UNITED
STATES
 SECURITIES
AND EXCHANGE COMMISSION
 Washington,
D.C. 20549
 FORM
10-Q
 (X)
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE
 SECURITIES
EXCHANGE ACT OF 1934
 For the
Quarterly Period Ended March 31, 2010
 ( )
TRANSITION REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE
 SECURITIES
EXCHANGE ACT OF 1934
 For the
Transition Period From ____ TO___
 Commission
File No. 000-53118
 RFMC
GLOBAL DIRECTIONAL FUND, LP
  Delaware
            20-8870560(a
      Delaware Partnership)
            (I.R.S.
      EmployerIdentification
      No.)
 
 4
Benedek Road Princeton,
New Jersey 08540
 (609)
921-0717
  Indicate
by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.
  Yes x          No
 ̈
  Indicate
by check mark whether the registrant has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files).
  Yes  ̈           No
 ̈
  Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definition of “large accelerated filer,” “accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act.
  Large
      accelerated
      filer           o
            Accelerated
      filer                        oNon-accelerated
      filer             o
            Smaller
      reporting company     x(do not check if a Smaller
      reporting company)
 
 Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act).
  Yes  ̈           No
x
  
   
  RFMC
GLOBAL DIRECTIONAL FUND, LP
 INDEX
TO FORM 10-Q
  PART I – FINANCIAL
    INFORMATIONItem
      1.
              Condensed Financial
      StatementsCondensed Statements of
      Financial ConditionCondensed Schedules of
      InvestmentsCondensed Statements of
      Income (Loss) and General Partner Incentive
      AllocationCondensed Statements of
      Changes in Partners’ Capital (Net Asset
  Value)Notes to Condensed Financial
      StatementsItem
      2.
              Management’s Discussion
      and Analysis of Financial Condition and Results of
      OperationsItem
      3.
              Quantitative and
      Qualitative Disclosures About Market RiskItem
      4T.
              Controls and
      Procedures
   PART II – OTHER
  INFORMATIONItem
      1.
              Legal
      ProceedingsItem
      1A.
              Risk
      FactorsItem
      2.
              Unregistered Sales of
      Equity Securities and Use of ProceedsItem
      3.
              Defaults Upon Senior
      SecuritiesItem
      4.
              Removed and
      ReservedItem
      5.
              Other
      InformationItem
      6.
              Exhibits
 PART
I - FINANCIAL INFORMATION
 Item 1. Condensed
Financial Statements
  RFMC
GLOBAL DIRECTIONAL FUND, LP CONDENSED
STATEMENTS OF FINANCIAL CONDITION
 As of
March 31, 2010 (Unaudited) and December 31, 2009
 _______________
  March
      31,
              2010
            
            
            December
      31,
              2009ASSETSEQUITY
      IN COMMODITY FUTURES TRADING ACCOUNTS:Due
      from brokers (including margin deposits of $6,385,335 for 2010 and
      $5,598,001 for 2009)
            
            
            $
            10,623,040
            
            
            $
            9,186,463Net
      unrealized gains on open positions
            
            
            
            1,023,909
            
            
            
            353,674Net
      unrealized losses on open positions
            
            
            
            0
            
            
            
            (598,888
            )11,646,949
            
            
            
            8,941,249CASH
      AND CASH EQUIVALENTS
            
            
            
            29,844,452
            
            
            
            34,895,928DUE
      FROM GENERAL PARTNER
            
            
            
            68,819
            
            
            
            59,669TOTAL
      ASSETS
            
            
            $
            41,560,220
            
            
            $
            43,896,846LIABILITIES
      AND PARTNERS’ CAPITAL (NET ASSET VALUE)LIABILITIES:Prepaid
      subscriptions
            
            
            $
            195,000
            
            
            $
            188,000Redemptions
      payable
            
            
            
            916,284
            
            
            
            415,464Other
      accrued expenses
            
            
            
            70,393
            
            
            
            92,420Accrued
      management fees
            
            
            
            246,024
            
            
            
            266,691TOTAL
      LIABILITIES
            
            
            
            1,427,701
            
            
            
            962,575PARTNERS’
      CAPITAL (NET ASSET VALUE)Limited
      partners – Investor Class (37,002.4470 and 38,486.0252 fully redeemable
      units at March 31, 2010 and December 31, 2009,
    respectively)
            
            
            
            36,332,387
            
            
            
            38,976,534Limited
      partners – Institutional Class – Series 1 (1,501.0487 and 1,493.4694 fully
      redeemable units at March 31, 2010 and December 31, 2009,
      respectively)
            
            
            
            1,663,469
            
            
            
            1,689,632Limited
      partners – Institutional Class – Series 2 (1,333.0743 and 1,413.4121 fully
      redeemable units at March 31, 2010 and December 31, 2009,
      respectively)
            
            
            
            1,417,934
            
            
            
            1,539,004General
      partner – Institutional Class – Series 3 (189.6706 and 188.4717 fully
      redeemable units at March 31, 2010 and December 31, 2009,
      respectively)
            
            
            
            718,729
            
            
            
            729,101TOTAL
      PARTNERS’ CAPITAL (NET ASSET VALUE)
            
            
            
            40,132,519
            
            
            
            42,934,271TOTAL
      LIABILITIES AND PARTNERS’ CAPITAL (NET ASSET VALUE)
            
            
            $
            41,560,220
            
            
            $
            43,896,846NET
      ASSET VALUE PER UNIT –Investor
      Class (based on Partners’ Capital of $36,332,387 and $38,976,534 and
      37,002.4470 and 38,486.0252 fully redeemable units
      outstanding)
            
            
            $
            981.89
            
            
            $
            1,012.75Institutional
      Class – Series 1 (based on Partners’ Capital of $1,663,469 and $1,689,632
      and 1,501.0487 and 1,493.4694 fully redeemable units
      outstanding)
            
            
            $
            1,108.20
            
            
            $
            1,131.35Institutional
      Class – Series 2 (based on Partners’ Capital of $1,417,934 and $1,539,004
      and 1,333.0743 and 1,413.4121 fully redeemable units
      outstanding)
            
            
            $
            1,063.66
            
            
            $
            1,088.86Institutional
      Class – General Partner – Series 3 (based on Partners’ Capital of $718,729
      and $729,101 and 189.6706 and 188.4717 fully redeemable units
      outstanding)
            
            
            $
            3,789.35
            
            
            $
            3,868.49
 
  See Notes
to Condensed Financial Statements.
  
   
  RFMC
GLOBAL DIRECTIONAL FUND, LP
 CONDENSED SCHEDULES OF INVESTMENTS
 As of
March 31, 2010 (Unaudited)
 _______________
  LONG FUTURES
CONTRACTS
  No.
      ofContracts
            
            
            Range ofExpiration
      Dates
            
            
            Commodity
      Futures Industry Sector
            
            Unrealized
      Gain(Loss),
      Net
            
            
            % of Partners’Capital*Currencies
            
            $
            181,466
            
            
            
            0.452
            %Energy
            
            
            348,654
            
            
            
            0.869
            %Grains
            
            
            (7,738
            )
            
            
            (0.019
            )%Interest
      rates
            
            
            (265,922
            )
            
            
            (0.663
            )%Livestock
            
            
            212,530
            
            
            
            0.530
            %Metals131
            
            
            6/16/10
      – 9/15/10
            
            
            London
      Nickel
            
            
            4,270,272
            
            
            
            10.640
            %Other
            
            
            3,025,334
            
            
            
            7.538
            %Stock
      indices
            
            
            289,618
            
            
            
            0.722
            %Tropical
      products
            
            
            1,956
            
            
            
