UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 Form 10-K
 þ
    
    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
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the Transition period from  to .
 Commission File Number 000-32599
 DIVERSIFIED 2000 FUTURES FUND L.P.
 
 New York
    
    13-4077759(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(g) of the Act:
    
    Redeemable Units of Limited Partnership Interest(Title of Class)
  Yes o No þ
  Yes o No þ
  Yes þ No o
  Yes o No o
 þ
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer þ
    
    Smaller reporting company o(Do not check if a smaller reporting company)
  Yes o No þ




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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
 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 their 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.
 5




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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.
  Item 2. Properties .
  6




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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 .
 Market Information
 Holders
 Dividends
 Securities Authorized for Issuance Under Equity Compensation Plans.
 Performance Graph.
 Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities
 Purchases of Equity Securities by the Issuer and Affiliated Purchasers
  (d) Maximum Number(or Approximate(c) Total Number
    
    Dollar Value) ofof Redeemable Units
    
    Redeemable Units that(a) Total Number
    
    (b) Average
    
    Purchased as Part
    
    May Yet Beof Redeemable
    
    Price Paid per
    
    of Publicly Announced
    
    Purchased Under thePeriod
    
    Units Purchased*
    
    Redeemable Unit**
    
    Plans or Programs
    
    Plans or ProgramsOctober 1,
2010  October 31,
2010
    
    
    333.1023
    
    
    $
    1,391.13
    
    
    
    N/A
    
    
    
    N/ANovember 1, 2010 
November 30, 2010
    
    
    214.5114
    
    
    $
    1,346.26
    
    
    
    N/A
    
    
    
    N/ADecember 1, 2010 
December 31, 2010
    
    
    190.8264
    
    
    $
    1,406.51
    
    
    
    N/A
    
    
    
    N/A738.4401
    
    
    $
    1,382.07
    
    
    
    N/A
    
    
    
    N/A
 
 *
    
    Generally, limited partners are permitted to redeem their Redeemable Units as of the end 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. 8




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Item 6. Selected Financial Data .
  2010
    
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006Realized and unrealized trading gains
(losses) and investment in Funds net of
brokerage fees (including clearing fees), of
$3,478,486, $4,244,399, $5,523,222, $6,584,804
and $7,793,930, respectively
    
    $
    1,911,748
    
    
    $
    (2,957,413
    )
    
    $
    16,823,665
    
    
    $
    (2,575,632
    )
    
    $
    (1,464,544
    )Interest income
    
    
    52,850
    
    
    
    53,348
    
    
    
    1,027,369
    
    
    
    4,064,499
    
    
    
    5,103,077$
    1,964,598
    
    
    $
    (2,904,065
    )
    
    $
    17,851,034
    
    
    $
    1,488,867
    
    
    $
    3,638,533Net income (loss)
    
    $
    289,639
    
    
    $
    (4,886,914
    )
    
    $
    13,562,137
    
    
    $
    (801,591
    )
    
    $
    1,023,734Increase (decrease) in net asset value per unit
    
    $
    13.65
    
    
    $
    (91.11
    )
    
    $
    195.34
    
    
    $
    (5.96
    )
    
    $
    10.23Net asset value per unit
    
    $
    1,406.51
    
    
    $
    1,392.86
    
    
    $
    1,483.97
    
    
    $
    1,288.63
    
    
    $
    1,294.59Total assets
    
    $
    60,530,449
    
    
    $
    68,926,969
    
    
    $
    92,283,681
    
    
    $
    100,299,729
    
    
    $
    129,994,652
 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.
    Graham Capital Management, L.P.
    SandRidge Capital L.P.
    10




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Eckhardt Trading Company
  not
 Waypoint Capital Management LLC
   PGR Capital LLP
    11




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CMF Graham Capital Master Fund L.P.
 Currencies
    
    
    35.9
    %Energy
    
    
    6.4
    %Grains
    
    
    3.1
    %Interest Rates
Non-U.S.
    
    
    13.5
    %Interest Rates U.S.
    
    
    7.5
    %Livestock
    
    
    0.3
    %Metals
    
    
    6.9
    %Softs
    
    
    3.5
    %Stock Indices
    
    
    22.9
    %
 CMF Campbell Master Fund L.P.
 Currencies
    
    
    36.3
    %Energy
    
    
    4.4
    %Grains
    
    
    1.6
    %Interest Rates
Non-U.S.
    
    
    16.8
    %Interest Rates U.S.
    
    
    9.6
    %Metals
    
    
    5.9
    %Softs
    
    
    1.1
    %Stock Indices
    
    
    24.3
    %
 CMF Aspect Master Fund L.P.
 Currencies
    
    
    24.7
    %Energy
    
    
    8.3
    %Grains
    
    
    3.7
    %Interest Rates
Non-U.S.
    
    
    26.1
    %Interest Rates U.S.
    
    
    9.2
    %Livestock
    
    
    0.6
    %Metals
    
    
    9.0
    %Softs
    
    
    6.8
    %Stock Indices
    
    
    11.6
    %
 CMF SandRidge Master Fund L.P.
 Energy
    
    
    100
    %
 12




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CMF Eckhardt Master Fund L.P.
 Currencies
    
    
    16.3
    %Energy
    
    
    11.5
    %Grains
    
    
    9.9
    %Interest Rates
Non-U.S.
    
    
    15.1
    %Interest Rates U.S.
    
