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

|                                     | Delaware                                                                                                        |       | 13-4018068                          |
|------------------------------------------|-----------------------------------------------------------------------------------------------------------------|------------|-------------------------------------|
|                                     |      (State or other jurisdiction of     incorporation 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 March 31, 2011 and December 31, 2010                    | 2                |
|     |                                                                                            |             |
|     | Condensed Schedule of Investments as of March 31, 2011                                          | 3                |
|     |                                                                                            |             |
|     | Condensed Schedule of Investments as of December 31, 2010                                       | 4                |
|     |                                                                                            |             |
|     | Statements of Income and Expenses for the Quarters Ended March 31, 2011 and 2010                | 5                |
|     |                                                                                            |             |
|     | Statements of Changes in Partners’ Capital for the Quarters Ended March 31, 2011 and 2010 | 6                |
|     |                                                                                            |             |
|     | Notes to Financial Statements                                                                   |   7-20 |
|     |                                                                                            |             |
| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations     | 21-27            |
|     |                                                                                            |             |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                                      | 27-36            |
|     |                                                                                            |             |
| Item 4.  | Controls and Procedures                                                                         | 36-37            |
|     |                                                                                            |             |
|     | PART II. OTHER INFORMATION                                                                      |             |
|     |                                                                                            |             |
| Item 1A. | Risk Factors                                                                                    | 38               |
|     |                                                                                            |             |
| Item 2.  | Unregistered Sales of Securities and Use of Proceeds                                            | 38               |
|     |                                                                                            |             |
| Item 6.  | Exhibits                                                                                        | 38               |

----

|                                                                     | March 31,         |   | December 31,      |
|--------------------------------------------------------------------------|-------------------|--------|-------------------|
|                                                                     | 2011              |   | 2010              |
| ASSETS                                                                   | $                 |   | $                 |
|                                                                     |              |   |              |
| Trading Equity:                                                          |              |   |              |
|                                                                     |              |   |              |
| Unrestricted cash                                                        | 324,393,214  |   | 332,055,996  |
| Restricted cash                                                          | 31,535,929   |   | 25,115,126   |
|                                                                     |              |   |              |
| Total cash                                                               | 355,929,143  |   | 357,171,122  |
|                                                                     |              |   |              |
| Net unrealized gain on open contracts (MS&Co.)                       | 4,165,805    |   | 7,018,064    |
| Net unrealized gain on open contracts (MSIP)                             | 131,509      |   | 1,287,433    |
|                                                                     |              |   |              |
| Total net unrealized gain on open contracts                              | 4,297,314    |   | 8,305,497    |
|                                                                     |              |   |              |
| Total Trading Equity                                                     | 360,226,457  |   | 365,476,619  |
|                                                                     |              |   |              |
| Interest receivable (MSSB)                                               | 18,508       |   | 25,629       |
| Subscriptions receivable                                                 | –           |   | 2,900,784    |
|                                                                     |              |   |              |
| Total Assets                                                             | 360,244,965  |   | 368,403,032  |
|                                                                     |              |   |              |
| LIABILITIES AND PARTNERS’ CAPITAL                                  |              |   |              |
|                                                                     |              |   |              |
| Liabilities:                                                             |              |   |              |
|                                                                     |              |   |              |
| Redemptions payable                                                      | 3,692,350    |   | 4,638,344    |
| Accrued brokerage fees (MS&Co.)                                      | 1,679,234    |   | 1,576,346    |
| Accrued management fees                                                  | 624,831      |   | 586,548      |
|                                                                     |              |   |              |
| Total Liabilities                                                        | 5,996,415    |   | 6,801,238    |
|                                                                     |              |   |              |
| Partners’ Capital:                                                 |              |   |              |
|                                                                     |              |   |              |
| Limited Partners (12,531,619.426 and 12,395,917.141 Units, respectively) | 350,673,680  |   | 357,913,170  |
| General Partner (127,751.316 and 127,751.316 Units, respectively)        | 3,574,870    |   | 3,688,624    |
|                                                                     |              |   |              |
| Total Partners’ Capital                                            | 354,248,550  |   | 361,601,794  |
|                                                                     |              |   |              |
| Total Liabilities and Partners’ Capital                            | 360,244,965  |   | 368,403,032  |
|                                                                     |              |   |              |
| NET ASSET VALUE PER UNIT                                                 | 27.98        |   | 28.87        |

