----

----

| Delaware                 | 20-8870560                           |
|--------------------------|--------------------------------------|
| (a Delaware Partnership) | (I.R.S. Employer Identification No.) |

| YES | x | NO | o |
|-----|---|----|---|

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

| YES | o | NO | x |
|-----|---|----|---|

----

----

----

INDE

| PART I – FINANCIAL INFORMATION |                                                                                        |
|--------------------------------------|---------------------------------------------------------------------------------------------|
|                                 | Page                                                                                        |
| Item 1.                              | Condensed Financial Statements                                                              | 3 |
|                                 | Condensed Statements of Financial Condition                                                 | 3 |
|                                 | Condensed Schedules of Investments                                                          | 4 |
|                                 | Condensed Statements of Income (Loss) and General Partner Incentive Allocation              | 6 |
|                                 | Condensed Statements of Changes in Partners’ Capital (Net Asset Value)                | 7 |
|                                 | Notes to Condensed Financial Statements                                                     | 9 |
| Item 2.                              | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 24 |
| Item 3.                              | Quantitative and Qualitative Disclosures About Market Risk                                  | 27 |
| Item 4.                              | Controls and Procedures                                                                     | 27 |
|                                 |                                                                                        |   |
| PART II – OTHER INFORMATION    |
|                                 |
| Item 1.                              | Legal Proceedings                                                                           | 28 |
| Item 1A.                             | Risk Factors                                                                                | 28 |
| Item 2.                              | Unregistered Sales of Equity Securities and Use of Proceeds                                 | 28 |
| Item 3.                              | Defaults Upon Senior Securities                                                             | 28 |
| Item 4.                              | Removed and Reserved                                                                        | 28 |
| Item 5.                              | Other Information                                                                           | 29 |
| Item 6.                              | Exhibits                                                                                    | 29 |

----

Index

INFOR

ents

ND

|                                                                                                                                                                  |   | June 30, |       |   | December 31, |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|------------|--------|--------------|--------|
|                                                                                                                                                                  |   | 2011     |       |   | 2010         |   |
| ASSETS                                                                                                                                                                |   |     |       |   |         |   |
| EQUITY IN COMMODITY TRADING ACCOUNTS:                                                                                                                                 |   |     |       |   |         |   |
| Due from brokers and forward currency dealer (including margin deposits of $6,134,928 for 2011 and $4,927,385 for 2010)                                               |   | $        | 14,774,710 |   |         | $      | 18,208,550 |   |
| Net unrealized gains (losses) on open futures positions                                                                                                               |   |     | (802,606   | )      |         |   | 3,334,386 |   |
| Net unrealized gains on open forward currency contracts                                                                                                               |   |     | 106,892    |   |         |   | 0 |   |
|                                                                                                                                                                  |   |     | 14,078,996 |   |         |   | 21,542,936 |   |
| CASH AND CASH EQUIVALENTS                                                                                                                                             |   |     | 28,762,699 |   |         |   | 24,203,397 |   |
| DUE FROM GENERAL PARTNER                                                                                                                                              |   |     | 60,125     |   |         |   | 62,876 |   |
| TOTAL ASSETS                                                                                                                                                          |   | $        | 42,901,820 |   |         | $      | 45,809,209 |   |
| LIABILITIES AND PARTNERS’ CAPITAL (NET ASSET VALUE)                                                                                                             |   |     |       |   |         |   |   |   |
| LIABILITIES:                                                                                                                                                          |   |     |       |   |         |   |   |   |
| Prepaid subscriptions                                                                                                                                                 |   | $        | 11,500     |   |         | $      | 342,500 |   |
| Redemptions payable                                                                                                                                                   |   |     | 705,517    |   |         |   | 1,063,391 |   |
| Other accrued expenses                                                                                                                                                |   |     | 18,051     |   |         |   | 57,813 |   |
| Accrued management fees                                                                                                                                               |   |     | 223,459    |   |         |   | 258,425 |   |
| TOTAL LIABILITIES                                                                                                                                                     |   |     | 958,527    |   |         |   | 1,722,129 |   |
| PARTNERS’ CAPITAL (NET ASSET VALUE)                                                                                                                             |   |     |       |   |         |   |   |   |
| Limited partners – Investor Class (37,166.7029 and 35,222.9640 fully redeemable units at June 30, 2011 and December 31, 2010, respectively)                     |   |     | 38,960,839 |   |         |   | 40,903,285 |   |
| Limited partners – Institutional Class – Series 1 (1,096.2885 and 949.7838 fully redeemable units at June 30, 2011 and December 31, 2010, respectively)   |   |     | 1,362,986  |   |         |   | 1,281,885 |   |
| Limited partners – Institutional Class – Series 2 (1,373.1283 and 1,400.9530 fully redeemable units at June 30, 2011 and December 31, 2010, respectively) |   |     | 1,618,593  |   |         |   | 1,801,910 |   |
| General partner – Institutional Class – Series 3 (0.2057 and 21.6686 fully redeemable units at June 30, 2011 and December 31, 2010, respectively)         |   |     | 875        |   |         |   | 100,000 |   |
| TOTAL PARTNERS’ CAPITAL (NET ASSET VALUE)                                                                                                                       |   |     | 41,943,293 |   |         |   | 44,087,080 |   |
| TOTAL LIABILITIES AND PARTNERS’ CAPITAL (NET ASSET VALUE)                                                                                                       |   | $        | 42,901,820 |   |         | $      | 45,809,209 |   |

----

Index

EST

| Commodity Futures Industry Sector |   | UnrealizedGain(Loss), Net |       |   | % ofPartners’Capital* |   |
|-----------------------------------|--------|---------------------------|------------|--------|-----------------------------|--------|
| Currencies                        |   | $                         | 274,706    |   |                        |   | 0.654 | % |
| Energy                            |   |                      | (215,671   | )      |                        |   | (0.514 | )% |
| Grains                            |   |                      | (174,828   | )      |                        |   | (0.417 | )% |
| Interest rates                    |   |                      | (92,481    | )      |                        |   | (0.220 | )% |
| Livestock                         |   |                      | (30,050    | )      |                        |   | (0.072 | )% |
| Metals                            |   |                      | (1,347,619 | )      |                        |   | (3.213 | )% |
| Stock indices                     |   |                      | 28,757     |   |                        |   | 0.069 | % |
| Tropical products                 |   |                      | 9,870      |   |                        |   | 0.024 | % |
| Total long futures contracts      |   | $                         | (1,547,316 | )      |                        |   | (3.689 | )% |

