UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    WASHINGTON, D.C. 20549
  FORM 10-Q
  (X) QUARTERLY REPORT
    PURSUANT TO SECTION 13 or 15(d)
  OF THE SECURITIES EXCHANGE ACT
    OF 1934
  For the quarterly period ended June 30, 2010
  OR ( ) TRANSITION REPORT
    PURSUANT TO SECTION 13 OR 15(d)
  OF THE SECURITIES EXCHANGE ACT
    OF 1934
  
  000-30455
  GLOBAL
    DIVERSIFIED FUTURES FUND L.P.
    New York

13-4015586(State or other jurisdiction of
    incorporation or organization)

(I.R.S. Employer
    Identification No.)   c/o Ceres
    Managed Futures LLC
 522 Fifth Avenue
      14th Floor
 New York, New York
    10036
    (212) 296-1999
       Yes X  No
    Yes   No
    Large
    accelerated filer
    Accelerated filer
    Non-accelerated filer X
    Smaller reporting company  Rule 12b-2
  Yes   No X




---



##### 



GLOBAL DIVERSIFIED FUTURES FUND L.P.
  FORM 10-Q
  INDEX
  PageNumberPART I  Financial Information:Item 1.

Financial Statements:Statements of Financial Condition at
    June 30, 2010 and December 31, 2009 (unaudited)

3Condensed Schedules of Investments at     June  30, 2010 and
    December 31, 2009 (unaudited)

4  5Statements of Income and Expenses and Changes in Partners Capital
    for
    the three and six  months ended     June 30, 2010 and 2009
    (unaudited)

6Notes to Financial Statements (unaudited)

7  18Item 2.

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

19  21Item 3.

Quantitative and Qualitative Disclosures about Market Risk

22  24Item 4.

Controls and Procedures

25PART II  Other Information

26  29ExhibitsExhibit 31.1 CertificationExhibit 31.2 CertificationExhibit 32.1 CertificationExhibit 32.2 Certification   2




---



##### 



PART I Item 1.
    Financial Statements   Global Diversified Futures Fund L.P.Statements of Financial Condition
    (Unaudited)
  June 30,
    
    
    December 31,2010
    
    

2009Assets:Investment in Partnerships, at fair value
    
    $
    27,429,100
    
    
    $
    24,472,696Equity in trading account:Cash
    
    
    17,669
    
    
    
    5,549,173Cash margin
    
    
    
    
    
    
    90,225Net unrealized appreciation on open futures contracts
    
    
    
    
    
    
    8,93027,446,769
    
    
    
    30,121,024Interest receivable
    
    
    
    
    
    
    60Total assets
    
    $
    27,446,769
    
    
    $
    30,121,084Liabilities and Partners Capital:Liabilities:Net unrealized depreciation on open forward contracts
    
    $
    
    
    
    $
    44,055Accrued expenses:Brokerage fees
    
    
    123,510
    
    
    
    135,347Management fees
    
    
    39,828
    
    
    
    44,183Incentive fees
    
    
    22,336
    
    
    
    26,539Other
    
    
    18,152
    
    
    
    63,950Redemptions payable
    
    
    172,544
    
    
    
    83,074Total liabilities
    
    
    376,370
    
    
    
    397,148Partners Capital:General Partner, 157.9234 and 213.0484 unit equilavents outstanding at
June 30, 2010 and December 31, 2009, respectively
    
    
    288,679
    
    
    
    403,399Limited
Partners, 14,651.0922 and 15,485.2035
Redeemable Units  outstanding
at June 30, 2010 and December 31, 2009, respectively
    
    
    26,781,720
    
    
    
    29,320,537Total partners capital
    
    
    27,070,399
    
    
    
    29,723,936Total liabilities and partners capital
    
    $
    27,446,769
    
    
    $
    30,121,084Net asset
per unit
    
    $
    1,827.97
    
    
    $
    1,893.46
    3




---



##### 



Global Diversified Futures Fund L.P.
June 30, 2010Schedule of Investments
    (Unaudited)
  % of PartnersFair Value
    
    
    CapitalInvestment in
PartnershipsCMF Campbell Master Fund L.P.
    
    $
    3,265,602
    
    
    
    12.06
    %CMF Aspect Master Fund L.P.
    
    
    9,124,111
    
    
    
    33.71CMF Altis Partners Master Fund L.P.
    
    
    9,409,755
    
    
    
    34.76Waypoint Master Fund L.P.
    
    
    5,629,632
    
    
    
    20.80Total
investment in Partnerships, at fair value
    
    $
    27,429,100
    
    
    
    101.33
    %
  4




---



##### 



Global
     Diversified Futures Fund L.P.



