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, 2010
 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
522 Fifth Avenue  14th Floor
New York, New York 10036
 
  (212) 296-1999
 
  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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4




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Financial Information about 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
 5




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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  units is limited.
  Conflicts of interest exist.
  1.
    
    The General Partner and the Partnerships/Funds commodity broker are affiliates;2.
    
    Each of the Advisor(s), the Partnerships/Funds 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.
  The General Partner may allocate the Partnerships assets to undisclosed advisors.
  Regulatory changes could restrict the Partnerships operations .
  Speculative position and trading limits may reduce profitability.
  6




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Item 2. Properties .
  Item 3. Legal Proceedings.
    Credit-Crisis-Related Litigation and Other Matters
  Subprime Mortgage-Related Litigation and Other Matters
      Item 4. [Removed and Reserved] .
 7




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PART II
 Item 5. Market for Registrants Common Equity, Related
Stockholder 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, 2010 was 712.(c)
    
    Dividends. The Partnership did not declare a
distribution in 2010 or 2009. 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; Use of Proceeds from Registered Securities. There
were no additional subscriptions of Redeemable Units in the
years ended December 31, 2010, 2009 and 2008.
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
 thereunder. The Redeemable Units were purchased by accredited
investors as described in Regulation D.(g)
    
    Purchases of Equity Securities by the Issuer and Affiliated Purchasers.
   (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, 2010 

October 31, 2010



70.0000



$
2,001.61




N/A




N/ANovember 1, 2010 

November 30, 2010



99.2827



$
1,904.79




N/A




N/ADecember 1, 2010 

December 31, 2010



54.7152



$
2,010.95




N/A




N/A223.9979



$
1,960.98 
 *
    
    Generally, limited partners are permitted to redeem their Redeemable Units as of the last day of each month on
three business days notice to the General Partner. Under certain circumstances, the General Partner can compel redemption,
although  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. 8




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Item 6. Selected Financial Data .
  2010
    
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006Net realized and
unrealized trading gains (losses) and investment in Funds net of
brokerage fees (including clearing fees) of $1,596,572, $1,841,153, $2,300,441,
$2,403,264 and $2,661,982, respectively
    
    $
    2,428,053
    
    
    $
    (3,075,903
    )
    
    $
    10,609,901
    
    
    $
    697,570
    
    
    $
    5,785,202Total interest income
    
    
    24,529
    
    
    
    23,394
    
    
    
    423,076
    
    
    
    1,485,334
    
    
    
    1,687,808$
    2,452,582
    
    
    $
    (3,052,509
    )
    
    $
    11,032,977
    
    
    $
    2,182,904
    
    
    $
    7,473,010Net income (loss)
    
    $
    1,624,353
    
    
    $
    (3,817,568
    )
    
    $
    8,240,318
    
    
    $
    916,481
    
    
    $
    5,677,831Increase (decrease)
in net asset value
per  unit
    
    $
    117.49
    
    
    
    (224.03
    )
    
    $
    397.58
    
    
    $
    46.83
    
    
    $
    192.40Net asset value
per unit
    
    $
    2,010.95
    
    
    $
    1,893.46
    
    
    $
    2,117.49
    
    
    $
    1,719.91
    
    
    $
    1,673.08Total assets
    
    $
    28,898,849
    
    
    $
    30,121,084
    
    
    $
    42,842,879
    
    
    $
    41,097,354
    
    
    $
    46,897,075
 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.
    9




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Aspect Capital Limited
    Altis Partners (Jersey) Limited
  Waypoint Capital Management LLC
    Blackwater Capital Management LLC
   10




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Sasco Energy Partners LLC
      11




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CMF Aspect Master Fund L.P
 Currencies
    
    
    24.7
    %Energy
    
    
    8.3
    %Grains
    
    
    3.7
    %Indices
    
    
    11.6
    %Interest Rates Non-U.S.
    
    
    26.1
    %Interest Rates U.S.
    
    
    9.2
    %Livestock
    
    
    0.6
    %Metals
    
    
    9.0
    %Softs
    
    
    6.8
    %
 CMF Altis Partners Master Fund L.P.
 Currencies
    
    
    18.5
    %Energy
    
    
    13.5
    %Grains
    
    
    5.6
    %Indices
    
    
    20.6
    %Interest Rates Non-U.S.
    
    
    11.0
    %Interest Rates U.S.
    
