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 September 30, 2009
  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
    September 30, 2009 and December 31, 2008 (unaudited)

3Schedules of Investments at     September 30, 2009 and
    December 31, 2008 (unaudited)

4  5Statements of Income and Expenses and Changes in Partners Capital
    for
    the three and nine months ended     September 30, 2009 and 2008
    (unaudited)

6Notes to Financial Statements (unaudited)

7  15Item 2.

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

16  19Item 3.

Quantitative and Qualitative Disclosures about Market Risk

20  21Item 4.

Controls and Procedures

22PART II  Other Information

23  26ExhibitsExhibit 3.1(b) Certificate of Amendment of the Certificate of Limited Partnership, dated October 1, 1999Exhibit 3.1(c) Certificate of Change of the Certificate of Limited Partnership, effective January 31, 2000Exhibit 3.1(d) Certificate of Amendment of the Certificate of Limited Partnership, May 21, 2003Exhibit 3.1(e) Certificate of Amendment of the Certificate of Limited Partnership, dated September 21, 2005Exhibit 3.1(g) Certificate of Amendment of the Certificate of Limited Partnership, dated September 19, 2008Exhibit 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)
  September 30,
    
    December 31,2009
    
    2008Assets:Investment in Partnerships, at fair value
    
    
    $
    26,301,044
    
    $
    37,284,594Equity in trading account:Cash
    
    
    
    4,513,741
    
    
    5,558,203Cash margin
    
    
    
    1,184,288
    
    
    Net unrealized appreciation on open futures contracts
    
    
    
    258,876
    
    
    Net unrealized appreciation on open forward contracts
    
    
    
    191,749
    
    
    32,449,698
    
    
    42,842,797Interest receivable
    
    
    
    240
    
    
    82Total assets
    
    
    $
    32,449,938
    
    $
    42,842,879Liabilities and Partners Capital:Liabilities:Accrued expenses:Brokerage commissions
    
    
    $
    146,025
    
    $
    192,793Management fees
    
    
    
    47,969
    
    
    62,786Incentive fees
    
    
    
    137,645
    
    
    1,958,313Other
    
    
    
    44,775
    
    
    52,504Redemptions payable
    
    
    
    506,815
    
    
    1,356,599Total liabilities
    
    
    
    883,229
    
    
    3,622,995Partners Capital:General
Partner, 213.0484 and 421.6204 Unit equivalents outstanding at
September 30, 2009 and December 31, 2008, respectively
    
    
    
    423,506
    
    
    892,777Limited
Partners, 15,666.8388 and 18,100.2695
Redeemable Units of Limited Partnership Interest outstanding
at September 30, 2009 and December 31, 2008, respectively
    
    
    
    31,143,203
    
    
    38,327,107Total partners capital
    
    
    
    31,566,709
    
    
    39,219,884Total liabilities and partners capital
    
    
    $
    32,449,938
    
    $
    42,842,879
    3




---



##### 



Global Diversified Futures Fund L.P.
September 30, 2009Schedule of Investments
    (Unaudited)
  Notional($)/Number of
    
    
    
    
    
    
    % of PartnersContracts
    
    
    Fair Value
    
    
    CapitalFutures Contracts PurchasedCurrencies
    
    
    83
    
    
    $
    78,248
    
    
    
    0.25
    %Grains
    
    
    6
    
    
    
    6,225
    
    
    
    0.02Indices
    
    
    6
    
    
    
    7,101
    
    
    
    0.02Interest Rates U.S.
    
    
    28
    
    
    
    47,203
    
    
    
    0.15Interest Rates Non-U.S.
    
    
    107
    
    
    
    64,307
    
    
    
    0.20Metals
    
    
    7
    
    
    
    37,800
    
    
    
    0.12Total futures contracts purchased
    
    
    
    
    
    
    240,884
    
    
    
    0.76Futures Contracts SoldCurrencies
    
    
    27
    
    
    
    37,912
    
    
    
    0.12Energy
    
    
    4
    
    
    
    (19,920
    )
    
    
    (0.06
    )Total futures contracts sold
    
    
    
    
    
    
    17,992
    
    
    
    0.06Unrealized Appreciation on Forward ContractsCurrencies
    
    
    10,966,432
    
    
    
    192,556
    
    
    
    0.61Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    192,556
    
    
    
    0.61Unrealized Depreciation on Forward ContractsCurrencies
    
    
    1,019,998
    
    
    
    (807
    )
    
    
    (0.00
    )*Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (807
    )
    
    
    (0.00
    )*Investment in PartnershipsCMF Campbell Master Fund L.P.
    
