|   | MANAGED FUTURES CHARTER GRAHAM L.P.                    |   |
|--------|--------------------------------------------------------|--------|
|   | (Exact name of registrant as specified in its charter) |   |

|                                     | Delaware                                                      |       | 13-4018068                          |
|------------------------------------------|---------------------------------------------------------------|------------|-------------------------------------|
|                                     | (State or other jurisdiction ofincorporation or organization) |       | (I.R.S. EmployerIdentification No.) |
|                                     |                                                          |       |                                |
| Ceres Managed Futures LLC                |                                                          |       |
| 522 Fifth Avenue, 14th Floor             |                                                          |       |
| New York, NY                             |                                                          | 10036      |
| (Address of principal executive offices) |                                                          | (Zip Code) |

| Registrant’s telephone number, including area code |   | (212) 296-1999 |
|----------------------------------------------------------|--------|----------------|

| Large accelerated filer o | Accelerated filer o         |
|---------------------------|-----------------------------|
| Non-accelerated filer x   | Smaller reporting company o |

----

|     | PART I. FINANCIAL INFORMATION                                                                          |             |
|----------|--------------------------------------------------------------------------------------------------------|------------------|
|     |                                                                                                   |             |
| Item 1.  | Financial Statements (Unaudited)                                                                       |             |
|     |                                                                                                   |             |
|     | Statements of Financial Condition as of September 30, 2011 and December 31, 2010                       | 2                |
|     |                                                                                                   |             |
|     | Condensed Schedule of Investments as of September 30, 2011                                             | 3                |
|     |                                                                                                   |             |
|     | Condensed Schedule of Investments as of December 31, 2010                                              | 4                |
|     |                                                                                                   |             |
|     | Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2011 and 2010      | 5                |
|     |                                                                                                   |             |
|     | Statements of Changes in Partners’ Capital for the Nine Months Ended September 30, 2011 and 2010 | 6                |
|     |                                                                                                   |             |
|     | Notes to Financial Statements                                                                          |   7-21 |
|     |                                                                                                   |             |
| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations            | 22-33            |
|     |                                                                                                   |             |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                                             | 33-42            |
|     |                                                                                                   |             |
| Item 4.  | Controls and Procedures                                                                                | 42-43            |
|     |                                                                                                   |             |
|     | PART II. OTHER INFORMATION                                                                             |             |
|     |                                                                                                   |             |
| Item 1A. | Risk Factors                                                                                           | 44               |
|     |                                                                                                   |             |
| Item 2.  | Unregistered Sales of Securities and Use of Proceeds                                                   | 44               |
|     |                                                                                                   |             |
| Item 6.  | Exhibits                                                                                               | 44-45            |

----

|                                                                     | September 30,     |                | December 31,      |
|--------------------------------------------------------------------------|-------------------|---------------------|-------------------|
|                                                                     | 2011              |                | 2010              |
| ASSETS                                                                   | $                 |                | $                 |
|                                                                     |              |                |              |
| Trading Equity:                                                          |              |                |              |
|                                                                     |              |                |              |
| Unrestricted cash                                                        | 298,788,013  |                | 332,055,996  |
| Restricted cash                                                          | 25,088,524   |                | 25,115,126   |
|                                                                     |              |                |              |
| Total cash                                                               | 323,876,537  |                | 357,171,122  |
|                                                                     |              |                |              |
| Net unrealized gain on open contracts (MSIP)                             | 2,711,305    |                | 1,287,433    |
| Net unrealized gain (loss) on open contracts (MS&Co.)                | (607,639)    |                | 7,018,064    |
|                                                                     |              |                |         |
| Total net unrealized gain on open contracts                              | 2,103,666    |      | 8,305,497    |
|                                                                     |              |                |              |
| Total Trading Equity                                                     | 325,980,203  |                | 365,476,619  |
|                                                                     |              |                |              |
| Interest receivable (MSSB)                                               | –           |                | 25,629       |
| Subscriptions receivable                                                 | –           |                | 2,900,784    |
|                                                                     |              |                |              |
| Total Assets                                                             | 325,980,203  |                | 368,403,032  |
|                                                                     |              |                |              |
| LIABILITIES AND PARTNERS’ CAPITAL                                  |              |                |              |
|                                                                     |              |                |              |
| Liabilities:                                                             |              |                |              |
|                                                                     |              |                |              |
| Redemptions payable                                                      | 2,554,944    |                | 4,638,344    |
| Accrued brokerage fees (MS&Co.)                                      | 1,512,992    |                | 1,576,346    |
| Accrued management fees                                                  | 562,974      |                | 586,548      |
| Interest payable (MSSB)                                                  | 4,329        |                | –           |
|                                                                     |              |                |              |
| Total Liabilities                                                        | 4,635,239    |                | 6,801,238    |
|                                                                     |              |                |              |
| Partners’ Capital:                                                 |              |                |              |
|                                                                     |              |                |              |
| Limited Partners (12,869,322.589 and 12,395,917.141 Units, respectively) | 317,919,642  |                | 357,913,170  |
| General Partner (138,656.441 and 127,751.316 Units, respectively)        | 3,425,322    |                | 3,688,624    |
|                                                                     |              |                |              |
| Total Partners’ Capital                                            | 321,344,964  |                | 361,601,794  |
|                                                                     |              |                |              |
| Total Liabilities and Partners’ Capital                            | 325,980,203  |                | 368,403,032  |
|                                                                     |              |                |              |
| NET ASSET VALUE PER UNIT                                                 | 24.70        |                | 28.87        |

