UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
 þ

    QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2011
 OR
 o

    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to .
 Commission File Number 000-30455
 GLOBAL
DIVERSIFIED FUTURES FUND L.P.
  New York
(State or other jurisdiction of 
incorporation or organization)
    
    13-4015586
(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 þ No o
  Yes o No o
  Large accelerated filero
Accelerated filero
Non-accelerated filerþ
(Do not check if a smaller reporting
company)Smaller reporting
companyo  Yes o No þ




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##### 



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, 2011 (unaudited) and December 31, 2010
    
    
    3Schedules of Investments at March 31, 2011 (unaudited) and December 31, 2010
    
    
    4-5Statements of Income and Expenses and Changes in Partners Capital for the three
months ended March 31, 2011 and 2010 (unaudited)
    
    
    6Notes to Financial Statements (unaudited)
    
    
    7-15Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    16-18Item 3. Quantitative and Qualitative Disclosures about Market Risk
    
    
    19-24Item 4. Controls and Procedures
    
    
    25PART II  Other Information
    
    
    26-31
 ExhibitsExhibit 31.1 CertificationExhibit 31.2 CertificationExhibit 32.1 CertificationExhibit 32.2 Certification
  2




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##### 



PART I
 
 Item 1. Financial Statements
 Global Diversified Futures Fund L.P.
 
 Statements of Financial Condition
 (Unaudited)March 31,
    
    
    December 31,2011
    
    
    2010Assets:Investment in Funds, at fair value
    
    $
    26,839,228
    
    
    $
    28,849,787Equity in trading account:Cash
    
    
    79,347
    
    
    
    49,062Total assets
    
    $
    26,918,575
    
    
    $
    28,898,849Liabilities and Partners Capital:Liabilities:Accrued expenses:Brokerage fees
    
    $
    121,134
    
    
    $
    130,045Management fees
    
    
    37,329
    
    
    
    40,378Incentive fees
    
    
    25,230
    
    
    
    119,072Other
    
    
    86,754
    
    
    
    63,261Redemptions payable
    
    
    193,678
    
    
    
    110,030Total liabilities
    
    
    464,125
    
    
    
    462,786Partners Capital:General Partner, 157.9234 unit equilavents
outstanding at March 31, 2011 and December
31, 2010
    
    
    301,305
    
    
    
    317,576Limited Partners, 13,707.6698 and 13,982.7114
Redeemable Units outstanding at March 31,
2011 and December 31, 2010, respectively
    
    
    26,153,145
    
    
    
    28,118,487Total partners capital
    
    
    26,454,450
    
    
    
    28,436,063Total liabilities and partners capital
    
    $
    26,918,575
    
    
    $
    28,898,849Net asset
value per unit
    
    $
    1,907.92
    
    
    $
    2,010.95
  3




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##### 



Global Diversified Futures Fund L.P.
 
 Schedule of Investments
 March 31, 2011
(Unaudited)
 % of PartnersFair Value
    
    
    CapitalInvestment in
FundsCMF Aspect Master Fund L.P.
    
    $
    5,602,563
    
    
    
    21.18
    %CMF Altis Partners Master Fund L.P.
    
    
    4,970,256
    
    
    
    18.79Waypoint Master Fund L.P.
    
    
    6,611,328
    
    
    
    24.99Blackwater Master Fund L.P.
    
    
    5,947,593
    
    
    
    22.48CMF Sasco Master Fund L.P.
    
    
    3,707,488
    
    
    
    14.01Total investment in Funds, at fair value
    
    $
    26,839,228
    
    
    
    101.45
    %
  4




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##### 



Global Diversified Futures Fund L.P.
Schedule of Investments
December 31, 2010
 % of PartnersFair Value
    
    
    CapitalInvestment in FundsCMF Aspect Master Fund L.P.
    
    $
    6,105,359
    
    
    
    21.47
    %CMF Altis Partners Master Fund L.P.
    
    
    5,893,177
    
    
    
    20.72Waypoint Master Fund L.P.
    
    
    7,080,876
    
    
    
    24.90Blackwater Master Fund L.P.
    
    
    5,892,624
    
    
    
    20.72CMF Sasco Master Fund L.P.
    
