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, 2008 ( ) 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 
          NO X 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 INFORMATIONPageItem 1.
      Condensed Financial Statements
      3Condensed Statements of Financial Condition
      3Condensed Statement of Income and General Partner Incentive
      Allocation
      4Condensed Statements of Changes in
      Partners' Capital (Net Asset Value)
      5Notes to Condensed Financial Statements
      6Item 2.
      Management's Discussion and Analysis of
      Financial Condition and Results of Operations
      14Item 3.
      Quantitative and Qualitative Disclosures
      About Market Risk
      15Item 4.
      Controls and Procedures
      16PART II - OTHER INFORMATIONItem 1.
      Legal Proceedings
      16Item 2.
      Unregistered Sales of Equity Securities and
      Use of Proceeds
      16Item 3.
      Defaults Upon Senior Securities
      16Item 4.
      Submission of Matters to a Vote of Security
      Holders
      16Item 5.
      Other Information
      16Item 6.
      Exhibits
      16
       2    PART I - FINANCIAL INFORMATION Item 1. Condensed Financial Statements RFMC
  GLOBAL DIRECTIONAL FUND, LPCONDENSED STATEMENTS OF FINANCIAL
  CONDITION
  As of March 31, 2008 (Unaudited)
  and December 31, 2007
  _______________ March 31,
      
      December 31,2008
      
      2007ASSETSEQUITY IN COMMODITY FUTURES
      TRADING ACCOUNT:Due from broker
      $  4,599,441
      
      
      $4,870,950Net unrealized gain on open
      positions
      9,235
      
      
      281,6844,608,676
      
      
      5,152,634CASH AND CASH EQUIVALENTS
      15,411,199
      
      
      1,979,155DUE FROM GENERAL PARTNER
      -
      
      
      9,100INTEREST RECEIVABLE AND OTHER ASSETS
      14,013
      
      
      33,079TOTAL ASSETS
      $20,033,888
      
      
      $7,173,968LIABILITIES AND PARTNERS'
      CAPITALLIABILITIES:Prepaid subscriptions
      $  6,209,000
      
      
      $   235,000Redemptions payable
      228,370
      
      
      133,353Other accrued expenses
      77,002
      
      
      122,472Accrued management fees
      61,110
      
      
      43,551Due to General Partner
      33,595
      
      
      -TOTAL LIABILITIES
      6,609,077
      
      
      534,376PARTNERS' CAPITALLimited partners
       Investor Class (9,537.9336 and
      4,308.2391fully redeemable units
      at March 31, 2008 andDecember 31, 2007,
      respectively)
      10,713,999
      
      
      4,339,665Limited partners
      Institutional Class
      Series 1 (1,626.9565 and1,595.6911 fully
      redeemable units at March 31, 2008 andDecember 31, 2007,
      respectively)
      1,890,925
      
      
      1,638,843Limited partners
      Institutional Class
       Series 2 (95.8099 and42.4523
      fully redeemable
      units at March 31, 2008 andDecember 31, 2007,
      respectively)
      109,707
      
      
      43,279General partner
       Institutional Class
       Series 3 (430.8777 and566.2617 fully
      redeemable units at March 31, 2008 andDecember 31, 2007,
      respectively)
      710,180
      
      
      617,805TOTAL PARTNERS' CAPITAL
      13,424,811
      
      
      6,639,592TOTAL LIABILITIES AND PARTNERS'
      CAPITAL
      $20,033,888
      
      
      $7,173,968NET ASSET VALUE PER UNIT
      Investor Class (based on
      Partners' Capital of $10,713,999 and$4,339,665 and
      9,537.9336 and 4,308.2391 fully redeemable units outstanding)
      $    1,123.30
      
      
      $  1,007.29Institutional Class
       Series 1 (based on Partners'
      Capital of $1,890,925and $1,638,843 and
      1,626.9565 and 1,595.6911 fully redeemable units outstanding)
      $    1,162.25
      
      
      $  1,027.04Institutional Class
       Series 2 (based on Partners'
      Capital of $109,707and $43,279 and 95.8099
      and 42.4523 fully redeemable units outstanding)
      $    1,145.05
      
