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, 2010
  OR ( ) TRANSITION REPORT
    PURSUANT TO SECTION 13 OR 15(d)
  OF THE SECURITIES EXCHANGE ACT
    OF 1934
  
  000-30455
  GLOBAL
    DIVERSIFIED FUTURES FUND L.P.
    New York

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

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




---



##### 



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

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

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

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

6Notes to Financial Statements (unaudited)

7  17Item 2.

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

18  20Item 3.

Quantitative and Qualitative Disclosures about Market Risk

21  23Item 4.

Controls and Procedures

24PART II  Other Information

25  28ExhibitsExhibit 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 31,2010
    
    

2009Assets:Investment in Funds, at fair value
    
    $
    28,237,812
    
    
    $
    24,472,696Equity in trading account:Cash
    
    
    32,109
    
    
    
    5,549,173Cash margin
    
    
    
    
    
    
    90,225Net unrealized appreciation on open futures contracts
    
    
    
    
    
    
    8,93028,269,921
    
    
    
    30,121,024Interest receivable
    
    
    
    
    
    
    60Total assets
    
    $
    28,269,921
    
    
    $
    30,121,084Liabilities and Partners Capital:Liabilities:Net unrealized depreciation on open forward contracts
    
    $
    
    
    
    $
    44,055Accrued expenses:Brokerage fees
    
    
    127,215
    
    
    
    135,347Management fees
    
    
    40,899
    
    
    
    44,183Incentive fees
    
    
    
    
    
    
    26,539Other
    
    
    31,736
    
    
    
    63,950Redemptions payable
    
    
    386,198
    
    
    
    83,074Total liabilities
    
    
    586,048
    
    
    
    397,148Partners Capital:General Partner, 157.9234 and 213.0484 unit equivalents outstanding at
September 30, 2010 and December 31, 2009, respectively
    
    
    304,353
    
    
    
    403,399Limited
Partners, 14,206.7095 and 15,485.2035
Redeemable Units  outstanding
at September 30, 2010 and December 31, 2009, respectively
    
    
    27,379,520
    
    
    
    29,320,537Total partners capital
    
    
    27,683,873
    
    
    
    29,723,936Total liabilities and partners capital
    
    $
    28,269,921
    
    
    $
    30,121,084Net asset
per unit
    
    $
    1,927.22
    
    
    $
    1,893.46
    3




---



##### 



Global Diversified Futures Fund L.P.
September 30, 2010Schedule of Investments
    (Unaudited)
  % of PartnersFair Value
    
    
    CapitalInvestment in
FundsCMF Campbell Master Fund L.P.
    
    $
    3,489,197
    
    
    
    12.60
    %CMF Aspect Master Fund L.P.
    
    
    9,563,152
    
    
    
    34.54CMF Altis Partners Master Fund L.P.
    
    
    9,839,568
    
    
    
    35.54Waypoint Master Fund L.P.
    
    
    5,345,895
    
    
    
    19.31Total
investment in Funds, at fair value
    
    $
    28,237,812
    
    
    
    101.99
    %
  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 FundsCMF 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 Funds






24,472,696



82.33Total fair value





$
24,437,571



82.21
%    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 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Income:Net gains (losses) on trading of commodity interests and
investment in Funds:Net realized gains (losses) on closed contracts
    
    $
    
    
    
    $
    9,836
    
    
    $
    (485,070
    )
    
    $
    560,286Net realized gains (losses) on investment in Funds
    
    
    1,140,848
    
    
    
    337,293
    
    
    
    1,920,677
    
    
    
    (334,618
    )Change in net unrealized gains (losses) on open contracts
    
    
    
    
    
    
    424,203
    
    
    
    35,125
    
    
    
    450,625Change in net unrealized gains (losses) on
investments in Funds
    
    
    848,510
    
    
    
    964,463
    
    
    
    654,261
    
    
    
    (918,196
    )Gain (loss) from trading, net
    
    
    1,989,358
    
    
    