    
    
    
    
    
    5,565,061
    
    
    
    17.63CMF Aspect Master Fund L.P.
    
    
    
    
    
    
    9,310,373
    
    
    
    29.49CMF Altis Partners Master Fund L.P.
    
    
    
    
    
    
    11,425,610
    
    
    
    36.20Total investment in Partnerships
    
    
    
    
    
    
    26,301,044
    
    
    
    83.32Total fair value
    
    
    
    
    
    $
    26,751,669
    
    
    $
    84.75
    %
  *
    
    Due to rounding  4




---



##### 



Global Diversified Futures Fund L.P.
    Schedule of Investments
    December 31, 2008
    (Unaudited)
  % of PartnersFair Value


CapitalInvestment in PartnershipsCMF Campbell Master Fund L.P.

$
8,558,897



21.82
%CMF Aspect Master Fund L.P.


13,187,938



33.63CMF Altis Partners Master Fund L.P.


15,537,759



39.62Total fair value

$
37,284,594



95.07
%    5




---



##### 



Global Diversified Futures Fund L.P.Statements of Income and Expenses and Change in
    Partners Capital
    (Unaudited)
  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Income:Net gains (losses) on trading of commodity interests and
investment in Partnerships:Net realized gains (losses) on closed contracts
    
    $
    9,836
    
    
    $
    
    
    
    $
    560,286
    
    
    $
    Net realized gains (losses) on investment in Partnerships
    
    
    337,293
    
    
    
    (1,952,668
    )
    
    
    (334,618
    )
    
    
    6,421,483Change in net unrealized gains (losses) on open contracts
    
    
    424,203
    
    
    
    
    
    
    
    450,625
    
    
    
    Change in net unrealized gains (losses) on
investments in Partnerships
    
    
    964,463
    
    
    
    (2,995,089
    )
    
    
    (918,196
    )
    
    
    (1,456,733
    )Gain (loss) from trading, net
    
    
    1,735,795
    
    
    
    (4,947,757
    )
    
    
    (241,903
    )
    
    
    4,964,750Interest income
    
    
    1,228
    
    
    
    
    
    
    
    3,417
    
    
    
    Interest income from investment in Partnerships
    
    
    5,580
    
    
    
    115,924
    
    
    
    18,210
    
    
    
    410,173Total income (loss)
    
    
    1,742,603
    
    
    
    (4,831,833
    )
    
    
    (220,276
    )
    
    
    5,374,923Expenses:Brokerage
commissions including clearing fees
    
    
    440,820
    
    
    
    535,278
    
    
    
    1,414,041
    
    
    
    1,720,506Management fees
    
    
    140,968
    
    
    
    165,360
    
    
    
    452,563
    
    
    
    532,875Incentive fees
    
    
    63,892
    
    
    
    (1,040,326
    )
    
    
    137,645
    
    
    
    485,722Other
    
    
    31,929
    
    
    
    32,623
    
    
    
    101,615
    
    
    
    83,338Total expenses
    
    
    677,609
    
    
    
    (307,065
    )
    
    
    2,105,864
    
    
    
    2,822,441Net income (loss)
    
    
    1,064,994
    
    
    
    (4,524,768
    )
    
    
    (2,326,140
    )
    
    
    2,552,482Redemptions  Limited Partners
    
    
    (841,472
    )
    
    
    (1,354,699
    )
    
    
    (4,917,660
    )
    
    
    (3,272,858
    )Redemptions  General Partner
    
    
    
    
    
    
    
    
    
    
    (409,375
    )
    
    
    (2,500,000
    )Net increase (decrease) in Partners Capital
    
    
    223,522
    
    
    
    (5,879,467
    )
    
    
    (7,653,175
    )
    
    
    (3,220,376
    )Partners Capital, beginning of period
    
    
    31,343,187
    
    
    
    42,778,662
    
    
    
    39,219,884
    
    
    