| Commodity Futures Industry Sector |   | UnrealizedGain(Loss), Net |     |   | % ofPartners’Capital* |   |
|-----------------------------------|--------|---------------------------|----------|--------|-----------------------------|--------|
| Currencies                        |   | $                         | 34,395   |   |                        |   | 0.082 | % |
| Energy                            |   |                      | 52,567   |   |                        |   | 0.125 | % |
| Grains                            |   |                      | 399,609  |   |                        |   | 0.953 | % |
| Interest Rates                    |   |                      | (1,775   | )      |                        |   | (0.004 | )% |
| Livestock                         |   |                      | 4,200    |   |                        |   | 0.010 | % |
| Metals                            |   |                      | 440,270  |   |                        |   | 1.050 | % |
| Stock indices                     |   |                      | (175,506 | )      |                        |   | (0.418 | )% |
| Tropical Products                 |   |                      | (9,050   | )      |                        |   | (0.022 | )% |
| Total short futures contracts     |   | $                         | 744,710  |   |                        |   | 1.776 | % |
| Total futures contracts           |   | $                         | (802,606 | )      |                        |   | (1.913 | )% |

| Description                           |   | UnrealizedGain(Loss), Net |   |   | % ofPartners’Capital* |   |
|---------------------------------------|--------|---------------------------|--------|--------|-----------------------------|--------|
| Various forward currency contracts    |   |                      | 77,605 |   |                        |   | 0.185 | % |
| Total long forward currency contracts |   | $                         | 77,605 |   |                        |   | 0.185 | % |

| Description                            |   | UnrealizedGain(Loss), Net |    |   | % ofPartners’Capital* |   |
|----------------------------------------|--------|---------------------------|---------|--------|-----------------------------|--------|
| Various forward currency contracts     |   |                      | 29,287  |   |                        |   | 0.070 | % |
| Total short forward currency contracts |   | $                         | 29,287  |   |                        |   | 0.070 | % |
| Total forward currency contracts       |   | $                         | 106,892 |   |                        |   | 0.255 | % |

----

Index

| No. ofContracts              |   |   | Range ofExpirationDates |   |   | Commodity Futures Industry Sector |   | UnrealizedGain(Loss), Net |      |   | % ofPartners’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. ofContracts      |   |   | Range ofExpirationDates |   |   | Commodity Futures Industry Sector |   | UnrealizedGain(Loss), Net |       |   | % ofPartners’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 | % |

----

Index

ME 

|                                                                      |   | Three Months Ended |       |   | Six Months Ended |   |
|---------------------------------------------------------------------------|--------|--------------------|------------|--------|------------------|--------|
|                                                                      |   | June 30,           |       |   | June 30,         |   |
|                                                                      |   | 2011               |       |   | 2010             |   |   | 2011 |   |   | 2010 |   |
| NET INVESTMENT (LOSS)                                                     |   |               |       |   |             |   |   |   |   |   |   |   |
| Income:                                                                   |   |               |       |   |             |   |   |   |   |   |   |   |
| Interest income                                                           |   | $                  | 0          |   |             | $      | 8,397 |   |   | $ | 7,014 |   |   | $ | 12,278 |   |
|                                                                      |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                                                 |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Brokerage commissions                                                     |   |               | 788,403    |   |             |   | 687,417 |   |   |   | 1,583,081 |   |   |   | 1,370,398 |   |
| Management fees                                                           |   |               | 337,540    |   |             |   | 342,270 |   |   |   | 707,449 |   |   |   | 690,090 |   |
| Professional fees                                                         |   |               | 14,036     |   |             |   | 19,986 |   |   |   | 47,352 |   |   |   | 73,229 |   |
| Accounting, administrative fees and other expenses                        |   |               | 55,893     |   |             |   | 45,844 |   |   |   | 110,535 |   |   |   | 91,105 |   |
|                                                                      |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Total expenses                                                            |   |               | 1,195,872  |   |             |   | 1,095,517 |   |   |   | 2,448,417 |   |   |   | 2,224,822 |   |
|                                                                      |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Net investment (loss)                                                     |   |               | (1,195,872 | )      |             |   | (1,087,120 | ) |   |   | (2,441,403 | ) |   |   | (2,212,544 | ) |
|                                                                      |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| TRADING PROFITS (LOSSES)                                                  |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Profits (losses) on trading of commodity futures and forwards:            |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Net realized gains (losses) on closed positions                           |   |               | (1,317,760 | )      |             |   | 506,234 |   |   |   | 1,901,129 |   |   |   | (958,818 | ) |
| Change in net unrealized gains (losses) on open positions                 |   |               | (2,379,633 | )      |             |   | 480,081 |   |   |   | (4,030,100 | ) |   |   | 1,749,204 |   |
|                                                                      |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Net trading profits (losses)                                              |   |               | (3,697,393 | )      |             |   | 986,315 |   |   |   | (2,128,971 | ) |   |   | 790,386 |   |
|                                                                      |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| NET (LOSS)                                                                |   | $                  | (4,893,265 | )      |             | $      | (100,805 | ) |   |   | (4,570,374 | ) |   | $ | (1,422,158 | ) |
|                                                                      |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| NET (LOSS) PER UNIT                                                       |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| (based on weighted average number of units outstanding during the period) |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Investor Class                                                            |   | $                  | (121.93    | )      |             | $      | (3.16 | ) |   | $ | (116.50 | ) |   | $ | (36.19 | ) |
|                                                                      |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Institutional Class – Series 1                                      |   | $                  | (128.89    | )      |             | $      | 3.25 |   |   | $ | (117.60 | ) |   | $ | (22.74 | ) |
|                                                                      |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Institutional Class – Series 2                                      |   | $                  | (124.60    | )      |             | $      | 4.60 |   |   | $ | (104.84 | ) |   | $ | (25.57 | ) |
|                                                                      |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Institutional Class – General Partner – Series 3              |   | $                  | (448.21    | )      |             | $      | 25.38 |   |   | $ | 801.19 |   |   | $ | (52.48 | ) |