    
    16.7
    %Metals
    
    
    9.4
    %Softs
    
    
    4.3
    %Stock Indices
    
    
    16.8
    %
 Waypoint Master Fund L.P.
 Currencies
    
    
    62.6
    %Energy
    
    
    1.8
    %Grains
    
    
    1.4
    %Interest Rates
Non-U.S.
    
    
    18.0
    %Interest Rates U.S.
    
    
    4.4
    %Metals
    
    
    1.5
    %Softs
    
    
    0.7
    %Stock Indices
    
    
    9.6
    %
 PGR Master Fund L.P.
 Currencies
    
    
    11.7
    %Energy
    
    
    11.8
    %Grains
    
    
    6.2
    %Interest Rates
Non-U.S.
    
    
    11.6
    %Interest Rates U.S.
    
    
    7.8
    %Livestock
    
    
    0.8
    %Metals
    
    
    9.1
    %Softs
    
    
    6.5
    %Stock Indices
    
    
    34.5
    %
 Liquidity
   (i)
    
    The Partnership/Funds invest their assets only in commodity interests that an Advisor
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.
 (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/Funds 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 clearinghouse, 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 take 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 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 their commodity trading accounts.
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.
 13




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i.e.
      Financial Statements and Supplementary Data
  Capital Resources
  14




---



##### 



Results of Operations
  Financial Statements and Supplementary Data.
      15




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16




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Off-balance Sheet Arrangements
 Contractual Obligations
 Operational Risk
   Operational/Settlement Risk
 Technological Risk
 Legal/Documentation Risk
 Financial Control Risk
 17




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Critical Accounting Policies
 Partnerships and the Funds Investments.
 Partnerships and the Funds Fair Value Measurements.
    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
      The Partnerships Trading Value at Risk in Different Market Sectors
  20




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December 31,
2010
 % of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
    2,017,181
    
    
    
    3.40
    %Energy
    
    
    1,274,022
    
    
    
    2.14
    %Grains
    
    
    254,311
    
    
    
    0.43
    %Indices
    
    
    1,280,463
    
    
    
    2.16
    %Interest Rates U.S.
    
    
    43,796
    
    
    
    0.07
    %Interest Rates Non-U.S.
    
    
    381,358
    
    
    
    0.64
    %Livestock
    
    
    14,152
    
    
    
    0.02
    %Metals
    
    
    390,875
    
    
    
    0.66
    %Softs
    
    
    130,248
    
    
    
    0.22
    %Total
    
    $
    5,786,406
    
    
    
    9.74
    %
  December 31, 2009
 % of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
    877,221
    
    
    
    1.30
    %Energy
    
    
    710,460
    
    
    
    1.05
    %Grains
    
    
    164,945
    
    
    
    0.24
    %Indices
    
    
    1,532,562
    
    
    
    2.26
    %Interest Rates U.S.
    
    
    471,043
    
    
    
    0.70
    %Interest Rates Non-U.S.
    
    
    1,038,576
    
    
    
    1.53
    %Livestock
    
    
    26,522
    
    
    
    0.04
    %Metals
    
    
    630,531
    
    
    
    0.93
    %Softs
    
    
    429,785
    
    
    
    0.63
    %Total
    
    $
    5,881,645
    
    
    
    8.68
    %
  21




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##### 



December 31,
2010
 Average% of Total
    
    
    High
    
    
    Low
    
    
    Value atMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Risk*Currencies
    
    $
    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
 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
    
    
    
    622,287Indices
    
    
    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
 Low
    
    
    Average% of Total
    
    
    High
    
    
    Value
    
    
    ValueMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    at Risk
    
    
    at Risk*Currencies
    
    $
    6,192,975
    
    
    
    3.67
    %
    
    $
    11,364,239
    
    
    $
    996,231
    
    
    $
    5,226,199Energy
    
    
    1,048,521
    
    
    
    0.62
    %
    
    
    1,989,347
    
    
    
    236,269
    
    
    
    1,000,222Grains
    
    
    448,450
    
    
    
    0.26
    %
    
    
    964,687
    
    
    
    124,875
    
    
    
    411,118Indices
    
    
    5,301,813
    
    
    
    3.14
    %
    
    
    13,726,706
    
    
    
    1,137,775
    
    
    
    5,507,221Interest Rates U.S.
    
    
    161,600
    
    
    
    0.10
    %
    
    
    2,021,410
    
    
    
    68,806
    
    
    
    1,014,515Interest Rates Non-U.S.
    
    
    1,209,918
    
    
    
    0.72
    %
    
    
    4,305,447
    
    
    
    749,055
    
    
    
    2,006,426Livestock
    
    
    40,000
    
    
    
    0.02
    %
    
    
    106,400
    
    
    
    800
    
    
    
    50,304Metals
    
    
    1,012,127
    
    
    
    0.60
    %
    
    
    1,771,142
    
    
    
    494,357
    
    
    
    993,963Softs
    
    
    258,565
    
    
    
    0.15
    %
    
    
    1,144,148
    
    
    
    85,988
    
    
    
    385,351Total
    
    $
    15,673,969
    
    
    
    9.28
    %
 
 *
    
    Annual average of month-end Value at Risk  December 31, 2009
 Low
    
    
    Average% of Total
    
    
    High
    
    
    Value
    
    
    ValueMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    at Risk
    
    
    at Risk*Currencies
    
    $
    2,410,532
    
    
    
    1.41
    %
    
    $
    8,136,447
    
    
    $
    833,881
    
    
    $
    4,612,528Energy
    
    
    684,083
    
    
    
    0.40
    %
    
    
    3,017,929
    
    
    
    273,236
    
    
    
    1,214,764Grains
    
    
    549,675
    
    
    
    0.32
    %
    
    
    1,846,996
    
    
    
    96,550
    
    
    
    731,407Indices
    
    
    4,809,915
    
    
    
    2.81
    %
    
    
    12,019,804
    
    
    
    623,680
    
    
    
    5,396,991Interest Rates U.S.
    