    40,119,571Partners Capital, end of period
    
    $
    31,566,709
    
    
    $
    36,899,195
    
    
    $
    31,566,709
    
    
    $
    36,899,195Net asset value per Unit
(15,879.8872 and 20,157.6101 Units outstanding
at September 30, 2009 and 2008, respectively)
    
    $
    1,987.84
    
    
    $
    1,830.53
    
    
    $
    1,987.84
    
    
    $
    1,830.53Net income (loss) per Redeemable Unit of Limited Partnership
Interest and General Partner Unit equivalent
    
    $
    66.09
    
    
    $
    (215.83
    )
    
    $
    (129.65
    )
    
    $
    110.62Weighted average units outstanding
    
    
    16,218.1424
    
    
    
    20,456.0481
    
    
    
    17,013.5358
    
    
    
    21,537.8060
    6




---



##### 



Global Diversified Futures Fund L.P.Notes to Financial Statements
September 30, 2009
    (Unaudited)
  1.
    General:          Form 10-K
            7




---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
September 30, 2009
    (Unaudited)
  2.
    Financial
    Highlights:    Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Net realized and unrealized gains (losses) *
    
    
    $
    80.32
    
    
    $
    (261.44
    )
    
    $
    (90.01
    )
    
    $
    140.98Interest income
    
    
    
    0.42
    
    
    
    5.59
    
    
    
    1.27
    
    
    
    18.65Expenses **
    
    
    
    (14.65
    )
    
    
    40.02
    
    
    
    (40.91
    )
    
    
    (49.01
    )Increase (decrease) for the period
    
    
    
    66.09
    
    
    
    (215.83
    )
    
    
    (129.65
    )
    
    
    110.62Net Asset Value per Redeemable Unit, beginning of period
    
    
    
    1,921.75
    
    
    
    2,046.36
    
    
    
    2,117.49
    
    
    
    1,719.91Net Asset Value per Redeemable Unit, end of period
    
    
    $
    1,987.84
    
    
    $
    1,830.53
    
    
    $
    1,987.84
    
    
    $
    1,830.53
   *
    
    Includes brokerage commissions  **
    
    Excludes brokerage commissions  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Ratios to Average Net Assets:***Net investment income (loss) before incentive fees****
    
    
    (7.7
    )%
    
    
    (6.4
    )%
    
    
    (7.7
    )%
    
    
    (6.7
    )%Operating expense
    
    
    7.8
    %
    
    
    7.6
    %
    
    
    7.8
    %
    
    
    8.1
    %Incentive fees
    
    
    0.2
    %
    
    
    
    %
    
    
    0.4
    %
    
    
    1.3
    %Total expenses
    
    
    8.0
    %
    
    
    7.6
    %
    
    
    8.2
    %
    
    
    9.4
    %Total return:Total return before incentive fees
    
    
    3.7
    %
    
    
    (10.5
    )%
    
    
    (5.7
    )%
    
    
    7.8
    %Incentive fees
    
    
    (0.3
    )%
    
    
    
    %
    
    
    (0.4
    )%
    
    
    (1.4
    )%Total return after incentive fees
    
    
    3.4
    %
    
    
    (10.5
    )%
    
    
    (6.1
    )%
    
    
    6.4
    %   ***
    
    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
    September 30, 2009
    (Unaudited)
      September 30, 2009
    
    
    
    
    September 30, 2009Assets
    
    
    
    
    
    AssetsFutures Contracts
    
    
    
    
    
    Forward ContractsCurrencies
    
    $
    116,160
    
    
    Currencies
    
    $
    192,556Grains
    
    
    6,225
    
    
    Total unrealized appreciation on open forward contracts
    
    $
    192,556Interest Rates U.S.
    
    
    47,203Interest Rates Non-U.S.
    
    
    64,307Indices
    
    
    7,101Metals
    
    
    37,800Total unrealized appreciation on open futures contracts
    
    $
    278,796Liabilities
    
    
    
    
    
    LiabilitiesFutures Contracts
    
    
    
    
    
    Forward ContractsEnergy
    
    $
    (19,920
    )
    
    Currencies
    
    $
    (807
    )Total unrealized depreciation on open futures contracts
    
    $
    (19,920
    )
    
    Total unrealized depreciation on open forward contracts
    
    $
    (807
    )Net unrealized appreciation on open futures contracts
    
    $
    258,876
    *
    
    Net unrealized appreciation on open forward contracts
    
    $
    191,749
    **
 
 *
    
    This amount is included in Net unrealized appreciation on open futures contracts on the Statements of Financial Condition.**
    
    This amount is included in Net unrealized appreciation on open forward contracts on the Statements of Financial Condition.