            0.005
            %Total
      long futures contracts
            
            $
            8,056,170
            
            
            
            20.074
            %
 
 SHORT FUTURES
CONTRACTS
  No.ofContracts
            
            
            Range ofExpiration
      Dates
            
            
            Commodity
      Futures Industry Sector
            
            
            Unrealized
      Gain(Loss),
      Net
            
            
            % of Partners’Capital*Currencies
            
            
            $
            46,773
            
            
            
            0.117
            %Energy
            
            
            
            (74,780
            )
            
            
            (0.186
            )%Grains
            
            
            
            9,063
            
            
            
            0.023
            %Metals101
            
            
            6/16/10
      – 9/15/10
            
            
            London
      Nickel
            
            
            
            (3,670,051
            )
            
            
            (9.147
            )%Other
            
            
            
            (3,345,141
            )
            
            
            (8.335
            )%Stock
      indices
            
            
            
            1,875
            
            
            
            0.005
            %Total
      short futures contracts
            
            
            $
            (7,032,261
            )
            
            
            (17.523
            )%Total
      futures contracts
            
            
            $
            1,023,909
            
            
            
            2.551
            %
 
 *Except
for London Nickel, no single contract’s value exceeds 5% of Partners’
Capital
  See Notes
to Condensed Financial Statements.
   
  RFMC
GLOBAL DIRECTIONAL FUND, LP
 CONDENSED
SCHEDULES OF INVESTMENTS (CONTINUED)
 As of
December 31, 2009
 _______________
  LONG FUTURES
CONTRACTS
  No. ofContracts
            
            
            Range of
      ExpirationDates
            
            
            Commodity
      Futures Industry Sector
            
            
            Unrealized
      Gain(Loss),
      Net
            
            
            % of Partners’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
            %Metals119
            
            
            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 of
      ExpirationDates
            
            
            Commodity
      Futures Industry Sector
            
            
            Unrealized
      Gain(Loss),
      Net
            
            
            % of Partners’Capital*Currencies
            
            
            $
            308,804
            
            
            
            0.719
            %Energy
            
            
            
            (222,390
            )
            
            
            (0.518
            )%Interest
      rates
            
            
            
            173,047
            
            
            
            0.403
            %Metals83
            
            
            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
            )%
 
 *Except
for London Copper, no single contract’s value exceeds 5% of Partners’
Capital
  See Notes
to Condensed Financial Statements.
  
   
  RFMC
GLOBAL DIRECTIONAL FUND, LP
 CONDENSED STATEMENTS OF INCOME (LOSS) AND
 GENERAL
PARTNER INCENTIVE ALLOCATION
 For the
Three Months Ended March 31, 2010 and 2009
 (Unaudited)
 _______________
  Three
      Months Ended March 31,2010
            
            
            2009NET
      INVESTMENT (LOSS)Income:Interest
      income
            
            $
            3,881
            
            
            $
            40,816Expenses:Brokerage
      commissions
            
            
            682,981
            
            
            
            725,751Management
      fees
            
            
            347,820
            
            
            
            345,859Professional
      fees
            
            
            53,243
            
            
            
            62,006Accounting,
      administrative fees and other expenses
            
            
            45,261
            
            
            
            19,835Total
      expenses
            
            
            1,129,305
            
            
            
            1,153,451Net
      investment (loss)
            
            
            (1,125,424
            )
            
            
            (1,112,635
            )TRADING
      (LOSSES)Profits
      (losses) on trading of commodity futures:
              Net
      realized (losses) on closed positions
            
            
            (1,465,052
            )
            
            
            (3,596,985
            )Change in net unrealized gains (losses) on open positions
            
            
            1,269,123
            
            
            
            1,174,971Total
      trading (losses)
            
            
            (195,929
            )
            
            
            (2,422,014
            )NET
      (LOSS)
            
            
            (1,321,353
            )
            
            
            (3,534,649
            )Less:   General
      Partner incentive allocation
            
            
            0
            
            
            
            0NET
      (LOSS) AFTER GENERAL PARTNER INCENTIVE ALLOCATION
            
            $
            (1,321,353
            )
            
            $
            (3,534,649
            )NET
      (LOSS) AFTER GENERAL PARTNER INCENTIVE ALLOCATION PER UNIT
              (based
      on weighted average number of units outstanding during the
      period)Investor
      Class
            
            $
            (32.63
            )
            
            $
            (99.24
            )Institutional
      Class – Series 1
            
            $
            (22.92
            )
            
            $
            (97.24
            )Institutional
      Class – Series 2
            
            $
            (29.89
            )
            
            $
            (70.70
            )Institutional
      Class – General Partner – Series 3
            
            $
            (78.16
            )
            
            $
            (332.37
            )
 
 See Notes
to Condensed Financial Statements.
   
  RFMC
GLOBAL DIRECTIONAL FUND, LP
 CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (NET ASSET
VALUE)
 For the
Three Months Ended March 31, 2010 and 2009
 (Unaudited)
 _______________
  
 Partners’
      CapitalInstitutional
      ClassInvestor
      Class
            
            
            Series
      1
            
            
            Series
      2
            
            
            Series
      3 General PartnerUnits
            
            
            Amount
            
            
            Units
            
            
            Amount
            
            
            Units
            
            
            Amount
            
            
            Units
            
            
            Amount
            
            
            TotalBalances
      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
            
            
            $
            42,934,271Additions
            
            
            1,399.7728
            
            
            
            1,326,112
            
            
            
            7.5793
            
            
            
            8,148
            
            
            
            10.0606
            
            
            
            10,000
            
            
            
            1.1989
            
            
            
            4,407
            
            
            
            1,348,667Redemptions
            
            
            (2,883.3510
            )
            
            
            (2,738,515
            )
            
            
            -
            
            
            
            -
            
            
            
            (90.3984
            )
            
            
            (90,551
            )
            
            
            -
            
            
            
            -
            
            
            
            (2,829,066
            )Net
      (loss):General partner incentive allocation
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -Allocation to all      
    partners
            
            
            -
            
            
            
            (1,231,744
            )
            
            
            -
            
            
            
            (34,311
            )
            
            
            -
            
            
            
            (40,519
            )
            
            
            -
            
            
            
            (14,779
            )
            
            
            (1,321,353
            )Balances
      at       March 31, 2010
            
            
            37,002.4470
            
            
            $
            36,332,387
            
            
            
            1,501.0487
            
            
            $
            1,663,469
            
            
            
            1,333.0743
            
            
            $
            1,417,934
            
            
            
            189.6706
            
            
            $
            718,729
            
            
            $
            40,132,519
  Partners’
      CapitalInstitutional
      ClassInvestor
      Class
              
              
              Series
      1
              
              
              Series
      2
              
              
              Series
      3 General PartnerUnits
              
              
              Amount
              
              
              Units
              
              
              Amount
              
              
              Units
              
              
              Amount
              
              
              Units
              
              
              Amount
              
              
              TotalBalances
      at      January 1, 2009
              
              
              27,495.4455
              
              
              $
              34,232,682
              
              
              
              1,554.3584
              
              
              $
              2,075,754
              
              
              
              454.5724
              
              
              $
              589,829
              
              
              
              183.2414
              
              
              $
              835,858
              
              
              $
              37,734,123Additions
              
              
              8,623.0129
              
              
              
              10,330,366
              
              
              
              8.3277
              
              
              
              10,700
              
              
              
              585.1147
              
              
              
              705,000
              
              
              
              1.2740
              
              
              
              6,472
              
              
              
              11,052,538Redemptions
              
              
              (1,218.6515
              )
              
              
              (1,412,981
              )
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              (1,412,981
              )Net
      (loss):General partner incentive allocation
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -Allocation to all      partners
              
              
              -
              
              
              
              (3,275,037
              )
              
              
              -
              
              
              
              (151,673
              )
              
              
              -
              
              
              
              (46,766
              )
              
              
              -
              
              
              
              (61,173
              )
              
              
              (3,534,649
              )Balances
      at
                March 31, 2009
              
              
              34,899.8069
              
              
              $
              39,875,030
              
              
              
              1,562.6861
              
              
              $
              1,934,781
              
              
              
              1,039.6871
              
              
              $
              1,248,063
              
              
              
              184.5154
              
              
              $
              781,157
              
              
              $
              43,839,031
 See Notes
to Condensed Financial Statements.
   
