INCOME (LOSS)                                                         |   | $      | 5,759,673  |   |   | $      | (8,738,263 | ) |
|                                                                      |   |   |       |   |   |   |   |   |
| NET INCOME (LOSS) PER UNIT                                                |   |   |       |   |   |   |   |   |
| (based on weighted average number of units outstanding during the period) |   |   |       |   |   |   |   |   |
| Investor Class                                                            |   | $      | 140.55     |   |   | $      | (222.04 | ) |
| Institutional Class – Series 1                                      |   | $      | 162.77     |   |   | $      | (202.27 | ) |
| Institutional Class – Series 2                                      |   | $      | 192.51     |   |   | $      | (158.55 | ) |
| Institutional Class – General Partner – Series 3              |   | $      | 753.48     |   |   | $      | (694.14 | ) |

----

|                                 |   | Partners’ Capital (Net Asset Value) |        |
|--------------------------------------|--------|-------------------------------------------|-------------|
|                                 |   |                                      |        |   | Institutional Class |   |   |   |   |
|                                 |   | Investor Class                            |        |   | Series 1 |   |   | Series 2 |   |   | Series 3 General Partner |   |   |   |   |
|                                 |   | Units                                     |        |   | Amount |   |   | Units |   |   | Amount |   |   | Units |   |   | Amount |   |   | Units |   |   | Amount |   |   | Total |   |
| Balances at December 31, 2008        |   |                                      | 27,495.4455 |   |   |   | 34,232,682 |   |   |   | 1,554.3584 |   |   |   | 2,075,754 |   |   |   | 454.5724 |   |   |   | 589,829 |   |   |   | 183.2414 |   |   |   | 835,858 |   |   |   | 37,734,123 |   |
| Additions                            |   |                                      | 16,008.5494 |   |   |   | 18,296,395 |   |   |   | 95.3204 |   |   |   | 115,156 |   |   |   | 979.6365 |   |   |   | 1,146,000 |   |   |   | 5.2303 |   |   |   | 22,402 |   |   |   | 19,579,953 |   |
| Redemptions                          |   |                                      | (5,017.9697 | ) |   |   | (5,440,034 | ) |   |   | (156.2094 | ) |   |   | (177,550 | ) |   |   | (20.7968 | ) |   |   | (23,958 | ) |   |   | - |   |   |   | - |   |   |   | (5,641.542 | )  |
| Net (loss):                          |   |                                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General partner incentive allocation |   |                                      | -           |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Allocation to all partners           |   |                                      | -           |   |   |   | (8,112,509 | ) |   |   | - |   |   |   | (323,728 | ) |   |   | - |   |   |   | (172,867 | ) |   |   | - |   |   |   | (129,159 | ) |   |   | (8,738,263 | ) |
| Balances at December 31, 2009        |   |                                      | 38,486.0252 |   |   |   | 38,976,534 |   |   |   | 1,493.4694 |   |   |   | 1,689,632 |   |   |   | 1,413.4121 |   |   |   | 1,539,004 |   |   |   | 188.4717 |   |   |   | 729,101 |   |   |   | 42,934,271 |   |
| Additions                            |   |                                      | 4,025.6655  |   |   |   | 3,999,399 |   |   |   | 20.8716 |   |   |   | 23,672 |   |   |   | 119.2802 |   |   |   | 140,000 |   |   |   | 4.6026 |   |   |   | 18,051 |   |   |   | 4,181,122 |   |
| Redemptions                          |   |                                      | (7,288.7267 | ) |   |   | (7,238,404 | ) |   |   | (564.5572 | ) |   |   | (622,650 | ) |   |   | (131.7393 | ) |   |   | (135,899 | ) |   |   | (171.4057 | ) |   |   | (791,033 | ) |   |   | (8,787,986 | ) |
| Net income:                          |   |                                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General partner incentive allocation |   |                                      | -           |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Allocation to all partners           |   |                                      | -           |   |   |   | 5,165,756 |   |   |   | - |   |   |   | 191,231 |   |   |   | - |   |   |   | 258,805 |   |   |   | - |   |   |   | 143,881 |   |   |   | 5,759,673 |   |
| Balances at December 31, 2010        |   |                                      | 35,222.9640 |   |   | $ | 40,903,285 |   |   |   | 949.7838 |   |   | $ | 1,281,885 |   |   |   | 1,400.9530 |   |   | $ | 1,801,910 |   |   |   | 21.6686 |   |   | $ | 100,000 |   |   | $ | 44,087,080 |   |

