Bridgeton Tactical Advisors Fund 10-Q 2014 Q1 Quarterly report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________

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, 2014

(  ) 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

BRIDGETON TACTICAL ADVISORS FUND, LP

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

4647 Saucon Creek Road, Suite 205

Center Valley, PA 18034

 (610) 366-3922

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 Q  NO 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES Q   NO 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES o  NO Q

BRIDGETON TACTICAL ADVISORS FUND, LP

INDEX TO FORM 10-Q

PART I - FINANCIAL INFORMATION 

Item 1.	Financial Statements	1
	Statements of Financial Condition	1
	Condensed Schedules of Investments	2
	Statements of Income (Loss)	4
	Statements of Changes in Partners’ Capital (Net Asset Value)	5
	Notes to Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	22
Item 4.	Controls and Procedures	22

PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	23
Item 1A.	Risk Factors	23
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	23
Item 3.	Defaults Upon Senior Securities	23
Item 4.	Mine Safety Disclosures	23
Item 5.	Other Information	23
Item 6.	Exhibits	23

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

BRIDGETON TACTICAL ADVISORS FUND, LP

STATEMENTS OF FINANCIAL CONDITION

As of March 31, 2014 (Unaudited) and December 31, 2013

	March 31,			December 31,
	2014			2013
ASSETS
Equity in futures trading accounts:
Due from brokers (including margin deposits of $781,854 for 2014 and $708,949 for 2013)	$	2,236,263		$	1,845,048
Net unrealized gains on open contracts		76,076			210,098
Net unrealized (losses) on open contracts		(44,321	)		-
		2,268,018			2,055,146
Cash and cash equivalents		7,480,626			9,905,623
Due from general partner		35,512			17,557
TOTAL ASSETS	$	9,784,156		$	11,978,326
LIABILITIES AND PARTNERS’ CAPITAL (NET ASSET VALUE)
LIABILITIES
Prepaid subscriptions	$	0		$	1,409,247
Redemptions payable		151,708			-
Other accrued expenses		26,269			51,370
Accrued incentive fees		-			32,329
Accrued management fees		16,286			22,741
TOTAL LIABILITIES		194,263			1,515,687
PARTNERS’ CAPITAL (NET ASSET VALUE)
Limited partners - Class A (1,377.7208 and 1,420.5030 fully redeemable units
at March 31, 2014 and December 31, 2013, respectively)		8,881,133			9,546,996
Limited partners - Class B (843.3491 and 1,040.6402 fully redeemable units
at March 31, 2014 and December 31, 2013, respectively)		707,072			913,883
General partner - Class A (0.2618 fully redeemable units
at March 31, 2014 and December 31, 2013)		1,688			1,760
TOTAL PARTNERS’ CAPITAL (NET ASSET VALUE)		9,589,893			10,462,639
TOTAL LIABILITIES AND PARTNERS’ CAPITAL (NET ASSET VALUE)	$	9,784,156		$	11,978,326

See Notes to Financial Statements.

1

BRIDGETON TACTICAL ADVISORS FUND, LP

CONDENSED SCHEDULES OF INVESTMENTS

As of March 31, 2014 (Unaudited)

LONG FUTURES CONTRACTS
	Unrealized			% of
	Gain			Partners’
	(Loss), Net			Capital*
Futures Industry Sector
Commodities	$	96,370			1.004	%
Currencies		1,045			0.011	%
Energy		(1,947	)		(0.020	)%
Financials		(13,826	)		(0.144	)%
Metals		49,366			0.515	%
Stock indices		26,474			0.276	%
Total long futures contracts	$	157,482			1.642	%
SHORT FUTURES CONTRACTS
	Unrealized			% of
	Gain			Partners’
	(Loss), Net			Capital*
Futures Industry Sector
Commodities	$	682			0.007	%
Currencies		(6,771	)		(0.071	)%
Energy		(9,226	)		(0.096	)%
Financials		(3,783	)		(0.039	)%
Metals		(89,293	)		(0.931	)%
Stock indices		(17,336	)		(0.181	)%
Total short futures contracts	$	(125,727	)		(1.311	)%
Total futures contracts	$	31,755			0.331	%

_______

* No single contract’s value exceeds 5% of partners’ capital.

See Notes to Financial Statements.

2

BRIDGETON TACTICAL ADVISORS FUND, LP

CONDENSED SCHEDULES OF INVESTMENTS (CONTINUED)

As of December 31, 2013

LONG FUTURES CONTRACTS
	Unrealized			% of
	Gain			Partners’
	(Loss), Net			Capital*
Futures Industry Sector
Commodities	$	(505	)		(0.005	)%
Currencies		48,558			0.464	%
Energy		19,447			0.186	%
Metals		13,862			0.133	%
Stock indices		42,875			0.409	%
Total long futures contracts	$	124,237			1.187	%
SHORT FUTURES CONTRACTS
	Unrealized			% of
	Gain			Partners’
	(Loss), Net			Capital*
Futures Industry Sector
Commodities	$	32,312			0.309	%
Currencies		24,287			0.232	%
Energy		(752	)		(0.007	)%
Financials		48,042			0.459	%
Metals		(17,728	)		(0.169	)%
Stock indices		(300	)		(0.003	)%
Total short futures contracts	$	85,861			0.821	%
Total futures contracts	$	210,098			2.008	%

______

* No single contract’s value exceeds 5% of partners’ capital.

See Notes to Financial Statements.

3

BRIDGETON TACTICAL ADVISORS FUND, LP

STATEMENTS OF INCOME (LOSS)

For the Three Months Ended March 31, 2014 and 2013

(Unaudited)

	Three Months Ended March 31,
	2014			2013
NET INVESTMENT (LOSS)
Income:
Interest income	$	311		$	2,617
Expenses:
Brokerage commissions		100,855			146,746
Incentive fees		-			1,000
Management fees		48,256			71,928
Professional fees		31,646			25,630
Accounting, administrative and other expenses		20,759			20,486
Total expenses		201,516			265,790
Net investment (loss)		(201,205	)		(263,173	)
TRADING PROFITS (LOSSES)
Profits (losses) on trading of futures
and forward currency contracts:
Net realized (losses) on closed contracts		(33,171	)		(139,749	)
Change in net unrealized gains (losses) on open contracts		(178,343	)		18,227
Net trading (losses)		(211,514	)		(121,522	)
NET (LOSS)	$	(412,719	)	$	(384,695	)
NET (LOSS) PER UNIT
(based on weighted average number of units outstanding during the period)
Class A	$	(273.05	)	$	(183.79	)
Class B - Series 1	$	(30.46	)	$	(22.22	)
Class B - Series 2	$	(30.58	)	$	(22.30	)
Class B - Series 3	$	(37.73	)	$	(26.45	)

See Notes to Financial Statements.

4

BRIDGETON TACTICAL ADVISORS FUND, LP

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

For the Three Months Ended March 31, 2014

(Unaudited)

	CLASS A														CLASS B LIMITED PARTNERS
	General Partner					Limited Partners						Total			Series 1						Series 2					Series 3					Total
	Units		Amount			Units			Amount			Class A			Units			Amount			Units		Amount			Units		Amount			Class B			Total
PARTNERS' CAPITAL,
JANUARY 1, 2014		0.2618	$	1,760			1,420.5030		$	9,546,996		$	9,548,756			895.4897		$	807,254			98.1157	$	65,638			47.0348	$	40,991		$	913,883		$	10,462,639
Subscriptions		-		-			0.2341			1,568			1,568			-			-			-		-			-		-			-			1,568
Redemptions		-		-			(43.0163	)		(283,234	)		(283,234	)		(197.2911	)		(178,361	)		-		-			-		-			(178,361	)		(461,595	)
Net (loss)		-		(72	)		-			(384,197	)		(384,269	)		-			(23,675	)		-		(3,001	)		-		(1,774	)		(28,450	)		(412,719	)
PARTNERS' CAPITAL,
MARCH 31, 2014		0.2618	$	1,688			1,377.7208		$	8,881,133		$	8,882,821			698.1986		$	605,218			98.1157	$	62,637			47.0348	$	39,217		$	707,072		$	9,589,893

	Net Asset Value Per Unit
	Class A			Class B, Series 1		Class B, Series 2		Class B, Series 3
January 1, 2014	$	6,720.86	(1)	$	901.47	$	668.99	$	871.50
March 31, 2014	$	6,446.25	(2)	$	866.83	$	638.40	$	833.79

_________________

(1)	Based on 1,420.7648 Class A shares
(2)	Based on 1,377.9826  Class A shares

See Notes to Financial Statements.