----

Index

ARTN

|                                 |   | Partners' Capital (Net Asset Value) |        |
|--------------------------------------|--------|-------------------------------------|-------------|
|                                 |   |                                |        |   |   |   |   | Institutional Class |   |   |   |   |
|                                 |   | Investor Class                      |        |   | Series 1 |   |   | Series 2 |   |   | Series 3General Partner |   |   |   |   |
|                                 |   | Units                               |        |   | Amount |   |   | Units |   |   | Amount |   |   | Units |   |   | Amount |   |   | Units |   |   | Amount |   |   | Total |   |
|                                 |   |                                |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances at January 1, 2011          |   |                                | 35,222.9640 |   |   | $ | 40,903,285 |   |   |   | 949.7838 |   |   | $ | 1,281,885 |   |   |   | 1,400.9530 |   |   | $ | 1,801,910 |   |   |   | 21.6686 |   |   | $ | 100,000 |   |   | $ | 44,087,080 |   |
| Additions                            |   |                                | 3,370.9896  |   |   |   | 3,954,394 |   |   |   | 184.0728 |   |   |   | 250,499 |   |   |   | 45.2674 |   |   |   | 58,250 |   |   |   | 0.5659 |   |   |   | 2,674 |   |   |   | 4,265,817 |   |
| Redemptions                          |   |                                | (1,427.2507 | ) |   |   | (1,587,762 | ) |   |   | (37.5681 | ) |   |   | (48,244 | ) |   |   | (73.0921 | ) |   |   | (95,438 | ) |   |   | (22.0288 | ) |   |   | (107,786 | ) |   |   | (1,839,230 | ) |
| Net income (loss):                   |   |                                |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General partner incentive allocation |   |                                | -           |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |
| Allocation to all partners           |   | -                                   |        |   |   | (4,309,078 | ) |   | - |   |   |   | (121,154 | ) |   | - |   |   |   | (146,129 | ) |   | - |   |   |   | 5,987 |   |   |   | (4,570,374 | ) |
|                                 |   |                                |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances at June 30, 2011            |   |                                | 37.166.7029 |   |   | $ | 38,960,839 |   |   |   | 1,096.2885 |   |   | $ | 1,362,986 |   |   |   | 1,373.1283 |   |   | $ | 1,618,593 |   |   |   | 0.2057 |   |   | $ | 875 |   |   | $ | 41,943,293 |   |

|            |   | Net Asset Value Per Unit |     |
|-----------------|--------|--------------------------|----------|
|            |   |                     |     |   | Institutional Class |   |
|            |   |                     |     |   |   |   |   |   |   |   | Series 3 |   |
|            |   | Investor Class           |     |   | Series 1 |   |   | Series 2 |   |   | General Partner |   |
|            |   |                     |     |   |   |   |   |   |   |   |   |   |
| January 1, 2011 |   | $                        | 1,161.27 |   |   | $ | 1,349.66 |   |   | $ | 1,286.20 |   |   | $ | 4,614.97 |   |
|            |   |                     |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| June 30, 2011   |   | $                        | 1,048.27 |   |   | $ | 1,243.27 |   |   | $ | 1,178.76 |   |   | $ | 4,253.77 |   |

----

Index

|                                 |   | Partners' Capital (Net Asset Value) |        |
|--------------------------------------|--------|-------------------------------------|-------------|
|                                 |   |                                |        |   |   |   |   | Institutional Class |   |   |   |   |
|                                 |   | Investor Class                      |        |   | Series 1 |   |   | Series 2 |   |   | Series 3General Partner |   |   |   |   |
|                                 |   | Units                               |        |   | Amount |   |   | Units |   |   | Amount |   |   | Units |   |   | Amount |   |   | Units |   |   | Amount |   |   | Total |   |
| Balances at January 1, 2010          |   |                                | 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                            |   |                                | 2,164.0800  |   |   |   | 2,086,213 |   |   |   | 12.9641 |   |   |   | 14,239 |   |   |   | 19.4621 |   |   |   | 20,000 |   |   |   | 2.2460 |   |   |   | 8,437 |   |   |   | 2,128,889 |   |
| Redemptions                          |   |                                | (4,790.3834 | ) |   |   | (4,618,632 | ) |   |   | (564.5572 | ) |   |   | (622,650 | ) |   |   | (126.2969 | ) |   |   | (128,898 | ) |   | - |   |   | - |   |   |   | (5,370,180 | ) |
| Net (loss):                          |   |                                |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General partner incentive allocation |   | -                                   |        |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Allocation to all partners           |   | -                                   |        |   |   | (1,347,450 | ) |   | - |   |   |   | (30,367 | ) |   | - |   |   |   | (34,390 | ) |   | - |   |   |   | (9,951 | ) |   |   | (1,422,158 | ) |
|                                 |   |                                |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances at June 30, 2010            |   |                                | 35,859.7218 |   |   | $ | 35,096,665 |   |   |   | 941.8763 |   |   | $ | 1,050,854 |   |   |   | 1,306.5773 |   |   | $ | 1,395,716 |   |   |   | 190.7177 |   |   | $ | 727,587 |   |   | $ | 38,270,822 |   |

|            |   | Net AssetValue Per Unit |     |
|-----------------|--------|-------------------------|----------|
|            |   |                    |     |   | Institutional Class |   |
|            |   |                    |     |   |   |   |   |   |   |   | Series 3 |   |
|            |   | Investor Class          |     |   | Series 1 |   |   | Series 2 |   |   | General Partner |   |
|            |   |                    |     |   |   |   |   |   |   |   |   |   |
| January 1, 2010 |   | $                       | 1,012.75 |   |   | $ | 1,131.35 |   |   | $ | 1,088.86 |   |   | $ | 3,868.49 |   |
|            |   |                    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| June 30, 2010   |   | $                       | 978.72   |   |   | $ | 1,115.70 |   |   | $ | 1,068.22 |   |   | $ | 3,814.99 |   |

----

Index

TE

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

|   | The interim condensed financial statements of Bridgeton Global Directional Fund, LP formerly RFMC Global Directional Fund, LP. (the “Partnership”), included herein, have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and Rule 8-03 of Regulation S-X.  Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete annual financial statements.  These condensed financial statements are unaudited and should be read in conjunction with the audited financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K for the yearended December 31, 2010.  The Partnership follows the same accounting policies in the preparation of interim reports as set forth in the annual report.  In the opinion of management, the financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the financial position, results of operations and changes in partners’ capital for the interim periods presented and are not necessarily indicative of a full year’s results. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | PARTNERSHIP ORGANIZATION |
|----|--------------------------|

|   | The Partnership, a Delaware limited partnership, was organized on 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 subject of a futures contract, including equities, indices and sectors ("Commodity and Futures Contracts"), and any rights pertaining thereto and to engage in all activities incident thereto.  The Partnership may also invest in entities (includingwithout limitation other partnerships, separate managed accounts, exchange traded funds or other types of funds) that primarily trade in exchange traded securities, options on exchange traded securities, exchange traded funds, and Commodity and Futures Contracts. The objective of the Partnership is the appreciation of its assets through speculative trading. |
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|   | 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.  Bridgeton has been registered with the Commodity Futures Trading Commission (“CFTC”) pursuant to the Commodity Exchange Act (“CEA”) as a Commodity Pool Operator (“CPO”)since January 11, 2011 and has been a member of the National Futures Association (“NFA”) since January 11, 2011. |
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|   | 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. |
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|   | 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). |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

