UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-K
 (X) ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) 
OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2009
 OR ( ) TRANSITION REPORT
PURSUANT TO SECTION 13 OR 15(d) 
OF THE SECURITIES EXCHANGE ACT OF 1934
 
 000-30455
 GLOBAL DIVERSIFIED FUTURES FUND L.P.
 
  New York
    
    13-4015586(State or other jurisdiction of
    
    (I.R.S. Employerincorporation or organization)
    
    Identification No.)
 c/o
Ceres Managed Futures LLC
55 East 59th Street  10th Floor
New York, New York 10022
 
  (212) 559-2011
 
  Securities registered pursuant to Section 12(b) of the Act: NoneSecurities registered pursuant to Section 12(g) of the Act: Redeemable Units of Limited Partnership Interest(Title of Class)
  Yes



No

X
  Yes



No

X
  Yes

X

No
  Yes



No
   Large    accelerated filer
    Accelerated     filer
    Non-accelerated filer X
    Smaller reporting company(Do not check if a smaller reporting company)  Yes



No

X




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PART I
 Item 1. Business .
 General Development of Business
 Financial
Statements and Supplementary Data
  Managements Discussion and
Analysis of Financial Condition and Results of Operations
    2




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3




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Financial Information about Industry Segments Selected Financial
Data
 Narrative Description of Business
     Financial Information About Geographic Areas
 Available Information
 Reports
to Security Holders
 Enforceability
of Civil Liabilities Against Foreign Persons
 Smaller
Reporting Companies
 4




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Item 1A. Risk Factors.
 As a result of leverage, small changes in the price of the Partnerships positions may result
in major losses.
  An investor may lose all of its investment.
  The Partnership will pay substantial fees and expenses regardless of profitability.
  An investors ability to redeem or transfer units is limited.
  Conflicts of interest exist.
  1.
    
    The General Partner and commodity broker are affiliates;2.
    
    Each of the Advisor(s), the commodity broker and their principals and affiliates may
trade in commodity interests for their own accounts; and3.
    
    An investors financial advisor will receive ongoing compensation for providing
services to the investors account.
 Investing in units might not provide the desired diversification of an investors overall
portfolio.
  Past performance is no assurance of future results.
  An investors tax liability may exceed cash distributions.
   Regulatory changes could restrict the Partnerships operations .
  Speculative position and trading limits may reduce profitability.
  Item 2. Properties .
  Item 3. Legal Proceedings.
    5




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Mutual Funds
    FINRA Settlement
  Auction Rate Securities
   Subprime-Mortgage Related Actions
  Credit Crisis Related Matters
    Item 4. [Removed and Reserved]
 6




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PART II
 Item 5. Market for Registrants Common Equity, Related Security Holder Matters and Issuer
Purchases of Equity Securities .
 (a)
    
    Market Information. The Partnership has issued no stock. There is no
established public market for the Redeemable Units.(b)
    
    Holders. The number of holders of Redeemable Units as
of December 31, 2009 was 789.(c)
    
    Dividends. The Partnership did not declare a distribution in 2009, 2008 or 2007. The Partnership does not intend to
declare distributions in the foreseeable future.(d)
    
    Securities Authorized for Issuance under Equity Compensation Plans. None(e)
    
    Performance Graph. Not applicable.(f)
    
    Recent Sales of Unregistered Securities. There were no additional sales of Redeemable Units in the
years ended December 31, 2009, 2008 and 2007.
The Redeemable Units were issued in reliance upon applicable exemptions from registration under
Section 4(2) of the Securities Act of 1933, as amended, and Section 506 of Regulation D promulgated
 there under. The Redeemable Units were purchased by accredited
investors as described in Regulation D.(g)
    
    Purchases of Equity Securities by the Issuer and Affiliated Purchases.
   (d) Maximum Number(c) Total Number



(or Approximate Dollarof Redeemable Units



Value) of Redeemable(a) Total Number



(b) Average



Purchased as Part of



Units that May Yet Beof Redeemable Units



Price Paid per



Publicly Announced



Purchased Under thePeriod


Purchased*



Redeemable Unit**



Plans or Programs



Plans or ProgramsOctober 1, 2009 

October 31, 2009



67.2561



$
1,904.88




N/A




N/ANovember 1, 2009 

November 30, 2009



70.5049



$
1,987.89




N/A




N/ADecember 1, 2009 

December 31, 2009



43.8743



$
1,893.46




N/A




N/ATotal



181.6353



$
1,934.34 
 *
    
    Generally, Limited Partners are permitted to redeem their Redeemable Units as of the last day of each month on
10 days notice to the General Partner. Under certain circumstances, the General Partner can compel redemption but
to date the General Partner has not exercised this right. Purchases of Redeemable Units by the Partnership reflected
in the chart above were made in the ordinary course of the Partnerships business in connection with effecting
redemptions for Limited Partners.**
    
    Redemptions of Redeemable Units are effected as of the last day of each month at the Net Asset Value per
Redeemable Unit as of that day. No fee will be charged for redemptions. 7




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Item 6. Selected Financial Data .
  2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005Net realized and
unrealized trading gains (losses) and investment in Partnerships net of
brokerage commissions (including clearing fees) of $1,841,153, $2,300,441, $2,403,264,
$2,661,982 and, $2,601,185, respectively
    
    $
    (3,075,903
    )
    
    $
    10,609,901
    
    
    $
    697,570
    
    
    $
    5,785,202
    
    
    $
    4,903,268Total interest income
    
    
    23,394
    
    
    
    423,076
    
    
    
    1,485,334
    
    
    
    1,687,808
    
    
    
    1,038,297$
    (3,052,509
    )
    
    $
    11,032,977
    
    
    $
    2,182,904
    
    
    $
    7,473,010
    
    
    $
    5,941,565Net income (loss)
    
    $
    (3,817,568
    )
    
    $
    8,240,318
    
    
    $
    916,481
    
    
    $
    5,677,831
    
    
    $
    4,631,510Increase (decrease)
in Net Asset Value
per  Unit
    
    
    (224.03
    )
    
    $
    397.58
    
    
    $
    46.83
    
    
    $
    192.40
    
    
    $
    145.99Net Asset Value
per Unit
    
    $
    1,893.46
    
    
    $
    2,117.49
    
    
    $
    1,719.91
    
    
    $
    1,673.08
    
    
    $
    1,480.68Total assets
    
    $
    30,121,084
    
    
    $
    42,842,879
    
    
    $
    41,097,354
    
    
    $
    46,897,075
    
    
    $
    47,562,480
 Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations .
 Overview
    
    
    due diligence examinations of the Advisors;
    
    selection, appointment and termination of the Advisors;
    
    negotiation of the Management Agreements; and
    
    monitoring the activity of the Advisors.
   
 Campbell & Company, Inc
   8




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Aspect Capital Limited
    Altis Partners (Jersey) Limited
  Waypoint Capital Management LLC
    9




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CMF Campbell Master Fund L.P.Currencies
    
    
    34.3
    %Energy
    
    
    4.9
    %Grains
    
    
    0.3
    %Interest Rates Non-U.S.
    
    
    19.6
    %Interest Rates U.S.
    
    
    7.5
    %Indices
    
    
    27.5
    %Metals
    
    
    5.5
    %Softs
    
    
    0.4
    %
 CMF Altis Partners Master Fund L.P.Currencies
    
    
    16.3
    %Energy
    
    
    13.2
    %Grains
    
    
    6.3
    %Interest Rates Non-U.S.
    
    
    15.4
    %Interest Rates U.S.
    
    
    7.9
    %Indices
    
    
    17.3
    %Livestock
    
    
    1.8
    %Metals
    
    
    15.2
    %Softs
    
    
    6.6
    %
 CMF Aspect Master Fund L.P.Currencies
    
    
    20.7
    %Energy
    
    
    8.2
    %Grains
    
    
    3.3
    %Interest Rates Non-U.S.
    
    
    28.8
    %Interest Rates U.S.
    
    
    7.7
    %Indices
    
    
    11.9
    %Livestock
    
    
    1.5
    %Metals
    
    
    10.8
    %Softs
    
    
    7.1
    %
 Waypoint Capital Management LLC.Currencies
    
    
    52.9
    %Energy
    
    
    1.4
    %Grains
    
    
    1.8
    %Interest Rates Non-U.S.
    
    
    20.0
    %Interest Rates U.S.
    
    
    6.3
    %Indices
    
    
    13.2
    %Metals
    
    
    3.2
    %Softs
    
    
    1.2
    %
 Liquidity
   (i)
    
    The Partnership/Funds invests their assets only in commodity
interests that the Advisors believes are traded in sufficient volume to
permit ease of taking and liquidating positions. Sufficient volume, in this context,
refers to a level of liquidity that the Advisor believes will permit it to enter and exit
trades without noticeably moving the market.
 10




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(ii)
    
    An Advisor will not initiate additional positions in any commodity if these positions
would result in aggregate positions requiring a margin of more than 66 2/3% of the
Partnerships net assets allocated to that Advisor.(iii)
    
    The Partnership/Funds may occasionally accept delivery of a commodity. Unless such
delivery is disposed of promptly by retendering the warehouse receipt representing the
delivery to the appropriate clearing house, the physical commodity position is fully
hedged.(iv)
    
    The Partnership/Funds do not employ the trading technique commonly known as
pyramiding, in which the speculator uses unrealized profits on existing positions as
margin for the purchases or sale of additional positions in the same or related
commodities.(v)
    
    The Partnership/Funds do not utilize borrowings other than short-term borrowings if the
Partnership/Funds takes delivery of any cash commodities.(vi)
    
    The Advisors may, from time to time, employ trading strategies such as spreads or
straddles on behalf of the Partnership/Funds. Spreads and
straddles describe
commodity futures trading strategy involving the simultaneous buying and selling of
futures contracts on the same commodity but involving different
delivery dates or markets.(vii)
    
    The Partnership/Funds will not permit the churning of its commodity trading account.
The term churning refers to the practice of entering and exiting trades with a frequency
unwarranted by legitimate efforts to profit from the trades, driven by the desire to
generate commission income.
 i.e.
     11




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Financial Statements and Supplementary Data
  Capital Resources
    12




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Results of Operations
        13




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14




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##### 



Off-balance Sheet Arrangements
 Contractual Obligations
 Operational Risk
   Operational/Settlement Risk
 Technological Risk
 Legal/Documentation Risk
 Financial Control Risk
 Critical Accounting Policies
 Use of Estimates.
 Statement
of Cash Flows.
 Partnerships and the Funds Investments.
 Partnerships and the Funds  Fair Value Measurements.
 15




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##### 



Futures
Contracts.
 Forward Foreign Currency Contracts.
 16




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##### 



London Metals Exchange Forward Contracts.
 Options.
 Income Taxes.
   Subsequent Evvents. Financial Statements and Supplementary Data.
 Recent Accounting Pronouncements
   Item 7A. Quantitative and Qualitative Disclosures About Market Risk .
 Introduction
   17




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Quantifying the Partnerships Trading Value at Risk
      18




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##### 



The Partnerships
 Trading Value at Risk in Different Market Sectors
 i.e.
  % of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
    357,446
    
    
    
    1.20
    %Energy
    
    
    94,382
    
    
    
    0.32
    %Grains
    
    
    52,012
    
    
    
    0.18
    %Interest Rates U.S.
    
    
    114,616
    
    
    
    0.39
    %Interest Rates Non-U.S.
    
    
    448,373
    
    
    
    1.51
    %Livestock
    
    
    19,077
    
    
    
    0.06
    %Lumber
    
    
    1,408
    
    
    
    0.01
    %Metals
    
    
    378,190
    
    
    
    1.27
    %Softs
    
    
    173,426
    
    
    
    0.58
    %Indices
    
    
    539,261
    
    
    
    1.81
    %Total
    
    $
    2,178,191
    
    
    
    7.33
    %
  % of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
    741,620
    
    
    
    1.89
    %Energy
    
    
    324,233
    
    
    
    0.83
    %Grains
    
    
    127,165
    
    
    
    0.32
    %Interest Rates U.S.
    
    
    291,632
    
    
    
    0.74
    %Interest Rates Non-U.S.
    
    
    830,184
    
    
    
    2.12
    %Livestock
    
    
    36,897
    
    
    
    0.09
    %Lumber
    
    
    296,953
    
    
    
    0.76
    %Metals
    
    
    219,421
    
    
    
    0.56
    %Softs
    
    
    216,141
    
    
    
    0.55
    %Indices
    
    
    141,016
    
    
    
    0.36
    %Total
    
    $
    3,225,262
    
    
    
    8.22
    %
 19




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##### 



December 31, 2009
 % of Total
    
    High
    
    Low
    
    Average *Market Sector
    
    Value at Risk
    
    Capitalization
    
    Value at Risk
    
    Value at Risk
    
    Value at RiskCurrencies
    
    $
    34,200
    
    
    
    0.12
    %
    
    $
    1,065,501
    
    
    $
    19,430
    
    
    $
    430,469Total
    
    $
    34,200
    
    
    
    0.12
    %
 
 *
    
    Annual average of month-end Values at Risk  December 31, 2009
 Average% of Total
    
    
    High
    
    
    Low
    
    
    Value atMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Risk*Currencies
    
    $
    494,171
    
    
    
    0.79
    %
    
    $
    4,303,193
    
    
    $
    268,184
    
    
    $
    2,352,637Energy
    
    
    140,600
    
    
    
    0.23
    %
    
    
    930,274
    
    
    
    16,100
    
    
    
    358,289Grains
    
    
    11,250
    
    
    
    0.02
    %
    
    
    162,540
    
    
    
    6,400
    
    
    
    27,905Interest Rates U.S.
    
    
    418,260
    
    
    
    0.67
    %
    
    
    1,097,280
    
    
    
    38,743
    
    
    
    460,754Interest Rates Non-U.S.
    
    
    626,824
    
    
    
    1.00
    %
    
    
    2,442,697
    
    
    
    610,321
    
    
    
    1,365,590Metals
    
    
    408,384
    
    
    
    0.65
    %
    
    
    1,109,145
    
    
    
    29,024
    
    
    
    391,577Softs
    
    
    40,700
    
    
    
    0.07
    %
    
    
    145,740
    
    
    
    2,100
    
    
    
    27,164Indices
    
    
    1,783,059
    
    
    
    2.85
    %
    
    
    4,565,846
    
    
    
    678,383
    
    
    
    1,979,007Total
    
    $
    3,923,248
    
    
    
    6.28
    %
 
 *
    
    Annual average of month-end Values at Risk  December 31, 2008
 Low
    
    
    Average% of Total
    
    
    High
    
    
    Value at
    
    
    Value atMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Risk
    
    
    Risk*Currencies
    
    $
    3,826,450
    
    
    
    3.00
    %
    
    $
    6,459,319
    
    
    $
    1,236,850
    
    
    $
    3,885,456Energy
    
    
    141,270
    
    
    
    0.11
    %
    
    
    1,689,425
    
    
    
    5,000
    
    
    
    547,096Interest Rates U.S.
    
    
    295,938
    
    
    
    0.23
    %
    
    
    1,754,540
    
    
    
    126,604
    
    
    
    919,061Interest Rates Non-U.S.
    
    
    1,650,897
    
    
    
    1.30
    %
    
    
    4,744,697
    
    
    
    631,807
    
    
    
    2,018,452Metals
    
    
    238,724
    
    
    
    0.19
    %
    
    
    1,281,336
    
    
    
    47,826
    
    
    
    360,623Indices
    
    
    1,414,857
    
    
    
    1.11
    %
    
    
    8,820,806
    
    
    
    845,740
    
    
    
    4,393,925Total
    
    $
    7,568,136
    
    
    
    5.94
    %
 
 *
    
    Average of month-end Values at Risk 20




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##### 



December 31,  2009
 Average% of Total
    
    
    High
    
    
    Low
    
    
    Value atMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Risk*Currencies
    
    $
    3,005,547
    
    
    
    1.82
    %
    
    $
    9,657,630
    
    
    $
    1,450,765
    
    
    $
    3,783,484Energy
    
    
    948,800
    
    
    
    0.57
    %
    
    
    4,972,100
    
    
    
    440,450
    
    
    
    1,516,206Grains
    
    
    327,245
    
    
    
    0.20
    %
    
    
    1,461,017
    
    
    
    291,283
    
    
    
    622,287Interest Rates U.S.
    
    
    868,320
    
    
    
    0.54
    %
    
    
    3,363,654
    
    
    
    68,325
    
    
    
    1,350,674Interest Rates Non-U.S.
    
    
    5,408,866
    
    
    
    3.28
    %
    
    
    10,090,643
    
    
    
    3,056,662
    
    
    
    5,677,560Livestock
    
    
    155,900
    
    
    
    0.09
    %
    
    
    704,364
    
    
    
    130,800
    
    
    
    287,937Metals
    
    
    2,647,427
    
    
    
    1.60
    %
    
    
    4,707,270
    
    
    
    813,671
    
    
    
    2,289,309Softs
    
    
    1,800,229
    
    
    
    1.09
    %
    
    
    2,057,410
    
    
    
    648,164
    
    
    
    1,382,129Indices
    
    
    4,002,477
    
    
    
    2.42
    %
    
    
    4,177,780
    
    
    
    735,579
    
    
    
    2,382,946Total
    
    $
    19,164,811
    
    
    
    11.61
    %
 
 *
    
    Annual average of month-end Value at Risk  December 31, 2008
 Average% of Total
    
    
    High
    
    
    Low
    
    
    Value atMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Risk*Currencies
    
    $
    3,017,826
    
    
    
    1.26
    %
    
    $
    7,405,062
    
    
    $
    1,762,375
    
    
    $
    3,652,203Energy
    
    
    1,802,535
    
    
    
    0.75
    %
    
    
    4,744,750
    
    
    
    520,250
    
    
    
    2,336,576Grains
    
    
    549,062
    
    
    
    0.23
    %
    
    
    1,268,423
    
    
    
    84,806
    
    
    
    622,221Interest Rates U.S.
    
    
    1,627,200
    
    
    
    0.68
    %
    
    
    3,458,200
    
    
    
    49,886
    
    
    
    1,299,759Interest Rates Non-U.S.
    
    
    6,748,387
    
    
    
    2.82
    %
    
    
    8,325,577
    
    
    
    1,490,653
    
    
    
    5,019,733Livestock
    
    
    156,600
    
    
    
    0.07
    %
    
    
    283,500
    
    
    
    66,700
    
    
    
    165,771Metals
    
    
    1,975,576
    
    
    
    0.83
    %
    
    
    4,213,675
    
    
    
    86,337
    
    
    
    1,755,108Softs
    
    
    775,053
    
    
    
    0.32
    %
    
    
    1,461,690
    
    
    
    353,834
    
    
    
    833,381Indices
    
    
    730,475
    
    
    
    0.30
    %
    
    
    7,152,565
    
    
    
    584,698
    
    
    
    2,556,035Total
    
    $
    17,382,714
    
    
    
    7.26
    %
 
 *
    
    Annual average of month-end Value at Risk 21




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##### 



December 31,
2009
 Average% of Total
    
    
    High
    
    
    Low
    
    
    Value atMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Risk*Currencies
    
    $
    1,211,550
    
    
    
    1.44
    %
    
    $
    2,264,297
    
    
    $
    598,360
    
    
    $
    1,468,143Energy
    
    
    247,290
    
    
    
    0.29
    %
    
    
    2,143,145
    
    
    
    247,290
    
    
    
    1,110,020Grains
    
    
    259,135
    
    
    
    0.31
    %
    
    
    1,137,757
    
    
    
    169,964
    
    
    
    495,014Interest Rates U.S.
    