    
    7.5
    %Livestock
    
    
    1.0
    %Metals
    
    
    15.4
    %Softs
    
    
    6.9
    %
 Waypoint
Master Fund L.P.
 Currencies
    
    
    62.2
    %Energy
    
    
    1.5
    %Grains
    
    
    1.5
    %Indices
    
    
    9.8
    %Interest Rates Non-U.S.
    
    
    18.6
    %Interest Rates U.S.
    
    
    4.3
    %Metals
    
    
    1.3
    %Softs
    
    
    0.8
    %
 Blackwater Master Fund L.P
 Currencies
    
    
    27.3
    %Energy
    
    
    13.6
    %Grains
    
    
    1.4
    %Indices
    
    
    32.5
    %Interest Rates Non-U.S.
    
    
    9.7
    %Interest Rates U.S.
    
    
    2.8
    %Livestock
    
    
    3.3
    %Metals
    
    
    9.4
    %
 CMF Sasco Master Fund L.P
 Energy
    
    
    100
    %
 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 Advisors believe will permit it to enter and exit
trades without noticeably moving the market.
 12




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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. Spread
and straddle
describes a commodity futures trading strategies 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, indicating the desire to
generate commission income.
 i.e.
     13




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Financial Statements and Supplementary Data
  Capital Resources
    14




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Results of Operations
  Financial Statements and Supplementary Data
      15




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Item 7.
 16




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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
 Partnerships and the Funds
    Investments.
 Partnerships and the Funds Fair Value
    Measurements.
   17




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Futures
Contracts.
 Forward Foreign Currency Contracts.
 18




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##### 



London Metals Exchange Forward Contracts.
 Options.
 Item 7A. Quantitative and Qualitative Disclosures About Market Risk .
 Introduction
   19




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Quantifying the Partnerships Trading Value at Risk
     20




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##### 



The Partnerships
 Trading Value at Risk in Different Market Sectors
   % of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
    1,073,671
    
    
    
    3.78
    %Energy
    
    
    687,716
    
    
    
    2.42
    %Grains
    
    
    92,399
    
    
    
    0.32
    %Indices
    
    
    548,609
    
    
    
    1.93
    %Interest Rates U.S.
    
    
    34,492
    
    
    
    0.12
    %Interest Rates Non-U.S.
    
    
    213,543
    
    
    
    0.75
    %Livestock
    
    
    39,333
    
    
    
    0.14
    %Lumber
    
    
    478
    
    
    
    0.00
    %Metals
    
    
    237,979
    
    
    
    0.84
    %Softs
    
    
    102,064
    
    
    
    0.36
    %Total
    
    $
    3,030,284
    
    
    
    10.66
    %
  % 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
    %
 21




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##### 



December 31, 2010
 % of Total
    
    High
    
    Low
    
    Average *Market Sector
    
    Value at Risk
    
    Capitalization
    
    Value at Risk
    
    Value at Risk
    
    Value at RiskCurrencies
    
    $
    6,641,142
    
    
    
    4.21
    %
    
    $
    6,908,626
    
    
    $
    1,960,264
    
    
    $
    4,676,665Energy
    
    
    1,421,450
    
    
    
    0.90
    %
    
    
    1,932,150
    
    
    
    351,414
    
    
    
    1,223,668Grains
    
    
    663,172
    
    
    
    0.42
    %
    
    
    853,702
    
    
    
    150,472
    
    
    
    496,932Indices
    
    
    2,735,405
    
    
    
    1.73
    %
    
    
    15,325,500
    
    
    
    832,920
    
    
    
    2,830,563Interest Rates U.S.
    
    
    128,755
    
    
    
    0.08
    %
    
    
    2,333,350
    
    
    
    128,755
    
    
    
    1,185,599Interest Rates Non-U.S.
    
    
    1,433,026
    
    
    
    0.91
    %
    
    
    6,063,200
    
    
    
    1,068,897
    
    
    
    4,111,787Livestock
    
    
    109,519
    
    
    
    0.07
    %
    
    
    240,000
    
    
    
    14,717
    
    
    
    93,906Metals
    
    
    1,798,174
    
    
    
    1.14
    %
    
    
    2,724,717
    
    
    
    539,569
    
    
    
    1,434,801Softs
    
    
    853,509
    
    
    
    0.54
    %
    
    
    1,719,693
    
    
    
    494,690
    
    
    
    987,242Total
    
    $
    15,784,152
    
    
    