5

BRIDGETON TACTICAL ADVISORS FUND, LP
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (NET ASSET VALUE) (CONTINUED)
For the Three Months Ended March 31, 2013
(Unaudited)
	CLASS A														CLASS B LIMITED PARTNERS
	General Partner					Limited Partners						Total			Series 1						Series 2						Series 3					Total
	Units		Amount			Units			Amount			Class A			Units			Amount			Units			Amount			Units		Amount			Class B			Total
PARTNERS' CAPITAL,
JANUARY 1, 2013		0.2618	$	1,875			1,886.9744		$	13,517,686		$	13,519,561			1,613.2704		$	1,534,629			147.7001		$	107,461			47.0348	$	44,134		$	1,686,224		$	15,205,785
Subscriptions		-		-			18.5023			131,271			131,271			174.6908			165,000			-			-			-		-			165,000			296,271
Redemptions		-		-			(84.8174	)		(600,394	)		(600,394	)		(42.3687	)		(39,364	)		(15.2300	)		(10,742	)		-		-			(50,106	)		(650,500	)
Net (loss)		-		(48	)		-			(341,684	)		(341,732	)		-			(38,426	)		-			(3,293	)		-		(1,244	)		(42,963	)		(384,695	)
PARTNERS' CAPITAL,
MARCH 31, 2013		0.2618	$	1,827			1,820.6593		$	12,706,879		$	12,708,706			1,745.5925		$	1,621,839			132.4701		$	93,426			47.0348	$	42,890		$	1,758,155		$	14,466,861

	Net Asset Value Per Unit
	Class A			Class B, Series 1		Class B, Series 2		Class B, Series 3
January 1, 2013	$	7,163.68	(1)	$	951.25	$	727.56	$	938.33
March 31, 2013	$	6,979.27	(2)	$	929.11	$	705.26	$	911.87

______________________

(1)	Based on 1,887.2362 Class A shares
(2)	Based on 1,820.9211  Class A shares

See Notes to Financial Statements.

6

BRIDGETON TACTICAL ADVISORS FUND, LP

NOTES TO FINANCIAL STATEMENTS

For the Three Months Ended March 31, 2014 and 2013

(Unaudited)

_______________

1. BASIS OF PRESENTATION     The interim financial statements of Bridgeton Tactical Advisors Fund, LP, formerly, RFMC Tactical Advisors Fund, LP and RFMC Willowbridge Fund, L.P. (the “Partnership”), included herein, have been prepared by us without audit according to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and Rule 8-03 of Regulation S-X may be omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC. 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 and recurring nature, necessary for a fair presentation of the financial position, results of operations and changes in partners’ capital for the interim periods presented. The results of operations for the three months ended March 31, 2014 and 2013 are not necessarily indicative of the results to be expected for a full year or for any other period.

2. PARTNERSHIP ORGANIZATION   The Partnership, a Delaware limited partnership, was organized on January 24, 1986. Prior to March 1, 2010, Willowbridge Associates, Inc (“Willowbridge”) served as the Partnership’s sole trading advisor. Effective March 1, 2010, the Partnership added Quantitative Investment Management, LLC (“QIM”) as an additional trading advisor and effective August 1, 2011, the Partnership added DPT Capital Management, LLC (“DPT”) and PJM Capital (“PJM”) as trading advisors. Effective March 1, 2013, the Partnership added 3D Capital Management, LLC (“3D Capital”) as a trading advisor. Effective October 22, 2013, the Partnership added Revolution Capital Management LLC (“Revolution��) (Willowbridge, QIM, DPT, PJM, 3D Capital, and Revolution, collectively the “Trading Advisors”). The Partnership terminated the relationship with DPT, PJM and 3D Capital effective January 31, 2013, July 1, 2013, and December 31, 2013, respectively. The Partnership is an Investment Company that follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification (the "Codification") Topic 946 - Financial Services - Investment Companies. The Partnership's business is to trade, buy, sell or otherwise acquire, hold or dispose of futures contracts, options on physical commodities and on futures contracts, forward contracts, and instruments that may be subject of a futures contract, including equities, indices and sectors ("Commodity Interests"), and any rights pertaining thereto and to engage in all activities incident thereto. The objective of the Partnership is the appreciation of its assets though speculative trading.   From the Partnership’s start until February 1, 2011, Ruvane Fund Management Corporation, a Delaware corporation (“Ruvane” or the “General Partner” for periods prior to March 1, 2011), was the sole general partner of the Partnership. From that date until March 1, 2011, Bridgeton Fund Management, LLC (“Bridgeton” or the “General Partner” for periods on or after March 1, 2011) was a co-general partner of the Partnership with Ruvane. Effective March 1, 2011, Bridgeton is the sole general partner of the Partnership. Bridgeton has been registered with the Commodity Futures Trading Commission (“CFTC”) pursuant to the Commodity Exchange Act (“CEA”) as a Commodity Pool Operator (“CPO”) since January 11, 2011 and has been a member of the National Futures Association (“NFA”) since January 11, 2011. The General Partner is required by the Limited Partnership Agreement, as amended and restated (the “Agreement”), to contribute $1,000 to the Partnership.    In accordance with Section 5 of the Agreement, the Partnership offers separate classes of limited partnership interests, whereby interests which were issued prior to January 16, 2003 by the Partnership will be designated as Class A interests. The Partnership also offers Class B limited partnership interests through a private offering pursuant to Regulation D as adopted under section 4(2) of the Securities Act of 1933, as amended. The Partnership will offer the Class B interests up to an aggregate of $100,000,000; provided that the General Partner may increase the amount of interests that will be offered in increments of $10,000,000 after notice to the limited partners. Commissions for the Class B interests will differ from those of the Class A interests, but in all other respects the Class A interests and the Class B interests will be identical. The Class A interests and Class B interests will also be traded pursuant to the same trading programs.   From August 1, 2011 to January 31, 2013, the Partnership allocated its trading assets to the Trading Advisors: approximately 34% to 43% to Willowbridge, 34% to 35% to QIM, 21% to 15% to PJM and 11% to 7% to DPT. From February 1, 2013 to March 1, 2013, the Partnership allocated its trading assets to the Trading Advisors: approximately 47% to Willowbridge, 38% to QIM, and 15% to PJM. From March 1, 2013 to June 30, 2013, the Partnership allocated its trading assets to the Trading Advisors: approximately 46% to Willowbridge, 36% to QIM, 12% to PJM, and 6% to 3D Capital. From July 1, 2013 to October 31, 2013, the Partnership allocated its trading assets to the Trading Advisors: approximately 53% to Willowbridge, 35% to QIM, 12% to 3D Capital. From November 1, 2013 to December 31, 2013, the Partnership allocated its trading assets to the Trading Advisors: approximately 37% to Willowbridge, 34% to QIM, 6% to 3D Capital, 23% to Revolution. Effective January 1, 2014, the Partnership allocated its trading assets to the Trading Advisors: approximately 40% to Willowbridge, 35% to QIM, 25% to Revolution. During the three months ended March 31, 2013, two of the principals of the General Partner were also principals of DPT. The General Partner, in the future, may change the allocation percentages between Willowbridge, QIM, and Revolution or allocate the Partnership’s assets to other trading strategies and investment programs.   The Partnership shall end upon withdrawal, insolvency or dissolution of the General Partner or a decline of greater than fifty percent of the net assets of the Partnership as defined in the Agreement, or the occurrence of any event which shall make it unlawful for the existence of the Partnership to be continued.

