| Delaware                 | 20-8870560          |
|--------------------------|---------------------|
| (a Delaware Partnership) | (I.R.S. Employer    |
|                     | Identification No.) |

| YES |   X     | NO ____ |
|-----|----------------------------------|---------|

| Large Accelerated Filer______                                                                                                                                                                                                                                                                                 | Accelerated Filer ______                                 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------|
| Non-accelerated filer   ______                                    (do not check if a Smaller reporting company) | Smaller Reporting Company    X  |

| YES | ____ | NO   X    |
|-----|------|------------------------------------|

----

| PART I – FINANCIAL INFORMATION    |                                                                                        |
|-----------------------------------------|---------------------------------------------------------------------------------------------|
|                                    | Page                                                                                        |
| Item 1.                                 | Condensed Financial Statements                                                              |   4 |
|                                    | Condensed Statements of Financial Condition                                                 |   4 |
|                                    | Condensed Schedules of Investments                                                          |   4 |
|                                    | Condensed Statements of Income (Loss) and General Partner Incentive Allocation              |   7 |
|                                    | Condensed Statements of Changes in Partners’ Capital (Net Asset Value)                |   8 |
|                                    | Notes to Condensed Financial Statements                                                     |   9 |
| Item 2.                                 | Management’s Discussion and Analysis of Financial Condition and Results of Operations |   20 |
| Item 3.                                 | Quantitative and Qualitative Disclosures About Market Risk                                  |   22 |
| Item 4T.                                | Controls and Procedures                                                                     |   23 |
|  PART II – OTHER INFORMATION |
|                                    |
| Item 1.                                 | Legal Proceedings                                                                           |  23 |
| Item 1A.                                | Risk Factors                                                                                |   23 |
| Item 2.                                 | Unregistered Sales of Equity Securities and Use of Proceeds                                 |  23 |
| Item 3.                                 | Defaults Upon Senior Securities                                                             |  23 |
| Item 4.                                 | Removed and Reserved                                                                        | 24 |
| Item 5.                                 | Other Information                                                                           | 24 |
| Item 6.                                 | Exhibits                                                                               |  25 |

----

Condensed Financial Statements

|                                                                                                                                                                                  |   | June 30,2010 |       |   | December 31,2009 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|------------|--------|------------------|--------|
| ASSETS                                                                                                                                                                                |   |         |       |   |             |   |
| EQUITY IN COMMODITY FUTURES TRADING ACCOUNTS:                                                                                                                                         |   |         |       |   |             |   |
| Due from brokers (including margin deposits of $4,155,306 for 2010 and $5,598,001 for 2009)                                                                                           |   | $            | 10,960,668 |   |             | $      | 9,186,463 |   |
| Net unrealized gains on open positions                                                                                                                                                |   |         | 1,598,640  |   |             |   | 353,674 |   |
| Net unrealized losses on open positions                                                                                                                                               |   |         | (94,650    | )      |             |   | (598,888 | ) |
|                                                                                                                                                                                  |   |         | 12,464,658 |   |             |   | 8,941,249 |   |
| CASH AND CASH EQUIVALENTS                                                                                                                                                             |   |         | 27,615,353 |   |             |   | 34,895,928 |   |
|                                                                                                                                                                                  |   |         |       |   |             |   |   |   |
| DUE FROM GENERAL PARTNER                                                                                                                                                              |   |         | 52,874     |   |             |   | 59,669 |   |
|                                                                                                                                                                                  |   |         |       |   |             |   |   |   |
| TOTAL ASSETS                                                                                                                                                                          |   | $            | 40,132,885 |   |             | $      | 43,896,846 |   |
|                                                                                                                                                                                  |   |         |       |   |             |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (NET ASSET VALUE)                                                                                                                             |   |         |       |   |             |   |   |   |
| LIABILITIES:                                                                                                                                                                          |   |         |       |   |             |   |   |   |
| Prepaid subscriptions                                                                                                                                                                 |   | $            | 305,000    |   |             | $      | 188,000 |   |
| Redemptions payable                                                                                                                                                                   |   |         | 1,277,007  |   |             |   | 415,464 |   |
| Other accrued expenses                                                                                                                                                                |   |         | 32,725     |   |             |   | 92,420 |   |
| Accrued management fees                                                                                                                                                               |   |         | 247,331    |   |             |   | 266,691 |   |
| TOTAL LIABILITIES                                                                                                                                                                     |   |         | 1,862,063  |   |             |   | 962,575 |   |
|                                                                                                                                                                                  |   |         |       |   |             |   |   |   |
| PARTNERS’ CAPITAL (NET ASSET VALUE)                                                                                                                                             |   |         |       |   |             |   |   |   |
| Limited partners – Investor Class (35,859.7218 and 38,486.0252 fully redeemable units at June 30, 2010 and December 31, 2009, respectively)                                     |   |         | 35,096,665 |   |             |   | 38,976,534 |   |
| Limited partners – Institutional Class – Series 1 (941.8763 and 1,493.4694 fully redeemable units at June 30, 2010 and December 31, 2009, respectively)                   |   |         | 1,050,854  |   |             |   | 1,689,632 |   |
| Limited partners – Institutional Class – Series 2 (1,306.5773 and 1,413.4121 fully redeemable units at June 30, 2010 and December 31, 2009, respectively)                 |   |         | 1,395,716  |   |             |   | 1,539,004 |   |
| General partner – Institutional Class – Series 3 (190.7177 and 188.4717 fully redeemable units at June 30, 2010 and December 31, 2009, respectively)                      |   |         | 727,587    |   |             |   | 729,101 |   |
|                                                                                                                                                                                  |   |         |       |   |             |   |   |   |
| TOTAL PARTNERS’ CAPITAL (NET ASSET VALUE)                                                                                                                                       |   |         | 38,270,822 |   |             |   | 42,934,271 |   |
|                                                                                                                                                                                  |   |         |       |   |             |   |   |   |
| TOTAL LIABILITIES AND PARTNERS’ CAPITAL (NET ASSET VALUE)                                                                                                                  |   | $            | 40,132,885 |   |             | $      | 43,896,846 |   |
|                                                                                                                                                                                  |   |         |       |   |             |   |   |   |
| NET ASSET VALUE PER UNIT –                                                                                                                                                      |   |         |       |   |             |   |   |   |
| Investor Class (based on Partners’ Capital of $35,096,665 and $38,976,534  and 35,859.7218 and 38,486.0252 fully redeemable units outstanding)                        |   | $            | 978.72     |   |             | $      | 1,012.75 |   |
| Institutional Class – Series 1 (based on Partners’ Capital of $1,050,854 and $1,689,632 and 941.8763 and 1,493.4694 fully redeemable units outstanding)                   |   | $            | 1,115.70   |   |             | $      | 1,131.35 |   |
| Institutional Class – Series 2 (based on Partners’ Capital of $1,395,716 and $1,539,004 and 1,306.5773 and 1,413.4121 fully redeemable units outstanding)                 |   | $            | 1,068.22   |   |             | $      | 1,088.86 |   |
| Institutional Class – General Partner – Series 3 (based on Partners’ Capital of $727,587 and $729,101 and 190.7177 and 188.4717 fully redeemable units outstanding) |   | $            | 3,814.99   |   |             | $      | 3,868.49 |   |