    10.00
    %
 
 *
    
    Annual average of month-end Value at Risk December
31, 2009
 % of Total
    
    High
    
    Low
    
    AverageMarket Sector
    
    Value at Risk
    
    Capitalization
    
    Value at Risk
    
    Value at Risk
    
    Value at 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
    
    
    
    622,287Indices
    
    
    4,002,477
    
    
    
    2.42
    %
    
    
    4,177,780
    
    
    
    735,579
    
    
    
    2,382,946Interest 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
    
    
    
    1,382,129Total
    
    $
    19,164,811
    
    
    
    11.61
    %
 
 *
    
    Annual average of month-end Value at Risk 22




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December 31,
2010
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    3,113,522
    
    
    
    4.89
    %
    
    $
    3,481,070
    
    
    $
    143,363
    
    
    $
    2,231,735Energy
    
    
    1,077,195
    
    
    
    1.69
    %
    
    
    2,479,469
    
    
    
    236,868
    
    
    
    1,086,124Grains
    
    
    483,876
    
    
    
    0.76
    %
    
    
    915,463
    
    
    
    136,257
    
    
    
    435,755Indices
    
    
    1,251,469
    
    
    
    1.97
    %
    
    
    7,740,340
    
    
    
    220,942
    
    
    
    2,503,689Interest Rates U.S.
    
    
    191,408
    
    
    
    0.30
    %
    
    
    1,193,750
    
    
    
    110,116
    
    
    
    570,835Interest Rates Non-U.S.
    
    
    733,663
    
    
    
    1.15
    %
    
    
    1,849,973
    
    
    
    183,212
    
    
    
    1,000,258Livestock
    
    
    107,232
    
    
    
    0.17
    %
    
    
    170,400
    
    
    
    22,320
    
    
    
    82,718Lumber
    
    
    5,200
    
    
    
    0.01
    %
    
    
    27,500
    
    
    
    1,100
    
    
    
    9,287Metals
    
    
    1,079,175
    
    
    
    1.69
    %
    
    
    2,589,641
    
    
    
    241,177
    
    
    
    1,152,447Softs
    
    
    747,574
    
    
    
    1.17
    %
    
    
    937,879
    
    
    
    199,670
    
    
    
    499,434Total
    
    $
    8,790,314
    
    
    
    13.80
    %
 
 *
    
    Annual average of month-end Value 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
    
    $
    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 23




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##### 



December 31,
2010
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    1,878,430
    
    
    
    4.55
    %
    
    $
    8,215,545
    
    
    $
    633,809
    
    
    $
    4,331,888Indices
    
    
    901,236
    
    
    
    2.18
    %
    
    
    1,613,660
    
    
    
    100,993
    
    
    
    658,690Metals
    
    
    80,750
    
    
    
    0.20
    %
    
    
    216,436
    
    
    
    31,500
    
    
    
    55,173Total
    
    $
    2,860,416
    
    
    
    6.93
    %
 
 *
    
    For the period March 1, 2010 (commencement of trading
operations) to December 31, 2010 average of month-end Value at Risk  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 24




---



##### 



December 31,
2010
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    903,667
    
    
    
    3.48
    %
    
    $
    903,667
    
    
    $
    577,300
    
    
    $
    765,383Energy
    
    
    357,370
    
    
    
    1.38
    %
    
    
    508,250
    
    
    
    184,174
    
    
    
    350,610Grains
    
    
    97,000
    
    
    
    0.37
    %
    
    
    97,000
    
    
    
    30,000
    
    
    
    97,000Indices
    
    
    756,741
    
    
    
    2.92
    %
    
    
    1,256,105
    
    
    
    756,741
    
    
    
    941,241Interest Rates U.S.
    
    
    52,250
    
    
    
    0.20
    %
    
    
    171,550
    
    
    
    14,700
    
    
    
    33,475Interest Rates Non-U.S.
    