    
    3,877,751
    
    
    
    13.64Total investment in Funds, at fair value
    
    $
    28,849,787
    
    
    
    101.45
    %
  5




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##### 



Global Diversified Futures Fund L.P.Statements of Income and Expenses and Changes in Partners Capital(Unaudited)
 Three Months EndedMarch 31,2011
    
    
    2010Investment income:Interest income
    
    $
    
    
    
    $
    239Interest income from investment in Funds
    
    
    5,368
    
    
    
    3,212Total investment income
    
    
    5,368
    
    
    
    3,451Expenses:Brokerage fees including clearing fees
    
    
    404,527
    
    
    
    401,602Management fees
    
    
    114,559
    
    
    
    125,707Incentive fees
    
    
    25,230
    
    
    
    Other
    
    
    56,651
    
    
    
    35,336Total expenses
    
    
    600,967
    
    
    
    562,645Net investment income (loss)
    
    
    (595,599
    )
    
    
    (559,194
    )Trading Results:Net gains (losses) on trading of commodity interests and investment in Funds:Net realized gains (losses) on closed contracts
    
    
    
    
    
    
    (450,734
    )Net realized gains (losses) on investment in Funds
    
    
    207,744
    
    
    
    (262,140
    )Change in net unrealized gains (losses) on open contracts
    
    
    
    
    
    
    809Change in net unrealized gains (losses) on investments in Funds
    
    
    (1,061,111
    )
    
    
    878,692Total trading results
    
    
    (853,367
    )
    
    
    166,627Net income (loss)
    
    
    (1,448,966
    )
    
    
    (392,567
    )Redemptions  Limited Partners
    
    
    (532,647
    )
    
    
    (699,585
    )Redemptions  General Partner
    
    
    
    
    
    
    (100,000
    )Net increase (decrease) in Partners Capital
    
    
    (1,981,613
    )
    
    
    (1,192,152
    )Partners Capital, beginning of period
    
    
    28,436,063
    
    
    
    29,723,936Partners Capital, end of period
    
    $
    26,454,450
    
    
    $
    28,531,784Net asset value per unit (13,865.5932 and 15,259.7522 units outstanding at
March 31, 2011 and 2010, respectively)
    
    $
    1,907.92
    
    
    $
    1,869.74Net income (loss) per unit*
    
    $
    (103.03
    )
    
    $
    (23.72
    )Weighted average units outstanding
    
    
    14,047.4403
    
    
    
    15,531.4181
 
 *
    
    Based on change in net asset value per unit.  6




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##### 



Global Diversified Futures Fund L.P.
Notes to Financial Statements
March 31, 2011
(Unaudited)
 1. General:
        7




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##### 



Global Diversified Futures Fund L.P.
Notes to Financial Statements
March 31, 2011
(Unaudited)
 2. Financial Highlights:
  Three Months EndedMarch 31,2011
    
    
    2010Net realized and unrealized gains (losses) *
    
    $
    (89.45
    )
    
    $
    (13.56
    )Interest income
    
    
    0.39
    
    
    
    0.22Expenses **
    
    
    (13.97
    )
    
    
    (10.38
    )Increase (decrease) for the period
    
    
    (103.03
    )
    
    
    (23.72
    )Net asset value per unit, beginning of period
    
    
    2,010.95
    
    
    
    1,893.46Net asset value per unit, end of period
    
    $
    1,907.92
    
    
    $
    1,869.74
 
 *
    
    Includes brokerage fees and clearing fees.**
    
    Excludes brokerage fees and clearing fees. Three Months EndedMarch 31,2011
    
    2010Ratios to average net assets:***Net investment income (loss) before incentive fees****
    
    
    (8.4
    )%
    
    
    (8.0
    )%Operating expenses
    
    
    8.5
    %
    
    
    8.0
    %Incentive fees
    
    
    0.1
    %
    
    
    
    %Total expenses
    
    
    8.6
    %
    
    
    8.0
    %Total return:Total return before incentive fees
    
    
    (5.0
    )%
    
    
    (1.3
    )%Incentive fees
    
    
    (0.1
    )%
    
    
    
    %Total return after incentive fees
    
    
    (5.1
    )%
    
    
    (1.3
    )%
 
 ***
    
    Annualized (other than incentive fees).****
    
    Interest income less total expenses (exclusive of incentive fees).  3. Trading Activities:
    8




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##### 



Global Diversified Futures Fund L.P.
Notes to Financial Statements
March 31, 2011
(Unaudited)
 4. Fair Value Measurements:
 Partnerships and the Funds Investments.
 Partnerships and the Funds Fair Value Measurements.
    Quoted Prices inActive Markets
    