----

| LONG FUTURES CONTRACTS            |   |
|-----------------------------------|--------|
| Commodity Futures Industry Sector |   | UnrealizedGain(Loss), Net |   |   | % ofPartners’Capital* |   |
| Currencies                        |   | $ | (8,705 | ) |   |   | (0.023 | )% |
| Energy                            |   |   | (443,368 | ) |   |   | (1.159 | )% |
| Grains                            |   |   | (5,100 | ) |   |   | (0.013 | )% |
| Interest rates                    |   |   | 1,223,230 |   |   |   | 3.196 | % |
| Livestock                         |   |   | 5,230 |   |   |   | 0.014 | % |
| Metals                            |   |   | (2,363,417 | ) |   |   | (6.175 | )% |
| Stock indices                     |   |   | (283,679 | ) |   |   | (0.741 | )% |
| Tropical products                 |   |   | (41,629 | ) |   |   | (0.109 | )% |
|                              |   |   |   |   |   |   |   |   |
| Total long futures contracts      |   | $ | (1,917,438 | ) |   |   | (5.010 | )% |
|                              |   |   |   |   |   |   |   |   |
| SHORT FUTURES CONTRACTS           |   |   |   |   |   |   |   |   |
|                              |   |   |   |   |   |   |   |   |
| Commodity Futures Industry Sector |   | UnrealizedGain(Loss), Net |   |   | % ofPartners’Capital* |   |
| Currencies                        |   | $ | 6,537 |   |   |   | 0.017 | % |
| Energy                            |   |   | 162,500 |   |   |   | 0.425 | % |
| Grains                            |   |   | (81,550 | ) |   |   | (0.213 | )% |
| Livestock                         |   |   | (7,410 | ) |   |   | (0.019 | )% |
| Metals                            |   |   | 3,214,983 |   |   |   | 8.400 | % |
| Stock indices                     |   |   | 126,301 |   |   |   | 0.330 | % |
| Tropical products                 |   |   | 67 |   |   |   | 0.000 | % |
|                              |   |   |   |   |   |   |   |   |
| Total short futures contracts     |   | $ | 3,421,428 |   |   |   | 8.940 | % |
|                              |   |   |   |   |   |   |   |   |
| Total futures contracts           |   | $ | 1,503,990 |   |   |   | 3.930 | % |

----

| LONG FUTURES CONTRACTS  |   |
|-------------------------|--------|
|                    |   |   |   |   |   |   |   |   |   |
| No. ofContracts         |   | Range ofExpirationDates | Commodity Futures Industry Sector |   | UnrealizedGain(Loss), Net |   |   | % ofPartners’Capital* |   |
|                    |   |   | Currencies |   | $ | (236,100 | ) |   |   | (0.550 | )% |
|                    |   |   | Energy |   |   | (10,161 | ) |   |   | (0.024 | )% |
|                    |   |   | Grains |   |   | 56,875 |   |   |   | 0.133 | % |
|                    |   |   | Interest rates |   |   | (392,162 | ) |   |   | (0.913 | )% |
|                    |   |   | Livestock |   |   | 30,240 |   |   |   | 0.070 | % |
|                    |   |   | Metals |   |   |   |   |   |   |   |   |
|                    | 119    |   | 3/17/10-6/16/10 |     London Copper |   |   | 2,305,723 |   |   |   | 5.370 | % |
|                    |   |   |   |     Other |   |   | 3,100,159 |   |   |   | 7.221 | % |
|                    |   |   |   | Stock indices |   |   | 193,239 |   |   |   | 0.450 | % |
|                    |   |   |   | Tropical products |   |   | 94,472 |   |   |   | 0.220 | % |
|                    |   |   |   |   |   |   |   |   |   |   |   |   |
|                    |   |   |   | Total long futures contracts |   | $ | 5,142,285 |   |   |   | 11.977 | % |
|                    |   |   |   |   |   |   |   |   |   |   |   |   |
| SHORT FUTURES CONTRACTS |   |   |   |   |   |   |   |   |
|                    |   |   |   |   |   |   |   |   |   |   |   |   |
| No. ofContracts         |   | Range ofExpirationDates | Commodity Futures Industry Sector |   | UnrealizedGain(Loss), Net |   |   | % ofPartners’Capital* |   |
|                    |   |   |   | Currencies |   | $ | 308,804 |   |   |   | 0.719 | % |
|                    |   |   |   | Energy |   |   | (222,390 | ) |   |   | (0.518 | )% |
|                    |   |   |   | Interest rates |   |   | 173,047 |   |   |   | 0.403 | % |
|                    |   |   |   | Metals |   |   |   |   |   |   |   |   |
|                    | 83     |   | 3/17/10-6/16/10 |     London Copper |   |   | (1,569,108 | ) |   |   | (3.655 | )% |
|                    |   |   |   |     Other |   |   | (4,070,317 | ) |   |   | (9.480 | )% |
|                    |   |   |   | Stock indices |   |   | (7,535 | ) |   |   | (0.017 | )% |
|                    |   |   |   | Total short futures contracts |   | $ | (5,387,499 | ) |   |   | (12.548 | )% |
|                    |   |   |   |   |   |   |   |   |   |   |   |   |
|                    |   |   |   | Total futures contracts |   | $ | (245,214 | ) |   |   | (0.571 | )% |