    
    397,172
    
    
    
    1.53
    %
    
    
    445,693
    
    
    
    86,447
    
    
    
    358,644Livestock
    
    
    111,000
    
    
    
    0.43
    %
    
    
    111,000
    
    
    
    40,000
    
    
    
    97,000Metals
    
    
    240,867
    
    
    
    0.93
    %
    
    
    346,947
    
    
    
    240,866
    
    
    
    283,148Total
    
    $
    2,916,067
    
    
    
    11.24
    %
 
 *
    
    For
the period November 1, 2010 (commencement of trading operations) to
December 31, 2010 average of month-end Value at Risk  December 31,
2010
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket
Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Energy
    
    $
    9,618,175
    
    
    
    11.77
    %
    
    $
    16,002,038
    
    
    $
    2,149,045
    
    
    $
    10,344,808Totals
    
    $
    9,618,175
    
    
    
    11.77
    %
 
 *
    
    For the period December 1, 2010 (commencement of trading operations) to December 31, 2010 average of month-end Value at Risk 25




---



##### 



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
 26




---



##### 



Metals
 Softs
 Energy
 Grains
 Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign
Currency Balances.
 Qualitative Disclosures Regarding Means of Managing Risk Exposure
     27




---



##### 



Item 8. Financial Statements and Supplementary Data .
 GLOBAL DIVERSIFIED FUTURES FUND L.P.
  28




---



##### 



To the Limited
    Partners of
    Global Diversified Futures Fund L.P.
    
  By:
    Walter Davis
    President and Director
    Ceres Managed Futures LLC
    General Partner,
    Global Diversified Futures Fund L.P.  Ceres Managed Futures LLC    212-296-1999
  29




---



##### 



Managements
    Report on Internal Control over
    Financial Reporting
            Internal Control-Integrated Framework
   
   
  
  30




---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    
   31




---



##### 



Report of Independent Registered Public Accounting Firm
 
 Internal Control  Integrated
Framework
    
 32




---



##### 



Global
    Diversified Futures Fund L.P.
 Statements
    of Financial Condition
    December 31, 2010 and 2009
  2010


2009Assets:Investment in Funds, at fair value (Note 5)

$
28,849,787


$
24,472,696Equity in trading account:Cash (Note 3c)


49,062



5,549,173Cash margin (Note 3c)






90,225Net unrealized appreciation on open futures contracts






8,93028,898,849



30,121,024Interest receivable






60Total assets

$
28,898,849


$
30,121,084Liabilities and Partners Capital:Liabilities:Net unrealized depreciation on open forward contracts

$



$
44,055Accrued expenses:Brokerage fees (Note 3c)


130,045



135,347Management fees (Note 3b)


40,378



44,183Incentive fees (Note 3b)


119,072



26,539Professional fees


41,076



46,548Other


22,185



17,402Redemptions payable (Note 6)


110,030



83,074Total liabilities


462,786



397,148Partners Capital: (Notes 1 and 6)General Partner, 157.9234 and 213.0484 Unit equivalents
    outstanding at December 31, 2010 and 2009, respectively


317,576



403,399Limited Partners, 13,982.7114 and 15,485.2035 Redeemable Units
    outstanding at December 31, 2010 and 2009, respectively


28,118,487



29,320,537Total partners capital


28,436,063



29,723,936Total liabilities and partners capital

$
28,898,849


$
30,121,084Net asset per unit

$
2,010.95


$
1,893.46   See accompanying notes to financial statements.
  33




---



##### 



Global
    Diversified Futures Fund L.P.

    Schedule of Investments
    December 31, 2010
  % of PartnersFair Value


CapitalInvestment in FundsCMF Aspect Master Fund L.P.

$
6,105,359



21.47
%CMF Altis Partners Master Fund L.P.


5,893,177



20.72Waypoint Master Fund L.P.


7,080,876



24.90Blackwater Master Fund L.P.


5,892,624



20.72CMF Sasco Master Fund L.P.


3,877,751



13.64Total investment in Funds, at fair value

$
28,849,787



101.45
%    See accompanying notes to financial statements.
  34




---



##### 



Global
    Diversified Futures Fund L.P.

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





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


19


$
8,930



0.03
%Total futures contracts purchased






8,930



0.03Unrealized Appreciation on Open Forward ContractsCurrencies

$
838,191



12,253



0.04Total unrealized appreciation on open forward contracts






12,253



0.04Unrealized Depreciation on Open Forward ContractsCurrencies

$
2,036,681



(56,308
)


(0.19
)Total unrealized depreciation on open forward contracts






(56,308
)


(0.19
)Investment in FundsCMF Campbell Master Fund L.P.






4,660,413



15.68CMF Aspect Master Fund L.P.






9,018,321



30.34CMF Altis Partners Master Fund L.P.