| 2. | PARTNERSHIP ORGANIZATION (CONTINUED) |
|----|--------------------------------------|

|   | The General Partner has selected Welton Investment Corporation (the “Advisor”) as the Partnership’s trading advisor.  All of the Partnership’s assets are 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. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | 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. |
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|   | Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), referred to as ASC or the Codification, is the single source of U.S. GAAP. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | B. | Cash and Cash Equivalents |
|--------|----|---------------------------|

|   | The Partnership has defined cash and cash equivalents as cash and short-term, highly liquid investments with maturities of three months or less when acquired.  Money market mutual funds, which are included in cash equivalents, are classified as Level 1 fair value estimates (unadjusted quoted prices in active markets for identical assets) under the fair value hierarchy provisions as described in ASC Topic 820 Fair Value Measurements and Disclosures.  At June 30, 2011 and December 31, 2010, the Partnership had investments in money market mutual funds of $24,254,069 and $21,243,750, respectively.  Interest received on cash deposits and dividends received from money market mutual funds are included ininterest income and recognized on an accrual basis. |
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|   | C. | Due from Brokers and Forward Currency Dealer |
|--------|----|----------------------------------------------|

|   | Due from brokers and forward currency dealer represents deposits required to meet margin requirements and excess funds not required for margin.  Due from brokers and forward currency dealer at June 30, 2011 and December 31, 2010 consisted of cash on deposit with brokers of $9,956,466 and $18,208,550, respectively and cash on deposit with the forward currency dealer of $4,818,244 and $0, respectively.  The Partnership is subject to credit risk to the extent any broker or forward currency dealer 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 and forward currency dealer with whichthe Partnership conducts business and believes that the likelihood of loss under the aforementioned circumstances is remote. |
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----

Index

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

|   | D. | Investments in Commodity Futures and Forward Currency Contracts |
|--------|----|-----------------------------------------------------------------|

|   | Investments in commodity futures and forward currency contracts are recorded on the trade date and open contracts are recorded in the financial statements at their fair value on the last business day of the reporting period, based on market prices.  The value of commodity futures (exchange-traded) contracts is determined by the various futures exchanges, and reflects the settlement price for each contract as of the close of the last business day of the reporting period.  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.  The fair value of forward currency (non-exchangetraded) contracts is determined based on the interpolation of mid spot rates and forward points, as provided by a leading data provider.  Such valuation technique for forward currency contracts represents both a market approach and an income approach to fair value measurements, and accordingly, forward currency contracts are categorized as level 2 fair value estimates under ASC Topic 820. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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 Condensed 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 futures positions” and the aggregate net unrealized losses with such brokers as “Net unrealized losses on open futures positions” in the Condensed 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 Condensed Statements of Financial Condition.  The unrealized gains or losses on open contracts is thedifference between contract trade price and quoted market price. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Any change in unrealized gain or loss from the preceding period is reported in the Condensed Statements of Income (Loss) and General Partner Incentive Allocation under the caption “Change in net unrealized gains (losses) on open positions.” |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

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

|   | 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 ratescharged.  During the three and six months ended June 30, 2011 and June 30, 2010, 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 actual trading commissions incurred by the Partnership, exclusive of give-up charges and service fees assessed by certain brokers.  Such execution costs totaled $153,250 and $322,910 for the three and six months ended June 30, 2011, respectively, and $164,213 and $340,167 for the three and six months ended June 30 2010, respectively.  Approximately 35% to 45% of the actual trading commissions incurred by the Partnership are remitted by the brokers to an Introducing Broker affiliated with Bridgeton. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Commissions and execution costs charged to each Class or Series were as follows: |
|--------|----------------------------------------------------------------------------------|

|                           |   | For the Three Months EndedJune 30, |    |   | For the Six Months EndedJune 30, |   |
|--------------------------------|--------|------------------------------------|---------|--------|----------------------------------|--------|
|                           |   | 2011                               |    |   | 2010                             |   |   | 2011 |   |   | 2010 |   |
|                           |   |                               |    |   |                             |   |   |   |   |   |   |   |
| Investor Class                 |   | $                                  | 755,930 |   |                             | $      | 650,459 |   |   | $ | 1,517,575 |   |   | $ | 1,295,976 |   |
| Institutional Class - Series 1 |   |                               | 14,561  |   |                             |   | 14,907 |   |   |   | 28,319 |   |   |   | 31,129 |   |
| Institutional Class - Series 2 |   |                               | 17,902  |   |                             |   | 14,647 |   |   |   | 36,484 |   |   |   | 28,883 |   |
| Institutional Class -          |   |                               |    |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| General Partner - Series 3     |   |                               | 10      |   |                             |   | 7,404 |   |   |   | 703 |   |   |   | 14,410 |   |
| Total                          |   | $                                  | 788,403 |   |                             | $      | 687,417 |   |   | $ | 1,583,081 |   |   | $ | 1,370,398 |   |

|   | As of June 30, 2011 and December 31, 2010, $60,125 and $62,876, 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. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

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

|   | 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 theamount 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 three and six months ended June 30, 2011 and June 30, 2010, the General Partner earned no incentive allocations. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The General Partner will pay three-fourths of any incentive allocation it receives 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 Three Months EndedJune 30, |    |   | For the Six Months EndedJune 30, |   |
|--------------------------------|--------|------------------------------------|---------|--------|----------------------------------|--------|
|                           |   | 2011                               |    |   | 2010                             |   |   | 2011 |   |   | 2010 |   |
| Investor Class                 |   | $                                  | 109,465 |   |                             | $      | 91,369 |   |   | $ | 212,580 |   |   | $ | 189,318 |   |
| Institutional Class - Series 2 |   |                               | 4,616   |   |                             |   | 3,570 |   |   |   | 9,121 |   |   |   | 7,417 |   |
| Total                          |   | $                                  | 114,081 |   |                             | $      | 94,939 |   |   | $ | 221,701 |   |   | $ | 196,735 |   |

|   | As of June 30, 2011 and December 31, 2010, no management fees were due to the General Partner. |
|--------|------------------------------------------------------------------------------------------------|