----

|                                                                      |   | Three Months EndedJune 30, |       |   | Six Months EndedJune 30, |   |
|---------------------------------------------------------------------------|--------|----------------------------|------------|--------|--------------------------|--------|
|                                                                      |   | 2010                       |       |   | 2009                     |   |   | 2010 |   |   | 2009 |   |
| NET INVESTMENT (LOSS)                                                     |   |                       |       |   |                     |   |   |   |   |   |   |   |
| Income:                                                                   |   |                       |       |   |                     |   |   |   |   |   |   |   |
| Interest income                                                           |   | $                          | 8,397      |   |                     | $      | 20,024 |   |   | $ | 12,278 |   |   | $ | 60,840 |   |
|                                                                      |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                                                 |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Brokerage commissions                                                     |   |                       | 687,417    |   |                     |   | 752,269 |   |   |   | 1,370,398 |   |   |   | 1,478,020 |   |
| Management fees                                                           |   |                       | 342,270    |   |                     |   | 369,527 |   |   |   | 690,090 |   |   |   | 715,386 |   |
| Professional fees                                                         |   |                       | 19,986     |   |                     |   | 51,816 |   |   |   | 73,229 |   |   |   | 113,822 |   |
| Accounting, administrative fees and other expenses                        |   |                       | 45,844     |   |                     |   | 71,859 |   |   |   | 91,105 |   |   |   | 91,694 |   |
|                                                                      |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Total expenses                                                            |   |                       | 1,095,517  |   |                     |   | 1,245,471 |   |   |   | 2,224,822 |   |   |   | 2,398,922 |   |
|                                                                      |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Net investment (loss)                                                     |   |                       | (1,087,120 | )      |                     |   | (1,225,447 | ) |   |   | (2,212,544 | ) |   |   | (2,338,082 | ) |
|                                                                      |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| TRADING PROFITS (LOSSES)                                                  |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Profits (losses) on trading of commodity futures:                         |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Net realized gains (losses) on closed positions                           |   |                       | 506,234    |   |                     |   | 396,787 |   |   |   | (958,818 | ) |   |   | (3,200,198 | ) |
| Change in net unrealized gains (losses) on open positions                 |   |                       | 480,081    |   |                     |   | (1,449,435 | ) |   |   | 1,749,204 |   |   |   | (274,464 | ) |
|                                                                      |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Net trading profits (losses)                                              |   |                       | 986,315    |   |                     |   | (1,052,648 | ) |   |   | 790,386 |   |   |   | (3,474,662 | ) |
|                                                                      |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| NET (LOSS)                                                                |   | $                          | (100,805   | )      |                     | $      | (2,278,095 | ) |   | $ | (1,422,158 | ) |   | $ | (5,812,744 | ) |
|                                                                      |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| NET (LOSS) PER UNIT                                                       |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| (based on weighted average number of units outstanding during the period) |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Investor Class                                                            |   | $                          | (3.16      | )      |                     | $      | (57.37 | ) |   | $ | (36.19 | ) |   | $ | (154.36 | ) |
|                                                                      |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Institutional Class – Series 1                                      |   | $                          | 3.25       |   |                     | $      | (51.24 | ) |   | $ | (22.74 | ) |   | $ | (147.77 | ) |
|                                                                      |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Institutional Class – Series 2                                      |   | $                          | 4.60       |   |                     | $      | (52.14 | ) |   | $ | (25.57 | ) |   | $ | (118.53 | ) |
|                                                                      |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Institutional Class – General Partner – Series 3              |   | $                          | 25.38      |   |                     | $      | (175.11 | ) |   | $ | (52.48 | ) |   | $ | (506.92 | ) |