    1,735,795
    
    
    
    2,124,993
    
    
    
    (241,903
    )Interest income
    
    
    
    
    
    
    1,228
    
    
    
    240
    
    
    
    3,417Interest income from investment in Funds
    
    
    7,348
    
    
    
    5,580
    
    
    
    17,531
    
    
    
    18,210Total income (loss)
    
    
    1,996,706
    
    
    
    1,742,603
    
    
    
    2,142,764
    
    
    
    (220,276
    )Expenses:Brokerage fees including clearing fees
    
    
    392,227
    
    
    
    440,820
    
    
    
    1,190,713
    
    
    
    1,414,041Management fees
    
    
    121,026
    
    
    
    140,968
    
    
    
    369,887
    
    
    
    452,563Incentive fees
    
    
    (22,336
    )
    
    
    63,892
    
    
    
    
    
    
    
    137,645Other
    
    
    56,901
    
    
    
    31,929
    
    
    
    149,257
    
    
    
    101,615Total expenses
    
    
    547,818
    
    
    
    677,609
    
    
    
    1,709,857
    
    
    
    2,105,864Net income (loss)
    
    
    1,448,888
    
    
    
    1,064,994
    
    
    
    432,907
    
    
    
    (2,326,140
    )Redemptions  General Partner
    
    
    
    
    
    
    (841,472
    )
    
    
    (100,000
    )
    
    
    (4,917,660
    )Redemptions  Limited Partners
    
    
    (835,414
    )
    
    
    
    
    
    
    (2,372,970
    )
    
    
    (409,375
    )Net increase
(decrease) in Partners Capital
    
    
    613,474
    
    
    
    223,522
    
    
    
    (2,040,063
    )
    
    
    (7,653,175
    )Partners Capital, beginning of period
    
    
    27,070,399
    
    
    
    31,343,187
    
    
    
    29,723,936
    
    
    
    39,219,884Partners Capital, end of period
    
    $
    27,683,873
    
    
    $
    31,566,709
    
    
    $
    27,683,873
    
    
    $
    31,566,709Net asset value per unit
(14,364.6329 and 15,879.8872 units outstanding
at September 30, 2010 and 2009, respectively)
    
    $
    1,927.22
    
    
    $
    1,987.84
    
    
    $
    1,927.22
    
    
    $
    1,987.84Net income
(loss) per Redeemable Unit and General Partner unit equivalents
    
    $
    99.25
    
    
    $
    66.09
    
    
    $
    33.76
    
    
    $
    (129.65
    )Weighted average units outstanding
    
    
    14,669.6981
    
    
    
    16,218.1424
    
    
    
    15,097.5241
    
    
    
    17,013.5358
    6




---



##### 



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




---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
September 30, 2010
    (Unaudited)
  2.
    Financial
    Highlights:    Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Net realized and unrealized gains (losses) *
    
    $
    109.37
    
    
    $
    80.32
    
    
    $
    66.96
    
    
    $
    (90.01
    )Interest income
    
    
    0.51
    
    
    
    0.42
    
    
    
    1.19
    
    
    
    1.27Expenses **
    
    
    (10.63
    )
    
    
    (14.65
    )
    
    
    (34.39
    )
    
    
    (40.91
    )Increase
(decrease) for the period
    
    
    99.25
    
    
    
    66.09
    
    
    
    33.76
    
    
    
    (129.65
    )Net asset value per unit, beginning of period
    
    
    1,827.97
    
    
    
    1,921.75
    
    
    
    1,893.46
    
    
    
    2,117.49Net asset value per unit, end of period ***
    
    $
    1,927.22
    
    
    $
    1,987.84
    
    
    $
    1,927.22
    
    
    $
    1,987.84
 
 *
    
    Includes brokerage fees and clearing  fees.**
    
    Excludes brokerage fees and clearing fees. Three Months Ended
    
    Nine Months EndedSeptember 30,
    
    September 30,2010
    
    2009
    
    2010
    
    2009Ratios to Average Net Assets:***Net investment income (loss) before incentive fees****
    