  RFMC
GLOBAL DIRECTIONAL FUND, LP
 NOTES TO CONDENSED FINANCIAL STATEMENTS
 For the
Three Months Ended March 31, 2010 and 2009
 (Unaudited)
 _______________
  1.           BASIS OF
PRESENTATION
  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.
  2.           PARTNERSHIP
ORGANIZATION
  The
Partnership, a Delaware limited partnership, was organized on March 19, 2007 and
commenced trading operations on August 1, 2007.  The Partnership may
engage in the speculative trading of commodity futures contracts, options on
commodities or commodity futures contracts, and forward
contracts.  The Partnership may also invest in entities (including
other partnerships or funds) that trade commodity interests.
  Ruvane
Fund Management Corporation is the general partner of the Partnership (the
“General Partner”) and is registered as a Commodity Pool Operator, Commodity
Trading Advisor, and an Introducing Broker with the Commodity Futures Trading
Commission (CFTC).  The General Partner is required by the Limited
Partnership Agreement, as amended and restated, (the “Agreement”) to contribute
$1,000 to the Partnership.
  In
accordance with the Agreement, the Partnership offers limited partnership
interests through a private offering pursuant to Regulation D as adopted under
section 4(2) of the Securities Act of 1933, as amended.  The
Partnership will offer limited partnership interests up to an aggregate of
$100,000,000; provided that the General Partner may increase the amount of
interests that will be offered in increments of $10,000,000, after notice to the
limited partners.
  The
Partnership offers two classes of limited partnership interests; the
Institutional Class and the Investor Class. Commission charges, General Partner
management fees and incentive allocations to the General Partner will differ
between Classes and/or Series, but in all other respects the Institutional Class
interests and the Investor Class interests will be identical. The Institutional
Class and Investor Class interests will also be traded pursuant to the same
trading program and at the same Trading Level (as defined in the Confidential
Offering Memorandum).
  The
General Partner has selected Welton Investment Corporation (the “Advisor”) as
the Partnership’s trading advisor.  All of the Partnership’s assets
will initially be traded pursuant to the Advisor’s Global Directional Portfolio,
which follows a proprietary quantitative trading strategy.  The
General Partner, in the future, may allocate the Partnership’s assets to other
trading strategies and investment programs.
  The
Partnership shall end upon the withdrawal, insolvency or dissolution of the
General Partner or a decline of greater than fifty percent of the net assets of
the Partnership as defined in the Agreement, or the occurrence of any event
which shall make it unlawful for the existence of the Partnership to be
continued.
  3.              SIGNIFICANT ACCOUNTING
POLICIES
  A.        Method
of Reporting
  The
Partnership’s financial statements are prepared in accordance with accounting
principles generally accepted in the United States of America.  The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America (“U.S. GAAP”) requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of income (loss)
and expenses during the reporting period.  Actual results could differ
from these estimates.
    The
Partnership has elected not to provide a statement of cash flows as permitted
under ASC Topic 230, Statement
of Cash Flows.
  B.           
Cash and Cash Equivalents
  The
Partnership has defined cash and cash equivalents as cash and short-term, highly
liquid investments with maturities of three months or less when
acquired.  Money market mutual funds, which are included in cash
equivalents, are classified as Level 1 fair value estimates (unadjusted quoted
prices in active markets for identical assets) under the fair value hierarchy
provisions as described in ASC Topic 820 Fair Value Measurements and
Disclosures.  At March 31, 2010 and December 31, 2009, the
Partnership had investments in money market mutual funds of $28,714,567 and
$32,908,933, respectively.  Interest received on cash deposits and
dividends received from money market mutual funds are included as interest
income and recognized on an accrual basis.
  C.           Due
from Brokers
  Due from
brokers represents deposits required to meet margin requirements and excess
funds not required for margin.  Due from brokers at March 31, 2010 and
December 31, 2009 consisted of cash on deposit with brokers of $10,623,040 and
$9,186,463, respectively.  The Partnership is subject to credit risk
to the extent any broker with whom the Partnership conducts business is unable
to deliver cash balances or securities, or clear securities transactions on the
Partnership’s behalf.  The General Partner monitors the financial
condition of the brokers with which the Partnership conducts business and
believes that the likelihood of loss under the aforementioned circumstances is
remote.
  D.           Investments
in Commodity Futures Contracts
  Investments
in commodity futures contracts are recorded on the trade date and open contracts
are recorded in the financial statements at their fair value on the last
business day of the reporting period, based on quoted market
prices.  Accordingly, such contracts are classified as Level 1 fair
value estimates under the fair value hierarchy as described within ASC Topic
820, Fair Value Measurements
and Disclosures.  Gains or losses are realized when contracts
are liquidated, on a first-in-first-out basis.  Realized gains are
netted with realized losses for financial reporting purposes and shown under the
caption “Net realized (losses) on closed positions” in the Condensed Statements
of Income (Loss) and General Partner Incentive Allocation.
  As each
broker has the individual right of offset, the Partnership presents the
aggregate net unrealized gains with such brokers as “Net unrealized gains on
open positions” and the aggregate net unrealized losses with such brokers as
“Net unrealized losses on open positions” in the Condensed Statements of
Financial Condition.  The net unrealized gains on open positions from
one broker are not offset against net unrealized losses on open positions from
another broker in the Condensed Statements of Financial
Condition.  The unrealized gains or losses on open contracts is the
difference between contract trade price and quoted market price.
  Any
change in unrealized gain or loss from the preceding period is reported in the
Condensed Statements of Income (Loss) and General Partner Incentive Allocation
under the caption “Change in net unrealized gains (losses) on open
positions.”
  E.           Brokerage
Commissions
  Investor
Class interests will pay the General Partner a monthly flat-rate brokerage
commission of up to approximately 0.583% of the net asset value of such
interests as of the beginning of each month (an annual rate of
7.00%).  The General Partner will pay from this amount up to 3% per
annum to properly registered selling agents as compensation for their ongoing
services to the Partnership.  To the extent the General Partner pays
less than 3% to a selling agent with respect to any limited partnership
interests sold by such selling agent, the brokerage commission charged with
respect to those limited partnership interests will be reduced
accordingly.  A separate series of Investor Class interests will be
established for differing brokerage commission rates charged.  During
the periods ended March 31, 2010 and 2009, all Investor Class interests were
charged a flat rate brokerage commission equal to an annual rate of
7.00%.
  Institutional
Class interests will pay the General Partner a monthly flat-rate brokerage
commission of 0.333% of the net asset value of such interests as of the
beginning of each month (a 4.00% annual rate).
  In
addition to any applicable selling agent fees, the General Partner will also pay
from its brokerage commission all floor brokerage, exchange, clearing and NFA
fees with respect to the Partnership’s trading, but the Partnership will pay all
other execution costs, including give-up charges and service fees assessed by
certain forward dealing desks.  Such execution costs totaled $2,903
and $377 for the three months ended March 31, 2010 and 2009,
respectively.
  Commissions
and execution costs charged to each Class or Series were as
follows:
  Three
      Months Ended
              March
      31,2010
            