Condensed Schedule of Investments
    December 31, 2009
  Notional($)/Number of





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


19


$
8,930



0.03
%Total futures contracts purchased






8,930



0.03Unrealized Appreciation on Open Forward ContractsCurrencies

$
838,191



12,253



0.04Total unrealized appreciation on open forward contracts






12,253



0.04Unrealized Depreciation on Open Forward ContractsCurrencies

$
2,036,681



(56,308
)


(0.19
)Total unrealized depreciation on open forward contracts






(56,308
)


(0.19
)Investment in PartnershipsCMF Campbell Master Fund L.P.






4,660,413



15.68CMF Aspect Master Fund L.P.






9,018,321



30.34CMF Altis Partners Master Fund L.P.






10,793,962



36.31Total investment in Partnerships






24,472,696



82.33Total fair value





$
24,437,571



82.21
%   See accompanying notes to financial statements.
 5




---



##### 



Global Diversified Futures Fund L.P.Statements of Income and Expenses and Change in
    Partners Capital
    (Unaudited)
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Income:Net gains (losses) on trading of commodity interests and
investment in Partnerships:Net realized gains (losses) on closed contracts
    
    $
    (34,336
    )
    
    $
    920,512
    
    
    $
    (485,070
    )
    
    $
    550,450Net realized gains (losses) on investment in Partnerships
    
    
    1,041,968
    
    
    
    (1,990,826
    )
    
    
    779,828
    
    
    
    (671,911
    )Change in net unrealized gains (losses) on open contracts
    
    
    34,316
    
    
    
    28,269
    
    
    
    35,125
    
    
    
    26,422Change in net unrealized gains (losses) on
investments in Partnerships
    
    
    (1,072,940
    )
    
    
    258,518
    
    
    
    (194,248
    )
    
    
    (1,882,659
    )Gain (loss) from trading, net
    
    
    (30,992
    )
    
    
    (783,527
    )
    
    
    135,635
    
    
    
    (1,977,698
    )Interest income
    
    
    
    
    
    
    1,065
    
    
    
    240
    
    
    
    2,189Interest income from investment in Partnerships
    
    
    6,972
    
    
    
    5,628
    
    
    
    10,183
    
    
    
    12,630Total income (loss)
    
    
    (24,020
    )
    
    
    (776,834
    )
    
    
    146,058
    
    
    
    (1,962,879
    )Expenses:Brokerage fees including clearing fees
    
    
    396,884
    
    
    
    458,544
    
    
    
    798,486
    
    
    
    973,221Management fees
    
    
    123,154
    
    
    
    147,340
    
    
    
    248,861
    
    
    
    311,595Incentive fees
    
    
    22,336
    
    
    
    73,753
    
    
    
    22,336
    
    
    
    73,753Other
    
    
    57,020
    
    
    
    42,057
    
    
    
    92,356
    
    
    
    69,686Total expenses
    
    
    599,394
    
    
    
    721,694
    
    
    
    1,162,039
    
    
    
    1,428,255Net income (loss)
    
    
    (623,414
    )
    
    
    (1,498,528
    )
    
    
    (1,015,981
    )
    
    
    (3,391,134
    )Redemptions  General Partner
    
    
    
    
    
    
    (1,029,688
    )
    
    
    (100,000
    )
    
    
    (4,076,188
    )Redemptions  Limited Partners
    
    
    (837,971
    )
    
    
    (409,375
    )
    
    
    (1,537,556
    )
    
    
    (409,375
    )Net increase (decrease) in Partners Capital
    
    
    (1,461,385
    )
    
    
    (2,937,591
    )
    
    
    (2,653,537
    )
    
    
    (7,876,697
    )Partners Capital, beginning of period
    
    
    28,531,784
    
    
    
    34,280,778
    
    
    
    29,723,936
    
    
    
    39,219,884Partners Capital, end of period
    
    $
    27,070,399
    
    
    $
    31,343,187
    
    
    $
    27,070,399
    
    
    $
    31,343,187Net asset value per unit
(14,809.0156 and 16,309.7101 units outstanding
at June 30, 2010 and 2009, respectively)
    
    $
    1,827.97
    
    
    $
    1,921.75
    
    
    $
    1,827.97
    
    
    $
    1,921.75Net income (loss) per Redeemable Unit  and General Partner unit equivalent
    
    $
    (41.77
    )
    
    $
    (89.57
    )
    
    $
    (65.49
    )
    
    $
    (195.74
    )Weighted average units outstanding
    
    
    15,091.4562
    
    
    
    16,779.2654
    
    
    
    15,311.4372
    
    
    