----

| Futures and Forward Contracts Purchased       | Net unrealized gain/(loss)on open contracts                                                                                                                                                            | % ofPartners’ Capital                                                                                             |
|-----------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------|
|                                          | $                                                                                                                                                                                                      |                                                                                                                    |
| Commodity                                     | 3,833,264                                                                                                                                                                                              | 1.08                                                   |
| Equity                                        |   576,426                                                                                                                                                                                    |             0.16                                                 |
| Foreign currency                              | 1,710,001                                                                                                                                                                                              | 0.48                                                   |
| Interest rate                                 |                                 (1,138,390) | (0.32)                                                                                                                  |
|                                          |                                                                                                                                                                                                   |                                                                                                                    |
| Total Futures and Forward Contracts Purchased |   4,981,301                                                                                                                                                                                  |    1.40                            |
|                                          |                                                                                                                                                                                                   |                                                                                                                    |
| Futures and Forward Contracts Sold            |                                                                                                                                                                                                   |                                                                                                                    |
|                                          |                                                                                                                                                                                                   |                                                                                                                    |
|                                          |                                                                                                                                                                                                   |                                                                                                                    |
| Commodity                                     | (442,449)                                                                                                                                                                                              |   (0.12)                                                                                                      |
| Equity                                        | (808,304)                                                                                                                                                                                              |   (0.23)                                                                                                      |
| Foreign currency                              | (1,189,418)                                                                                                                                                                                            |   (0.33)                                                                                                      |
| Interest rate                                 |    2,203,385                                                                                                                                                                            |           0.62                                                             |
|                                          |                                                                                                                                                                                                   |                                                                                                                    |
| Total Futures and Forward Contracts Sold      |     (236,786)                                                                                                                                                                      |        (0.06)                                                                        |
|                                          |                                                                                                                                                                                                   |                                                                                                                    |
| Unrealized Currency Loss                      |                               (447,201)               |                   (0.13)           |
|                                          |                                                                                                                                                                                                   |                                                                                                                    |
| Net fair value                                |   4,297,314                                                                                                                                                                                  |                     1.21 |
|                                          |                                                                                                                                                                                                   |                                                                                                                    |

----

| Futures and Forward Contracts Purchased        | Net unrealized gain/(loss) on open 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 Quarters Ended March 31, |
|-----------------------------------------|----------------------------------|
|                                    |                             |   |   |
|                                    | 2011                             |   | 2010 |
|                                    | $                                |   | $ |
| INVESTMENT INCOME                       |                             |   |   |
| Interest income (MSSB & MS&Co.) | 92,112                      |   | 38,083  |
|                                    |                             |   |   |
| EXPENSES                                |                             |   |   |
| Brokerage fees (MS&Co.)             | 4,922,340                   |   | 5,603,967  |
| Management fees                         | 1,831,569                   |   | 1,867,990  |
|                                    |                             |   |   |
| Total Expenses                          | 6,753,909                   |   | 7,471,957  |
|                                    |                             |   |   |
| NET INVESTMENT LOSS                     | (6,661,797)                 |   | (7,433,874)  |
|                                    |                             |   |   |
| TRADING RESULTS                         |                             |   |   |
| Trading profit (loss):                  |                             |   |   |
| Realized                                | (739,071)                   |   | (19,374,631)  |
| Net change in unrealized                | (4,008,183)                 |   |                  5,972,368 |
|                                    |                             |   |   |
| Total Trading Results                   | (4,747,254)                 |   | (13,402,263)  |
|                                    |                             |   |   |
| NET LOSS                                | (11,409,051)                |   | (20,836,137)   |
|                                    |                             |   |   |
| NET LOSS ALLOCATION                     |                             |   |   |
|                                    |                             |   |   |
| Limited Partners                        | (11,295,297)                |   | (20,621,486)  |
| General Partner                         | (113,754)                   |   | (214,651)  |
|                                    |                             |   |   |
| NET LOSS PER UNIT *                     |                             |   |   |
|                                    |                             |   |   |
| Limited Partners                        | (0.89)                      |   | (1.49)  |
| General Partner                         | (0.89)                      |     | (1.49)  |
|                                    |                             |   |   |
|                                    | Units                            |   | Units |
| WEIGHTED AVERAGE NUMBER                 |                             |   |   |
| OF UNITS OUTSTANDING                    | 12,659,663.509              |   | 13,726,747.877  |