|              |   | Net Asset Value Per Unit |     |
|-------------------|--------|--------------------------|----------|
|              |   |                     |     |   | Institutional Class |   |
|              |   | Investor Class           |     |   | Series 1 |   |   | Series 2 |   |   | Series 3 General Partner |   |
| December 31, 2008 |   | $                        | 1,245.03 |   |   | $ | 1,335.44 |   |   | $ | 1,297.55 |   |   | $ | 4,561.51 |   |
|              |   |                     |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2009 |   | $                        | 1,012.75 |   |   | $ | 1,131.35 |   |   | $ | 1,088.86 |   |   | $ | 3,868.49 |   |
|              |   |                     |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2010 |   | $                        | 1,161.27 |   |   | $ | 1,349.66 |   |   | $ | 1,286.20 |   |   | $ | 4,614.97 |   |

----

| 1.     | PARTNERSHIP ORGANIZATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Bridgeton Global Directional Fund, LP (formerly RFMC Global Directional Fund, LP) (“the Partnership”), a Delaware limited partnership, was organized on March 19, 2007 and commenced trading operations on August 1, 2007.  The Partnership’s business is to trade, buy, sell or otherwise acquire, hold, or dispose of commodity futures contracts, options on physical commodities and on commodity futures contracts, forward contracts, and instruments that may be the subject of a futures contract, including equities, indices, and sectors (“Commodity Interests”), and any rights pertaining thereto and to engage in all activities incident thereto.  The Partnership may also invest in entities (including without limitation other partnerships, separate managed accounts, exchange traded funds or other types of funds) that primarily trade in exchange trades securities, options on exchange traded securities, exchange traded funds, or Commodity Interests.  |
|   | 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, 2010, 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.  The General Partner of the Partnership is registered as a Commodity Pool Operator and a Commodity Trading Advisor with the Commodity Futures Trading Commission (CFTC).  The General Partner is required by the Limited Partnership Agreement, as amended and restated, (the “Agreement”) to contribute $1,000 to the Partnership.                                                 |
|   | In accordance with the Agreement, the Partnership offers 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 limited partnership 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | The Partnership offers two classes of limited partnership interests; the Institutional Class and the Investor Class. Commission charges, General Partner management fees and incentive allocations to the General Partner will differ between Classes and/or Series, but in all other respects the Institutional Class interests and the Investor Class interests will be identical. The Institutional Class and Investor Class interests will also be traded pursuant to the same trading program and at the same Trading Level (as defined in the Confidential Offering Memorandum).                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | The General Partner has selected Welton Investment Corporation (the “Advisor”) as the Partnership’s trading advisor.  All of the Partnership’s assets will initially be traded pursuant to the Advisor’s Global Directional Portfolio, which follows a proprietary quantitative trading strategy.  The General Partner, in the future, may allocate the Partnership’s assets to other trading strategies and investment programs.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   | The Partnership shall end upon the 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 2.     | SIGNIFICANT ACCOUNTING POLICIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   | A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Method of Reporting  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | The Partnership’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).  The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income (loss) and expenses during the reporting period.  Actual results could differ from these estimates.  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), referred to as ASC or the Codification, is the single source of U.S. GAAP for interim and annual periods ending after September 15, 2009.  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 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 December 31, 2010 and December 31, 2009, the Partnership had investments in money market mutual funds of $21,243,750 and $32,908,933, respectively.  Interest received on cash deposits and dividends received from money market mutual funds is 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 December 31, 2010 and December 31, 2009 consisted of cash on deposit with the brokers of $18,208,550 and $9,186,463, 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 the likelihood 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 stated 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  Statements of Income (Loss) and General Partner Incentive Allocation.  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | As each broker has the individual 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 Statements of Financial Condition.  The net unrealized gains on open positions from one broker are not offset against net unrealized losses on open positions from another broker in the 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 unrealized gain or loss from the preceding period is reported in the Statements of Income (Loss) and General Partner Incentive Allocation under the caption “Change in net unrealized gains (losses) on open positions.”  |
|   | E.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Brokerage Commissions  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Investor Class interests will pay the General Partner a monthly flat-rate brokerage commission of up to approximately 0.583% of the net asset value of such interests as of the beginning of each month (an annual rate of 7.00%).  The General Partner will pay from this amount up to 3% per annum to properly registered selling agents as compensation for their ongoing services to the Partnership.  To the extent the General Partner pays less than 3% to a selling agent with respect to any limited partnership interests sold by such selling agent, the brokerage commission charged with respect to those limited partnership interests will be reduced accordingly.  A separate series of Investor Class interests will be established for differing brokerage commission rates charged.  During the years ended December 31, 2010 and 2009, all Investor Class interests were charged a flat rate brokerage commission equal to an annual rate of 7.00%.  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Institutional Class interests pay the General Partner a monthly flat-rate brokerage commission of 0.333% of the net asset value of such interests as of the beginning of each month (a 4.00% annual rate).  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | In addition to any applicable selling agent fees, the General Partner will also pay from its brokerage commission all floor brokerage, exchange, clearing and NFA fees with respect to the Partnership’s trading, but the Partnership will pay all other execution costs, including give-up charges and service fees assessed by certain forward dealing desks.  For the years ended December 31, 2010 and 2009 such execution costs totaled $13,316 and $785, respectively.  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Commissions and execution costs charged to each Class or Series were as follows:  |