7

BRIDGETON TACTICAL ADVISORS FUND, LP

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

For the Three Months Ended March 31, 2014 and 2013

(Unaudited)

_______________

3.   SIGNIFICANT ACCOUNTING POLICIES

A.	Method of Reporting The Partnership’s financial statements are prepared in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income (loss) and expenses during the reporting period. Actual results could differ from these estimates. Financial Accounting Standards Board 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 Measurement. At March 31, 2014 and December 31, 2013, the Partnership had investments in money market mutual funds of $6,949,894 and $9,774,207, respectively. Interest received on cash deposits and dividends received from money market mutual funds are included as interest income and recognized on an accrual basis.
C.	Due from Brokers Due from brokers represents deposits required to meet margin requirements and excess funds not required for margin. Due from brokers at March 31, 2014 and December 31, 2013 consisted of cash on deposit with the brokers of $2,236,263 and $1,845,048, respectively. The Partnership is subject to credit risk to the extent any broker with whom the Partnership conducts business is unable to deliver cash balances or securities, or clear securities transactions on the Partnership’s behalf. The General Partner monitors the financial condition of the brokers with which the Partnership conducts business and believes that the likelihood of loss under the aforementioned circumstances is remote. Interest income is recognized on an accrual basis.
D.	Investments in Futures and Forward Currency Contracts Investments in futures and forward currency contracts are recorded on the trade date and open contracts are stated in the financial statements at their fair value on the last business day of the reporting period. The fair value of futures contracts is determined based on quoted market prices, and accordingly such contracts are classified as Level 1 fair value estimates under the fair value hierarchy as described within ASC Topic 820, Fair Value Measurement. The fair value of forward currency (non-exchange traded) 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 (losses) on closed contracts” in the Statements of Income (Loss). As each broker has the right of offset, the Partnership presents the aggregate net unrealized gains with such brokers as “Net unrealized gains on open contracts” and the aggregate net unrealized losses with such brokers as “Net unrealized losses on open contracts” in the Statements of Financial Condition.  The net unrealized gains on open contracts with one broker are not offset against net unrealized losses on open contracts from another broker in the Statements of Financial Condition (see Note 5., Derivative Instruments, for disclosures about offsetting derivative assets and liabilities). Any change in net unrealized gain or loss from the preceding period is reported in the Statements of Income (Loss) under the caption “Change in net unrealized gains (losses) on open contracts”.

8

BRIDGETON TACTICAL ADVISORS FUND, LP

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

For the Three Months Ended March 31, 2014 and 2013

(Unaudited)

_______________

3.	SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
	E.	Brokerage Commissions The Class A limited partners pay to the General Partner a flat brokerage commission of 4.0% annually of the net asset value of the Class A limited partners’ capital as of the beginning of each month. Class B limited partners pay to the General Partner a flat brokerage commission equal to the following percentages of each Series’ applicable net asset value: Series 1 – 3%, Series 2 – 6%, and Series 3 – 5%. From these amounts, the General Partner paid (1) actual trading commissions incurred by the Partnership of $55,370 and $41,023 for the three months ended March 31, 2014 and 2013, respectively, and (2) 3.0% to properly registered selling agents as their ongoing compensation for servicing Class B limited partners (and to the extent the amount is less than 3%, the brokerage commissions with respect to such Class B limited partnership interests will be reduced accordingly). Approximately 35% to 45% of the actual trading commissions incurred by the Partnership is remitted by the brokers to an Introducing Broker affiliated with Bridgeton.
		Brokerage commissions charged to each Class or Series of class were as follows:

	For the Three Months Ended
	March 31,
	2014		2013
Class A	$	94,215	$	132,311
Class B – Series 1		5,150		12,291
Class B – Series 2		980		1,598
Class B – Series 3		510		546
Total	$	100,855	$	146,746

	As of March 31, 2014 and December 31, 2013, $35,512 and $17,557, respectively, were due from the General Partner for reimbursement of brokerage 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, except Class or Series specific brokerage commission charges, are allocated to the partners monthly in proportion to their capital account balances, as defined in the Agreement. Class and/or Series specific commission charges are allocated monthly to the partners of the respective Class and/or Series in proportion to their respective capital account balances within the Class and/or Series.
G.	Incentive Fees Pursuant to the Trading Advisory Agreements with Willowbridge (“Willowbridge Agreement”), QIM (“QIM Agreement”), DPT (“DPT Agreement”), PJM (“PJM Agreement”), 3D Capital (“3D Capital Agreement”), and Revolution (“Revolution Agreement”), the Trading Advisors are entitled to an incentive fee based on the New Profits, the New Trading Profits, the New Net Total Return, or the New Net Profits, as defined in the applicable Trading Advisory Agreements, of the Partnership’s trading assets allocated to the respective Trading Advisor. Willowbridge is entitled to a quarterly incentive fee of 25% of any New Profits, as defined in the Willowbridge Agreement. The term “New Profits” for the purpose of calculating Willowbridge’s incentive fee only, is defined as the excess (if any) of (A) the net asset value of the Partnership’s trading assets allocated to Willowbridge as of the last day of any calendar quarter (before deduction of incentive fees paid or accrued for such quarter), over (B) the net asset value of the Partnership’s trading assets allocated to Willowbridge as of the last day of the most recent quarter for which an incentive fee was paid or payable (after deduction of such incentive fee). In computing New Profits, the difference between (A) and (B) above shall be (i) increased by the amount of any distributions or redemptions paid or accrued by the Partnership as of or subsequent to the date in (B) through the date in (A), (ii) adjusted (either decreased or increased, as the case may be) to reflect the amount of any additional allocations or negative reallocations of Partnership assets from the date in (B) to the last day of the quarter as of which the current incentive fee calculation is made, and (iii) increased by the amount of any losses attributable to redemptions.

9

BRIDGETON TACTICAL ADVISORS FUND, LP

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

For the Three Months Ended March 31, 2014 and 2013

(Unaudited)