----

|                                 |   | Partners’ Capital (Net Asset Value) |        |
|--------------------------------------|--------|-------------------------------------------|-------------|
|                                 |   |                                      |        |   |   |   |   | Institutional Class |   |   |   |   |
|                                 |   | Investor Class                            |        |   | Series 1 |   |   | Series 2 |   |   | Series 3General Partner |   |   |   |   |
|                                 |   | Units                                     |        |   | Amount |   |   | Units |   |   | Amount |   |   | Units |   |   | Amount |   |   | Units |   |   | Amount |   |   | Total |   |
| Balances at January 1, 2010          |   |                                      | 38,486.0252 |   |   | $ | 38,976,534 |   |   |   | 1,493.4694 |   |   | $ | 1,689,632 |   |   |   | 1,413.4121 |   |   | $ | 1,539,004 |   |   |   | 188.4717 |   |   | $ | 729,101 |   |   | $ | 42,934,271 |   |
| Additions                            |   |                                      | 2,164.0800  |   |   |   | 2,086,213 |   |   |   | 12.9641 |   |   |   | 14,239 |   |   |   | 19.4621 |   |   |   | 20,000 |   |   |   | 2.2460 |   |   |   | 8,437 |   |   |   | 2,128,889 |   |
| Redemptions                          |   |                                      | (4,790.3834 | ) |   |   | (4,618,632 | ) |   |   | (564.5572 | ) |   |   | (622,650 | ) |   |   | (126.2969 | ) |   |   | (128,898 | ) |   |   | - |   |   |   | - |   |   |   | (5,370,180 | ) |
| Net (loss):                          |   |                                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General partner incentive allocation |   |                                      | -           |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Allocation to all partners           |   |                                      | -           |   |   |   | (1,347,450 | ) |   |   | - |   |   |   | (30,367 | ) |   |   | - |   |   |   | (34,390 | ) |   |   | - |   |   |   | (9,951 | ) |   |   | (1,422,158 | ) |
| Balances at June 30, 2010            |   |                                      | 35,859.7218 |   |   | $ | 35,096,665 |   |   |   | 941.8763 |   |   | $ | 1,050,854 |   |   |   | 1,306.5773 |   |   | $ | 1,395,716 |   |   |   | 190.7177 |   |   | $ | 727,587 |   |   | $ | 38,270,822 |   |

|                                 |   | Partners’ Capital (Net Asset Value) |        |
|--------------------------------------|--------|-------------------------------------------|-------------|
|                                 |   |                                      |        |   |   |   |   | Institutional Class |   |   |   |   |
|                                 |   | Investor Class                            |        |   | Series 1 |   |   | Series 2 |   |   | Series 3General Partner |   |   |   |   |
|                                 |   | Units                                     |        |   | Amount |   |   | Units |   |   | Amount |   |   | Units |   |   | Amount |   |   | Units |   |   | Amount |   |   | Total |   |
| Balances at January 1, 2009          |   |                                      | 27,495.4455 |   |   | $ | 34,232,682 |   |   |   | 1,554.3584 |   |   | $ | 2,075,754 |   |   |   | 454.5724 |   |   | $ | 589,829 |   |   |   | 183.2414 |   |   | $ | 835,858 |   |   | $ | 37,734,123 |   |
| Additions                            |   |                                      | 11,792.0155 |   |   |   | 13,834,896 |   |   |   | 57.2523 |   |   |   | 70,975 |   |   |   | 610.8344 |   |   |   | 735,000 |   |   |   | 2.6273 |   |   |   | 12,040 |   |   |   | 14,652,911 |   |
| Redemptions                          |   |                                      | (2,642.8425 | ) |   |   | (2,958,872 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (2,958,872 | ) |
| Net (loss):                          |   |                                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General partner incentive allocation |   |                                      | -           |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Allocation to all partners           |   |                                      | -           |   |   |   | (5,382,927 | ) |   |   | - |   |   |   | (234,099 | ) |   |   | - |   |   |   | (102,082 | ) |   |   | - |   |   |   | (93,636 | ) |   |   | (5,812,744 | ) |
| Balances at June 30, 2009            |   |                                      | 36,644.6185 |   |   | $ | 39,725,779 |   |   |   | 1,611.6107 |   |   | $ | 1,912,630 |   |   |   | 1,065.4068 |   |   | $ | 1,222,747 |   |   |   | 185.8687 |   |   | $ | 754,262 |   |   | $ | 43,615,418 |   |

----

|   | The interim condensed financial statements of RFMC Global Directional Fund, LP (the “Partnership”), included herein, have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and Rule 8-03 of Regulation S-X.  Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete annual financial statements.  These condensed financial statements are unaudited and should be read in conjunction with the audited financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2009.  The Partnership follows the same accounting policies in the preparation of interim reports as set forth in the annual report.  In the opinion of management, the financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the financial position, results of operations and changes in partners’ capital for the interim periods presented and are not necessarily indicative of a full year’s results. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | C. | Due from Brokers |
|--------|----|------------------|

|   | D. |    Investments in Commodity Futures Contracts |
|--------|----|--------------------------------------------------------------|

----

|                                 |   | Three Months EndedJune 30, |    |   | Six Months EndedJune 30, |   |
|--------------------------------------|--------|----------------------------|---------|--------|--------------------------|--------|
|                                 |   | 2010                       |    |   | 2009                     |   |   | 2010 |   |   | 2009 |   |
| Investor Class                       |   | $                          | 650,459 |   |                     | $      | 712,837 |   |   | $ | 1,295,976 |   |   | $ | 1,402,229 |   |
| Institutional Class – Series 1 |   |                       | 14,907  |   |                     |   | 19,396 |   |   |   | 31,129 |   |   |   | 39,478 |   |
| Institutional Class – Series 2 |   |                       | 14,647  |   |                     |   | 12,392 |   |   |   | 28,883 |   |   |   | 20,567 |   |
| Institutional Class –          |   |                       |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| General Partner – Series 3     |   |                       | 7,404   |   |                     |   | 7,644 |   |   |   | 14,410 |   |   |   | 15,746 |   |
| Total                                |   | $                          | 687,417 |   |                     | $      | 752,269 |   |   | $ | 1,370,398 |   |   | $ | 1,478,020 |   |