|   |                                 |   | For the Year Ended December 31, |      |
|--------|--------------------------------------|--------|---------------------------------|-----------|
|   |                                 |   | 2010                            |      |   | 2009 |   |
|   | Investor Class                       |   | $                               | 2,602,185 |   |   | $ | 2,812,334 |   |
|   | Institutional Class – Series 1 |   |                            | 53,915    |   |   |   | 77,137 |   |
|   | Institutional Class – Series 2 |   |                            | 59,597    |   |   |   | 50,209 |   |
|   | Institutional Class –          |   |                            |      |   |   |   |   |   |
|   | General Partner – Series 3     |   |                            | 30,224    |   |   |   | 30,673 |   |
|   |     Total        |   | $                               | 2,745,921 |   |   | $ | 2,970,353 |   |

|   |   | As of December 31, 2010 and 2009, $62,876 and $59,669, respectively, was due from the General Partner for reimbursement on broker commissions advanced by the Partnership.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | F.     | Allocation of Income (Loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |   | Net realized and unrealized trading profits and losses, interest income and other operating income and expenses, prior to flat-rate brokerage commissions, management fees and incentive allocations, are allocated to the partners monthly in proportion to their capital account balances, as defined in the Agreement.  Each partner is then charged its applicable Class and/or Series flat-rate brokerage commission, management fees and incentive allocations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | G.     | Incentive Allocation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |   | The General Partner is entitled to a quarterly incentive allocation equal to 20% of New Profits (as defined in the Confidential Offering Memorandum), if any.  The term “New Profits” for the purpose of calculating the General Partner's incentive allocation only, is defined as the excess (if any) of (A) the net asset value of the Partnership as of the last day of any calendar quarter (before deduction of incentive allocations made or accrued for such quarter), over (B) the net asset value of the Partnership as of the last day of the most recent quarter for which an incentive allocation was paid or payable (after deduction of such incentive allocation).  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 allocation calculation is made, and (iii) increased by the amount of any losses attributable to redemptions.  For the year ended December 31, 2010 and 2009, the General Partner earned no incentive allocations.  |
|   |   | The General Partner will pay three-fourths of incentive allocations it receives, if any, to the Advisor, and the General Partner may distribute a portion of its share of the incentive allocation to properly registered selling agents as compensation for their ongoing services to the Partnership.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   | H.     | Management Fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |   | Investor Class and Institutional Class – Series 2 interests pay the General Partner a quarterly management fee equal to 1⁄4 of 1% (1% annually) of the net assets of the Partnership (as defined in the Agreement) as of the beginning of each calendar quarter before deducting accrued ordinary legal, accounting and auditing fees and before any incentive allocation to the General Partner.  Institutional Class Series 1 and Series 3 interests are not assessed a management fee by the General Partner.  Management fees earned by the General Partner were as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |

|   |                                 |   | For the Year Ended December 31, |    |
|--------|--------------------------------------|--------|---------------------------------|---------|
|   |                                 |   | 2010                            |    |   | 2009 |   |
|   | Investor Class                       |   | $                               | 372,177 |   |   | $ | 401,542 |   |
|   | Institutional Class – Series 2 |   |                            | 14,743  |   |   |   | 11,664 |   |
|   |     Total        |   | $                               | 386,920 |   |   | $ | 413,206 |   |

|   |   | As of December 31, 2010 and 2009, no management fees were due to the General Partner.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   | In addition to the management fee paid to the General Partner, the Advisor also assesses each Class and Series of interests a management fee equal to 1/12 of 2% (2% per year) of the month-end Trading Level for each month during such quarter.  Trading Level shall mean the Partnership’s net assets allocated to the Advisor times the leverage to be employed by the Advisor from time to time upon the discretion of the General Partner.  The leverage ratio is approximately 1.2 times the net assets of the Partnership.  As such, the Advisor’s management fee will approximate 2.4% per annum of the Partnership’s net assets.  The management fees earned by the Advisor were as follows: |

|   |                                                         |   | For the Year Ended December 31, |    |
|--------|--------------------------------------------------------------|--------|---------------------------------|---------|
|   |                                                         |   | 2010                            |    |   | 2009 |   |
|   | Investor Class                                               |   | $                               | 909,205 |   |   | $ | 948,804 |   |
|   | Institutional Class – Series 1                         |   |                            | 32,800  |   |   |   | 45,495 |   |
|   | Institutional Class – Series 2                         |   |                            | 36,318  |   |   |   | 29,773 |   |
|   | Institutional Class – General Partner – Series 3 |   |                            | 18,426  |   |   |   | 18,089 |   |
|   |     Total                      |   | $                               | 996,749 |   |   | $ | 1,042,161 |   |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | As of December 31, 2010 and 2009, $258,425 and $266,691, respectively, was due to the Advisor for management fees.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | I.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Administrative Expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | The Partnership pays all legal, accounting, auditing, and other administrative and operating expenses and fees associated with the operation of the Partnership.  The General Partner pays the continuous offering costs of the Partnership.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | J.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 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.  Tax positions 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 year.  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 years ended December 31, 2010 and 2009.                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | The Partnership files U.S. federal and state tax returns.  The 2007 through 2010 tax years generally remain subject to examination by U.S. federal and most state authorities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | K.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Subscriptions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | Partnership units may be purchased on the first day of each month at the net asset value per unit determined on the last business day of the previous month.  Partners’ contributions received in advance for subscriptions are recorded as “Prepaid subscriptions” in the Statements of Financial Condition.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
|   | L.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Redemptions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | Limited partners may redeem some or all of their units at net asset value per unit as of the last business day of each month with at least ten days written notice to the General Partner.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
|   | M.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 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 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. Gains and losses resulting from the translation to U.S. dollars are reported as a component of “Net Realized Gains (Losses) on Closed Positions” in the Statements of Income (Loss) and General Partner Incentive Allocation and totaled $27,595 and $116,784 for the years ended December 31, 2010 and 2009, respectively.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