10,793,962



36.31Total investment in Funds






24,472,696



82.33Total fair value





$
24,437,571



82.21
%   See accompanying notes to financial statements.
  35




---



##### 



Global
    Diversified Futures Fund L.P.
 Statements
    of Income and Expenses
    for the years ended
    December 31, 2010, 2009 and 2008
  2010


2009


2008Income:Net gains (losses) on trading of commodity interests and
    investment in Funds:Net realized gains (losses) on closed contracts

$
(485,070
)

$
606,155


$
567,818Net realized gains (losses) on investment in Funds


3,511,257



214,199



12,301,849Change in net unrealized gains (losses) on open contracts


35,125



(35,125
)


Change in net unrealized gains (losses) on investments in Funds


963,313



(2,019,979
)


40,675Gain (loss) from trading, net


4,024,625



(1,234,750
)


12,910,342Interest income (Note 3c)


240



3,746



1,608Interest income from investment in Funds


24,289



19,648



421,468Total income (loss)


4,049,154



(1,211,356
)


13,333,418Expenses:Brokerage fees including clearing fees (Note 3c)


1,596,572



1,841,153



2,300,441Management fees (Note 3b)


491,189



588,610



719,564Incentive fees (Note 3b)


119,073



26,539



1,958,313Professional fees


134,875



110,468



72,690Other


83,092



39,442



42,092Total expenses


2,424,801



2,606,212



5,093,100Net income (loss)

$
1,624,353


$
(3,817,568
)

$
8,240,318Net income (loss) per unit (Note 7)

$
117.49


$
(224.03
)

$
397.58Weighted average units outstanding


14,894.3611



16,713.0389



21,336.4317    See accompanying notes to financial statements.
  36




---



##### 



Global
    Diversified Futures Fund L.P.

    Statements of Changes in Partners Capital
    for the years ended
    December 31, 2010, 2009 and 2008
  Limited


GeneralPartners


Partner


TotalPartners Capital at December 31, 2007

$
37,019,603


$
3,099,968


$
40,119,571Net income (loss)


7,947,509



292,809



8,240,318Redemptions of 3,423.9232 Redeemable Units 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



39,219,884Net income (loss)


(3,737,565
)


(80,003
)


(3,817,568
)Redemptions of 2,615.0660 Redeemable Units 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



29,723,936Net income (loss)


1,610,176



14,177



1,624,353Redemptions of 1,502.4921 Redeemable Units and 55.1250 General
    Partner unit equivalents


(2,812,226
)


(100,000
)


(2,912,226
)Partners Capital at December 31, 2010

$
28,118,487


$
317,576


$
28,436,063Net asset value per unit:   2008:

$
2,117.492009:

$
1,893.462010:

$
2,010.95
    See accompanying notes to financial statements.
  37




---



##### 



Global
    Diversified Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  1.
    Partnership
    Organization:            2.
    Accounting
    Policies:  a.
    Use of Estimates.  The preparation of financial
    statements and accompanying notes in conformity with accounting
    principles generally accepted in the United States of America
    (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. As a result, actual results could differ
    from these estimates.b.
    Statement of Cash Flows.  The Partnership is
    not required to provide a Statement of Cash Flows.c.
    Partnerships and the Funds
    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  38




---



##### 



Global
    Diversified Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  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 Funds Fair Value
    Measurements.
        Quoted Prices inActive Markets

Significant Other

Significantfor Identical

Observable Inputs

Unobservable12/31/2010

Assets (Level 1)

(Level 2)

Inputs (Level 3)AssetsInvestment in Funds

$
28,849,787


$



$
28,849,787


$
Total fair value

$
28,849,787


$



$
28,849,787


$
    39




---



##### 



Global
    Diversified Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  Quoted Prices inActive Markets for


Significant Other


SignificantIdentical Assets


Observable Inputs


Unobservable12/31/2009


(Level 1)


(Level 2)


Inputs (Level 3)AssetsFutures

$
8,930


$
8,930


$



$
Investment in Funds


24,472,696







24,472,696



Total assets


24,481,626



8,930



24,472,696



LiabilitiesForwards

$
44,055


$



$
44,055


$
Total liabilities


44,055







44,055



Total fair value

$
24,437,571


$
8,930


$
24,428,641


$
   d.
    Futures Contracts.  The Partnership and the
    Funds trade futures contracts and exchange-cleared swaps.
    Exchange-cleared swaps are swaps that are traded as futures. 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 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.
    When the contract is closed, 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. 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. 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 contracts where the Partnership and the
    Funds agree 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 and the Funds 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.    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  40