    
    277,254
    
    
    
    0.33
    %
    
    
    1,344,800
    
    
    
    265,892
    
    
    
    688,612Interest Rates Non-U.S.
    
    
    811,515
    
    
    
    0.96
    %
    
    
    2,354,713
    
    
    
    801,993
    
    
    
    1,420,442Livestock
    
    
    82,050
    
    
    
    0.10
    %
    
    
    302,700
    
    
    
    76,770
    
    
    
    154,601Lumber
    
    
    11,000
    
    
    
    0.01
    %
    
    
    50,600
    
    
    
    3,600
    
    
    
    20,792Metals
    
    
    1,577,754
    
    
    
    1.87
    %
    
    
    1,948,265
    
    
    
    507,229
    
    
    
    1,335,488Softs
    
    
    557,507
    
    
    
    0.66
    %
    
    
    815,920
    
    
    
    310,795
    
    
    
    531,234Indices
    
    
    1,448,404
    
    
    
    1.72
    %
    
    
    3,383,400
    
    
    
    38,250
    
    
    
    1,540,807Total
    
    $
    6,483,459
    
    
    
    7.69
    %
 
 *
    
    Annual average of month-end Value at Risk  December 31, 2008
 High
    
    
    Low
    
    
    Average% of Total
    
    
    Value at
    
    
    Value at
    
    
    Value atMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Risk
    
    
    Risk
    
    
    Risk*Currencies
    
    $
    2,033,552
    
    
    
    2.05
    %
    
    $
    2,133,841
    
    
    $
    404,375
    
    
    $
    1,177,834Energy
    
    
    1,373,430
    
    
    
    1.38
    %
    
    
    5,244,750
    
    
    
    255,462
    
    
    
    1,831,958Grains
    
    
    617,624
    
    
    
    0.62
    %
    
    
    2,403,902
    
    
    
    415,944
    
    
    
    963,936Interest Rates U.S.
    
    
    1,161,200
    
    
    
    1.17
    %
    
    
    1,183,600
    
    
    
    66,931
    
    
    
    631,163Interest Rates Non -U.S.
    
    
    2,219,191
    
    
    
    2.24
    %
    
    
    2,247,376
    
    
    
    450,742
    
    
    
    1,450,548Livestock
    
    
    180,150
    
    
    
    0.18
    %
    
    
    350,200
    
    
    
    26,555
    
    
    
    168,853Metals
    
    
    1,891,418
    
    
    
    1.91
    %
    
    
    4,028,244
    
    
    
    734,589
    
    
    
    2,099,632Softs
    
    
    603,632
    
    
    
    0.61
    %
    
    
    1,018,874
    
    
    
    451,658
    
    
    
    643,159Indices
    
    
    1,105,179
    
    
    
    1.11
    %
    
    
    4,700,387
    
    
    
    469,975
    
    
    
    1,929,248Lumber
    
    
    38,500
    
    
    
    0.04
    %
    
    
    63,100
    
    
    
    24,200
    
    
    
    37,900Total
    
    $
    11,223,876
    
    
    
    11.31
    %
 
 *
    
    Annual average of month-end Value at Risk 22




---



##### 



Material Limitations on Value at Risk as an Assessment of Market Risk
  Non-Trading Risk
  Qualitative Disclosures Regarding Primary Trading Risk Exposures
   Interest Rates
 Currencies
 Stock Indices
 23




---



##### 



Metals
 Softs
 Energy
 Grains
 Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign
Currency Balances.
 Qualitative Disclosures Regarding Means of Managing Risk Exposure
     24




---



##### 



GLOBAL DIVERSIFIED FUTURES FUND L.P.
INDEX TO FINANCIAL STATEMENTS
 Item 8. Financial Statements and Supplementary Data .
 PageNumberOath or Affirmation
    
    F-3Managements Report on Internal Control over Financial Reporting
    
    F-4Reports of Independent Registered Public Accounting Firms
    
    F-5  F-9Financial Statements:Statements of Financial Condition at December 31,
 2009 and 2008
    
    F-10Condensed Schedules of Investments at December 31,
 2009 and 2008
    
    F-11  F-12Statements of Income and Expenses for the years ended
 December 31, 2009, 2008
and 2007
    
    F-13Statements of Changes in Partners
 Capital for the years ended December 31,
2009, 2008 and 2007
    
    F-14Notes to Financial Statements
    
    F-15  F-26Selected Unaudited Quarterly Financial Data
    
    F-27Financial Statements of CMF Campbell Master Fund L.P.Oath or Affirmation
    
    F-28Reports of Independent Registered Public Accounting Firms
    
    F-29    F-31Statements of Financial Condition at December 31,
 2009 and 2008
    
    F-32Condensed Schedules of Investments at
 December 31, 2009 and 2008
    
    F-33  F-34Statements of Income and Expenses for the years
 ended December 31, 2009, 2008
and 2007
    
    F-35Statements of Changes in Partners
 Capital for the years ended December 31,
2009, 2008 and 2007
    
    F-36Notes to Financial Statements
    
    F-37  F-46Selected Unaudited Quarterly Financial Data
    
    F-47Financial Statements of CMF Aspect Master Fund L.P.Oath or Affirmation
    
    F-48Reports of Independent Registered Public Accounting Firms
    
    F-49  F-51Statements of Financial Condition at
 December 31, 2009 and 2008
    
    F-52Condensed Schedules of Investments at
 December 31, 2009 and 2008
    
    F-53  F-54Statements of Income and Expenses at
 December 31, 2009, 2008 and 2007
    
    F-55Statements of Changes in
 Partners Capital at December 31, 2009, 2008 and 2007
    
    F-56Notes to Financial Statements
    
    F-57  F-65Selected Unaudited Quarterly Financial Data
    
    F-66
 F-1




---



##### 



GLOBAL DIVERSIFIED FUTURES FUND L.P.
INDEX TO FINANCIAL STATEMENTS  CONTINUED
 PageNumberFinancial
Statements of CMF Altis Partners Master Fund L.P.Oath or Affirmation
    
    F-67Reports of Independent Registered Public Accounting Firms
    
    F-68  F-70Statements of Financial Condition at December 31, 2009 and 2008
    
    F-71Condensed Schedules of Investments at December 31, 2009 and 2008
    
    F-72  F-73Statements of Income and Expenses at December 31, 2009, 2008 and 2007
    
    F-74Statements of Changes in Partners Capital at December 31, 2009, 2008 and 2007
    
    F-75Notes to Financial Statements
    
    F-76  F-83Selected Unaudited Quarterly Financial Data
    
    F-84
 F-2




---



##### 





To the Limited
    Partners of
    Global Diversified Futures Fund L.P.













| |     |                                                                                                                                                    
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------
| | By: | Jennifer Magro
    Chief Financial Officer and Director
    Ceres Managed Futures LLC
    General Partner,
    Global Diversified Futures Fund L.P.



Ceres Managed Futures LLC    212-559-2011


F-3



---



##### 





Managements Report on Internal Control over 
Financial Reporting














Internal Control-Integrated Framework






-s- Jennifer MagroJennifer Magro
Chief Financial Officer and Director
Ceres Managed Futures LLC
General Partner,
Global Diversified Futures Fund L.P.




F-4



---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
 Internal Control  Integrated Framework
   F-5




---



##### 



Internal Control
 Integrated Framework .
 
 F-6




---



##### 



Report of Independent Registered Public Accounting Firm
 
 Internal Control  Integrated Framework
  F-7




---



##### 



F-8




---



##### 



Report of Independent Registered Public Accounting Firm
 
     
 F-9




---



##### 





Global
    Diversified Futures Fund L.P.Statements of Financial Condition
    December 31, 2009 and 2008




|                                                                                                                                                               |  |      |            |  |      |   |            | 
|-------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | ---------- |  | ---- | - | ---------- | 
|                                                                                                                                                               |  | 2009 |            |  | 2008 |  
|                                                                                                                                                              
|Assets:                                                                                                                                                        |  |      |            |  |      |   |            | 
|Investment in Partnerships, at fair value (Note 5)                                                                                                             |  | $    | 24,472,696 |  |      | $ | 37,284,594 | 
|Equity in trading account:                                                                                                                                     |  |      |            |  |      |   |            | 
|Cash (Note 3c)                                                                                                                                                 |  |      | 5,549,173  |  |      |   | 5,558,203  | 
|Cash margin (Note 3c)                                                                                                                                          |  |      | 90,225     |  |      |   |           | 
|Net unrealized appreciation on open futures contracts                                                                                                          |  |      | 8,930      |  |      |   |           | 
|                                                                                                                                                               |  |      |            |  |      |   |            | 
|                                                                                                                                                               |  |      | 30,121,024 |  |      |   | 42,842,797 | 
|Interest receivable                                                                                                                                            |  |      | 60         |  |      |   | 82         | 
|                                                                                                                                                               |  |      |            |  |      |   |            | 
|Total assets                                                                                                                                                   |  | $    | 30,121,084 |  |      | $ | 42,842,879 | 
|                                                                                                                                                               |  |      |            |  |      |   |            | 
|Liabilities and Partners Capital:                                                                                                                             |  |      |            |  |      |   |            | 
|Liabilities:                                                                                                                                                   |  |      |            |  |      |   |            | 
|Net unrealized depreciation on open forward contracts                                                                                                          |  | $    | 44,055     |  |      | $ |           | 
|Accrued expenses:                                                                                                                                              |  |      |            |  |      |   |            | 
|Brokerage commissions (Note 3c)                                                                                                                                |  |      | 135,347    |  |      |   | 192,793    | 
|Management fees (Note 3b)                                                                                                                                      |  |      | 44,183     |  |      |   | 62,786     | 
|Incentive fees (Note 3b)                                                                                                                                       |  |      | 26,539     |  |      |   | 1,958,313  | 
|Professional fees                                                                                                                                              |  |      | 46,548     |  |      |   | 25,800     | 
|Other                                                                                                                                                          |  |      | 17,402     |  |      |   | 26,704     | 
|Redemptions payable (Note 6)                                                                                                                                   |  |      | 83,074     |  |      |   | 1,356,599  | 
|                                                                                                                                                               |  |      |            |  |      |   |            | 
|Total liabilities                                                                                                                                              |  |      | 397,148    |  |      |   | 3,622,995  | 
|                                                                                                                                                               |  |      |            |  |      |   |            | 
|Partners Capital: (Notes 1 and 6)                                                                                                                             |  |      |            |  |      |   |            | 
|General Partner, 213.0484 and 421.6204 Unit equivalents
    outstanding at December 31, 2009 and 2008, respectively                                            |  |      | 403,399    |  |      |   | 892,777    | 
|Limited Partners, 15,485.2035 and 18,100.2695 Redeemable Units
    of Limited Partnership Interest outstanding at December 31,
    2009 and 2008, respectively |  |      | 29,320,537 |  |      |   | 38,327,107 | 
|                                                                                                                                                               |  |      |            |  |      |   |            | 
|Total partners capital                                                                                                                                        |  |      | 29,723,936 |  |      |   | 39,219,884 | 
|                                                                                                                                                               |  |      |            |  |      |   |            | 
|Total liabilities and partners capital                                                                                                                        |  | $    | 30,121,084 |  |      | $ | 42,842,879 | 
|                                                                                                                                                               |  |      |            |  |      |   |            | 





See accompanying notes to financial statements.


F-10



---



##### 



Global
    Diversified Futures Fund L.P.


    Condensed Schedule of Investments
    December 31, 2009




|                                                        |  |              |           |  |            |   |            |                |  |  |       |  
|------------------------------------------------------- |  | ------------ | --------- |  | ---------- | - | ---------- | -------------- |  |  | ----- | -
|                                                        |  | Notional($)/ |           |  |            |   |            |                | 
|                                                        |  | Number of    |           |  |            |   |            | % of Partners | 
|                                                        |  | Contracts    |           |  | Fair Value |   |            | Capital        | 
|                                                       
|Futures Contracts Purchased                             |  |              |           |  |            |   |            |                |  |  |       |  
|Currencies                                              |  |              | 19        |  |            | $ | 8,930      |                |  |  | 0.03  | %
|                                                        |  |              |           |  |            |   |            |                |  |  |       |  
|Total futures contracts purchased                       |  |              |           |  |            |   | 8,930      |                |  |  | 0.03  |  
|                                                        |  |              |           |  |            |   |            |                |  |  |       |  
|Unrealized Appreciation on Open Forward Contracts       |  |              |           |  |            |   |            |                |  |  |       |  
|Currencies                                              |  | $            | 838,191   |  |            |   | 12,253     |                |  |  | 0.04  |  
|                                                        |  |              |           |  |            |   |            |                |  |  |       |  
|Total unrealized appreciation on open forward contracts |  |              |           |  |            |   | 12,253     |                |  |  | 0.04  |  
|                                                        |  |              |           |  |            |   |            |                |  |  |       |  
|Unrealized Depreciation on Open Forward Contracts       |  |              |           |  |            |   |            |                |  |  |       |  
|Currencies                                              |  | $            | 2,036,681 |  |            |   | (56,308    | )              |  |  | (0.19 | )
|                                                        |  |              |           |  |            |   |            |                |  |  |       |  
|Total unrealized depreciation on open forward contracts |  |              |           |  |            |   | (56,308    | )              |  |  | (0.19 | )
|                                                        |  |              |           |  |            |   |            |                |  |  |       |  
|Investment in Partnerships                              |  |              |           |  |            |   |            |                |  |  |       |  
|CMF Campbell Master Fund L.P.                           |  |              |           |  |            |   | 4,660,413  |                |  |  | 15.68 |  
|CMF Aspect Master Fund L.P.                             |  |              |           |  |            |   | 9,018,321  |                |  |  | 30.34 |  
|CMF Altis Partners Master Fund L.P.                     |  |              |           |  |            |   | 10,793,962 |                |  |  | 36.31 |  
|                                                        |  |              |           |  |            |   |            |                |  |  |       |  
|Total investment in Partnerships                        |  |              |           |  |            |   | 24,472,696 |                |  |  | 82.33 |  
|                                                        |  |              |           |  |            |   |            |                |  |  |       |  
|Total fair value                                        |  |              |           |  |            | $ | 24,437,571 |                |  |  | 82.21 | %
|                                                        |  |              |           |  |            |   |            |                |  |  |       |  







See accompanying notes to financial statements.


F-11



---



##### 



Global
    Diversified Futures Fund L.P.


    Schedule of Investments
    December 31, 2008




|                                    |  |            |            |  |                |  |       |  
|----------------------------------- |  | ---------- | ---------- |  | -------------- |  | ----- | -
|                                    |  |            |            |  | % of Partners | 
|                                    |  | Fair Value |            |  | Capital        | 
|                                   
|Investment in Partnerships          |  |            |            |  |                |  |       |  
|CMF Campbell Master Fund L.P.       |  | $          | 8,558,897  |  |                |  | 21.82 | %
|CMF Aspect Master Fund L.P.         |  |            | 13,187,938 |  |                |  | 33.63 |  
|CMF Altis Partners Master Fund L.P. |  |            | 15,537,759 |  |                |  | 39.62 |  
|                                    |  |            |            |  |                |  |       |  
|Total fair value                    |  | $          | 37,284,594 |  |                |  | 95.07 | %
|                                    |  |            |            |  |                |  |       |  





See accompanying notes to financial statements.


F-12



---



##### 



Global
    Diversified Futures Fund L.P.

 Statements
    of Income and Expenses
    for the years ended
    December 31, 2009, 2008 and 2007




|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|----------------------------------------------------------------------------------------------------------------------------- |  | ---- | ----------- | - | ---- | - | ----------- | ---- |  | - | ----------- | -
|                                                                                                                              |  | 2009 |             |   | 2008 |   |             | 2007 | 
|                                                                                                                             
|Income:                                                                                                                       |  |      |             |   |      |   |             |      |  |   |             |  
|Net gains (losses) on trading of commodity interests and
    investment in Partnerships:                                      |  |      |             |   |      |   |             |      |  |   |             |  
|Net realized gains (losses) on closed contracts                                                                               |  | $    | 606,155     |   |      | $ | 567,818     |      |  | $ |            |  
|Net realized gains (losses) on investment in Partnerships                                                                     |  |      | 214,199     |   |      |   | 12,301,849  |      |  |   | 3,126,552   |  
|Change in net unrealized gains (losses) on open contracts                                                                     |  |      | (35,125     | ) |      |   |            |      |  |   |            |  
|Change in net unrealized gains (losses) on investments in
    Partnerships                                                    |  |      | (2,019,979  | ) |      |   | 40,675      |      |  |   | (25,718     | )
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|Gain (loss) from trading, net                                                                                                 |  |      | (1,234,750  | ) |      |   | 12,910,342  |      |  |   | 3,100,834   |  
|Interest income (Note 3c)                                                                                                     |  |      | 3,746       |   |      |   | 1,608       |      |  |   |            |  
|Interest income from investment in Partnerships                                                                               |  |      | 19,648      |   |      |   | 421,468     |      |  |   | 1,485,334   |  
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|Total income (loss)                                                                                                           |  |      | (1,211,356  | ) |      |   | 13,333,418  |      |  |   | 4,586,168   |  
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|Expenses:                                                                                                                     |  |      |             |   |      |   |             |      |  |   |             |  
|Brokerage commissions including clearing fees (Note 3c)                                                                       |  |      | 1,841,153   |   |      |   | 2,300,441   |      |  |   | 2,403,264   |  
|Management fees (Note 3b)                                                                                                     |  |      | 588,610     |   |      |   | 719,564     |      |  |   | 742,339     |  
|Incentive fees (Note 3b)                                                                                                      |  |      | 26,539      |   |      |   | 1,958,313   |      |  |   | 404,736     |  
|Professional fees                                                                                                             |  |      | 110,468     |   |      |   | 72,690      |      |  |   | 64,904      |  
|Other                                                                                                                         |  |      | 39,442      |   |      |   | 42,092      |      |  |   | 54,444      |  
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|Total expenses                                                                                                                |  |      | 2,606,212   |   |      |   | 5,093,100   |      |  |   | 3,669,687   |  
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|Net income (loss)                                                                                                             |  | $    | (3,817,568  | ) |      | $ | 8,240,318   |      |  | $ | 916,481     |  
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|Net income (loss) per Redeemable Unit of Limited Partnership
    Interest and General Partner Unit equivalent (Notes 1 and 7) |  | $    | (224.03     | ) |      | $ | 397.58      |      |  | $ | 46.83       |  
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|Weighted average units outstanding                                                                                            |  |      | 16,713.0389 |   |      |   | 21,336.4317 |      |  |   | 25,317.6039 |  
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  







See accompanying notes to financial statements.


F-13



---



##### 





Global
    Diversified Futures Fund L.P.