|   | N.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Recently Issued Accounting Pronouncement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | On January 21, 2010, the Financial Accounting Standards Board issued Accounting Standards Update No. 2010-06 (“ASU 2010-06”), entitled Fair Value Measurements and Disclosures (Topic 820) - Improving Disclosures about Fair Value Measurements.  ASU 2010-06 amends the Fair Value Measurements and Disclosures Topic of the Codification to add new to add new requirements for disclosures about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements relating to Level 3 measurements.  It also clarifies existing fair value disclosures about the level of disaggregation and about inputs and valuation techniques used to measure fair value.  The application of ASU 2010-06 is required for fiscal years and interim periods beginning after December 15, 2009, except for disclosures about purchases, sales, issuances, and settlements relating to Level 3 measurements, which are required for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years.  During the year ended December 31, 2010, there were no transfers into and out of Level 1 and Level 2.  The adoption of ASU 2010-06 did not have a material impact on the Partnership’s financial statements.  |   |
|   | O.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Indemnifications                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | The Partnership has entered into agreements which provide for the indemnifications against losses, costs, claims and liabilities arising from the performance of their individual obligations under such agreements, except for gross negligence or bad faith.  The Partnership has had no prior claims or payments pursuant to these agreements.  The Partnership’s individual maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Partnership that have not yet occurred. However, based on previous experience, the Partnership expects the risk of loss to be remote.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |
| 3.     | 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 would have 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.  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | 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 December 31, 2010 |       |
|--------|------------------------------|--------|-------------------------|------------|
|   |                         |   | Total                   |       |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |
|   | Assets                       |   |                    |       |   |   |   |   |   |   |   |   |   |
|   | Futures contracts            |   | $                       | 8,802,183  |   |   | $ | 8,802,183 |   |   |   | N/A |   |   |   | N/A |   |
|   | Money market mutual funds    |   |                    | 21,243,750 |   |   |   | 21,243,750 |   |   |   | N/A |   |   |   | N/A |   |
|   | Total investment assets      |   | $                       | 30,045,933 |   |   | $ | 30,045,933 |   |   |   |   |   |   |   |   |   |
|   | Liabilities                  |   |                    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   | Futures contracts            |   | $                       | (5,467,797 | ) |   | $ | (5,467,797 | ) |   |   | N/A |   |   |   | N/A |   |
|   | Total investment liabilities |   | $                       | (5,467,797 | ) |   | $ | (5,467,797 | ) |   |   |   |   |   |   |   |   |

|   |                         |   | As of December 31, 2009 |       |
|--------|------------------------------|--------|-------------------------|------------|
|   |                         |   | Total                   |       |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |
|   | Assets                       |   |                    |       |   |   |   |   |   |   |   |   |   |
|   | Futures contracts            |   | $                       | 7,185,322  |   |   | $ | 7,185,322 |   |   |   | N/A |   |   |   | N/A |   |
|   | Money market mutual funds    |   |                    | 32,908,933 |   |   |   | 32,908,933 |   |   |   | N/A |   |   |   | N/A |   |
|   | Total investment assets      |   | $                       | 40,094,255 |   |   | $ | 40,094,255 |   |   |   |   |   |   |   |   |   |
|   | Liabilities                  |   |                    |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   | Futures contracts            |   | $                       | (7,430,536 | ) |   | $ | (7,430,536 | ) |   |   | N/A |   |   |   | N/A |   |
|   | Total investment liabilities |   | $                       | (7,430,536 | ) |   | $ | (7,430,536 | ) |   |   |   |   |   |   |   |   |

| 4.     | DERIVATIVE INSTRUMENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The Partnership engages in the speculative trading of futures contracts in currencies, interest rates, stock indices 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 Statements of Financial Condition as either “Net unrealized gains on open positions” or “Net unrealized losses on open positions.”                                                                       |
|   | The fair value of the Partnership’s derivative contracts is presented below on a gross basis as an asset if in a gain position and a liability if in a loss position.                                                                                                                                                                                                                                                                                                                                       |