----

|                                 |   | Three Months EndedJune 30, |   |   | Six Months EndedJune 30, |   |
|--------------------------------------|--------|----------------------------|--------|--------|--------------------------|--------|
|                                 |   | 2010                       |   |   | 2009                     |   |   | 2010 |   |   | 2009 |   |
| Investor Class                       |   | $                          | 91,369 |   |                     | $      | 102,918 |   |   | $ | 189,318 |   |   | $ | 199,092 |   |
| Institutional Class – Series 2 |   |                       | 3,570  |   |                     |   | 3,157 |   |   |   | 7,417 |   |   |   | 4,657 |   |
| Total                                |   | $                          | 94,939 |   |                     | $      | 106,075 |   |   | $ | 196,735 |   |   | $ | 203,749 |   |

|                                 |   | Three Months EndedJune 30, |    |   | Six Months EndedJune 30, |   |
|--------------------------------------|--------|----------------------------|---------|--------|--------------------------|--------|
|                                 |   | 2010                       |    |   | 2009                     |   |   | 2010 |   |   | 2009 |   |
| Investor Class                       |   | $                          | 225,062 |   |                     | $      | 240,205 |   |   | $ | 448,464 |   |   | $ | 467,410 |   |
| Institutional Class – Series 1 |   |                       | 8,979   |   |                     |   | 11,434 |   |   |   | 18,779 |   |   |   | 23,000 |   |
| Institutional Class – Series 2 |   |                       | 8,828   |   |                     |   | 7,307 |   |   |   | 17,417 |   |   |   | 12,054 |   |
| Institutional Class –          |   |                       |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| General Partner – Series 3     |   |                       | 4,462   |   |                     |   | 4,506 |   |   |   | 8,695 |   |   |   | 9,173 |   |
| Total                                |   | $                          | 247,331 |   |                     | $      | 263,452 |   |   | $ | 493,355 |   |   | $ | 511,637 |   |

----

|   | O. | Indemnifications |
|--------|----|------------------|

----

| 4. | FAIR VALUE |
|----|------------|

|                      |   | As of June 30, 2010 |       |
|---------------------------|--------|---------------------|------------|
|                      |   | Total               |       |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |
| Futures contracts         |   | $                   | 1,503,990  |   |   | $ | 1,503,990 |   |   |   | N/A |   |   |   | N/A |   |
| Money market mutual funds |   |                | 27,222,726 |   |   |   | 27,222,726 |   |   |   | N/A |   |   |   | N/A |   |
| Total Fair Value          |   | $                   | 28,726,716 |   |   | $ | 28,726,716 |   |   |   |   |   |   |   |   |   |
|                      |   |                |       |
|                      |   | As of June 30, 2009 |       |
|                      |   | Total               |       |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |
| Futures contracts         |   | $                   | (245,214   | ) |   | $ | (245,214 | ) |   |   | N/A |   |   |   | N/A |   |
| Money market mutual funds |   |                | 32,908,933 |   |   |   | 32,908,933 |   |   |   | N/A |   |   |   | N/A |   |
| Total Fair Value          |   | $                   | 32,663,719 |   |   | $ | 32,663,719 |   |   |   |   |   |   |   |   |   |

----

|   | The Partnership engages in the speculative trading of futures contracts in currencies, interest rates, stock indices and a wide range of commodities, including energy and metals (collectively, “derivatives”) for the purpose of achieving capital appreciation.  Since the derivatives held or sold by the Partnership are for speculative trading purposes, the derivative instruments are not designated as hedging instruments as defined in ASC Topic 815, Derivatives and Hedging. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Under provisions of ASC Topic 815, Derivatives and Hedging, entities are required to recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial condition.  Investments in futures contracts are reported in the Condensed Statements of Financial Condition as either “Net unrealized gains on open positions” or “Net unrealized losses on open positions.” |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The fair value of the Partnership’s derivative contracts is presented below on a gross basis as an asset if in a gain position and a liability if in a loss position. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                    |   | As of June 30, 2010 |      |
|-------------------------|--------|---------------------|-----------|
|                    |   | Assets              |      |   | Liabilities |   |   | Net |   |
| Currencies              |   | $                   | 56,875    |   |   | $ | (59,043 | ) |   | $ | (2,168 | ) |
| Energy                  |   |                | 165,460   |   |   |   | (446,328 | ) |   |   | (280,868 | ) |
| Grains                  |   |                | 1,650     |   |   |   | (88,300 | ) |   |   | (86,650 | ) |
| Interest rates          |   |                | 1,264,885 |   |   |   | (41,655 | ) |   |   | 1,223,230 |   |
| Livestock               |   |                | 10,400    |   |   |   | (12,580 | ) |   |   | (2,180 | ) |
| Metals                  |   |                | 4,405,815 |   |   |   | (3,554,249 | ) |   |   | 851,566 |   |
| Stock indices           |   |                | 137,646   |   |   |   | (295,024 | ) |   |   | (157,378 | ) |
| Tropical products       |   |                | 21,348    |   |   |   | (62,910 | ) |   |   | (41,562 | ) |
|                    |   |                |      |   |   |   |   |   |   |   |   |   |
| Total futures contracts |   | $                   | 6,064,079 |   |   | $ | (4,560,089 | ) |   | $ | 1,503,990 |   |
|                    |   |                |      |   |   |   |   |   |   |   |   |   |
|                    |   |                |      |   |   |   |   |   |   |   |   |   |
|                    |   | As of June 30, 2009 |      |
|                    |   | Assets              |      |   | Liabilities |   |   | Net |   |
| Currencies              |   | $                   | 441,124   |   |   | $ | (368,420 | ) |   | $ | 72,704 |   |
| Energy                  |   |                | 80,967    |   |   |   | (313,518 | ) |   |   | (232,551 | ) |
| Grains                  |   |                | 64,663    |   |   |   | (7,788 | ) |   |   | 56,875 |   |
| Interest rates          |   |                | 275,595   |   |   |   | (494,710 | ) |   |   | (219,115 | ) |
| Livestock               |   |                | 31,640    |   |   |   | (1,400 | ) |   |   | 30,240 |   |
| Metals                  |   |                | 5,943,252 |   |   |   | (6,176,795 | ) |   |   | (233,543 | ) |
| Stock indices           |   |                | 222,236   |   |   |   | (36,532 | ) |   |   | 185,704 |   |
| Tropical products       |   |                | 125,845   |   |   |   | (31,373 | ) |   |   | 94,472 |   |
|                    |   |                |      |   |   |   |   |   |   |   |   |   |
| Total futures contracts |   | $                   | 7,185,322 |   |   | $ | (7,430,536 | ) |   | $ | (245,214 | ) |