_______________

3.	SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
	G.	Incentive Fees (Continued)
		QIM is entitled to a quarterly incentive fee of 30% of any New Net Profits (as defined in the QIM Agreement) in the Partnership’s account as of each calendar quarter end. “New Net Profits”, for the purpose of calculating QIM’s incentive fee, is defined as the excess of cumulative gain/loss from commodity trading (excluding interest) less trading and management fees over its highest past value at any prior calendar quarterly period with respect to trading assets allocated to QIM. The “gain/loss from commodity trading” is the net gain or loss from closed and completed commodity transactions (after brokerage commissions) plus the increases/decreases in the value of open positions at the end of each calendar quarter (accounting for commissions that would be incurred by closing such open positions). In the event of any subsequent losses, the quarterly incentive fees would not be charged until there are Net New Profits to offset such losses.  DPT was entitled to a quarterly incentive fee of 10% of any New Trading Profits (as defined in the DPT Agreement) in the Partnership’s account as of each calendar quarter end. “New Trading Profits”, for the purpose of calculating DPT’s incentive fee, is defined as the excess of cumulative gain/loss from commodity trading (excluding interest) less trading and management fees over its highest past value at any prior calendar quarterly period with respect to trading assets allocated to DPT. The “gain/loss from commodity trading” is the net gain or loss from closed and completed commodity transactions (after brokerage commissions) plus the increases/decreases in the value of open positions at the end of each calendar quarter (accounting for commissions that would be incurred by closing such open positions). In the event of any subsequent losses, the quarterly incentive fees were not be charged until there were New Trading Profits to offset such losses. PJM was entitled to a quarterly incentive fee of 20% of any New Trading Profits (as defined in the PJM Agreement) in the Partnership’s account as of each calendar quarter end. “New Trading Profits”, for the purpose of calculating PJM’s incentive fee, is defined as the excess of cumulative gain/loss from commodity trading (excluding interest) less trading and management fees over its highest past value at any prior calendar quarterly period with respect to trading assets allocated to PJM. The “gain/loss from commodity trading” is the net gain or loss from closed and completed commodity transactions (after brokerage commissions) plus the increases/decreases in the value of open positions at the end of each calendar quarter (accounting for commissions that would be incurred by closing such open positions). In the event of any subsequent losses, the quarterly incentive fees were not to be charged until there were New Trading Profits to offset such losses. 3D Capital traded allocated assets pursuant to two separate trading programs. 3D Capital was entitled to a monthly incentive fee of 15% of any New Net Profits (as defined in the 3D Capital Agreement) in the Partnership’s account for the respective trading program as of each calendar month end. “New Net Profits,” for the purpose of calculating 3D Capital’s incentive fee, is defined as 1) all realized gains and losses; plus 2) the change in value of open positions during the month; plus 3) interest earned in any account; minus 4) all commissions, transaction and other expenses incurred during the period, including the management fees and accounting fees. If New Net Profits for a month were negative, no incentive fee was generated and the negative amount constituted a “carryforward loss” for the beginning of the next month and was added to any carryforward loss since the last incentive fee was earned. 3D Capital did not earn additional incentive fees until New Net Profits generated since the last incentive fee was earned exceed the aggregate carryforward loss recognized since the last incentive fee was earned. The effect of this calculation prevented 3D Capital from earning incentive fees on the recoupment of prior losses. Revolution is entitled to a quarterly incentive fee of 20% of any New Net Total Return (as defined in the Revolution Agreement) in the Partnership’s account as of each calendar quarter end. “New Net Total Return”, for the purpose of calculating Revolution’s incentive fee, is computed using the formula: (1) the net of realized profits and loss during the period, plus (2) the change in unrealized profit and loss on open positions during the period, plus (3) accrued interest income, minus (4) all brokerage commissions, transaction fees, management fees and other charges incurred during the period and minus (5) cumulative net loss, if any, carried over from previous periods. Cumulative net loss shall be computed by totaling all net profit in each period (quarter or month) in which there was such a profit and subtracting from it all net loss in each period (quarter or month) in which there was such a loss, provided that the full cumulative net loss shall not be carried over where a withdrawal has occurred. Instead, a portion of the loss (calculated by dividing the withdrawn amount by the total under management and multiplying the result by the cumulative net loss) attributable to the withdrawn amount shall first be subtracted from the cumulative net loss.

10

BRIDGETON TACTICAL ADVISORS FUND, LP

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

For the Three Months Ended March 31, 2014 and 2013

(Unaudited)

_______________

3.	SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
	G.	Incentive Fees (Continued) There were no incentive fees earned by Willowbridge, QIM, DPT, PJM or Revolution for the three months ended March 31, 2014 and 2013. Incentive fees earned by 3D Capital totaled $0 and $1,000 for the three months ended March 31, 2014 and 2013, respectively.
	H.	Management Fees
		The General Partner charges a management fee each beginning of month at 1/12 of 1% of the Partnership’s net assets as of the beginning of the respective month. For the three months ended March 31, 2014 and 2013, the Partnership recorded management fee expense earned by the General Partner of $25,536 and $37,549, respectively.
		In addition to the management fee paid to the General Partner, the Partnership pays Willowbridge a quarterly trading advisor management fee of 0.25% (1% per year) of the net asset value of the Partnership’s trading assets allocated to Willowbridge. These fees amounted to $13,735 and $19,815 for the three months ended March 31, 2014 and 2013, respectively. As of March 31, 2014 and December 31, 2013, $13,735 and $17,622, respectively, were due to Willowbridge. The Partnership paid PJM a monthly trading advisor management fee of 0.166% (2% per year) of the Partnership’s trading assets allocated to PJM. This fee amounted to $12,174 for the three months ended March 31, 2013. The Partnership paid DPT a monthly trading advisor management fee of 0.083% (1% per year) of the Partnership’s trading assets allocated to DPT. This fee amounted $1,130 for the three months ended March 31, 2013. The Partnership paid 3D Capital a monthly trading advisor management fee of 0.125% (1.5% per year) of the Partnership’s trading assets allocated to 3D Capital. This fee amounted to $1,260 for the three months ended March 31, 2013. As of December 31, 2013, $1,739 was due to 3D Capital. The Partnership pays Revolution a monthly trading advisor management fee of 0.083% (1% per year) of the Partnership’s trading assets allocated to Revolution. These fees amounted to $8,985 for three months ended March 31, 2014. As of March 31, 2014 and December 31, 2013, $2,551 and $3,380, respectively, were due to Revolution. QIM is not paid a trading advisor management fee. The aggregate trading assets allocated to the Trading Advisors may exceed the net asset value of the Partnership, and accordingly management fees may exceed that which would be assessed based on net asset value.
	I.	Income Taxes
		No provision for income taxes has been provided in the accompanying financial statements as each partner is individually liable for taxes, if any, on his or her share of the Partnership’s profits. The Partnership applies the provisions of Codification Topic 740, Income Taxes, which prescribe the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being measured and recognized in the financial statements. This accounting standard requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Partnership level not deemed to meet the “more-likely-than-not” threshold would be recorded as an expense in the current 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 months ended March 31, 2014 and 2013. The Partnership files U.S. federal and state tax returns. The 2011 through 2013 tax years generally remain subject to examination by U.S. federal and most state authorities.

11

BRIDGETON TACTICAL ADVISORS FUND, LP

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

For the Three Months Ended March 31, 2014 and 2013

(Unaudited)

_______________

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 Statements of Financial Condition.
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 respective Statement of Financial Condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect during the period. Gains (losses) resulting from the translation to U.S. dollars totaled $(1,344) and $1,217 for the three months ended March 31, 2014 and 2013, respectively, and are reported as a component of “Net realized (losses) on closed contracts” in the Statements of Income (Loss).
M.	Recent Accounting Pronouncement
	In June 2013, the FASB issued Accounting Standards Update No. 2013-08 (ASU 2013-08), entitled Financial Services – Investment Companies (Topic 946) – Amendments to the Scope, Measurement, and Disclosure Requirements. ASU 2013-08 changes the approach to assessing whether an entity is an investment company, clarifies the characteristics of an investment company and provides comprehensive guidance for assessing whether an entity is an investment company. In addition, ASU 2013-08 requires non-controlling ownership interests in other investment companies to be measured at fair value and requires additional disclosures about the investment company’s status as an investment company. ASU 2013-08 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2013. The adoption of ASU 2013-08 had no material impact on the Partnership’s financial statements.