----

| Futures and Forward Contracts Purchased       | Net unrealizedgain/(loss) onopen contracts                                                                                                                                                                                                                                                                                                                                   | % ofPartners’ Capital                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                          | $                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Commodity                                     |                                          (3,081,918)                                                                                                                 | (0.96)                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Equity                                        |                                                             (882,275) |                                                               (0.28)                                                                    |
| Foreign currency                              |                                                          (1,269,124)                 | (0.39)                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Interest rate                                 |                                                         (705,992)                         |  (0.22)                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                          |                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Total Futures and Forward Contracts Purchased |  (5,939,309)                                                                                                                                                                                                                                                                                                                                                            |   (1.85)                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                          |                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Futures and Forward Contracts Sold            |                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                          |                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                          |                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Commodity                                     |  8,101,830                                                                                                                                                                                                                                                                                                                                               |                                                      2.52                                                                                                                       |
| Equity                                        | 201,234                                                                                                                                                                                                                                                                                                                                                                      |                                                      0.06                                                                                                                                 |
| Foreign currency                              | 132,582                                                                                                                                                                                                                                                                                                                                                                      |                                                      0.04                                                                                                                                 |
| Interest rate                                 |                                                         (3,868)                           |                                                                       –    |
|                                          |                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Total Futures and Forward Contracts Sold      |                                                8,431,778                                                                               |                                                              2.62                                                                            |
|                                          |                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Unrealized Currency Loss                      |                                                  (388,803)                                                                   |                                                            (0.12)                                                                                      |
|                                          |                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Net fair value                                |     2,103,666                                                                                                                                                                                                                                                                                                                                            |                                                              0.65                                                                            |
|                                          |                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

----

| Futures and Forward Contracts Purchased       | Net unrealizedgain/(loss) onopen contracts                                                                                                                                                                                                                                                                                     | % ofPartners’ Capital                                                                                                                                                                                                         |
|-----------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                          | $                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                |
| Commodity                                     | 5,713,726                                                                                                                                                                                                                                                                                                                      | 1.58                                                                                                                       |
| Equity                                        | (931,429)                                                                                                                                                                                                                                                                                                            |                        (0.26)                                                                                         |
| Foreign currency                              | 4,076,718                                                                                                                                                                                                                                                                                                                      | 1.13                                                                                                                            |
| Interest rate                                 |      323,407                                                                                                                                                                                                                                                                                |     0.09                                                                                                         |
|                                          |                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                |
| Total Futures and Forward Contracts Purchased |   9,182,422                                                                                                                                                                                                                                                                                                          |    2.54                                                                                                     |
|                                          |                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                |
| Futures and Forward Contracts Sold            |                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                |
|                                          |                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                |
| Commodity                                     |  (99,428)                                                                                                                                                                                                                                                                                                       |            (0.03)                                                                                                                                                                 |
| Equity                                        | 39,537                                                                                                                                                                                                                                                                                                                         |            0.01                                                                                                                                                                   |
| Foreign currency                              | 559,940                                                                                                                                                                                                                                                                                                                        |            0.16                                                                                                                                                                   |
| Interest rate                                 |                                                     (1,192,360) |                    (0.33)                                                                                                                 |
|                                          |                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                |
| Total Futures and Forward Contracts Sold      |      (692,311)                                                                                                                                                                                                                                                                              |                  (0.19)                                                                                                                             |
|                                          |                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                |
| Unrealized Currency Loss                      |                                 (184,614)                                                                                                                           |                                     (0.05)           |
|                                          |                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                |
| Net fair value                                |     8,305,497                                                                                                                                                                                                                                                                                              |                                       2.30 |
|                                          |                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                |