    Statements of Changes in Partners Capital
    for the years ended
    December 31, 2009, 2008 and 2007




|                                                                                                                              |  |          |            |   |         |   |            |       |  |   |            |  
|----------------------------------------------------------------------------------------------------------------------------- |  | -------- | ---------- | - | ------- | - | ---------- | ----- |  | - | ---------- | -
|                                                                                                                              |  | Limited  |            |   | General |   |            |       | 
|                                                                                                                              |  | Partners |            |   | Partner |   |            | Total | 
|                                                                                                                             
|Partners Capital at December 31, 2006                                                                                         |  | $        | 42,696,027 |   |         | $ | 2,550,140  |       |  | $ | 45,246,167 |  
|Net income (loss)                                                                                                             |  |          | 797,332    |   |         |   | 119,149    |       |  |   | 916,481    |  
|Sale of 278.1823 Units of General Partner Interest                                                                            |  |          |           |   |         |   | 430,679    |       |  |   | 430,679    |  
|Redemption of 3,995.2844 Redeemable Units of Limited Partnership
    Interest                                                 |  |          | (6,473,756 | ) |         |   |           |       |  |   | (6,473,756 | )
|                                                                                                                              |  |          |            |   |         |   |            |       |  |   |            |  
|Partners Capital at December 31, 2007                                                                                        |  |          | 37,019,603 |   |         |   | 3,099,968  |       |  |   | 40,119,571 |  
|Net income (loss)                                                                                                             |  |          | 7,947,509  |   |         |   | 292,809    |       |  |   | 8,240,318  |  
|Redemption of 3,423.9232 Redeemable Units of Limited Partnership
    Interest and 1,380.7810 General Partner Unit equivalents |  |          | (6,640,005 | ) |         |   | (2,500,000 | )     |  |   | (9,140,005 | )
|                                                                                                                              |  |          |            |   |         |   |            |       |  |   |            |  
|Partners Capital at December 31, 2008                                                                                        |  |          | 38,327,107 |   |         |   | 892,777    |       |  |   | 39,219,884 |  
|Net income (loss)                                                                                                             |  |          | (3,737,565 | ) |         |   | (80,003    | )     |  |   | (3,817,568 | )
|Redemption of 2,615.0660 Redeemable Units of Limited Partnership
    Interest and 208.5720 General Partner Unit equivalents   |  |          | (5,269,005 | ) |         |   | (409,375   | )     |  |   | (5,678,380 | )
|                                                                                                                              |  |          |            |   |         |   |            |       |  |   |            |  
|Partners Capital at December 31, 2009                                                                                        |  | $        | 29,320,537 |   |         | $ | 403,399    |       |  | $ | 29,723,936 |  
|                                                                                                                              |  |          |            |   |         |   |            |       |  |   |            |  
|Net Asset Value per Unit:                                                                                                     |  |          |            |   |         |   |            |       |  |   |            |  





2007:

$
1,719.912008:

$
2,117.492009:

$
1,893.46








See accompanying notes to financial statements.


F-14



---



##### 





Global
    Diversified Futures Fund L.P.
    Notes to Financial Statement
    December 31, 2009




|   |                              
|-- | -----------------------------
|1. | Partnership
    Organization:



























|   |                         
|-- | ------------------------
|2. | Accounting
    Policies:



| |    |                                                                                                                                                                                                                                                                                            
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. | Use of Estimates.  The preparation of financial
    statements and accompanying notes in conformity with GAAP
    requires management to make estimates and assumptions that
    affect the reported amounts of assets and liabilities, income
    and expenses, and related disclosures of

F-15



---



##### 





Global
    Diversified Futures Fund L.P.
    Notes to Financial Statement
    December 31, 2009




| |  |                                                                                                                                                                                                                                                                                                                                                                                                            
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | contingent assets and liabilities in the financial statements
    and accompanying notes. In making these estimates and
    assumptions, management has considered the effects, if any, of
    events occurring after the date of the Partnerships
    Statements of Financial Condition through the date the financial
    statements were issued. Actual results, could differ from these
    estimates.



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | b. | Statement of Cash Flows.  The Partnership is
    not required to provide a Statement of Cash Flows as permitted
    by ASC, 230, Statement of Cash Flows (formerly, FAS
    No. 102 Statement of Cash Flows-Exemption of Certain
    Enterprises and Classification of Cash Flows from Certain
    Securities Acquired for Resale).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|
| | c. | Partnerships and the Funds
    Investments.  All commodity interests held by the
    Partnership and the Funds (including derivative financial
    instruments and derivative commodity instruments) are held for
    trading purposes. The commodity interests are recorded on trade
    date and open contracts are recorded at fair value (as described
    below) at the measurement date. Investments in commodity
    interests denominated in foreign currencies are translated into
    U.S. dollars at the exchange rates prevailing at the
    measurement date. Gains or losses are realized when contracts
    are liquidated. Unrealized gains or losses on open contracts are
    included as a component of equity in trading account on the
    Statements of Financial Condition. Realized gains or losses and
    any change in net unrealized gains or losses from the preceding
    period are reported in the Statements of Income and Expenses.



Partnerships and the Funds Fair Value
    Measurements.




FAS No. 157-4,






F-16



---



##### 





Global
    Diversified Futures Fund L.P.
    Notes to Financial Statement
    December 31, 2009








|                           |  |            |            |  |                    |   |       |                   |  |   |                  |  |  |   |   | 
|-------------------------- |  | ---------- | ---------- |  | ------------------ | - | ----- | ----------------- |  | - | ---------------- |  |  | - | - | 
|                           |  |            |            |  | Quoted Prices in   |   |       |                   |  |   |                  | 
|                           |  |            |            |  | Active Markets for |   |       | Significant Other |  |   | Significant      | 
|                           |  |            |            |  | Identical Assets   |   |       | Observable Inputs |  |   | Unobservable     | 
|                           |  | 12/31/2009 |            |  | (Level 1)          |   |       | (Level 2)         |  |   | Inputs (Level 3) | 
|                          
|Assets                     |  |            |            |  |                    |   |       |                   |  |   |                  |  |  |   |   | 
|Futures                    |  | $          | 8,930      |  |                    | $ | 8,930 |                   |  | $ |                 |  |  | $ |  | 
|Investment in Partnerships |  |            | 24,472,696 |  |                    |   |      |                   |  |   | 24,472,696       |  |  |   |  | 
|                           |  |            |            |  |                    |   |       |                   |  |   |                  |  |  |   |   | 
|Total assets               |  |            | 24,481,626 |  |                    |   | 8,930 |                   |  |   | 24,472,696       |  |  |   |  | 
|                           |  |            |            |  |                    |   |       |                   |  |   |                  |  |  |   |   | 
|Liabilities                |  |            |            |  |                    |   |       |                   |  |   |                  |  |  |   |   | 
|Forwards                   |  | $          | 44,055     |  |                    | $ |      |                   |  | $ | 44,055           |  |  | $ |  | 
|                           |  |            |            |  |                    |   |       |                   |  |   |                  |  |  |   |   | 
|Total liabilities          |  |            | 44,055     |  |                    |   |      |                   |  |   | 44,055           |  |  |   |  | 
|                           |  |            |            |  |                    |   |       |                   |  |   |                  |  |  |   |   | 
|Total fair value           |  | $          | 24,437,571 |  |                    | $ | 8,930 |                   |  | $ | 24,428,641       |  |  | $ |  | 
|                           |  |            |            |  |                    |   |       |                   |  |   |                  |  |  |   |   | 





|                           |  |            |            |                  |  |                   |   |                  |  |   |            |  |  |   |   | 
|-------------------------- |  | ---------- | ---------- | ---------------- |  | ----------------- | - | ---------------- |  | - | ---------- |  |  | - | - | 
|                           |  |            |            | Quoted Prices in |  |                   |   |                 
|                           |  |            |            | Active Markets   |  | Significant Other |   | Significant     
|                           |  |            |            | for Identical    |  | Observable Inputs |   | Unobservable    
|                           |  | 12/31/2008 |            | Assets (Level 1) |  | (Level 2)         |   | Inputs (Level 3)
|                          
|Assets                     |  |            |            |                  |  |                   |   |                  |  |   |            |  |  |   |   | 
|Investment in Partnerships |  | $          | 37,284,594 |                  |  | $                 |  |                  |  | $ | 37,284,594 |  |  | $ |  | 
|                           |  |            |            |                  |  |                   |   |                  |  |   |            |  |  |   |   | 
|Total fair value           |  | $          | 37,284,594 |                  |  | $                 |  |                  |  | $ | 37,284,594 |  |  | $ |  | 
|                           |  |            |            |                  |  |                   |   |                  |  |   |            |  |  |   |   | 





| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | d. | Futures Contracts.  The Partnership/Funds trade
    futures contracts. A futures contract is a firm commitment to
    buy or sell a specified quantity of investments, currency or a
    standardized amount of a deliverable grade commodity, at a
    specified price on a specified future date, unless the contract
    is closed before the delivery date, or if the delivery quantity
    is something where physical delivery cannot occur (such as the
    S&P 500 Index), whereby such contract is settled in cash.
    Payments (variation margin) may be made or received
    by the Partnership/Funds each business day, depending on the
    daily fluctuations in the value of the underlying contracts, and
    are recorded as unrealized gains or losses by the
    Partnership/Funds. When the contract is closed, the
    Partnership/Funds record a realized gain or loss equal to the
    difference between the value of the contract at the time it was
    opened and the value at the time it was closed. Because
    transactions in futures contracts require participants to make
    both initial margin deposits of cash or other assets and
    variation margin deposits, through the futures broker, directly
    with the exchange on which the contracts are traded, credit
    exposure is limited. Realized gains (losses) and changes in
    unrealized gains (losses) on futures contracts are included in
    the Statements of Income and Expenses.
|
| | e. | Forward Foreign Currency Contracts.  Foreign
    currency contracts are those contracts where the Partnership and
    the Funds agrees to receive or deliver a fixed quantity of
    foreign currency for an
    agreed-upon
    price on an agreed future date. Foreign currency contracts are
    valued daily, and the Partnerships net equity therein,
    representing unrealized gain or loss on the contracts as
    measured by the difference between the forward foreign exchange
    rates at the dates of entry into the contracts and the forward
    rates at the reporting date, is included in the Statements of
    Financial                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

F-17



---



##### 





Global
    Diversified Futures Fund L.P.
    Notes to Financial Statement
    December 31, 2009




| |  |                                                                                                                                                                                                                                                                                      
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Condition. Realized gains (losses) and changes in unrealized
    gains (losses) on foreign currency contracts are recognized in
    the period in which the contract is closed or the changes occur,
    respectively, and are included in the Statements of Income and
    Expenses.







| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | f. | London Metals Exchange Forward
    Contracts.  Metal contracts traded on the London
    Metals Exchange (LME) represent a firm commitment to
    buy or sell a specified quantity of aluminum, copper, lead,
    nickel, tin or zinc. LME contracts traded by the Partnership and
    the Funds are cash settled based on prompt dates published by
    the LME. Payments (variation margin) may be made or
    received by the Partnership and the Funds each business day,
    depending on the daily fluctuations in the value of the
    underlying contracts, and are recorded as unrealized gains or
    losses by the Partnership and the Funds. A contract is
    considered offset when all long positions have been matched with
    short positions. When the contract is closed at the prompt date,
    the Partnership and the Funds record a realized gain or loss
    equal to the difference between the value of the contract at the
    time it was opened and the value at the time it was closed.
    Because transactions in LME contracts require participants to
    make both initial margin deposits of cash or other assets and
    variation margin deposits, through the broker, directly with the
    LME, credit exposure is limited. Realized gains (losses) and
    changes in unrealized gains (losses) on metal contracts are
    included in the Statements of Income and Expenses.
|
| | g. | Options.  The Partnership and Funds may
    purchase and write (sell) both exchange listed and
    over-the-counter
    options on commodities or financial instruments. An option is a
    contract allowing, but not requiring, its holder to buy (call)
    or sell (put) a specific or standard commodity or financial
    instrument at a specified price during a specified time period.
    The option premium is the total price paid or received for the
    option contract. When the Partnership and Funds writes an
    option, the premium received is recorded as a liability in the
    Statements of Financial Condition and marked to market daily.
    When the Partnership and Funds purchases an option, the premium
    paid is recorded as an asset in the Statements of Financial
    Condition and marked to market daily. Realized gains (losses)
    and changes in unrealized gains (losses) on options contracts
    are included in the Statements of Income and Expenses.                                                                                                                                                                                                                                                                                                                                                                                                                   
|
| | h. | Income Taxes.  Income taxes have not been
    provided as each partner is individually liable for the taxes,
    if any, on their share of the Partnerships income and
    expenses.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     











| |    |                                                                                                                                                                                                                                                                                                                                                                                     
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | i. | Subsequent Events.  In 2009, the Partnership
    adopted ASC 855 Subsequent Events (formerly,
    FAS No. 165, Subsequent Events). The
    objective of ASC 855 is to establish general standards of
    accounting for and disclosure of events that occur after the
    balance sheet date but before financial statements are issued or
    available to be issued. See Note 9.

F-18



---



##### 





Global
    Diversified Futures Fund L.P.
    Notes to Financial Statement
    December 31, 2009




| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | j. | Recent Accounting Pronouncements.  In January
    2010, the FASB issued Accounting Standards Update
    No. 2010-06
    (ASU
    2010-06),
    Improving Disclosures about Fair Value Measurements,
    which, among other things, amends ASC 820 to require entities to
    separately present purchases, sales, issuances, and settlements
    in their reconciliation of Level 3 fair value measurements
    (i.e. to present such items on a gross basis rather than on a
    net basis), and which clarifies existing disclosure requirements
    provided by ASC 820 regarding the level of disaggregation and
    the inputs and valuation techniques used to measure fair value
    for measurements that fall within either Level 2 or
    Level 3 of the fair value hierarchy. ASU
    2010-06 is
    effective for interim and annual periods beginning after
    December 15, 2009, except for the disclosures about
    purchases, sales, issuances, and settlements in the roll forward
    of activity in Level 3 fair value measurements (which are
    effective for fiscal years beginning after December 15,
    2010, and for interim periods within those fiscal years).
    Management is currently assessing the impact that the adoption
    of ASU
    2010-06 will
    have on the Partnerships financial statements disclosures.



| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | In February 2010, the FASB issued Accounting Standards Update
    No. 2010-09
    (ASU
    2010-09),
    Subsequent Events (Topic 855): Amendments to Certain
    Recognition and Disclosure Requirements, which among other
    things amended ASC 855 to remove the requirement for an SEC
    filer to disclose the date through which subsequent events have
    been evaluated. This change alleviates potential conflicts
    between ASC 855 and the SECs requirements. All of the
    amendments in this update are effective upon issuance of this
    update. Management has included the provisions of these
    amendments in the financial statements.



| |    |                                                                                                     
| | -- | ----------------------------------------------------------------------------------------------------
| | k. | Certain prior period amounts have been reclassified to conform
    to the current year presentation.



| |    |                                                                                                                                                                                                 
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | l. | Net Income (Loss) per Redeemable Unit.  Net
    income (loss) per Redeemable Unit is calculated in accordance
    with investment company guidance. See footnote 7 for Financial
    Highlights.



|   |            
|-- | -----------
|3. | Agreements:



| |    |                               
| | -- | ------------------------------
| | a. | Limited Partnership Agreement:







| |    |                      
| | -- | ---------------------
| | b. | Management Agreement:









F-19



---



##### 





Global
    Diversified Futures Fund L.P.
    Notes to Financial Statement
    December 31, 2009








| |    |                    
| | -- | -------------------
| | c. | Customer Agreement:



give-up 30-day 90-day and/or




|   |                        
|-- | -----------------------
|4. | Trading
    Activities:

















F-20



---



##### 





Global
    Diversified Futures Fund L.P.
    Notes to Financial Statement
    December 31, 2009








|                                                        |  |                   |         |    
|------------------------------------------------------- |  | ----------------- | ------- | ---
|                                                        |  | December 31, 2009 |        
|                                                       
|Assets                                                  |  |                   |         |    
|Futures Contracts                                       |  |                   |         |    
|Currencies                                              |  | $                 | 8,930   |    
|                                                        |  |                   |         |    
|Total unrealized appreciation on open futures contracts |  | $                 | 8,930   |    
|                                                        |  |                   |         |    
|Net unrealized appreciation on open futures contracts   |  | $                 | 8,930   | *  
|                                                        |  |                   |         |    
|Assets                                                  |  |                   |         |    
|Forward Contracts                                       |  |                   |         |    
|Currencies                                              |  | $                 | 12,253  |    
|                                                        |  |                   |         |    
|Total unrealized appreciation on open forward contracts |  | $                 | 12,253  |    
|                                                        |  |                   |         |    
|Liabilities                                             |  |                   |         |    
|Forward Contracts                                       |  |                   |         |    
|Currencies                                              |  | $                 | (56,308 | )  
|                                                        |  |                   |         |    
|Total unrealized depreciation on open forward contracts |  | $                 | (56,308 | )  
|                                                        |  |                   |         |    
|Net unrealized depreciation on open forward contracts   |  | $                 | (44,055 | )**
|                                                        |  |                   |         |    





|   |  |                                                                                                                        
|-- |  | -----------------------------------------------------------------------------------------------------------------------
|*  |  | This amount is in Net unrealized appreciation on open
    futures contracts on the Statements of Financial Condition.
|  
|** |  | This amount is in Net unrealized depreciation on open
    forward contracts on the Statements of Financial Condition.







|                            |  |                   |         |  
|--------------------------- |  | ----------------- | ------- | -
|                            |  | December 31, 2009 |        
|                            |  | Gain (Loss)       |        
|Sector                      |  | from trading      |        
|                           
|Currencies                  |  | $                 | 571,245 |  
|Energy                      |  |                   | (16,440 | )
|Grains                      |  |                   | 15,462  |  
|Indices                     |  |                   | 7,618   |  
|Interest Rates U.S.         |  |                   | (75,710 | )
|Interest Rates
    Non-U.S. |  |                   | (6,279  | )
|Metals                      |  |                   | 92,768  |  
|Softs                       |  |                   | (17,634 | )
|                            |  |                   |         |  
|Total                       |  | $                 | 571,030 |  
|                            |  |                   |         |  



F-21



---



##### 





Global
    Diversified Futures Fund L.P.
    Notes to Financial Statement
    December 31, 2009






|   |                                
|-- | -------------------------------
|5. | Investment in
    Partnerships:





























F-22



---



##### 





Global
    Diversified Futures Fund L.P.
    Notes to Financial Statement
    December 31, 2009


















|                |  |                   |             |  |             |   |           |         |  |   |             | 
|--------------- |  | ----------------- | ----------- |  | ----------- | - | --------- | ------- |  | - | ----------- | 
|                |  | December 31, 2009 |            
|                |  |                   |             |  | Total       |   |           | Total   | 
|                |  | Total Assets      |             |  | Liabilities |   |           | Capital | 
|               
|Campbell Master |  | $                 | 63,393,130  |  |             | $ | 867,467   |         |  | $ | 62,525,663  | 
|Aspect Master   |  |                   | 166,072,281 |  |             |   | 934,223   |         |  |   | 165,138,058 | 
|Altis Master    |  |                   | 84,341,762  |  |             |   | 34,004    |         |  |   | 84,307,758  | 
|                |  |                   |             |  |             |   |           |         |  |   |             | 
|Total           |  | $                 | 313,807,173 |  |             | $ | 1,835,694 |         |  | $ | 311,971,479 | 
|                |  |                   |             |  |             |   |           |         |  |   |             | 





|                |  |                   |             |  |             |   |           |         |  |   |             | 
|--------------- |  | ----------------- | ----------- |  | ----------- | - | --------- | ------- |  | - | ----------- | 
|                |  | December 31, 2008 |            
|                |  |                   |             |  | Total       |   |           | Total   | 
|                |  | Total Assets      |             |  | Liabilities |   |           | Capital | 
|               
|Campbell Master |  | $                 | 127,587,225 |  |             | $ | 112,263   |         |  | $ | 127,474,962 | 
|Aspect Master   |  |                   | 240,236,167 |  |             |   | 881,834   |         |  |   | 239,354,333 | 
|Altis Master    |  |                   | 99,300,545  |  |             |   | 17,963    |         |  |   | 99,282,582  | 
|                |  |                   |             |  |             |   |           |         |  |   |             | 
|Total           |  | $                 | 467,123,937 |  |             | $ | 1,012,060 |         |  | $ | 466,111,877 | 
|                |  |                   |             |  |             |   |           |         |  |   |             | 









|                |  |                                               |             |   |              |   |             |            |  |   |             |  
|--------------- |  | --------------------------------------------- | ----------- | - | ------------ | - | ----------- | ---------- |  | - | ----------- | -
|                |  | For the Twelve Months Ended December 31, 2009 |            
|                |  | Gain (Loss) from                              |             |   | Total Income |   |             | Net Income | 
|                |  | Trading, net                                  |             |   | (Loss)       |   |             | (Loss)     | 
|               
|Campbell Master |  | $                                             | (2,923,817  | ) |              | $ | (2,860,109  | )          |  | $ | (2,974,707  | )
|Aspect Master   |  |                                               | (18,818,065 | ) |              |   | (18,684,829 | )          |  |   | (18,997,603 | )
|Altis Master    |  |                                               | (4,037,646  | ) |              |   | (3,970,425  | )          |  |   | (4,128,406  | )
|                |  |                                               |             |   |              |   |             |            |  |   |             |  
|Total           |  | $                                             | (25,779,528 | ) |              | $ | (25,515,363 | )          |  | $ | (26,100,716 | )
|                |  |                                               |             |   |              |   |             |            |  |   |             |  





|                |  |                                               |             |  |              |   |             |            |  |   |             | 
|--------------- |  | --------------------------------------------- | ----------- |  | ------------ | - | ----------- | ---------- |  | - | ----------- | 
|                |  | For the Twelve Months Ended December 31, 2008 |            
|                |  | Gain (Loss) from                              |             |  | Total Income |   |             | Net Income | 
|                |  | Trading, net                                  |             |  | (Loss)       |   |             | (Loss)     | 
|               
|Campbell Master |  | $                                             | 6,817,650   |  |              | $ | 8,716,578   |            |  | $ | 8,555,470   | 
|Aspect Master   |  |                                               | 68,781,504  |  |              |   | 71,028,704  |            |  |   | 70,690,200  | 
|Altis Master    |  |                                               | 46,523,557  |  |              |   | 47,469,925  |            |  |   | 47,259,015  | 
|                |  |                                               |             |  |              |   |             |            |  |   |             | 
|Total           |  | $                                             | 122,122,711 |  |              | $ | 127,215,207 |            |  | $ | 126,504,685 | 
|                |  |                                               |             |  |              |   |             |            |  |   |             | 