12

BRIDGETON TACTICAL ADVISORS FUND, LP

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

For the Three Months Ended March 31, 2014 and 2013

(Unaudited)

_______________

3.	SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
	N.	Indemnifications
		The Partnership has entered into agreements which provide for the indemnifications against losses, costs, claims and liabilities arising from the performance of its obligations under such agreements, except for gross negligence or bad faith. The Partnership’s individual maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Partnership that have not yet occurred. The Partnership generally expects the risk of loss from indemnification claims in the future to be remote.
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 Measurement, 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 Measurement, the Partnership does not adjust the quoted price for these investments even in situations where the Partnership holds a large position and a sale could reasonably impact the quoted price. Level 2 – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Investments which are generally included in this category are investments valued using market data. Level 3 – Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment. Fair value for these investments are determined using valuation methodologies that consider a range of factors, including but not limited to the price at which the investment was acquired, the nature of the investment, local market conditions, trading values on public exchanges for comparable securities, current and projected operating performance and financing transactions subsequent to the acquisition of the investment. The inputs into the determination of fair value require significant management judgment. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Investments that are included in this category generally are privately held debt and equity securities. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The General Partner’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. The Partnership recognizes transfers, if any, between fair value hierarchy levels at the beginning of the reporting period.There were no transfers into or out of the fair value hierarchy levels during the three months ended March 31, 2014 and the year ended December 31, 2013.

13

BRIDGETON TACTICAL ADVISORS FUND, LP

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

For the Three Months Ended March 31, 2014 and 2013

(Unaudited)

_______________

4. FAIR VALUE (CONTINUED)   The following table summarizes the valuation of the Partnership’s investments by the above fair value hierarchy levels. Fair value is presented on a gross basis even though certain assets and liabilities qualify for net presentation in the Statements of Financial Condition:

	As of March 31, 2014
Description	Level 1			Level 2		Level 3		Total
Assets
Futures contracts
Commodities	$	117,665		$	-	$	-	$	117,665
Currencies		1,928			-		-		1,928
Energy		1,955			-		-		1,955
Financials		7,894			-		-		7,894
Metals		136,038			-		-		136,038
Stock indices		27,295			-		-		27,295
Total futures contracts		292,775			-		-		292,775
Money market mutual funds		6,949,894			-		-		6,949,894
Total assets	$	7,242,669		$	-	$	-	$	7,242,669
Liabilities
Futures contracts
Commodities	$	(20,613	)	$	-	$	-	$	(20,613	)
Currencies		(7,654	)		-		-		(7,654	)
Energy		(13,128	)		-		-		(13,128	)
Financials		(25,503	)		-		-		(25,503	)
Metals		(175,965	)		-		-		(175,965	)
Stock indices		(18,157	)		-		-		(18,157	)
Total futures contracts		(261,020	)		-		-		(261,020	)
Total liabilities	$	(261,020	)	$	-	$	-	$	(261,020	)
	As of December 31, 2013
Description	Level 1			Level 2		Level 3		Total
Assets
Futures contracts
Commodities	$	45,002		$	-	$	-	$	45,002
Currencies		73,630			-		-		73,630
Energy		27,240			-		-		27,240
Financials		48,715			-		-		48,715
Metals		196,666			-		-		196,666
Stock indices		42,913			-		-		42,913
Total futures contracts		434,166			-		-		434,166
Money market mutual funds		9,774,207			-		-		9,774,207
Total assets	$	10,208,373		$	-	$	-	$	10,208,373
Liabilities
Futures contracts
Commodities	$	(13,195	)	$	-	$	-	$	(13,195	)
Currencies		(785	)		-		-		(785	)
Energy		(8,545	)		-		-		(8,545	)
Financials		(673	)		-		-		(673	)
Metals		(200,532	)		-		-		(200,532	)
Stock indices		(338	)		-		-		(338	)
Total futures contracts		(224,068	)		-		-		(224,068	)
Total liabilities	$	(224,068	)	$	-	$	-	$	(224,068	)

14

BRIDGETON TACTICAL ADVISORS FUND, LP

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

For the Three Months Ended March 31, 2014 and 2013

(Unaudited)

_______________

5.	DERIVATIVE INSTRUMENTS
	The Partnership engages in the speculative trading of forward currency contracts and futures contracts in currencies, financials, stock indices and a wide range of commodities, among others, (collectively, “derivatives”) for the purpose of achieving capital appreciation. Since the derivatives held or sold by the Partnership are for speculative trading purposes, the derivative instruments are not designated as hedging instruments as defined in ASC Topic 815, Derivatives and Hedging.
	Under provisions of ASC Topic 815, Derivatives and Hedging, entities are required to recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial condition. Investments in futures contracts are reported in the Statements of Financial Condition as “Net unrealized gains on open contracts” or “Net unrealized (losses) on open contracts.”
	The Partnership’s derivatives held at March 31, 2014 and December 31, 2013 are subject to agreements similar to master netting agreements with the Partnership’s brokers which grant the brokers the right to offset recognized assets and liabilities if certain conditions exist. The following tables present gross amounts of assets and liabilities which are offset in the Statements of Financial Condition.

	Offsetting of Derivative Assets and Liabilities
	As of March 31, 2014
				Gross Amounts			Net Amounts
				Offset in the			Presented in the
	Gross Amounts			Statement of			Statement of
	of Recognized			Financial			Financial
	Assets			Condition			Condition
Assets
Futures Contracts(1)
ADM Investor Services, Inc.	$	136,384		$	(136,384	)	$	0
Newedge USA, LLC		156,391			(80,315	)		76,076
Total futures contracts	$	292,775		$	(216,699	)	$	76,076
				Gross Amounts			Net Amounts
				Offset in the			Presented in the
	Gross Amounts			Statement of			Statement of
	of Recognized			Financial			Financial
	Liabilities			Condition			Condition
Liabilities
Futures Contracts(1)
ADM Investor Services, Inc.	$	(180,705	)	$	136,384		$	(44,321	)
Newedge USA, LLC		(80,315	)		80,315			0
Total futures contracts	$	(261,020	)	$	216,699		$	(44,321	)

15

BRIDGETON TACTICAL ADVISORS FUND, LP

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

For the Three Months Ended March 31, 2014 and 2013

(Unaudited)

_______________

5.	DERIVATIVE INSTRUMENTS (CONTINED)	Offsetting of Derivative Assets and Liabilities As of December 31, 2013
					Gross Amounts			Net Amounts
					Offset in the			Presented in the
		Gross Amounts			Statement of			Statement of
		of Recognized			Financial			Financial
		Assets			Condition			Condition
	Assets
	Futures Contracts(1)
	ADM Investor Services, Inc.	$	226,694		$	(203,580	)	$	23,114
	Newedge USA, LLC		207,472			(20,488	)		186,984
	Total futures contracts	$	434,166		$	(224,068	)	$	210,098
					Gross Amounts			Net Amounts
					Offset in the			Presented in the
		Gross Amounts			Statement of			Statement of
		of Recognized			Financial			Financial
		Liabilities			Condition			Condition
	Liabilities
	Futures Contracts(1)
	ADM Investor Services, Inc.	$	(203,580	)	$	203,580		$	0
	Newedge USA, LLC		(20,488	)		20,488			0
	Total futures contracts	$	(224,068	)	$	224,068		$	0
	(1) See Note 4. for the fair value for each type of contract within the category.

16

BRIDGETON TACTICAL ADVISORS FUND, LP

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

For the Three Months Ended March 31, 2014 and 2013

(Unaudited)

_______________

5.