----

|                     | 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            | 432,137.745     |   | 12,511,890    |   | –         |   | 12,511,890    |
|                     |                 |   |               |   |            |   |               |
| Net Loss                 | –              |   | (11,295,297)  |   | (113,754)  |   | (11,409,051)  |
|                     |                 |   |               |   |            |   |               |
| Redemptions              | (296,435.460)   |   | (8,456,083)   |   | –         |   | (8,456,083)   |
|                     |                 |   |               |   |            |   |               |
| Partners’ Capital, |                 |   |               |   |            |   |               |
| March 31, 2011           | 12,659,370.742  |   | 350,673,680   |   | 3,574,870  |   | 354,248,550   |
|                     |                 |   |               |   |            |   |               |
|                     |                 |   |               |   |            |   |               |
|                     |                 |   |               |   |            |   |               |
|                     |                 |   |               |   |            |   |               |
| Partners’ Capital, |                 |   |               |   |            |   |               |
| December 31, 2009        | 13,841,108.731  |   | 395,815,421   |   | 4,093,056  |   | 399,908,477   |
|                     |                 |   |               |   |            |   |               |
| Net Loss                 | –              |   | (20,621,486)  |   | (214,651)  |   | (20,836,137)  |
|                     |                 |   |               |   |            |   |               |
| Redemptions              | (364,636.529)   |   | (9,657,366)   |   | (96,019)   |   | (9,753,385)   |
|                     |                 |   |               |   |            |   |               |
| Partners’ Capital, |                 |   |               |   |            |   |               |
| March 31, 2010           | 13,476,472.202  |   | 365,536,569   |   | 3,782,386  |   | 369,318,955   |

----

----

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

|                                                                                                                                                             | 2011                                                                     | 2010                                                                     |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------|--------------------------------------------------------------------------|
|          Per Unit operating performance:                                                                            |                                                                     |                                                                     |
|          Net asset value, January 1:                                                                                |    $     28.87                        |   $     28.89                              |
|                                                                                                                                                             |                                                                     |                                                                     |
|                      Interest Income                    | 0.01                                                                     | –      (3)                           |
|                      Expenses                           |            (0.53)      |           (0.55)            |
|                      Realized Loss (1)                  |            (0.05)      |           (1.38)            |
|                      Unrealized Gain (Loss)             |            (0.32)      |             0.44  |
|                      Net Loss                           |            (0.89)      |           (1.49)            |
|                                                                                                                                                             |                                                                     |                                                                     |
|          Net asset value, March 31:                                                                                 |     $    27.98                        |     $    27.40                        |
|                                                                                                                                                             |                                                                     |                                                                     |
|          Ratios to average net assets:                                                                              |                                                                     |                                                                     |
|                      Net Investment Loss  (2) |            (7.5)%      |            (8.3)%      |
|                      Expenses before Incentive Fees (2) |             7.6 % |             8.3 % |
|                      Expenses after Incentive Fees (2)  |             7.6 % |             8.3 % |
|                      Net Loss  (2)            |          (12.9)%                 |          (23.3)%                 |
|          Total return before incentive fees                                                                         |            (3.1)%      |            (5.2)%      |
|          Total return after incentive fees                                                                          |            (3.1)%      |            (5.2)%      |
|                                                                                                                                                             |                                                                     |                                                                     |

----

----

----

| 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 |
|          | $                                                           | $                   | $ |   |   |
| Mar. 31, 2011 | 4,472,188                                                   | (174,874)           | 4,297,314 | Jun. 2015 | May 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 quarter  (absolute quantity) |
|---------------------------------------------|--------------------------------------------|-------------------------------------|---------------------------------------------------|------------------------------------------------|-----------------------------------------------|---------------------------------------------------------------------------------------|
|                                        | $                                          | $                                   | $                                                 | $                                              | $                                             |                                                                                  |
| Commodity                                   | 4,318,877                                  | (485,613)                      | 75,707                                       | (518,156)                            | 3,390,815                           | 2,293                                                                                 |
| Equity                                      | 663,489                                    | (87,063)                       |         11,772 | (820,076)                            | (231,878)                           | 4,042                                                                                 |
| Foreign currency                            | 4,658,908                                  | (2,948,907)                    |       383,918            | (1,573,336)                               | 520,583                             | 27,766                                                                                |
| Interest rate                               |       92,922 |    (1,231,312)  |        2,387,433    |        (184,048) |     1,064,995        | 12,944                                                                                |
| Total                                       | 9,734,196                                  |    (4,752,895)  |        2,858,830    |  (3,095,616)                         | 4,744,515                           |                                                                                  |
|                                        |                                       |                                |                                              |                                           |                                          |                                                                                  |
| Unrealized currency loss                    |                                       |                                |                                              |                                           |     (447,201)   |                                                                                  |
| Total net unrealized gain on open contracts |                                       |                                |                                              |                                           |     4,297,314   |                                                                                  |