      
      $  1,019.47Institutional Class
       General Partner
       Series 3 (based on Partner's
      Capitalof $710,180 and
      $617,805 and 430.8777 and 566.2617 fully redeemable unitsoutstanding)
      $    1,648.22
      
      
      $  1,091.02
 See Notes to Condensed Financial
  Statements. -3-  RFMC
  GLOBAL DIRECTIONAL FUND, LPCONDENSED STATEMENT OF INCOME AND
  GENERAL PARTNER INCENTIVE ALLOCATION
  For the Three Months Ended March
  31, 2008
  (Unaudited)
  ____________ NET INVESTMENT LOSSIncome:Interest income
      $      60,769Expenses:Brokerage commissions
      156,794Management fees
      72,591Accounting and
      administrative fees
      44,781Other expenses
      12,486Total
      expenses
      286,652Net
      investment loss
      (225,883)TRADING PROFITSProfits (losses) on trading
      of commodity futures:Net realized gains on
      closed positions
      1,726,196Change in net
      unrealized gains on open positions
      (272,449)Total
      trading profits
      1,453,747NET INCOME
      $ 1,227,864Less:   General Partner
      incentive allocation
      245,573General Partner incentive allocation waived
      (17,203)NET INCOME AFTER GENERAL
      PARTNERINCENTIVE ALLOCATION
      $    999,494NET INCOME AFTER GENERAL
      PARTNERINCENTIVE ALLOCATION PER UNITInvestor Class
      $       116.01Institutional Class
       Series 1
      $       135.21Institutional Class
       Series 2
      $       125.58Institutional Class
       General Partner  Series 3
      $       557.20
 See Notes to Condensed Financial
  Statements.
  -4-  RFMCGLOBAL FUND DIRECTIONAL FUND, LPCONDENSED STATEMENT OF CHANGES IN PARTNERS'
  CAPITAL (NET ASSET VALUE)
  For the Three Months Ended March
  31, 2008
  (Unaudited)
  _____________ Partners' CapitalInstitutional ClassInvestor Class
      
      Series 1
      
      Series 2
      
      General PartnerUnits
      
      Amount
      
      Units
      
      Amount
      
      Units
      
      Amount
      
      Units
      
      Amount
      
      TotalBalances at January 1,
      2008
      4,308.2391
      
      $  4,339,665
      
      1,595.6911
      
      $1,638,843
      
      42.4523
      
      $   43,279
      
      566.2617
      
      $ 
      617,805
      
      $ 6,639,592Additions
      5,229.6945
      
      5,689,000
      
      31.2654
      
      32,552
      
      53.3576
      
      60,000
      
      3.1720
      
      4,173
      
      5,785,725Redemptions
      -
      
      -
      
      -
      
      -
      
      -
      
      -
      
      (138.5560)
      
      (228,370)
      