            
            2009Investor
      Class
            
            $
            645,517
            
            
            $
            689,392Institutional
      Class – Series 1
            
            
            16,222
            
            
            
            20,082Institutional
      Class – Series 2
            
            
            14,236
            
            
            
            8,175Institutional
      Class – General Partner – Series 3
            
            
            7,006
            
            
            
            8,102Total
            
            $
            682,981
            
            
            $
            725,751
 
 For the
three months ended March 31, 2010 and 2009, the General Partner received
brokerage commissions of $513,274 and $614,656, respectively, from the
Partnership.  As of March 31, 2010 and December 31, 2009, $68,819 and
$59,669, respectively, were due from the General Partner for reimbursement on
broker commissions advanced by the Partnership.
  F.           Allocation
of Income (Loss)
  Net
realized and unrealized trading profits and losses, interest income and other
operating income and expenses, prior to flat-rate brokerage commissions,
management fees and incentive allocations, are allocated to the partners monthly
in proportion to their capital account balances, as defined in the
Agreement.  Each partner is then charged its applicable Class and/or
Series flat-rate brokerage commission, management fees and incentive
allocations.
  G.           Incentive
Allocation
  The
General Partner is entitled to a quarterly incentive allocation equal to 20% of
New Profits (as defined in the Confidential Offering Memorandum), if
any.  The term “New Profits” for the purpose of calculating the
General Partner's incentive allocation only, is defined as the excess (if any)
of (A) the net asset value of the Partnership as of the last day of any calendar
quarter (before deduction of incentive allocations made or accrued for such
quarter), over (B) the net asset value of the Partnership as of the last day of
the most recent quarter for which an incentive allocation was paid or payable
(after deduction of such incentive allocation).  In computing New
Profits, the difference between (A) and (B) above shall be (i) increased by the
amount of any distributions or redemptions paid or accrued by the Partnership as
of or subsequent to the date in (B) through the date in (A), (ii) adjusted
(either decreased or increased, as the case may be) to reflect the amount of any
additional allocations or negative reallocations of Partnership assets from the
date in (B) to the last day of the quarter as of which the current incentive
allocation calculation is made, and (iii) increased by the amount of any losses
attributable to redemptions.  For the three month period ended March
31, 2010 and 2009, the General Partner earned no incentive
allocations.
  The
General Partner will pay three-fourths of any incentive allocation it receives
to the Advisor, and the General Partner may distribute a portion of its share of
the incentive allocation to properly registered selling agents as compensation
for their ongoing services to the Partnership.
  H.           Management
Fees
  Investor
Class and Institutional Class – Series 2 interests pay the General Partner a
quarterly management fee equal to 1⁄4 of 1% (1% annually) of the net assets of the
Partnership (as defined in the Agreement) as of the beginning of each calendar
quarter before deducting accrued ordinary legal, accounting and auditing fees
and before any incentive allocation to the General
Partner.  Institutional Class Series 1 and Series 3 interests are not
assessed a management fee by the General Partner.  For the three
months ended March 31, 2010 and 2009, management fees earned by the General
Partner were as follows:
  Three
      Months Ended
              March
      31,2010
            
            
            2009Investor
      Class
            
            $
            97,949
            
            
            $
            96,174Institutional
      Class – Series 2
            
            
            3,847
            
            
            
            1,500Total
            
            $
            101,796
            
            
            $
            97,674
 
 As of
March 31, 2010 and December 31, 2009, no management fees were due to the General
Partner.
  In
addition to the management fee paid to the General Partner, the Advisor also
assesses each Class and Series of interests a management fee equal to 1⁄2 of 2%
(2% per year) of the month-end Trading Level for each month during such
quarter.  Trading level shall mean the Partnership’s net assets
allocated to the Advisor times the leverage to be employed by the Advisor from
time to time upon the discretion of the General Partner.  The leverage
ratio is approximately 1.2 times the net assets of the
Partnership.  As such, the Advisor’s management fee will approximate
2.4% per annum of the Partnership’s net assets.  For the three months
ended March 31, 2010 and 2009, management fees earned by the Advisor were as
follows:
  Three
      Months Ended March
      31,2010
            
            
            2009Investor
      Class
            
            $
            223,402
            
            
            $
            227,205Institutional
      Class – Series 1
            
            
            9,800
            
            
            
            11,566Institutional
      Class – Series 2
            
            
            8,589
            
            
            
            4,747Institutional
      Class – General Partner – Series 3
            
            
            4,233
            
            
            
            4,667Total
            
            $
            246,024
            
            
            $
            248,185
 
 
  I.         Administrative
Expenses
  The
Partnership pays all legal, accounting, auditing, and other administrative and
operating expenses and fees associated with the operation of the
Partnership.  The General Partner pays the continuous offering costs
of the Partnership.
  J.         Income
Taxes
  No
provision for income taxes has been provided in the accompanying financial
statements as each partner is individually liable for taxes, if any, on his or
her share of the Partnership’s profits.
  The
Partnership accounts for uncertainties in income tax positions taken or expected
to be taken according to provisions within ASC Topics 740, Income Taxes and 835, Interest.  The Partnership has
elected an accounting policy to classify interest and penalties, if any, as
interest expense.
  The
Partnership files U.S. federal and state tax returns.  The 2007
through 2009 tax years generally remain subject to examination by U.S. federal
and most state authorities.
  K.       Subscriptions
  Partnership
units may be purchased on the first day of each month at the net asset value per
unit determined on the last business day of the previous
month.  Partners’ contributions received in advance for subscriptions
are recorded as “prepaid subscriptions” in the Condensed Statements of Financial
Condition.
  L.         Redemptions
  Limited
partners may redeem some or all of their units at net asset value per unit as of
the last business day of each month with at least ten days written notice to the
General Partner.
  M.       Foreign
Currency Transactions
  The
Partnership’s functional currency is the U.S. dollar; however, it transacts
business in currencies other than the U.S. dollar.  Assets and
liabilities denominated in currencies other than the U.S. dollar are translated
into U.S. dollars at the rates in effect at the date of the Condensed Statements
of Financial Condition. Income and expense items denominated in currencies other
than the U.S. dollar are translated into U.S. dollars at the rates in effect
during the period.  Gains resulting from the translation to U.S.
dollars totaled $29,715 and $1,942 for the three months ended March 31, 2010 and
2009, respectively, and are reported as a component of “Net realized (losses) on
closed positions” in the Condensed Statements of Income (Loss) and General
Partner Incentive Allocation.
  N.      
 New Accounting Pronouncements
  On
January 21, 2010, the Financial Accounting Standards Board issued Accounting
Standards Update 2010-06, Improving Disclosures about Fair
Value Measurements (“ASU 2010-06”).  ASU 2010-06 amends ASC
Topic 820, Fair Value Measurements and
Disclosures, to add new requirements for disclosures about transfers into
and out of Levels 1 and 2 and separate disclosures about purchases, sales,
issuances, and settlements relating to Level 3 measurements.  It also
clarifies existing fair value disclosures about the level of disaggregation and
about inputs and valuation techniques used to measure fair value.  The
application of ASU 2010-06 is required for fiscal years and interim periods
beginning after December 15, 2009, except for disclosures about purchases,
sales, issuances, and settlements relating to Level 3 measurements, which are
required for fiscal years beginning after December 15, 2010 and for interim
periods within those fiscal years.  The adoption of ASU 2010-06 did
not have a material impact on the Partnership’s financial
statements.
  O.      
 Indemnifications
  The
Partnership has entered into agreements, which provide for the indemnifications
against losses, costs, claims and liabilities arising from the performance of
their individual obligations under such agreements, except for gross negligence
or bad faith.  The Partnership has had no prior claims or payments
pursuant to these agreements.  The Partnership’s individual maximum
exposure under these arrangements is unknown, as this would involve future
claims that may be made against the Partnership that have not yet occurred.
However, based on previous experience, the Partnership expects the risk of loss
to be remote.
  FAIR
VALUE
  Fair
value of an investment is the amount that would be received to sell the
investment in an orderly transaction between market participants at the
measurement date (i.e. the exit price).
  The fair
value hierarchy, as more fully described in ASC Topic 820, Fair Value Measurements and
Disclosures, prioritizes and ranks the level of market price
observability used in measuring investments at fair value.  Market
price observability is impacted by a number of factors, including the type of
investment and the characteristics specific to the
investment.  Investments with readily available active quoted prices
or for which fair value can be measured from actively quoted prices generally
will have a higher degree of market price observability and a lesser degree of
judgment used in measuring fair value.
  Investments
measured and reported at fair value are classified and disclosed in one of the
following categories:
  Level 1 –
Quoted prices are available in active markets for identical investments as of
the reporting date.  The type of investments included in Level 1 are
publicly traded investments.  As required by ASC Topic 820, Fair Value Measurements and
Disclosures, the Partnership does not adjust the quoted price for these
investments even in situations where the Partnership holds a large position and
a sale could reasonably impact the quoted price.
  Level 2 –
Pricing inputs are other than quoted prices in active markets, which are either
directly or indirectly observable as of the reporting date, and fair value is
determined through the use of models or other valuation
methodologies.  Investments which are generally included in this
category are investments valued using market data.
  Level 3 –
Pricing inputs are unobservable and include situations where there is little, if
any, market activity for the investment.  Fair value for these
investments are determined using valuation methodologies that consider a range
of factors, including but not limited to the price at which the investment was
acquired, the nature of the investment, local market conditions, trading values
on public exchanges for comparable securities, current and projected operating
performance and financing transactions subsequent to the acquisition of the
investment.  The inputs into the determination of fair value require
significant management judgment.  Due to the inherent uncertainty of
these estimates, these values may differ materially from the values that would
have been used had a ready market for these investments
existed.  Investments that are included in this category generally are
privately held debt and equity securities.
  In
certain cases, the inputs used to measure fair value may fall into different
levels of the fair value hierarchy.  In such cases, an investment's
level within the fair value hierarchy is based on the lowest level of input that
is significant to the fair value measurement.  The General Partner’s
assessment of the significance of a particular input to the fair value
measurement in its entirety requires judgment, and considers factors specific to
the investment.
  The
following table summarizes the valuation of the Partnership’s investments by the
above fair value hierarchy levels:
  As of March 31, 2010Total
            