---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
September 30, 2009
    (Unaudited)
  Three Months Ended
    
    
    Nine Months EndedSeptember 30, 2009
    
    
    September 30, 2009Sector
    
    Gain (loss) from trading
    
    
    Gain (loss) from tradingCurrencies
    
    $
    398,216
    
    
    $
    743,701Energy
    
    
    (51,490
    )
    
    
    (28,100
    )Grains
    
    
    6,225
    
    
    
    (3,113
    )Indices
    
    
    154,672
    
    
    
    353,538Interest Rates U.S.
    
    
    (7,693
    )
    
    
    (56,874
    )Interest Rates Non-U.S.
    
    
    (90,941
    )
    
    
    11,339Metals
    
    
    29,850
    
    
    
    3,948Softs
    
    
    (4,800
    )
    
    
    (13,528
    )Total
    
    $
    434,039
    
    
    $
    1,010,911
 4.
    Fair
    Value Measurements:  Investments.
  Fair Value Measurements.
   10




---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
September 30, 2009
    (Unaudited)
    Quoted Prices inActive Markets


Significant Other


Significantfor Identical


Observable Inputs


Unobservable9/30/2009


Assets (Level 1)


(Level 2)


Inputs (Level 3)AssetsFutures
    
    $
    258,876
    
    
    $
    258,876
    
    
    $
    
    
    
    $
    Forwards
    
    
    191,749
    
    
    
    
    
    
    
    191,749
    
    
    
    Investment in
Partnerships
    
    
    26,301,044
    
    
    
    
    
    
    
    26,301,044
    
    
    
    Total assets
    
    
    26,751,669
    
    
    
    258,876
    
    
    
    26,492,793
    
    
    
    Total fair value
    
    $
    26,751,669
    
    
    $
    258,876
    
    
    $
    26,492,793
    
    
    $
     Quoted Prices inActive Markets
    
    
    Significant Other
    
    
    Significantfor Identical
    
    
    Observable Inputs
    
    
    Unobservable12/31/2008
    
    
    Assets (Level 1)
    
    
    (Level 2)
    
    
    Inputs (Level 3)AssetsInvestment in Partnerships
    
    $
    37,284,594
    
    
    $
    
    
    
    $
    37,284,594
    
    
    $
    Total fair value
    
    $
    37,284,594
    
    
    $
    
    
    
    $
    37,284,594
    
    
    $
    
   5.
    Investment
    in Partnerships:




---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
September 30, 2009
    (Unaudited)
    give-up,
      September 30, 2009Total Assets


Total Liabilities


Total CapitalCampbell Master
    
    $
    72,583,408
    
    
    $
    50,225
    
    
    $
    72,533,183Aspect Master
    
    
    164,579,268
    
    
    
    16,670
    
    
    
    164,562,598Altis Master
    
    
    88,471,368
    
    
    
    18,996
    
    
    
    88,452,372Total
    
    $
    325,634,044
    
    
    $
    85,891
    
    
    $
    325,548,153December 31, 2008Total Assets


Total Liabilities


Total CapitalCampbell Master

$
127,587,225


$
112,263


$
127,474,962Aspect Master


240,236,167



881,834



239,354,333Altis Master


99,300,545



17,963



99,282,582Total

$
467,123,937


$
1,012,060


$
466,111,877


12



---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
September 30, 2009
    (Unaudited)
  For the three months ended September 30, 2009Gain (Loss) fromTrading, net
    
    
    Total Income (Loss)
    
    
    Net Income (Loss)Campbell Master
    
    $
    3,089,848
    
    
    $
    3,106,168
    
    
    $
    3,078,368Aspect Master
    
    
    9,440,451
    
    
    
    9,476,242
    
    
    
    9,387,591Altis Master
    
    
    4,106,021
    
    
    
    4,127,001
    
    
    
    4,094,363Total
    
    $
    16,636,320
    
    
    $
    16,709,411
    
    
    $
    16,560,322
 For the nine months ended September 30, 2009Gain (Loss) fromTrading, net
    
    
    Total Income (Loss)
    