      (228,370)Net income:General partner incentive allocation
      -
      
      -
      
      -
      
      -
      
      -
      
      -
      
      -
      
      228,370
      
      228,370Allocation to all partners
      -
      
      685,334
      
      -
      
      219,530
      
      -
      
      6,428
      
      -
      
      88,202
      
      999,494Balances at
      March 31, 2008
      9,537.9336
      
      $10,713,999
      
      1,626.9565
      
      $1,890,925
      
      95.8099
      
      $ 109,707
      
      430.8777
      
      $ 710,180
      
      $13,424,811
     See Notes to Condensed Financial
  Statements. -5-  RFMC
  GLOBAL DIRECTIONAL FUND, LPNOTES TO CONDENSED FINANCIAL
  STATEMENTS
  For the Three Months Ended March
  31, 2008
  (Unaudited)
  _______________ 1.
      BASIS OF PRESENTATIONThe 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 10-01 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 ("GAAP") 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 10-12G for the period
      ended December 31, 2007.  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 ORGANIZATIONThe Partnership is a Delaware limited partnership, which 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 POLICIESA.
      Cash and Cash EquivalentsThe Partnership has defined
      cash and cash equivalents as cash and short-term, highly liquid
      investments with maturities of three months or less when acquired. 
      These investments are classified as Level 1 fair value estimates (quoted
      prices in active markets for identical assets) under the provisions of
      Statement of Financial Accounting Standards No. 157, "Fair Value
      Measurements" ("FAS 157").
 -6-  RFMC
  GLOBAL DIRECTIONAL FUND, LP
  NOTES TO CONDENSED FINANCIAL
  STATEMENTS (CONTINUED)
  For the Three Months Ended March
  31, 2008
  (Unaudited)
  _______________ 3.
      SIGNIFICANT ACCOUNTING POLICIES
      (CONTINUED)B.
      Due from BrokerDue from broker represents cash required to meet margin
  requirements and excess funds not required for margin which are typically
  invested in 30 day commercial paper and U.S. Treasury bills which are carried
  at cost plus accrued interest, which approximates market value.  The fair
  value of the U.S. Treasury bills as of March 31, 2008 and December 31, 2007
  was $997,723 and $996,367, 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.C.
      Revenue RecognitionInvestments 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 provisions of FAS 157.  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 gains (losses) on closed positions in the
  Condensed Statements of
  Income (Loss).  "Net unrealized gains or losses on open contracts" are
  reflected in the Condensed Statements of Financial Condition.  Any change in net
  unrealized gain or loss from the preceding period is reported in the
  Condensed Statements of Income (Loss) under the caption Change in net unrealized gains
  (losses) on open positions. Interest income is recognized on an accrual
  basis.D.
      Brokerage CommissionsInvestor 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 up to 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.  During the  three months ended  March 31, 2008, 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 National Futures Association 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 $2,254 for the three
      months ended March 31, 2008. -7-  RFMC
  GLOBAL DIRECTIONAL FUND, LP
  NOTES TO CONDENSED FINANCIAL
  STATEMENTS (CONTINUED)
  For the Three Months Ended March
  31, 2008
  (Unaudited)
  _______________ 3.
      SIGNIFICANT ACCOUNTING POLICIES
      (CONTINUED)D.
      Brokerage Commissions
      (continued)Commissions and execution costs
      charged to each Class or Series were as follows: Investor Class
      $   130,332Institutional Class
       Series 1
      18,070Institutional Class
       Series 2
      706Institutional Class
       General Partner
      Series 3
      7,686Total
      $   156,794For the three months ended
      March 31, 2008, the General Partner received brokerage commissions of
      $90,281 from the Partnership.  As of March 31, 2008 and December 31,
      2007, $0 and $9,100, respectively, were due from the General Partner
      for reimbursement on broker commissions advanced by the Partnership.E.
      Statement of Cash FlowsThe Partnership has elected not
      to provide a Statement of Cash Flows as permitted by Statement of
      Financial Accounting Standard No. 102, "Statement of Cash Flows
       Exemption of Certain Enterprises
      and Classification of Cash Flows from Certain Securities Acquired for
      Resale."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 commission, 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 AllocationThe 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" is defined as the
      increase, if any, in the adjusted net asset value of the assets allocated
      to trading.  The General Partner waived a portion of its incentive
      allocation from Institutional Class Series 1 and Series 3 interests during
      the three month period ended March 31, 2008.  For the three month period ended March 31,
      2008, General Partner incentive allocations, net of waived amounts, were
      as follows:Investor Class
      
      
      $   173,712Institutional Class
       Series 1
      
      
      37,987Institutional Class
       Series 2
      
      
      1,500Institutional Class  Series 3
      
      
      15,171$   228,370The 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.-8-
  RFMC
  GLOBAL DIRECTIONAL FUND, LP
  NOTES TO CONDENSED FINANCIAL
  STATEMENTS (CONTINUED)
  For the Three Months Ended March
  31, 2008
  (Unaudited)
  _______________ 3.
      SIGNIFICANT ACCOUNTING POLICIES
      (CONTINUED)H.
      Management FeesInvestor 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, 2008, management fees earned by the General Partner were as
      follows:$11,375Investor Class
      108Institutional Class
      Series 2
      $11,483As of March 31, 2008 and December 31,
      2007, $2 and $5,087, respectively, was due to the General Partner for
      management fees.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 1⁄4 of 2% (2% annually) 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
      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, 2008, management fees
      earned by the Advisor were as follows: $45,154Investor Class
      10,902Institutional Class