----

Index

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

|   | H. | Management Fees (continued) |
|--------|----|-----------------------------|

|   | 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 annum) 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.  From the start of the Partnership through February 28, 2011, the leverage 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.  As such, prior to March 1, 2011, the Advisor’smanagement fee approximated 2.4% per annum of the Partnership’s net assets.  The management fees earned by the Advisor were as follows: |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                           |   | For the Three Months Ended |    |   | For the SixMonths Ended |   |
|--------------------------------|--------|----------------------------|---------|--------|-------------------------|--------|
|                           |   | June 30,                   |    |   | June 30,                |   |
|                           |   | 2011                       |    |   | 2010                    |   |   | 2011 |   |   | 2010 |   |
| Investor Class                 |   | $                          | 207,872 |   |                    | $      | 225,062 |   |   | $ | 451,696 |   |   | $ | 448,464 |   |
| Institutional Class - Series 1 |   |                       | 6,988   |   |                    |   | 8,979 |   |   |   | 14,643 |   |   |   | 18,779 |   |
| Institutional Class - Series 2 |   |                       | 8,594   |   |                    |   | 8,828 |   |   |   | 18,986 |   |   |   | 17,417 |   |
| Institutional Class -          |   |                       |    |   |                    |   |   |   |   |   |   |   |   |   |   |   |
| General Partner - Series 3     |   |                       | 5       |   |                    |   | 4,462 |   |   |   | 423 |   |   |   | 8,695 |   |
| Total                          |   | $                          | 223,459 |   |                    | $      | 247,331 |   |   | $ | 485,748 |   |   | $ | 493,355 |   |

|   | As of June 30, 2011 and December 31, 2010, $223,459 and $258,425, respectively, was due to the Advisor for management fees. |
|--------|-----------------------------------------------------------------------------------------------------------------------------|

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

|   | No provision for income taxes has been provided in the accompanying financial statements as each partner is individually liable for taxes, if any, on his or her share of the Partnership’s profits. |
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|   | The Partnership applies the provisions of Codification Topics 740, Income Taxes and 835, Interest, which prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being measured and recognized in the financial statements.  This accounting standard requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority.  Taxpositions with respect to tax at the Partnership level not deemed to meet the “more-likely-than-not” threshold would be recorded as an expense in the current period.  The Partnership has elected an accounting policy to classify interest and penalties, if any, as interest expense.  The General Partner has concluded there is no tax expense or interest expense related to uncertainties in income tax positions for the three and six months ended June 30, 2011 and June 30, 2010. |
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|   | The Partnership files U.S. federal and state tax returns.  The 2008 through 2010 tax years generally remain subject to examination by U.S. federal and most state authorities. |
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----

Index

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

|   | J. | Subscriptions |
|--------|----|---------------|

|   | Partnership units may be purchased on the first day of each month at the net asset value per unit determined on the last business day of the previous month.  Partners’ contributions received in advance for subscriptions are recorded as “prepaid subscriptions” in the Condensed Statements of Financial Condition. |
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|   | K. | Redemptions |
|--------|----|-------------|

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

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

|   | The Partnership’s functional currency is the U.S. dollar; however, it transacts business in currencies other than the U.S. dollar.  Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the Condensed Statements of Financial Condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect during the period.  Realized gains (losses) resulting from the translation to U.S. dollars totaled $6,071 and $(241) for the three and six months ended June 30, 2011, respectively, and $(68,608) and $(38,894) for the three and six months ended June 30, 2010, respectively, and are reported as a component of“Net realized gains (losses) on closed positions” in the Condensed Statements of Income (Loss) and General Partner Incentive Allocation. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

|   | The Partnership has entered into agreements, which provide for the indemnifications against losses, costs, claims and liabilities arising from the performance of 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 beremote. |
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----

Index

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

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

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

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

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

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

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

|   | 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. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

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

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

|                         |   | As of June; 30, 2011 |       |
|------------------------------|--------|----------------------|------------|
|                         |   | Total                |       |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |
| Assets                       |   |                 |       |   |   |   |   |   |   |   |   |   |
| Futures contracts            |   | $                    | 4,739,582  |   |   | $ | 4,739,582 |   |   |   | N/A |   |   |   | N/A |   |
| Forward currency contracts   |   |                 | 188,810    |   |   |   | N/A |   |   | $ | 188,810 |   |   |   | N/A |   |
| Money market mutual funds    |   |                 | 24,254,069 |   |   |   | 24,254,069 |   |   |   | N/A |   |   |   | N/A |   |
| Total investment assets      |   | $                    | 29,182,461 |   |   | $ | 28,993,651 |   |   | $ | 188,810 |   |   |   |   |   |
|                         |   |                 |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities                  |   |                 |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Futures contracts            |   | $                    | (5,542,188 | ) |   | $ | (5,542,188 | ) |   |   | N/A |   |   |   | N/A |   |
| Forward contracts            |   |                 | (81,918    | ) |   |   | N/A |   |   | $ | (81,918 | ) |   |   | N/A |   |
| Total investment liabilities |   | $                    | (5,624,106 | ) |   | $ | (5,542,188 | ) |   | $ | (81,918 | ) |   |   |   |   |
|                         |   |                 |       |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                         |   | 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 | ) |   |   |   |   |   |   |   |   |

----

Index

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

|   | The Partnership engages in the speculative trading of forward currency and 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 Condensed Statements of Financial Condition as either “Net unrealized gains on open futures positions” or “Net unrealized losses on open futures positions”, while investments in forward currency contracts are reported as either “Net unrealized gains on open forward currency contracts” or “Net unrealized losses on open forward currency contracts.” |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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 June 30, 2011 |      |
|----------------------------|--------|---------------------|-----------|
|                       |   | Assets              |      |   | Liabilities |   |   | Net |   |
| Currencies                 |   | $                   | 325,800   |   |   | $ | (16,699 | ) |   | $ | 309,101 |   |
| Energy                     |   |                | 190,439   |   |   |   | (353,543 | ) |   |   | (163,104 | ) |
| Grains                     |   |                | 399,609   |   |   |   | (174,828 | ) |   |   | 224,781 |   |
| Interest rates             |   |                | 354,207   |   |   |   | (448,463 | ) |   |   | (94,256 | ) |
| Livestock                  |   |                | 4,800     |   |   |   | (30,650 | ) |   |   | (25,850 | ) |
| Metals                     |   |                | 3,399,281 |   |   |   | (4,306,630 | ) |   |   | (907,349 | ) |
| Stock indices              |   |                | 28,907    |   |   |   | (175,656 | ) |   |   | (146,749 | ) |
| Tropical products          |   |                | 36,539    |   |   |   | (35,719 | ) |   |   | 820 |   |
|                       |   |                |      |   |   |   |   |   |   |   |   |   |
| Total futures contracts    |   |                | 4,739,582 |   |   |   | (5,542,188 | ) |   |   | (802,606 | ) |
|                       |   |                |      |   |   |   |   |   |   |   |   |   |
| Forward currency contracts |   |                | 188,810   |   |   |   | (81,918 | ) |   |   | 106,892 |   |
|                       |   |                |      |   |   |   |   |   |   |   |   |   |
| Total derivative contracts |   | $                   | 4,928,392 |   |   | $ | (5,624,106 | ) |   | $ | (695,714 | ) |

|                    |   | 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 |   |