---



##### 



Global
    Diversified Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  have been matched with a like number of short positions settling
    on the same prompt date. 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. 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. Realized gains (losses) and changes in unrealized gains
    (losses) on metal contracts are included in the Statements of
    Income and Expenses.  g.
    Options.  The Funds may purchase and write
    (sell) both exchange listed and
    over-the-counter
    (OTC) 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 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 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 its share of the Partnerships income and
    expenses.      i.
    Subsequent Events.  Management of the
    Partnership evaluates events that occur after the balance sheet
    date but before financial statements are filed. Management has
    assessed the subsequent events through the date of filings and
    determined that there were no subsequent events requiring
    adjustments of or disclosure in the financial statements.f.
    Net Income (Loss) per Unit.  Net income (loss)
    per unit is calculated in accordance with investment company
    guidance. See Note 7, Financial Highlights.  3.
    Agreements:  a.
    Limited Partnership Agreement:    41




---



##### 



Global
    Diversified Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  b.
    Management Agreement:        c.
    Customer Agreement:  give-up 30-day
  42




---



##### 



Global
    Diversified Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  4.
    Trading
    Activities:  pro-rata
          December 31, 2009AssetsFutures ContractsCurrencies

$
8,930Total unrealized appreciation on open futures contracts

$
8,930Net unrealized appreciation on open futures contracts

$
8,930
*AssetsForward ContractsCurrencies

$
12,253Total unrealized appreciation on open forward contracts

$
12,253LiabilitiesForward ContractsCurrencies

$
(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.  43




---



##### 



Global
    Diversified Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
     December 31, 2010


December 31, 2009Gain (Loss)


Gain (Loss)Sector

from trading


from tradingCurrencies

$
(273,403
)

$
571,245Energy


1,530



(16,440
)Grains


(26,600
)


15,462Indices


(97,392
)


7,618Interest Rates U.S.


(93,556
)


(75,710
)Interest Rates
    Non-U.S.


37,570



(6,279
)Metals


(9,250
)


92,768Softs


11,156



(17,634
)Total

$
(449,945
)***

$
571,030
***   ***
    
    This amount is in Gain (loss) from trading, net on
    the Statements of Income and Expenses.  5.
    Investment in
    Funds:        44




---



##### 



Global
    Diversified Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
                  45




---



##### 



Global
    Diversified Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
       December 31, 2010Total


TotalTotal Assets


Liabilities


CapitalAspect Master

$
157,910,582


$
46,523


$
157,864,059Altis Master


64,276,767



591,256



63,685,511Waypoint Master


41,306,976



59,330



41,247,646Blackwater Master


25,966,821



28,810



25,938,011Sasco Master


81,882,294



198,664



81,683,630Total

$
371,343,440


$
924,583


$
370,418,857   December 31, 2009Total


TotalTotal Assets


Liabilities


CapitalCampbell Master

$
63,393,130


$
867,467


$
62,525,663Aspect Master


166,072,281



934,223



165,138,058Altis Master


84,341,762



34,004



84,307,758Total

$
313,807,173


$
1,835,694


$
311,971,479     For the Period Ended December 31, 2010Gain (Loss) from


Total Income


Net IncomeTrading, net


(Loss)


(Loss)Aspect Master

$
28,958,682


$
29,102,474


$
28,808,927Altis Master


8,818,344



8,891,888



8,600,743Waypoint Master


7,879,774



7,918,225



7,746,492Blackwater Master


1,965,203



1,969,257



1,928,404Sasco Master


5,217,225



5,267,342



4,347,440Total

$
52,839,228


$
53,149,186


$
51,432,006   For the Year Ended December 31, 2009Gain (Loss) from


Total Income


Net IncomeTrading, 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
)   46




---



##### 



Global
    Diversified Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
     For the period
    ended December 31, 2010
  % of














NetPartnerships





Income


Expenses


Income


Investment

RedemptionsFunds

Net Assets


Fair Value


(loss)


Brokerage Fees


Other


(Loss)


Objective

PermittedCampbell Master

$



$



$
357,801


$
7,738


$
6,226


$
343,837


Commodity Portfolio

MonthlyAspect Master


21.47
%


6,105,359



1,553,565



10,284



5,398



1,537,883


Commodity Portfolio

MonthlyAltis Master


20.72
%


5,893,177



1,094,387



22,602



14,050



1,057,735


Commodity Portfolio

MonthlyWaypoint Master


24.90
%


7,080,876



1,179,394



15,052



9,664



1,154,678


Commodity Portfolio

MonthlyBlackwater Master


20.72
%


5,892,624



429,787



2,797



6,801



420,189


Commodity Portfolio

MonthlySasco Master


13.64
%


3,877,751



(116,075
)


