UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
FORM 10-Q
(X) QUARTERLY REPORT
UNDER SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2005
( ) TRANSITION
REPORT PURSUANT' TO SECTION 13 or 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Transition Period From _____ To_____
Commission File No. 000-23529
THE WILLOWBRIDGE FUND L.P.
Delaware
22-678474
(a Delaware
Partnership) (I.R.S. Employer
Identification No.)
4 Benedek Road,
Princeton, New Jersey 08540
(609)-921-0717
Indicate by check
mark whether the registrant (1) has filed all reports required to be filed
by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. YES X
NO
X
Indicate by check nark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). YES ____ NO X
TABLE OF CONTENTS
Page
|
PART I - FINANCIAL INFORMATION |
3 |
|
|
Item 1. Condensed Financial Statements |
3 |
|
|
|
Condensed Statements of Financial Condition |
3 |
|
|
Condensed Statements of Income (Loss) |
4 |
|
|
Condensed Statement of Changes in Partners' Capital |
5 |
| Notes to Condensed Financial Statements |
6 |
|
|
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations |
12 |
|
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk |
14 |
|
|
Item 4. Market Price of and Dividends
on the Registrant's Common Equity and Related Stockholder |
16 |
|
|
Item 5. Controls and Procedures |
16 |
|
|
PART II - OTHER INFORMATION |
17 |
|
|
Item 1. Legal Proceedings |
17 |
|
|
Item 2. Changes in Securities and Use of Proceeds |
17 |
|
|
Item 3. Defaults Upon Senior Securities |
17 |
|
|
Item 4. Submission of Matters to a Vote of Security Holders |
17 |
|
|
Item 5. Other Information |
17 |
|
|
Item 6. Exhibits |
17 |
|
2
PART I - FINANCIAL INFORMATION
Item 1. Condensed Financial Statements
THE WILLOWBRIDGE FUND L.P.
CONDENSED STATEMENTS
OF FINANCIAL CONDITION
As of March 31, 2005 (Unaudited) and December 31, 2004
|
|
March 31, |
|
December 31, |
|
ASSETS CASH IN BANK |
$ 5,427,007 |
|
$ 4,621,928 |
|
EQUITY IN COMMODITY FUTURES TRADING ACCOUNT: |
|
|
|
|
Due from broker |
33,892,256 |
|
37,734,314 |
|
Net unrealized gain on open positions |
4,369,290 |
|
2,111,368 |
|
|
38,261,546 |
|
39,845,682 |
|
PREPAID EXPENSES |
328,148 |
|
-- |
|
DUE FROM GENERAL PARTNER |
136,500 |
|
99,808 |
|
INTEREST RECEIVABLE |
16,834 |
|
14,174 |
|
TOTAL ASSETS |
$ 44,170,035 |
|
$ 44,581,592 |
|
LIABILITIES AND PARTNERS' CAPITAL LIABILITIES: |
|
|
|
|
Prepaid subscriptions |
$ 16,011 |
|
$ 171,239 |
|
Redemptions payable |
195,487 |
|
301,925 |
|
Other accrued expenses |
61,343 |
|
100,731 |
|
Accrued management fees |
105,677 |
|
110,514 |
|
TOTAL LIABILITIES |
378,518 |
|
684,409 |
|
PARTNERS' CAPITAL: |
|
|
|
|
Limited partners
- Class A
(5,724.7165 and 5,618.8166 |
41,331,725 |
|
42,671,937 |
|
Limited partners - Class B
(1,666.3815 and 223.3079 |
1,483,786 |
|
214,258 |
|
General partner
- Class A (135.1833
and 133.1216 |
976,006 |
|
1,010,988 |
|
TOTAL PARTNERS' CAPITAL |
43,791,517 |
|
43,897,183 |
|
TOTAL LIABILITIES AND PARTNERS' CAPITAL |
$ 44,170,035 |
|
$ 44,581,592 |
|
NET ASSET VALUE PER UNIT
- Class A |
$ 7,219.87 |
|
$ 7,594.47 |
|
NET ASSET VALUE PER UNIT
- Class B |
$ 887.13 |
|
$ 930.79 |
|
NET ASSET VALUE PER UNIT
- Class B |
$ 865.05 |
|
$ 914.59 |
|
NET ASSET VALUE PER UNIT - Class B |
$ 1,022.06 |
|
$ 1,077.83 |
|
|
|||
See Notes to Condensed Financial Statements
3
THE WILLOWBRIDGE FUND L.P.