       Series 1
      423Institutional
      Class

       Series 2
      4,629Institutional
      Class

       General Partner  Series 3
      $61,108As of March 31, 2008 and December 31, 2007, $61,108 and
      $38,464, respectively, was due to the Advisor for management fees.I.
      Administrative
      ExpensesThe Partnership pays all legal,
      accounting, auditing, and other administrative and operating expenses and
      fees associated with the operation of the Partnership.The General Partner advanced the organizational and initial
      offering costs of the Partnership totaling $23,910.  The Partnership
      will reimburse the General Partner for the advanced costs and will also
      amortize the total initial offering costs of $29,633 over a period of up
      to 12 months.  During the three months ended March 31, 2008, initial
      offering costs of $12,486 were amortized into expense.  As of March
      31, 2008 and December 31, 2007, initial offering costs payable to the
      General Partner totaled $7,970 and $20,590, respectively.The General Partner will pay the
      continuous offering costs of the Partnership.J.
      Income
      TaxesNo 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.
 -9-  RFMC
  GLOBAL DIRECTIONAL FUND, LP
  NOTES TO CONDENSED FINANCIAL
  STATEMENTS (CONTINUED)
  For the Three Months Ended March
  31, 2008
  (Unaudited)
  _______________ 3.
      SIGNIFICANT ACCOUNTING POLICIES
      (CONTINUED)J.
      Income Taxes (continued)The Partnership accounts
      for uncertainties in income tax positions taken or expected to be taken
      under the provision of Financial Accounting Standards Board Interpretation
      No. 48 (FIN 48) entitled "Accounting For Uncertainty in Income Taxes
      an interpretation of FASB Statement No. 109."  FIN 48 had no
      impact on the Partnership's financial statements.K.
      SubscriptionsPartnership 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.
      RedemptionsLimited 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.
      EstimatesThe preparation of financial
      statements in conformity with accounting principles generally accepted in
      the United States of America 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. Estimates include accrual of
      expenses such as administrative fees.  Actual results could differ
      from these estimates.N.
      Recently Issued Accounting
      PronouncementsIn September 2006, the Financial Accounting
  Standards Board ("FASB") issued FAS 157. FAS 157 defines fair value,
  establishes a framework for measuring fair value and expands disclosures about
  fair value measurements. The Partnership adopted FAS 157 as of January 1,
  2008. The adoption of FAS 157 did not have a material impact on the
  Partnership's financial statements.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).FAS 157 established a hierarchal
        disclosure framework which 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 I  Quoted prices are available
        in active markets for identical investments as of the reporting date.
        The type of investments included in Level I are publicly traded
        investments. As required by FAS 157, 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 II  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.-10- RFMC GLOBAL DIRECTIONAL FUND, LP
  NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)
  For the Three Months Ended March 31, 2008 and 2007
  (Unaudited) 3.
        SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)N.
        
        Recently Issued Accounting Pronouncements (continued)Level III  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 investment by the above FAS 157 fair value hierarchy
        levels as of March 31, 2008:
 Total
        Level I
        Level II
        Level IIINet unrealized gain on open positions
        $       9,235
        $       9,235
        N/A
        N/AMoney market mutual funds
        $8,515,955
        $8,515,955
        N/A
        N/AU.S. Treasury Bills
        $   997,723
        N/A
        $997,723
        N/A In March 2008, the FASB issued Statement of
  Financial Accounting Standards (FASB) No. 161,
  Disclosures about Derivative Instruments and Hedging Activities  An Amendment to FASB Statement No. 133 (FAS 161).  FAS 161 amends FASB
  Statement No. 133 (FAS 133) to provide an
  enhanced understanding of how and why an entity uses derivative instruments,
  how derivative instruments and related hedged items are accounted for under FAS 133, and how derivative instruments and
  related hedged items affect an entitys financial position, financial
  performance and cash flows.  FAS 161 is
  effective for financial statements issued for fiscal years and interim periods
  beginning after November 15, 2008.  Early adoption is encouraged. 
  The implementation of FAS 161 is not expected to
  have a material impact on the Partnerships financial statements.O.
        