    17,411.2326
    6




---



##### 



Global Diversified Futures Fund L.P.Notes to Financial Statements
June 30, 2010
    (Unaudited)
  1.
    General:          Form 10-K
           7




---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
June 30, 2010
    (Unaudited)
  2.
    Financial
    Highlights:    Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Net realized and unrealized gains (losses) *
    
    $
    (28.85
    )
    
    $
    (74.30
    )
    
    $
    (42.41
    )
    
    $
    (170.33
    )Interest income
    
    
    0.46
    
    
    
    0.40
    
    
    
    0.68
    
    
    
    0.85Expenses **
    
    
    (13.38
    )
    
    
    (15.67
    )
    
    
    (23.76
    )
    
    
    (26.26
    )Increase (decrease) for the period
    
    
    (41.77
    )
    
    
    (89.57
    )
    
    
    (65.49
    )
    
    
    (195.74
    )Net asset value per Redeemable Unit, beginning of period
    
    
    1,869.74
    
    
    
    2,011.32
    
    
    
    1,893.46
    
    
    
    2,117.49Net asset value per Redeemable Unit, end of period ***
    
    $
    1,827.97
    
    
    $
    1,921.75
    
    
    $
    1,827.97
    
    
    $
    1,921.75
 
 *
    
    Includes brokerage fees and clearing  fees.**
    
    Excludes brokerage fees and clearing fees. Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Ratios to Average Net Assets:***Net investment income (loss) before incentive fees****
    
    
    (8.2
    )%
    
    
    (7.8
    )%
    
    
    (8.1
    )%
    
    
    (7.8
    )%Operating expense
    
    
    8.3
    %
    
    
    7.9
    %
    
    
    8.2
    %
    
    
    7.9
    %Incentive fees
    
    
    0.1
    %
    
    
    0.2
    %
    
    
    0.1
    %
    
    
    0.2
    %Total expenses
    
    
    8.4
    %
    
    
    8.1
    %
    
    
    8.3
    %
    
    
    8.1
    %Total return:Total return before incentive fees
    
    
    (2.1
    )%
    
    
    (4.2
    )%
    
    
    (3.4
    )%
    
    
    (9.0
    )%Incentive fees
    
    
    (0.1
    )%
    
    
    (0.3
    )%
    
    
    (0.1
    )%
    
    
    (0.2
    )%Total return after incentive fees
    
    
    (2.2
    )%
    
    
    (4.5
    )%
    
    
    (3.5
    )%
    
    
    (9.2
    )%
 
 ***
    
    Annualized (other than incentive fees).****
    
    Interest income less total expenses (exclusive of incentive
fees).    3.
    Trading
    Activities:      8




---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
    June 30, 2010
    (Unaudited)




---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
June  30, 2010
    (Unaudited)
 4.
    Fair
    Value Measurements:  Partnerships and the Funds Investments.
  Partnerships and the Funds Fair Value Measurements.
    non-exchange-traded
 10




---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial StatementsJune 30, 2010
    (Unaudited)
    Quoted Prices inActive Markets
    
    
    Significant Other
    
    
    Significantfor Identical
    
    
    Observable Inputs
    
    
    Unobservable6/30/2010
    
    
    Assets (Level 1)
    
    
    (Level 2)
    
    
    Inputs (Level 3)AssetsInvestment in
Partnerships
    
    $
    27,429,100
    
    
    $
    
    
    
    $
    27,429,100
    
    
    $
    Total fair value
    
    $
    27,429,100
    
    
    
    
    
    
    $
    27,429,100
    
    
    
    Quoted Prices inActive Markets for


Significant Other


SignificantIdentical Assets


Observable Inputs


Unobservable12/31/2009


(Level 1)


(Level 2)


Inputs (Level 3)AssetsFutures

$
8,930


$
8,930


$



$
Investment in Partnerships


24,472,696







24,472,696



Total assets


24,481,626



8,930



24,472,696



LiabilitiesForwards

$
44,055


$



$
44,055


$
Total liabilities


44,055







44,055



Total fair value

$
24,437,571


$
8,930


$
24,428,641


$
  5.
    Investment
    in Partnerships:




---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial StatementsJune 30, 2010
    (Unaudited)




---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
June  30, 2010
    (Unaudited)
    give-up,
      June 30, 2010Total Assets


Total Liabilities


Total CapitalCampbell Master
    
    $
    46,068,777
    
    
    $
    555,025
    
    
    $
    45,513,752Aspect Master
    
    
    163,823,883
    
    
    
    2,113,987
    
    
    
    161,709,896Altis Master
    
    
    71,337,811
    
    
    
    827,700
    
    
    
    70,510,111Waypoint Master
    
    
    42,741,064
    
    
    