    
    (8.2
    )%
    
    
    (7.7
    )%
    
    
    (8.1
    )%
    
    
    7.7
    %Operating expense
    
    
    8.3
    %
    
    
    7.8
    %
    
    
    8.2
    %
    
    
    7.8
    %Incentive fees
    
    
    (0.1
    )%
    
    
    0.2
    %
    
    
    
    %
    
    
    0.4
    %Total expenses
    
    
    8.2
    %
    
    
    8.0
    %
    
    
    8.2
    %
    
    
    8.2
    %Total return:Total return before incentive fees
    
    
    5.4
    %
    
    
    3.7
    %
    
    
    1.8
    %
    
    
    (5.7
    )%Incentive fees
    
    
    
    %
    
    
    (0.3
    )%
    
    
    
    %
    
    
    (0.4
    )%Total return after incentive fees
    
    
    5.4
    %
    
    
    3.4
    %
    
    
    1.8
    %
    
    
    (6.1
    )%
 
 ***
    
    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, 2010
    (Unaudited)
    4.
    Fair
    Value Measurements:  Partnerships and the Funds Investments.
  Partnerships and the Funds Fair Value Measurements.
    non-exchange-traded




---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial StatementsSeptember 30, 2010
    (Unaudited)
    Quoted Prices inActive Markets
    
    
    Significant Other
    
    
    Significantfor Identical
    
    
    Observable Inputs
    
    
    Unobservable9/30/2010
    
    
    Assets (Level 1)
    
    
    (Level 2)
    
    
    Inputs (Level 3)AssetsInvestment in
Funds
    
    $
    28,237,812
    
    
    $
    
    
    
    $
    28,237,812
    
    
    $
    Total fair value
    
    $
    28,237,812
    
    
    
    
    
    
    $
    28,237,812
    
    
    
    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 Funds


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 Funds:




---



##### 



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




---



##### 



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


Total Liabilities


Total CapitalCampbell Master
    
    $
    43,104,420
    
    
    $
    61,712
    
    
    $
    43,042,708Aspect Master
    
    
    163,825,778
    
    
    
    44,212
    
    
    
    163,781,566Altis Master
    
    
    72,576,003
    
    
    
    958,712
    
    
    
    71,617,291Waypoint Master
    
    
    39,268,693
    
    
    
    42,735
    
    
    
    39,225,958Total
    
    $
    318,774,894
    
    
    $
    1,107,371
    
    
    $
    317,667,523December 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


12



---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
September 30, 2010
    (Unaudited)
  For the three months ended September 30, 2010Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, net
    
    
    (Loss)
    
    
    (Loss)Campbell Master
    
    $
    3,902,957
    
    
    $
    3,914,414
    
    $
    
    3,867,457Aspect Master
    
    
    11,582,903
    
    
    
    11,626,710
    
    
    
    11,568,821Altis Master
    
    
    8,547,098
    
    
    
    8,569,142
    
    
    
    8,496,706Waypoint Master
    
    
    (909,222
    )
    
    
    (896,356
    )
    
    
    (947,815
    )Total
    
    $
    23,123,736
    
    
    $
    23,213,910
    
    
    $
    22,985,169For the three months ended September 30, 2009Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, net
    
    
    (Loss)
    
    
    (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
    
    
    $
    16,560,322For the nine months ended September 30, 2010Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, net
    
    
    (Loss)
    
    
    (Loss)Campbell Master
    
    $
    2,788,159
    
    
    $
    2,818,046
    
    
    $
    2,664,922Aspect Master
    
    
    19,462,775
    
    
    
    19,567,964
    
    
    
    19,334,749Altis Master
    
    
    4,445,084
    
    
    
    4,500,089
    
    
    