----

|                                                          |                                                           |          |                                         |
|---------------------------------------------------------------|----------------------------------------------------------------|---------------|----------------------------------------------|
|                                                          |   For the Three MonthsEnded September  30, |          | For the Nine Months Ended September 30, |
|                                                          |                                                           |          |                                         |   |   |   |   |
|                                                          | 2011                                                           |          | 2010                                         |   | 2011 |   | 2010 |
|                                                          | $                                                              |          | $                                            |   | $ |   | $ |
| INVESTMENT INCOME                                             |                                                           |          |                                         |   |   |   |   |
| Interest income (MSSB)                                        | 7,166                                                     |          | 112,217                                 |   | 102,461  |   | 254,015  |
|                                                          |                                                           |          |                                         |   |   |   |   |
| EXPENSES                                                      |                                                           |          |                                         |   |   |   |   |
| Brokerage fees (MS&Co.)                                   | 4,713,813                                                 |          | 5,168,919                               |   | 14,606,029  |   | 16,281,971  |
| Management fees                                               | 1,753,977                                                 |          | 1,722,974                               |   | 5,434,803  |   | 5,427,325  |
|                                                          |                                                           |          |                                         |   |   |   |   |
| Total Expenses                                                | 6,467,790                                                 |          | 6,891,893                               |   | 20,040,832  |   | 21,709,296  |
|                                                          |                                                           |          |                                         |   |   |   |   |
| NET INVESTMENT LOSS                                           | (6,460,624)                                               |          | (6,779,676)                             |   | (19,938,371)  |   | (21,455,281)  |
|                                                          |                                                           |          |                                         |   |   |   |   |
| TRADING RESULTS                                               |                                                           |          |                                         |   |   |   |   |
| Trading profit (loss):                                        |                                                           |          |                                         |   |   |   |   |
| Realized                                                      | (23,088,567)                                              |          | (319,563)                               |   | (28,286,885)  |   | (4,699,010)  |
| Net change in unrealized                                      | 4,521,335                                                 |          | 13,891,922                              |   | (6,201,831)  |   | 6,163,119  |
|                                                          | (18,567,232)                                              |          | 13,572,359                              |   | (34,488,716)  |   | 1,464,109  |
|                                                          |                                                           |          |                                         |   |   |   |   |
| Proceeds from Litigation Settlement                           | –                                                        |          | 20,678                                  |   | – |   | 20,678  |
|                                                          |                                                           |          |                                         |   |   |   |   |
| Total Trading Results                                         | (18,567,232)                                              |          | 13,593,037                              |   | (34,488,716)  |   | 1,484,787  |
|                                                          |                                                           |          |                                         |   |   |   |   |
| NET INCOME (LOSS)                                             | (25,027,856)                                              |          | 6,813,361                               |   | (54,427,087)  |   | (19,970,494)  |
|                                                          |                                                           |          |                                         |   |   |   |   |
| NET INCOME (LOSS) ALLOCATION                                  |                                                           |          |                                         |   |   |   |   |
|                                                          |                                                           |          |                                         |   |   |   |   |
| Limited Partners                                              | (24,762,617)                                              |          | 6,743,480                               |   | (53,863,785)  |   | (19,765,804)  |
| General Partner                                               | (265,239)                                                 |          | 69,881                                  |   | (563,302)  |   | (204,690)  |
|                                                          |                                                           |          |                                         |   |   |   |   |
| NET INCOME (LOSS) PER UNIT *                                  |                                                           |          |                                         |   |   |   |   |
|                                                          |                                                           |          |                                         |   |   |   |   |
| Limited Partners                                              | (1.92)                                                    |          | 0.54                                    |   | (4.17)  |   | (1.40)  |
| General Partner                                               | (1.92)                                                    |     | 0.54                                    |   | (4.17)  |   | (1.40)  |
|                                                          |                                                           |          |                                         |   |   |   |   |
|                                                          | Units                                                          |          | Units                                        |   | Units |   | Units |
|  WEIGHTED AVERAGE NUMBER  OF UNITS OUTSTANDING |  13,204,585.532                                      |          |   12,794,984.173              |   |  12,967,813.965  |   |  13,276,845.273  |
|                                                          |                                                           |          |                                         |   |   |   |   |