CONDENSED STATEMENTS OF INCOME (L0SS)
For the Three Months Ended March 31, 2005 and 2004
(Unaudited)
|
|
Three Months
Ended |
||
|
|
2005 |
|
2004 |
|
NET INVESTMENT INCOME (LOSS) |
|
|
|
|
Income: |
|
|
|
|
Interest income |
$ 229,083 |
|
$ 76,588 |
|
|
|
|
|
|
Expenses: |
|
|
|
|
Brokerage commissions |
429,132 |
|
402,403 |
|
Incentive fees |
-- |
|
834,528 |
|
Management fees |
215,414 |
|
197,345 |
|
Administrative expenses |
95,108 |
|
75,039 |
|
Total expenses |
739,654 |
|
1,509,315 |
|
Net investment loss |
(510,571) |
|
(1,432,727) |
|
TRADING PROFITS (LOSSES) |
|
|
|
|
Profits (losses) on trading of commodity futures, |
|
|
|
|
Realized gains (losses) on closed positions, net |
(3,888,690) |
|
2,578,253 |
|
Change in unrealized gains/losses on open |
2,257,922 |
|
1,358,058 |
|
Total trading profits (losses) |
(1,630,768) |
|
3,936,311 |
|
NET INCOME (LOSS) |
$ (2,141,339) |
|
$ 2,503,584 |
|
NET (LOSS) INCOME PER UNIT |
|
|
|
|
Class A |
$ (374.60) |
|
$ 493.54 |
|
Class B - Series 1 |
$ (43.66) |
|
$ (14.20) |
|
Class B - Series 2 |
$ (49.54) |
|
$ 0 |
|
Class B - Series 3 |
$ (55.77) |
|
$ 0 |
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
See Notes to Condensed Financial Statements. |
|||
4
THE WILLOWBRIDGE FUND
L.P.
CONDENSED
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
For the Three Months Ended March 31, 2005 and 2004
(Unaudited)
|
CLASS A |
|||||
|
|
General Partner |
Limited Partners |
Total Partners' |
||
|
|
Units |
Amount |
Units |
Amount |
|
|
PARTNERS' CAPITAL, JANUARY 1, 2005 |
133.1216 |
$ 1,010,988 |
5,618.8166 |
$ 42,671,937 |
$ 43,682,925 |
|
Subscriptions |
2.0617 |
14,678 |
159.3630 |
1,025,756 |
1,040,434 |
|
Redemptions |
-- |
-- |
(53.4631) |
(271,656) |
(271,656) |
|
Net income (loss) |
-- |
(49,660) |
-- |
(2,094,312) |
(2,143,972) |
|
PARTNERS' CAPITAL, MARCH 31, 2005 |
135.1833 |
$ 976,006 |
5,724.7165 |
$ 41,331,725 |
$ 42,307,731 |
|
|
CLASS B LIMITED PARTNERS |
|||||
|
|
Series 1 |
Series 2 |
Series 3 |
|||
|
|
Units |
Amount |
Units |
Amount |
Units |
Amount |
|
PARTNERS' CAPITAL, JANUARY 1, 2005 |
119.9385 |
$ 111,637 |
53.8694 |
$ 49,268 |
49.5000 |
$ 53,353 |
|
Subscriptions |
1,443.0736 |
1,266,895 |
-- |
-- |
-- |
-- |
|
Redemptions |
-- |
-- |
-- |
-- |
-- |
-- |
|
Net income (loss) |
-- |
8,062 |
-- |
(2,668) |
-- |
(2,761) |
|
PARTNERS' CAPITAL, MARCH 31, 2005 |
1563.0121 |
$1,386,594 |
53.8694 |
$ 46,600 |
49.5000 |
$ 50,592 |
|
|
CLASS A |
CLASS B |
|||||
|
|
General Partner |
Limited Partners |
Total |
LIMITED PARTNERS |
|||
|
|
Units |
Amount |
Units |
Amount |
Units |
Amount |
|
|
PARTNERS' CAPITAL, JANUARY 1, 2004 |
122.5730 |
$ 932,897 |
4,811.5582 |
$ 36,620,539 |
$ 37,553,436 |
-- |
$ -- |
|
Subscriptions |
3.6910 |
29,051 |
341.1939 |
2,684,057 |
2,713,108 |
24.7500 |
24,750 |