DERIVATIVE INSTRUMENTS (CONTINUED)

The cash held at each counterparty at March 31, 2014 and December 31, 2013 exceeds the net derivatives liability, if any, at such counterparty. Realized gains and losses, as well as any change in net unrealized gains or losses on open contracts from the preceding period, are recognized as part of the Partnership’s trading profits and losses in the Statements of Income (Loss). The Partnership’s trading results and information related to the volume of the Partnership’s derivative activity by market sector were as follows:

	For the three months ended March 31, 2014
	Net Realized			Change in			Net			Number of
	Gains			Net Unrealized			Trading			Closed
Futures contracts	(Losses)			Gains (Losses)			Profits (Losses)			Contracts
Commodities	$	225,021		$	65,245		$	290,266			2,042
Currencies		(83,130	)		(78,571	)		(161,701	)		1,710
Energy		84,218			(29,868	)		54,350			662
Financials		146,927			(65,651	)		81,276			5,104
Metals		(93,986	)		(36,061	)		(130,047	)		684
Stock indices		(312,422	)		(33,437	)		(345,859	)		3,272
Total futures contracts		(33,372	)		(178,343	)		(211,715	)		13,474

										Notional Value of Contracts Closed
Forward currency contracts		201			-			-		$	106,335
Total (loss) from derivates trading	$	(33,171	)	$	(178,343	)	$	(211,514	)

	For the three months ended March 31, 2013
	Net Realized			Change in			Net			Number of
	Gains			Net Unrealized			Trading			Closed
Futures contracts	(Losses)			Gains (Losses)			Profits (Losses)			Contracts
Commodities	$	(75,812	)	$	(105	)	$	(75,917	)		728
Currencies		414,718			(241,124	)		173,594			984
Energy		46,039			17,025			63,064			372
Financials		(350,295	)		(10,329	)		(360,624	)		2,856
Metals		(71,557	)		197,462			125,905			462
Stock indices		(102,842	)		55,298			(47,544	)		3,492
Total gain (loss) from derivatives trading	$	(139,749	)	$	18,227		$	(121,522	)		8,894

The number of contracts closed for futures contracts represents the number of contract half-turns during the three months ended March 31, 2014 and 2013.  The notional value of contracts closed for forward currency contracts represents the U.S. dollar notional value of forward currency contracts closed during the three months ended March 31, 2014.

17

BRIDGETON TACTICAL ADVISORS FUND, LP

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

For the Three Months Ended March 31, 2014 and 2013

(Unaudited)

_______________

5.	DERIVATIVE INSTRUMENTS (CONTINUED)
	A.	Market Risk
		The Partnership engages in the speculative trading of derivatives. Derivative financial instruments involve varying degrees of off-balance sheet market risk whereby changes in the level of volatility of interest rates, foreign currency exchange rates or market values of the underlying financial instruments or commodities may result in cash settlements in excess of the amounts recognized in the Statements of Financial Condition. The Partnership’s exposure to market risk is directly influenced by a number of factors, including the volatility of the markets in which the financial instruments are traded and the liquidity of those markets.
	B.	Fair Value
		The derivative instruments used in the Partnership’s trading activities are reported at fair value with the resulting unrealized gains (losses) recorded in the Statements of Financial Condition and the related trading profits (losses) reflected in “Trading Profits (Losses)” in the Statements of Income (Loss). Open contracts generally mature within 90 days; as of March 31, 2014 and December 31, 2013, the latest maturity dates for open contracts are March 2015 and December 2014, 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. The purchase and sale of futures contracts requires certain margin deposits with the brokers. Additional deposits may be necessary for any loss on contract fair value. The Commodity Exchange Act requires a broker to segregate all customer transactions and assets from such broker's proprietary activities. A customer's cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer funds subject to the broker's segregation requirements. In the event of a broker's insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than total cash and other property deposited with such brokers ("counterparties"). The Partnership’s counterparties are major brokerage firms and banks located in the United States, or their foreign affiliates. Credit risk due to counterparty nonperformance associated with futures contracts is reflected in the cash on deposit with brokers and the unrealized gains on open contracts held by such counterparties, if any, referenced above. The Partnership also trades forward currency contracts in unregulated markets between principals and assumes the risk of loss from counterparty nonperformance.
		The Partnership has a substantial portion of its assets on deposit with brokers and other financial institutions in connection with its trading of derivative contracts and its cash management activities. Assets deposited with brokers and other financial institutions in connection with the Partnership's trading of derivative contracts are partially restricted due to deposit or margin requirements. In the event of a financial institution's insolvency, recovery of Partnership assets on deposit may be limited to account insurance or other protection afforded such deposits.
	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. The Limited Partners bear the risk of loss only to the extent of the fair value of their respective investments and, in certain specific circumstances, distributions and redemptions received.

18

BRIDGETON TACTICAL ADVISORS FUND, LP

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

For the Three Months Ended March 31, 2014 and 2013

(Unaudited)

_______________

6.                 FINANCIAL HIGHLIGHTS

The following information presents per unit operating performance data and other supplemental financial data for the three months ended March 31, 2014 and 2013.  The information has been derived from information presented in the financial statements.

	Three Months Ended March 31, 2014
				Class B			Class B			Class B
	Class A			Series 1			Series 2			Series 3
Per Unit Operating Performance
(for a Unit outstanding for the entire period)
Net Asset Value, beginning of the period	$	6,720.86		$	901.47		$	668.99		$	871.50
(Loss) from operations
Net investment (loss)		(132.62	)		(15.50	)		(16.50	)		(19.34	)
Net trading (loss)		(141.99	)		(19.14	)		(14.09	)		(18.37	)
Net (loss)		(274.61	)		(34.64	)		(30.59	)		(37.71	)
Net Asset Value, end of the period	$	6,446.25		$	866.83		$	638.40		$	833.79
Total Return (1)(4)		(4.09	)%		(3.84	)%		(4.57	)%		(4.33	)%
Supplemental Data
Ratios to average net asset value (3)
Total expenses		8.06	%		7.07	%		10.05	%		9.03	%
Net investment (loss)		(8.05	)%		(7.03	)%		(10.03	)%		(9.02	)%

	Three Months Ended March 31, 2013
				Class B			Class B			Class B
	Class A			Series 1			Series 2			Series 3
Per Unit Operating Performance
(for a Unit outstanding for the entire period)
Net Asset Value, beginning of the period	$	7,163.68		$	951.25		$	727.56		$	938.33
(Loss) from operations
Net investment (loss)		(126.31	)		(14.45	)		(16.41	)		(18.86	)
Net trading (loss)		(58.10	)		(7.69	)		(5.89	)		(7.60	)
Net (loss)		(184.41	)		(22.14	)		(22.30	)		(26.46	)
Net Asset Value, end of the period	$	6,979.27		$	929.11		$	705.26		$	911.87
Total Return (1)(4)		(2.57	)%		(2.33	)%		(3.07	)%		(2.82	)%
Total Return excluding incentive fees (2)(4)		(2.56	)%		(2.32	)%		(3.06	)%		(2.81	)%
Supplemental Data
Ratios to average net asset value
Expenses excluding incentive fees (3)(5)		7.23	%		6.32	%		9.43	%		8.19	%
Incentive fees(4)		0.01	%		0.01	%		0.01	%		0.01	%
Total expenses		7.24	%		6.33	%		9.44	%		8.20	%
Net investment (loss) (3)(5)		(7.16	)%		(6.25	)%		(9.36	)%		(8.12	)%

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 subscriptions and redemptions.

(1)	Total return is derived as ending net asset value less beginning net asset value divided by beginning net asset value, and excludes the effect of sales commissions and initial administrative charges on subscriptions.
(2)	Total return excluding incentive fees is derived by adjusting the total return by the ratio of incentive fees to average net asset value.
(3)	Annualized.
(4)	Not annualized.
(5)	Net investment (loss) ratios exclude the effect of incentive fees.

7.                 SUBSEQUENT EVENTS

Effective April 30, 2014, the Partnership terminated its agreement with QIM. Effective May 1, 2014, the Partnership allocated its trading assets approximately 59% to Willowbridge and 41% to Revolution.