    
    Significant Other
    
    
    Significantfor Identical
    
    
    Observable Inputs
    
    
    UnobservableMarch 31, 2011
    
    
    Assets (Level 1)
    
    
    (Level 2)
    
    
    Inputs (Level 3)AssetsInvestment in Funds
    
    $
    26,839,228
    
    
    $
    
    
    
    $
    26,839,228
    
    
    $
    Net fair value
    
    $
    26,839,228
    
    
    
    
    
    
    $
    26,839,228
    
    
    
    
 Quoted Prices inActive Markets
    
    
    Significant Other
    
    
    Significantfor Identical
    
    
    Observable Inputs
    
    
    UnobservableDecember 31, 2010
    
    

Assets (Level 1)
    
    
    (Level 2)
    
    
    Inputs (Level 3)AssetsInvestment in Funds
    
    $
    28,849,787
    
    
    $
    
    
    
    $
    28,849,787
    
    
    $
    Net fair value
    
    $
    28,849,787
    
    
    
    
    
    
    $
    28,849,787
    
    
    
    
 9




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##### 



Global Diversified Futures Fund L.P.
Notes to Financial Statements
March 31, 2011
(Unaudited)
 5. Investment in Funds:
      10




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##### 



Global Diversified Futures Fund L.P.
Notes to Financial Statements
March 31, 2011
(Unaudited)
        March 31, 2011Total
    
    
    TotalTotal Assets
    
    
    Liabilities
    
    
    CapitalAspect Master
    
    $
    171,917,989
    
    
    $
    60,063
    
    
    $
    171,857,926Altis Master
    
    
    49,421,811
    
    
    
    490,934
    
    
    
    48,930,877Waypoint Master
    
    
    39,176,243
    
    
    
    71,071
    
    
    
    39,105,172Blackwater Master
    
    
    30,230,892
    
    
    
    36,968
    
    
    
    30,193,924Sasco Master
    
    
    109,008,174
    
    
    
    6,899,009
    
    
    
    102,109,165Total
    
    $
    399,755,109
    
    
    $
    7,558,045
    
    
    $
    392,197,064
 December 31, 2010Total
    
    
    TotalTotal Assets
    
    
    Liabilities
    
    
    CapitalAspect Master
    
    $
    157,910,582
    
    
    $
    46,523
    
    
    $
    157,864,059Altis Master
    
    
    64,276,767
    
    
    
    591,256
    
    
    
    63,685,511Waypoint Master
    
    
    41,306,976
    
    
    
    59,330
    
    
    
    41,247,646Blackwater Master
    
    
    25,966,821
    
    
    
    28,810
    
    
    
    25,938,011Sasco Master
    
    
    81,882,294
    
    
    
    198,664
    
    
    
    81,683,630Total
    
    $
    371,343,440
    
    
    $
    924,583
    
    
    $
    370,418,857
 11




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##### 



Global Diversified Futures Fund L.P.
Notes to Financial Statements
March 31, 2011
(Unaudited)
  For the three months ended March 31, 2011Net Investment
    
    
    Total Trading
    
    
    Net IncomeIncome
(Loss)
    
    

Results
    
    
    (Loss)Aspect Master
    
    $
    (28,839
    )
    
    $
    1,725,970
    
    
    $
    1,697,131Altis Master
    
    
    (53,257
    )
    
    
    (8,102,603
    )
    
    
    (8,155,860
    )Waypoint Master
    
    
    (64,415
    )
    
    
    (1,606,979
    )
    
    
    (1,671,394
    )Blackwater Master
    
    
    (27,505
    )
    
    
    1,020,708
    
    
    
    993,203Sasco Master
    
    
    (369,953
    )
    
    
    (2,250,744
    )
    
    
    (2,620,697
    )Total
    
    $
    (543,969
    )
    
    $
    (9,213,648
    )
    
    $
    (9,757,617
    )
 For the three months ended March 31, 2010Net Investment
    
    
    Total Trading
    
    
    Net IncomeIncome
(Loss)
    
    

Results
    
    
    (Loss)Campbell Master
    
    $
    (36,184
    )
    
    $
    (1,562,624
    )
    
    $
    (1,598,808
    )Aspect Master
    
    
    (47,890
    )
    
    
    6,886,287
    
    
    
    6,838,397Altis Master
    
    
    (39,205
    )
    
    
    2,136,066
    
    
    
    2,097,041Waypoint Master
    
    
    (11,498
    )
    