    
    Net Income (Loss)Campbell Master
    
    $
    (2,611,292
    )
    
    $
    (2,551,214
    )
    
    $
    (2,628,145
    )Aspect Master
    
    
    (16,781,998
    )
    
    
    (16,658,459
    )
    
    
    (16,878,438
    )Altis Master
    
    
    (924,520
    )
    
    
    (863,038
    )
    
    
    (978,066
    )Total
    
    $
    (20,317,810
    )
    
    $
    (20,072,711
    )
    
    $
    (20,484,649
    )
 For the three months ended September 30, 2008Gain (Loss) fromTrading, net
    
    
    Total Income (Loss)
    
    
    Net Income (Loss)Campbell Master
    
    $
    (4,786,916
    )
    
    $
    (4,320,336
    )
    
    $
    (4,356,671
    )Aspect Master
    
    
    (20,271,442
    )
    
    
    (19,655,505
    )
    
    
    (19,753,889
    )Altis Master
    
    
    (15,487,281
    )
    
    
    (15,216,070
    )
    
    
    (15,279,538
    )Total
    
    $
    (40,545,639
    )
    
    $
    (39,191,911
    )
    
    $
    (39,390,098
    )
 For the nine months ended September 30, 2008Gain (Loss) fromTrading, net
    
    
    Total Income (Loss)
    
    
    Net Income (Loss)Campbell Master
    
    $
    7,436,006
    
    
    $
    9,289,461
    
    
    $
    9,163,431Aspect Master
    
    
    22,293,556
    
    
    
    24,471,311
    
    
    
    24,178,434Altis Master
    
    
    15,606,019
    
    
    
    16,519,695
    
    
    
    16,353,520Total
    
    $
    45,335,581
    
    
    $
    50,280,467
    
    
    $
    49,695,385


13



---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
       September 30, 2009
    (Unaudited)
    September 30, 2009
       
       
       For the three months ended    September 30, 2009% of
       
       
       
       
       
       
       
       
       Expenses
       
       
       NetPartnerships
       
       
       Fair
       
       
       Income
       
       
       
       
       
       
       
       
       Income
       
       
       Investment
       
       RedemptionsFund
       
       Net Assets
       
       
       Value
       
       
       (Loss)
       
       
       Commissions
       
       
       Other
       
       
       (Loss)
       
       
       Objective
       
       PermittedCampbell Master
    
    
    17.63
    %
    
    $
    5,565,061
    
    
    $
    238,467
    
    
    $
    1,512
    
    
    $
    588
    
    
    $
    236,367
    
    
    FME
    Portfolio
    
    MonthlyAspect Master
    
    
    29.49
    %
    
    
    9,310,373
    
    
    
    534,534
    
    
    
    4,460
    
    
    
    499
    
    
    
    529,575
    
    
    Commodity
 Portfolio
    
    MonthlyAltis Master
    
    
    36.20
    %
    
    
    11,425,610
    
    
    
    534,335
    
    
    
    2,547
    
    
    
    1,701
    
    
    
    530,087
    
    
    Commodity
 Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    26,301,044
    
    
    $
    1,307,336
    
    
    $
    8,519
    
    
    $
    2,788
    
    
    $
    1,296,029September 30, 2009
       
       
       For the nine months ended    September 30, 2009% of
       
       
       
       
       
       
       
       
       Expenses
       
       
       NetPartnerships
       
       
       Fair
       
       
       Income
       
       
       
       
       
       
       
       
       Income
       
       
       Investment
       
       RedemptionsInvestment
       
       Net Assets
       
       
       Value
       
       
       (Loss)
       
       
       Commissions
       
       
       Other
       
       
       (Loss)
       
       
       Objective
       
       PermittedCampbell Master
    
    
    17.63
    %
    
    $
    5,565,061
    
    
    $
    (182,623
    )
    
    $
    3,602
    
    
    $
    2,126
    
    
    $
    (188,351
    )
    
    FME
    Portfolio
    
    MonthlyAspect Master
    
    
    29.49
    %
    
    
    9,310,373
    
    
    
    (859,040
    )
    
    
    10,341
    
    
    
    1,474
    
    
    
    (870,855
    )
    
    Commodity
 Portfolio
    
    MonthlyAltis Master
    
    
    36.20
    %
    
    
    11,425,610
    
    
    