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* * * * *

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

Bridgeton Tactical Advisors Fund, LP (the “Partnership”) engages in the speculative trading of commodity futures contracts, options on commodities or commodity futures contracts, and forward contracts (“Commodity Interests”).  The Partnership may also invest in entities (including without limitation other partnerships, separate managed accounts, exchange traded funds or other types of funds) that primarily trade in exchange traded securities, options on exchange traded securities, exchange traded funds or Commodity and Futures Contracts.   From the Partnership’s start until February 1, 2011, Ruvane Fund Management Corporation, a Delaware corporation (“Ruvane” or the “General Partner” for periods prior to March 1, 2011), was the sole general partner of the Partnership.  From that date until March 1, 2011, Bridgeton Fund Management, LLC (“Bridgeton” or the “General Partner” for periods on or after March 1, 2011) was a co-general partner of the Partnership with Ruvane.  Effective March 1, 2011, Bridgeton is the sole general partner of the Partnership.  The General Partner has selected Willowbridge Associates Inc. (“Willowbridge”), Quantitative Investment Management LLC (“QIM”), PJM Capital (“PJM”), DPT Capital Management LLC (“DPT”), 3D Capital Management LLC (“3D Capital”), and Revolution Capital Management LLC (“Revolution”) (collectively the “Advisors”) as the Partnership’s trading advisors.  Certain principals of the Partnership are also principals of DPT.  The Partnership’s advisory agreements with DPT, PJM, 3D Capital and QIM were discontinued effective January 31, 2013, July 1, 2013, December 31, 2013 and April 30, 2014, respectively.

The success of the Partnership is dependent upon the ability of the Advisors to generate trading profits through the speculative trading of Commodity Interests sufficient to produce capital appreciation after payment of all fees and expenses. Future results will depend in large part upon the Commodity Interests markets in general, the performance of the Advisors, the amount of additions and redemptions and changes in interest rates. Due to the leveraged nature of the Partnership’s trading activity, small price movements in Commodity Interests may result in substantial gains or losses to the Partnership. Because of the nature of these factors and their interaction, past performance is not indicative of future results. As a result, any recent increases in net realized or unrealized gains may have no bearing on any results that may be obtained in the future.

The Partnership incurs substantial charges from the payment of brokerage commissions to the General Partner, payment of management and incentive fees to Willowbridge, PJM, DPT, 3D Capital, and Revolution and incentive fees to QIM, payment of management fees to the General Partner and administrative expenses. The Partnership is required to make trading profits to avoid depleting and exhausting its assets from the payment of such fees and expenses.

Since the Partnership’s inception in April 1991 through March 1, 2010, the General Partner allocated the Partnership’s capital entirely to Willowbridge’s Primary Program. On March 1, 2010, the General Partner made an allocation of $20 million (approximately 35% of the net assets of the Partnership as of March 1, 2010) to QIM’s Global Program. Effective August 1, 2011, the Partnership added DPT and PJM as trading advisors in addition to Willowbridge and QIM. From August 1, 2011 to January 31, 2013, the Partnership allocated its trading assets to the Trading Advisors: approximately 34% to 43% to Willowbridge, 34% to 35% to QIM, 21% to 15% to PJM and 11% to 7% to DPT. From February 1, 2013 to March 1, 2013, the Partnership allocated its trading assets to the Trading Advisors: approximately 47% to Willowbridge, 38% to QIM, and 15% to PJM. Effective March 1, 2013 the Partnership added 3D Capital as a trading advisor.  From March 1, 2013, to June 30, 2013, the Partnership allocated its trading assets to the Trading Advisors: approximately 46% to Willowbridge, 36% to QIM, 12% to PJM, and 6% to 3D Capital.  From July 1, 2013 to October 31, 2013, the Partnership allocated its trading assets to the Trading Advisors: approximately 53% to Willowbridge, 35% to QIM, 12% to 3D Capital. Effective October 22, 2013 the Partnership added Revolution as a trading advisor.  From November 1, 2013 to December 31, 2013, the Partnership allocated its trading assets to the Trading Advisors: approximately 37% to Willowbridge, 34% to QIM, 6% to 3D Capital, and 23% to Revolution. Effective January 1, 2014, the Partnership allocated its trading assets to the Trading Advisors: approximately 40% to Willowbridge, 35% to QIM, and 25% to Revolution. Effective May 1, 2014, the Partnership allocated its trading assets to the Trading Advisors approximately 59% to Willowbridge and 41% to Revolution. The General Partner believes that the combination of several investment strategies and global market exposure reduces the Partnership’s dependence on the success of any single strategy while positioning the Partnership to participate in economic trends in different markets. Nonetheless, in many cases the markets traded by the individual trading strategies overlap and the positions held by the Partnership at any particular point in time may result in different concentrations in any group of markets, which may reduce the diversification of the Partnership’s investments.  These firms offer what the General Partner believes to be unique approaches that complement each other.  Willowbridge’s Primary Program utilizes trading strategies that focus on capturing directional price movements over medium to longer term time horizons. QIM’s Global Program utilizes multiple trading strategies over various time horizons, particularly shorter timeframes.  PJM Capital began its research and proprietary test trading in 2003, culminating in new models built around volatility mean reversion and nonlinear position sizing consistent with markets as representations of Complex Adaptive Systems. DPT Capital Management’s investment approach is quantitative and highly systematic and is based on founder Prof. John M. Mulvey’s innovative risk management and portfolio allocation technology known as Dynamic Portfolio Tactics™. 3D Capital’s 3D Bull Program and 3D Blend Program utilize a systematic approach

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 in futures contracts on domestic stock indices. Revolution’s Program utilizes rigorous statistical methods to uncover and exploit numerous inefficiencies in futures markets. The General Partner seeks to limit market and credit risks by monitoring daily income and margin levels. The General Partner also relies upon the risk management strategies inherent in the Advisors’ trading programs. In the future, the General Partner may utilize additional strategies or appoint additional advisors to trade on behalf of the Partnership.

Class A Interests pay to the General Partner a flat-rate monthly brokerage commission of approximately 0.33% of the net asset value of the Class A Interests as of the beginning of each month (a 4.0% annual rate).  

Class B Interests pay to the General Partner commissions of up to 6.0% annually of the net asset value of the Class B partners’ capital. The General Partner will pay up to 3.0% from this amount to properly registered selling agents as their compensation, and to the extent the amount is less than 3.0% the brokerage fee with respect to such Class B limited partnership interests will be reduced accordingly. The General Partner pays from this amount all commission charges and fees with respect to the Partnership’s trading in Commodity and Futures Contracts. The flat-rate monthly commission is common among programs such as the Partnership.

Summary of Critical Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported in the Partnership’s financial statements. The critical accounting estimates and related judgments underlying the Partnership’s financial statements are summarized below. In applying these policies, management makes judgments that frequently require estimates about matters that are inherently uncertain. The Partnership’s significant accounting policies are described in detail in Note 3 of the Notes to Financial Statements.

Investments in commodity futures, options and forward contracts are recorded on the trade date and open contracts are recorded in the financial statements at their fair value on the last business day of the reporting period. The difference between the original cost basis of the contract and fair value is recorded in income as a net unrealized gain or loss on open contracts in the Statements of Financial Condition. Realized gains and losses on closed contracts are recorded on a first-in, first-out basis. Interest income is recognized on an accrual basis. All Commodity Interests and other financial instruments are recorded at fair value in the financial statements. Fair value is based on quoted market prices or estimates of fair value.

The Partnership records all investments at fair value in its financial statements, with changes in fair value reported as a component of “Trading Profits (Losses)” in the Statements of Income (Loss). Generally, fair values are based on quoted market prices; however, in certain circumstances, significant judgments and estimates are involved in determining fair value in the absence of an active market closing price.

Results of Operations

Comparison of the Three Months Ended March 31, 2014 and 2013

For the quarter ended March 31, 2014 the Partnership had total losses comprised of net trading losses representing $(33,171) in realized (losses) on closed contracts, and $(178,343) in change in net unrealized (losses) on open contracts, and $311 in interest income. For the same quarter in 2013 the Partnership had total losses comprised of net trading losses representing $(139,749) in realized losses on closed contracts, and $18,227 in change in net unrealized gains on open contracts, and $2,617 in interest income.

