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 March 31, 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
 55 East 59th Street
      10th Floor
 New York, New York
    10022
    (212) 559-2011
       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
    March 31, 2010 and December 31, 2009 (unaudited)

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

4  5Statements of Income and Expenses and Changes in Partners Capital
    for
    the three  months ended     March 31, 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)
  March 31,
    
    
    December 31,2010
    
    

2009Assets:Investment in Partnerships, at fair value
    
    $
    28,844,234
    
    
    $
    24,472,696Equity in trading account:Cash
    
    
    63,151
    
    
    
    5,549,173Cash margin
    
    
    34,316
    
    
    
    90,225Net unrealized appreciation on open futures contracts
    
    
    
    
    
    
    8,93028,941,701
    
    
    
    30,121,024Interest receivable
    
    
    
    
    
    
    60Total assets
    
    $
    28,941,701
    
    
    $
    30,121,084Liabilities and Partners Capital:Liabilities:Net unrealized depreciation on open forward contracts
    
    $
    34,316
    
    
    $
    44,055Accrued expenses:Brokerage fees
    
    
    130,083
    
    
    
    135,347Management fees
    
    
    42,113
    
    
    
    44,183Incentive fees
    
    
    
    
    
    
    26,539Other
    
    
    58,842
    
    
    
    63,950Redemptions payable
    
    
    144,563
    
    
    
    83,074Total liabilities
    
    
    409,917
    
    
    
    397,148Partners Capital:General Partner, 157.9234 and 213.0484 Unit equilavents outstanding at
March 31, 2010 and December 31, 2009, respectively
    
    
    295,276
    
    
    
    403,399Limited Partners, 15,101.8288 and 15,485.2035
Redeemable Units of Limited Partnership Interest outstanding
at March 31, 2010 and December 31, 2009, respectively
    
    
    28,236,508
    
    
    
    29,320,537Total partners capital
    
    
    28,531,784
    
    
    
    29,723,936Total liabilities and partners capital
    
    $
    28,941,701
    
    
    $
    30,121,084Net Asset
per Unit
    
    $
    1,869.74
    
    
    $
    1,893.46
    3




---



##### 



Global Diversified Futures Fund L.P.
March 31, 2010Condensed Schedule of Investments
    (Unaudited)
  % of PartnersNotional($)
    
    
    Fair Value
    
    
    CapitalUnrealized
Appreciation on Open Forward ContractsCurrencies
    
    $
    1,198,479
    
    
    $
    39,798
    
    
    
    0.14
    %Total unrealized appreciation on open forward contracts
    
    
    
    
    
    
    39,798
    
    
    
    0.14Unrealized
Depreciation on Open Forward ContractsCurrencies
    
    $
    1,198,479
    
    
    
    (74,114
    )
    
    
    (0.26
    )Total unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (74,114
    )
    
    
    (0.26
    )Investment in
PartnershipsCMF Campbell Master Fund L.P.
    
    
    
    
    
    
    4,119,802
    
    
    
    14.44CMF Aspect Master Fund L.P.
    
    
    
    
    
    
    9,238,330
    
    
    
    32.38CMF Altis Partners Master Fund L.P.
    
    
    
    
    
    
    10,452,513
    
    
    
    36.63Waypoint Master Fund L.P.
    
    
    
    
    
    
    5,033,589
    
    
    
    17.64Total investment in Partnerships
    
    
    
    
    
    
    28,844,234
    
    
    
    101.09Total fair value
    
    
    
    
    
    $
    28,809,918
    
    
    $
    100.97
    %
  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 EndedMarch 31,2010
    
    
    2009Income:Net gains (losses) on trading of commodity interests and
investment in Partnerships:Net realized gains (losses) on closed contracts
    
    $
    (450,734
    )
    
    $
    (370,063
    )Net realized gains (losses) on investment in Partnerships
    
    
    (262,140
    )
    
    
    1,318,915Change in net unrealized gains (losses) on open contracts
    
    
    809
    
    
    