----

|                     | Units of              |   |               |   |            |   |               |
|--------------------------|-----------------------|--------|--------------------|--------|-----------------|--------|--------------------|
|                     | Partnership           |   | Limited            |   | General         |   |               |
|                     | Interest              |   | Partners           |   | Partner         |   | Total              |
|                     |                  |   | $                  |   | $               |   | $                  |
| Partners’ Capital, |                  |   |               |   |            |   |               |
| December 31, 2010        | 12,523,668.457   |   | 357,913,170   |   | 3,688,624  |   | 361,601,794   |
|                     |                  |   |               |   |            |   |               |
| Subscriptions            | 1,597,401.690    |   | 44,263,039    |   | 300,000    |   | 44,563,039    |
|                     |                  |   |               |   |            |   |               |
| Net Loss                 | –               |   | (53,863,785)  |   | (563,302)  |   | (54,427,087)  |
|                     |                  |   |               |   |            |   |               |
| Redemptions              | (1,113,091.117)  |   | (30,392,782)  |   | –         |   | (30,392,782)  |
|                     |                  |   |               |   |            |   |               |
| Partners’ Capital, |                  |   |               |   |            |   |               |
| September 30, 2011       | 13,007,979.030   |   | 317,919,642   |   | 3,425,322  |   | 321,344,964   |
|                     |                  |   |               |   |            |   |               |
|                     |                  |   |               |   |            |   |               |
|                     |                  |   |               |   |            |   |               |
|                     |                  |   |               |   |            |   |               |
| Partners’ Capital, |                  |   |               |   |            |   |               |
| December 31, 2009        | 13,841,108.731   |   | 395,815,421   |   | 4,093,056  |   | 399,908,477   |
|                     |                  |   |               |   |            |   |               |
| Subscriptions            | 73,727.879       |   | 2,026,779     |   | –         |   | 2,026,779     |
|                     |                  |   |               |   |            |   |               |
| Net Loss                 | –               |   | (19,765,804)  |   | (204,690)  |   | (19,970,494)  |
|                     |                  |   |               |   |            |   |               |
| Redemptions              | (1,404,615.854)  |   | (37,717,788)  |   | (401,668)  |   | (38,119,456)  |
|                     |                  |   |               |   |            |   |               |
| Partners’ Capital, |                  |   |               |   |            |   |               |
| September 30, 2010       | 12,510,220.756   |   | 340,358,608   |   | 3,486,698  |   | 343,845,306   |

----

----

| 2.   | Financial Highlights |
|----------------|----------------------|

|                                                                                                                                                             | 2011                                                                                                                                                                           | 2010                                                                                                                                           | 2011                                                                                                                                             | 2010                                                              |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------|
|          Per Unit operating performance:                                                                            |                                                                                                                                                                           |                                                                                                                                           |                                                                                                                                             |                                                              |
|          Net asset value at the beginning of the period:                                                            | $     26.62                                                                                                                                           | $        26.95                                                                                              | $        28.87                                                                                                | $        28.89                 |
|                                                                                                                                                             |                                                                                                                                                                           |                                                                                                                                           |                                                                                                                                             |                                                              |
|                      Interest Income                    |  –  (3)                                                                                                                                                   | 0.01                                                                                                             | 0.01                                                                                                               | 0.02                 |
|                      Expenses                           |        (0.50)                                                                                                                               |            (0.54)                                                                            |           (1.56)                                                                                    |          (1.64)           |
|                      Realized/Unrealized Gain (Loss)    |         (1.42)                     |         1.07                |        (2.62)                 |            0.22 |
|                      Net Gain (Loss)                    |        (1.92)                                                                                                                               |          0.54                                                                                          |        (4.17)                                                                                                 |          (1.40)           |
|                                                                                                                                                             |                                                                                                                                                                           |                                                                                                                                           |                                                                                                                                             |                                                              |
|          Net asset value, September 30:                                                                             |  $    24.70                                                                                                                                           |  $        27.49                                                                                        |  $       24.70                                                                                                |  $      27.49                       |
|                                                                                                                                                             |                                                                                                                                                                           |                                                                                                                                           |                                                                                                                                             |                                                              |
|          Ratios to average net assets:                                                                              |                                                                                                                                                                           |                                                                                                                                           |                                                                                                                                             |                                                              |
|                      Net Investment Loss  (2) |       (7.6)%                                                                                                                                     |       (7.8)%                                                                                                     |       (7.6)%                                                                                                       |       (8.1)%                        |
|                      Expenses before Incentive Fees (2) |        7.6%                                                                                                                                 |        8.0%                                                                                                 |        7.6%                                                                                                   |        8.2%                    |
|                      Expenses after Incentive Fees (2)  |        7.6%                                                                                                                                 |        8.0%                                                                                                 |        7.6%                                                                                                   |        8.2%                    |
|                      Net Gain (Loss)  (2)     |     (29.4)%                                                                                                                                                |        7.9%                                                                                                 |     (20.6)%                                                                                                                  |   (7.5)%                                                |
|          Total return before incentive fees                                                                         |       (7.2)%                                                                                                                                     |        2.0%                                                                                                 |     (14.4)%                                                                                                                  |       (4.8)%                        |
|          Total return after incentive fees                                                                          |       (7.2)%                                                                                                                                     |        2.0%                                                                                                 |     (14.4)%                                                                                                                  |       (4.8)%                        |