|   | Realized gains and losses, as well as any change in net unrealized gains or losses on open positions from the preceding period, are recognized as part of the Partnership’s trading profits and losses in the Condensed Statements of Income (Loss) and General Partner Incentive Allocation. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | The Partnership’s trading results and information related to volume of the Partnership’s derivative activity by market sector were as follows: |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|              |   | For the three months ended June 30, 2010 |       |
|-------------------|--------|-----------------------------------------------|------------|
|              |   | Net RealizedGains(Losses)                     |       |   | Change inNet UnrealizedGains (Losses) |   |   | NetTradingProfits (Losses) |   |   | Number ofRound TurnContracts |   |
| Currencies        |   | $                                             | (300,873   | ) |   | $ | (230,407 | ) |   | $ | (531,280 | ) |   |   | 2,616 |   |
| Interest rates    |   |                                          | 2,764,029  |   |   |   | 1,489,152 |   |   |   | 4,253,181 |   |   |   | 8,220 |   |
| Grains            |   |                                          | (153,488   | ) |   |   | (87,975 | ) |   |   | (241,463 | ) |   |   | 2,048 |   |
| Livestock         |   |                                          | (161,820   | ) |   |   | (214,710 | ) |   |   | (376,530 | ) |   |   | 2,064 |   |
| Tropical products |   |                                          | 220,619    |   |   |   | (43,518 | ) |   |   | 177,101 |   |   |   | 1,818 |   |
| Energy            |   |                                          | (200,939   | ) |   |   | (554,742 | ) |   |   | (755,681 | ) |   |   | 2,470 |   |
| Metals            |   |                                          | (221,463   | ) |   |   | 571,152 |   |   |   | 349,689 |   |   |   | 1,472 |   |
| Stock indices     |   |                                          | (1,439,831 | ) |   |   | (448,871 | ) |   |   | (1,888,702 | ) |   |   | 11,308 |   |
| Total             |   | $                                             | 506,234    |   |   | $ | 480,081 |   |   | $ | 986,315 |   |   |   | 32,016 |   |
|              |   |                                          |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|              |   |                                          |       |
|              |   | For the six months ended June 30, 2010   |       |
|              |   | Net RealizedGains(Losses)                     |       |   | Change inNet UnrealizedGains (Losses) |   |   | NetTradingProfits (Losses) |   |   | Number ofRound TurnContracts |   |
| Currencies        |   | $                                             | (724,916   | ) |   | $ | (74,872 | ) |   | $ | (799,788 | ) |   |   | 5,512 |   |
| Interest rates    |   |                                          | 4,012,531  |   |   |   | 1,442,345 |   |   |   | 5,454,876 |   |   |   | 18,048 |   |
| Grains            |   |                                          | (743,150   | ) |   |   | (143,525 | ) |   |   | (886,675 | ) |   |   | 3,648 |   |
| Livestock         |   |                                          | 3,200      |   |   |   | (32,420 | ) |   |   | (29,220 | ) |   |   | 3,488 |   |
| Tropical products |   |                                          | 411,980    |   |   |   | (136,034 | ) |   |   | 275,946 |   |   |   | 3,294 |   |
| Energy            |   |                                          | (1,057,234 | ) |   |   | (48,317 | ) |   |   | (1,105,551 | ) |   |   | 5,320 |   |
| Metals            |   |                                          | (1,101,497 | ) |   |   | 1,085,109 |   |   |   | (16,388 | ) |   |   | 3,192 |   |
| Stock indices     |   |                                          | (1,759,732 | ) |   |   | (343,082 | ) |   |   | (2,102,814 | ) |   |   | 20,840 |   |
| Total             |   | $                                             | (958,818   | ) |   | $ | 1,749,204 |   |   | $ | 790,386 |   |   |   | 63,342 |   |
|              |   |                                          |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|              |   |                                          |       |
|              |   | For the three months ended June 30, 2009 |       |
|              |   | Net RealizedGains(Losses)                     |       |   | Change inNet UnrealizedGains (Losses) |   |   | NetTradingProfits (Losses) |   |   | Number ofRound TurnContracts |   |
| Currencies        |   | $                                             | 1,438,807  |   |   | $ | (563,994 | ) |   | $ | 874,813 |   |   |   | 1,388 |   |
| Interest rates    |   |                                          | (816,746   | ) |   |   | (536,190 | ) |   |   | (1,352,936 | ) |   |   | 4,358 |   |
| Grains            |   |                                          | 112,725    |   |   |   | 177,075 |   |   |   | 289,800 |   |   |   | 298 |   |
| Livestock         |   |                                          | 192,350    |   |   |   | (25,850 | ) |   |   | 166,500 |   |   |   | 356 |   |
| Tropical products |   |                                          | (109,918   | ) |   |   | 168,559 |   |   |   | 58,641 |   |   |   | 390 |   |
| Energy            |   |                                          | (415,886   | ) |   |   | 101,314 |   |   |   | (314,572 | ) |   |   | 1,196 |   |
| Metals            |   |                                          | (96,160    | ) |   |   | (583,483 | ) |   |   | (679,643 | ) |   |   | 712 |   |
| Stock indices     |   |                                          | 91,615     |   |   |   | (186,866 | ) |   |   | (95,251 | ) |   |   | 10,804 |   |
| Total             |   | $                                             | 396,787    |   |   | $ | (1,449,435 | ) |   | $ | (1,052,648 | ) |   |   | 19,502 |   |