----

Index

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

|   | Realized gains and losses, as well as any change is net unrealized gains or losses on open positions from the preceding period, are recognized as part of the Partnership’s trading profits and losses in the Condensed Statements of Income (Loss) 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 Three Months Ended June 30, 2011 |       |
|-------------------------------------------|--------|------------------------------------------|------------|
|                                      |   | Net RealizedGains(Losses)                |       |   | Change inNet UnrealizedGains (Losses) |   |   | NetTradingProfits (Losses) |   |   | Number ofClosedContracts |   |
| Currencies                                |   | $                                        | 130,543    |   |   | $ | (223,019 | ) |   | $ | (92,476 | ) |   |   | 2,268 |   |
| Energy                                    |   |                                     | (661,171   | ) |   |   | (647,418 | ) |   |   | (1,308,589 | ) |   |   | 2,402 |   |
| Grains                                    |   |                                     | (107,437   | ) |   |   | 158,535 |   |   |   | 51,098 |   |   |   | 1,498 |   |
| Interest rates                            |   |                                     | 1,141,578  |   |   |   | 228,610 |   |   |   | 1,370,188 |   |   |   | 8,942 |   |
| Livestock                                 |   |                                     | (672,900   | ) |   |   | (244,680 | ) |   |   | (917,580 | ) |   |   | 1,134 |   |
| Metals                                    |   |                                     | 348,572    |   |   |   | (1,572,963 | ) |   |   | (1,224,391 | ) |   |   | 1,444 |   |
| Stock indices                             |   |                                     | (562,468   | ) |   |   | (74,384 | ) |   |   | (636,852 | ) |   |   | 8,700 |   |
| Tropical products                         |   |                                     | (654,860   | ) |   |   | (12,690 | ) |   |   | (667,550 | ) |   |   | 814 |   |
| Total futures contracts                   |   |                                     | (1,038,143 | ) |   |   | (2,388,009 | ) |   |   | (3,426,152 | ) |   |   | 27,202 |   |
|                                      |   |                                     |       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      |   |                                     |       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      |   |                                     |       |   |   |   |   |   |   |   |   |   |   | Notional Valueof ContractsClosed |   |
| Forward currency contracts                |   |                                     | (279,617   | ) |   |   | 8,376 |   |   |   | (271,241 | ) |   |   | 180,071,040 |   |
|                                      |   |                                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total gain (loss) from derivative trading |   | $                                        | (1,317,760 | ) |   | $ | (2,379,633 | ) |   | $ | (3,697,393 | ) |   |   |   |   |

|                                      |   | For the Six Months Ended June 30, 2011 |       |
|-------------------------------------------|--------|----------------------------------------|------------|
|                                      |   | Net RealizedGains(Losses)              |       |   | Change inNet UnrealizedGains (Losses) |   |   | NetTradingProfits (Losses) |   |   | Number ofClosedContracts |   |
| Currencies                                |   | $                                      | 339,201    |   |   | $ | (274,550 | ) |   | $ | 64,651 |   |   |   | 3,200 |   |
| Energy                                    |   |                                   | 992,937    |   |   |   | (448,738 | ) |   |   | 544,199 |   |   |   | 3,556 |   |
| Grains                                    |   |                                   | 281,152    |   |   |   | (281,356 | ) |   |   | (204 | ) |   |   | 2,352 |   |
| Interest rates                            |   |                                   | (126,817   | ) |   |   | (250,442 | ) |   |   | (377,259 | ) |   |   | 14,713 |   |
| Livestock                                 |   |                                   | 351,610    |   |   |   | (235,650 | ) |   |   | 115,960 |   |   |   | 2,046 |   |
| Metals                                    |   |                                   | 809,222    |   |   |   | (2,215,061 | ) |   |   | (1,405,839 | ) |   |   | 2,428 |   |
| Stock indices                             |   |                                   | (1,115,136 | ) |   |   | (63,895 | ) |   |   | (1,179,031 | ) |   |   | 13,391 |   |
| Tropical products                         |   |                                   | 703,073    |   |   |   | (367,300 | ) |   |   | 335,773 |   |   |   | 1,290 |   |
| Total futures contracts                   |   |                                   | 2,235,242  |   |   |   | (4,136,992 | ) |   |   | (1,901,750 | ) |   |   | 42,976 |   |
|                                      |   |                                   |       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      |   |                                   |       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      |   |                                   |       |   |   |   |   |   |   |   |   |   |   | Notional Valueof ContractsClosed |   |
| Forward currency contracts                |   |                                   | (334,113   | ) |   |   | 106,892 |   |   |   | (227,221 | ) |   |   | 219,249,876 |   |
|                                      |   |                                   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total gain (loss) from derivative trading |   | $                                      | 1,901,129  |   |   | $ | (4,030,100 | ) |   | $ | (2,128,971 | ) |   |   |   |   |

----

Index

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

|                                      |   | For the three months ended June 30, 2010 |       |
|-------------------------------------------|--------|------------------------------------------|------------|
|                                      |   | Net RealizedGains(Losses)                |       |   | Change inNet UnrealizedGains (Losses) |   |   | NetTradingProfits (Losses) |   |   | Number ofClosedContracts |   |
| Currencies                                |   | $                                        | (300,873   | ) |   | $ | (230,407 | ) |   | $ | (531,280 | ) |   |   | 2,616 |   |
| Energy                                    |   |                                     | (200,939   | ) |   |   | (554,742 | ) |   |   | (755,681 | ) |   |   | 2,470 |   |
| Grains                                    |   |                                     | (153,488   | ) |   |   | (87,975 | ) |   |   | (241,463 | ) |   |   | 2,048 |   |
| Interest rates                            |   |                                     | 2,764,029  |   |   |   | 1,489,152 |   |   |   | 4,253,181 |   |   |   | 8,220 |   |
| Livestock                                 |   |                                     | (161,820   | ) |   |   | (214,710 | ) |   |   | (376,530 | ) |   |   | 2,064 |   |
| Metals                                    |   |                                     | (221,463   | ) |   |   | 571,152 |   |   |   | 349,689 |   |   |   | 1,472 |   |
| Stock indices                             |   |                                     | (1,439,831 | ) |   |   | (448,871 | ) |   |   | (1,888,702 | ) |   |   | 11,308 |   |
| Tropical products                         |   |                                     | 220,619    |   |   |   | (43,518 | ) |   |   | 177,101 |   |   |   | 1,818 |   |
|                                      |   |                                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total gain (loss) from derivative trading |   | $                                        | 506,234    |   |   | $ | 480,081 |   |   | $ | 986,315 |   |   |   | 32,016 |   |