F-23



---



##### 





Global
    Diversified Futures Fund L.P.
    Notes to Financial Statement
    December 31, 2009










For the year
    ended December 31, 2009




|                |  |               |       |   |            |   |            |        |  |   |             |   |  |        |        |  |            |   |             |           |  |           |            |   |  |                     |  |        
|--------------- |  | ------------- | ----- | - | ---------- | - | ---------- | ------ |  | - | ----------- | - |  | ------ | ------ |  | ---------- | - | ----------- | --------- |  | --------- | ---------- | - |  | ------------------- |  | -------
|                |  | % of          |       |   |            |   |            |        |  |   |             |   |  |        |        |  | Net        |   |             |           |  |          
|                |  | Partnerships |       |   |            |   |            | Income |  |   | Expenses    |   |  | Income |        |  | Investment |   | Redemptions
|Funds           |  | Net Assets    |       |   | Fair Value |   |            | (loss) |  |   | Commissions |   |  | Other  |        |  | (Loss)     |   |             | Objective |  | Permitted
|               
|Campbell Master |  |               | 15.68 | % |            | $ | 4,660,413  |        |  | $ | (205,995    | ) |  | $      | 5,123  |  |            | $ | 3,419       |           |  | $         | (214,537   | ) |  | FME Portfolio       |  | Monthly
|Aspect Master   |  |               | 30.34 | % |            |   | 9,018,321  |        |  |   | (980,703    | ) |  |        | 14,466 |  |            |   | 2,497       |           |  |           | (997,666   | ) |  | Commodity Portfolio |  | Monthly
|Altis Master    |  |               | 36.31 | % |            |   | 10,793,962 |        |  |   | (599,434    | ) |  |        | 13,409 |  |            |   | 7,942       |           |  |           | (620,785   | ) |  | Commodity Portfolio |  | Monthly
|                |  |               |       |   |            |   |            |        |  |   |             |   |  |        |        |  |            |   |             |           |  |           |            |   |  |                     |  |        
|Total           |  |               |       |   |            | $ | 24,472,696 |        |  | $ | (1,786,132  | ) |  | $      | 32,998 |  |            | $ | 13,858      |           |  | $         | (1,832,988 | ) |  |                     |  |        
|                |  |               |       |   |            |   |            |        |  |   |             |   |  |        |        |  |            |   |             |           |  |           |            |   |  |                     |  |        





For the year
    ended December 31, 2008




|                |  |               |       |   |            |   |            |        |  |   |             |  |  |        |        |  |            |   |             |           |  |           |            |  |  |                     |  |        
|--------------- |  | ------------- | ----- | - | ---------- | - | ---------- | ------ |  | - | ----------- |  |  | ------ | ------ |  | ---------- | - | ----------- | --------- |  | --------- | ---------- |  |  | ------------------- |  | -------
|                |  | % of          |       |   |            |   |            |        |  |   |             |  |  |        |        |  | Net        |   |             |           |  |          
|                |  | Partnerships |       |   |            |   |            | Income |  |   | Expenses    |  |  | Income |        |  | Investment |   | Redemptions
|Funds           |  | Net Assets    |       |   | Fair Value |   |            | (loss) |  |   | Commissions |  |  | Other  |        |  | (Loss)     |   |             | Objective |  | Permitted
|               
|Campbell Master |  |               | 21.82 | % |            | $ | 8,558,897  |        |  | $ | 422,161     |  |  | $      | 6,463  |  |            | $ | 2,787       |           |  | $         | 412,911    |  |  | FME Portfolio       |  | Monthly
|Aspect Master   |  |               | 33.63 | % |            |   | 13,187,938 |        |  |   | 4,176,031   |  |  |        | 20,067 |  |            |   | 2,293       |           |  |           | 4,153,671  |  |  | Commodity Portfolio |  | Monthly
|Altis Master    |  |               | 39.62 | % |            |   | 15,537,759 |        |  |   | 8,165,800   |  |  |        | 34,297 |  |            |   | 7,218       |           |  |           | 8,124,285  |  |  | Commodity Portfolio |  | Monthly
|                |  |               |       |   |            |   |            |        |  |   |             |  |  |        |        |  |            |   |             |           |  |           |            |  |  |                     |  |        
|Total           |  |               |       |   |            | $ | 37,284,594 |        |  | $ | 12,763,992  |  |  | $      | 60,827 |  |            | $ | 12,298      |           |  | $         | 12,690,867 |  |  |                     |  |        
|                |  |               |       |   |            |   |            |        |  |   |             |  |  |        |        |  |            |   |             |           |  |           |            |  |  |                     |  |        





|   |                                                  
|-- | -------------------------------------------------
|6. | Subscriptions,
    Distributions and Redemptions:





F-24



---



##### 





Global
    Diversified Futures Fund L.P.
    Notes to Financial Statement
    December 31, 2009






|   |                          
|-- | -------------------------
|7. | Financial
    Highlights:







|                                                       |  |      |          |   |      |   |          |      |  |   |          |  
|------------------------------------------------------ |  | ---- | -------- | - | ---- | - | -------- | ---- |  | - | -------- | -
|                                                       |  | 2009 |          |   | 2008 |   |          | 2007 | 
|                                                      
|Net realized and unrealized gains (losses)*            |  | $    | (179.89  | ) |      | $ | 512.64   |      |  | $ | 39.30    |  
|Interest income                                        |  |      | 1.38     |   |      |   | 19.30    |      |  |   | 58.34    |  
|Expenses**                                             |  |      | (45.52   | ) |      |   | (134.36  | )    |  |   | (50.81   | )
|                                                       |  |      |          |   |      |   |          |      |  |   |          |  
|Increase (decrease) for the year                       |  |      | (224.03  | ) |      |   | 397.58   |      |  |   | 46.83    |  
|Net Asset Value per Redeemable Unit, beginning of year |  |      | 2,117.49 |   |      |   | 1,719.91 |      |  |   | 1,673.08 |  
|                                                       |  |      |          |   |      |   |          |      |  |   |          |  
|Net Asset Value per Redeemable Unit, end of year       |  | $    | 1,893.46 |   |      | $ | 2,117.49 |      |  | $ | 1,719.91 |  
|                                                       |  |      |          |   |      |   |          |      |  |   |          |  
|*  Includes brokerage commissions.                     |  |      |          |   |      |   |          |      |  |   |          |  
|** Excludes brokerage commissions.                     |  |      |          |   |      |   |          |      |  |   |          |  



|                                                      |  |  |       |    |  |  |      |    |  |  |      |   
|----------------------------------------------------- |  |  | ----- | -- |  |  | ---- | -- |  |  | ---- | --
|                                                     
|Ratios to Average Net Assets:                         |  |  |       |    |  |  |      |    |  |  |      |   
|Net investment income (loss) before incentive fees*** |  |  | (7.8  | )% |  |  | (7.0 | )% |  |  | (4.2 | )%
|                                                      |  |  |       |    |  |  |      |    |  |  |      |   
|Operating expenses                                    |  |  | 7.8   | %  |  |  | 8.1  | %  |  |  | 7.7  | % 
|Incentive fees                                        |  |  | 0.1   | %  |  |  | 5.1  | %  |  |  | 1.0  | % 
|                                                      |  |  |       |    |  |  |      |    |  |  |      |   
|Total expenses                                        |  |  | 7.9   | %  |  |  | 13.2 | %  |  |  | 8.7  | % 
|                                                      |  |  |       |    |  |  |      |    |  |  |      |   
|Total return:                                         |  |  |       |    |  |  |      |    |  |  |      |   
|Total return before incentive fees                    |  |  | (10.5 | )% |  |  | 29.3 | %  |  |  | 3.8  | % 
|Incentive fees                                        |  |  | (0.1  | )% |  |  | (6.2 | )% |  |  | (1.0 | )%
|                                                      |  |  |       |    |  |  |      |    |  |  |      |   
|Total return after incentive fees                     |  |  | (10.6 | )% |  |  | 23.1 | %  |  |  | 2.8  | % 
|                                                      |  |  |       |    |  |  |      |    |  |  |      |   







|    |  |                                     
|--- |  | ------------------------------------
|*** |  | Interest income less total expenses.







|   |                                
|-- | -------------------------------
|8. | Financial
    Instrument Risks:









F-25



---



##### 





Global
    Diversified Futures Fund L.P.
    Notes to Financial Statement
    December 31, 2009
























|   |                      
|-- | ---------------------
|9. | Subsequent
    Event:





F-26



---



##### 



For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1, 2009 to
    
    July 1, 2009 to
    
    April 1, 2009 to
    
    January 1, 2009 toDecember 31, 2009
    
    September 30, 2009
    
    June 30, 2009
    
    March 31, 2009Net realized and
unrealized trading
gains (losses) net
of brokerage
commissions and
clearing fees
including interest
income
    
    $
    (1,418,192
    )
    
    $
    1,301,783
    
    
    $
    (1,235,378
    )
    
    $
    (1,700,722
    )Net income (loss)
    
    $
    (1,491,428
    )
    
    $
    1,064,994
    
    
    $
    (1,498,528
    )
    
    $
    (1,892,606
    )Increase (decrease)
in Net Asset Value
per  Unit
    
    $
    (94.38
    )
    
    $
    66.09
    
    
    $
    (89.57
    )
    
    $
    (106.17
    )
 For the
    
    For the
    
    For the
    
    For theperiod from
    
    period from
    
    period from
    
    period fromOctober 1, 2008 to
    
    July 1, 2008 to
    
    April 1, 2008 to
    
    January 1, 2008 toDecember 31, 2008
    
    September 30, 2008
    
    June 30, 2008
    
    March 31, 2008Net realized and
unrealized trading
gains (losses) net
of brokerage
commissions and
clearing fees
including interest
income
    
    $
    7,378,560
    
    
    $
    (5,367,111
    )
    
    $
    5,720,765
    
    
    $
    3,300,763Net income (loss)
    
    $
    5,687,836
    
    
    $
    (4,524,768
    )
    
    $
    4,502,359
    
    
    $
    2,574,891Increase (decrease)
in Net Asset Value
per  Unit
    
    $
    286.96
    
    
    $
    (215.83
    )
    
    $
    215.97
    
    
    $
    110.48
 F-27




---



##### 



To the Limited
    Partners of
    CMF Campbell Master Fund L.P.
    
  By:
    Jennifer Magro      Ceres Managed Futures LLC
 212-559-2011
 F-28




---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    
 F-29




---



##### 



Report of Independent Auditors
 
   
 F-30




---



##### 



Report of Independent Registered Public Accounting Firm
 
     
 F-31




---



##### 



CMF Campbell
    Master Fund L.P.


    Statements of Financial Condition
    December 31, 2009 and 2008
  2009


2008Assets:Equity in trading account:Cash (Note 3c)

$
57,797,715


$
119,063,081Cash margin (Note 3c)


5,501,376



7,947,067Net unrealized appreciation on open futures contracts






159,230Net unrealized appreciation on open forward contracts






397,543Options owned, at fair value (cost $96,122 and $36,166 at
    December 31, 2009 and 2008, respectively)


94,039



20,304Total assets

$
63,393,130


$
127,587,225Liabilities and Partners Capital:Liabilities:Net unrealized depreciation on open futures contracts

$
366,940


$
Net unrealized depreciation on open forward contracts


431,591



Options written, at fair value (premium $34,361 and $108,994 at
    December 31, 2009 and 2008, respectively)


35,406



82,624Accrued expenses:Professional fees


33,530



29,639Total liabilities


867,467



112,263Partners Capital:General Partner, 0.0000 Unit equivalents at December 31,
    2009 and 2008






Limited Partners Capital, 56,557.8676 and 112,523.4490
    Redeemable Units of Limited Partnership Interest outstanding at
    December 31, 2009 and 2008, respectively


62,525,663



127,474,962Total liabilities and partners capital

$
63,393,130


$
127,587,225   See accompanying notes to financial statements.
 F-32




---



##### 



CMF Campbell
    Master Fund L.P.

 Condensed
    Schedule of Investments
    December 31, 2009
  Notional ($)/Number of





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedEnergy


36


$
21,183



0.03
%Grains


3



2,325



0.00
*Interest Rates
    Non-U.S.


446



(283,167
)


(0.45
)Interest Rates U.S.


507



(493,888
)


(0.79
)Indices


455



441,278



0.71Metals


18



(83,265
)


(0.13
)Softs


22



(4,234
)


(0.00
)*Total futures contracts purchased






(399,768
)


(0.63
)Futures Contracts SoldEnergy


1



2,730



0.00
*Grains


9



2,750



0.00
*Interest Rates
    Non-U.S.


136



26,911



0.04Interest Rates U.S.


2



437



0.00
*Total futures contracts sold






32,828



0.04Unrealized Appreciation on Forward ContractsCurrencies


$135,784,768



2,033,847



3.25Metals


37



285,660



0.46Total unrealized appreciation on forward contracts






2,319,507



3.71Unrealized Depreciation on Forward ContractsCurrencies


$154,270,721



(2,642,315
)


(4.23
)Metals


17



(108,783
)


(0.17
)Total unrealized depreciation on forward contracts






(2,751,098
)


(4.40
)Options OwnedCurrenciesCalls


$2,499,064,517



49,773



0.08Puts


$430,245,216



44,266



0.07Total options owned






94,039



0.15Options WrittenCurrenciesCalls


$13,333,773



(26,438
)


(0.04
)Puts


$43,764,467,517



(8,968
)


(0.01
)Total options written






(35,406
)


(0.05
)Total fair value





$
(739,898
)


(1.18
)%   *
    
    Due to rounding.  See accompanying notes to financial statements.
 F-33




---



##### 



CMF Campbell
    Master Fund L.P.


    Condensed Schedule of Investments
    December 31, 2008
  Notional ($)/Number of





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedInterest Rates Non-U.S


1,065


$
600,131



0.47
%Interest Rates U.S


129



(204,258
)


(0.16
)Indices


41



44,667



0.04Metals


1



3,250



0.00
*Total futures contracts purchased






443,790



0.35Futures Contracts SoldEnergy


20



(42,257
)


(0.03
)Interest Rates Non-U.S


174



(92,304
)


(0.07
)Interest Rates U.S


17



(987
)


(0.00
)*Indices


193



(149,012
)


(0.12
)Total futures contracts sold






(284,560
)


(0.22
)Unrealized Appreciation on Open Forward ContractsCurrencies


$99,409,075



3,229,485



2.53Metals


2



5,333



0.00
*Total unrealized appreciation on open forward contracts






3,234,818



2.53Unrealized Depreciation on Open Forward ContractsCurrencies


$88,487,957



(2,741,087
)


(2.15
)Metals


31



(96,188
)


(0.08
)Total unrealized depreciation on open forward contracts






(2,837,275
)


(2.23
)Options OwnedCurrenciesCalls


$18,199,906,162



(2,055
)


(0.00
)*Puts


$3,116,570



22,359



0.02Total options owned






20,304



0.02Options WrittenCurrenciesCalls


$13,554,290



(5,765
)


(0.00
)*Puts


$62,971,974,893



(76,859
)


(0.06
)Total options written






(82,624
)


(0.06
)Total fair value





$
494,453



0.39
%   *
    
    Due to rounding.  See accompanying notes to financial statements.
 F-34




---



##### 



CMF Campbell
    Master Fund L.P.
 Statements of Income and Expenses
 for the years ended December 31, 2009, 2008 and 2007
  2009


2008


2007Income:Net gains (losses) on trading of commodity interests:Net realized gains (losses) on closed contracts

$
(1,554,877
)

$
5,096,789


$
(7,020,650
)Change in net unrealized gains (losses) on open contracts


(1,368,940
)


1,720,861



(19,893,661
)Gain (loss) from trading, net


(2,923,817
)


6,817,650



(26,914,311
)Interest income


63,708



1,898,928



9,721,573Total income (loss)


(2,860,109
)


8,716,578



(17,192,738
)Expenses:Clearing fees


68,487



114,965



436,254Professional fees


46,111



46,143



38,051Total expenses


114,598



161,108



474,305Net income (loss)

$
(2,974,707
)

$
8,555,470


$
(17,667,043
)Net income (loss) per Redeemable Unit of Limited Partnership
    Interest (Notes 1 and 6)

$
(26.58
)

$
48.81


$
(82.98
)Weighted average units outstanding


83,268.2801



158,476.3485



240,248.7234   See accompanying notes to financial statements.
 F-35




---



##### 



CMF Campbell
    Master Fund L.P.
 Statements of Changes in Partners Capital
 for the years ended December 31, 2009, 2008 and 2007
  PartnersCapitalPartners Capital at December 31, 2006

$
327,090,390Net income (loss)


(17,667,043
)Sale of 6,744.0375 Redeemable Units of Limited Partnership
    Interest


7,969,328Redemption of 77,141.7434 Redeemable Units of Limited
    Partnership Interest


(90,974,902
)Distribution of interest income to feeder funds


(9,721,573
)Partners Capital at December 31, 2007


216,696,200Net income (loss)


8,555,470Sale of 7,110.7187 Redeemable Units of Limited Partnership
    Interest


7,921,000Redemption of 92,351.1825 Redeemable Units of Limited
    Partnership Interest


(103,798,780
)Distribution of interest income to feeder funds


(1,898,928
)Partners Capital at December 31, 2008


127,474,962Net income (loss)


(2,974,707
)Sale of 2,270.6919 Redeemable Units of Limited Partnership
    Interest


2,531,000Redemption of 58,236.2733 Redeemable Units of Limited
    Partnership Interest


(64,441,884
)Distribution of interest income to feeder funds


(63,708
)Partners Capital at December 31, 2009

$
62,525,663Net Asset Value per Redeemable Unit of Limited Partnership
    Interest:   2007:

$
1,095.732008:

$
1,132.872009:

$
1,105.52
   See accompanying notes to financial statements.
 F-36




---



##### 



CMF Campbell
    Master Fund L.P.