            
            Level 1
            
            
            Level 2
            
            
            Level 3Futures
      contracts
            
            $
            1,023,909
            
            
            $
            1,023,909
            
            
            
            N/A
            
            
            
            N/AMoney
      market mutual funds
            
            
            28,714,567
            
            
            
            28,714,567
            
            
            
            N/A
            
            
            
            N/ATotal
      Fair Value
            
            $
            29,738,476
            
            
            $
            29,738,476
 
 As of December 31, 2009Total
            
            
            Level 1
            
            
            Level 2
            
            
            Level 3Futures
      contracts
            
            $
            (245,214
            )
            
            $
            (245,214
            )
            
            
            N/A
            
            
            
            N/AMoney
      market mutual funds
            
            
            32,908,933
            
            
            
            32,908,933
            
            
            
            N/A
            
            
            
            N/ATotal
      Fair Value
            
            $
            32,663,719
            
            
            $
            32,663,719
 
 5.           DERIVATIVE
INSTRUMENTS
  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 March 31, 2010Assets
            
            
            Liabilities
            
            
            NetCurrencies
            
            $
            433,734
            
            
            $
            (205,495
            )
            
            $
            228,239Energy
            
            
            367,804
            
            
            
            (93,930
            )
            
            
            273,874Grains
            
            
            12,675
            
            
            
            (11,350
            )
            
            
            1,325Interest
      rates
            
            
            227,676
            
            
            
            (493,598
            )
            
            
            (265,922
            )Livestock
            
            
            237,190
            
            
            
            (24,660
            )
            
            
            212,530Metals
            
            
            8,094,245
            
            
            
            (7,813,831
            )
            
            
            280,414Stock
      indices
            
            
            307,583
            
            
            
            (16,090
            )
            
            
            291,493Tropical
      products
            
            
            15,360
            
            
            
            (13,404
            )
            
            
            1,956Total
      futures contracts
            
            $
            9,696,267
            
            
            $
            (8,672,358
            )
            
            $
            1,023,909
 
  As of December 31, 2009Assets
            
            
            Liabilities
            
            
            NetCurrencies
            
            $
            441,124
            
            
            
            (368,420
            )
            
            $
            72,704Energy
            
            
            80,967
            
            
            
            (313,518
            )
            
            
            (232,551
            )Grains
            
            
            64,663
            
            
            
            (7,788
            )
            
            
            56,875Interest
      rates
            
            
            275,595
            
            
            
            (494,710
            )
            
            
            (219,115
            )Livestock
            
            
            31,640
            
            
            
            (1,400
            )
            
            
            30,240Metals
            
            
            5,943,252
            
            
            
            (6,176,795
            )
            
            
            (233,543
            )Stock
      indices
            
            
            222,236
            
            
            
            (36,532
            )
            
            
            185,704Tropical
      products
            
            
            125,845
            
            
            
            (31,373
            )
            
            
            94,472Total
      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 March 31,
      2010Net Realized
              Gains
              (Losses)
            
            
            Change in Net Unrealized Gains
      (Losses)
            
            
            Net Trading Profits
(Losses)
            
            
            Number of Round Turn
    ContractsCurrencies
            
            $
            (424,045
            )
            
            $
            155,535
            
            
            $
            (268,510
            )
            
            
            2,896Grains
            
            
            (589,663
            )
            
            
            (55,550
            )
            
            
            (645,213
            )
            
            
            1,600Stock
      indices
            
            
            (319,901
            )
            
            
            105,789
            
            
            
            (214,112
            )
            
            
            9,532Interest
      rates
            
            
            1,248,502
            
            
            
            (46,807
            )
            
            
            1,201,695
            
            
            
            9,828Tropical
      products
            
            
            191,362
            
            
            
            (92,516
            )
            
            
            98,846
            
            
            
            1,476Energy
            
            
            (856,294
            )
            
            
            506,425
            
            
            
            (349,869
            )
            
            
            2,850Livestock
            
            
            165,020
            
            
            
            182,290
            
            
            
            347,310
            
            
            
            1,424Metals
            
            
            (880,033
            )
            
            
            513,957
            
            
            
            (366,076
            )
            
            
            1,720Total
            
            $
            (1,465,052
            )
            
            $
            1,269,123
            
            
            $
            (195,929
            )
            
            
            31,326
 
 For the three months ended March 31,
      2009Net Realized
              Net Gains
              (Losses)
            
            
            Change in Net Unrealized Gains
      (Losses)
            
            
            Net Trading Profits
(Losses)
            
            
            Number of Round Turn
    ContractsCurrencies
            
            $
            (2,322,163
            )
            
            $
            1,335,409
            
            
            $
            (986,754
            )
            
            
            1,712Interest
      rates
            
            
            (726,027
            )
            
            
            190,407
            
            
            
            (535,620
            )
            
            
            3,366Grains
            
            
            (112,713
            )
            
            
            67,738
            
            
            
            (44,975
            )
            
            
            136Livestock
            
            
            107,590
            
            
            