    (192,941
    )
    
    
    10,941
    
    
    
    4,927
    
    
    
    (208,809
    )
    
    Commodity
 Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    26,301,044
    
    
    $
    (1,234,604
    )
    
    $
    24,884
    
    
    $
    8,527
    
    
    $
    (1,268,015
    )December 31, 2008
       
       
       For the three months ended    September 30, 2008% of
       
       
       
       
       
       
       
       
       Expenses
       
       
       NetPartnerships
       
       
       Fair
       
       
       Income
       
       
       
       
       
       
       
       
       Income
       
       
       Investment
       
       RedemptionsFund
       
       Net Assets
       
       
       Value
       
       
       (Loss)
       
       
       Commissions
       
       
       Other
       
       
       (Loss)
       
       
       Objective
       
       PermittedCampbell Master
       
       
       21.82
       %
       
       $
       8,558,897
       
       
       $
       (265,326
       )
       
       $
       1,724
       
       
       $
       514
       
       
       $
       (267,564
       )
       
       FME
    Portfolio
       
       MonthlyAspect Master
       
       
       33.63
       %
       
       
       13,187,938
       
       
       
       (1,307,175
       )
       
       
       5,840
       
       
       
       669
       
       
       
       (1,313,684
       )
       
       Commodity
    Portfolio
       
       MonthlyAltis Master
       
       
       39.62
       %
       
       
       15,537,759
       
       
       
       (3,259,332
       )
       
       
       10,846
       
       
       
       1,787
       
       
       
       (3,271,965
       )
       
       Commodity
    Portfolio
       
       MonthlyTotal
       
       
       
       
       
       $
       37,284,594
       
       
       $
       (4,831,833
       )
       
       $
       18,410
       
       
       $
       2,970
       
       
       $
       (4,853,213
       )December 31, 2008
       
       
       For the nine months ended    September 30, 2008% of
       
       
       
       
       
       
       
       
       Expenses
       
       
       NetPartnerships
       
       
       Fair
       
       
       Income
       
       
       
       
       
       
       
       
       Income
       
       
       Investment
       
       RedemptionsFund
       
       Net Assets
       
       
       Value
       
       
       (Loss)
       
       
       Commissions
       
       
       Other
       
       
       (Loss)
       
       
       Objective
       
       PermittedCampbell Master
       
       
       21.82
       %
       
       $
       8,558,897
       
       
       $
       459,846
       
       
       $
       5,486
       
       
       $
       1,421
       
       
       $
       452,939
       
       
       FME
    Portfolio
       
       MonthlyAspect Master
       
       
       33.63
       %
       
       
       13,187,938
       
       
       
       1,637,899
       
       
       
       18,130
       
       
       
       1,742
       
       
       
       1,618,027
       
       
       Commodity
    Portfolio
       
       MonthlyAltis Master
       
       
       39.62
       %
       
       
       15,537,759
       
       
       
       3,277,178
       
       
       
       28,649
       
       
       
       5,806
       
       
       
       3,242,723
       
       
       Commodity
    Portfolio
       
       MonthlyTotal
       
       
       
       
       
       $
       37,284,594
       
       
       $
       5,374,923
       
       
       $
       52,265
       
       
       $
       8,969
       
       
       $
       5,313,689 14




---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
September 30, 2009
    (Unaudited)
    6.
    Financial
    Instrument Risks:




---



##### 



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.
 Investments.
 Fair Value Measurements.
 16




---



##### 



Futures
Contracts.
 Forward Foreign Currency Contracts.
  London Metals Exchange Forward Contracts.
 Options.
 Income Taxes.
   17




---



##### 



Recent Accounting Pronouncements.
  Subsequent
Events
  Results
    of Operations
    
   18




---



##### 



and/or 90-day
         19




---



##### 



Item 3.
    Quantitative
    and Qualitative Disclosures about Market Risk          one-day
  Form 10-K
  September 30, 2009

       (Unaudited)
  Three
Months ended September 30, 2009% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    1,065,500
    
    
    
    3.37
    %
    
    $
    1,065,501
    
    
    $
    134,932
    
    
    $
    749,939Energy
    
    
    24,300
    
    
    
    0.08
    %
    
    
    32,400
    
    
    
    16,200
    
    
    
    20,539Grains
    
    
    9,720
    
    
    
    0.03
    %
    
    
    9,720
    
    
    
    9,720
    
    
    
    9,720Indices
    
    
    46,040
    
    
    
    0.15
    %
    
    
    191,996
    
    
    
    45,403
    
    
    
    132,647Interest Rates U.S.
    