    Notes to Financial Statements
    December 31, 2009
  1.
    Partnership
    Organization:         F-37




---



##### 



CMF Campbell
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
      2.
    Accounting
    Policies:  a.
    Use of Estimates.The preparation of financial
    statements and accompanying notes in conformity with GAAP
    requires management to make estimates and assumptions that
    affect the reported amounts of assets and liabilities, income
    and expenses, and related disclosures of contingent assets and
    liabilities in the financial statements and accompanying notes.
    In making these estimates and assumptions, management has
    considered the effects, if any, of events occurring after the
    date of the Masters Statements of Financial Condition
    through the date the financial statements were issued. As a
    result, actual results could differ from these estimates.b.
    Statement of Cash Flows.The Master is not
    required to provide a Statement of Cash Flows as permitted by
    ASC 230, Statement of Cash Flows (formerly, FAS No. 102
    Statement of Cash Flows-Exemption of Certain Enterprises
    and Classification of Cash Flows from Certain Securities
    Acquired for Resale).c.
    Masters Investments.All commodity
    interests of the Master (including derivative financial
    instruments and derivative commodity instruments) are held for
    trading purposes. The commodity interests are recorded on trade
    date and open contracts are recorded at fair value (as described
    below) at the measurement date. Investments in commodity
    interests denominated in foreign currencies are translated into
    U.S. dollars at the exchange rates prevailing at the
    measurement date. Gains or losses are realized when contracts
    are liquidated. Unrealized gains or losses on open contracts are
    included as a component of equity in trading account on the
    Statements of Financial Condition. Realized gains or losses and
    any change in net unrealized gains or losses from the preceding
    period are reported in the Statements of Income and Expenses.  Masters Fair Value Measurements.
 F-38




---



##### 



CMF Campbell
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
   FAS No. 157-4,
    Quoted Prices inActive Markets for


Significant Other


SignificantIdentical Assets


Observable Inputs


Unobservable12/31/2009


(Level 1)


(Level 2)


Inputs (Level 3)AssetsForwards

$
176,877


$
176,877


$



$
Options owned


94,039







94,039



Total assets


270,916



176,877



94,039



LiabilitiesFutures

$
366,940


$
366,940


$



$
Forwards


608,468







608,468



Options written


35,406







35,406



Total liabilities


1,010,814



366,940



643,874



Total fair value

$
(739,898
)

$
(190,063
)

$
(549,835
)

$
   F-39




---



##### 



CMF Campbell
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
  Quoted Prices inActive Markets for


Significant Other


SignificantIdentical Assets


Observable Inputs


Unobservable12/31/2008


(Level 1)


(Level 2)


Inputs (Level 3)AssetsFutures

$
159,230


$
159,230


$



$
Forwards


488,398







488,398



Options owned


20,304







20,304



Total assets


667,932



159,230



508,702



LiabilitiesForwards

$
90,855


$
90,855


$



$
Options written


82,624







82,624



Total liabilities


173,479



90,855



82,624



Total fair value

$
494,453


$
68,375


$
426,078


$
   d.
    Futures Contracts.The Master trades futures
    contracts. A futures contract is a firm commitment to buy or
    sell a specified quantity of investments, currency or a
    standardized amount of a deliverable grade commodity, at a
    specified price on a specified future date, unless the contract
    is closed before the delivery date or if the delivery quantity
    is something where physical delivery cannot occur (such as the
    S&P 500 Index), whereby such contract is settled in cash.
    Payments (variation margin) may be made or received
    by the Master each business day, depending on the daily
    fluctuations in the value of the underlying contracts, and are
    recorded as unrealized gains or losses by the Master. When the
    contract is closed, the Master records a realized gain or loss
    equal to the difference between the value of the contract at the
    time it was opened and the value at the time it was closed.
    Because transactions in futures contracts require participants
    to make both initial margin deposits of cash or other assets and
    variation margin deposits, through the futures broker, directly
    with the exchange on which the contracts are traded, credit
    exposure is limited. Realized gains (losses) and changes in
    unrealized gains (losses) on futures contracts are included in
    the Statements of Income and Expenses.e.
    Forward Foreign Currency Contracts.Foreign
    currency contracts are those contracts where the Master agrees
    to receive or deliver a fixed quantity of foreign currency for
    an
    agreed-upon
    price on an agreed future date. Foreign currency contracts are
    valued daily, and the Masters net equity therein,
    representing unrealized gain or loss on the contracts as
    measured by the difference between the forward foreign exchange
    rates at the dates of entry into the contracts and the forward
    rates at the reporting date, is included in the Statements of
    Financial Condition. Realized gains (losses) and changes in
    unrealized gains (losses) on foreign currency contracts are
    recognized in the period in which the contract is closed or the
    changes occur, respectively, and are included in the Statements
    of Income and Expenses.  The Master does not isolate that portion of the results of
    operations arising from the effect of changes in foreign
    exchange rates on investments from fluctuations from changes in
    market prices of investments held. Such fluctuations are
    included in net gain (loss) on investments in the Statements of
    Income and Expenses.  f.
    London Metals Exchange Forward
    Contracts.  Metal contracts traded on the London
    Metals Exchange (LME) represent a firm commitment to
    buy or sell a specified quantity of aluminum, copper, lead,
    nickel, tin  or zinc. LME contracts traded by the Master are
    cash settled based on prompt dates published by the LME.
    Payments (variation margin) may be made or received
    by the Master each business day, depending on the daily
    fluctuations in the value of the underlying F-40




---



##### 



CMF Campbell
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
  contracts, and are recorded as unrealized gains or losses by the
    Master. A contract is considered offset when all long positions
    have been matched with short positions. When the contract is
    closed at the prompt date, the Master records a realized gain or
    loss equal to the difference between the value of the contract
    at the time it was opened and the value at the time it was
    closed. Because transactions in LME contracts require
    participants to make both initial margin deposits of cash or
    other assets and variation margin deposits, through the broker,
    directly with the LME, credit exposure is limited. Realized
    gains (losses) and changes in unrealized gains (losses) on metal
    contracts are included in the Statements of Income and Expenses.  g.
    Options.The Master may purchase and write
    (sell) both exchange listed and over-the-counter, options on
    commodities or financial instruments. An option is a contract
    allowing, but not requiring, its holder to buy (call) or sell
    (put) a specific or standard commodity or financial instrument
    at a specified price during a specified time period. The option
    premium is the total price paid or received for the option
    contract. When the Master writes an option, the premium received
    is recorded as a liability in the Statements of Financial
    Condition and marked to market daily. When the Master purchases
    an option, the premium paid is recorded as an asset in the
    Statements of Financial Condition and marked to market daily.
    Realized gains (losses) and changes in unrealized gains (losses)
    on options contracts are included in the Statements of Income
    and Expenses.h.
    Income and Expenses Recognition.All of the
    income and expenses and realized and unrealized gains and losses
    on trading of commodity interests are determined on each
    valuation day and allocated pro rata among the Funds at the time
    of such determination.i.
    Income Taxes.Income taxes have not been
    provided as each partner is individually liable for the taxes,
    if any, on their share of the Masters income and expenses.  In 2007, the Master adopted ASC 740, Income Taxes (formerly, FAS
    No. 48, Accounting for Uncertainty in Income
    Taxes). ASC 740 provides guidance for how uncertain tax
    positions should be recognized, measured, presented and
    disclosed in the financial statements. ASC 740 requires the
    evaluation of tax positions taken or expected to be taken in the
    course of preparing the Masters financial statements to
    determine whether the tax positions are
    more-likely-than-not to be sustained by the
    applicable tax authority. Tax positions with respect to tax at
    the Master level not deemed to meet the
    more-likely-than-not threshold would be recorded as
    a tax benefit or expense in the current year. The General
    Partner has concluded that no provision for income tax is
    required in the Masters financial statements.    j.
    Subsequent Events.  In 2009, the Master adopted
    ASC 855, Subsequent Events (formerly, FAS No. 165,
    Subsequent Events). The objective of ASC 855 is to
    establish general standards of accounting for and disclosure of
    events that occur after the balance sheet date but before
    financial statements are issued or available to be issued.
    Management has determined that there were no subsequent events
    requiring adjustment or disclosure in the financial statements.k.
    Recent Accounting Pronouncements.In January
    2010, the FASB issued Accounting Standards Update
    No. 2010-06
    (ASU
    2010-06),
    Improving Disclosures about Fair Value Measurements,
    which, among other things, amends ASC 820 to require entities to
    separately present purchases, sales, issuances, and settlements
    in their reconciliation of Level 3 fair value measurements
    (i.e. to present such items on a gross basis rather than on a
    net basis), and which clarifies existing disclosure requirements
    provided by ASC 820 regarding the level of disaggregation and
    the inputs and valuation techniques used to measure fair value
    for measurements that fall within either Level 2 or
    Level 3 of the fair value hierarchy. ASU
    2010-06 is
    effective for interim F-41




---



##### 



CMF Campbell
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
  and annual periods beginning after December 15, 2009,
    except for the disclosures about purchases, sales, issuances,
    and settlements in the roll forward of activity in Level 3
    fair value measurements (which are effective for fiscal years
    beginning after December 15, 2010, and for interim periods
    within those fiscal years). Management is currently assessing
    the impact that the adoption of ASU
    2010-06 will
    have on the Masters financial statements disclosures.  2010-09 2010-09),
  l.
    Certain prior period amounts have been reclassified to conform
    to current year presentation.  m.
    Net Income (Loss) per Redeemable Unit.Net income (loss)
    per Redeemable Unit is calculated in accordance with investment
    company guidance. See footnote 6 for Financial Highlights.  3.
    Agreements:  a.
    Limited Partnership Agreement:    b.
    Management Agreement:    c.
    Customer Agreement:  give-up,
  4.
    Trading
    Activities:   F-42




---



##### 



CMF Campbell
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
        Assets

December 31, 2009Futures ContractsEnergy

$
28,837Grains


5,075Interest Rates
    Non-U.S.


76,641Interest Rates U.S.


437Indices


480,732Metals


410Softs


19,185Total unrealized appreciation on open futures contracts

$
611,317LiabilitiesFutures ContractsEnergy

$
(4,924
)Interest Rates
    Non-U.S.


(332,897
)Interest Rates U.S.


(493,888
)Indices


(39,454
)Metals


(83,675
)Softs


(23,419
)Total unrealized depreciation on open futures contracts

$
(978,257
)Net unrealized depreciation on open futures contracts

$
(366,940
)*   *
    
    This amount is in Net unrealized depreciation on open
    futures contracts on the Statements of Financial Condition.  F-43




---



##### 



CMF Campbell
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
  December 31, 2009AssetsForward ContractsCurrencies

$
2,033,847Metals


285,660Total unrealized appreciation on open forward contracts

$
2,319,507LiabilitiesForward ContractsCurrencies

$
(2,642,315
)Metals


(108,783
)Total unrealized depreciation on open forward contracts

$
(2,751,098
)Net unrealized depreciation on open forward contracts

$
(431,591
)**AssetsOptions OwnedCurrencies

$
94,039Total options owned

$
94,039
***LiabilitiesOptions WrittenCurrencies

$
(35,406
)Total options written

$
(35,406
)****   **
    
    This amount is in Net unrealized depreciation on open
    forward contracts on the Statements of Financial Condition.***
    
    This amount is in Options owned, at fair value on
    the Statements of Financial Condition.****
    
    This amount is in Options written, at fair value on
    the Statements of Financial Condition.    December 31, 2009Sector

Gain (loss) from tradingCurrencies

$
1,997,244Energy


(974,078
)Grains


(20,375
)Indices


(1,252,475
)Interest Rates U.S.


(266,706
)Interest Rates
    Non-U.S.


(2,892,506
)Metals


687,827Softs


(202,748
)Total

$
(2,923,817
)*****   *****
    
    This amount is in Gain (loss) from trading, net on
    the Statements of Income and Expenses. F-44




---



##### 



CMF Campbell
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
   5.
    Subscriptions,
    Distributions and Redemptions:    6.
    Financial
    Highlights:    2009


2008


2007Net realized and unrealized gains (losses)*

$
(26.73
)

$
37.47


$
(123.87
)Interest income


0.77



11.67



41.04Expenses**


(0.62
)


(0.33
)


(0.15
)Increase (decrease) for the year


(26.58
)


48.81



(82.98
)Distribution of interest income to feeder funds


(0.77
)


(11.67
)


(41.04
)Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, beginning of year


1,132.87



1,095.73



1,219.75Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, end of year

$
1,105.52


$
1,132.87


$
1,095.73    *
    
    Includes clearing fees.

**
    
    Excludes clearing fees.  Ratios to average net assets:Net investment income (loss)***


(0.1
)%


1.0
%


3.3
%Operating expenses


0.1
%


0.1
%


0.2
%Total return


(2.4
)%


4.5
%


(6.8
)%    ***
    
    Interest income less total expenses.    7.
    Financial
    Instrument Risks:   F-45




---



##### 



CMF Campbell
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
             F-46




---



##### 



For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1, 2009 to
    
    July 1, 2009 to
    
    April 1, 2009 to
    
    January 1, 2009 toDecember 31, 2009
    
    September 30, 2009
    
    June 30, 2009
    
    March 31, 2009Net realized and
unrealized trading
gains (losses) net
of brokerage
commissions and
clearing fees
including interest
income
    
    $
    (329,261
    )
    
    $
    3,086,205
    
    
    $
    (6,084,826
    )
    
    $
    399,286Net income (loss)
    
    $
    (346,562
    )
    
    $
    3,078,368
    
    
    $
    (6,094,561
    )
    
    $
    388,048Increase (decrease)
in Net Asset Value
per Redeemable Unit
    
    $
    (7.04
    )
    
    $
    47.10
    
    
    $
    (69.28
    )
    
    $
    2.64
 For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1,  2008 to
    
    July 1,  2008 to
    
    April 1,  2008 to
    
    January 1,  2008 toDecember 31,  2008
    
    September 30,  2008
    
    June 30,  2008
    
    March 31,  2008Net realized and
unrealized trading
gains (losses) net
of brokerage
commissions and
clearing fees
including interest
income
    
    $
    (587,579
    )
    
    $
    (4,348,292
    )
    
    $
    10,671,583
    
    
    $
    2,865,901Net income (loss)
    
    $
    (607,961
    )
    
    $
    (4,356,671
    )
    
    $
    10,663,067
    
    
    $
    2,857,035Increase (decrease)
in Net Asset Value
per Redeemable Unit
    
    $
    (4.11
    )
    
    $
    (32.44
    )
    
    $
    70.15
    
    
    $
    15.21
 F-47




---



##### 





To the Limited
    Partners of
    CMF Aspect Master Fund L.P.













| |     |               
| | --- | --------------
| | By: | Jennifer Magro











Ceres Managed Futures LLC








212-559-2011


F-48



---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    
 F-49




---



##### 



Report of Independent Auditors
 
   
 F-50




---



##### 



Report of Independent Registered Public Accounting Firm
 
     
 F-51




---



##### 



CMF Aspect Master
    Fund L.P.

 Statements
    of Financial Condition
    December 31, 2009 and 2008




|                                                                                                                                                                         |  |      |             |  |      |   |             | 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ---- | ----------- |  | ---- | - | ----------- | 
|                                                                                                                                                                         |  | 2009 |             |  | 2008 |  
|                                                                                                                                                                        
|Assets:                                                                                                                                                                  |  |      |             |  |      |   |             | 
|Equity in trading account:                                                                                                                                               |  |      |             |  |      |   |             | 
|Cash (Note 3c)                                                                                                                                                           |  | $    | 142,959,369 |  |      | $ | 213,611,724 | 
|Cash margin (Note 3c)                                                                                                                                                    |  |      | 22,969,045  |  |      |   | 18,981,887  | 
|Net unrealized appreciation on open futures contracts                                                                                                                    |  |      |            |  |      |   | 7,642,556   | 
|Net unrealized appreciation on open forward contracts                                                                                                                    |  |      | 143,867     |  |      |   |            | 
|                                                                                                                                                                         |  |      |             |  |      |   |             | 
|Total assets                                                                                                                                                             |  | $    | 166,072,281 |  |      | $ | 240,236,167 | 
|                                                                                                                                                                         |  |      |             |  |      |   |             | 
|Liabilities and Partners Capital:                                                                                                                                       |  |      |             |  |      |   |             | 
|Liabilities:                                                                                                                                                             |  |      |             |  |      |   |             | 
|Net unrealized depreciation on open futures contracts                                                                                                                    |  | $    | 907,618     |  |      | $ |            | 
|Net unrealized depreciation on open forward contracts                                                                                                                    |  |      |            |  |      |   | 866,177     | 
|Accrued expenses:                                                                                                                                                        |  |      |             |  |      |   |             | 
|Professional fees                                                                                                                                                        |  |      | 26,605      |  |      |   | 15,657      | 
|                                                                                                                                                                         |  |      |             |  |      |   |             | 
|Total liabilities                                                                                                                                                        |  |      | 934,223     |  |      |   | 881,834     | 
|                                                                                                                                                                         |  |      |             |  |      |   |             | 
|Partners Capital:                                                                                                                                                       |  |      |             |  |      |   |             | 
|General Partner, 0.0000 Unit equivalents at December 31,
    2009 and 2008                                                                                               |  |      |            |  |      |   |            | 
|Limited Partners Capital, 96,151.3601 and 125,803.5845
    Redeemable Units of Limited Partnership Interest outstanding at
    December 31, 2009 and 2008, respectively |  |      | 165,138,058 |  |      |   | 239,354,333 | 
|                                                                                                                                                                         |  |      |             |  |      |   |             | 
|Total liabilities and partners capital                                                                                                                                  |  | $    | 166,072,281 |  |      | $ | 240,236,167 | 
|                                                                                                                                                                         |  |      |             |  |      |   |             | 





See accompanying notes to financial statements.


F-52



---



##### 



CMF Aspect Master
    Fund L.P.