----

----

----

| 1)   | a) One or more “underlyings” and b) one or more “notional amounts” or payment provisions or both; |
|----------------|---------------------------------------------------------------------------------------------------------------------------|

| 2)   | Requires no initial net investment or a smaller initial net investment than would be required for other types of contracts that would be expected to have a similar response relative to changes in market factors; and |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3)   | Terms that require or permit net settlement. |
|----------------|----------------------------------------------|

|          |   Net Unrealized Gains (Losses) on Open Contracts | Longest Maturities  |
|---------------|-------------------------------------------------------------|---------------------|
| Date          | Exchange-Traded                                             | Off-Exchange-Traded | Total | Exchange-Traded | Off-Exchange-Traded |
|          | $                                                           | $                   | $ |   |   |
| Sep. 30, 2011 | 3,393,332                                                   | (1,289,666)         | 2,103,666 | Dec. 2015 | Oct. 2011 |
| Dec. 31, 2010 | 4,257,692                                                   | 4,047,805           | 8,305,497 | Mar. 2015 | Mar. 2011 |

----

----

----

| Futures and Forward Contracts               | Long UnrealizedGain             | Long UnrealizedLoss                 |  ShortUnrealizedGain                                                                   |   Short UnrealizedLoss                                                                                                                                                                          | Net   Unrealized Gain/(Loss) | Average number of contractsoutstanding for the nine months  (absolute quantity) |
|---------------------------------------------|---------------------------------|-------------------------------------|---------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|-------------------------------------------------------------------------------------------|
|                                        | $                               | $                                   | $                                                                                           | $                                                                                                                                                                                                         | $                                                |                                                                                      |
| Commodity                                   | –                         | (3,081,918)                    |  8,461,457                                                                             | (359,627)                                                                                                                                                                                            | 5,019,912                                        | 2,896                                                                                     |
| Equity                                      | 23,650                          | (905,925)                      |          707,110                                    | (505,876)                                                                                                                                                                                            | (681,041)                                        | 2,551                                                                                     |
| Foreign currency                            | 157,112                         | (1,426,236)                    |           4,160,533                       | (4,027,951)                                                                                                                                                                                          | (1,136,542)                                      | 24,046                                                                                    |
| Interest rate                               |     428,192 |   (1,134,184)        |                29,210 |                                  (33,078) |      (709,860)          | 10,312                                                                                    |
| Total                                       |    608,954       |    (6,548,263)  | 13,358,310                                | (4,926,532)                                                                                                                                                                                          | 2,492,469                                        |                                                                                      |
|                                        |                            |                                |                                                                                        |                                                                                                                                                                                                      |                                             |                                                                                      |
| Unrealized currency loss                    |                            |                                |                                                                                        |                                                                                                                                                                                                      |     (388,803)                |                                                                                      |
| Total net unrealized gain on open contracts |                            |                                |                                                                                        |                                                                                                                                                                                                      |     2,103,666                |                                                                                      |

----

| Futures and Forward Contracts               | Long UnrealizedGain             | Long UnrealizedLoss                                      |  ShortUnrealizedGain                                                                   |   Short UnrealizedLoss                                                                                                     | Net     Unrealized  Gain/(Loss) | Average number of contractsoutstanding for the year (absolute quantity) |
|---------------------------------------------|---------------------------------|----------------------------------------------------------|---------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------|-------------------------------------------------------------------------|
|                                        | $                               | $                                                        | $                                                                                           | $                                                                                                                                    | $                                                                  |                                                                    |
| Commodity                                   | 5,781,673                       | (67,947)                                            | 5,710                                                                                       | (105,138)                                                                                                                            | 5,614,298                                                     | 4,640                                                                   |
| Equity                                      | 244,826                         | (1,176,255)                                         |            39,537                         | –                                                                                                                              | (891,892)                                                     | 2,866                                                                   |
| Foreign currency                            | 4,755,171                       | (678,453)                                           |          854,409                               | (294,469)                                                                                                                            | 4,636,658                                                     | 17,648                                                                  |
| Interest rate                               |     392,619 |        (69,212)  |                72,075 |                      (1,264,435) |      (868,953)                       |   8,548                                                       |
| Total                                       | 11,174,289                      |    (1,991,867)                       |     971,731           | (1,664,042)                                                                                                                          | 8,490,111                                                     |                                                                    |
|                                        |                            |                                                     |                                                                                        |                                                                                                                                 |                                                               |                                                                    |
| Unrealized currency loss                    |                            |                                                     |                                                                                        |                                                                                                                                 |     (184,614)                             |                                                                    |
| Total net unrealized gain on open contracts |                            |                                                     |                                                                                        |                                                                                                                                 |     8,305,497                             |                                                                    |