    
    573,053
    
    
    
    561,555Total
    
    $
    (134,777
    )
    
    $
    8,032,782
    
    
    $
    7,898,185
  March 31, 2011
    
    
    For the three months ended March 31, 2011% of
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    NetPartnerships
    
    
    Fair
    
    
    Income
    
    
    Expenses
    
    
    Income
    
    
    Investment
    
    RedemptionsFunds
    
    Net Assets
    
    
    Value
    
    
    (Loss)
    
    
    Brokerage fees
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    PermittedAspect Master
    
    
    21.18
    %
    
    $
    5,602,563
    
    
    $
    58,575
    
    
    $
    1,294
    
    
    $
    874
    
    
    $
    56,407
    
    
    Commodity Portfolio
    
    MonthlyAltis Master
    
    
    18.79
    %
    
    
    4,970,256
    
    
    
    (802,339
    )
    
    
    4,836
    
    
    
    1,675
    
    
    
    (808,850
    )
    
    Commodity Portfolio
    
    MonthlyWaypoint Master
    
    
    24.99
    %
    
    
    6,611,328
    
    
    
    (271,031
    )
    
    
    8,663
    
    
    
    3,700
    
    
    
    (283,394
    )
    
    Commodity Portfolio
    
    MonthlyBlackwater Master
    
    
    22.48
    %
    
    
    5,947,593
    
    
    
    242,910
    
    
    
    3,467
    
    
    
    3,853
    
    
    
    235,590
    
    
    Commodity Portfolio
    
    MonthlySasco Master
    
    
    14.01
    %
    
    
    3,707,488
    
    
    
    (76,114
    )
    
    
    13,412
    
    
    
    1,944
    
    
    
    (91,470
    )
    
    Energy Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    26,839,228
    
    
    $
    (847,999
    )
    
    $
    31,672
    
    
    $
    12,046
    
    
    $
    (891,717
    )
 December 31, 2010
    
    
    For the three months ended March 31, 2010% of
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    NetPartnerships
    
    
    Fair
    
    
    Income
    
    
    Expenses
    
    
    Income
    
    
    Investment
    
    RedemptionsFunds
    
    Net Assets
    
    
    Value
    
    
    (Loss)
    
    
    Brokerage fees
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    PermittedCampbell Master
    
    
    
    
    
    $
    
    
    
    $
    (114,703
    )
    
    $
    2,404
    
    
    $
    879
    
    
    $
    (117,986
    )
    
    Commodity Portfolio
    
    MonthlyAspect Master
    
    
    21.47
    %
    
    
    6,105,359
    
    
    
    382,758
    
    
    
    2,852
    
    
    
    884
    
    
    
    379,022
    
    
    Commodity Portfolio
    
    MonthlyAltis Master
    
    
    20.72
    %
    
    
    5,893,177
    
    
    
    275,585
    
    
    
    4,927
    
    
    
    1,544
    
    
    
    269,114
    
    
    Commodity Portfolio
    
    MonthlyWaypoint Master
    
    
    24.90
    %
    
    
    7,080,876
    
    
    
    76,124
    
    
    
    1,137
    
    
    
    820
    
    
    
    74,167
    
    
    Commodity Portfolio
    
    MonthlyBlackwater Master
    
    
    20.72
    %
    
    
    5,892,624
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Commodity Portfolio
    
    MonthlySasco Master
    
    
    13.64
    %
    
    
    3,877,751
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Energy Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    28,849,787
    
    
    $
    619,764
    
    
    $
    11,320
    
    
    $
    4,127
    
    
    $
    604,317
 12




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##### 



Global Diversified Futures Fund L.P.
Notes to Financial Statements
March 31, 2011
(Unaudited)
 6. Financial Instrument Risks:
        13




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##### 



Global Diversified Futures Fund L.P.
Notes to Financial Statements
March 31, 2011
(Unaudited)
 7. Critical Accounting Policies:
 Use of Estimates.
 Partnerships and the Funds Investments.
 Partnerships and the Funds Fair Value Measurements.
    Futures
Contracts.
 Forward Foreign Currency Contracts.
 14




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##### 



Global Diversified Futures Fund L.P.
Notes to Financial Statements
March 31, 2011
(Unaudited)
  London Metals Exchange Forward Contracts.
 Options.
 Income Taxes.
   Subsequent Events.
 Net Income (loss) per unit
 15




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##### 



Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations.
 Liquidity and Capital Resources
    Critical Accounting Policies
   16




---



##### 



Results of Operations
       17




---



##### 



18




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##### 



Item 3. Quantitative and Qualitative Disclosures about Market Risk
        19




---



##### 



March 31, 2011
 % of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
    2,040,233
    
    
    
    7.71
    %Energy
    
    
    466,997
    
    
    
    1.77
    %Grains
    
    
    68,760
    
    
    
    0.26
    %Indices
    
    
    322,083
    
    
    
    1.22
    %Interest Rates U.S.
    