5,687



(13
)


(121,749
)

Energy Portfolio

MonthlyTotal





$
28,849,787


$
4,498,859


$
64,160


$
42,126


$
4,392,573   For the year
    ended December 31, 2009
  % of














NetPartnerships





Income


Expenses


Income


Investment

RedemptionsFunds

Net Assets


Fair Value


(loss)


Brokerage Fees


Other


(Loss)


Objective

PermittedCampbell Master


15.68
%

$
4,660,413


$
(205,995
)

$
5,123


$
3,419


$
(214,537
)

Commodity Portfolio

MonthlyAspect Master


30.34
%


9,018,321



(980,703
)


14,466



2,497



(997,666
)

Commodity Portfolio

MonthlyAltis Master


36.31
%


10,793,962



(599,434
)


13,409



7,942



(620,785
)

Commodity Portfolio

MonthlyTotal





$
24,472,696


$
(1,786,132
)

$
32,998


$
13,858


$
(1,832,988
)   6.
    Distributions and
    Redemptions:    47




---



##### 



Global
    Diversified Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  7.
    Financial
    Highlights:    2010


2009


2008Net realized and unrealized gains (losses)*

$
171.90


$
(179.89
)

$
512.64Interest income


1.66



1.38



19.30Expenses**


(56.07
)


(45.52
)


(134.36
)Increase (decrease) for the year


117.49



(224.03
)


397.58Net asset value per unit, beginning of year


1,893.46



2,117.49



1,719.91Net asset value per unit, end of year

$
2,010.95


$
1,893.46


$
2,117.49*  Includes brokerage fees.** Excludes brokerage fees.  Ratios to Average Net Assets:Net investment income (loss) before incentive fees***


(8.2
)%


(7.8
)%


(7.0
)%Operating expenses


8.2
%


7.8
%


8.1
%Incentive fees


0.4
%


0.1
%


5.1
%Total expenses


8.6
%


7.9
%


13.2
%Total return:Total return before incentive fees


6.7
%


(10.5
)%


29.3
%Incentive fees


(0.5
)%


(0.1
)%


(6.2
)%Total return after incentive fees


6.2
%


(10.6
)%


23.1
%    ***
    
    Interest income less total expenses.    8.
    Financial
    Instrument Risks:      48




---



##### 



Global
    Diversified Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
              49




---



##### 



For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1, 2010 to
    
    July 1, 2010 to
    
    April 1, 2010 to
    
    January 1, 2010 toDecember
31, 2010
    

September
30, 2010
    

June
30, 2010
    

March
31, 2010Net realized and
unrealized trading
gains (losses) net
of brokerage
fees and
clearing fees
including interest
income
    
    $
    1,500,531
    
    
    $
    1,604,479
    
    
    $
    (420,904
    )
    
    $
    (231,524
    )Net income (loss)
    
    $
    1,191,446
    
    
    $
    1,448,888
    
    
    $
    (623,414
    )
    
    $
    (392,567
    )Increase (decrease)
in net asset value
per  unit
    
    $
    83.73
    
    
    $
    99.25
    
    
    $
    (41.77
    )
    
    $
    (23.72
    )
 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
fees 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
    )
 50




---



##### 



Item 9. Changes in and
 Disagreements With Accountants on Accounting and Financial
Disclosure .
    Item 9A. 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 .
  51




---



##### 



PART III
 Item 10. Directors, Executive
 Officers and Corporate Governance.
       52




---



##### 



53




---



##### 



Item 11. Executive Compensation .
  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, 2011, 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.
  (1) Title of Class
    
    (2) Name of 
Beneficial 
Owner
    
    (3) Amount and 
Nature of 
Beneficial 
Ownership
    
    (4) Percent of 
ClassGeneral
Partner units equivalents
    
    
    General Partner
    
    
    
    157.9234
    
    
    
    1.1
    %
 (c)
    
    Changes in control. None.
 Item 13. Certain Relationships and Related Transactions, and Director Independence .
 Transactions with related persons
 Review, approval or ratification of transactions with related persons
 Promoters and certain control persons Business Financial Statements and
Supplementary Data Executive Compensation
 Item 14. Principal Accountant Fees and Services .
 Audit Fees
 Deloitte
    