 Condensed
    Schedule of Investments
    December 31, 2009




|                                                        |  |                     |            |  |            |   |            |                |  |  |       |   
|------------------------------------------------------- |  | ------------------- | ---------- |  | ---------- | - | ---------- | -------------- |  |  | ----- | --
|                                                        |  | Notional ($)/       |            |  |            |   |            | % of Partners | 
|                                                        |  | Number of Contracts |            |  | Fair Value |   |            | Capital        | 
|                                                       
|Futures Contracts Purchased                             |  |                     |            |  |            |   |            |                |  |  |       |   
|Currencies                                              |  |                     | 5          |  |            | $ | (36,750    | )              |  |  | (0.02 | )%
|Energy                                                  |  |                     | 233        |  |            |   | 465,769    |                |  |  | 0.28  |   
|Grains                                                  |  |                     | 174        |  |            |   | 190,195    |                |  |  | 0.12  |   
|Indices                                                 |  |                     | 1,391      |  |            |   | 1,242,828  |                |  |  | 0.75  |   
|Interest Rates U.S.                                     |  |                     | 1,214      |  |            |   | (1,328,931 | )              |  |  | (0.81 | ) 
|Interest Rates
    Non-U.S.                             |  |                     | 4,941      |  |            |   | (1,403,280 | )              |  |  | (0.85 | ) 
|Metals                                                  |  |                     | 231        |  |            |   | (1,423,928 | )              |  |  | (0.86 | ) 
|Softs                                                   |  |                     | 757        |  |            |   | 1,285,890  |                |  |  | 0.78  |   
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |   
|Total futures contracts purchased                       |  |                     |            |  |            |   | (1,008,207 | )              |  |  | (0.61 | ) 
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |   
|Futures Contracts Sold                                  |  |                     |            |  |            |   |            |                |  |  |       |   
|Energy                                                  |  |                     | 28         |  |            |   | 89,080     |                |  |  | 0.05  |   
|Grains                                                  |  |                     | 153        |  |            |   | 22,242     |                |  |  | 0.01  |   
|Indices                                                 |  |                     | 1          |  |            |   | 162        |                |  |  | 0.00  | * 
|Interest Rates U.S.                                     |  |                     | 36         |  |            |   | 8,594      |                |  |  | 0.01  |   
|Interest Rates
    Non-U.S.                             |  |                     | 217        |  |            |   | 43,819     |                |  |  | 0.03  |   
|Livestock                                               |  |                     | 179        |  |            |   | (137,508   | )              |  |  | (0.08 | ) 
|Softs                                                   |  |                     | 205        |  |            |   | 74,200     |                |  |  | 0.04  |   
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |   
|Total futures contracts sold                            |  |                     |            |  |            |   | 100,589    |                |  |  | 0.06  |   
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |   
|Unrealized Appreciation on Open Forward Contracts       |  |                     |            |  |            |   |            |                |  |  |       |   
|Currencies                                              |  | $                   | 74,114,061 |  |            |   | 990,192    |                |  |  | 0.60  |   
|Metals                                                  |  |                     | 281        |  |            |   | 769,799    |                |  |  | 0.47  |   
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |   
|Total unrealized appreciation on open forward contracts |  |                     |            |  |            |   | 1,759,991  |                |  |  | 1.07  |   
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |   
|Unrealized Depreciation on Open Forward Contracts       |  |                     |            |  |            |   |            |                |  |  |       |   
|Currencies                                              |  | $                   | 95,889,125 |  |            |   | (1,487,481 | )              |  |  | (0.90 | ) 
|Metals                                                  |  |                     | 70         |  |            |   | (128,643   | )              |  |  | (0.08 | ) 
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |   
|Total unrealized depreciation on open forward contracts |  |                     |            |  |            |   | (1,616,124 | )              |  |  | (0.98 | ) 
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |   
|Total fair value                                        |  |                     |            |  |            | $ | (763,751   | )              |  |  | (0.46 | )%
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |   







|  |  |                
|- |  | ---------------
|* |  | Due to rounding



See accompanying notes to financial statements.


F-53



---



##### 



CMF Aspect Master
    Fund L.P.

 Condensed
    Schedule of Investments
    December 31, 2008




|                                                        |  |                     |            |  |            |   |            |                |  |  |       |  
|------------------------------------------------------- |  | ------------------- | ---------- |  | ---------- | - | ---------- | -------------- |  |  | ----- | -
|                                                        |  | Notional ($)/       |            |  |            |   |            | % of Partners | 
|                                                        |  | Number of Contracts |            |  | Fair Value |   |            | Capital        | 
|                                                       
|Futures Contracts Purchased                             |  |                     |            |  |            |   |            |                |  |  |       |  
|Energy                                                  |  |                     | 30         |  |            | $ | 60,984     |                |  |  | 0.02  | %
|Indices                                                 |  |                     | 2          |  |            |   | 2,573      |                |  |  | 0.00  | *
|Interest Rates U.S.                                     |  |                     | 1,224      |  |            |   | 2,077,625  |                |  |  | 0.87  |  
|Interest Rates
    Non-U.S.                             |  |                     | 4,998      |  |            |   | 5,498,661  |                |  |  | 2.30  |  
|Metals                                                  |  |                     | 7          |  |            |   | 16,820     |                |  |  | 0.01  |  
|Softs                                                   |  |                     | 104        |  |            |   | 206,200    |                |  |  | 0.08  |  
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |  
|Total futures contracts purchased                       |  |                     |            |  |            |   | 7,862,863  |                |  |  | 3.28  |  
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |  
|Futures Contracts Sold                                  |  |                     |            |  |            |   |            |                |  |  |       |  
|Energy                                                  |  |                     | 290        |  |            |   | 505,202    |                |  |  | 0.21  |  
|Grains                                                  |  |                     | 338        |  |            |   | (604,114   | )              |  |  | (0.25 | )
|Indices                                                 |  |                     | 125        |  |            |   | (146,058   | )              |  |  | (0.06 | )
|Livestock                                               |  |                     | 137        |  |            |   | 61,865     |                |  |  | 0.03  |  
|Metals                                                  |  |                     | 50         |  |            |   | 31,653     |                |  |  | 0.01  |  
|Softs                                                   |  |                     | 411        |  |            |   | (68,855    | )              |  |  | (0.03 | )
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |  
|Total futures contracts sold                            |  |                     |            |  |            |   | (220,307   | )              |  |  | (0.09 | )
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |  
|Unrealized Appreciation on Open Forward Contracts       |  |                     |            |  |            |   |            |                |  |  |       |  
|Currencies                                              |  | $                   | 51,489,955 |  |            |   | 1,384,014  |                |  |  | 0.58  |  
|Metals                                                  |  |                     | 26         |  |            |   | 48,387     |                |  |  | 0.02  |  
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |  
|Total unrealized appreciation on open forward contracts |  |                     |            |  |            |   | 1,432,401  |                |  |  | 0.60  |  
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |  
|Unrealized Depreciation on Open Forward Contracts       |  |                     |            |  |            |   |            |                |  |  |       |  
|Currencies                                              |  | $                   | 41,384,671 |  |            |   | (1,743,244 | )              |  |  | (0.73 | )
|Metals                                                  |  |                     | 308        |  |            |   | (555,334   | )              |  |  | (0.23 | )
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |  
|Total unrealized depreciation on open forward contracts |  |                     |            |  |            |   | (2,298,578 | )              |  |  | (0.96 | )
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |  
|Total fair value                                        |  |                     |            |  |            | $ | 6,776,379  |                |  |  | 2.83  | %
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |  







|  |  |                
|- |  | ---------------
|* |  | Due to rounding



See accompanying notes to financial statements.


F-54



---



##### 



CMF Aspect Master
    Fund L.P.

 Statements
    of Income and Expenses
    for the years ended December 31, 2009, 2008, and
    2007




|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|----------------------------------------------------------------------------------------- |  | ---- | ------------ | - | ---- | - | ------------ | ---- |  | - | ------------ | -
|                                                                                          |  | 2009 |              |   | 2008 |   |              | 2007 | 
|                                                                                         
|Income:                                                                                   |  |      |              |   |      |   |              |      |  |   |              |  
|Net gains (losses) on trading of commodity interests:                                     |  |      |              |   |      |   |              |      |  |   |              |  
|Net realized gains (losses) on closed contracts                                           |  | $    | (11,277,935  | ) |      | $ | 69,752,159   |      |  | $ | 20,714,242   |  
|Change in net unrealized gains (losses) on open contracts                                 |  |      | (7,540,130   | ) |      |   | (970,655     | )    |  |   | (2,250,581   | )
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Gain (loss) from trading, net                                                             |  |      | (18,818,065  | ) |      |   | 68,781,504   |      |  |   | 18,463,661   |  
|Interest income                                                                           |  |      | 133,236      |   |      |   | 2,247,200    |      |  |   | 7,517,273    |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Total income (loss)                                                                       |  |      | (18,684,829  | ) |      |   | 71,028,704   |      |  |   | 25,980,934   |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Expenses:                                                                                 |  |      |              |   |      |   |              |      |  |   |              |  
|Clearing fees                                                                             |  |      | 266,630      |   |      |   | 302,515      |      |  |   | 431,717      |  
|Professional fees                                                                         |  |      | 46,144       |   |      |   | 35,989       |      |  |   | 26,148       |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Total expenses                                                                            |  |      | 312,774      |   |      |   | 338,504      |      |  |   | 457,865      |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Net income (loss)                                                                         |  | $    | (18,997,603  | ) |      | $ | 70,690,200   |      |  | $ | 25,523,069   |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Net income (loss) per Redeemable Unit of Limited Partnership
    Interest (Notes 1 and 6) |  | $    | (183.86      | ) |      | $ | 524.62       |      |  | $ | 160.42       |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Weighted average units outstanding                                                        |  |      | 106,915.0569 |   |      |   | 138,185.2293 |      |  |   | 163,388.9365 |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  





See accompanying notes to financial statements.


F-55



---



##### 



CMF Aspect Master
    Fund L.P.


    Statements of Changes in Partners Capital
    for the years ended December 31, 2009, 2008, and
    2007




|                                                                               |  |           |             |  
|------------------------------------------------------------------------------ |  | --------- | ----------- | -
|                                                                               |  | Partners |            
|                                                                               |  | Capital   |            
|                                                                              
|Partners capital at December 31, 2006                                         |  | $         | 211,758,913 |  
|Net income (loss)                                                              |  |           | 25,523,069  |  
|Sale of 12,102.0599 Redeemable Units of Limited Partnership
    Interest       |  |           | 15,485,588  |  
|Redemption of 32,110.2714 Redeemable Units of Limited
    Partnership Interest |  |           | (42,555,077 | )
|Distribution of interest income to feeder funds                                |  |           | (7,517,273  | )
|                                                                               |  |           |             |  
|Partners capital at December 31, 2007                                         |  |           | 202,695,220 |  
|Net income (loss)                                                              |  |           | 70,690,200  |  
|Sale of 14,969.5777 Redeemable Units of Limited Partnership
    Interest       |  |           | 24,526,285  |  
|Redemption of 34,545.0307 Redeemable Units of Limited
    Partnership Interest |  |           | (56,310,172 | )
|Distribution of interest income to feeder funds                                |  |           | (2,247,200  | )
|                                                                               |  |           |             |  
|Partners capital at December 31, 2008                                         |  |           | 239,354,333 |  
|Net income (loss)                                                              |  |           | (18,997,603 | )
|Sale of 17,809.0598 Redeemable Units of Limited Partnership
    Interest       |  |           | 32,568,105  |  
|Redemption of 47,461.2842 Redeemable Units of Limited
    Partnership Interest |  |           | (87,653,541 | )
|Distribution of interest income to feeder funds                                |  |           | (133,236    | )
|                                                                               |  |           |             |  
|Partners capital at December 31, 2009                                         |  | $         | 165,138,058 |  
|                                                                               |  |           |             |  
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest:       |  |           |             |  





2007:

$
1,394.252008:

$
1,902.602009:

$
1,717.48






See accompanying notes to financial statements.


F-56



---



##### 





CMF Aspect Master
    Fund L.P.


    Notes to Financial Statements
    December 31, 2009




|   |                              
|-- | -----------------------------
|1. | Partnership
    Organization:

















F-57



---



##### 





CMF Aspect Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2009












|   |                         
|-- | ------------------------
|2. | Accounting
    Policies:



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. | Use of Estimates.The preparation of financial
    statements and accompanying notes in conformity with GAAP
    requires management to make estimates and assumptions that
    affect the reported amounts of assets and liabilities, income
    and expenses, and related disclosures of contingent assets and
    liabilities in the financial statements and accompanying notes.
    In making these estimates and assumptions, management has
    considered the effects, if any, of events occurring after the
    date of the Masters Statements of Financial Condition
    through the date the financial statements were issued. As a
    result, actual results could differ from these estimates.                                                                                                                                                                                                         
|
| | b. | Statement of Cash Flows.The Master is not
    required to provide a Statement of Cash Flows as permitted by
    ASC 230, Statement of Cash Flows (formerly,
    FAS No. 102, Statement of Cash Flows Exemption
    of Certain Enterprises and Classification of Cash Flows from
    Certain Securities Acquired for Resale).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|
| | c. | Masters Investments.All commodity
    interests of the Master (including derivative financial
    instruments and derivative commodity instruments) are held for
    trading purposes. The commodity interests are recorded on trade
    date and open contracts are recorded at fair value (as described
    below) at the measurement date. Investments in commodity
    interests denominated in foreign currencies are translated into
    U.S. dollars at the exchange rates prevailing at the
    measurement date. Gains or losses are realized when contracts
    are liquidated. Unrealized gains or losses on open contracts are
    included as a component of equity in trading account on the
    Statements of Financial Condition. Realized gains or losses and
    any change in net unrealized gains or losses from the preceding
    period are reported in the Statements of Income and Expenses.



Masters Fair Value Measurements.


F-58



---



##### 





CMF Aspect Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2009




FAS No. 157-4,




non-exchange




|                  |  |            |           |   |                  |   |          |                   |  |   |                  |   |  |   |   | 
|----------------- |  | ---------- | --------- | - | ---------------- | - | -------- | ----------------- |  | - | ---------------- | - |  | - | - | 
|                  |  |            |           |   | Quoted Prices in |   |          |                   |  |   |                  |  
|                  |  |            |           |   | Active Markets   |   |          | Significant Other |  |   | Significant      |  
|                  |  |            |           |   | for Identical    |   |          | Observable Inputs |  |   | Unobservable     |  
|                  |  | 12/31/2009 |           |   | Assets (Level 1) |   |          | (Level 2)         |  |   | Inputs (Level 3) |  
|                 
|Assets            |  |            |           |   |                  |   |          |                   |  |   |                  |   |  |   |   | 
|Forwards          |  | $          | 641,156   |   |                  | $ | 641,156  |                   |  | $ |                 |   |  | $ |  | 
|                  |  |            |           |   |                  |   |          |                   |  |   |                  |   |  |   |   | 
|Total assets      |  |            | 641,156   |   |                  |   | 641,156  |                   |  |   |                 |   |  |   |  | 
|                  |  |            |           |   |                  |   |          |                   |  |   |                  |   |  |   |   | 
|Liabilities       |  |            |           |   |                  |   |          |                   |  |   |                  |   |  |   |   | 
|Futures           |  | $          | 907,618   |   |                  | $ | 907,618  |                   |  | $ |                 |   |  | $ |  | 
|Forwards          |  |            | 497,289   |   |                  |   |         |                   |  |   | 497,289          |   |  |   |  | 
|                  |  |            |           |   |                  |   |          |                   |  |   |                  |   |  |   |   | 
|Total liabilities |  |            | 1,404,907 |   |                  |   | 907,618  |                   |  |   | 497,289          |   |  |   |  | 
|                  |  |            |           |   |                  |   |          |                   |  |   |                  |   |  |   |   | 
|Total fair value  |  | $          | (763,751  | ) |                  | $ | (266,462 | )                 |  | $ | (497,289         | ) |  | $ |  | 
|                  |  |            |           |   |                  |   |          |                   |  |   |                  |   |  |   |   | 





|                  |  |            |           |  |                  |   |           |                   |  |   |                  |   |  |   |   | 
|----------------- |  | ---------- | --------- |  | ---------------- | - | --------- | ----------------- |  | - | ---------------- | - |  | - | - | 
|                  |  |            |           |  | Quoted Prices in |   |           |                   |  |   |                  |  
|                  |  |            |           |  | Active Markets   |   |           | Significant Other |  |   | Significant      |  
|                  |  |            |           |  | for Identical    |   |           | Observable Inputs |  |   | Unobservable     |  
|                  |  | 12/31/2008 |           |  | Assets (Level 1) |   |           | (Level 2)         |  |   | Inputs (Level 3) |  
|                 
|Assets            |  |            |           |  |                  |   |           |                   |  |   |                  |   |  |   |   | 
|Futures           |  | $          | 7,642,556 |  |                  | $ | 7,642,556 |                   |  | $ |                 |   |  | $ |  | 
|                  |  |            |           |  |                  |   |           |                   |  |   |                  |   |  |   |   | 
|Total assets      |  |            | 7,642,556 |  |                  |   | 7,642,556 |                   |  |   |                 |   |  |   |  | 
|                  |  |            |           |  |                  |   |           |                   |  |   |                  |   |  |   |   | 
|Liabilities       |  |            |           |  |                  |   |           |                   |  |   |                  |   |  |   |   | 
|Forwards          |  | $          | 866,177   |  |                  | $ | 506,947   |                   |  | $ | 359,230          |   |  | $ |  | 
|                  |  |            |           |  |                  |   |           |                   |  |   |                  |   |  |   |   | 
|Total liabilities |  |            | 866,177   |  |                  |   | 506,947   |                   |  |   | 359,230          |   |  |   |  | 
|                  |  |            |           |  |                  |   |           |                   |  |   |                  |   |  |   |   | 
|Total fair value  |  | $          | 6,776,379 |  |                  | $ | 7,135,609 |                   |  | $ | (359,230         | ) |  | $ |  | 
|                  |  |            |           |  |                  |   |           |                   |  |   |                  |   |  |   |   | 





| |    |                                                                                                                                                                                                      
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | d. | Futures Contracts.The Master trades futures
    contracts. A futures contract is a firm commitment to buy or
    sell a specified quantity of investments, currency or a
    standardized amount of a

F-59



---



##### 





CMF Aspect Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2009




| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | deliverable grade commodity, at a specified price on a specified
    future date, unless the contract is closed before the delivery
    date or if the delivery quantity is something where physical
    delivery can not occur (such as the S&P 500 Index), whereby
    such contract is settled in cash. Payments (variation
    margin) may be made or received by the Master each
    business day, depending on the daily fluctuations in the value
    of the underlying instruments, and are recorded as unrealized
    gains or losses by the Master. When the contract is closed, the
    Master records a realized gain or loss equal to the difference
    between the value of the contract at the time it was opened and
    the value at the time it was closed. Because transactions in
    futures contracts require participants to make both initial
    margin deposits of cash or other assets and variation margin
    deposits, through the futures broker directly with the exchange
    on which the contracts are traded, credit exposure is limited.
    Realized gains (losses) and changes in unrealized gains (losses)
    on futures contracts are included in the Statements of Income
    and Expenses.



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | e. | Forward Foreign Currency Contracts.Foreign
    currency contracts are those contracts where the Master agrees
    to receive or deliver a fixed quantity of foreign currency for
    an
    agreed-upon
    price on an agreed future date. Foreign currency contracts are
    valued daily, and the Masters net equity therein,
    representing unrealized gain or loss on the contracts as
    measured by the difference between the forward foreign exchange
    rates at the dates of entry into the contracts and the forward
    rates at the reporting date, is included in the Statements of
    Financial Condition. Realized gains (losses) and changes in
    unrealized gains (losses) on foreign currency contracts are
    recognized in the period in which the contract is closed or the
    changes occur, respectively, and are included in the Statements
    of Income and Expenses.