    (1,846
    )Change in net unrealized gains (losses) on
investments in Partnerships
    
    
    878,692
    
    
    
    (2,141,177
    )Gain (loss) from trading, net
    
    
    166,627
    
    
    
    (1,194,171
    )Interest income
    
    
    239
    
    
    
    1,124Interest income from investment in Partnerships
    
    
    3,212
    
    
    
    7,002Total income (loss)
    
    
    170,078
    
    
    
    (1,186,045
    )Expenses:Brokerage fees including clearing fees
    
    
    401,602
    
    
    
    514,677Management fees
    
    
    125,707
    
    
    
    164,255Other
    
    
    35,336
    
    
    
    27,629Total expenses
    
    
    562,645
    
    
    
    706,561Net income (loss)
    
    
    (392,567
    )
    
    
    (1,892,606
    )Redemptions  General Partner
    
    
    (100,000
    )
    
    
    Redemptions  Limited Partners
    
    
    (699,585
    )
    
    
    (3,046,500
    )Net increase (decrease) in Partners Capital
    
    
    (1,192,152
    )
    
    
    (4,939,106
    )Partners Capital, beginning of period
    
    
    29,723,936
    
    
    
    39,219,884Partners Capital, end of period
    
    $
    28,531,784
    
    
    $
    34,280,778Net Asset Value per  Unit
(15,259.7522 and 17,043.8909  Units outstanding
at March 31, 2010 and 2009, respectively)
    
    $
    1,869.74
    
    
    $
    2,011.32Net income (loss) per Redeemable Unit of Limited Partnership
Interest and General Partner Unit equivalent
    
    $
    (23.72
    )
    
    $
    (106.17
    )Weighted average units outstanding
    
    
    15,531.4181
    
    
    
    18,043.1998
    6




---



##### 



Global Diversified Futures Fund L.P.Notes to Financial Statements
March 31, 2010
    (Unaudited)
  1.
    General:          Form 10-K
          7




---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
March 31, 2010
    (Unaudited)
  2.
    Financial
    Highlights:    Three Months EndedMarch 31,2010
    
    
    2009Net realized and unrealized gains (losses) *
    
    $
    (13.56
    )
    
    $
    (96.03
    )Interest income
    
    
    0.22
    
    
    
    0.45Expenses **
    
    
    (10.38
    )
    
    
    (10.59
    )Increase (decrease) for the period
    
    
    (23.72
    )
    
    
    (106.17
    )Net Asset Value per Redeemable Unit, beginning of period
    
    
    1,893.46
    
    
    
    2,117.49Net Asset Value per Redeemable Unit, end of period
    
    $
    1,869.74
    
    
    $
    2,011.32
 
 *
    
    Includes brokerage and clearing  fees.**
    
    Excludes brokerage  and clearing fees. Three Months EndedMarch 31,2010
    
    
    2009Ratios to Average Net Assets:***Net investment income (loss) before incentive fees****
    
    
    (8.0
    )%
    
    
    (7.7
    )%Operating expense
    
    
    8.0
    %
    
    
    7.8
    %Incentive fees
    
    
    
    %
    
    
    
    %Total expenses
    
    
    8.0
    %
    
    
    7.8
    %Total return:Total return before incentive fees
    
    
    (1.3
    )%
    
    
    (5.0
    )%Incentive fees
    
    
    
    %
    
    
    
    %Total return after incentive fees
    
    
    (1.3
    )%
    
    
    (5.0
    )%
 
 ***
    
    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
    March 31, 2010
    (Unaudited)
      March 31, 2010AssetsForward
ContractsCurrencies
    
    $
    39,798Total unrealized appreciation on open forward contracts
    
    $
    39,798LiabilitiesForward
ContractsCurrencies
    
    $
    (74,114
    )Total unrealized depreciation on open forward contracts
    
    $
    (74,114
    )Net
unrealized depreciation on open forward contracts
    
    $
    (34,316
    )*
 
 *
    
    This amount is  in Net unrealized depreciation on open forward contracts on the Statements of Financial Condition.  December 31, 2009AssetsFutures ContractsCurrencies