            17,190
            
            
            
            124,780
            
            
            
            382Tropical
      products
            
            
            (132,993
            )
            
            
            23,618
            
            
            
            (109,375
            )
            
            
            224Energy
            
            
            62,517
            
            
            
            76,145
            
            
            
            138,662
            
            
            
            242Metals
            
            
            594,225
            
            
            
            (759,832
            )
            
            
            (165,607
            )
            
            
            768Stock
      indices
            
            
            (1,067,421
            )
            
            
            224,296
            
            
            
            (843,125
            )
            
            
            17,210Total
            
            $
            (3,596,985
            )
            
            $
            1,174,971
            
            
            $
            (2,422,014
            )
            
            
            24,040
 
 A.           Market
Risk
  Derivative
financial instruments involve varying degrees of off-balance sheet market risk
whereby changes in the level of volatility of interest rates, foreign currency
exchange rates or market values of the underlying financial instruments or
commodities may result in cash settlements in excess of the amounts recognized
in the Condensed Statements of Financial Condition.  The Partnership’s
exposure to market risk is directly influenced by a number of factors, including
the volatility of the markets in which the financial instruments are traded and
the liquidity of those markets.
  B.           Fair
Value
  The
derivative instruments used in the Partnership’s trading activities are reported
at fair value with the resulting unrealized gains recorded in the Condensed
Statements of Financial Condition and the related trading profits (losses)
reflected in “Trading (Losses)” in the Condensed Statements of Income (Loss) and
General Partner Incentive Allocation.  Open contracts generally mature
within 90 days; as of March 31, 2010 and December 31, 2009, the latest maturity
dates for open contracts are March 2011 and December 2010,
respectively.
  C.           Credit
Risk
  Futures
are contracts for delayed delivery of financial interests in which the seller
agrees to make delivery at a specified future date of a specified financial
instrument at a specified price or yield.  Risk arises from changes in
the fair value of the underlying instruments.  Credit risk due to
counterparty nonperformance associated with these instruments is reflected in
the net unrealized gain on open positions, if any, included in the Condensed
Statements of Financial Condition.  The Partnership’s counterparties
are major brokerage firms and banks located in the United States, or their
foreign affiliates.
  The risks
associated with exchange-traded contracts are typically perceived to be less
than those associated with over-the-counter transactions, because exchanges
typically (but not universally) provide clearing house arrangements in which the
collective credit (in some cases limited in amount, in some cases not) of the
members of the exchange is pledged to support the financial integrity of the
exchange, whereas in over-the-counter transactions, traders must rely solely on
the credit of their respective individual counterparties. Margins, which may be
subject to loss in the event of a default, are generally required in exchange
trading, and counterparties may require margin in the over-the-counter
markets.
  D. Risk
Monitoring
  Due to
the speculative nature of the Partnership’s derivatives trading, the Partnership
is subject to the risk of substantial losses from derivatives
trading.  The General Partner actively assesses, manages, and monitors
risk exposure on derivatives on a contract basis, a market sector basis, and on
an overall basis in accordance with established risk parameters.
  6.           FINANCIAL
HIGHLIGHTS
  The
following sets forth the financial highlights for the periods
presented:
  Three
      Months Ended March 31, 2010Institutional
            
            
            InstitutionalInvestor
            
            
            Class
            
            
            ClassClass
            
            
            Series
      – 1
            
            
            Series
      – 2Per
      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 operationsNet
      investment (loss)
            
            
            
            (27.89
            )
            
            
            (19.90
            )
            
            
            (22.11
            )Net
      trading (loss)
            
            
            
            (2.97
            )
            
            
            (3.25
            )
            
            
            (3.09
            )Net
      (loss)
            
            
            
            (30.86
            )
            
            
            (23.15
            )
            
            
            (25.20
            )Net
      Asset Value, End of the period
            
            
            $
            981.89
            
            
            $
            1,108.20
            
            
            $
            1,063.66Total
      Return(1)
      (3)
            
            
            
            (3.05
            )%
            
            
            (2.05
            )%
            
            
            (2.31
            )%Supplemental
      DataRatios
      to average net asset value
              Expenses(2)
            
            
            
            11.60
            %
            
            
            7.39
            %
            
            
            8.53
            %Net
      investment (loss)(2)
            
            
            
            (11.56
            )%
            
            
            (7.35
            )%
            
            
            (8.49
            )%
   
 Three
      Months Ended March 31, 2009Institutional
            
            
            InstitutionalInvestor
            
            
            Class
            
            
            ClassClass
            
            
            Series
      – 1
            
            
            Series
      – 2Per
      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 operationsNet
      investment (loss)
            
            
            
            (31.83
            )
            
            
            (21.54
            )
            
            
            (22.59
            )Net
      trading (loss)
            
            
            
            (70.64
            )
            
            
            (75.79
            )
            
            
            (74.54
            )Net
      (loss)
            
            
            
            (102.47
            )
            
            
            (97.33
            )
            
            
            (97.13
            )Net
      Asset Value, End of the period
            
            
            $
            1,142.56
            
            
            $
            1,238.11
            
            
            $
            1,200.42Total
      Return(1)
      (3)
            
            
            
            (8.23
            )%
            
            
            (7.29
            )%
            
            
            (7.49
            )%Supplemental
      DataRatios
      to average net asset valueExpenses(2)
            
            
            
            11.99
            %
            
            
            7.35
            %
            
            
            8.57
            %Net
      investment (loss)(2)
            
            
            