    
    79,650
    
    
    
    0.25
    %
    
    
    103,275
    
    
    
    10,125
    
    
    
    64,109Interest Rates Non
-U.S.
    
    
    240,807
    
    
    
    0.76
    %
    
    
    400,555
    
    
    
    84,055
    
    
    
    202,440Metals
    
    
    31,497
    
    
    
    0.10
    %
    
    
    31,497
    
    
    
    13,499
    
    
    
    22,441Total
    
    $
    1,497,514
    
    
    
    4.74
    %
 
 *
    
    Average month-end Values at Risk 20




---



##### 



September 30, 2009

       (Unaudited)
  Three
Months ended September 30, 2009% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    2,410,861
    
    
    
    3.32
    %
    
    $
    3,560,326
    
    
    $
    1,365,144
    
    
    $
    2,277,127Energy
    
    
    280,538
    
    
    
    0.39
    %
    
    
    483,280
    
    
    
    120,600
    
    
    
    287,212Grains
    
    
    73,980
    
    
    
    0.10
    %
    
    
    162,540
    
    
    
    20,520
    
    
    
    94,638Interest Rates U.S.
    
    
    518,603
    
    
    
    0.72
    %
    
    
    665,550
    
    
    
    38,743
    
    
    
    446,840Interest Rates Non-U.S.
    
    
    1,961,713
    
    
    
    2.71
    %
    
    
    2,054,733
    
    
    
    620,517
    
    
    
    1,188,182Metals
    
    
    638,982
    
    
    
    0.88
    %
    
    
    1,109,145
    
    
    
    193,929
    
    
    
    483,517Softs
    
    
    6,300
    
    
    
    0.01
    %
    
    
    145,740
    
    
    
    2,100
    
    
    
    61,222Indices
    
    
    2,947,078
    
    
    
    4.06
    %
    
    
    3,340,257
    
    
    
    1,088,241
    
    
    
    1,846,673Total
    
    $
    8,838,055
    
    
    
    12.19
    %
     *
    
    Average month-end Values at Risk    September 30,
    2009
    (Unaudited)
 Three
Months Ended September 30, 2009% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    2,366,166
    
    
    
    1.44
    %
    
    $
    4,191,221
    
    
    $
    1,450,765
    
    
    $
    2,425,063Energy
    
    
    1,968,743
    
    
    
    1.20
    %
    
    
    2,538,363
    
    
    
    1,067,489
    
    
    
    1,521,969Grains
    
    
    750,505
    
    
    
    0.45
    %
    
    
    891,787
    
    
    
    370,820
    
    
    
    687,709Interest Rates U.S.
    
    
    2,149,740
    
    
    
    1.30
    %
    
    
    3,363,654
    
    
    
    1,195,838
    
    
    
    2,126,906Interest Rates Non-U.S.
    
    
    8,067,197
    
    
    
    4.90
    %
    
    
    10,090,643
    
    
    
    4,189,859
    
    
    
    6,253,076Livestock
    
    
    356,333
    
    
    
    0.22
    %
    
    
    515,295
    
    
    
    149,783
    
    
    
    313,466Lumber
    
    
    1,650
    
    
    
    0.00
    %**
    
    
    3,300
    
    
    
    1,650
    
    
    
    2,475Metals
    
    
    2,089,947
    
    
    
    1.27
    %
    
    
    2,425,890
    
    
    
    1,011,784
    
    
    
    1,841,692Softs
    
    
    1,840,765
    
    
    
    1.12
    %
    
    
    1,840,765
    
    
    
    746,654
    
    
    
    1,427,542Indices
    
    
    4,177,780
    
    
    
    2.54
    %
    
    
    4,177,780
    
    
    
    750,192
    
    
    
    2,501,650Total
    
    $
    23,768,826
    
    
    
    14.44
    %
     *
    
    Average month-end Values at Risk**
    
    Due to rounding     September 30,
    2009
    (Unaudited)
  Three
Months Ended September 30, 2009% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk *Currencies
    
    $
    1,375,602
    
    
    
    1.56
    %
    
    $
    2,012,974
    
    
    $
    1,060,343
    
    
    $
    1,601,488Energy
    
    
    900,692
    
    
    
    1.02
    %
    
    
    1,644,207
    
    
    
    838,977
    
    
    
    1,039,183Grains
    
    
    703,735
    
    
    
    0.80
    %
    
    
    728,369
    
    
    
    396,254
    
    
    
    583,556Interest Rates U.S.
    