$
8,930Total unrealized appreciation on open futures contracts

$
8,930Net unrealized appreciation on open futures contracts

$
8,930
*AssetsForward ContractsCurrencies

$
12,253Total unrealized appreciation on open forward contracts

$
12,253LiabilitiesForward ContractsCurrencies

$
(56,308
)Total unrealized depreciation on open forward contracts

$
(56,308
)Net unrealized depreciation on open forward contracts

$
(44,055
)**   *
    
    This amount is in Net unrealized appreciation on open
    futures contracts on the Statements of Financial Condition.**
    
    This amount is in Net unrealized depreciation on open
    forward contracts on the Statements of Financial Condition.




---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
March 31, 2010
    (Unaudited)
  Three Months Ended
    
    
    Three Months EndedMarch 31, 2010
    
    
    March 31, 2009Sector
    
    Gain (loss) from trading
    
    
    Gain (loss) from tradingCurrencies
    
    $
    (273,384
    )
    
    $
    (179,902
    )Energy
    
    
    1,530
    
    
    
    14,850Grains
    
    
    (26,600
    )
    
    
    (8,388
    )Indices
    
    
    (97,391
    )
    
    
    (10,522
    )Interest Rates U.S.
    
    
    (93,556
    )
    
    
    (67,166
    )Interest Rates Non-U.S.
    
    
    37,570
    
    
    
    (103,885
    )Metals
    
    
    (9,250
    )
    
    
    1,558Softs
    
    
    11,156
    
    
    
    (18,454
    )Total
    
    $
    (449,925
    )
    
    $
    (371,909
    )
 4.
    Fair
    Value Measurements:  Partnerships and the Funds Investments.
  Partnerships and the Funds   Fair Value Measurements.
    non-exchange-traded
 10




---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
March 31, 2010
    (Unaudited)
    Quoted Prices inActive Markets
    
    
    Significant Other
    
    
    Significantfor Identical
    
    
    Observable Inputs
    
    
    Unobservable3/31/2010
    
    
    Assets (Level 1)
    
    
    (Level 2)
    
    
    Inputs (Level 3)AssetsInvestment in
Partnerships
    
    $
    28,844,234
    
    
    
    
    
    
    $
    28,844,234Total Assets
    
    
    28,844,234
    
    
    
    
    
    
    
    28,844,234
    
    
    
    LiabilitiesForwards
    
    
    34,316
    
    
    
    
    
    
    
    34,316Total Liabilities
    
    
    34,316
    
    
    
    
    
    
    
    34,316
    
    
    
    Total fair value
    
    $
    28,809,918
    
    
    $
    
    
    
    $
    28,809,918
    
    
    $
    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 Statements
March 31, 2010
    (Unaudited)
    give-up,
      March 31, 2010Total Assets


Total Liabilities


Total CapitalCampbell Master
    
    $
    51,536,169
    
    
    $
    38,004
    
    
    $
    51,498,165Aspect Master
    
    
    167,272,848
    
    
    
    8,692
    
    
    
    167,264,156Altis Master
    
    
    82,011,747
    
    
    
    348,632
    
    
    
    81,663,115Waypoint Master
    
    
    38,081,301
    
    
    
    6,200
    
    
    
    38,075,101Total
    
    $
    338,902,065
    
    
    $
    401,528
    
    
    $
    338,500,537December 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
March 31, 2010
    (Unaudited)
  For the Three months ended March 31, 2010Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, net
    
    
    (Loss)
    
    
    (Loss)Campbell Master
    
    $
    (1,562,624
    )
    
    $
    (1,556,138
    )
    
    $
    (1,598,808
    )Aspect Master
    
    
    6,886,287
    
    
    
    6,906,384
    
    
    
    6,838,397Altis Master
    
    
    2,136,066
    
    
    
    2,147,292
    
    
    
    2,097,041Waypoint Master
    
    
    573,053
    
    
    