    4,275,429Waypoint Master
    
    
    5,008,311
    
    
    
    5,036,046
    
    
    
    4,910,529Total
    
    $
    31,704,329
    
    
    $
    31,922,145
    
    
    $
    31,185,629For the nine months ended September 30, 2009Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, net
    
    
    (Loss)
    
    
    (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
    )


13



---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
       September 30, 2010
    (Unaudited)
    September 30, 2010
       
       
       For the three months ended    September 30, 2010% of
       
       
       
       
       
       
       
       
       Expenses
       
       
       NetPartnerships
       
       
       Fair
       
       
       Income
       
       
       
       
       
       
       
       
       Income
       
       
       Investment
       
       RedemptionsFunds
       
       Net Assets
       
       
       Value
       
       
       (Loss)
       
       
       Brokerage fees
       
       
       Other
       
       
       (Loss)
       
       
       Objective
       
       PermittedCampbell Master
    
    
    12.60
    %
    
    $
    3,489,197
    
    
    $
    320,152
    
    
    $
    2,541
    
    
    $
    1,119
    
    
    $
    316,492
    
    
    FME Portfolio
    
    MonthlyAspect Master
    
    
    34.54
    %
    
    
    9,563,152
    
    

    
    666,552
    
    
    
    2,607
    
    
    
    716
    
    
    
    663,229
    
    
    Commodity Portfolio
    
    MonthlyAltis Master
    
    
    35.54
    %
    
    
    9,839,568
    
    
    
    1,137,981
    
    
    
    6,810
    
    
    
    2,904
    
    
    
    1,128,267
    
    
    Commodity Portfolio
    
    MonthlyWaypoint Master
    
    
    19.31
    %
    
    
    5,345,895
    
    
    
    (127,979
    )
    
    
    4,450
    
    
    
    2,462
    
    
    
    (134,891
    )
    
    Commodity Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    28,237,812
    
    
    $
    1,996,706
    
    
    $
    16,408
    
    
    $
    7,201
    
    
    $
    1,973,097September 30, 2010


For the nine  months ended September 30, 2010% of








Expenses


NetPartnerships


Fair


Income








Income


Investment

RedemptionsFunds

Net Assets


Value


(Loss)


Brokerage fees


Other


(Loss)


Objective

PermittedCampbell Master
    
    
    12.60
    %
    
    $
    3,489,197
    
    
    $
    246,320
    
    
    $
    6,895
    
    
    $
    4,910
    
    
    $
    234,515
    
    
    FME Portfolio

    MonthlyAspect Master
    
    
    34.54
    %
    
    
    9,563,152
    
    
    
    1,105,408
    
    
    
    8,544
    
    
    
    4,525
    
    
    
    1,092,339
    
    
    Commodity Portfolio

    MonthlyAltis Master
    
    
    35.54
    %
    
    
    9,839,568
    
    
    
    586,170
    
    
    
    16,807
    
    
    
    12,879
    
    
    
    556,484
    
    
    Commodity Portfolio

    MonthlyWaypoint Master
    
    
    19.31
    %
    
    
    5,345,895
    
    
    
    654,571
    
    
    
    11,003
    
    
    
    5,683
    
    
    
    637,885
    
    
    Commodity Portfolio
    MonthlyTotal
    
    
    
    
    
    $
    28,237,812
    
    
    $
    2,592,469
    
    
    $
    43,249
    
    
    $
    27,997
    
    
    $
    2,521,223December 31, 2009
       
       
       For the three months ended   September  30, 2009% of
       
       
       
       
       
       
       
       
       Expenses
       
       
       NetPartnerships
       
       
       Fair
       
       
       Income
       
       
       
       
       
       
       
       
       Income
       
       
       Investment
       
       RedemptionsFunds
       
       Net Assets
       
       
       Value
       
       
       (Loss)
       
       
       Brokerage fees
       
       
       Other
       
       
       (Loss)
       