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    | The Master does not isolate that portion of the results of
    operations arising from the effect of changes in foreign
    exchange rates on investments from fluctuations from changes in
    market prices of investments held. Such fluctuations are
    included in net gain (loss) on investments in the Statements of
    Income and Expenses.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|
| | f. | London Metals Exchange Forward
    Contracts.Metal contracts traded on the London
    Metals Exchange (LME) represent a firm commitment to
    buy or sell a specified quantity of aluminum, copper, lead,
    nickel, tin or zinc. LME contracts traded by the Master are cash
    settled based on prompt dates published by the LME. Payments
    (variation margin) may be made or received by the
    Master each business day, depending on the daily fluctuations in
    the value of the underlying contracts, and are recorded as
    unrealized gains or losses by the Master. A contract is
    considered offset when all long positions have been matched with
    short positions. When the contract is closed at the prompt date,
    the Master records a realized gain or loss equal to the
    difference between the value of the contract at the time it was
    opened and the value at the time it was closed. Because
    transactions in LME contracts require participants to make both
    initial margin deposits of cash or other assets and variation
    margin deposits, through the broker, directly with the LME,
    credit exposure is limited. Realized gains (losses) and changes
    in unrealized gains (losses) on metal contracts are included in
    the Statements of Income and Expenses.



| |    |                                                                                                                                                                                                                                                                             
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | g. | Income and Expenses Recognition.All of the
    income and expenses and realized and unrealized gains and losses
    on trading of commodity interests are determined on each
    valuation day and allocated pro rata among the Funds at the time
    of such determination.
|
| | h. | Income Taxes.Income taxes have not been
    provided as each partner is individually liable for the taxes,
    if any, on their share of the Masters income and expenses.                                                                                                  



740-10, 740-10 740-10


F-60



---



##### 





CMF Aspect Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2009












| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | i. | Subsequent Events.  In 2009, the Master adopted
    ASC 855, Subsequent Events (formerly, FAS No. 165,
    Subsequent Events). The objective of ASC 855 is to
    establish general standards of accounting for and disclosure of
    events that occur after the balance sheet date but before
    financial statements are issued or available to be issued.
    Management has determined that there were no subsequent events
    requiring adjustment or disclosure in the financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|
| | j. | Recent Accounting Pronouncements.In January
    2010, the FASB issued Accounting Standards Update
    No. 2010-06
    (ASU
    2010-06),
    Improving Disclosures about Fair Value Measurements,
    which, among other things, amends ASC 820 to require entities to
    separately present purchases, sales, issuances, and settlements
    in their reconciliation of Level 3 fair value measurements
    (i.e. to present such items on a gross basis rather than on a
    net basis), and which clarifies existing disclosure requirements
    provided by ASC 820 regarding the level of disaggregation and
    the inputs and valuation techniques used to measure fair value
    for measurements that fall within either Level 2 or
    Level 3 of the fair value hierarchy. ASU
    2010-06 is
    effective for interim and annual periods beginning after
    December 15, 2009, except for the disclosures about
    purchases, sales, issuances, and settlements in the roll forward
    of activity in Level 3 fair value measurements (which are
    effective for fiscal years beginning after December 15,
    2010, and for interim periods within those fiscal years).
    Management is currently assessing the impact that the adoption
    of ASU
    2010-06 will
    have on the Masters financial statements disclosures.







| |    |                                                                                                   
| | -- | --------------------------------------------------------------------------------------------------
| | k. | Certain prior period amounts have been reclassified to conform
    to current period presentation.



| |    |                                                                                                                                                                                                
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | l. | Net Income (Loss) per Redeemable Unit. Net
    income (loss) per Redeemable Unit is calculated in accordance
    with investment company guidance. See footnote 6 for Financial
    Highlights.



|   |            
|-- | -----------
|3. | Agreements:



| |    |                               
| | -- | ------------------------------
| | a. | Limited Partnership Agreement:







| |    |                      
| | -- | ---------------------
| | b. | Management Agreement:





F-61



---



##### 





CMF Aspect Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2009








| |    |                    
| | -- | -------------------
| | c. | Customer Agreement:



give-up,




|   |                        
|-- | -----------------------
|4. | Trading
    Activities:



















F-62



---



##### 





CMF Aspect Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2009




|                                                        |  |   |                   |   
|------------------------------------------------------- |  | - | ----------------- | --
|Assets                                                  |  |   | December 31, 2009 |   
|                                                        |  |   |                   |   
|Futures Contracts                                       |  |   |                   |   
|Energy                                                  |  | $ | 574,121           |   
|Grains                                                  |  |   | 238,475           |   
|Indices                                                 |  |   | 1,310,009         |   
|Interest Rates U.S.                                     |  |   | 27,841            |   
|Interest Rates
    Non-U.S.                             |  |   | 820,367           |   
|Livestock                                               |  |   | 1,170             |   
|Metals                                                  |  |   | 156,363           |   
|Softs                                                   |  |   | 1,560,990         |   
|                                                        |  |   |                   |   
|Total unrealized appreciation on open futures contracts |  | $ | 4,689,336         |   
|                                                        |  |   |                   |   
|Liabilities                                             |  |   |                   |   
|Futures Contracts                                       |  |   |                   |   
|Currencies                                              |  | $ | (36,750           | ) 
|Energy                                                  |  |   | (19,273           | ) 
|Grains                                                  |  |   | (26,038           | ) 
|Indices                                                 |  |   | (67,019           | ) 
|Interest Rates U.S.                                     |  |   | (1,348,178        | ) 
|Interest Rates
    Non-U.S.                             |  |   | (2,179,828        | ) 
|Livestock                                               |  |   | (138,678          | ) 
|Metals                                                  |  |   | (1,580,290        | ) 
|Softs                                                   |  |   | (200,900          | ) 
|                                                        |  |   |                   |   
|Total unrealized depreciation on open futures contracts |  | $ | (5,596,954        | ) 
|                                                        |  |   |                   |   
|Net unrealized depreciation on open futures contracts   |  | $ | (907,618          | )*
|                                                        |  |   |                   |   
|Assets                                                  |  |   |                   |   
|Forward Contracts                                       |  |   |                   |   
|Currencies                                              |  | $ | 990,192           |   
|Metals                                                  |  |   | 769,799           |   
|                                                        |  |   |                   |   
|Total unrealized appreciation on open forward contracts |  | $ | 1,759,991         |   
|                                                        |  |   |                   |   
|Liabilities                                             |  |   |                   |   
|Forward Contracts                                       |  |   |                   |   
|Currencies                                              |  | $ | (1,487,481        | ) 
|Metals                                                  |  |   | (128,643          | ) 
|                                                        |  |   |                   |   
|Total unrealized depreciation on open forward contracts |  | $ | (1,616,124        | ) 
|                                                        |  |   |                   |   
|Net unrealized appreciation on open forward contracts   |  | $ | 143,867           | **
|                                                        |  |   |                   |   





|   |  |                                                                                                                        
|-- |  | -----------------------------------------------------------------------------------------------------------------------
|*  |  | This amount is in Net unrealized depreciation on open
    futures contracts on the Statements of Financial Condition.
|  
|** |  | This amount is in Net unrealized appreciation on open
    forward contracts on the Statements of Financial Condition.

F-63



---



##### 





CMF Aspect Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2009










|                            |  |                          |             |     
|--------------------------- |  | ------------------------ | ----------- | ----
|                            |  | December 31, 2009        |            
|Sector                      |  | Gain (loss) from Trading |            
|                           
|Currencies                  |  | $                        | (6,825,819  | )   
|Energy                      |  |                          | (8,384,587  | )   
|Grains                      |  |                          | (1,053,672  | )   
|Indices                     |  |                          | 2,125,096   |     
|Interest Rates U.S.         |  |                          | (2,393,695  | )   
|Interest Rates
    Non-U.S. |  |                          | (3,837,479  | )   
|Livestock                   |  |                          | 972,097     |     
|Softs                       |  |                          | 526,733     |     
|Metals                      |  |                          | 53,261      |     
|                            |  |                          |             |     
|Total                       |  | $                        | (18,818,065 | )***
|                            |  |                          |             |     







|    |  |                                                                                               
|--- |  | ----------------------------------------------------------------------------------------------
|*** |  | This amount is in Gain(loss) from trading, net on
    the Statements of Income and Expenses.



|   |                                                  
|-- | -------------------------------------------------
|5. | Subscriptions,
    Distributions and Redemptions:







|   |                          
|-- | -------------------------
|6. | Financial
    Highlights:







|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  
|------------------------------------------------------------------------------------------ |  | ---- | -------- | - | ---- | - | -------- | ---- |  | - | -------- | -
|                                                                                           |  | 2009 |          |   | 2008 |   |          | 2007 | 
|                                                                                          
|Net realized and unrealized gains (losses)*                                                |  | $    | (184.65  | ) |      | $ | 508.62   |      |  | $ | 114.03   |  
|Interest income                                                                            |  |      | 1.26     |   |      |   | 16.27    |      |  |   | 46.55    |  
|Expenses**                                                                                 |  |      | (0.47    | ) |      |   | (0.27    | )    |  |   | (0.16    | )
|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  
|Increase (decrease) for the year                                                           |  |      | (183.86  | ) |      |   | 524.62   |      |  |   | 160.42   |  
|Distribution of interest income to feeder funds                                            |  |      | (1.26    | ) |      |   | (16.27   | )    |  |   | (46.55   | )
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, beginning of year |  |      | 1,902.60 |   |      |   | 1,394.25 |      |  |   | 1,280.38 |  
|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, end of year       |  | $    | 1,717.48 |   |      | $ | 1,902.60 |      |  | $ | 1,394.25 |  
|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  







|   |  |                        
|-- |  | -----------------------
|*  |  | Includes clearing fees.
|  
|** |  | Excludes clearing fees.

F-64



---



##### 





CMF Aspect Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2009






|                                |  |      |      |    |      |  |      |      |  |  |      |  
|------------------------------- |  | ---- | ---- | -- | ---- |  | ---- | ---- |  |  | ---- | -
|                                |  | 2009 |      |    | 2008 |  |      | 2007 | 
|                               
|Ratios to Average Net Assets:   |  |      |      |    |      |  |      |      |  |  |      |  
|Net investment income (loss)*** |  |      | (0.1 | )% |      |  | 0.9  | %    |  |  | 3.3  | %
|                                |  |      |      |    |      |  |      |      |  |  |      |  
|Operating expenses              |  |      | 0.2  | %  |      |  | 0.2  | %    |  |  | 0.2  | %
|                                |  |      |      |    |      |  |      |      |  |  |      |  
|Total return                    |  |      | (9.7 | )% |      |  | 37.6 | %    |  |  | 12.5 | %
|                                |  |      |      |    |      |  |      |      |  |  |      |  







|    |  |                                     
|--- |  | ------------------------------------
|*** |  | Interest income less total expenses.







|   |                                
|-- | -------------------------------
|7. | Financial
    Instrument Risks:



over-the-counter


















F-65



---



##### 



For the
    
    For the
    
    For the
    
    For theperiod from
    
    period from
    
    period from
    
    period fromOctober 1, 2009 to
    
    July 1, 2009 to
    
    April 1, 2009 to
    
    January 1, 2009 toDecember 31, 2009
    
    September 30, 2009
    
    June 30, 2009
    
    March 31, 2009Net realized and
unrealized trading
gains (losses) net
of brokerage
commissions and
clearing fees
including interest
income
    
    $
    (2,100,606
    )
    
    $
    9,396,484
    
    
    $
    (23,478,167
    )
    
    $
    (2,769,170
    )Net income (loss)
    
    $
    (2,119,165
    )
    
    $
    9,387,591
    
    
    $
    (23,487,080
    )
    
    $
    (2,778,949
    )Increase (decrease)
in Net Asset Value
per Redeemable Unit
    
    $
    (24.09
    )
    
    $
    98.92
    
    
    $
    (230.09
    )
    
    $
    (28.60
    )
 For the
    
    For the
    
    For the
    
    For theperiod from
    
    period from
    
    period from
    
    period fromOctober 1, 2008 to
    
    July 1, 2008 to
    
    April 1, 2008 to
    
    January 1, 2008 toDecember 31, 2008
    
    September 30, 2008
    
    June 30, 2008
    
    March 31, 2008Net realized and
unrealized trading
gains (losses) net
of brokerage
commissions and
clearing fees
including interest
income
    
    $
    46,521,870
    
    
    $
    (19,743,784
    )
    
    $
    14,513,377
    
    
    $
    29,434,726Net income (loss)
    
    $
    46,511,766
    
    
    $
    (19,753,889
    )
    
    $
    14,503,460
    
    
    $
    29,428,863Increase (decrease)
in Net Asset Value
per Redeemable Unit
    
    $
    363.39
    
    
    $
    (148.72
    )
    
    $
    106.51
    
    
    $
    203.44
 F-66




---



##### 



To the Limited
    Partners of
    CMF Altis Partners Master Fund L.P.
    
  By:
    Jennifer Magro 
  Ceres Managed Futures LLC    212-559-2011
 F-67




---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    
 F-68




---



##### 



Report of Independent Auditors
 
   
 F-69




---



##### 



Report of Independent Registered Public Accounting Firm
 
     
 F-70




---



##### 



CMF Altis
    Partners Master Fund L.P.

 Statements
    of Financial Condition
    December 31, 2009 and 2008
  2009


2008Assets:Equity in trading account:Cash (Note 3c)

$
72,536,409


$
69,644,254Cash margin (Note 3c)


6,880,657



14,456,853Net unrealized appreciation on open futures contracts


3,658,632



13,064,649Net unrealized appreciation on open forward contracts


1,266,064



2,134,789Total assets

$
84,341,762


$
99,300,545Liabilities and Partners Capital:Liabilities:Accrued expenses:Professional fees

$
34,004


$
17,963Total liabilities


34,004



17,963Partners Capital:General Partner, 0.0000 Unit equivalents at December 31,
    2009 and 2008






Limited Partners Capital, 26,342.3882 and 29,515.9972 
    Redeemable Units of Limited Partnership Interest outstanding at
    December 31, 2009 and 2008, respectively


84,307,758



99,282,582Total liabilities and partners capital

$
84,341,762


$
99,300,545   See accompanying notes to financial statements.
 F-71




---



##### 



CMF Altis
    Partners Master Fund L.P.

 Condensed
    Schedule of Investments
    December 31, 2009
  Number of





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


151


$
(86,245
)


(0.10
)%Energy


137



(133,827
)


(0.16
)Grains


145



70,145



0.08Indices


261



644,786



0.77Interest Rates U.S.


462



619,047



0.73Interest Rates
    Non-U.S.


744



1,423,043



1.69Livestock


4



3,280



0.00
*Metals


182



474,556



0.56Softs


311



763,907



0.91Total futures contracts purchased






3,778,692



4.48Futures Contracts SoldCurrencies


256



161,999



0.19Energy


116



(383,104
)


(0.45
)Grains


126



77,989



0.09Interest Rates U.S.


70



61,922



0.07Interest Rates
    Non-U.S.


52



22,694



0.03Livestock


90



(96,250
)


(0.11
)Metals


6



1,750



0.00
*Softs


48



32,940



0.04Total futures contracts sold






(120,060
)


(0.14
)Unrealized Appreciation on Open Forward ContractsMetals


400



3,166,023



3.75Total unrealized appreciation on open forward contracts






3,166,023



3.75Unrealized Depreciation on Open Forward ContractsMetals


367



(1,899,959
)


(2.25
)Total unrealized depreciation on open forward contracts






(1,899,959
)


(2.25
)Total fair value





$
4,924,696



5.84
%     See accompanying notes to financial statements.
 F-72




---



##### 



CMF Altis
    Partners Master Fund L.P.

 Condensed
    Schedule of Investments
    December 31, 2008
  Number of





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


221


$
359,977



0.36
%Grains


3



638



0.00
*Indices


137



196,752



0.20Interest Rates U.S.


872



2,743,895



2.76Interest Rates
    Non-U.S.


1,565



4,508,352



4.54Livestock


15



(1,500
)


(0.00
)*Metals


44



198,430



0.20Softs


119



364,297



0.37Total futures contracts purchased






8,370,841



8.43Futures Contracts SoldCurrencies


124



596,380



0.60Energy


470



1,119,463



1.13Grains


693



712,530



0.72Indices


45



(21,735
)


(0.02
)Interest Rates
    Non-U.S.


60



44,808



0.04Livestock


174



644,715



0.65Lumber


35



229,460



0.23Metals


227



652,283



0.66Softs


265



715,904



0.72Total futures contracts sold






4,693,808



4.73Unrealized Appreciation on Open Forward ContractsMetals


225



3,764,562



3.79Total unrealized appreciation on open forward contracts






3,764,562



3.79Unrealized Depreciation on Open Forward ContractsMetals


192



(1,629,773
)


(1.64
)Total unrealized depreciation on open forward contracts






(1,629,773
)


(1.64
)Total fair value





$
15,199,438



15.31
%     See accompanying notes to financial statements.
 F-73




---



##### 



CMF Altis
    Partners Master Fund L.P.

 Statements
    of Income and Expenses
    for the years ended
    December 31, 2009, 2008 and 2007
  2009


2008


2007Income:Net gains (losses) on trading of commodity interests:Net realized gains (losses) on closed contracts

$
6,237,096


$
43,242,776


$
8,388,931Change in net unrealized gains (losses) on open contracts


(10,274,742
)


3,280,781



5,902,514Gain (loss) from trading, net


(4,037,646
)


46,523,557



14,291,445Interest income


67,221



946,368



2,316,916Total income (loss)


(3,970,425
)


47,469,925



16,608,361Expenses:Clearing fees


97,912



174,092



174,310Professional fees


60,069



36,818



38,430Total expenses


157,981



210,910



212,740Net income (loss)

$
(4,128,406
)

$
47,259,015


$
16,395,621Net income (loss) per Redeemable Unit of Limited Partnership
    Interest (Notes 1 and 6)

$
(160.69
)

$
1,419.53


$
434.50Weighted average units outstanding


27,447.9300



35,038.6637



34,674.0707   See accompanying notes to financial statements.
 F-74




---



##### 



CMF Altis
    Partners Master Fund L.P.


    Statements of Changes in Partners Capital
    for the years ended
    December 31, 2009, 2008 and 2007
  PartnersCapitalPartners capital at December 31, 2006

$
45,727,192Net income (loss)


16,395,621Sale of 15,332.4004 Redeemable Units of Limited Partnership
    Interest


24,794,065Redemption of 7,165.6466 Redeemable Units of Limited Partnership
    Interest


(12,341,087
)Distribution of interest income to feeder funds


(2,316,916
)Partners capital at December 31, 2007


72,258,875Net income (loss)


47,259,015Sale of 7,905.1589 Redeemable Units of Limited Partnership
    Interest


19,703,367Redemption of 15,042.4224 Redeemable Units of Limited
    Partnership Interest


(38,992,307
)Distribution of interest income to feeder funds


(946,368
)Partners capital at December 31, 2008


99,282,582Net income (loss)


(4,128,406
)Sale of 7,949.9256 Redeemable Units of Limited Partnership
    Interest


25,607,383Redemption of 11,123.5346 Redeemable Units of Limited
    Partnership Interest


(36,386,580
)Distribution of interest income to feeder funds


(67,221
)Partners capital at December 31, 2009

$
84,307,758Net Asset Value per Redeemable Unit of Limited Partnership
    Interest:   2007:

$
1,971.422008:

$
3,363.692009:

$
3,200.46
   See accompanying notes to financial statements.
 F-75




---



##### 



CMF Altis
    Partners Master Fund L.P.