    576,360
    
    
    
    561,555Total
    
    $
    8,032,782
    
    
    $
    8,073,898
    
    
    $
    7,898,185
 For the Three months ended March 31, 2009Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, net
    
    
    (Loss)
    
    
    (Loss)Campbell Master
    
    $
    390,079
    
    
    $
    414,875
    
    
    $
    388,048Aspect Master
    
    
    (2,779,450
    )
    
    
    (2,729,548
    )
    
    
    (2,778,949
    )Altis Master
    
    
    (4,834,160
    )
    
    
    (4,813,133
    )
    
    
    (4,863,202
    )Total
    
    $
    (7,223,531
    )
    
    $
    (7,127,806
    )
    
    $
    (7,254,103
    )


14



---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
       March 31, 2010
    (Unaudited)
    March 31, 2010
       
       
       For the three months ended    March 31, 2010% of
       
       
       
       
       
       
       
       
       Expenses
       
       
       NetPartnerships
       
       
       Fair
       
       
       Income
       
       
       
       
       
       
       
       
       Income
       
       
       Investment
       
       RedemptionsFund
       
       Net Assets
       
       
       Value
       
       
       (Loss)
       
       
       Brokerage fees
       
       
       Other
       
       
       (Loss)
       
       
       Objective
       
       PermittedCampbell Master
    
    
    14.44
    %
    
    $
    4,119,802
    
    
    $
    (114,703
    )
    
    $
    2,404
    
    
    $
    879
    
    
    $
    (117,986
    )
    
    FME
    Portfolio
    
    MonthlyAspect Master
    
    
    32.38
    %
    
    
    9,238,330
    
    
    
    382,758
    
    
    
    2,852
    
    
    
    884
    
    
    
    379,022
    
    
    Commodity
 Portfolio
    
    MonthlyAltis Master
    
    
    36.63
    %
    
    
    10,452,513
    
    
    
    275,585
    
    
    
    4,927
    
    
    
    1,544
    
    
    
    269,114
    
    
    Commodity
 Portfolio
    
    MonthlyWaypoint Master
    
    
    17.64
    %
    
    
    5,033,589
    
    
    
    76,124
    
    
    
    1,137
    
    
    
    820
    
    
    
    74,167
    
    
    Commodity
 Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    28,844,234
    
    
    $
    619,764
    
    
    $
    11,320
    
    
    $
    4,127
    
    
    $
    604,317December 31, 2009
       
       
       For the three months ended   March 31, 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
       
       
       $
       30,592
       
       
       $
       1,143
       
       
       $
       816
       
       
       $
       28,633
       
       
       FME
    Portfolio
       
       MonthlyAspect Master
       
       
       30.34
       %
       
       
       9,018,321
       
       
       
       (141,305
       )
       
       
       1,967
       
       
       
       503
       
       
       
       (143,775
       )
       
       Commodity
    Portfolio
       
       MonthlyAltis Master
       
       
       36.31
       %
       
       
       10,793,962
       
       
       
       (704,547
       )
       
       
       5,837
       
       
       
       1,540
       
       
       
       (711,924
       )
       
       Commodity
    Portfolio
       
       MonthlyTotal
       
       
       
       
       
       $
       24,472,696
       
       
       $
       (815,260
       )
       
       $
       8,947
       
       
       $
       2,859
       
       
       $
       (827,066
       ) 15




---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
March 31, 2010
    (Unaudited)
    6.
    Financial
    Instrument Risks:




---



##### 



7.
Critical     Accounting Policies:
 Use of Estimates.
 Statement
of Cash Flows.
 Partnerships and the Funds Investments.
 Partnerships and the Funds 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
 Use of Estimates.
 Statement
of Cash Flows.
 Partnerships and the Funds Investments.
 Partnerships and the Funds 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
       March
31, 2010
(Unaudited)
 % of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
    1,387,814
    
    
    
    4.87
    %Energy
    
    
    223,612
    
    
    
    0.78
    %Grains
    
    
    98,019
    
    
    
    0.34
    %Interest Rates U.S.
    