            (11.38
            )%
            
            
            (6.77
            )%
            
            
            (7.99
            )%
 
 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.
 * * * *
*
 
 Item 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations
  RFMC
Global Directional Fund, LP (the “Partnership”) is a limited partnership
organized under the Delaware Revised Uniform Limited Partnership Act. The
business of the Partnership is to trade, buy, sell or otherwise acquire, hold or
dispose of commodity futures contracts, options on physical commodities and on
commodity futures contracts, forward contracts, and any rights pertaining
thereto (“Commodity Interests”) and to engage in all activities incident
thereto. The Partnership may also invest in entities (including other
partnerships or funds) that trade Commodity Interests. The objective of the
Partnership is the appreciation of its assets through speculative trading.
Ruvane Fund Management Corporation is the General Partner of the Partnership
(the “General Partner”) and Welton Investment Corporation (“WIC” or the
“Advisor”) is the Partnership’s trading advisor.
  The
success of the Partnership is dependent upon the ability of the Advisor to
generate trading profits through the speculative trading of Commodity Interests
sufficient to produce capital appreciation after payment of all fees and
expenses. Future results will depend in large part upon the Commodity Interests
markets in general, the performance of the Advisor, the amount of additions and
redemptions and changes in interest rates. Although extensive leverage is
available in futures markets, the General Partner will monitor WIC’s trading so
that leverage remains within levels acceptable to the General Partner, in its
sole discretion. Currently, the leverage that WIC will employ on behalf of the
Partnership is 1.2, or 20% higher than the actual funds allocated to WIC (such
amount is referred to herein as the “Trading Level”). In general, margin
commitments for the Partnership will range between 15% and 20% of capital.
Margin commitments represent that portion of the capital of the Partnership
which is committed as margin for futures contracts. Margins are good faith
deposits which must be made with a commodity broker in order to initiate or
maintain an open position in a futures contract. Because of the nature of these
factors and their interaction, past performance is not indicative of future
results. As a result, any recent increases in net realized or unrealized gains
may have no bearing on any results that may be obtained in the
future.
  The
Partnership incurs substantial charges from the payment of brokerage commissions
to the General Partner, payment of management fees to the Advisor, payment of
management fees and incentive allocations to the General Partner and
administrative expenses. The Partnership is required to make trading profits to
avoid depleting and exhausting its assets from the payment of such fees,
allocations and expenses.
  The
markets in which the Commodity Interests trade are constantly changing in
character and in degree of volatility. All of the Partnership’s assets currently
are allocated to WIC’s Global Directional Portfolio, which is a proprietary
quantitative trading strategy, and will be traded at a leverage ratio of 1.2.
The General Partner, in the future, may allocate the Partnership’s assets to
other trading strategies and investment programs.
  The
Partnership pays to the General Partner a flat-rate monthly brokerage commission
of up to approximately 0.583% of the net asset value of the limited partnership
interests of the Partnership as of the beginning of each month (a 7.00% annual
rate) for the Investor Class. The General Partner will pay from this amount up
to 3% to properly registered selling agents as compensation for their ongoing
services to the Partnership. Institutional Class interests will pay the General
Partner a monthly flat-rate brokerage commission of 0.333% of the net asset
value of such interests as of the beginning of each month (a 4.00% annual rate).
In addition to payments to properly registered selling agents, the General
Partner pays from this amount all commission charges and fees with respect to
the Partner’s trading in Commodity Interests. The flat-rate monthly commission
is common among programs such as the Partnership.
  Summary
of Critical Accounting Policies
  The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America (“GAAP”) requires management
to adopt accounting policies and make estimates and assumptions that affect
amounts reported in the Partnership’s financial statements. The critical
accounting estimates and related judgments underlying the Partnership’s
financial statements are summarized below. In applying these policies,
management makes judgments that frequently require estimates about matters that
are inherently uncertain. The Partnership’s significant accounting policies are
described in detail in Note 3 of the Notes to the Condensed Financial
Statements.
  Investments
in commodity futures, options and forward contracts are recorded on the trade
date and open contracts are recorded in the financial statements at their fair
value on the last business day of the reporting period. The difference between
the original cost basis of the contract and fair value is recorded in income as
a net unrealized gain or loss on open positions in the Condensed Statements of
Financial Condition. Realized gains and losses on closed contracts are recorded
on a first-in-first-out basis. Interest income is recognized on an accrual
basis. All Commodity Interests and financial instruments are recorded at fair
value in the financial statements. Fair value is based on quoted market prices
or estimates of fair value.
  The
Partnership records all investments at fair value in its financial statements,
with changes in fair value reported as a component of Trading Profits (Losses)
in the Condensed Statements of Income (Loss) and General Partner Incentive
Allocation. Generally, fair values are based on quoted market prices; however,
in certain circumstances, significant judgments and estimates are involved in
determining fair value in the absence of an active market closing
price.
  Results
of Operations
  Comparison
of the Three Months March 31, 2010 and 2009
  For the
quarter ended March 31, 2010, the partnership had total net trading losses
comprised of $(1,465,052) in net realized losses on closed positions, $1,269,123
in change in net unrealized gains on open positions and interest income of
$3,881. For the same quarter in 2009, the Partnership had total net trading
losses comprised of $(3,596,985) in net realized gains on closed positions, and
$1,174,971 in change in net unrealized gains on open positions and interest
income of $40,816.
  In
January 2010, the Partnership was unprofitable. The Partnership generated losses
on its positions in US fixed income markets, base metals and the energy sector;
the Partnership had gains in European fixed income markets, the Euro and sugar..
The Partnership recorded a net loss of $(3,855,270). In February 2010, trading
was profitable as the Partnership had gains in European fixed income markets and
the EUR/JPY; the Partnership had losses in base metals, crude oil, Asian stock
indices, and the New Zealand Dollar. The Partnership recorded a net gain of
$839,489. In March 2010, trading was profitable. The Partnership had gains in
base metals, US and Japanese stock indices, cattle and natural gas; the
Partnership had losses in US and Japanese fixed income markets, zinc and the
Canadian Dollar. The Partnership recorded a net gain of $1,694,428.
  In
January 2009, the Partnership was unprofitable. The Partnership generated losses
on its positions in New Zealand Dollar, Australian Dollar, European fixed income
markets, the Japanese Yen, Asian stock indices and zinc; the Partnership had
gains in aluminum, Canadian Dollar, European stock indices and Swiss Franc. The
Partnership recorded a net loss of $(1,738,093). In February 2009, trading was
unprofitable as the Partnership had losses in European stock indices, Japanese
fixed income markets, EUR/JPY, and the New Zealand Dollar; the Partnership had
gains in US stock indices, JPY, European fixed income instruments, and the
Canadian Dollar. The Partnership recorded a net loss of $(1,618,233). In March
2009, trading was slightly unprofitable. The Partnership had losses in the Euro,
Canadian and US stock indices, copper and Swiss Franc; the Partnership had gains
in New Zealand Dollar, Australian Dollar, European fixed income instruments,
zinc and Asian stock indices. The Partnership recorded a net loss of
$(178,323).
  For the
quarter ended March 31, 2010, the Partnership had expenses comprised of $682,981
in brokerage commissions (including clearing and exchange fees), $347,820 in
management fees, $53,243 in professional fees, and $45,261 in accounting and
administrative fees. For the same quarter in 2009, the Partnership had expenses
comprised of $725,751 in brokerage commissions (including clearing and exchange
fees), $345,859 in management fees, $62,006 in professional fees, and $19,835 in
accounting and administrative fees.  Brokerage commissions and management
fees vary primarily as a result of change in assets under management, which are
affected by net income, and capital subscriptions and redemptions. Accounting
and administrative expenses consist primarily of professional fees and other
expenses relating to the Partnership’s reporting requirements under the
Securities Exchange Act of 1934, as amended.
  As a
result of above, the Partnership recorded net loss after General Partner
incentive allocation of $(1,321,353) for the quarter compared to net loss after
General Partner incentive allocation of $(3,534,649) for the same quarter in
2009.
  At March
31, 2010, the net asset value of the Partnership was $40,132,519, compared to
its net asset value of $42,934,271 at December 31, 2009.
  During
the quarter, the Partnership had no credit exposure to counterparties that are
participants of foreign commodities exchanges or to counterparties dealing in
over the counter contracts which is considered to be material.
  Liquidity
and Capital Resources
  In
general, the Advisor trades only those Commodity Interests that have sufficient
liquidity to enable it to enter and close out positions without causing major
price movements. Notwithstanding the foregoing, most United States commodity
exchanges limit the amount by which certain commodities may move during a single
day by regulations referred to as “daily price fluctuation limits” or “daily
limits.” Pursuant to such regulations, no trades may be executed on any given
day at prices beyond daily limits the price of a futures contract occasionally
has exceeded the daily limit for several consecutive days, with little or no
trading, thereby effectively preventing a party from liquidating its position.
While the occurrence of such an event may reduce or eliminate the liquidity of a
particular market, it will not eliminate losses and may, in fact, substantially
increase losses because of the inability to liquidate unfavorable positions. In
addition, if there is little or no trading in a particular futures or forward
contract that the Partnership is trading, whether such liquidity is caused by
any of the above reasons or otherwise, the Partnership may be unable to
liquidate its position prior to its expiration date, of thereby requiring the
Partnership to make or take delivery of the underlying interests of the
Commodity Interests.
  The
Partnership’s capital resources are dependent upon three factors: (a) the income
or losses generated by the Advisor; (b) the capital invested or redeemed by the
limited partners; and (c) the capital invested or redeemed by the General
Partner. The Partnership sells limited partnership units to investors from time
to time in private placements pursuant to Regulation D of the Securities Act of
1933, as amended. As of the last day of any month, a limited partner may redeem
all of its limited partnership units on 10 days’ prior written notice to the
General Partner.
  The
General Partner is required to contribute $1,000 to the Partnership. All capital
contributions by the General Partner necessary to maintain such capital account
balance are evidenced by units of general partnership interest, each of which
has an initial value equal to the net asset value per unit at the time of such
contribution. The General Partner may withdraw any excess above its required
capital contribution without notice to the limited partners and may also
contribute any greater amount to the Partnership.
  Item 3. Quantitative and Qualitative Disclosures About Market
Risk.
  The
Partnership is a commodity pool engaged in the speculative trading of commodity
futures contracts (including agricultural and non-agricultural commodities,
currencies and financial instruments), options on commodities or commodity
futures contracts, and forward contracts. The risk of market sensitive
instruments is integral to the Partnership’s primary business
activities.
  The
futures interests traded by the Partnership involve varying degrees of related
market risk. Such market risk is often dependent upon changes in the level or
volatility of interest rates, exchange rates, and/or market values of financial
instruments and commodities. Fluctuations in related market risk based upon the
aforementioned factors result in frequent changes in the fair value of the
Partnership’s open positions, and, consequently, in its earnings and cash flow.
The Partnership accounts for open positions on the basis of mark-to-market
accounting principles. As such, any gain or loss in the fair value of the
Partnership’s open positions is directly reflected in the Partnership’s
earnings, whether realized or unrealized.
  The
Partnership’s total market risk is influenced by a wide variety of factors
including the diversification effects among the Partnership’s existing open
positions, the volatility present within the markets and the liquidity of the
markets. At varying times, each of these factors may act to exacerbate or mute
the market risk associated with the Partnership. It is anticipated that the
following will be the primary trading risk exposures of the Partnership for the
year 2010, by market sector:
  Interest
Rate.
  Interest
rate risk is a significant market exposure of the Partnership. Interest rate
movements in one country as well as relative interest rate movements between
countries materially impact the Partnership’s profitability. The Partnership’s
primary interest rate exposure is to interest rate fluctuations in the United
States and the other G-7 countries. The General Partner anticipates that G-7
interest rates will remain the primary market exposure of the Partnership for
the foreseeable future.
  Currency.
  The
Partnership’s currency exposure is to exchange rate fluctuations, primarily in
the following countries: Germany, England, Japan, France, Switzerland,
Australia, Canada and United States. The Partnership may have some additional
currency exposure in New Zealand, Brazil, Mexico and South Africa. These
fluctuations are influenced by interest rate changes as well as political and
general economic conditions. The General Partner does not anticipate that the
risk profile of the Partnership’s currency sector will change significantly in
the future.
  Commodity.
  The
Partnership’s primary metals market exposure is to fluctuations in the price of
gold, silver and copper. The Partnership may have some additional market
exposure to aluminum, zinc, tin and nickel. The Partnership also has commodity
exposures in the price of soft commodities, which are often directly affected by
severe or unexpected weather conditions. The General Partner anticipates that
the Advisor will maintain an emphasis in the commodities described above.
Additionally, the Partnership had exposure to energies (gas, oil) as of March
31, 2010, and it is anticipated that positions in this sector will continue to
be evaluated on an ongoing basis.
  The
Partnership measures its market risk, related to its holdings of Commodity
Interests based on changes in interest rates, foreign currency rates, and
commodity prices utilizing a sensitivity analysis. The sensitivity analysis
estimates the potential change in fair values, cash flows and earnings based on
a hypothetical 10% change (increase and decrease) in interest, currency and
commodity prices. The Partnership used March 31, 2010 market rates and prices on
its instruments to perform the sensitivity analysis. The sensitivity analysis
has been prepared separately for each of the Partnership’s market risk exposures
(interest rate, currency rate, and commodity price) instruments.
  The
estimates are based on the market risk sensitive portfolios described in the
preceding paragraph above. The potential loss in earnings is based on an
immediate change in:
  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 March 31,
      2010.
  The
potential loss in earnings for each market risk exposure as of March 31, 2010
was:
  Currency
      exchange rate risk
            $
            194,398Commodity
      price risk
            $
            675,272Interest
      rate risk
            $
            578,605
 