|   |                    |   | As of December 31, 2010 |      |
|--------|-------------------------|--------|-------------------------|-----------|
|   |                    |   | Assets                  |      |   | Liabilities |   |   | Net |   |
|   | Currencies              |   | $                       | 759,820   |   |   | $ | (176,169 | ) |   | $ | 583,651 |   |
|   | Energy                  |   |                    | 629,734   |   |   |   | (344,100 | ) |   |   | 285,634 |   |
|   | Grains                  |   |                    | 506,137   |   |   |   | 0 |   |   |   | 506,137 |   |
|   | Interest rates          |   |                    | 442,801   |   |   |   | (286,615 | ) |   |   | 156,186 |   |
|   | Livestock               |   |                    | 209,800   |   |   |   | 0 |   |   |   | 209,800 |   |
|   | Metals                  |   |                    | 5,829,566 |   |   |   | (4,521,854 | ) |   |   | 1,307,712 |   |
|   | Stock indices           |   |                    | 38,413    |   |   |   | (121,267 | ) |   |   | (82,854 | ) |
|   | Tropical products       |   |                    | 385,912   |   |   |   | (17,792 | ) |   |   | 368,120 |   |
|   | Total futures contracts |   | $                       | 8,802,183 |   |   | $ | (5,467,797 | ) |   | $ | 3,334,386 |   |

|   |                    |   | As of December 31, 2009 |      |
|--------|-------------------------|--------|-------------------------|-----------|
|   |                    |   | Assets                  |      |   | Liabilities |   |   | Net |   |
|   | Currencies              |   | $                       | 441,124   |   |   | $ | (368,420 | ) |   | $ | 72,704 |   |
|   | Energy                  |   |                    | 80,967    |   |   |   | (313,518 | ) |   |   | (232,551 | ) |
|   | Grains                  |   |                    | 64,663    |   |   |   | (7,788 | ) |   |   | 56,875 |   |
|   | Interest rates          |   |                    | 275,595   |   |   |   | (494,710 | ) |   |   | (219,115 | ) |
|   | Livestock               |   |                    | 31,640    |   |   |   | (1,400 | ) |   |   | 30,240 |   |
|   | Metals                  |   |                    | 5,943,252 |   |   |   | (6,176,795 | ) |   |   | (233,543 | ) |
|   | Stock indices           |   |                    | 222,236   |   |   |   | (36,532 | ) |   |   | 185,704 |   |
|   | Tropical products       |   |                    | 125,845   |   |   |   | (31,373 | ) |   |   | 94,472 |   |
|   | Total futures contracts |   | $                       | 7,185,322 |   |   | $ | (7,430,536 | ) |   | $ | (245,214 | ) |

|                | 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 Statements of Income (Loss) and General Partner Incentive Allocation. |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|      |                                                                                                                                                                                                                                                                                      |
|                | The Partnership’s trading results and information related to volume of the Partnership’s derivative activity by market sector were as follows:                                                                                                                                |
|                |                                                                                                                                                                                                                                                                                      |

|   |              |   | For the Year ended December 31, 2010 |       |
|--------|-------------------|--------|--------------------------------------|------------|
|   |              |   | Net RealizedGains(Losses)            |       |   | Change inNet UnrealizedGains (Losses) |   |   | NetTradingProfits (Losses) |   |   | Number of ClosedContracts |   |
|   | Currencies        |   | $                                    | (942,707   | ) |   | $ | 510,947 |   |   | $ | (431,760 | ) |   |   | 10,856 |   |
|   | Energy            |   |                                 | (1,384,959 | ) |   |   | 518,185 |   |   |   | (866,774 | ) |   |   | 9,468 |   |
|   | Grains            |   |                                 | 1,708,900  |   |   |   | 449,262 |   |   |   | 2,158,162 |   |   |   | 6,446 |   |
|   | Interest rates    |   |                                 | 5,677,769  |   |   |   | 375,301 |   |   |   | 6,053,070 |   |   |   | 36,282 |   |
|   | Livestock         |   |                                 | (33,340    | ) |   |   | 179,560 |   |   |   | 146,220 |   |   |   | 6,874 |   |
|   | Metals            |   |                                 | 1,269,969  |   |   |   | 1,541,255 |   |   |   | 2,811,224 |   |   |   | 5,540 |   |
|   | Stock indices     |   |                                 | (1,632,407 | ) |   |   | (268,558 | ) |   |   | (1,900,965 | ) |   |   | 39,758 |   |
|   | Tropical products |   |                                 | 1,943,209  |   |   |   | 273,648 |   |   |   | 2,216,857 |   |   |   | 5,118 |   |
|   | Total             |   | $                                    | 6,606,434  |   |   | $ | 3,579,600 |   |   | $ | 10,186,034 |   |   |   | 120,342 |   |