    
    142,150
    
    
    
    0.08
    %
    
    
    2,365,808
    
    
    
    87,777
    
    
    
    859,990Interest Rates Non-U.S.
    
    
    1,869,099
    
    
    
    1.09
    %
    
    
    8,320,518
    
    
    
    471,498
    
    
    
    2,867,131Livestock
    
    
    59,200
    
    
    
    0.04
    %
    
    
    160,380
    
    
    
    1,080
    
    
    
    58,409Metals
    
    
    1,222,254
    
    
    
    0.71
    %
    
    
    1,806,942
    
    
    
    297,478
    
    
    
    1,002,985Softs
    
    
    1,131,557
    
    
    
    0.66
    %
    
    
    1,479,945
    
    
    
    190,202
    
    
    
    768,323Total
    
    $
    12,878,465
    
    
    
    7.52
    %
 
 *
    
    Annual average of month-end Value at Risk 23




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##### 



December 31,
2010
 Low
    
    
    Average% of Total
    
    
    High
    
    
    Value at
    
    
    Value atMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Risk
    
    
    Risk*Energy
    
    $
    61,391,255
    
    
    
    11.61
    %
    
    $
    85,692,107
    
    
    $
    18,754,664
    
    
    $
    56,852,448Total
    
    $
    61,391,255
    
    
    
    11.61
    %
 
 *
    
    Annual average of month-end Value at Risk  December 31, 2009
 Low
    
    
    Average% of Total
    
    
    High
    
    
    Value at
    
    
    Value atMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Risk
    
    
    Risk*Energy
    
    $
    19,220,494
    
    
    
    2.81
    %
    
    $
    40,574,022
    
    
    $
    11,157,117
    
    
    $
    24,955,810Total
    
    $
    19,220,494
    
    
    
    2.81
    %
 
 *
    
    Annual 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*Currencies
    
    $
    1,025,866
    
    
    
    4.33
    %
    
    $
    1,147,164
    
    
    $
    9,175
    
    
    $
    427,400Energy
    
    
    248,250
    
    
    
    1.05
    %
    
    
    580,400
    
    
    
    10,875
    
    
    
    238,534Grains
    
    
    348,259
    
    
    
    1.47
    %
    
    
    370,823
    
    
    
    41,862
    
    
    
    169,215Indices
    
    
    610,979
    
    
    
    2.58
    %
    
    
    3,147,442
    
    
    
    19,055
    
    
    
    430,625Interest Rates U.S.
    
    
    3,900
    
    
    
    0.02
    %
    
    
    887,750
    
    
    
    3,900
    
    
    
    351,889Interest Rates Non -U.S.
    
    
    331,533
    
    
    
    1.40
    %
    
    
    852,062
    
    
    
    63,225
    
    
    
    352,114Metals
    
    
    268,184
    
    
    
    1.13
    %
    
    
    365,762
    
    
    
    26,255
    
    
    
    198,271Softs
    
    
    46,300
    
    
    
    0.19
    %
    
    
    146,472
    
    
    
    10,950
    
    
    
    70,345Total
    
    $
    2,883,271
    
    
    
    12.17
    %
 
 *
    
    Annual average of month-end Value at Risk 24




---



##### 



December 31, 2009
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    380,916
    
    
    
    2.20
    %
    
    $
    1,191,210
    
    
    $
    7,200
    
    
    $
    301,705Energy
    
    
    270,400
    
    
    
    1.56
    %
    
    
    644,500
    
    
    
    22,050
    
    
    
    211,624Grains
    
    
    128,975
    
    
    
    0.74
    %
    
    
    362,365
    
    
    
    10,800
    
    
    
    101,491Indices
    
    
    635,844
    
    
    
    3.67
    %
    
    
    879,160
    
    
    
    22,367
    
    
    
    304,994Interest Rates U.S.
    
    
    768,410
    
    
    
    4.44
    %
    
    
    768,410
    
    
    
    14,550
    
    
    
    196,272Interest Rates Non-U.S.
    
    
    213,803
    
    
    
    1.23
    %
    
    
    696,839
    
    
    
    13,213
    
    
    
    221,520Metals
    
    
    284,030
    
    
    
    1.64
    %
    
    
    535,674
    
    
    
    16,196
    
    
    
    234,566Softs
    
    
    150,320
    
    
    
    0.87
    %
    
    
    251,705
    
    
    
    11,784
    
    
    
    115,206Total
    
    $
    2,832,698
    
    
    
    16.35
    %
 
 *
    
    Annual 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*Currencies
    
    $
    1,878,430
    
    
    
    4.55
    %
    
    $
    11,817,974
    
    
    $
    633,809
    
    
    $
    5,198,266Indices
    
    
    901,236
    
    
    
    2.18
    %
    
    
    1,613,660
    
    
    
    100,993
    
    
    
    790,428Metals
    
    
    80,750
    
    
    
    0.20
    %
    
    
    216,426
    
    
    
    31,500
    
    
    
    66,207Total
    
    $
    2,860,416
    
    
    
    6.93
    %
 
 *
    
    Period from March 1, 2010 (commencement of trading operations) to December 31, 2010 average of month-end Value at Risk  December 31, 2010
 % of Total
    
    
    High
    
    
    Low
    
    
    Average*Market Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at RiskCurrencies
    
    $
    183,120
    
    
    
    0.90
    %
    
    $
    183,120
    
    
    $
    103,066
    
    
    $
    154,058Energy
    
    
    252,600
    
    
    
    1.24
    %
    
    
    252,600
    
    
    
    107,024
    
    
    
    195,337Grains
    
    
    111,250
    
    
    
    0.54
    %
    
    
    111,250
    
    
    
    43,750
    
    
    
    83,625Indices
    
    
    617,024
    
    
    
    3.03
    %
    
    
    621,232
    
    
    
    385,104
    
    
    
    524,198Interest Rates U.S.
    