 Notes to
    Financial Statements
    December 31, 2009
  1.
    Partnership
    Organization:             F-76




---



##### 



CMF Altis
    Partners Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
    2.
    Accounting
    Policies:  a.
    Use of Estimates.  The preparation of financial
    statements an accompanying notes in conformity with GAAP
    requires management to make estimates and assumptions that
    affect the reported amounts of assets and liabilities, income
    and expenses, and related disclosures of contingent assets and
    liabilities in the financial statements and accompanying notes.
    In making these estimates and assumptions, management has
    considered the effects, if any, of events occurring after the
    date of the Masters Statements of Financial Condition
    through the date the financial statements were issued. As a
    result, actual results could differ from these estimates.b.
    Statement of Cash Flows.  The Master is not
    required to provide a Statement of Cash Flows as permitted by
    ASC 230, Statement of Cash Flows (formerly,
    FAS No. 102, Statement of Cash Flows Exemption
    of Certain Enterprises and Classification of Cash Flows from
    Certain Securities Acquired for Resale).c.
    Masters Investments.  All commodity
    interests of the Master (including derivative financial
    instruments and derivative commodity instruments) are held for
    trading purposes. The commodity interests are recorded on trade
    date and open contracts are recorded at fair value (as described
    below) at the measurement date. Investments in commodity
    interests denominated in foreign currencies are translated into
    U.S. dollars at the exchange rates prevailing at the
    measurement date. Gains or losses are realized when contracts
    are liquidated. Unrealized gains or losses on open contracts are
    included as a component of equity in trading account on the
    Statements of Financial Condition. Realized gain or loss and any
    change in net unrealized gain or loss from the preceding period
    are reported in the Statements of Income and Expenses.  Masters Fair Value Measurements.
  FAS No. 157-4,
 F-77




---



##### 



CMF Altis
    Partners Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
      Quoted Prices inActive Markets for


Significant Other


SignificantIdentical Assets


Observable Inputs


Unobservable Inputs12/31/2009


(Level 1)


(Level 2)


(Level 3)AssetsFutures

$
3,658,632


$
3,658,632


$



$
Forwards


1,266,064



1,266,064







Total fair value

$
4,924,696


$
4,924,696


$



$
   Quoted Prices inActive Markets for


Significant Other


SignificantIdentical Assets


Observable Inputs


Unobservable Inputs12/31/2008


(Level 1)


(Level 2)


(Level 3)AssetsFutures

$
13,064,649


$
13,064,649


$



$
Forwards


2,134,789



2,134,789







Total fair value

$
15,199,438


$
15,199,438


$



$
   d.
    Futures Contracts.The Master trades futures
    contracts. A futures contract is a firm commitment to buy or
    sell a specified quantity of investments, currency or a
    standardized amount of a deliverable grade commodity, at a
    specified price on a specified future date, unless the contract
    is closed before the delivery date or if the delivery quantity
    is something where physical delivery can not occur (such as the
    S&P 500 Index), whereby such contract is settled in cash.
    Payments (variation margin) may be made or received
    by the Master each business day, depending on the daily
    fluctuations in the value of the underlying contracts, and are
    recorded as unrealized gains or losses by the Master. When the
    contract is closed, the Master records a realized gain or loss
    equal to the difference between the value of the contract at the
    time it was opened and the value at the time it was closed.
    Because transactions in futures contracts require participants
    to make both initial margin deposits of cash or other assets and
    variation margin deposits, through the futures broker, directly
    with the exchange on which the contracts are traded, credit
    exposure is limited. Realized gains (losses) and changes in
    unrealized gains (losses) on futures contracts are included in
    the Statements of Income and Expenses.e.
    London Metals Exchange Forward
    Contracts.Metal contracts traded on the London
    Metals Exchange (LME) represent a firm commitment to
    buy or sell a specified quantity of aluminum, copper, lead,
    nickel, tin or zinc. LME contracts traded by the Master are cash
    settled based on prompt dates published by the LME. Payments
    (variation margin) may be made or received by the
    Master each business day, depending on the daily fluctuations in
    the value of the underlying F-78




---



##### 



CMF Altis
    Partners Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
  contracts, and are recorded as unrealized gains or losses by the
    Master. A contract is considered offset when all long positions
    have been matched with short positions. When the contract is
    closed at the prompt date, the Master records a realized gain or
    loss equal to the difference between the value of the contract
    at the time it was opened and the value at the time it was
    closed. Because transactions in LME contracts require
    participants to make both initial margin deposits of cash or
    other assets and variation margin deposits, through the broker,
    directly with the LME, credit exposure is limited. Realized
    gains (losses) and changes in unrealized gains (losses) on metal
    contracts are included in the Statements of Income and Expenses.  f.
    Income and Expenses Recognition.All of the
    income and expenses and realized and unrealized gains and losses
    on trading of commodity interests are determined on each
    valuation day and allocated pro rata among the Funds at the time
    of such determination.  g.
    Income Taxes.Income taxes have not been
    provided as each partner is individually liable for the taxes,
    if any, on their share of the Masters income and expenses.      h.
    Subsequent Events.  In 2009, the Master adopted
    ASC 855, Subsequent Events (formerly, FAS No. 165,
    Subsequent Events). The objective of ASC 855 is to
    establish general standards of accounting for and disclosure of
    events that occur after the balance sheet date but before
    financial statements are issued or available to be issued.
    Management has determined that there were no subsequent events
    requiring adjustment or disclosure in the financial statements.  i.
    Recent Accounting Pronouncements.  In January
    2010, the FASB issued Accounting Standards Update
    No. 2010-06
    (ASU
    2010-06),
    Improving Disclosures about Fair Value Measurements, which
    , among other things, amends ASC 820 to require entities to
    separately present purchases, sales, issuances, and settlements
    in their reconciliation of Level 3 fair value measurements
    (i.e. to present such items on a gross basis rather than on a
    net basis), and which clarifies existing disclosure requirements
    provided by ASC 820 regarding the level of disaggregation and
    the inputs and valuation techniques used to measure fair value
    for measurements that fall within either Level 2 or
    Level 3 of the fair value hierarchy. ASU
    2010-06 is
    effective for interim and annual periods beginning after
    December 15, 2009, except for the disclosures about
    purchases, sales, issuances, and settlements in the roll forward
    of activity in Level 3 fair value measurements (which are
    effective for fiscal years beginning after December 15,
    2010, and for interim periods within those fiscal years).
    Management is currently assessing the impact that the adoption
    of ASU
    2010-06 will
    have on the Masters financial statements disclosures.  No. 2010-09 2010-09),
 F-79




---



##### 



CMF Altis
    Partners Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
    j.
    Certain prior period amounts have been reclassified to conform
    to current period presentation.  k.
    Net Income (Loss) per Redeemable Unit.  Net
    income (loss) per Redeemable Unit is calculated in accordance
    with investment company guidance. See footnote 6 for Financial
    Highlights.  3.
    Agreements:  a.
    Limited Partnership Agreement:    b.
    Management Agreement:    c.
    Customer Agreement:  give-up,
  4.
    Trading
    Activities:         F-80




---



##### 



CMF Altis
    Partners Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
    December 31,2009AssetsFutures ContractsCurrencies

$
513,272Energy


34,206Grains


201,302Indices


646,144Interest Rates U.S.


806,247Interest Rates
    Non-U.S.


1,623,556Livestock


20,960Metals


489,601Softs


861,460Total unrealized appreciation on open futures contracts

$
5,196,748LiabilitiesFutures ContractsCurrencies

$
(437,517
)Energy


(551,137
)Grains


(53,169
)Indices


(1,358
)Interest Rates U.S.


(125,278
)Interest Rates
    Non-U.S.


(177,819
)Livestock


(113,930
)Metals


(13,295
)Softs


(64,613
)Total unrealized depreciation on open futures contracts

$
(1,538,116
)Net unrealized appreciation on open futures contracts

$
3,658,632
*AssetsForward ContractsMetals

$
3,166,023Total unrealized appreciation on open forward contracts

$
3,166,023LiabilitiesForward ContractsMetals

$
(1,899,959
)Total unrealized depreciation on open forward contracts

$
(1,899,959
)Net unrealized appreciation on open forward contracts

$
1,266,064
**   *
    
    This amount is in Net unrealized appreciation on open
    futures contracts on the Statements of Financial Condition.**
    
    This amount is in Net unrealized appreciation on open
    forward contracts on the Statements of Financial Condition. F-81




---



##### 



CMF Altis
    Partners Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
     December 31, 2009Sector

Gain (Loss) from tradingCurrencies

$
90,312Energy


(3,628,727
)Grains


(2,301,628
)Indices


(942,057
)Interest Rates U.S.


(750,482
)Interest Rates
    Non-U.S.


313,186Livestock


340,475Lumber


(229,460
)Metals


2,922,408Softs


148,327Total


(4,037,646
)***    ***
    
    This amount is in Gain (loss) from trading, net on
    the Statements of Income and Expenses.  5.
    Subscriptions,
    Distributions and Redemptions:    6.
    Financial
    Highlights:    2009


2008


2007Net realized and unrealized gains (losses)*

$
(160.98
)

$
1,393.37


$
367.31Interest income


2.54



27.26



68.30Expenses**


(2.25
)


(1.10
)


(1.11
)Increase (decrease) for the year


(160.69
)


1,419.53



434.50Distribution of interest income to feeder funds


(2.54
)


(27.26
)


(68.30
)Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, beginning of year


3,363.69



1,971.42



1,605.22Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, end of year

$
3,200.46


$
3,363.69


$
1,971.42    *
    
    Includes clearing fees.**
    
    Excludes clearing fees.  F-82




---



##### 



CMF Altis
    Partners Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
  2009


2008


2007Ratios to Average Net Assets:Net investment income (loss)***


(0.1
)%


0.9
%


3.6
%Operating expenses


0.2
%


0.3
%


0.4
%Total return


(4.8
)%


72.0
%


27.1
%    ***
    
    Interest income less total expenses.    7.
    Financial
    Instrument Risks:  over-the-counter
         F-83




---



##### 



For the
    
    For the
    
    For the
    
    For theperiod from
    
    period from
    
    period from
    
    period fromOctober 1, 2009 to
    
    July 1, 2009 to
    
    April 1, 2009 to
    
    January 1, 2009  toDecember 31, 2009
    
    September 30, 2009
    
    June 30, 2009
    
    March 31, 2009Net realized and
unrealized trading
gains (losses) net
of brokerage
commissions and
clearing fees
including interest
income
    
    $
    (3,126,708
    )
    
    $
    4,107,431
    
    
    $
    (196,386
    )
    
    $
    (4,852,674
    )Net income (loss)
    
    $
    (3,150,340
    )
    
    $
    4,094,363
    
    
    $
    (209,227
    )
    
    $
    (4,863,202
    )Increase (decrease)
in Net Asset Value
per Redeemable Unit
    
    $
    (120.89
    )
    
    $
    153.67
    
    
    $
    (7.77
    )
    
    $
    (185.70
    )
 For the
    
    For the
    
    For the
    
    For theperiod from
    
    period from
    
    period from
    
    period fromOctober 1, 2008 to
    
    July 1, 2008 to
    
    April 1, 2008 to
    
    January 1, 2008  toDecember 31, 2008
    
    September 30, 2008
    
    June 30, 2008
    
    March 31, 2008Net realized and
unrealized trading
gains (losses) net
of brokerage
commissions and
clearing fees
including interest
income
    
    $
    30,914,449
    
    
    $
    (15,270,584
    )
    
    $
    23,717,513
    
    
    $
    7,934,455Net income (loss)
    
    $
    30,905,495
    
    
    $
    (15,279,538
    )
    
    $
    23,708,108
    
    
    $
    7,924,950Increase (decrease)
in Net Asset Value
per Redeemable Unit
    
    $
    982.42
    
    
    $
    (466.12
    )
    
    $
    684.52
    
    
    $
    218.71
 F-84




---



##### 



Item 9. Changes in and
 Disagreements With Accountants on Accounting and Financial
Disclosure .
    Item 9A(T). Controls and Procedures.
    internal control over financial reporting
 
    
    pertain to the maintenance of records that in reasonable detail accurately and fairly
reflect the transactions and dispositions of the assets of the Partnership;
    
    provide reasonable assurance that (i) transactions are recorded as necessary to
permit preparation of financial statements in accordance with GAAP, and (ii) the Partnerships receipts are handled and expenditures
are made only pursuant to authorizations of the General Partner; and
    
    provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the Partnerships assets that could have a material
effect on the financial statements.
 Financial Statements and Supplementary
Data
  Item 9B. Other Information .
  25




---



##### 



PART III
 Item 10. Directors, Executive
 Officers and Corporate Governance.
         26




---



##### 



Item 11. Executive Compensation .
 Business
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters .
 (a)
    
    Security ownership of certain beneficial owners. As of
February 28, 2010, the
Partnership knows of no person who beneficially owns more than 5% of the outstanding
Redeemable Units.(b)
    
    Security ownership of management. Under the terms of the Limited Partnership
Agreement, the Partnerships affairs are managed by the General Partner. The General
Partner owns Units of general partnership interest equivalent to
213.0484 (1.4%)
Redeemable Unit equivalents as of December 31, 2009.Principles of the General Partner who own Redeemable
Units. None(c)
    
    Changes in control. None.
 Item 13. Certain Relationships and Related Transactions, and Director Independence .
 Business Financial Statements and
Supplementary Data Executive Compensation
 Item 14. Principal Accountant Fees and Services .
 Audit Fees
 Deloitte
    
    $
    54,300PwC
    
    $
    49,600KPMG
    
    $
    4,200
 Audit-Related Fees
 Tax Fees
 2009
    
    $
    20,0002008
    
    $
    16,700
 All Other Fees
   27




---



##### 



PART IV
 Item 15. Exhibits and Financial Statement Schedules .
 (a)(1)
    
    Financial Statements:Statements of Financial Condition
at December 31, 2009 and 2008.Condensed Schedules of Investments at
December 31, 2009 and 2008.Statements of Income and Expenses for the years ended
 December 31, 2009, 2008 and 2007.Statements of Changes in Partners Capital for the years ended
 December 31, 2009, 2008 and 2007.Notes to the Financial Statements(2) Exhibits:3.1 Certificate of Limited Partnership of the Partnership as filed in the
Office of the Secretary of State of
the State of New York, dated June 12, 1998 (filed as
Exhibit 3.2 to the
Registration Statement on Form
S-1 filed on August 20, 1998 and incorporated herein by reference).(a) Certificate of Amendment to the Certificate of Limited Partnership as
filed in the Office of the
Secretary of State of the State of New York, dated June 30, 1998 (filed as
Exhibit 3.2 to the
Registration Statement on Form S-1 filed on August 20, 1998 and
incorporated herein by reference).(b) Certificate of Amendment to the Certificate of Limited Partnership as filed
in the Office of the
Secretary of State of the State of New York, dated October 1, 1999 (filed
as Exhibit 3.1(b) to the Form
10-Q filed on November 16, 2009 and incorporated herein by reference).(c) Certificate of Change to the Certificate of Limited Partnership as filed
in the Office of the Secretary of
State of the State of New York, effective January 31, 2000 (filed as
Exhibit 3.1(c) to the Form 10-Q
filed on November 16, 2009 and incorporated herein by reference).(d) Certificate of Amendment to the Certificate of Limited Partnership as
filed in the Office of the
Secretary of State of the State of New York, dated May 21, 2003 (filed as
Exhibit 3.1(d) to the Form
10-Q filed on November 16, 2009 and incorporated herein by reference).(e) Certificate of Amendment to the Certificate of Limited Partnership as filed
in the Office of the
Secretary of State of the State of New York, dated September 21, 2005 (filed as Exhibit 3.1(e) to the
Form 10-Q filed on November 16, 2009 and incorporated herein by reference).
 28




---



##### 



(f) Certificate of Amendment to the Certificate of Limited
Partnership as filed in the Offices of the Secretary of
State of the State of New York, dated August 27, 2008 (filed
as Exhibit 99.1 to the Form 8-K filed on September 2, 2008
and incorporated herein by reference).(g) Certificate of Amendment to the Certificate of Limited
Partnership as filed in the Office of the Secretary of State
of the State of New York, dated September 19, 2008 (filed as
Exhibit 3.1(e) to the Form 10-Q filed on November 16, 2009
and incorporated herein by reference).(h) Certificate of Amendment to the Certificate of Limited
Partnership as filed in the Office of the Secretary of State
of the State of New York, dated September 28, 2009 (filed as
Exhibit 99.1 to the Current Report on Form 8-K filed on
September 30, 2009 and incorporated herein by reference).3.2 Limited Partnership Agreement, dated June 15, 1998 (filed as
Exhibit A to the Registration Statement on Form S-1 filed on
August 20, 1998 and incorporated herein by reference).10.1 Customer Agreement between the Partnership and Salomon Smith
Barney Inc., dated October 21, 1998 (filed as Exhibit 10.1
to the Pre-Effective Amendment No. 1 to the Registration
Statement on Form S-1 filed on October 22, 1998 and
incorporated herein by reference).10.2 Escrow Agreement among the Partnership, Smith Barney Inc.
and European American Bank, dated October 21, 1998 (filed as
Exhibit 10.3 to the Pre-Effective Amendment No. 1 to the
Registration Statement on Form S-1 filed on October 22, 1998
and incorporated herein by reference).10.3 Selling Agreement among the Partnership, Smith Barney Futures
Management Inc. and Smith Barney Inc., dated October 21, 1998
(filed as Exhibit 1.1 to the Pre-Effective Amendment No. 1
to the Registration Statement on Form S-1 filed on October
22, 1998 and incorporated herein by reference).10.4 Joinder Agreement among the Partnership, Citigroup Managed
Futures LLC, Citigroup Global Markets Inc. and Morgan
Stanley Smith Barney LLC, dated June 1, 2009 (filed as
Exhibit 10 to the Form 10-Q filed on August 14, 2009 and
incorporated herein by reference).10.5 Form of Management Agreement among the Partnership, the
General Partner and Campbell & Company, Inc. (filed as
Exhibit 10.4 to the Registration Statement on
Form S-1 on August 20, 1998 and incorporated herein by
reference).(a) Letter extending Management Agreement between the General
Partner and Campbell & Company, Inc. for 2009, dated June
9, 2009 (filed herein).10.6 Form of Management Agreement among the Partnership the
General Partner and Aspect Capital Management Limited, dated
April 17, 2001 (filed as Exhibit 10.12 to the Form 10-K filed
on March 28, 2002 and incorporated herein by reference).(a) Letter extending Management Agreement between the General
Partner and Aspect Capital Limited for 2009, dated June
9, 2009 (filed herein).10.7 Form of Management Agreement among the Partnership, the
General Partner and Altis Partners (Jersey) Limited, dated
October 1, 2005 (filed as Exhibit 33.1 to the Form 10-Q/A
filed on November 16, 2005 and incorporated herein by
reference).(a) Letter extending Management Agreement between the General
Partner and Altis Partners (Jersey) Limited for 2009, dated
June 9, 2009 (filed herein).10.8 Form of Management Agreement among the Partnership, the
General Partner and Waypoint Capital Management LLC, dated
September 29, 2008 (filed as Exhibit l0.22 to the Form 10-K
filed on March 31, 2009 and incorporated herein by
reference).(a) Letter extending Management Agreement between the General
Partner and Waypoint Capital Management LLC for 2009, dated
June 9, 2008 (filed herein).16.1 Letter from KPMG LLP (filed as Exhibit 16.1 to the Form 8-K
filed on July 1, 2008 and incorporated herein by reference).16.2 Letter from PricewaterhouseCoopers LLP (filed
as Exhibit 16.1 to the Form 8-K filed on July
23, 2009 and incorporated herein by reference).The exhibits required to be filed by Item 601 of Regulation S-K are incorporated herein by
reference.31.1  Rule 13a-14(a)/15d-14(a) Certifications (Certifications of President and Director).31.2  Rule 13a-14(a)/15d-14(a) Certifications (Certifications of Chief Financial Officer
and Director).32.1  Section 1350 Certifications (Certifications of President and Director).32.2  Section 1350
Certifications (Certifications of Chief Financial Officer and Director).
 29




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SIGNATURES
 st
 GLOBAL DIVERSIFED FUTURES FUND L.P.By:
    Ceres Managed Futures LLC(General Partner)By:
    /s/ Jerry PascucciJerry Pascucci, President & Director  /s/ Jerry Pascucci

Jerry Pascucci
    
    
    
    /s/ Shelley Deavitt Ullman

Shelley Deavitt UllmanPresident
and Director
Ceres Managed Futures LLC
    
    
    
    DirectorCeres Managed Futures LLC/s/ Jennifer Magro
    
    
    
    /s/ Daryl DewbreyJennifer Magro
    
    
    
    Daryl DewbreyChief
Financial Officer and Director
(Principal Accounting Officer)Ceres Managed Futures LLC
    
    
    
    DirectorCeres Managed Futures LLC/s/ Raymond NolteRaymond NolteDirectorCeres Managed Futures LLC
    30