    24,400
    
    
    
    42,716,664Total
    
    $
    323,971,535
    
    
    $
    3,521,112
    
    
    $
    320,450,423December 31, 2009Total


TotalTotal Assets


Liabilities


CapitalCampbell Master

$
63,393,130


$
867,467


$
62,525,663Aspect Master


166,072,281



934,223



165,138,058Altis Master


84,341,762



34,004



84,307,758Total

$
313,807,173


$
1,835,694


$
311,971,479


13



---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
June 30, 2010
    (Unaudited)
  For the three months ended June 30, 2010Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, net
    
    
    (Loss)
    
    
    (Loss)Campbell Master
    
    $
    447,826
    
    
    $
    459,770
    
    
    $
    396,273Aspect Master
    
    
    993,585
    
    
    
    1,034,870
    
    
    
    927,531Altis Master
    
    
    (6,238,080
    )
    
    
    (6,216,345
    )
    
    
    (6,318,318
    )Waypoint Master
    
    
    5,344,480
    
    
    
    5,356,042
    
    
    
    5,296,789Total
    
    $
    547,811
    
    
    $
    634,337
    
    
    $
    302,275
 For the three months ended June 30, 2009Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, net
    
    
    (Loss)
    
    
    (Loss)Campbell Master
    
    $
    (6,091,219
    )
    
    $
    (6,072,257
    )
    
    $
    (6,094,561
    )Aspect Master
    
    
    (23,442,999
    )
    
    
    (23,405,153
    )
    
    
    (23,487,080
    )Altis Master
    
    
    (196,381
    )
    
    
    (176,906
    )
    
    
    (209,227
    )Total
    
    $
    (29,730,599
    )
    
    $
    (29,654,316
    )
    
    $
    (29,790,868
    )
 For the six months ended June 30, 2010Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, net
    
    
    (Loss)
    
    
    (Loss)Campbell Master
    
    $
    (1,114,798
    )
    
    $
    (1,096,368
    )
    
    $
    (1,202,535
    )Aspect Master
    
    
    7,879,872
    
    
    
    7,941,254
    
    
    
    7,765,928Altis Master
    
    
    (4,102,014
    )
    
    
    (4,069,053
    )
    
    
    (4,221,277
    )Waypoint Master
    
    
    5,917,533
    
    
    
    5,932,402
    
    
    
    5,858,344Total
    
    $
    8,580,593
    
    
    $
    8,708,235
    
    
    $
    8,200,460
 For the six months ended June 30, 2009Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, net
    
    
    (Loss)
    
    
    (Loss)Campbell Master
    
    $
    (5,701,140
    )
    
    $
    (5,657,382
    )
    
    $
    (5,706,513
    )Aspect Master
    
    
    (26,222,449
    )
    
    
    (26,134,701
    )
    
    
    (26,266,029
    )Altis Master
    
    
    (5,030,541
    )
    
    
    (4,990,039
    )
    
    
    (5,072,429
    )Total
    
    $
    (36,954,130
    )
    
    $
    (36,782,122
    )
    
    $
    (37,044,971
    )


14



---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
       June 30, 2010
    (Unaudited)
    June 30, 2010
       
       
       For the three months ended    June 30, 2010% of
       
       
       
       
       
       
       
       
       Expenses
       
       
       NetPartnerships
       
       
       Fair
       
       
       Income
       
       
       
       
       
       
       
       
       Income
       
       
       Investment
       
       RedemptionsFunds
       
       Net Assets
       
       
       Value
       
       
       (Loss)
       
       
       Brokerage fees
       
       
       Other
       
       
       (Loss)
       
       
       Objective
       
       PermittedCampbell Master
    
    
    12.06
    %
    
    $
    3,265,602
    
    
    $
    40,871
    
    
    $
    1,950
    
    
    $
    2,912
    
    
    $
    36,009
    
    
    FME Portfolio
    
    MonthlyAspect Master
    
    
    33.71
    %
    
    
    9,124,111
    
    

    
    56,098
    
    
    
    3,085
    
    
    
    2,925
    
    
    
    50,088
    
    
    Commodity Portfolio
    
    MonthlyAltis Master
    
    
    34.76
    %
    
    
    9,409,755
    
    
    
    (827,396
    )
    
    
    5,070
    
    
    
    8,431
    
    
    
    (840,897
    )
    
    Commodity Portfolio
    
    MonthlyWaypoint Master
    
    
    20.80
    %
    
    
    5,629,632
    
    
    
    706,427
    
    
    
    5,416
    
    
    
    2,401
    
    
    
    698,610
    
    
    Commodity Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    27,429,100
    
    
    $
    (24,000
    )
    