|                                      |   | For the six months ended June 30, 2010 |       |
|-------------------------------------------|--------|----------------------------------------|------------|
|                                      |   | Net RealizedGains(Losses)              |       |   | Change inNet UnrealizedGains (Losses) |   |   | NetTradingProfits (Losses) |   |   | Number ofClosedContracts |   |
| Currencies                                |   | $                                      | (724,916   | ) |   | $ | (74,872 | ) |   | $ | (799,788 | ) |   |   | 5,512 |   |
| Energy                                    |   |                                   | (1,057,234 | ) |   |   | (48,317 | ) |   |   | (1,105,551 | ) |   |   | 5,320 |   |
| Grains                                    |   |                                   | (743,150   | ) |   |   | (143,525 | ) |   |   | (886,675 | ) |   |   | 3,648 |   |
| Interest rates                            |   |                                   | 4,012,531  |   |   |   | 1,442,345 |   |   |   | 5,454,876 |   |   |   | 18,048 |   |
| Livestock                                 |   |                                   | 3,200      |   |   |   | (32,420 | ) |   |   | (29,220 | ) |   |   | 3,488 |   |
| Metals                                    |   |                                   | (1,101,497 | ) |   |   | 1,085,109 |   |   |   | (16,388 | ) |   |   | 3,192 |   |
| Stock indices                             |   |                                   | (1,759,732 | ) |   |   | (343,082 | ) |   |   | (2,102,814 | ) |   |   | 20,840 |   |
| Tropical products                         |   |                                   | 411,980    |   |   |   | (136,034 | ) |   |   | 275,946 |   |   |   | 3,294 |   |
|                                      |   |                                   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total gain (loss) from derivative trading |   | $                                      | (958,818   | ) |   | $ | 1,749,204 |   |   | $ | 790,386 |   |   |   | 63,342 |   |

|   | The number of contracts closed for futures contracts represents the number of contract half-turns during the three and six months ended June 30, 2011 and June 30, 2010.  The notional value of contracts closed represents the U.S. dollar notional value of forward currency contracts closed during the period. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

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

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

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

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

|   | The derivative instruments used in the Partnership’s trading activities are reported at fair value with the resulting unrealized gains (losses) recorded in the Condensed Statements of Financial Condition and the related trading profits (losses) reflected in “Trading (Losses)” in the Condensed Statements of Income (Loss) and General Partner Incentive Allocation.  Open contracts generally mature within 90 days; as of June 30, 2011 and December 31, 2010, the latest maturity dates for open contracts are June 2013 and December 2011, 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 Condensed Statements of Financial Condition.  The Partnership’s counterparties are major brokerage firms and banks located in the United States, or their foreign affiliates. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

Index

| 6.  | FINANCIAL HIGHLIGHTS |
|----------|----------------------|

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

|                                           |   | ThreeMonths Ended June 30, 2011 |     |
|------------------------------------------------|--------|---------------------------------|----------|
|                                           |   | InvestorClass                   |     |   | InstitutionalClassSeries - 1 |   |   | InstitutionalClassSeries - 2 |   |
| Per Unit Operating Performance                 |   |                            |     |   |   |   |   |   |   |
| (for a Unit outstanding for the entire period) |   |                            |     |   |   |   |   |   |   |
| Net Asset Value, beginning of the period       |   | $                               | 1,170.21 |   |   | $ | 1,373.51 |   |   | $ | 1,305.75 |   |
|                                           |   |                            |     |   |   |   |   |   |   |   |   |   |
| (Loss) from operations                         |   |                            |     |   |   |   |   |   |   |   |   |   |
| Net investment (loss)                          |   |                            | (30.45   | ) |   |   | (22.11 | ) |   |   | (24.29 | ) |
| Net trading (loss)                             |   |                            | (91.49   | ) |   |   | (108.13 | ) |   |   | (102.70 | ) |
|                                           |   |                            |     |   |   |   |   |   |   |   |   |   |
| Net (loss)                                     |   |                            | (121.94  | ) |   |   | (130.24 | ) |   |   | (126.99 | ) |
|                                           |   |                            |     |   |   |   |   |   |   |   |   |   |
| Net Asset Value, end of the period             |   | $                               | 1,048.27 |   |   | $ | 1,243.27 |   |   | $ | 1,178.76 |   |
| Total Return(1) (3)                            |   |                            | (10.42   | )% |   |   | (9.48 | )% |   |   | (9.73 | )% |
| Supplemental Data                              |   |                            |     |   |   |   |   |   |   |   |   |   |
| Ratios to average net asset value              |   |                            |     |   |   |   |   |   |   |   |   |   |
| Expenses(2)                                    |   |                            | 10.92    | % |   |   | 6.78 | % |   |   | 7.82 | % |
|                                           |   |                            |     |   |   |   |   |   |   |   |   |   |
| Net investment (loss) (2)                      |   |                            | (10.92   | )% |   |   | (6.78 | )% |   |   | (7.82 | )% |

|                                           |   | SixMonths Ended June 30, 2011 |     |
|------------------------------------------------|--------|-------------------------------|----------|
|                                           |   | InvestorClass                 |     |   | InstitutionalClassSeries - 1 |   |   | InstitutionalClassSeries - 2 |   |
| Per Unit Operating Performance                 |   |                          |     |   |   |   |   |   |   |
| (for a Unit outstanding for the entire period) |   |                          |     |   |   |   |   |   |   |
| Net Asset Value, beginning of the period       |   | $                             | 1,161.27 |   |   | $ | 1,349.66 |   |   | $ | 1,286.20 |   |
| (Loss) from operations                         |   |                          |     |   |   |   |   |   |   |   |   |   |
| Net investment (loss)                          |   |                          | (62.99   | ) |   |   | (45.87 | ) |   |   | (50.59 | ) |
| Net trading (loss)                             |   |                          | (50.01   | ) |   |   | (60.52 | ) |   |   | (56.85 | ) |
|                                           |   |                          |     |   |   |   |   |   |   |   |   |   |
| Net (loss)                                     |   |                          | (113.00  | ) |   |   | (106.39 | ) |   |   | (107.44 | ) |
| Net Asset Value, end of the period             |   | $                             | 1,048.27 |   |   | $ | 1,243.27 |   |   | $ | 1,178.76 |   |
| Total Return(1) (3)                            |   |                          | (9.73    | )% |   |   | (7.88 | )% |   |   | (8.35 | )% |
| Supplemental Data                              |   |                          |     |   |   |   |   |   |   |   |   |   |
| Ratios to average net asset value              |   |                          |     |   |   |   |   |   |   |   |   |   |
| Expenses(2)                                    |   |                          | 11.08    | % |   |   | 6.95 | % |   |   | 7.96 | % |
|                                           |   |                          |     |   |   |   |   |   |   |   |   |   |
| Net investment (loss) (2)                      |   |                          | (11.05   | )% |   |   | (6.92 | )% |   |   | (7.93 | )% |