|   |              |   | For the Year ended December 31, 2009 |       |
|--------|-------------------|--------|--------------------------------------|------------|
|   |              |   | Net RealizedGains(Losses)            |       |   | Change inNet UnrealizedGains (Losses) |   |   | NetTradingProfits (Losses) |   |   | Number ofClosedContracts |   |
|   | Currencies        |   | $                                    | 882,442    |   |   | $ | 190,454 |   |   | $ | 1,072,896 |   |   |   | 7,896 |   |
|   | Energy            |   |                                 | (513,414   | ) |   |   | (160,023 | ) |   |   | (673,437 | ) |   |   | 6,066 |   |
|   | Grains            |   |                                 | (208,750   | ) |   |   | 99,250 |   |   |   | (109,500 | ) |   |   | 2,432 |   |
|   | Interest rates    |   |                                 | (2,873,487 | ) |   |   | (447,926 | ) |   |   | (3,321,413 | ) |   |   | 25,678 |   |
|   | Livestock         |   |                                 | 250,970    |   |   |   | 44,360 |   |   |   | 295,330 |   |   |   | 2,998 |   |
|   | Metals            |   |                                 | 267,219    |   |   |   | (630,418 | ) |   |   | (363,199 | ) |   |   | 3,976 |   |
|   | Stock indices     |   |                                 | (1,203,301 | ) |   |   | 191,200 |   |   |   | (1,012,101 | ) |   |   | 44,764 |   |
|   | Tropical products |   |                                 | 34,497     |   |   |   | 123,314 |   |   |   | 157,811 |   |   |   | 3,404 |   |
|   | Total             |   | $                                    | (3,363,824 | ) |   | $ | (589,789 | ) |   | $ | (3,953,613 | ) |   |   | 97,214 |   |

|   | 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 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 recorded in the  Statements of Financial Condition and the related trading profits (losses) reflected in “Trading Profits (Losses)” in the  Statements of Income (Loss) and General Partner Incentive Allocation.  Open contracts generally mature within 90 days; as of December 31, 2010 and December 31, 2009, the latest maturity dates for open contracts are December 2011 and December 2010, 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 gain on open positions, if any, included in the 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-counter markets.  |
|   | 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.                                                                                                                                                                                                                                                                                                                                                 |
| 5.     | FINANCIAL HIGHLIGHTS                                                                                                                                                                                                                                              |
|   | The following information presents per unit operating performance data and other supplemental financial data for the years ended December 31, 2010 and 2009.  The information has been derived from information presented in the financial statements.  |