    
    114,627
    
    
    
    0.43
    %Interest Rates Non-U.S.
    
    
    370,615
    
    
    
    1.40
    %Livestock
    
    
    21,357
    
    
    
    0.08
    %Lumber
    
    
    1,274
    
    
    
    0.01
    %Metals
    
    
    217,391
    
    
    
    0.82
    %Softs
    
    
    76,476
    
    
    
    0.29
    %Total
    
    $
    3,699,813
    
    
    
    13.99
    %
  % of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
    1,073,671
    
    
    
    3.78
    %Energy
    
    
    687,716
    
    
    
    2.42
    %Grains
    
    
    92,399
    
    
    
    0.32
    %Indices
    
    
    548,609
    
    
    
    1.93
    %Interest Rates U.S.
    
    
    34,492
    
    
    
    0.12
    %Interest Rates Non-U.S.
    
    
    213,543
    
    
    
    0.75
    %Livestock
    
    
    39,333
    
    
    
    0.14
    %Lumber
    
    
    478
    
    
    
    0.00
    %*Metals
    
    
    237,979
    
    
    
    0.84
    %Softs
    
    
    102,064
    
    
    
    0.36
    %Total
    
    $
    3,030,284
    
    
    
    10.66
    %
 
 *
    
    Due to rounding   March 31, 2011
 Three Months Ended March 31, 2011% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    6,848,407
    
    
    
    3.99
    %
    
    $
    8,424,651
    
    
    $
    6,132,034
    
    
    $
    7,404,837Energy
    
    
    2,054,170
    
    
    
    1.20
    %
    
    
    2,054,170
    
    
    
    1,241,868
    
    
    
    1,577,567Grains
    
    
    379,656
    
    
    
    0.22
    %
    
    
    736,876
    
    
    
    342,613
    
    
    
    543,431Indices
    
    
    1,979,457
    
    
    
    1.15
    %
    
    
    3,093,179
    
    
    
    1,263,661
    
    
    
    2,599,483Interest Rates U.S.
    
    
    586,200
    
    
    
    0.34
    %
    
    
    586,200
    
    
    
    172,125
    
    
    
    370,718Interest Rates Non-U.S.
    
    
    2,531,705
    
    
    
    1.47
    %
    
    
    2,531,705
    
    
    
    1,273,466
    
    
    
    2,101,082Livestock
    
    
    118,500
    
    
    
    0.07
    %
    
    
    128,500
    
    
    
    76,750
    
    
    
    119,217Lumber
    
    
    1,500
    
    
    
    0.00
    %**
    
    
    3,000
    
    
    
    1,300
    
    
    
    1,933Metals
    
    
    1,432,783
    
    
    
    0.83
    %
    
    
    1,857,539
    
    
    
    1,115,572
    
    
    
    1,299,324Softs
    
    
    646,569
    
    
    
    0.38
    %
    
    
    891,860
    
    
    
    628,212
    
    
    
    699,379Total
    
    $
    16,578,947
    
    
    
    9.65
    %
 
 *
    
    Average of month-end Values at Risk.**
    
    Due to rounding 20




---



##### 



December 31, 2010
 Twelve Months Ended December 31, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    6,641,142
    
    
    
    4.21
    %
    
    $
    6,908,626
    
    
    $
    1,960,264
    
    
    $
    4,676,655Energy
    
    
    1,421,450
    
    
    
    0.90
    %
    
    
    1,932,150
    
    
    
    351,414
    
    
    
    1,223,668Grains
    
    
    663,172
    
    
    
    0.42
    %
    
    
    853,702
    
    
    
    150,472
    
    
    
    496,932Indices
    
    
    2,735,405
    
    
    
    1.73
    %
    
    
    15,325,500
    
    
    
    832,920
    
    
    
    2,830,563Interest Rates U.S.
    