    $
    15,521
    
    
    $
    16,669
    
    
    $
    (56,190
    )June 30, 2010


For the six months ended June 30, 2010% of








Expenses


NetPartnerships


Fair


Income








Income


Investment

RedemptionsFunds

Net Assets


Value


(Loss)


Brokerage fees


Other


(Loss)


Objective

PermittedCampbell Master
    
    
    12.06
    %
    
    $
    3,265,602
    
    
    $
    (73,832
    )
    
    $
    4,354
    
    
    $
    3,791
    
    
    $
    (81,977
    )
    
    FME Portfolio

    MonthlyAspect Master
    
    
    33.71
    %
    
    
    9,124,111
    
    
    
    438,856
    
    
    
    5,937
    
    
    
    3,809
    
    
    
    429,110
    
    
    Commodity Portfolio

    MonthlyAltis Master
    
    
    34.76
    %
    
    
    9,409,755
    
    
    
    (551,811
    )
    
    
    9,997
    
    
    
    9,975
    
    
    
    (571,783
    )
    
    Commodity Portfolio

    MonthlyWaypoint Master
    
    
    20.80
    %
    
    
    5,629,632
    
    
    
    782,550
    
    
    
    6,553
    
    
    
    3,221
    
    
    
    772,776
    
    
    Commodity Portfolio
    MonthlyTotal
    
    
    
    
    
    $
    27,429,100
    
    
    $
    595,763
    
    
    $
    26,841
    
    
    $
    20,796
    
    
    $
    548,126December 31, 2009
       
       
       For the three months ended   June  30, 2009% of
       
       
       
       
       
       
       
       
       Expenses
       
       
       NetPartnerships
       
       
       Fair
       
       
       Income
       
       
       
       
       
       
       
       
       Income
       
       
       Investment
       
       RedemptionsFunds
       
       Net Assets
       
       
       Value
       
       
       (Loss)
       
       
       Brokerage fees
       
       
       Other
       
       
       (Loss)
       
       
       Objective
       
       PermittedCampbell Master
       
       
       15.68
       %
       
       $
       4,660,413
       
       
       $
       (451,682
       )
       
       $
       947
       
       
       $
       723
       
       
       $
       (453,352
       )
       
       FME
    Portfolio
       
       MonthlyAspect Master
       
       
       30.34
       %
       
       
       9,018,321
       
       
       
       (1,252,269
       )
       
       
       3,914
       
       
       
       472
       
       
       
       (1,256,655
       )
       
       Commodity
    Portfolio
       
       MonthlyAltis Master
       
       
       36.31
       %
       
       
       10,793,962
       
       
       
       (22,729
       )
       
       
       2,557
       
       
       
       1,686
       
       
       
       (26,972
       )
       
       Commodity
    Portfolio
       
       MonthlyTotal
       
       
       
       
       
       $
       24,472,696
       
       
       $
       (1,726,680
       )
       
       $
       7,418
       
       
       $
       2,881
       
       
       $
       (1,736,979
       )  December 31, 2009


For the six months ended June 30, 2009% of








Expenses


NetPartnerships


Fair


Income








Income


Investment

RedemptionsFunds

Net Assets


Value


(Loss)


Brokerage fees


Other


(Loss)


Objective

PermittedCampbell Master
    
    
    15.68
    %
    
    $
    4,660,413
    
    
    $
    (421,090
    )
    
    $
    2,090
    
    
    $
    1,538
    
    
    $
    (424,718
    )
    
    FME
    Portfolio
    
    MonthlyAspect Master
    
    
    30.34
    %
    
    
    9,018,321
    
    
    
    (1,393,574
    )
    
    
    5,881
    
    
    
    975
    
    
    
    (1,400,430
    )
    
    Commodity
 Portfolio
    
    MonthlyAltis Master
    
    
    36.31
    %
    
    
    10,793,962
    
    
    
    (727,276
    )
    
    
    8,394
    
    
    
    3,226
    
    
    
    (738,896
    )
    
    Commodity
 Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    24,472,696
    
    
    $
    (2,541,940
    )
    
    $
    16,365
    
    
    $
    5,739
    
    
    $
    (2,564,044
    ) 15




---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
June 30, 2010
    (Unaudited)
    6.
    Financial
    Instrument Risks:




---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
June 30, 2010
    (Unaudited)
  7.
Critical     Accounting Policies:
 Use of Estimates.
 Statement
of Cash Flows.
 Partnerships and the Funds Investments.
 Partnerships and the Funds Fair Value Measurements.
  Futures
Contracts.
 Forward Foreign Currency Contracts.
 17