|   |                                         |   | Year Ended December 31, 2010 |     |
|--------|----------------------------------------------|--------|------------------------------|----------|
|   |                                         |   | InvestorClass                |     |   | InstitutionalClassSeries - 1 |   |   | InstitutionalClassSeries - 2 |   |
|   | Per Unit Operating Performance               |   |                         |     |   |   |   |   |   |   |
|   | (for a Unit outstanding for the entire year) |   |                         |     |   |   |   |   |   |   |
|   | Net Asset Value, beginning of the year       |   | $                            | 1,012.75 |   |   | $ | 1,131.35 |   |   | $ | 1,088.86 |   |
|   | Profit (loss) from operations                |   |                         |     |   |   |   |   |   |   |   |   |   |
|   | Net investment (loss)                        |   |                         | (113.03  | ) |   |   | (82.21 | ) |   |   | (90.36 | ) |
|   | Net trading profits                          |   |                         | 261.55   |   |   |   | 300.52 |   |   |   | 287.70 |   |
|   | Net profit                                   |   |                         | 148.52   |   |   |   | 218.31 |   |   |   | 197.34 |   |
|   | Net Asset Value, end of the year             |   | $                            | 1,161.27 |   |   | $ | 1,349.66 |   |   | $ | 1,286.20 |   |
|   | Total Return(1)                              |   |                         | 14.67    | % |   |   | 19.30 | % |   |   | 18.12 | % |
|   | Supplemental Data                            |   |                         |     |   |   |   |   |   |   |   |   |   |
|   | Ratios to average net asset value            |   |                         |     |   |   |   |   |   |   |   |   |   |
|   | Expenses                                     |   |                         | 11.30    | % |   |   | 7.34 | % |   |   | 8.23 | % |
|   | Net investment (loss)                        |   |                         | (11.21   | )% |   |   | (7.26 | )% |   |   | (8.14 | )% |

|   |                                         |   | Year Ended December 31, 2009 |     |
|--------|----------------------------------------------|--------|------------------------------|----------|
|   |                                         |   | InvestorClass                |     |   | InstitutionalClassSeries - 1 |   |   | InstitutionalClassSeries - 2 |   |
|   | Per Unit Operating Performance               |   |                         |     |   |   |   |   |   |   |
|   | (for a Unit outstanding for the entire year) |   |                         |     |   |   |   |   |   |   |
|   | Net Asset Value, beginning of the year       |   | $                            | 1,245.03 |   |   | $ | 1,335.44 |   |   | $ | 1,297.55 |   |
|   | Profit (loss) from operations                |   |                         |     |   |   |   |   |   |   |   |   |   |
|   | Net investment (loss)                        |   |                         | (122.87  | ) |   |   | (86.32 | ) |   |   | (93.78 | ) |
|   | Net trading (losses)                         |   |                         | (109.41  | ) |   |   | (117.77 | ) |   |   | (114.91 | ) |
|   | Net (loss)                                   |   |                         | (232.28  | ) |   |   | (204.09 | ) |   |   | (208.69 | ) |
|   | Net Asset Value, end of the year             |   | $                            | 1,012.75 |   |   | $ | 1,131.35 |   |   | $ | 1,088.86 |   |
|   | Total Return(1)                              |   |                         | (18.66   | )% |   |   | (15.28 | )% |   |   | (16.08 | )% |
|   | Supplemental Data                            |   |                         |     |   |   |   |   |   |   |   |   |   |
|   | Ratios to average net asset value            |   |                         |     |   |   |   |   |   |   |   |   |   |
|   | Expenses                                     |   |                         | 11.91    | % |   |   | 7.58 | % |   |   | 8.87 | % |
|   | Net investment (loss)                        |   |                         | (11.61   | )% |   |   | (7.27 | )% |   |   | (8.60 | )% |

| 6.     | SUBSEQUENT EVENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | From the start of the Partnership through February 28, 2011, the leverage that the Advisor employed on behalf of the Partnership was 1.2, or 20% higher than the actual funds allocated to the Advisor.  Effective March 1, 2011, the Trading Level was reduced to 1.0.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | On February 1, 2011, Bridgeton Fund Management LLC ("BFM") became a General Partner of the Partnership in addition to Ruvane Fund Management Corporation ("Ruvane").  BFM is beneficially owned by Robert L. Lerner the principal shareholder and President of Ruvane, and Stephen J. Roseme, a principal shareholder and President of Bridgeton Global Investor Services, Inc., the Partnership' introducing broker.  Effective March 1, 2011, Ruvane withdrew from the Partnership' Limited Partnership Agreement was amended and restated to reflect the fact that BFM is the sole General Partner, to change the name of the Partnership to "bridgeton tactical Advisors Fund, LP" and to change the address fo the partnership to the principal business office of BFM. |