    
    128,755
    
    
    
    0.08
    %
    
    
    2,333,350
    
    
    
    128,755
    
    
    
    1,185,599Interest Rates Non-U.S.
    
    
    1,433,026
    
    
    
    0.91
    %
    
    
    6,063,200
    
    
    
    1,068,897
    
    
    
    4,111,787Livestock
    
    
    109,519
    
    
    
    0.07
    %
    
    
    240,000
    
    
    
    14,717
    
    
    
    93,906Metals
    
    
    1,798,174
    
    
    
    1.14
    %
    
    
    2,724,717
    
    
    
    539,569
    
    
    
    1,434,801Softs
    
    
    853,509
    
    
    
    0.54
    %
    
    
    1,719,693
    
    
    
    494,690
    
    
    
    987,242Total
    
    $
    15,784,152
    
    
    
    10.00
    %
 
 *
    
    Annual average of month-end Values at Risk.  March 31, 2011
 Three Months Ended March 31, 2011% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    1,552,902
    
    
    
    3.17
    %
    
    $
    3,359,482
    
    
    $
    646,682
    
    
    $
    1,468,005Energy
    
    
    509,312
    
    
    
    1.04
    %
    
    
    1,728,561
    
    
    
    454,647
    
    
    
    981,848Grains
    
    
    493,347
    
    
    
    1.01
    %
    
    
    716,615
    
    
    
    294,622
    
    
    
    501,395Indices
    
    
    1,475,800
    
    
    
    3.03
    %
    
    
    1,470,800
    
    
    
    470,802
    
    
    
    1,036,164Interest Rates U.S.
    
    
    290,766
    
    
    
    0.59
    %
    
    
    423,005
    
    
    
    220,904
    
    
    
    311,558Interest Rates Non-U.S.
    
    
    731,077
    
    
    
    1.49
    %
    
    
    983,810
    
    
    
    332,852
    
    
    
    682,580Livestock
    
    
    59,800
    
    
    
    0.12
    %
    
    
    106,850
    
    
    
    21,625
    
    
    
    90,900Lumber
    
    
    12,000
    
    
    
    0.02
    %
    
    
    12,000
    
    
    
    800
    
    
    
    4,933Metals
    
    
    785,441
    
    
    
    1.61
    %
    
    
    1,298,785
    
    
    
    729,575
    
    
    
    954,265Softs
    
    
    437,692
    
    
    
    0.89
    %
    
    
    785,580
    
    
    
    374,414
    
    
    
    560,578Total
    
    $
    6,348,137
    
    
    
    12.97
    %
 
 *
    
    Average of month-end Values at Risk. 21




---



##### 



December 31, 2010
 Twelve Months Ended December 31, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    3,113,522
    
    
    
    4.89
    %
    
    $
    3,481,070
    
    
    $
    143,363
    
    
    $
    2,231,735Energy
    
    
    1,077,195
    
    
    
    1.69
    %
    
    
    2,479,469
    
    
    
    236,868
    
    
    
    1,086,124Grains
    
    
    483,876
    
    
    
    0.76
    %
    
    
    915,463
    
    
    
    136,257
    
    
    
    435,755Indices
    
    
    1,251,469
    
    
    
    1.97
    %
    
    
    7,740,340
    
    
    
    220,942
    
    
    
    2,503,689Interest Rates U.S.
    
    
    191,408
    
    
    
    0.30
    %
    
    
    1,193,750
    
    
    
    110,116
    
    
    
    570,835Interest Rates Non-U.S.
    
    
    733,663
    
    
    
    1.15
    %
    
    
    1,849,973
    
    
    
    183,212
    
    
    
    1,000,258Livestock
    
    
    107,232
    
    
    
    0.17
    %
    
    
    170,400
    
    
    
    22,320
    
    
    
    82,718Lumber
    
    
    5,200
    
    
    
    0.01
    %
    
    
    27,500
    
    
    
    1,100
    
    
    
    9,287Metals
    
    
    1,079,175
    
    
    
    1.69
    %
    
    
    2,589,641
    
    
    
    241,177
    
    
    
    1,152,447Softs
    
    
    747,574
    
    
    
    1.17
    %
    
    
    937,879
    
    
    
    199,670
    
    
    
    499,434Total
    
    $
    8,790,314
    
    
    
    13.80
    %
 
 *
    
    Annual average of month-end Values at Risk.  March 31, 2011
 Three Months Ended March 31, 2011% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk *Currencies
    
    $
    7,828,647
    
    
    
    20.01
    %
    
    $
    10,064,603
    
    
    $
    2,910,415
    
    
    $
    6,548,633Energy
    
    
    109,000
    
    
    
    0.28
    %
    
    
    195,000
    
    
    
    45,000
    
    
    
    89,333Interest Rates U.S.
    
