Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

       Date of Report (Date of earliest event reported): March 1, 2012

                             BHM DISCRETIONARY FUTURES FUND L.P.
             (Exact name of registrant as specified in its charter)

   Delaware                       000-54284                         27-3371689
--------------                   ------------------                     ------------------
(State or other          (Commission File                 (IRS Employer
jurisdiction of              Number)                           Identification No.)

                        c/o Ceres Managed Futures LLC
                         522 Fifth Avenue - 14th Floor
                               New York, NY 10036

              (Address and Zip Code of principal executive offices)

Registrant's telephone number, including area code: (212) 296-1999

                                 Not Applicable
          (Former name or former address, if changed since last report)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

     |_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

     |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)

     |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

     |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))




     On March 1, 2012,  the registrant issued  12,438.847 units of limited  partnership 
interest  ("Units") in exchange for $10,926,684 in a transaction  that was not  registered  
under the Securities Act.  The Units were issued in reliance upon applicable  exemptions
from registration  under Section 4(2) of the Act and Section 506 of Regulation D promulgated
there under.




     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                 By: Ceres Managed Futures LLC
             General Partner

                 By /s/ Walter Davis
                        Walter Davis
                        President and Director

                 By /s/ Brian Centner
                        Brian Centner
                        Chief Financial Officer

Date: March 2, 2012




                                                                       Ceres Managed Futures LLC
                                                                       522 Fifth Avenue - 14th Floor
                                                                             New York, NY 10036

March 2, 2012


Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549

Re:      BHM Discretionary Futures Fund L.P.
           Current Report on Form 8-K

Ladies and Gentlemen:

On behalf  of  BHM Discretionary Futures  Fund L.P.  and  pursuant  to Rule 
13a-11 promulgated by the Securities and Exchange  Commission  (the  "Commission"),  
we transmit  herewith for filing with the  Commission via EDGAR a Current Report on
Form 8-K  pursuant  to the  Securities  Exchange  Act of 1934 and the  rules and regulations
there under.

Should  members of the  Commission's  staff have any  questions or comments with
respect to this filing,  please contact the undersigned at (212) 296-1296.

Very truly yours,

/s/ Delores Jaramillo
    Delores Jaramillo