---



##### 



London Metals Exchange Forward Contracts.
 Options.
 Income Taxes.
    Subsequent Events.
  Recent Accounting Pronouncements.
  No. 2010-09 2010-09),
  Net Income (loss) per Redeemable Unit
 18




---



##### 



Item 2.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations.  Liquidity
    and Capital Resources
        Critical
Accounting Policies
 Partnerships and the Funds Investments.
 Partnerships and the Funds Fair Value Measurements.
  Futures
Contracts.
 19




---



##### 



Forward Foreign Currency Contracts.
  London Metals Exchange Forward Contracts.
 Options.
  Results
    of Operations
         20




---



##### 



21




---



##### 



Item 3.
    Quantitative
    and Qualitative Disclosures about Market Risk            one-day
    June
30, 2010
(Unaudited)
 % of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
    652,835
    
    
    
    2.41
    %Energy
    
    
    111,776
    
    
    
    0.41
    %Grains
    
    
    102,375
    
    
    
    0.38
    %Interest Rates U.S.
    
    
    328,967
    
    
    
    1.21
    %Interest Rates Non-U.S.
    
    
    720,356
    
    
    
    2.66
    %Livestock
    
    
    12,601
    
    
    
    0.05
    %Lumber
    
    
    1,378
    
    
    
    0.01
    %Metals
    
    
    261,405
    
    
    
    0.97
    %Softs
    
    
    99,488
    
    
    
    0.37
    %Indices
    
    
    891,832
    
    
    
    3.29
    %Total
    
    $
    3,183,013
    
    
    
    11.76
    %
 22




---



##### 



June 30, 2010

       (Unaudited)
 Three Months Ended June 30, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    1,333,381
    
    
    
    2.93
    %
    
    $
    2,022,510
    
    
    $
    1,333,381
    
    
    $
    1,733,146Energy
    
    
    84,994
    
    
    
    0.19
    %
    
    
    515,400
    
    
    
    56,374
    
    
    
    275,743Grains
    
    
    81,810
    
    
    
    0.18
    %
    
    
    183,419
    
    
    
    49,578
    
    
    
    105,386Interest Rates U.S.
    
    
    706,650
    
    
    
    1.55
    %
    
    
    746,750
    
    
    
    159,050
    
    
    
    465,483Interest Rates Non-U.S.
    
    
    1,558,651
    
    
    
    3.43
    %
    
    
    1,599,230
    
    
    
    800,893
    
    
    
    1,383,757Livestock
    
    
    28,850
    
    
    
    0.06
    %
    
    
    31,800
    
    
    
    4,375
    
    
    
    17,633Metals
    
    
    511,455
    
    
    
    1.12
    %
    
    
    562,267
    
    
    
    198,166
    
    
    
    463,356Softs
    
    
    148,913
    
    
    
    0.33
    %
    
    
    153,573
    
    
    
    16,900
    
    
    
    94,293Indices
    
    
    963,838
    
    
    
    2.12
    %
    
    
    1,974,159
    
    
    
    444,941
    
    
    
    1,176,124Total
    
    $
    5,418,542
    
    
    
    11.91
    %
     *
    
    Average of  month-end Values at Risk    June 30, 2010
    (Unaudited)
 Three Months Ended June 30, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk *Currencies
    
    $
    2,674,826
    
    
    
    1.66
    %
    
    $
    5,892,020
    
    
    $
    2,462,231
    
    
    $
    3,676,359Energy
    
    
    894,500
    
    
    
    0.55
    %
    
    
    1,901,350
    
    
    
    858,350
    
    
    
    1,177,301Grains
    
    
    467,299
    
    
    
    0.29
    %
    
    
    565,286
    
    
    
    221,853
    
    
    
    397,437Interest Rates U.S.
    
    
    1,700,600
    
    
    
    1.05
    %
    
    
    1,700,600
    
    
    
    316,542
    
    
    
    1,302,600Interest Rates Non-U.S.
    
    
    4,114,413
    
    
    
    2.54
    %
    
    
    5,153,160
    
    
    
    3,437,262
    
    
    
    4,135,428Livestock
    
    
    34,863
    
    
    
    0.02
    %
    
    
    240,000
    
    
    
    14,717
    
    
    
    118,004Lumber
    
    
    1,100
    
    
    
    0.00
    %**
    
    
    1,100
    
    
    
    1,100
    
    
    
    1,100Metals
    
    
    934,991
    
    
    
    0.58
    %
    
    
    2,001,590
    
    
    
    868,407
    
    
    
    1,192,834Softs
    
    
    640,928
    
    
    
    0.40
    %
    
    
    937,486
    
    
    
    494,690
    
    
    