    
    80,800
    
    
    
    0.40
    %
    
    
    141,150
    
    
    
    66,450
    
    
    
    81,150Interest Rates Non-U.S.
    
    
    180,603
    
    
    
    0.89
    %
    
    
    265,434
    
    
    
    135,161
    
    
    
    161,976Livestock
    
    
    10,000
    
    
    
    0.05
    %
    
    
    11,000
    
    
    
    6,000
    
    
    
    9,500Metals
    
    
    162,000
    
    
    
    0.79
    %
    
    
    162,000
    
    
    
    69,500
    
    
    
    125,875Softs
    
    
    98,003
    
    
    
    0.48
    %
    
    
    109,657
    
    
    
    57,757
    
    
    
    89,793Total
    
    $
    1,695,400
    
    
    
    8.32
    %
 
 *
    
    Period from November 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 e.g.,
 26




---



##### 



Currencies
 Stock Indices
  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 .
 DIVERSIFIED 2000 FUTURES FUND L.P.
  28




---



##### 



To the Limited
    Partners of
    Diversified 2000 Futures Fund L.P.
    
  By:
    Walter Davis      Ceres Managed Futures LLC
    212-296-1999
 29




---



##### 



Managements
    Report on Internal Control Over
    Financial Reporting
             Internal Control-Integrated Framework
  -s- Walter Davis

-s-Jennifer MagroWalter Davis
    President and Director
    Ceres Managed Futures LLC
    General Partner,
    Diversified 2000 Futures Fund L.P.

Jennifer Magro
    Chief Financial Officer and Director
    Ceres Managed Futures LLC
    General Partner,
    Diversified 2000 Futures Fund L.P.  30




---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    
 31




---



##### 



Report of Independent Registered Public Accounting Firm
 
    32




---



##### 



33




---



##### 



Diversified 2000
    Futures Fund L.P.Statements of Financial ConditionDecember 31, 2010 and 2009
  2010


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

$
60,378,147


$
68,763,270Cash (Note 3c)


152,302



163,699Total assets

$
60,530,449


$
68,926,969Liabilities and Partners Capital:Liabilities:Accrued expenses:Brokerage fees (Note 3c)

$
272,388


$
310,171Management fees (Note 3b)


88,127



101,697Incentive fees (Note 3b)


352,348



297,167Professional fees


106,604



133,333Other


28,141



44,958Redemptions payable (Note 6)


268,399



316,332Total liabilities


1,116,007



1,203,658Partners Capital (Notes 1 and 6):General Partner, 441.6499 and 685.2830 unit equivalents
    outstanding at December 31, 2010 and 2009, respectively


621,185



954,503Limited Partners, 41,800.7127 and 47,936.5632 Redeemable Units
    outstanding at December 31, 2010 and 2009, respectively


58,793,257



66,768,808Total partners capital


59,414,442



67,723,311Total liabilities and partners capital

$
60,530,449


$
68,926,969Net asset value per unit

$
1,406.51


$
1,392.86   See accompanying notes to financial statements.
 34




---



##### 



Diversified 2000
    Futures Fund L.P.Schedule of InvestmentsDecember 31, 2010
  % of PartnersFair Value


CapitalInvestment in FundsCMF Aspect Master Fund L.P.

$
12,593,732



21.19
%CMF Graham Capital Master Fund L.P.


12,185,485



20.51CMF SandRidge Master Fund L.P.


8,175,283



13.76CMF Eckhardt Master Fund L.P.


9,595,146



16.15Waypoint Master Fund L.P.


12,714,093



21.40PGR Master Fund L.P.


5,114,408



8.61Total investment in Funds, at fair value

$
60,378,147



101.62
%   See accompanying notes to financial statements.
 35




---



##### 



Diversified 2000
    Futures Fund L.P.Schedule of InvestmentsDecember 31, 2009
  % of PartnersFair Value


CapitalInvestment in FundsCMF Campbell Master Fund L.P.

$
5,638,620



8.33
%CMF Aspect Master Fund L.P.


19,889,156



29.37CMF Graham Capital Master Fund L.P.


22,604,775



33.38CMF SandRidge Master Fund L.P.


13,641,031



20.14CMF Eckhardt Master Fund L.P.