 Item 4T. Controls and Procedures
  The
President of the General Partner (who serves as the principal executive officer
and financial officer of the Partnership) evaluated the effectiveness of the
design and operation of the Partnership’s disclosure controls and procedures,
which are designed to ensure that the Partnership records, processes, summarizes
and reports in a timely and effective manner the information required to be
disclosed in the reports filed with or submitted to the Securities and Exchange
Commission. Based upon this evaluation, the General Partner concluded that, as
of March 31, 2010 the Partnership’s disclosure controls are effective and ensure
that information required to be disclosed in the reports filed under the
Securities Exchange Act of 1934 are accumulated and communicated to management
of the General Partner (which consists of the principal of the General Partner)
to allow timely decisions regarding required disclosure. During the first
quarter of 2010, there were no changes in the Partnership’s internal controls
over financial reporting or in other factors that have materially affected, or
are reasonably likely to materially effect, the partnership's internal control
over financial reporting.
  PART
II. OTHER INFORMATION
  Item 1. Legal Proceedings.
  The
General Partner is not aware of any pending legal proceedings to which the
Partnership or the General Partner is a party or to which any of their assets
are subject.
  Item 1A. Risk Factors
  There are
no material changes from the risk factors disclosed in the Partnership’s latest
Form 10-K.
  Item 2. Unregistered Sales of Equity Securities and Use of
Proceeds
  There
currently is no established public trading market for the Limited Partnership
Units. As of March 31, 2010, 40,026.2406 Partnership Units were held by 512
Limited Partners and the General Partner. All of the Limited Partnership Units
are “restricted securities” within the meaning of Rule 144 promulgated under the
Securities Act of 1933, as amended (the “Securities Act”), and may not be sold
unless registered under the Securities Act or sold in accordance with an
exemption therefrom, such as Rule 144. The Partnership has no plans to register
any of the Limited Partnership Units for resale. In addition, the Partnership
Agreement contains certain restrictions on the transfer of Limited Partnership
Units. Pursuant to the Partnership Agreement, the General Partner has the sole
discretion to determine whether distributions (other than on redemption of
Limited Partnership Units), if any, will be made to partners. The Partnership
has never paid any distributions and does not anticipate paying any
distributions to partners in the foreseeable future. From January 1, 2010
through March 31, 2010, a total of 1,418.6116 Partnership Units were subscribed
for the aggregate subscription amount of $1,348,667. The monthly subscriptions
of these Partnership Units are as follows:
  Date of Subscription
            
            
            Amount
      of
              SubscriptionsJanuary
      2010
            
            
            $
            273,432February
      2010
            
            
            $
            522,000March
      2010
            
            
            $
            553,235
 
 Investors
in the Partnership who subscribed through a selling agent may have been charged
a sales commission at a rate negotiated between such selling agent and the
investor. Such sales commission in no event exceeded 3% of the subscription
amount. All of the sales of Partnership Units were exempt from registration
pursuant to Section 4(2) of the Securities Act and Regulation D promulgated
thereunder.
  Item 3. Defaults Upon Senior Securities
  None.
  Item 4.  Removed and Reserved
  None.
  Item 5. Other Information
  None.
  Item 6. Exhibits
  31.1
            
            Rule
      13a - 14(a)/15d-14(a) Certification32.1
            
            Section
      1350 Certification
 
  Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
  RFMC
      GLOBAL DIRECTIONAL FUND, LPDate:
      May ­17, 2010
            
            By:
      Ruvane Fund Management Corporation
              Its:
      General PartnerBy:
      /s/ Robert L.
      Lerner
              Robert
      L. Lerner
              President,
      Principal Executive Officer and Principal Financial
  Officer