    
    586,238
    
    
    
    0.66
    %
    
    
    645,164
    
    
    
    347,575
    
    
    
    536,662Interest Rates Non -U.S.
    
    
    1,564,942
    
    
    
    1.77
    %
    
    
    1,658,370
    
    
    
    1,052,362
    
    
    
    1,342,161Livestock
    
    
    133,650
    
    
    
    0.15
    %
    
    
    153,900
    
    
    
    95,522
    
    
    
    120,275Metals
    
    
    1,353,700
    
    
    
    1.53
    %
    
    
    1,599,418
    
    
    
    741,347
    
    
    
    1,300,037Softs
    
    
    620,406
    
    
    
    0.70
    %
    
    
    624,639
    
    
    
    397,819
    
    
    
    500,753Indices
    
    
    3,327,027
    
    
    
    3.76
    %
    
    
    3,383,400
    
    
    
    363,554
    
    
    
    1,972,357Lumber
    
    
    9,900
    
    
    
    0.01
    %
    
    
    18,150
    
    
    
    8,250
    
    
    
    10,000Total
    
    $
    10,575,892
    
    
    
    11.96
    %
     *
    
    Average month-end Values at Risk 21




---



##### 



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.   22




---



##### 



PART II.
    OTHER INFORMATION Item 1.    Legal Proceedings
  Subprime Mortgage-Related Litigation
 Asher, et al. v. Citigroup Inc., et al. Pellegrini v. Citigroup Inc.,
et al. In re Citigroup Inc. Bond Litigation
 Utah Retirement Systems v. Strauss, et al.
 In Re American Home Mortgage Securities Litigation
 In Re American International Group, Inc. 2008 Securities
Litigation
 Auction Rate SecuritiesRelated Litigation and Other Matters
 K-V Pharmaceutical Co. v. CGMI In Re Citigroup Auction Rate Securities Litigation
 In Re Citigroup Auction Rate Securities Litigation
 Ocwen Financial
Corp., et al. v. CGMI In Re Citigroup Auction Rate Securities Litigation
 Other Matters
 ECA
Acquisitions, Inc., et al. v. MAT Three LLC, et al.
 Adelphia Communications Corporation
  IPO Securities Litigation
  Other Matters
 Terra Securities Asa
Konkursbo, et al. v. Citigroup Inc., et al
 23




---



##### 



Item 1A.
    Risk Factors.
    Speculative position and trading limits may reduce
profitability
  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 ProgramsJuly 1, 2009  
July 31, 2009



99.8381



$
1,905.59




N/A




N/AAugust 1, 2009  
August 31, 2009



75.0270



$
1,924.73




N/A




N/ASeptember 1, 2009  
September 30, 2009



254.9578



$
1,987.84




N/A




N/ATotal



429.8229



$
1,957.72        Item 3.
    Defaults
    Upon Senior Securities  None  Item 4.
    Submission
    of Matters to a Vote of Security Holders 
    None  Item 5.
    Other
    Information  None  24




---



##### 



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 of 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
herein).(c)
    
    Certificate of Change of 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
herein).(d)
    
    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 May 21, 2003 (filed
herein).(e)
    
    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 21, 2005 (filed
herein).(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 of 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
herein).(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 2008, dated June 5, 2008 (filed as Exhibit 10.22 to the Form 10-K filed on March
31, 2009 and incorporated herein by reference).
  (a)
    
    Letter from the General Partner extending Management Agreement with Aspect Capital
Management Limited for 2008, dated June 5, 2008 (filed as Exhibit 10.22 to the Form 10-K
filed on March 31, 2009 and incorporated herein by reference).
 25




---



##### 



(a)
    
    Letter from the General Partner extending Management Agreement with Altis Partners
(Jersey) Limited for 2008, dated June 5, 2008 (filed as Exhibit 10.22 to the Form 10-K
filed on March 31, 2009 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