        ReclassificationsCertain prior-period amounts have been classified to
      conform to the current-period presentation.
 -11-  RFMC
  GLOBAL DIRECTIONAL FUND, LP
  NOTES TO CONDENSED FINANCIAL
  STATEMENTS (CONTINUED)
  For the Three Months Ended March
  31, 2008
  (Unaudited)
  _______________ 3.
      SIGNIFICANT ACCOUNTING POLICIES
      (CONTINUED)P.
      IndemnificationsThe 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.4.
      FINANCIAL HIGHLIGHTSThe following sets forth the
      financial highlights for the periods presented:
 Three Months Ended March 31, 2008Investor
      Class
      
      
      Institutional
      Class
      Series
     
      1
      
      
      Institutional
      Class
      Series
     
      2Per Unit Operating
      Performance(for a Unit
      outstanding for the entire period)Net Asset Value,
      Beginning of the period
      $  1,007.29
      
      
      $       1,027.04
      
      
      $     1,019.47Income (loss) from
      operationsNet investment
      loss
      (52.13)
      
      
      (41.07)
      
      
      (42.60)Net trading
      profits
      168.14
      
      
      176.28
      
      
      168.18Net
      income
      116.01
      
      
      135.21
      
      
      125.58Net Asset Value, End
      of the period
      $   1,123.30
      
      
      $        1,162.25
      
      
      $     1,145.05Total Return(1),
      (5)
      11.52
      %
      
      13.17
      %
      
      12.32
      %Total Return (prior
      to incentive allocation)(2), (5)
      14.03
      %
      
      15.44
      %
      
      14.64
      %Supplemental DataRatios of expenses to
      average net assetsExpenses prior
      to incentive allocation(4), (6)
      13.51
      %
      
      8.85
      %
      
      10.12
      %Incentive
      allocation(5)
      2.57
      %
      
      2.13
      %
      (6)
      2.33
      %Total
      expenses
      16.08
      %
      
      10.98
      %
      
      12.45
      %Ratios of net
      investment loss to average net assets(3), (4), (6)
      (10.86)
      %
      
      (6.43)
      %
      
      (7.46)
      %
 -12-  RFMC
  GLOBAL DIRECTIONAL FUND, LP
  NOTES TO CONDENSED FINANCIAL
  STATEMENTS (CONTINUED)
  For the Three Months Ended March
  31, 2008
  (Unaudited)
  _______________ 4.
  FINANCIAL HIGHLIGHTS (CONTINUED) Period from
      August 1, 2007
      (commencement of operations)to December 31, 2007 InvestorClass
      
      
      Institutional
      ClassSeries
      1
      
      
      Institutional
      ClassSeries
      2Per Unit
      Operating Performance(for a Unit
      outstanding for the entire period)Net Asset
      Value, Beginning of the period
      $1,000.00
      
      
      $   1,000.00
      
      
      $    1,000.00Income (loss)
      from operationsNet
      investment loss
      (60.93)
      
      
      (42.35)
      
      
      (50.85)Net
      trading profits
      68.22
      
      
      69.39
      
      
      70.32Net
      income
      7.29
      
      
      27.04
      
      
      19.47Net Asset
      Value, End of the period
      $1,007.29
      
      
      $   1,027.04
      
      
      $    1,019.47Total Return(1),
      (5)
      0.73
      %
      
      2.70
      %
      
      1.95
      %Total Return
      (prior to incentive allocation)(2), (5)
      1.56
      %
      
      3.32
      %
      
      3.01
      %Supplemental
      DataRatios of
      expenses to average net assetsExpenses prior to incentive allocation(4),
      (6)
      14.54
      %
      
      9.54
      %
      
      11.25
      %Incentive allocation(5)
      0.90
      %
      
      0.61
      %
      (6)
      1.14
      %Total
      expenses
      15.44
      %
      
      10.15
      %
      
      12.39
      %Ratios of net investment loss to average net assets(3),
      (4), (6)
      (10.96)
      %
      