    
    168,559
    
    
    
    0.59
    %Interest Rates Non-U.S.
    
    
    668,009
    
    
    
    2.34
    %Livestock
    
    
    18,784
    
    
    
    0.07
    %Lumber
    
    
    624
    
    
    
    0.00
    %*Metals
    
    
    317,236
    
    
    
    1.11
    %Softs
    
    
    88,414
    
    
    
    0.31
    %Indices
    
    
    743,699
    
    
    
    2.61
    %Total
    
    $
    3,714,770
    
    
    
    13.02
    %
 
  22




---



##### 



March 31, 2010

       (Unaudited)
 Three Months Ended March 31, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    1,468,601
    
    
    
    2.85
    %
    
    $
    2,368,529
    
    
    $
    45,857
    
    
    $
    1,275,554Energy
    
    
    398,700
    
    
    
    0.77
    %
    
    
    561,250
    
    
    
    75,800
    
    
    
    239,633Grains
    
    
    116,537
    
    
    
    0.23
    %
    
    
    116,537
    
    
    
    12,500
    
    
    
    75,437Interest Rates U.S.
    
    
    424,750
    
    
    
    0.82
    %
    
    
    889,400
    
    
    
    168,160
    
    
    
    442,640Interest Rates Non-U.S.
    
    
    1,405,492
    
    
    
    2.73
    %
    
    
    1,738,177
    
    
    
    592,281
    
    
    
    1,016,945Livestock
    
    
    29,950
    
    
    
    0.06
    %
    
    
    33,350
    
    
    
    9,000
    
    
    
    9,983Metals
    
    
    401,707
    
    
    
    0.78
    %
    
    
    624,202
    
    
    
    69,732
    
    
    
    348,648Softs
    
    
    33,572
    
    
    
    0.07
    %
    
    
    63,300
    
    
    
    5,200
    
    
    
    41,357Indices
    
    
    2,281,448
    
    
    
    4.43
    %
    
    
    3,100,712
    
    
    
    463,480
    
    
    
    1,289,904Total
    
    $
    6,560,757
    
    
    
    12.74
    %
     *
    
    Average of  month-end Values at Risk    March 31, 2010
    (Unaudited)
 Three Months Ended March 31, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    3,161,249
    
    
    
    1.89
    %
    
    $
    3,993,826
    
    
    $
    1,960,264
    
    
    $
    2,868,182Energy
    
    
    1,577,200
    
    
    
    0.94
    %
    
    
    1,932,150
    
    
    
    529,750
    
    
    
    1,277,733Grains
    
    
    505,304
    
    
    
    0.30
    %
    
    
    579,333
    
    
    
    208,547
    
    
    
    432,061Interest Rates U.S.
    
    
    603,310
    
    
    
    0.36
    %
    
    
    1,256,880
    
    
    
    528,140
    
    
    
    950,327Interest Rates Non-U.S.
    
    
    4,969,938
    
    
    
    2.97
    %
    
    
    5,830,603
    
    
    
    4,037,634
    
    
    
    5,138,318Livestock
    
    
    159,950
    
    
    
    0.10
    %
    
    
    159,950
    
    
    
    28,117
    
    
    
    82,676Lumber
    
    
    1,100
    
    
    
    0.00
    %**
    
    
    1,100
    
    
    
    1,100
    
    
    
    1,100Metals
    
    
    1,362,038
    
    
    
    0.82
    %
    
    
    2,724,717
    
    
    
    539,569
    
    
    
    1,362,597Softs
    
    
    751,510
    
    
    
    0.45
    %
    
    
    1,666,569
    
    
    
    751,510
    
    
    
    1,117,083Indices
    
    
    3,770,422
    
    
    
    2.25
    %
    
    
    3,927,374
    
    
    
    910,844
    
    
    
    2,707,391Total
    
    $
    16,862,021
    
    
    