----

|              |   | For the six months ended June 30, 2009 |       |
|-------------------|--------|---------------------------------------------|------------|
|              |   | Net RealizedGains(Losses)                   |       |   | Change inNet UnrealizedGains (Losses) |   |   | NetTradingProfits (Losses) |   |   | Number ofRound TurnContracts |   |
| Currencies        |   | $                                           | (883,356   | ) |   | $ | 771,415 |   |   | $ | (111,941 | ) |   |   | 3,100 |   |
| Interest rates    |   |                                        | (1,542,773 | ) |   |   | (345,783 | ) |   |   | (1,888,556 | ) |   |   | 7,724 |   |
| Grains            |   |                                        | 12         |   |   |   | 244,813 |   |   |   | 244,825 |   |   |   | 434 |   |
| Livestock         |   |                                        | 299,940    |   |   |   | (8,660 | ) |   |   | 291,280 |   |   |   | 738 |   |
| Tropical products |   |                                        | (242,911   | ) |   |   | 192,177 |   |   |   | (50,734 | ) |   |   | 614 |   |
| Energy            |   |                                        | (353,369   | ) |   |   | 177,459 |   |   |   | (175,910 | ) |   |   | 1,438 |   |
| Metals            |   |                                        | 498,065    |   |   |   | (1,343,315 | ) |   |   | (845,250 | ) |   |   | 1,480 |   |
| Stock indices     |   |                                        | (975,806   | ) |   |   | 37,430 |   |   |   | (938,376 | ) |   |   | 28,014 |   |
| Total             |   | $                                           | (3,200,198 | ) |   | $ | (274,464 | ) |   | $ | (3,474,662 | ) |   |   | 43,542 |   |

----

|                                                                         |   | Three Months Ended June 30, 2010 |   |
|------------------------------------------------------------------------------|--------|----------------------------------|--------|
|                                                                         |   | InvestorClass                    |   |   | InstitutionalClassSeries – 1 |   |   | InstitutionalClassSeries – 2 |   |
| Per Unit Operating Performance(for a Unit outstanding for the entire period) |   |                             |   |   |   |   |   |   |   |
|                                                                         |   |                             |   |   |   |   |   |   |   |
| Net Asset Value, Beginning of the period                                     |   | $                                | 981.89 |   |   | $ | 1,108.20 |   |   | $ | 1,063.66 |   |
| (Loss) from operations                                                       |   |                             |   |   |   |   |   |   |   |   |   |   |
| Net investment (loss)                                                        |   |                             | (27.80 | ) |   |   | (21.36 | ) |   |   | (21.86 | ) |
| Net trading profits                                                          |   |                             | 24.63  |   |   |   | 28.86 |   |   |   | 26.42 |   |
| Net profits (loss)                                                           |   |                             | (3.17  | ) |   |   | 7.50 |   |   |   | 4.56 |   |
| Net Asset Value, End of the period                                           |   | $                                | 978.72 |   |   | $ | 1,115.70 |   |   | $ | 1,068.22 |   |
| Total Return(1) (3)                                                          |   |                             | (0.32  | )% |   |   | 0.68 | % |   |   | 0.43 | % |
| Supplemental Data                                                            |   |                             |   |   |   |   |   |   |   |   |   |   |
| Ratios to average net asset value Expenses(2)                                |   |                             | 11.32  | % |   |   | 7.67 | % |   |   | 8.20 | % |
| Net investment (loss) (2)                                                    |   |                             | (11.23 | )% |   |   | (7.58 | )% |   |   | (8.12 | )% |

|                                                                         |   | Six Months Ended June 30, 2010   |     |
|------------------------------------------------------------------------------|--------|----------------------------------|----------|
|                                                                         |   | InvestorClass                    |     |   | InstitutionalClassSeries – 1 |   |   | InstitutionalClassSeries – 2 |   |
| Per Unit Operating Performance(for a Unit outstanding for the entire period) |   |                             |     |   |   |   |   |   |   |
|                                                                         |   |                             |     |   |   |   |   |   |   |
| Net Asset Value, Beginning of the period                                     |   | $                                | 1,012.75 |   |   | $ | 1,131.35 |   |   | $ | 1,088.86 |   |
| (Loss) from operations                                                       |   |                             |     |   |   |   |   |   |   |   |   |   |
| Net investment (loss)                                                        |   |                             | (55.65   | ) |   |   | (41.74 | ) |   |   | (43.92 | ) |
| Net trading profits                                                          |   |                             | 21.62    |   |   |   | 26.09 |   |   |   | 23.28 |   |
| Net profits (loss)                                                           |   |                             | (34.03   | ) |   |   | (15.65 | ) |   |   | (20.64 | ) |
| Net Asset Value, End of the period                                           |   | $                                | 978.72   |   |   | $ | 1,115.70 |   |   | $ | 1,068.22 |   |
| Total Return(1) (3)                                                          |   |                             | (3.36    | )% |   |   | (1.38 | )% |   |   | (1.90 | )% |
| Supplemental Data                                                            |   |                             |     |   |   |   |   |   |   |   |   |   |
| Ratios to average net asset value Expenses(2)                                |   |                             | 11.46    | % |   |   | 7.64 | % |   |   | 8.36 | % |
| Net investment (loss) (2)                                                    |   |                             | (11.40   | )% |   |   | (7.58 | )% |   |   | (8.30 | )% |
|                                                                         |   |                             |     |
|                                                                         |   | Three Months Ended June 30, 2009 |     |
|                                                                         |   | InvestorClass                    |     |   | InstitutionalClassSeries – 1 |   |   | InstitutionalClassSeries – 2 |   |
| Per Unit Operating Performance(for a Unit outstanding for the entire period) |   |                             |     |   |   |   |   |   |   |   |   |   |
|                                                                         |   |                             |     |   |   |   |   |   |   |   |   |   |
| Net Asset Value, Beginning of the period                                     |   | $                                | 1,142.56 |   |   | $ | 1,238.11 |   |   | $ | 1,200.42 |   |
| (Loss) from operations                                                       |   |                             |     |   |   |   |   |   |   |   |   |   |
| Net investment (loss)                                                        |   |                             | (31.31   | ) |   |   | (21.96 | ) |   |   | (24.25 | ) |
| Net trading profits                                                          |   |                             | (27.17   | ) |   |   | (29.37 | ) |   |   | (28.49 | ) |
| Net profits (loss)                                                           |   |                             | (58.48   | ) |   |   | (51.33 | ) |   |   | (52.74 | ) |
| Net Asset Value, End of the period                                           |   | $                                | 1,084.08 |   |   | $ | 1,186,78 |   |   | $ | 1,147.68 |   |
| Total Return(1) (3)                                                          |   |                             | (5.12    | )% |   |   | (4.15 | )% |   |   | (4.39 | )% |
| Supplemental Data                                                            |   |                             |     |   |   |   |   |   |   |   |   |   |
| Ratios to average net asset value Expenses(2)                                |   |                             | 11.95    | % |   |   | 7.70 | % |   |   | 8.71 | % |
| Net investment (loss) (2)                                                    |   |                             | (11.62   | )% |   |   | (7.37 | )% |   |   | (8.38 | )% |