6,989,688



10.32Total investment in Funds, at fair value

$
68,763,270


$
101.54
%   See accompanying notes to financial statements.
 36




---



##### 



Diversified 2000
    Futures Fund L.P.Statements of Income and Expensesfor 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 investment in Funds

$
3,930,711


$
(590,938
)

$
25,034,325Change in net unrealized gains (losses) on investment in Funds


1,459,523



1,877,924



(2,687,438
)Gain (loss) from trading, net


5,390,234



1,286,986



22,346,887Interest income from investment in Funds


52,850



53,348



1,027,369Total income (loss)


5,443,084



1,340,334



23,374,256Expenses:Brokerage fees including clearing fees (Note 3c)


3,478,486



4,244,399



5,523,222Management fees (Note 3b)


1,082,810



1,339,104



1,726,905Incentive fees (Note 3b)


352,348



297,167



2,324,181Professional fees


217,985



267,426



190,320Other


21,816



79,152



47,491Total expenses


5,153,445



6,227,248



9,812,119Net income (loss)

$
289,639


$
(4,886,914
)

$
13,562,137Net income (loss) per unit (Note 7)

$
13.65


$
(91.11
)

$
195.34Weighted average units outstanding


45,111.6490



52,420.3791



69,282.7177   See accompanying notes to financial statements.
 37




---



##### 



Diversified 2000
    Futures Fund L.P.Statements of Changes in Partners
    Capitalfor the years ended
    December 31, 2010, 2009 and 2008
  Limited


GeneralPartners


Partner


TotalPartners Capital at December 31, 2007

$
96,383,714


$
2,583,895


$
98,967,609Net income (loss)


13,170,451



391,686



13,562,137Redemptions of 18,233.6270 Redeemable Units


(25,617,489
)






(25,617,489
)Partners Capital at December 31, 2008


83,936,676



2,975,581



86,912,257Net income (loss)


(4,751,474
)


(135,440
)


(4,886,914
)Redemptions of 8,625.5595 Redeemable Units


(12,416,394
)






(12,416,394
)Redemptions of 1,319.8660 General Partner unit equivalents






(1,885,638
)


(1,885,638
)Partners Capital at December 31, 2009


66,768,808



954,503



67,723,311Net income (loss)


297,957



(8,318
)


289,639Redemptions of 6,135.8505 Redeemable Units


(8,273,508
)






(8,273,508
)Redemptions of 243.6331 General Partner unit equivalents






(325,000
)


(325,000
)Partners Capital at December 31, 2010

$
58,793,257


$
621,185


$
59,414,442Net asset value per unit:   2008:

$
1,483.972009:

$
1,392.862010:

$
1,406.51
   See accompanying notes to financial statements.
 38




---



##### 



Diversified 2000
    Futures Fund L.P.



    Notes to Financial Statements
    December 31, 2010
  1.
    Partnership
    Organization:  non-U.S. interest
          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 (including
    derivative financial instruments and derivative commodity
    instruments), through its investment in other funds, 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 39




---



##### 



Diversified 2000
    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 Funds 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
    Funds Statements of Income and Expenses.  Partnerships and the Funds Fair Value
    Measurements.
       40




---



##### 



Diversified 2000
    Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
    QuotedPrices inActive


SignificantMarkets for


Other


SignificantIdentical


Observable


UnobservableAssets


Inputs


Inputs12/31/2010


(Level 1)


(Level 2)


(Level 3)AssetsInvestment in Funds

$
60,378,147


$



$
60,378,147


$
Total fair value

$
60,378,147


$



$
60,378,147


$

   QuotedPrices inActive


SignificantMarkets for


Other


SignificantIdentical


Observable


UnobservableAssets


Inputs


Inputs12/31/2009


(Level 1)


(Level 2)


(Level 3)AssetsInvestment in Funds

$
68,763,270


$



$
68,763,270


$
Total fair value

$
68,763,270


$



$
68,763,270


$

   Futures Contracts.  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 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 Funds.
    When the contract is closed, 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.Forward Foreign Currency Contracts.  Foreign
    currency contracts are those contracts where 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 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.   41




---



##### 



Diversified 2000
    Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
   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 Funds are cash
    settled based on prompt dates published by the LME. Payments
    (variation margin) may be made or received by 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 Funds. A contract is
    considered offset when all long positions 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 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.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
    write an option, the premium received is recorded as a liability
    in the Statements of Financial Condition and marked to market
    daily. When the Funds purchase 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.d.
    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.      e.
    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 filing and
    determined that there were no subsequent events requiring
    adjustment 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. 42




---



##### 



Diversified 2000
    Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  3.
    Agreements:      b.
    Management Agreement:  1 6 1 12 1 12
      c.
    Customer Agreement:  give-up
 43




---



##### 



Diversified 2000
    Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  30-day 3-month
  4.
    Trading
    Activities:    Partnership/Funds
    5.
    Investment in
    Funds:       44




---



##### 



Diversified 2000
    Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
               45




---



##### 



Diversified 2000
    Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
        December 31, 2010Total


Total


TotalAssets


Liabilities


CapitalAspect Master

$
157,910,582


$
46,523


$
157,864,059Graham Master


168,973,503



48,832



168,924,671SandRidge Master


581,631,311



52,896,054



528,735,257Eckhardt Master


23,748,773



62,448



23,686,325Waypoint Master


41,306,976



59,330



41,247,646PGR Master


20,415,391



28,810



20,386,581Total

$
993,986,536


$
53,141,997


$
940,844,539   December 31, 2009Total


Total


TotalAssets


Liabilities


CapitalCampbell Master

$
63,393,130


$
867,467


$
62,525,663Aspect Master


166,072,281



934,223



165,138,058Graham Master


171,238,199



25,939



171,212,260SandRidge Master


715,621,327



30,711,834



684,909,493Eckhardt Master


17,383,619



63,160



17,320,459Total

$
1,133,708,556


$
32,602,623


$
1,101,105,933     For the period ended December 31, 2010Gain (Loss) fromTrading, net


Total Income (Loss)