----

Index

| 6.  | FINANCIAL HIGHLIGHTS (CONTINUED) |
|----------|----------------------------------|

|                                           |   | Three Months Ended June 30, 2010 |   |
|------------------------------------------------|--------|----------------------------------|--------|
|                                           |   |   InvestorClass             |   |   | InstitutionalClassSeries - 1 |   |   | InstitutionalClassSeries - 2 |   |
| Per Unit Operating Performance                 |   |                             |   |   |   |   |   |   |   |
| (for a Unit outstanding for the entire period) |   |                             |   |   |   |   |   |   |   |
| Net Asset Value, Beginning of the period       |   | $                                | 981.89 |   |   | $ | 1,108.20 |   |   | $ | 1,063.66 |   |
| (Loss) from operations                         |   |                             |   |   |   |   |   |   |   |   |   |   |
| Net investment (loss)                          |   |                             | (27.80 | ) |   |   | (21.36 | ) |   |   | (21.86 | ) |
| Net trading profits                            |   |                             | 24.63  |   |   |   | 28.86 |   |   |   | 26.42 |   |
|                                           |   |                             |   |   |   |   |   |   |   |   |   |   |
| Net profits (loss)                             |   |                             | (3.17  | ) |   |   | 7.50 |   |   |   | 4.56 |   |
| Net Asset Value, End of the period             |   | $                                | 978.72 |   |   | $ | 1,115.70 |   |   | $ | 1,068.22 |   |
| Total Return(1) (3)                            |   |                             | (0.32  | )% |   |   | 0.68 | % |   |   | 0.43 | % |
| Supplemental Data                              |   |                             |   |   |   |   |   |   |   |   |   |   |
| Ratios to average net asset value              |   |                             |   |   |   |   |   |   |   |   |   |   |
| Expenses(2)                                    |   |                             | 11.32  | % |   |   | 7.67 | % |   |   | 8.20 | % |
|                                           |   |                             |   |   |   |   |   |   |   |   |   |   |
| Net investment (loss) (2)                      |   |                             | (11.23 | )% |   |   | (7.58 | )% |   |   | (8.12 | )% |

|                                           |   | Six Months Ended June 30, 2010 |     |
|------------------------------------------------|--------|--------------------------------|----------|
|                                           |   | InvestorClass                  |     |   | InstitutionalClassSeries - 1 |   |   | InstitutionalClassSeries - 2 |   |
| Per Unit Operating Performance                 |   |                           |     |   |   |   |   |   |   |
| (for a Unit outstanding for the entire period) |   |                           |     |   |   |   |   |   |   |   |   |   |
| Net Asset Value, Beginning of the period       |   | $                              | 1,012.75 |   |   | $ | 1,131.35 |   |   | $ | 1,088.86 |   |
| (Loss) from operations                         |   |                           |     |   |   |   |   |   |   |   |   |   |
| Net investment (loss)                          |   |                           | (55.65   | ) |   |   | (41.74 | ) |   |   | (43.92 | ) |
| Net trading profits                            |   |                           | 21.62    |   |   |   | 26.09 |   |   |   | 23.28 |   |
|                                           |   |                           |     |   |   |   |   |   |   |   |   |   |
| Net (loss)                                     |   |                           | (34.03   | ) |   |   | (15.65 | ) |   |   | (20.64 | ) |
| Net Asset Value, End of the period             |   | $                              | 978.72   |   |   | $ | 1,115.70 |   |   | $ | 1,068.22 |   |
| Total Return(1) (3)                            |   |                           | (3.36    | )% |   |   | (1.38 | )% |   |   | (1.90 | )% |
| Supplemental Data                              |   |                           |     |   |   |   |   |   |   |   |   |   |
| Ratios to average net asset value              |   |                           |     |   |   |   |   |   |   |   |   |   |
| Expenses®                                 |   |                           | 11.46    | % |   |   | 7.64 | % |   |   | 8.36 | % |
|                                           |   |                           |     |   |   |   |   |   |   |   |   |   |
| Net investment (loss) (2)                      |   |                           | (11.40   | )% |   |   | (7.58 | )% |   |   | (8.30 | )% |

|   | Total returns are calculated based on the change in value of a unit during the periods presented.  An individual partner’s total returns and ratios may vary from the above total returns and ratios based on the timing of additions and redemptions. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ___________________ |
|--------|---------------------|

|   | (1) | Total return is derived as ending net asset value less beginning net asset value divided by beginning net asset value. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Annualized. |
|--------|-----|-------------|

|   | (3) | Not annualized. |
|--------|-----|-----------------|

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Securities and Use 

| Date of Subscription |   | Amount ofSubscriptions |      |
|----------------------|--------|------------------------|-----------|
| January 2011         |   | $                      | 368,730   |   |
| February 2011        |   | $                      | 1,442,840 |   |
| March 2011           |   | $                      | 991,806   |   |
| April 2011           |   | $                      | 670,044   |   |
| May 2011             |   | $                      | 172,925   |   |
| June 2011            |   | $                      | 619,472   |   |

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| Item 6. Exhibits |
|------------------|
| 31.1             | Rule 13a - 14(a)/15d-14(a) Certification |
| 32.1             | Section 1350 Certification |
| 100              | XBRL-Related Documents will be filed in the Partnership’s 10Q-A to be filed by September 14, 2011 |
| 101              | Interactive Data File will be filed in the Partnership’s 10Q-A to be files by September 14, 2011 |

|                  |   | BRIDGETON GLOBAL DIRECTIONAL FUND, LP                                                                                    |
|-----------------------|--------|--------------------------------------------------------------------------------------------------------------------------|
|                  |   |                                                                                                                     |
| Date: August 15, 2011 |   | By: Bridgeton Fund Management LLCIts: General Partner                                                                    |
|                  |   |                                                                                                                     |
|                  |   | By: /s/ Stephen J. RosemeStephen J. Roseme, Chief Executive, Principal Executive Officer and Principal Financial Officer |

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