    773,339Indices
    
    
    8,781,583
    
    
    
    5.43
    %
    
    
    12,006,738
    
    
    
    832,920
    
    
    
    4,487,606Total
    
    $
    20,245,103
    
    
    
    12.52
    %
     *
    
    Average of  month-end Values at Risk**
    
    Due to rounding 23




---



##### 



June 30, 2010
    (Unaudited)
  Three Months Ended June 30, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk *Currencies
    
    $
    2,414,670
    
    
    
    3.43
    %
    
    $
    3,215,808
    
    
    $
    466,547
    
    
    $
    2,318,326Energy
    
    
    417,779
    
    
    
    0.59
    %
    
    
    944,809
    
    
    
    354,534
    
    
    
    677,884Grains
    
    
    416,491
    
    
    
    0.59
    %
    
    
    502,484
    
    
    
    279,916
    
    
    
    384,678Interest Rates U.S.
    
    
    971,600
    
    
    
    1.38
    %
    
    
    972,350
    
    
    
    252,188
    
    
    
    657,183Interest Rates Non -U.S.
    
    
    1,565,394
    
    
    
    2.22
    %
    
    
    1,773,721
    
    
    
    740,034
    
    
    
    1,383,968Livestock
    
    
    64,445
    
    
    
    0.09
    %
    
    
    120,100
    
    
    
    27,107
    
    
    
    62,577Lumber
    
    
    9,900
    
    
    
    0.01
    %
    
    
    22,000
    
    
    
    1,100
    
    
    
    9,533Metals
    
    
    1,231,606
    
    
    
    1.75
    %
    
    
    1,742,043
    
    
    
    1,016,632
    
    
    
    1,160,603Softs
    
    
    397,553
    
    
    
    0.56
    %
    
    
    488,952
    
    
    
    199,670
    
    
    
    349,970Indices
    
    
    2,373,690
    
    
    
    3.37
    %
    
    
    7,740,340
    
    
    
    564,742
    
    
    
    3,033,893Total
    
    $
    9,863,128
    
    
    
    13.99
    %
     *
    
    Average of  month-end Values at Risk    June 30, 2010

       (Unaudited)
 Three Months Ended June 30, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    650,686
    
    
    
    1.52
    %
    
    $
    11,817,974
    
    
    $
    650,686
    
    
    $
    4,383,389Grains
    
    
    113,050
    
    
    
    0.26
    %
    
    
    154,000
    
    
    
    31,000
    
    
    
    124,950Interest Rates U.S.
    
    
    406,300
    
    
    
    0.95
    %
    
    
    938,850
    
    
    
    47,200
    
    
    
    601,500Interest Rates Non-U.S.
    
    
    1,284,310
    
    
    
    3.01
    %
    
    
    2,212,691
    
    
    
    104,489
    
    
    
    723,505Metals
    
    
    63,765
    
    
    
    0.15
    %
    
    
    216,426
    
    
    
    31,500
    
    
    
    123,963Indices
    
    
    113,383
    
    
    
    0.27
    %
    
    
    113,383
    
    
    
    100,993
    
    
    
    107,856Total
    
    $
    2,631,494
    
    
    
    6.16
    %
     *
    
    Average of month-end Value at Risk 24




---



##### 



Item 4.
    Controls
    and Procedures.      Rules 13a-15(e) 15d-15(e)
  internal control over financial
    reporting
  
    pertain to the maintenance of records that in reasonable detail
    accurately and fairly reflect the transactions and dispositions
    of the assets of the Partnership;
    provide reasonable assurance that (i) transactions are
    recorded as necessary to permit preparation of financial
    statements in accordance with GAAP, and (ii) the Partnerships
    receipts are handled and expenditures are made only pursuant to
    authorizations of the General Partner; and
    provide reasonable assurance regarding prevention or timely
    detection of unauthorized acquisition, use or disposition of the
    Partnerships assets that could have a material effect on
    the financial statements.   25




---



##### 



PART II.
    OTHER INFORMATION Item 1.    Legal Proceedings
  26




---



##### 



Item 1A.
    Risk Factors.
  Regulatory changes could restrict the Partnerships operations
 Regulatory changes could restrict the Partnerships operations.
    Item 2.
    Unregistered
    Sales of Equity Securities and Use of Proceeds.      (d) Maximum Number(c) Total Number