|                            | For the Three Months                                                                                                           |   | For the Nine Months                                                                                                                        |
|---------------------------------|--------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|
|                            | Ended September 30, 2011                                                                                                       |   | Ended September 30, 2011                                                                                                                   |
| Type of Instrument              | $                                                                                                                              |   | $                                                                                                                                          |
|                            |                                                                                                                           |   |                                                                                                                                       |
| Commodity                       | (573,114)                                                                                                                      |   | (5,192,218)                                                                                                                                |
| Equity                          | (18,948,096)                    |   | (29,530,261)                      |
| Foreign currency                | (11,596,080)                                   |   | (14,432,209)                                     |
| Interest rate                   |  12,523,762                                                                                                               |   | 14,870,161                                                                                                                                 |
| Unrealized currency gain (loss) |           26,296                                                             |   |         (204,189)                                                                                  |
| Total                           |  (18,567,232)                                                                                                             |   |  (34,488,716)                               |

----

|                     | For the Three Months        |   | For the Nine Months                       |
|--------------------------|-----------------------------|--------|-------------------------------------------|
|                     | Ended September 30, 2011    |   | Ended September 30, 2011                  |
| Trading Results          | $                           |   | $                                         |
|                     |                        |   |                                      |
| Realized                 | (23,088,567)                |   | (28,286,885)                              |
| Net change in unrealized |    4,521,335 |   |      (6,201,831) |
| Total Trading Results    |  (18,567,232)          |   |   (34,488,716)                  |

|                                | For the Three Months                                                                                                                    |   | For the Nine Months                                                                                                                                 |
|-------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
|                                | Ended September 30, 2010                                                                                                                |   | Ended September 30, 2010                                                                                                                            |
| Type of Instrument                  | $                                                                                                                                       |   | $                                                                                                                                                   |
|                                |                                                                                                                                    |   |                                                                                                                                                |
| Commodity                           | 4,619,626                                                                                                                               |   |  (15,341,818)                                                                                                                                  |
| Equity                              | (6,588,505)                                                                                                                             |   | (24,490,754)                                                                                                                                        |
| Foreign currency                    |  5,849,717                     |   |  4,329,881                       |
| Interest rate                       |  9,822,753                                    |   | 36,973,606                                      |
| Unrealized currency loss            |  (131,232)                                                                                                                         |   |  (6,806)                                                                                                                                       |
| Proceeds from Litigation Settlement |       20,678                                                                                              |   |         20,678                                                                                              |
| Total                               |  13,593,037                                                                                                                        |   |    1,484,787                                                                                                                         |

|                                | For the Three Months                                         |   | For the Nine Months                                          |
|-------------------------------------|--------------------------------------------------------------|--------|--------------------------------------------------------------|
|                                | Ended September 30, 2010                                     |   | Ended September 30, 2010                                     |
| Trading Results                     | $                                                            |   | $                                                            |
|                                |                                                         |   |                                                         |
| Realized                            | (319,563)                                                    |   | (4,699,010)                                                  |
| Net change in unrealized            | 13,891,922                                                   |   | 6,163,119                                                    |
| Proceeds from Litigation Settlement |          20,678 |   |          20,678 |
| Total Trading Results               |   13,593,037                                       |   |     1,484,787                            |