       
       Objective
       
       PermittedCampbell Master
       
       
       15.68
       %
       
       $
       4,660,413
       
       
       $
       238,467
       
       
       $
       1,512
       
       
       $
       588
       
       
       $
       236,367
       
       
       FME
    Portfolio
       
       MonthlyAspect Master
       
       
       30.34
       %
       
       
       9,018,321
       
       
       
       534,534
       
       
       
       4,460
       
       
       
       499
       
       
       
       529,575
       
       
       Commodity
    Portfolio
       
       MonthlyAltis Master
       
       
       36.31
       %
       
       
       10,793,962
       
       
       
       534,335
       
       
       
       2,547
       
       
       
       1,701
       
       
       
       530,087
       
       
       Commodity
    Portfolio
       
       MonthlyTotal
       
       
       
       
       
       $
       24,472,696
       
       
       $
       1,307,336
       
       
       $
       8,519
       
       
       $
       2,788
       
       
       $
       1,296,029  December 31, 2009


For the nine months ended September 30, 2009% of








Expenses


NetPartnerships


Fair


Income








Income


Investment

RedemptionsFunds

Net Assets


Value


(Loss)


Brokerage fees


Other


(Loss)


Objective

PermittedCampbell Master
    
    
    15.68
    %
    
    $
    4,660,413
    
    
    $
    (182,623
    )
    
    $
    3,602
    
    
    $
    2,126
    
    
    $
    (188,351
    )
    
    FME
    Portfolio
    
    MonthlyAspect Master
    
    
    30.34
    %
    
    
    9,018,321
    
    
    
    (859,040
    )
    
    
    10,341
    
    
    
    1,474
    
    
    
    (870,855
    )
    
    Commodity
 Portfolio
    
    MonthlyAltis Master
    
    
    36.31
    %
    
    
    10,793,962
    
    
    
    (192,941
    )
    
    
    10,941
    
    
    
    4,927
    
    
    
    (208,809
    )
    
    Commodity
 Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    24,472,696
    
    
    $
    (1,234,604
    )
    
    $
    24,884
    
    
    $
    8,527
    
    
    $
    (1,268,015
    ) 14




---



##### 



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




---



##### 



Global Diversified Futures Fund L.P.
    Notes to Financial Statements
September 30, 2010
    (Unaudited)
  7.
Critical     Accounting Policies:
 Use of Estimates.
 Statement
of Cash Flows.
 Partnerships and
the Funds Investments.
 Partnerships and the Funds Fair Value Measurements.
  Futures
Contracts.
 Forward Foreign Currency Contracts.
 16




---



##### 



London Metals Exchange Forward Contracts.
 Options.
 Income Taxes.
    Subsequent Events.
  Recent Accounting Pronouncements.
  No. 2010-09 2010-09),
  Net Income (loss) per Redeemable Unit and General Partner Unit
Equivalents
  8. Subsequent Event:
   17




---



##### 



Item 2.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations.  Liquidity
    and Capital Resources
        Critical
Accounting Policies
 Partnerships and the Funds Investments.
 Partnerships and the Funds Fair Value Measurements.
  Futures
Contracts.
 18




---



##### 



Forward Foreign Currency Contracts.
  London Metals Exchange Forward Contracts.
 Options.
  Results
    of Operations
         19




---



##### 



20




---



##### 



Item 3.
    Quantitative
    and Qualitative Disclosures about Market Risk            one-day
      September
30, 2010
(Unaudited)
 % of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
    2,079,428
    
    
    
    7.51
    %Energy
    
    
    416,327
    
    
    
    1.50
    %Grains
    
    
    133,043
    
    
    
    0.48
    %Interest Rates U.S.
    
    
    236,820
    
    
    
    0.86
    %Interest Rates Non-U.S.
    