    PwC2010
    
    $
    93,600
    
    
    $
    N/A2009
    
    $
    54,300
    (1)
    
    $
    6,052
    (2)
  (1)
 (2)
 Audit-Related Fees
 Tax Fees
 2010
    
    $
    21,0002009
    
    $
    20,000
 All Other Fees
   54




---



##### 



PART IV
 Item 15. Exhibits, Financial Statement Schedules .
 (a)(1)
    
    Financial Statements:Statements of Financial Condition
at December 31, 2010 and 2009.Condensed Schedules of Investments at
December 31, 2010 and 2009.Statements of Income and Expenses for the years ended
 December 31, 2010, 2009 and 2008.Statements of Changes in Partners Capital for the years ended
 December 31, 2010, 2009 and 2008.Notes to the Financial Statements(2) Exhibits:
  (a)
    
    Certificate of Amendment of 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).
 (f)
    
    Certificate of Amendment of the Certificate of Limited Partnership as filed in the
office 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(g) to the Form 10-Q
filed on November 16, 2009 and incorporated herein by reference).(h)
    
    Certificate of Amendment of 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 Form 8-K filed on September 30, 2009 and incorporated herein by
reference).(i)
    
    Certificate of Amendment of the Certificate of Limited
Partnership as filed in the office of the Secretary of State of New
York, dated June 30, 2010 (filed as Exhibit 3.1(i) to the Form 8-K
filed on July 2, 2010 and incorporated herein by reference).
     55




---



##### 



(a)
    
    Letter from the General Partner extending Management Agreement with Campbell & Company,
Inc. for 2010, dated June 1, 2010 (filed herein).
  (a)
    
    Letter from the General Partner extending Management Agreement with Aspect Capital
Management Limited for 2010, dated June 1, 2010 (filed herein).
  (a)
    
    Letter from the General Partner extending Management Agreement with Altis Partners
(Jersey) Limited for 2010, dated June 1, 2010 (filed herein).
  (a)
    
    Letter from the General Partner extending Management Agreement with Waypoint
Capital Management LLC for 2010, dated June 1, 2010 (filed herein).
 10.9  Management Agreement among the Partnership. The General
Partner and Blackwater Capital Management LLC, dated October 29, 2010
(filed as Exhibit 10.9 to the Form 8-K filed on November 4, 2010 and
incorporated herein be reference).10.10  Management Agreement among the Partnership. The General
Partner and Sasco Energy Partners LLC, dated November 30, 2010 (filed as Exhibit 10.1 to the Form 8-K filed on December 1, 2010 and
incorporated herein by reference).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).99.1  Financial Statements of CMF Aspect Master Fund L.P.99.2  Financial Statements of CMF Altis Partners Master Fund L.P.99.3  Financial Statements of Waypoint Master Fund L.P.99.4  Financial Statements of Blackwater Master Fund L.P.99.5  Financial Statements of CMF Sasco Master Fund L.P.
 56




---



##### 



SIGNATURES
  GLOBAL DIVERSIFED FUTURES FUND L.P.By:
    Ceres Managed Futures LLC(General Partner)By:

/s/
Walter DavisWalter Davis 
President & DirectorDate: March 31, 2011  /s/ Walter Davis
    
    /s/ Michael McGrathWalter
Davis
President and Director
    
    Michael McGrath
DirectorCeres
Managed Futures LLC
    
    Ceres
Managed Futures LLCDate: March 31, 2011
    
    Date: March 31, 2011/s/ Jennifer Magro
    
    /s/ Douglas J. KettererJennifer Magro 
Chief Financial Officer and Director
(Principal Accounting Officer)
    
    Douglas J. Ketterer
Director Ceres
Managed Futures LLCCeres
Managed Futures LLC
    
    Date: March 31, 2011Date: March 31, 2011/s/
Patrick T. Egan
    
    /s/ Alper DagliogluPatrick T. Egan
Director
Ceres Managed Futures LLC
    
    Alper Daglioglu
Director
Ceres Managed Futures LLCDate: March 31, 2011
    
    Date: March 31, 2011/s/ Ian Bernstein
    
    /s/ Harry HandlerIan Bernstein
Director  Ceres
Managed Futures LLC
    
    Harry HandlerDirector
Ceres Managed Futures LLCDate: March 31, 2011
    
    Date: March 31, 2011
    57