----

| 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        |                                                                    |

| Type of Instrument       | $                                                                                                                                                                                                               |
|--------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                                            |
| Commodity                | 8,115,889                                                           |
| Equity                   | (4,947,448)                                                         |
| Foreign currency         |  (4,932,384)                                                                                                                                                                                               |
| Interest rate            |     (2,720,724)                                                                                                                                                                                  |
| Unrealized currency loss |       (262,587)                            |
| Total                    |    (4,747,254)                                            |

----

| Trading Results          | $                                                                                                                                                                                               |
|--------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                            |
| Realized                 | (739,071)                                                |
| Net change in unrealized |     (4,008,183)                           |
| Total Trading Results    |           (4,747,254)                                                                                                                         |

| Type of Instrument       | $                                                                                                                                                                                                                   |
|--------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                                                |
| Commodity                | (7,546,556)                                                                                      |
| Equity                   | (9,880,421)                                                                                      |
| Foreign currency         | 34,397                                                                                           |
| Interest rate            | 3,876,970                                                                                        |
| Unrealized currency gain |          113,347                                         |
| Total                    |                                   (13,402,263) |

| Trading Results                | $                                                                                                                                                                                                   |
|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                           |                                                                                                                                                                                                |
| Realized                       | (19,374,631)                                                                |
|  Net change in unrealized |       5,972,368                          |
| Total Trading Results          |   (13,402,263)                                                    |

----

----

| March 31, 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                       | 8,254,819                                                                                                                                    |                     –                         | n/a                                      |   | 8,254,819                                                                                      |
|   Forwards          |                   –      |   4,338,207                                                                                                                                                       | n/a                                      |   |                4,338,207 |
|                          |                                                                                                                                         |                                                                                                                                                                        |                                     |   |                                                                                           |
|   Total Assets      |        8,254,819                                                                                               |                4,338,207                                                     | n/a                                      |   |        12,593,026                                                |
|                          |                                                                                                                                         |                                                                                                                                                                        |                                     |   |                                                                                           |
|   Liabilities       |                                                                                                                                         |                                                                                                                                                                        |                                     |   |                                                                                           |
| Futures                       |    3,335,430                                                                                                                  |                        –       | n/a                                      |   |      3,335,430                                                        |
|   Forwards          |             –                                     |  4,513,081                                                                                                                                                             | n/a                                      |   |                4,513,081 |
|                          |                                                                                                                                         |                                                                                                                                                                        |                                     |   |                                                                                           |
|   Total Liabilities |      3,335,430                                                                                                           |                4,513,081                                                                                   | n/a                                      |   |         7,848,511                                           |
|                          |                                                                                                                                         |                                                                                                                                                                        |                                     |   |                                                                                           |
| Unrealized currency loss      |                                                                                                                                         |                                                                                                                                                                        |                                     |   |           (447,201)                               |
|                          |                                                                                                                                         |                                                                                                                                                                        |                                     |   |                                                                                           |
|   *Net fair value   | 4,919,389                                                                                                                                    |                 (174,874)                                                                        | n/a                                      |   |      4,297,314                                                             |

| 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                                                                             |

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| - 20 - |
|--------|

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

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

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| Primary Market          | March 31, 2011 | December 31, 2010 |
|-------------------------|----------------|-------------------|
| Risk Category           | Value at Risk  | Value at Risk     |
|                    |           |              |
| Currency                | (2.15)%        | (1.11)%           |
|                    |           |              |
| Equity                  | (1.45)         | (2.85)            |
|                    |           |              |
| Interest Rate           | (0.77)         | (0.42)            |
|                    |           |              |
| Commodity               | (1.90)         | (2.05)            |
|                    |           |              |
| Aggregate Value at Risk | (5.37)%        | (5.46)%           |

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| March 31, 2011               |                                   |                |          |
|------------------------------|----------------------------------------|---------------------|---------------|
| Primary Market Risk Category | High                                   | Low                 | Average       |
| Currency                     | (2.15)%                                | (0.32)%             | (1.34)%       |
| Equity                       |     (4.02)              | (0.23)              | (2.14)        |
| Interest Rate                |        (0.89) |    (0.42) |   (0.73) |
| Commodity                    |      (2.05)        | (0.70)              | (1.43)        |
| Aggregate Value at Risk      | (5.54)%                                | (1.12)%             | (4.37)%       |

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

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| ·   | 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. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 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. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|         | Managed Futures Charter Graham L.P. |
|--------------|-------------------------------------|
|         | (Registrant)                        |
|         |                                |   |
|         | By:                                 | Ceres Managed Futures LLC |
|         |                                | (General Partner) |
|         |                                |   |
| May 13, 2011 | By:                                 | /s/Jennifer Magro |
|         |                                | Jennifer Magro |
|         |                                | Chief Financial Officer |