Net Income (Loss)Aspect Master

$
28,958,682


$
29,102,474


$
28,808,927Graham Master


12,799,867



12,950,502



12,355,345SandRidge Master


(132,752,741
)


(132,183,397
)


(133,838,532
)Eckhardt Master


5,378,965



5,394,025



5,208,688Waypoint Master


7,879,774



7,918,225



7,746,492PGR Master


592,832



596,397



562,135Total

$
(77,142,621
)

$
(76,221,774
)

$
(79,156,945
)  46




---



##### 



Diversified 2000
    Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  For the year ended December 31, 2009Gain (Loss) fromTrading, net


Total Income (Loss)


Net Income (Loss)Campbell Master

$
(2,923,817
)

$
(2,860,109
)

$
(2,974,707
)Aspect Master


(18,818,065
)


(18,684,829
)


(18,997,603
)Graham Master


12,468,065



12,593,321



11,932,221SandRidge Master


99,192,706



99,581,610



98,747,670Eckhardt Master


(617,648
)


(604,361
)


(743,158
)Total

$
89,301,241


$
90,025,632


$
87,964,423     % of














NetPartnerships


Fair


Income


Expenses


Income


Investment

RedemptionsFunds

Net Assets


Value


(Loss)


Brokerage Fees


Other


(Loss)


Objective

PermittedFor the period ended December 31, 2010Campbell Master


0.00
%

$



$
(266,611
)

$
1,344


$
672


$
(268,627
)

Commodity
    Portfolio

MonthlyAspect Master


21.19
%


12,593,732



3,058,106



20,772



10,977



3,026,357


Commodity
    Portfolio

MonthlyGraham Master


20.51
%


12,185,485



858,450



49,344



10,617



798,489


Commodity
    Portfolio

MonthlySandRidge Master


13.76
%


8,175,283



(2,234,661
)


22,112



6,546



(2,263,319
)

Energy
    Portfolio

MonthlyEckhardt Master


16.15
%


9,595,146



2,209,274



42,767



32,991



2,133,516


Commodity
    Portfolio

MonthlyWaypoint Master


21.40
%


12,714,093



1,669,221



19,209



12,810



1,637,202


Commodity
    Portfolio

MonthlyPGR Master


8.61
%


5,114,408



149,305



1,321



7,278



140,706


Commodity
    Portfolio

MonthlyTotal





$
60,378,147


$
5,443,084


$
156,869


$
81,891


$
5,204,324   % of














NetPartnerships


Fair


Income


Expenses


Income


Investment

RedemptionsFunds

Net Assets


Value


(Loss)


Brokerage Fees


Other


(Loss)


Objective

PermittedFor the year ended December 31, 2009Campbell Master


8.33
%

$
5,638,620


$
(313,558
)

$
6,795


$
4,585


$
(324,938
)

Commodity
    Portfolio

MonthlyAspect Master


29.37
%


19,889,156



(2,302,519
)


32,379



5,634



(2,340,532
)

Commodity
    Portfolio

MonthlyGraham Master


33.38
%


22,604,775



1,639,519



80,944



6,147



1,552,428


Commodity
    Portfolio

MonthlySandRidge Master


20.14
%


13,641,031



2,556,009



15,091



5,043



2,535,875


Energy
    Portfolio

MonthlyEckhardt Master


10.32
%


6,989,688



(239,117
)


19,580



35,355



(294,052
)

Commodity
    Portfolio

MonthlyTotal





$
68,763,270


$
1,340,334


$
154,789


$
56,764


$
1,128,781   6.
    Distributions and
    Redemptions:   47




---



##### 



Diversified 2000
    Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
    7.
    Financial
    Highlights:    2010


2009


2008Net realized and unrealized gains (losses)*

$
49.77


$
(54.60
)

$
243.94Interest income


1.19



1.00



14.30Expenses**


(37.31
)


(37.51
)


(62.90
)Increase (decrease) for the year


13.65



(91.11
)


195.34Net asset value per unit, beginning of year


1,392.86



1,483.97



1,288.63Net asset value per unit, end of year

$
1,406.51


$
1,392.86


$
1,483.97    *
    
    Includes brokerage fees.**
    
    Excludes brokerage fees.  2010


2009


2008Ratios to average net assets:Net investment income (loss) before incentive fees***


(7.8
)%


(7.9
)%


(6.8
)%Operating expenses


7.9
%


8.0
%


7.9
%Incentive fees


0.6
%


0.4
%


2.4
%Total expenses


8.5
%


8.4
%


10.3
%Total return:Total return before incentive fees


1.6
%


(5.7
)%


18.2
%Incentive fees


(0.6
)%


(0.4
)%


(3.0
)%Total return after incentive fees


1.0
%


(6.1
)%


15.2
%    ***
    
    Interest income less total expenses.    8.
    Financial
    Instrument Risks:   48




---



##### 



Diversified 2000
    Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
             49




---



##### 



For the period
    
    For the period
    
    For the period
    
    For the periodfrom October 1, 2010
    
    from July 1, 2010
    
    from April 1,
    
    from January 1,to December 31,
    
    to September 30,
    
    2010 to June 30,
    
    2010 to March 31,2010
    
    2010
    
    2010
    
    2010Net realized and
unrealized trading
gains (losses) net
of brokerage fees
and clearing fees
including interest
income
    
    $
    3,066,964
    
    
    $
    765,004
    
    
    $
    (100,616
    )
    
    $
    (1,766,754
    )Net income (loss)
    
    $
    2,512,677
    
    
    $
    523,359
    
    
    $
    (607,950
    )
    