    
    170,500
    
    
    
    0.44
    %
    
    
    502,450
    
    
    
    30,400
    
    
    
    145,783Interest Rates Non-U.S.
    
    
    924,273
    
    
    
    2.36
    %
    
    
    1,369,739
    
    
    
    330,677
    
    
    
    840,248Metals
    
    
    120,024
    
    
    
    0.31
    %
    
    
    197,750
    
    
    
    70,014
    
    
    
    121,691Softs
    
    
    62,100
    
    
    
    0.16
    %
    
    
    89,700
    
    
    
    54,000
    
    
    
    68,600Total
    
    $
    9,214,544
    
    
    
    23.56
    %
 
 *
    
    Average of month-end Values at Risk. 22




---



##### 



December 31, 2010
 Twelve Months Ended December 31, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk *Currencies
    
    $
    1,878,430
    
    
    
    4.55
    %
    
    $
    11,817,794
    
    
    $
    633,809
    
    
    $
    5,198,266Indices
    
    
    901,236
    
    
    
    2.18
    %
    
    
    1,613,660
    
    
    
    100,993
    
    
    
    790,428Metals
    
    
    80,750
    
    
    
    0.20
    %
    
    
    216,436
    
    
    
    31,500
    
    
    
    66,207Total
    
    $
    2,860,416
    
    
    
    6.93
    %
 
 *
    
    For the period March 1, 2010 (commencement of trading operations) to December 31, 2010 average of month-end Value at Risk.  March 31, 2011
 Three Months Ended March 31, 2011% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    1,689,331
    
    
    
    5.59
    %
    
    $
    1,689,331
    
    
    $
    511,332
    
    
    $
    1,014,939Energy
    
    
    17,500
    
    
    
    0.06
    %
    
    
    401,280
    
    
    
    16,250
    
    
    
    202,557Grains
    
    
    30,000
    
    
    
    0.10
    %
    
    
    223,000
    
    
    
    30,000
    
    
    
    95,667Indices
    
    
    539,237
    
    
    
    1.79
    %
    
    
    965,504
    
    
    
    312,761
    
    
    
    665,640Interest Rates U.S.
    
    
    186,850
    
    
    
    0.62
    %
    
    
    186,850
    
    
    
    168,549
    
    
    
    174,649Interest Rates Non-U.S.
    
    
    285,767
    
    
    
    0.95
    %
    
    
    482,249
    
    
    
    284,602
    
    
    
    385,830Livestock
    
    
    57,600
    
    
    
    0.19
    %
    
    
    125,000
    
    
    
    42,000
    
    
    
    74,867Metals
    
    
    353,858
    
    
    
    1.17
    %
    
    
    432,707
    
    
    
    86,599
    
    
    
    291,907Total
    
    $
    3,160,143
    
    
    
    10.47
    %
 
 *
    
    Average of month-end Values at Risk. 23




---



##### 



December 31, 2010
 Twelve Months Ended December 31, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    903,667
    
    
    
    3.48
    %
    
    $
    903,667
    
    
    $
    577,300
    
    
    $
    765,383Energy
    
    
    357,370
    
    
    
    1.38
    %
    
    
    508,250
    
    
    
    184,174
    
    
    
    350,610Grains
    
    
    97,000
    
    
    
    0.37
    %
    
    
    97,000
    
    
    
    30,000
    
    
    
    48,500Indices
    
    
    756,741
    
    
    
    2.92
    %
    
    
    1,256,105
    
    
    
    756,741
    
    
    
    941,241Interest Rates U.S.
    
    
    52,250
    
    
    
    0.20
    %
    
    
    171,550
    
    
    
    14,700
    
    
    
    33,475Interest Rates Non-U.S.
    