(or Approximate Dollarof Redeemable Units



Value) of Redeemable(a) Total Number



(b) Average



Purchased as Part of



Units that May Yet Beof Redeemable Units



Price Paid per



Publicly Announced



Purchased Under thePeriod


Purchased*



Redeemable Unit**



Plans or Programs



Plans or ProgramsApril 1, 2010  April 30, 2010



148.5423



$
1,877.51




N/A




N/AMay 1, 2010  May 31, 2010



207.8033



$
1,860.11




N/A




N/AJune 1, 2010  June 30, 2010



94.3910



$
1,827.97




N/A




N/ATotal



450.7366



$
1,859.11        Item 3.
    Defaults
    Upon Senior Securities  None  Item 4.
    [Removed and Reserved]  Item 5.
    Other
    Information  None  27




---



##### 



Item 6.
    Exhibits   (a)
    
    Certificate of Amendment of the Certificate of Limited Partnership as filed in the
office of the Secretary of State of the State of New York, dated June 30, 1998 (filed as
Exhibit 3.2 to the Registration Statement on Form S-1 filed on August 20, 1998 and
incorporated herein by reference).(b)
    
    Certificate of Amendment to the Certificate of Limited Partnership as filed in
the Office of the Secretary of State of the State of New
York, dated October 1, 1999 (filed as Exhibit 3.1(b) to the Form 10-Q filed on
November 16, 2009 and incorporated herein by reference).(c)
    
    Certificate of Change to the Certificate of Limited Partnership as filed in the Office of the
Secretary of State of the State of New York, effective
January 31, 2000 (filed as Exhibit 3.1(c) to the Form 10-Q filed on
November 16, 2009 and incorporated herein by reference).(d)
    
    Certificate of Amendment to the Certificate of Limited Partnership as filed in the Office of the
Secretary of State of the State of New York,
dated May 21, 2003 (filed as Exhibit 3.1(d) to the Form
10-Q filed on November 16, 2009 and incorporated herein by reference).(e)
    
    Certificate of Amendment to the Certificate of Limited Partnership as filed in the Office of the
Secretary of State of the State of New York, dated
September 21, 2005 (filed as Exhibit 3.1(e) to the Form 10-Q filed
on November 16, 2009 and incorporated herein by reference).(f)
    
    Certificate of Amendment of the Certificate of Limited Partnership as filed in the
office of the Secretary of State of the State of New York, dated August 27, 2008 (filed as
Exhibit 99.1 to the Form 8-K filed on September 2, 2008 and incorporated herein by
reference).(g)
    
    Certificate of Amendment to the Certificate of Limited Partnership as filed in the Office of the Secretary of State of the State of New York,
dated September 19, 2008 (filed as Exhibit 3.1(g) to the Form 10-Q
filed on November 16, 2009 and incorporated herein by reference).(h)
    
    Certificate of Amendment of the Certificate of Limited Partnership as filed in the
office of the Secretary of State of the State of New York, dated September 28, 2009 (filed
as Exhibit 99.1 to the Form 8-K filed on September 30, 2009 and incorporated herein by
reference).(i)
    
    Certificate of Amendment of the Certificate of Limited
Partnership as filed in the office of the Secretary of State of New
York, dated June 30, 2010 (filed as Exhibit 3.1(i) to the Form 8-K
filed on July 2, 2010 and incorporated herein by reference).
       (a)
    
    Letter from the General Partner extending Management Agreement with Campbell & Company,
Inc. for 2009, dated June 9, 2009 (filed as Exhibit 10.5(a) to the Form 10-K filed on March
31, 2010 and incorporated herein by reference).
  (a)
    
    Letter from the General Partner extending Management Agreement with Aspect Capital
Management Limited for 2009, dated June 9, 2009 (filed as
Exhibit 10.6(a) to the Form 10-K
filed on March 31, 2010 and incorporated herein by reference).
 28




---



##### 



(a)
    
    Letter from the General Partner extending Management Agreement with Altis Partners
(Jersey) Limited for 2009, dated June 9, 2009 (filed as
Exhibit 10.7(a) to the Form 10-K
filed on March 31, 2010 and incorporated herein by reference).
  (a)
    
    Letter
from the General Partner extending Management Agreement with Waypoint
Capital Management LLC for 2009, dated June 9, 2009 (filed as Exhibit
10.8(a) to the Form 10-K filed on March 31, 2010 and incorporated
herein by reference).
 31.1
    
    Rule 13a-14(a)/15d-14(a) Certification (Certification of President and Director).31.2
    
    Rule 13a-14(a)/15d-14(a) Certification (Certification of Chief Financial Officer, Secretary  and Director).32.1
    
    Section 1350 Certification (Certification of President and Director).32.2
    
    Section 1350 Certification (Certification of Chief Financial Officer, Secretary and Director).






---



##### 



SIGNATURES
      By:
    Ceres Managed Futures LLC    By:
    /s/  Walter Davis       By:
    /s/  Jennifer
    Magro