    $
    (2,138,447
    )Increase (decrease)
in net asset value
per unit
    
    $
    58.88
    
    
    $
    11.96
    
    
    $
    (13.84
    )
    
    $
    (43.35
    )
 For the period
    
    For the period
    
    For the period
    
    For the periodfrom October 1,
    
    from July 1, 2009
    
    from April 1,
    
    from January 1,2009 to December 31,
    
    to September 30,
    
    2009 to June 30,
    
    2009 to March 31,2009
    
    2009
    
    2009
    
    2009Net realized and
unrealized trading
gains (losses) net
of brokerage fees
and clearing fees
including interest
income
    
    $
    (1,483,198
    )
    
    $
    3,566,889
    
    
    $
    (4,282,850
    )
    
    $
    (704,906
    )Net income (loss)
    
    $
    (1,812,838
    )
    
    $
    3,039,053
    
    
    $
    (4,805,629
    )
    
    $
    (1,307,500
    )Increase (decrease)
in net asset value
per unit
    
    $
    (37.13
    )
    
    $
    60.90
    
    
    $
    (91.61
    )
    
    $
    (23.27
    )
 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.
 Business.
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
 Security ownership of certain beneficial owners.
 54




---



##### 



Security ownership of management.
 (3) Amount and(2) Name of
    
    Nature ofBeneficial
    
    Beneficial
    
    (4) Percent of(1) Title of Class
    
    Owner
    
    Ownership
    
    ClassGeneral Partner units equivalents
    
    General Partner
    
    441.6499
    
    1.1%
 Changes in control.
 Item 13. Certain Relationships and Related Transactions, and Director Independence.
 (a)
    
    Transactions with related persons.None.(b)
    
    Review, approval or ratification of transactions with related persons.Not applicable.(c)
    
    Promoters and certain control persons.
CGM and the General Partner, would be considered promoters for purposes of item 404(c) of
Regulation S-K. The nature and the amounts of compensation each promoter will receive, if any, from
the Partnership are set forth under Item 1. Business, Item 8. Financial Statements
and Supplementary Data, and Item 11. Executive Compensation.
  55




---



##### 



Item 14. Principal Accountant Fees and Services.
 Audit Fees
 Deloitte
    
    PwC2010
    
    $
    89,800
    
    
    
    N/A2009
    
    $
    80,300
    (1)
    
    $
    20,700
    (2)
 
 (1)
    
    For the period July 23, 2009 to December 31, 2009.(2)
    
    For the period January 1, 2009 to July 22, 2009. (2)
    
    Audit-Related Fees. None
 (3)
    
    Tax Fees. In the last two fiscal years, Deloitte did not provide any professional
services for tax compliance, tax advice or tax planning. The aggregate fees billed for each of the
last two fiscal years for professional services rendered by PwC for tax compliance and tax advice
given in the preparation of the Partnerships Schedule K1s, the preparation of the Partnerships
Form 1065 and preparation of all State Tax Returns were:
 2010
    
    $
    26,2502009
    
    $
    25,000
 (4)
    
    All Other Fees. None.(5)
    
    Not Applicable.(6)
    
    Not Applicable.
 56




---



##### 



PART IV
 Item 15. Exhibits and  Financial Statement Schedules.
    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.
   3.1
    
    Limited Partnership Agreement (filed as Exhibit 3.1 to the Registration Statement on Form S-1
filed on September 23, 1999 and incorporated herein by reference).3.2
    
    Certificate of Limited Partnership of the Partnership as filed in the Office of the Secretary
of State of the State of New York on August 25, 1999 (filed as Exhibit 3.2 to the Registration
Statement on Form S-1 filed on September 23, 1999 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 May 21, 2003 (filed as Exhibit
3.2(a) to the Form 10-Q filed on November 16, 2009 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 September 21, 2005 (filed as Exhibit
3.2(b) to the Form 10-Q filed on November 16, 2009 and incorporated herein by reference).(c) 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
3.2(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 August 27, 2008 (filed as Exhibit
99.1 to the Form 8-K filed on September 2, 2008 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 24, 2009 (filed as Exhibit
99.1 to the Form 8-K filed on September 30, 2009 and incorporated herein by reference).(f)   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, 2010 (filed as Exhibit 3.1(f) to the
Form 8-K filed on July 2, 2010 and incorporated herein by reference).10.1
    
    Form of Customer Agreement between the Partnership and Salomon Smith Barney Inc. (filed as
Exhibit 10.3 to the Registration Statement on Form S-1 filed on September 23, 1999 and
incorporated herein by reference).10.2
    
    Form of Escrow Agreement among the Partnership, European American Bank, Smith Barney Futures
Management Inc. and Salomon Smith Barney Inc. (filed as Exhibit 10.3 to the Registration
Statement on Form S-1 filed on September 23, 1999 and incorporated herein by reference).(a) Form of Letter Amending Escrow Agreement among the Partnership, European American Bank,
Smith Barney Futures Management Inc. and Salomon Smith Barney Inc. (filed as Exhibit 10.3A to
the Registration Statement on Form S-1 filed on November 12, 2002 and incorporated herein by
reference).
 57




---



##### 



10.3
    
    Form of Selling Agreement among the Partnership, Smith Barney Futures Management LLC and
Salomon Smith Barney Inc. (filed as Exhibit 1.1 to the Registration Statement on Form S-1
filed on November 12, 2002 and incorporated herein by reference).10.4
    