----

----

| September 30, 2011                   | UnadjustedQuoted Prices in Active Markets for Identical Assets(Level 1)                                                    | Significant Other Observable Inputs(Level 2)                                                                                                                                                                    | Significant Unobservable Inputs(Level 3) |   | Total                                                                                                                                                      |
|--------------------------------------|----------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                 | $                                                                                                                          | $                                                                                                                                                                                                               | $                                        |   | $                                                                                                                                                          |
|  Assets                         |                                                                                                                       |                                                                                                                                                                                                            |                                     |   |                                                                                                                                                       |
|  Futures                        | 9,803,417                                                                                                                  |                              –       | n/a                                      |   |  9,803,417                                                                                                                                            |
|      Forwards    |          –                                     |   4,163,847                                                                                                                                                                                           | n/a                                      |   |                          4,163,847 |
|                                 |                                                                                                                       |                                                                                                                                                                                                            |                                     |   |                                                                                                                                                       |
|   Total Assets             |       9,803,417                                                                                   |                         4,163,847                              | n/a                                      |   |         13,967,264                                                                                                      |
|                                 |                                                                                                                       |                                                                                                                                                                                                            |                                     |   |                                                                                                                                                       |
|      Liabilities |                                                                                                                       |                                                                                                                                                                                                            |                                     |   |                                                                                                                                                       |
|  Futures                        |     6,021,282                                                                                          |                              –       | n/a                                      |   |      6,021,282                                                                                                                    |
|      Forwards    |               –       | 5,453,513                                                                                                                                                                                                       | n/a                                      |   |                          5,453,513 |
|                                 |                                                                                                                       |                                                                                                                                                                                                            |                                     |   |                                                                                                                                                       |
|   Total Liabilities        |        6,021,282                                                                             |                        5,453,513                                                                  | n/a                                      |   |       11,474,795                                                                                                                  |
|                                 |                                                                                                                       |                                                                                                                                                                                                            |                                     |   |                                                                                                                                                       |
| Unrealized currency loss             |                                                                                                                       |                                                                                                                                                                                                            |                                     |   |          (388,803)                                                                                                 |
|                                 |                                                                                                                       |                                                                                                                                                                                                            |                                     |   |                                                                                                                                                       |
|   *Net fair value          | 3,782,135                                                                                                                  |                      (1,289,666)                                                                            | n/a                                      |   |     2,103,666                                                                                                                               |

| December 31, 2010                    | UnadjustedQuoted Prices in Active Markets for Identical Assets(Level 1)                                                                                                                             | Significant Other Observable Inputs(Level 2)                                                                                                                                                                                      | Significant Unobservable Inputs(Level 3) |   | Total                                                                                                                                                               |
|--------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                 | $                                                                                                                                                                                                   | $                                                                                                                                                                                                                                 | $                                        |   | $                                                                                                                                                                   |
| Assets                               |                                                                                                                                                                                                |                                                                                                                                                                                                                              |                                     |   |                                                                                                                                                                |
|  Futures                        | 7,142,799                                                                                                                                                                                           |                               –                   | n/a                                      |   | 7,142,799                                                                                                                                                           |
|      Forwards    |                           –             |   5,003,221                                                                                                                                                                                                             | n/a                                      |   |                        5,003,221                      |
|                                 |                                                                                                                                                                                                |                                                                                                                                                                                                                              |                                     |   |                                                                                                                                                                |
|   Total Assets             |       7,142,799                                                                                                                                                            |                         5,003,221                                                     | n/a                                      |   |          12,146,020                                                                                                         |
|                                 |                                                                                                                                                                                                |                                                                                                                                                                                                                              |                                     |   |                                                                                                                                                                |
|      Liabilities |                                                                                                                                                                                                |                                                                                                                                                                                                                              |                                     |   |                                                                                                                                                                |
|  Futures                        |     2,700,493                                                                                                                                                                   |                                 –       | n/a                                      |   |       2,700,493                                                                                                                       |
|      Forwards    |                            –       |    955,416                                                                                                                                                                                                         | n/a                                      |   |                           955,416 |
|                                 |                                                                                                                                                                                                |                                                                                                                                                                                                                              |                                     |   |                                                                                                                                                                |
|   Total Liabilities        |  2,700,493                                                                                                                                                                                     |                           955,416                                                                    | n/a                                      |   |          3,655,909                                                                                                          |
|                                 |                                                                                                                                                                                                |                                                                                                                                                                                                                              |                                     |   |                                                                                                                                                                |
| Unrealized currency loss             |                                                                                                                                                                                                |                                                                                                                                                                                                                              |                                     |   |            (184,614)                                                                                              |
|                                 |                                                                                                                                                                                                |                                                                                                                                                                                                                              |                                     |   |                                                                                                                                                                |
|   *Net fair value          | 4,442,306                                                                                                                                                                                           |                         4,047,805                                                                              | n/a                                      |   |       8,305,497                                                                                                                            |

----

----

----

| - 21 -  |
|--------------|

----

| Item 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND                                                                                                                                                                                  |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

----

----

----

----

----

|   | Item 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
|--------|-------------------------------------------------------------------------------|