      (6.14)
      %
      
      (7.66)
      %__________________(1)
      Total return
      is derived as ending net asset value less beginning net asset value
      divided by beginning net asset value.(2)
      Total return
      (prior to incentive allocation) is derived as net income per unit and
      adding back incentive allocation per unit divided by the opening net asset
      value per unit.(3)
      Net
      investment loss ratio excludes the effects of incentive allocations.(4)
      Annualized,
      except that certain non recurring expenses, such as professional fees,
      were not annualized for purposes of computing the ratios of expenses prior
      to incentive allocation and net investment loss to average net assets. 
      Each Class and/or Series of interests commenced operations on August 1,
      2007.(5)
      Not
      annualized.(6)
      Net of 0.69%
      and 0.30% effect of waiver of incentive allocations during the three
      months ended March 31, 2008 and the period ended December 31, 2007,
      respectively.
 *  *  *  *  * -13- Item 2. Management's Discussion and Analysis of
  Financial Condition and Results of Operations General 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 "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  on 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 Statement of Income 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 Three Months
  Ended March 31, 2008 For the
  quarter ended March 31, 2008, the partnership had total net trading profits
  comprised of $1,726,196 in net realized gains on closed positions, and
  $(272,449) in change in net unrealized gains on open positions.  The
  Partnership also had interest income of $60,769. In
  January 2008, the Partnership was profitable. The Partnership earned profits
  trading in US and Japanese fixed income instruments, gold, and the New Zealand
  dollar; the Partnership generated losses in the Japanese Yen, Swiss Franc,
  crude oil and gasoline. The Partnership recorded a net gain of $374,283. In
  February 2008, trading was profitable as the Partnership had gains in natural
  gas, the Australian Dollar, soybeans, aluminum, crude oil and copper; the
  Partnership generated losses in US fixed income instruments, the Swiss Franc, the
  Canadian Dollar and US stock indices. The Partnership recorded a net gain of
  $766,795. In March 2008, trading was slightly profitable. The Partnership had
  gains in Japanese fixed income instruments, the Euro, the Japanese Yen and
  natural gas; the Partnership had losses in soybeans, European fixed income
  instruments, US stock indices and sugar. The Partnership recorded a net gain
  of $86,786. For the
  quarter ended March 31, 2008, the Partnership had expenses comprised of
  $156,794 in brokerage commissions (including clearing and exchange fees),
  $72,591 in management fees, and $57,267 in accounting and administrative, and
  other
  expenses. 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 income after General Partner
  incentive allocation of  $999,494 for the quarter. At March
  31, 2008, the net asset value of the Partnership was $13,424,811, compared to
  its net asset value of $6,639,592 at December 31, 2007. 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 the above
  reasons or otherwise, the Partnership may be unable to liquidate its position
  prior to its expiration date, 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 2008, 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, 2008, 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, 2008 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 interest rate 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 instruments due to a 10% change in the price
      of the instruments. 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 elected to disclose the potential loss to
  earnings of its commodity price, interest rate and currency exchange rate
  sensitivity positions as of March 31, 2008.  The
  potential loss in earnings for each market risk exposure as of March 31, 2008
  was:  Currency exchange rate risk
      
      $  43,730Commodity price risk
      
      $104,858Interest rate risk
      
      $  86,104
  Item 4.
  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, 2008 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.  There were no
  significant changes in the Partnership's internal controls or in other factors
  that could significantly affect those controls during the first quarter of
  2008. 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 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, 2008, 11,691.5777 Partnership
  Units were held by 125 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, 2008 through March 31, 2008, a total of  5,317.4895
  Partnership Units were subscribed for the aggregate subscription amount of
  $5,785,725.  The monthly subscriptions of these Partnership Units are as
  follows: Date of
      Subscription
      Amount ofSubscriptionsJanuary
      2008
      $      238,533February
      2008
      $   2,117,347March 2008
      $   3,429,846
  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 4% 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. Submission of Matters to a Vote
  of Security Holders 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. Date: May 16, 2008
      
      RFMC
      GLOBAL DIRECTIONAL FUND, LP
      By:  Ruvane
      Fund Management Corporation
      Its:   General PartnerBy: /s/  Robert L.
      Lerner
      Robert L. Lerner
      President, Principal Executive Officer and
      Principal Financial Officer