    Joinder Agreement among the Partnership, the General Partner, Citigroup Global Markets Inc.
and Morgan Stanley Smith Barney LLC, dated June 1, 2009 (filed as Exhibit 10 to the Quarterly
Report on Form 10-Q filed on August 14, 2009 and incorporated herein by reference).10.5
    
    Amended and Restated Advisory Agreement among the Partnership, the General Partner and
SandRidge Capital, LP, dated June 30, 2007 (filed as Exhibit 10.1 to the Quarterly Report on
Form 10-Q filed on August 14, 2007 and incorporated herein by reference).(a) Letter from the General Partner extending Advisory Agreement between the General Partner
and SandRidge Capital, L.P. for 2010, dated June 1, 2010 (filed herein).10.6
    
    Management Agreement among the Partnership, the General Partner and Aspect Capital Limited,
dated January 3, 2002 (filed as Exhibit 99 to the Annual Report on Form 10-K filed on March
27, 2003 and incorporated herein by reference).(a) Letter from the General Partner extending Management with Aspect Capital Limited for 2010,
dated June 1, 2010 (filed herein).10.7
    
    Management Agreement among the Partnership, the General Partner and Eckhardt Trading Company,
dated March 31, 2008 (filed as Exhibit 10 to the Quarterly Report on Form 10-Q filed on August
14, 2008 and incorporated herein by reference).(a) Letter from the General Partner extending Management Agreement with Eckhardt Trading
Company for 2010, dated June 1, 2010 (filed herein).10.8
    
    Management Agreement among the Partnership, the General Partner and Campbell & Company, Inc.,
dated August 31, 1999 (filed as Exhibit 10.6 to the Registration Statement on Form S-1 filed
on September 23, 1999 and incorporated herein by reference).10.9
    
    Management Agreement among the Partnership, the General Partner and Graham Capital
Management, L.P., dated June 11, 2001 (filed as Exhibit 10 to the Annual Report on Form 10-K
filed on March 27, 2002 and incorporated herein by reference).(a) Letter from the General Partner extending Management Agreement with Graham Capital
Management, L.P. for 2010, dated June 1, 2010 (filed herein).10.10
    
    Management Agreement among the Partnership, the General Partner and Waypoint Capital
Management LLC, dated February 25, 2010 (filed as Exhibit 10.8 to the Quarterly Report on Form
10-Q filed on May 17, 2010 and incorporated herein by reference).(a) Letter from the General Partner extending Management Agreement with Waypoint
Capital Management LLC for 2010, dated June 1, 2010 (filed herein).10.11
    
    Management Agreement among the Partnership, the General Partner and PGR Capital LLP, dated
October 29, 2010 (filed as Exhibit 10.10 to the Form 8-K filed on November 4, 2010 and
incorporated herein by reference).16.1
    
    Letter dated July 23, 2009 from PricewaterhouseCoopers LLP regarding Change in Certifying
Accountant (filed as Exhibit 16.1 to the Form 8-K filed on July 24, 2009 and incorporated
herein by reference).16.2
    
    Letter dated June 26, 2008 from KPMG LLP regarding Change in Certifying Accountant (filed as
Exhibit 16.1 to the Form 8-K filed on July 1, 2008 and incorporated herein by reference).99.1
    
    Financial Statements of CMF Aspect Master Fund L.P.99.2
    
    Financial Statements of CMF Graham Capital Master Fund L.P.99.3
    
    Financial Statements of CMF SandRidge Master Fund L.P.99.4
    
    Financial Statements of Eckhardt Master Fund L.P.99.5
    
    Financial Statements of Waypoint Master Fund L.P.99.6
    
    Financial Statements of PGR Master Fund L.P.
  (a)
    
    Exhibit 31.1  Rule 13a-14(a)/15d-14(a) Certification (Certification of President and
Director).Exhibit 31.2  Rule 13a-14(a)/15d-14(a) Certification (Certification of Chief Financial Officer
and Director).Exhibit 32.1  Section 1350 Certification (Certification of President and Director).Exhibit 32.2  Section 1350 Certification (Certification of Chief Financial Officer and Director).
 58




---



##### 



SIGNATURES
   By:
    Ceres Managed Futures LLC(General Partner)By:

/s/ Walter DavisWalter Davis, 
President & DirectorDate: March 31, 2011  /s/ Walter Davis
    
    /s/ Ian Bernstein
    
    /s/ Patrick T. EganWalter Davis
    
    Ian Bernstein
    
    Patrick T. EganPresident and Director
    
    Director
    
    DirectorCeres Managed Futures LLC
    
    Ceres Managed Futures LLC
    
    Ceres Managed Futures LLCDate: March 31, 2011
    
    Date: March 31, 2011
    
    Date: March 31, 2011/s/ Jennifer Magro
    
    /s/ Michael McGrath
    
    /s/ Alper DagliogluJennifer Magro
    
    Michael McGrath
    
    Alper DagliogluChief Financial Officer and Director
    
    Director
    
    Director(Principal Accounting Officer)
    
    Ceres Managed Futures LLC
    
    Ceres Managed Futures LLCCeres Managed Futures LLC
    
    Date: March 31, 2011
    
    Date: March 31, 2011Date: March 31, 2011/s/ Douglas J. Ketterer
    
    /s/ Harry HandlerDouglas J. Ketterer
    
    Harry HandlerDirector
    
    DirectorCeres Managed Futures LLC
    
    Ceres Managed Futures LLCDate: March 31, 2011
    
    Date: March 31, 2011
 Supplemental Information to be furnished With Reports Filed Pursuant to Section 15(d) of the
Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act.
   59