    
    528,120
    
    
    
    1.91
    %Livestock
    
    
    15,412
    
    
    
    0.06
    %Lumber
    
    
    1,507
    
    
    
    0.00
    %*Metals
    
    
    300,907
    
    
    
    1.09
    %Softs
    
    
    225,647
    
    
    
    0.81
    %Indices
    
    
    1,001,245
    
    
    
    3.62
    %Total
    
    $
    4,938,456
    
    
    
    17.84
    %
  *
    Due
to rounding 21




---



##### 



September 30, 2010

       (Unaudited)
 Three Months Ended September 30, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    1,887,608
    
    
    
    4.39
    %
    
    $
    3,076,532
    
    
    $
    1,369,669
    
    
    $
    1,986,603Energy
    
    
    151,050
    
    
    
    0.35
    %
    
    
    479,500
    
    
    
    64,850
    
    
    
    296,119Grains
    
    
    232,000
    
    
    
    0.54
    %
    
    
    335,050
    
    
    
    30,989
    
    
    
    162,978Interest Rates U.S.
    
    
    444,800
    
    
    
    1.03
    %
    
    
    793,900
    
    
    
    349,600
    
    
    
    481,150Interest Rates Non-U.S.
    
    
    717,633
    
    
    
    1.67
    %
    
    
    1,860,915
    
    
    
    569,403
    
    
    
    978,320Livestock
    
    
    14,750
    
    
    
    0.03
    %
    
    
    24,600
    
    
    
    5,275
    
    
    
    11,667Metals
    
    
    898,350
    
    
    
    2.09
    %
    
    
    901,371
    
    
    
    321,332
    
    
    
    553,126Softs
    
    
    246,400
    
    
    
    0.57
    %
    
    
    317,000
    
    
    
    125,100
    
    
    
    204,551Indices
    
    
    1,245,739
    
    
    
    2.89
    %
    
    
    1,557,772
    
    
    
    450,112
    
    
    
    1,043,389Total
    
    $
    5,838,330
    
    
    
    13.56
    %
     *
    
    Average of  month-end Values at Risk    September 30, 2010
    (Unaudited)
 Three Months Ended September 30, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    8,413,832
    
    
    
    5.14
    %
    
    $
    8,413,832
    
    
    $
    3,516,825
    
    
    $
    6,546,295Energy
    
    
    1,685,100
    
    
    
    1.03
    %
    
    
    1,813,600
    
    
    
    351,414
    
    
    
    1,435,200Grains
    
    
    773,530
    
    
    
    0.47
    %
    
    
    802,355
    
    
    
    150,472
    
    
    
    458,059Interest Rates U.S.
    
    
    1,608,400
    
    
    
    0.98
    %
    
    
    2,333,350
    
    
    
    1,483,850
    
    
    
    1,827,650Interest Rates Non-U.S.
    
    
    4,208,419
    
    
    
    2.57
    %
    
    
    6,063,200
    
    
    
    4,200,308
    
    
    
    5,039,144Livestock
    
    
    73,197
    
    
    
    0.04
    %
    
    
    104,077
    
    
    
    29,000
    
    
    
    82,111Metals
    
    
    2,091,112
    
    
    
    1.28
    %
    
    
    2,091,112
    
    
    
    679,784
    
    
    
    1,327,742Softs
    
    
    1,605,397
    
    
    
    0.98
    %
    
    
    1,719,693
    
    
    
    649,288
    
    
    
    1,117,384Indices
    
    
    2,409,262
    
    
    
    1.47
    %
    
    
    2,409,262
    
    
    
    830,124
    
    
    
    1,417,220Total
    
    $
    22,868,249
    
    
    
    13.96
    %
     *
    
    Average of  month-end Values at Risk 22




---



##### 



September 30, 2010
    (Unaudited)
  Three Months Ended September 30, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk *Currencies
    
    $
    2,717,787
    
    
    
    3.80
    %
    
    $
    3,481,070
    
    
    $
    1,121,732
    
    
    $
    2,542,919Energy
    
    
    2,120,778
    
    
    
    2.96
    %
    
    
    2,479,469
    
    
    
    494,043
    
    
    
    1,737,547Grains
    
    
    506,468
    
    
    
    0.71
    %
    
    
    717,726
    
    
    
    136,257
    
    
    
    459,045Interest Rates U.S.
    