----

----

----

----

|          |                               | % of Total        |
|---------------|------------------------------------|-------------------|
| Market Sector | VaR                                | Capitalization    |
|          |                               |              |
| Currency      | $11,144,072                        | 3.47%             |
|          |                               |              |
| Interest Rate |     $7,506,217 |   2.34% |
|          |                               |              |
| Equity        |     $3,643,444 |  1.13%       |
|          |                               |              |
| Commodity     |   $10,944,473            |  3.41%       |
|          |                               |              |
| Total         | $33,238,206                        | 10.35%            |

|          | High                    | Low                    | Average                            |
|---------------|-------------------------|------------------------|------------------------------------|
| Market Sector | VaR                     | VaR                    | VaR *                              |
|          |                    |                   |                               |
| Currency      | $30,536,383             | $7,764,362             | $20,089,896                        |
|          |                    |                   |                               |
| Interest Rate |   $13,716,851 |   $4,609,968 |     $8,197,500 |
|          |                    |                   |                               |
| Equity        |   $20,093,626 |   $3,522,910 |    $8,335,813       |
|          |                    |                   |                               |
| Commodity     |   $13,187,718 |   $8,255,574 |  $10,761,203                  |

----

| Primary Market          | December 31, 2010 |
|-------------------------|-------------------|
| Risk Category           | VaR               |
|                    |              |
| Currency                | (1.11)%           |
|                    |              |
| Interest Rate           | (0.42)            |
|                    |              |
| Equity                  | (2.85)            |
|                    |              |
| Commodity               | (2.05)            |
|                    |              |
| Aggregate Value at Risk |  (5.46)%     |

----

| December 31, 2010            |                |                |    |
|------------------------------|---------------------|---------------------|---------|
| Primary Market Risk Category | High                | Low                 | Average |
| Currency                     | (1.77)%             | (0.32)%             | (1.24)% |
| Interest Rate                | (1.28)              | (0.42)              | (0.86)  |
| Equity                       | (6.04)              | (0.23)              | (3.29)  |
| Commodity                    | (2.05)              | (0.70)              | (1.27)  |
| Aggregate Value at Risk      |  (7.50)%  |  (1.12)%  | (4.90)% |

| ·   | past changes in market risk factors will not always result in accurate predictions of the distributions and correlations of future market movements; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | changes in portfolio value caused by market movements may differ from those of the VaR model; |
|--------------------|-----------------------------------------------------------------------------------------------|

| ·   | VaR results reflect past market fluctuations applied to current trading positions while future risk depends on future positions; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------|

| ·   | VaR using a one-day time horizon does not fully capture the market risk of positions that cannot be liquidated or hedged within one day; and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | the historical market risk factor data used for VaR estimation may provide only limited insight into losses that could be incurred under certain unusual market movements. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

| Item 1A. | RISK FACTORS |
|----------|--------------|

| Item 2. | UNREGISTERED SALES OF SECURITIES AND USE OF PROCEEDS |
|---------|------------------------------------------------------|

|   | Units of the Partnership are sold to persons and entities who are accredited investors as the term is defined |
|--------|---------------------------------------------------------------------------------------------------------------|

|   | in Rule 501(a) of Regulation D. |
|--------|---------------------------------|

| Item 6. | EXHIBITS |
|---------|----------|

| 31.01* | Certification of President of Ceres Managed Futures LLC, the general partner of the Partnership, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.02* | Certification of Chief Financial Officer of Ceres Managed Futures LLC, the general partner of the Partnership, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.01* | Certification of President of Ceres Managed Futures LLC, the general partner of the Partnership, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.02* | Certification of Chief Financial Officer of Ceres Managed Futures LLC, the general partner of the Partnership, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 101.INS* | XBRL Instance Document |
|----------|------------------------|

| 101.SCH* | XBRL Taxonomy Extension Schema Document |
|----------|-----------------------------------------|

|   | - 44 -  |
|--------|--------------|

----

| 101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document |
|----------|-------------------------------------------------------|

| 101.LAB* | XBRL Taxonomy Extension Label Document |
|----------|----------------------------------------|

| 101.PRE* | XBRL Taxonomy Extension Presentation Document |
|----------|-----------------------------------------------|

| 101.DEF* | XBRL Taxonomy Extension Definition Document |
|----------|---------------------------------------------|

|   | Notes to Exhibits List |
|--------|------------------------|

----

|             | Managed Futures Charter Graham L.P. |
|------------------|-------------------------------------|
|             | (Registrant)                        |
|             |                                |   |
|             | By:                                 | Ceres Managed Futures LLC |
|             |                                | (General Partner) |
|             |                                |   |
| November 9, 2011 | By:                                 | /s/Brian Centner |
|             |                                | Brian Centner |
|             |                                | Chief Financial Officer |