----

|                                                                         |   | Six Months Ended June 30, 2009 |     |
|------------------------------------------------------------------------------|--------|--------------------------------|----------|
|                                                                         |   | InvestorClass                  |     |   | InstitutionalClassSeries – 1 |   |   | InstitutionalClassSeries – 2 |   |
| Per Unit Operating Performance(for a Unit outstanding for the entire period) |   |                           |     |   |   |   |   |   |   |
|                                                                         |   |                           |     |   |   |   |   |   |   |
| Net Asset Value, Beginning of the period                                     |   | $                              | 1,245.03 |   |   | $ | 1,335.44 |   |   | $ | 1,297.55 |   |
| (Loss) from operations                                                       |   |                           |     |   |   |   |   |   |   |   |   |   |
| Net investment (loss)                                                        |   |                           | (63.12   | ) |   |   | (43.51 | ) |   |   | (47.23 | ) |
| Net trading profits                                                          |   |                           | (97.83   | ) |   |   | (105.15 | ) |   |   | (102.64 | ) |
| Net profits (loss)                                                           |   |                           | (160.95  | ) |   |   | (148.66 | ) |   |   | (149.87 | ) |
| Net Asset Value, End of the period                                           |   | $                              | 1,084.08 |   |   | $ | 1,186.78 |   |   | $ | 1,147.68 |   |
| Total Return(1) (3)                                                          |   |                           | (12.93   | )% |   |   | (11.13 | )% |   |   | (11.55 | )% |
| Supplemental Data                                                            |   |                           |     |   |   |   |   |   |   |   |   |   |
| Ratios to average net asset value Expenses(2)                                |   |                           | 12.04    | % |   |   | 7.51 | % |   |   | 9.00 | % |
| Net investment (loss) (2)                                                    |   |                           | (11.58   | )% |   |   | (7.05 | )% |   |   | (8.56 | )% |

|   | Total returns are calculated based on the change in value of a unit during the periods presented.  An individual partner’s total returns and ratios may vary from the above total returns and ratios based on the timing of additions and redemptions. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1)     Total return is derived as ending net asset value less beginning net asset value divided by beginning net asset value. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2)     Annualized. |
|--------|----------------------------------------------|

|   | (3)     Not annualized. |
|--------|--------------------------------------------------|

----

----

----

----

|   | • |   | The prices of the Partnership’s positions resulting from a 10% change in interest rates.                                                                                                                                                                                                                                                                                                                                                                     |
|--------|---------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • |   | The U.S. dollar equivalent balances of the Partnership’s currency exposures due to a 10% shift in currency exchange rates.                                                                                                                                                                                                                                                                                                                                   |
|   | • |   | The market value of the Partnership’s Commodity Interests due to a 10% change in the price of the Commodity Interests. The Partnership has determined that the impact of a 10% change in market rates and prices on its fair values, cash flows and earnings would not be material. The Partnership has disclosed the potential loss to earnings of its commodity price, interest rate and currency exchange rate sensitivity positions as of June 30, 2010. |

| Currency exchange rate risk |   | $ | 59,665  |   |
|-----------------------------|--------|---|---------|--------|
| Commodity price risk        |   | $ | 382,851 |   |
| Interest rate risk          |   | $ | 449,833 |   |

|  Date of Subscription |   | Amount ofSubscriptions |    |
|----------------------------|--------|------------------------|---------|
| January 2010               |   | $                      | 273,432 |   |
| February 2010              |   | $                      | 522,000 |   |
| March 2010                 |   | $                      | 553,235 |   |
| April 2010                 |   | $                      | 228,101 |   |
| May 2010                   |   | $                      | 280,647 |   |
| June 2010                  |   | $                      | 271,474 |   |

----

|                  | RFMC GLOBAL DIRECTIONAL FUND, LP                                                                               |
|-----------------------|----------------------------------------------------------------------------------------------------------------|
|                  |                                                                                                           |
|                  |                                                                                                           |
| Date: August 16, 2010 | By: Ruvane Fund Management CorporationIts: General Partner                                                     |
|                  |                                                                                                           |
|                  | By: /s/ Robert L. LernerRobert L. LernerPresident, Principal Executive Officer and Principal Financial Officer |

----