    
    662,000
    
    
    
    0.92
    %
    
    
    1,193,750
    
    
    
    525,800
    
    
    
    818,867Interest Rates Non -U.S.
    
    
    932,335
    
    
    
    1.30
    %
    
    
    1,833,421
    
    
    
    652,035
    
    
    
    1,094,642Livestock
    
    
    72,784
    
    
    
    0.10
    %
    
    
    142,450
    
    
    
    59,050
    
    
    
    99,078Lumber
    
    
    11,000
    
    
    
    0.02
    %
    
    
    27,500
    
    
    
    6,600
    
    
    
    11,733Metals
    
    
    626,073
    
    
    
    0.87
    %
    
    
    2,589,641
    
    
    
    421,483
    
    
    
    1,101,345Softs
    
    
    821,717
    
    
    
    1.15
    %
    
    
    937,879
    
    
    
    262,952
    
    
    
    634,590Indices
    
    
    4,081,241
    
    
    
    5.70
    %
    
    
    4,339,373
    
    
    
    577,280
    
    
    
    3,350,977Total
    
    $
    12,552,183
    
    
    
    17.53
    %
     *
    
    Average of  month-end Values at Risk    September 30, 2010

       (Unaudited)
 Three Months Ended September 30, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    7,839,656
    
    
    
    19.97
    %
    
    $
    7,839,656
    
    
    $
    633,809
    
    
    $
    5,593,566Energy
    
    
    116,250
    
    
    
    0.30
    %
    
    
    221,000
    
    
    
    105,000
    
    
    
    147,417Interest Rates U.S.
    
    
    123,600
    
    
    
    0.32
    %
    
    
    284,100
    
    
    
    25,600
    
    
    
    70,800Interest Rates Non-U.S.
    
    
    721,867
    
    
    
    1.84
    %
    
    
    1,828,039
    
    
    
    245,339
    
    
    
    1,122,892Metals
    
    
    155,028
    
    
    
    0.40
    %
    
    
    189,028
    
    
    
    63,765
    
    
    
    138,019Indices
    
    
    1,481,417
    
    
    
    3.78
    %
    
    
    1,481,417
    
    
    
    126,630
    
    
    
    939,555Total
    
    $
    10,437,818
    
    
    
    26.61
    %
     *
    
    Average of month-end Value at Risk 23




---



##### 



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.   24




---



##### 



PART II.
    OTHER INFORMATION Item 1.    Legal Proceedings
  25




---



##### 



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 ProgramsJuly 1, 2010 
July 31, 2010



173.9613



$
1,813.32




N/A




N/AAugust 1, 2010  August 31, 2010



70.0300



$
1,910.15




N/A




N/ASeptember 1, 2010  September 30, 2010



200.3914



$
1,927.22




N/A




N/ATotal



444.3827



$
1,879.94        Item 3.
    Defaults
    Upon Senior Securities  None  Item 4.
    [Removed and Reserved]  Item 5.
    Other
    Information.   26




---



##### 



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




---



##### 



(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).
 10.9  Management Agreement among the Partnership. The General
Partner and Blackwater Capital Management LLC, dated October 29, 2010
(filed as Exhibit 10.9 to the Form 8-K filed on November 4, 2010 and
incorporated herein be reference).31.1
    
    Rule 13a-14(a)/15d-14(a) Certification (Certification of President and Director).31.2
    
    Rule 13a-14(a)/15d-14(a) Certification (Certification of Chief Financial Officer, Secretary  and Director).32.1
    
    Section 1350 Certification (Certification of President and Director).32.2
    
    Section 1350 Certification (Certification of Chief Financial Officer, Secretary and Director).






---



##### 



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