In January 2014, the Partnership had a gain. The Partnership had losses in soybean meal, crude oil and euro/yen; the Partnership had gains in natural gas, euro bund and wheat. The Partnership recorded a net gain of $21,846.  In February 2014, trading was unprofitable as the Partnership generated losses in its S&P 500 and FTSE Index along with its wheat positions; the Partnership had some offsetting gains in coffee, natural gas and soybeans. The Partnership recorded a net loss of $(160,992). In March 2014, trading was unprofitable. The Partnership had losses in US interest rates, soybean oil and DAX Index; the Partnership had some offsetting gains in S&P 500 Index, soybeans and soybean meal. The Partnership recorded a net loss of $(273,573).

In January 2013, the Partnership had a loss. The Partnership had losses in S&P 500, global interest rates and gold; the Partnership had gains in euro currency, Japanese yen, and energies. The Partnership recorded a net loss of $(126,127). In February 2013, trading was unprofitable as the Partnership generated losses in its euro currency, soybean and US interest rate positions; the Partnership had some offsetting gains in metals, British pound and Canadian dollar. The Partnership recorded a net loss of $(53,394). In March 2013, trading was unprofitable. The Partnership had losses in US interest rates, euro currency, and Japanese yen; the Partnership had some offsetting gains S&P 500, copper and wheat. The Partnership recorded a net loss of $(205,174).

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For the quarter ended March 31, 2014, the Partnership had expenses comprised of $100,855 in brokerage commissions (including clearing and exchange fees), $0 in incentive fees, $48,256 in management fees, $31,646 in professional fees and $20,759 in accounting, administrative and other expenses. For the same quarter in 2013, the Partnership had expenses comprised of $146,746 in brokerage commissions (including clearing and exchange fees), $1,000 in incentive fees, $71,928 in management fees, $25,630 in professional fees and $20,486 in accounting, administrative and other expenses.  Brokerage commissions and management fees vary primarily as a result of change in assets under management, which are affected by net income, and capital subscriptions and redemptions. Accounting and administrative expenses consist primarily of professional fees and other expenses relating to the Partnership’s reporting requirements under the Securities Exchange Act of 1934, as amended.

As a result of the activity discussed above, the Partnership recorded a net loss of $(412,719) for the quarter compared to a net loss of $(384,695) for the same quarter in 2013.

At March 31, 2014, the net asset value of the Partnership was $9,589,893, compared to its net asset value of $10,462,639 at December 31, 2013.

During the quarter ended March 31, 2014, the Partnership had no credit exposure to counterparties that are participants of foreign commodities exchanges or to counterparties dealing in over the counter contracts which is considered to be material.

Liquidity and Capital Resources

In general, each Advisor trades only those Commodity Interests that have sufficient liquidity to enable it to enter and close out positions without causing major price movements. Notwithstanding the foregoing, most United States commodity exchanges limit the amount by which certain commodities may move during a single day by regulations referred to as “daily price fluctuation limits” or “daily limits.” Pursuant to such regulations, no trades may be executed on any given day at prices beyond daily limits. The price of a futures contract occasionally has exceeded the daily limit for several consecutive days, with little or no trading, thereby effectively preventing a party from liquidating its position. While the occurrence of such an event may reduce or eliminate the liquidity of a particular market, it will not eliminate losses and may, in fact, substantially increase losses because of the inability to liquidate unfavorable positions. In addition, if there is little or no trading in a particular futures or forward contract that the Partnership is trading, whether such liquidity is caused by any the above reasons or otherwise, the Partnership may be unable to liquidate its position prior to its expiration date, thereby requiring the Partnership to make or take delivery of the underlying interests of the Commodity Interests.

The Partnership’s capital resources are dependent upon three factors: (a) the income or losses generated by the Advisors; (b) the capital invested or redeemed by the limited partners; and (c) the capital invested or redeemed by the General Partner. The Partnership sells limited partnership units to investors from time to time in private placements pursuant to Regulation D of the Securities Act of 1933, as amended. As of the last day of any month, a limited partner may redeem all of its limited partnership units on 10 days’ prior written notice to the General Partner.

The General Partner is required to contribute $1,000 to the Partnership. All capital contributions by the General Partner necessary to maintain such capital account balance are evidenced by units of general partnership interest, each of which has an initial value equal to the net asset value per unit at the time of such contribution. The General Partner may withdraw any excess above its required capital contribution without notice to the limited partners and may also contribute any greater amount to the Partnership.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not required.

Item 4. Controls and Procedures

The President of the General Partner (who serves as the principal executive officer and financial officer of the Partnership) evaluated the effectiveness of the design and operation of the Partnership’s disclosure controls and procedures, which are designed to ensure that the Partnership records, processes, summarizes and reports in a timely and effective manner the information required to be disclosed in the reports filed with or submitted to the Securities and Exchange Commission. Based upon this evaluation, the General Partner concluded that, as of March 31, 2014 the Partnership’s disclosure controls are effective and ensure that information required to be disclosed in the reports filed under the Securities Exchange Act of 1934 are accumulated and communicated to management of the General Partner (which consists of the principals of the General Partner) to allow timely decisions regarding required disclosure. During the first quarter of 2014, there were no changes in the Partnership’s internal controls over financial reporting or in other factors that have materially affected, or are reasonably likely to materially effect, the Partnership’s internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The General Partner is not aware of any pending legal proceedings to which the Partnership or the General Partner is a party or to which any of their assets are subject.

Item 1A. Risk Factors

Not required.

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

There currently is no established public trading market for the Limited Partnership Units. As of March 31, 2014, 2,221.3317 Partnership Units were held by 211 Limited Partners and the General Partner. All of the Limited Partnership Units are “restricted securities” within the meaning of Rule 144 promulgated under the Securities Act of 1933, as amended (the “Securities Act”), and may not be sold unless registered under the Securities Act or sold in accordance with an exemption therefrom, such as Rule 144. The Partnership has no plans to register any of the Limited Partnership Units for resale. In addition, the Partnership Agreement contains certain restrictions on the transfer of Limited Partnership Units. Pursuant to the Partnership Agreement, the General Partner has the sole discretion to determine whether distributions (other than on redemption of Limited Partnership Units), if any, will be made to partners. The Partnership has never paid any distributions and does not anticipate paying any distributions to partners in the foreseeable future. From January 1, 2014 through March 31, 2014, a total of 0.2341 Partnership Units were subscribed for the aggregate subscription amount of $1,568. The monthly subscriptions of these Partnership Units are as follows:

Date of Subscription	Amount of Subscriptions
January 2014	$	694
February 2014	$	440
March 2014	$	434

Investors in the Partnership who subscribed through a selling agent may have been charged a sales commission at a rate negotiated between such selling agent and the investor. Such sales commission in no event exceeded 3% of the subscription amount. All of the sales of Partnership Units were exempt from registration pursuant to Section 4(2) of the Securities Act and Regulation D promulgated thereunder.

Item 3. Defaults Upon Senior Securities

None.

Item 4.  Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

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

32.1           Section 1350 Certification

EX-101.INS	XBRL Instance Document
EX-101.SCH	XBRL Taxonomy Extension Schema
EX-101.CAL	XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF	XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB	XBRL Taxonomy Extension Label Linkbase
EX-101.PRE	XBRL Taxonomy Extension Linkbase

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	Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. BRIDGETON TACTICAL ADVISORS FUND, LP
Date: May 15, 2014	By: Bridgeton Fund Management LLC Its: General Partner
	By:  /s/ Stephen J. Roseme                              Stephen J. Roseme, Chief Executive, Principal Executive Officer and Principal Financial Officer