    10.08
    %
     *
    
    Average of  month-end Values at Risk**
    
    Due to rounding 23




---



##### 



March 31, 2010
    (Unaudited)
  Three Months Ended March 31, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk *Currencies
    
    $
    1,827,343
    
    
    
    2.24
    %
    
    $
    2,056,618
    
    
    $
    1,000,619
    
    
    $
    1,424,084Energy
    
    
    740,160
    
    
    
    0.90
    %
    
    
    932,954
    
    
    
    236,868
    
    
    
    781,476Grains
    
    
    381,972
    
    
    
    0.47
    %
    
    
    532,633
    
    
    
    254,364
    
    
    
    394,501Interest Rates U.S.
    
    
    367,600
    
    
    
    0.45
    %
    
    
    523,900
    
    
    
    245,980
    
    
    
    368,907Interest Rates Non -U.S.
    
    
    739,594
    
    
    
    0.90
    %
    
    
    892,295
    
    
    
    563,167
    
    
    
    777,276Livestock
    
    
    59,300
    
    
    
    0.07
    %
    
    
    78,750
    
    
    
    22,320
    
    
    
    51,117Lumber
    
    
    4,400
    
    
    
    0.01
    %
    
    
    11,000
    
    
    
    2,200
    
    
    
    6,967Metals
    
    
    1,609,606
    
    
    
    1.97
    %
    
    
    1,843,068
    
    
    
    952,069
    
    
    
    1,454,680Softs
    
    
    294,654
    
    
    
    0.36
    %
    
    
    556,754
    
    
    
    281,218
    
    
    
    390,431Indices
    
    
    1,548,246
    
    
    
    1.90
    %
    
    
    1,550,953
    
    
    
    522,144
    
    
    
    1,457,579Total
    
    $
    7,572,875
    
    
    
    9.27
    %
     *
    
    Average of  month-end Values at Risk    March 31, 2010

       (Unaudited)
 Three Months Ended March 31, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    6,534,527
    
    
    
    17.16
    %
    
    $
    6,534,527
    
    
    $
    3,403
    
    
    $
    3,268,965Energy
    
    
    77,500
    
    
    
    0.21
    %
    
    
    79,000
    
    
    
    45,000
    
    
    
    62,000Grains
    
    
    91,000
    
    
    
    0.24
    %
    
    
    98,500
    
    
    
    12,000
    
    
    
    55,250Interest Rates U.S.
    
    
    411,700
    
    
    
    1.08
    %
    
    
    411,700
    
    
    
    28,500
    
    
    
    220,100Interest Rates Non -U.S.
    
    
    1,420,874
    
    
    
    3.73
    %
    
    
    1,903,852
    
    
    
    679,750
    
    
    
    1,291,801Metals
    
    
    31,500
    
    
    
    0.08
    %
    
    
    79,968
    
    
    
    31,500
    
    
    
    55,734Softs
    
    
    50,600
    
    
    
    0.13
    %
    
    
    143,000
    
    
    
    50,600
    
    
    
    96,800Indices
    
    
    1,179,046
    
    
    
    3.10
    %
    
    
    1,179,046
    
    
    
    135,778
    
    
    
    657,412Total
    
    $
    9,796,747
    
    
    
    25.73
    %
     *
    
    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
  Credit Crisis Related Matters
   26




---



##### 



Item 1A.
    Risk Factors.
    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 ProgramsJanuary 1, 2010  January 31, 2010



139.3187



$
1,812.73




N/A




N/AFebruary 1, 2010  February 28, 2010



166.7391



$
1,814.06




N/A




N/AMarch 1, 2010  March 31, 2010



77.3169



$
1,869.74




N/A




N/ATotal



383.3747



$
1,824.81        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).
       (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 and Director).32.1
    
    Section 1350 Certification (Certification of President and Director).32.2
    
    Section 1350 Certification (Certification of Chief Financial Officer and Director).






---



##### 



SIGNATURES
      By:
    Ceres Managed Futures LLC    By:
    /s/  Jerry
    Pascucci       By:
    /s/  Jennifer
    Magro