    
    397,172
    
    
    
    1.53
    %
    
    
    445,693
    
    
    
    86,447
    
    
    
    358,644Livestock
    
    
    111,000
    
    
    
    0.43
    %
    
    
    111,000
    
    
    
    40,000
    
    
    
    97,000Metals
    
    
    240,867
    
    
    
    0.93
    %
    
    
    346,947
    
    
    
    240,866
    
    
    
    283,148Total
    
    $
    2,916,067
    
    
    
    11.24
    %
 
 *
    
    For the period November 1, 2010 (commencement of trading operations) to December 31, 2010 average of month-end Value at Risk.  March 31, 2011
 Three Months Ended March 31, 2011% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Energy
    
    $
    9,038,644
    
    
    
    8.85
    %
    
    $
    23,105,575
    
    
    $
    9,038,644
    
    
    $
    17,056,663Total
    
    $
    9,038,644
    
    
    
    8.85
    %
 
 *
    
    Annual average of month-end Values at Risk.  December 31, 2010
 Twelve Months Ended December 31, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Energy
    
    $
    9,618,175
    
    
    
    11.77
    %
    
    $
    16,002,038
    
    
    $
    2,149,045
    
    
    $
    10,344,808Total
    
    $
    9,618,175
    
    
    
    11.77
    %
 
 *
    
    For the period December 1, 2010 (commencement of trading operations) to December 31, 2010 average of month-end Value at Risk. 24




---



##### 



Item 4. Controls
and Procedures.
    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
    Mutual Funds
    FINRA Settlement
  26




---



##### 



Auction Rate Securities
   Subprime Mortgage-Related Actions
    Credit Crisis Related Matters
   27




---



##### 



Item 1A.
Risk Factors.
  28




---



##### 



Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds.
   (d) Maximum Number(c) Total Number
    
    
    
    (or Approximateof Redeemable Units
    
    
    
    Dollar Value) ofPurchased as Part
    
    
    
    Redeemable Units that(a) Total Number
    
    
    
    (b) Average
    
    
    
    of Publicly
    
    
    
    May Yet Beof Redeemable
    
    
    
    Price Paid per
    
    
    
    Announced
    
    
    
    Purchased Under thePeriod
    
    
    Units Purchased*
    
    
    
    Redeemable Unit**
    
    
    
    Plans or Programs
    
    
    
    Plans or ProgramsJanuary 1,
2011  January 31, 2011
    
    
    
    106.0546
    
    
    
    $
    1,952.16
    
    
    
    
    N/A
    
    
    
    
    N/AFebruary 1,
2011  February 28, 2011
    
    
    
    67.4744
    
    
    
    $
    1,955.31
    
    
    
    
    N/A
    
    
    
    
    N/AMarch 1,
2011  March 31, 2011
    
    
    
    101.5126
    
    
    
    $
    1,907.92
    
    
    
    
    N/A
    
    
    
    
    N/A275.0416
    
    
    
    $
    1,936.60
 
 *
    
    Generally, Limited Partners are permitted to redeem their Redeemable Units as of the last day
of each month on three business days notice to the General Partner. Under certain circumstances, the
General Partner can compel redemption, although to date the General Partner has not exercised
this right. Purchases of Redeemable Units by the Partnership reflected in the chart above were
made in the ordinary course of the Partnerships business in connection with effecting
redemptions for Limited Partners.**
    
    Redemptions of Redeemable Units are effected as of the last day of each month at the net
asset value per Redeemable Unit as of that day. No fee will be charged for redemptions. Item 3.
Defaults Upon Senior Securities  None
 Item 4. [Removed and Reserved]
 Item 5.
Other Information.  None
 29




---



##### 



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).
    30




---



##### 



(a)
    
    Letter from the General Partner extending Management Agreement with Aspect Capital
Management Limited for 2010, dated June 1, 2010 (filed as Exhibit 10.6(a) to the Form 10-K
filed on March 31, 2011 and incorporated herein by reference).
  (a)
    
    Letter from the General Partner extending Management Agreement with Altis Partners
(Jersey) Limited for 2010, dated June 1, 2010 (filed as Exhibit 10.7(a) to the Form 10-K
filed on March 31, 2011 and incorporated herein by reference).
  (a)
    
    Letter from the General Partner extending Management Agreement with Waypoint Capital
Management LLC for 2010, dated June 1, 2010 (filed as Exhibit 10.8(a) to the Form 10-K filed
on March 31, 2011 and incorporated herein by reference).
       31




---



##### 



SIGNATURES
  GLOBAL DIVERSIFIED FUTURES FUND L.P.
By: Ceres Managed Futures LLC
       (General Partner)By:
    /s/  Walter DavisWalter DavisPresident and Director  By:
    /s/  Jennifer MagroJennifer MagroChief Financial Officer and Director
(Principal Accounting Officer)  32