##### Table of Contents





UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    WASHINGTON, D.C. 20549
 FORM 10-Q
 (X) QUARTERLY REPORT PURSUANT TO SECTION 13 or
    15(d)
 OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended June 30, 2010
 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 or
    15(d)
    OF THE SECURITIES EXCHANGE ACT OF 1934
 
 000-26132
 DIVERSIFIED MULTI-ADVISOR FUTURES FUND L.P.
    New York

13-3729162(State or other jurisdiction of

(I.R.S. Employerincorporation or organization)

Identification No.)  c/o Ceres Managed Futures LLC
 522 5th Ave - 14th Floor
 New York, New York 10036
   (212) 296-1999
       Yes X     No
    Yes      No
   Rule 12b-2
  Large accelerated filer

Accelerated filer

Non-accelerated filerX

Smaller reporting company    rule 12b-2
  Yes      No X




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##### 



DIVERSIFIED MULTI-ADVISOR FUTURES FUND L.P.
FORM 10-Q
INDEX
 PageNumberPART I  Financial Information:Item 1.
    
    Financial Statements:Statements of
Financial Condition at June 30, 2010 and December 31, 2009 (unaudited)
    
    3Schedules of
Investments at June 30, 2010 and December 31, 2009 (unaudited)
    
    4  5Statements of Income
and Expenses and Changes in Partners Capital for the three and
six months ended June 30, 2010 and 2009 (unaudited)
    
    6Notes to Financial Statements (unaudited)
    
    7  16Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    17  20Item 3.
    
    Quantitative and Qualitative Disclosures about Market Risk
    
    21  24Item 4.
    
    Controls and Procedures
    
    25PART II  Other Information
    
    26  30Exhibits31.1 Certification31.2 Certification32.1 Certification32.2 CertificationEX-31.1EX-31.2EX-32.1EX-32.2
  2




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##### Table of Contents



PART I
 
 Item 1. Financial Statements
 Diversified Multi-Advisor Futures Fund L.P.
 
 Statements of Financial Condition
 (Unaudited)
  June 30,
    
    
    December 31,2010
    
    
    2009Assets:Investment in Partnerships, at fair value
    
    
    $
    29,133,012
    
    
    $
    33,653,350Cash
    
    
    
    74,402
    
    
    
    107,335Total assets
    
    
    $
    29,207,414
    
    
    $
    33,760,685Liabilities and Partners Capital:Liabilities:Accrued expenses:Brokerage fees
    
    
    $
    133,867
    
    
    $
    154,737Management fees
    
    
    
    44,745
    
    
    
    51,788Other
    
    
    
    25,400
    
    
    
    48,981Redemptions payable
    
    
    
    264,008
    
    
    
    266,047Total liabilities
    
    
    
    468,020
    
    
    
    521,553Partners Capital:General
Partner, 177.7568 and 280.4039 unit equivalents
outstanding at June 30, 2010 and December 31, 2009, respectively
    
    
    
    306,174
    
    
    
    508,420Limited
Partners, 16,507.6174 and 18,051.6921
Redeemable Units  outstanding at June 30, 2010
and December 31, 2009, respectively
    
    
    
    28,433,220
    
    
    
    32,730,712Total partners capital
    
    
    
    28,739,394
    
    
    
    33,239,132Total liabilities and partners capital
    
    
    $
    29,207,414
    
    
    $
    33,760,685Net asset
value per unit
    
    
    $
    1,722.43
    
    
    $
    1,813.17
  3




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Diversified Multi-Advisor Futures Fund L.P.
 
 Schedule of Investments
 June 30, 2010
 (Unaudited)
  % of PartnersFair Value
    
    
    CapitalInvestment in PartnershipsCMF Winton Master L.P.
    
    $
    8,839,115
    
    
    
    30.76
    %CMF Willowbridge Argo Master Fund L.P.
    
    
    4,697,493
    
    
    
    16.34CMF Graham Capital Master Fund L.P.
    
    
    8,020,758
    
    
    
    27.91CMF Eckhardt Master Fund L.P.
    
    
    5,135,438
    
    
    
    17.87CMF SandRidge Master Fund L.P.
    
    
    2,440,208
    
    
    
    8.49Total investment in Partnerships, at fair value
    
    $
    29,133,012
    
    
    
    101.37
    %
  4




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##### Table of Contents



Diversified Multi-Advisor Futures Fund L.P.
Schedule of Investments
December 31, 2009
 (Unaudited)
  % of PartnersFair Value


CapitalInvestment In PartnershipsCMF Winton Master L.P.
    
    
$
9,975,920



30.01
%CMF Willowbridge Argo Master Fund L.P.
    
    

6,218,731



18.71CMF Graham Capital Master Fund L.P.
    
    

9,193,804



27.66CMF Eckhardt Master L.P.
    
    

5,395,613



16.23CMF SandRidge Master Fund L.P.
    
    

2,869,282



8.63Total investment in Partnerships, at fair value
    
    
$
33,653,350



101.24
%
  5




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##### Table of Contents



Diversified Multi-Advisor Futures Fund L.P.
 
 Statements of Income and Expenses and Changes in Partners Capital
 (Unaudited)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Income:Net gains (losses) on trading of commodity interests and investment in Partnerships:Net realized gains (losses) on investment in Partnerships
    
    $
    688,103
    
    
    $
    331,396
    
    
    $
    (458,794
    )
    
    $
    (667,443
    )Change in
net unrealized gains (losses) on investment in Partnerships
    
    
    (268,244
    )
    
    
    (629,019
    )
    
    
    64,961
    
    
    
    (1,050,447
    )Gain (loss) from trading, net
    
    
    419,859
    
    
    
    (297,623
    )
    
    
    (393,833
    )
    
    
    (1,717,890
    )Interest income from investment in Partnerships
    
    
    7,317
    
    
    
    8,142
    
    
    
    11,001
    
    
    
    18,351Total income (loss)
    
    
    427,176
    
    
    
    (289,481
    )
    
    
    (382,832
    )
    
    
    (1,699,539
    )Expenses:Brokerage fees including clearing fees
    
    
    428,788
    
    
    
    575,531
    
    
    
    874,091
    
    
    
    1,230,369Management fees
    
    
    136,553
    
    
    
    187,113
    
    
    
    279,145
    
    
    
    402,936Incentive fees
    
    
    
    
    
    
    7,581
    
    
    
    
    
    
    
    7,581Other
    
    
    88,516
    
    
    
    80,517
    
    
    
    132,252
    
    
    
    113,642Total expenses
    
    
    653,857
    
    
    
    850,742
    
    
    
    1,285,488
    
    
    
    1,754,528Net income (loss)
    
    
    (226,681
    )
    
    
    (1,140,223
    )
    
    
    (1,668,320
    )
    
    
    (3,454,067
    )Redemptions-General Partner
    
    
    
    
    
    
    (1,037,738
    )
    
    
    (175,000
    )
    
    
    (1,037,738
    )Redemptions-Limited Partners
    
    
    (947,455
    )
    
    
    (3,482,995
    )
    
    
    (2,656,418
    )
    
    
    (6,167,840
    )Net increase (decrease) in Partners Capital
    
    
    (1,174,136
    )
    
    
    (5,660,956
    )
    
    
    (4,499,738
    )
    
    
    (10,659,645
    )Partners Capital, beginning of period
    
    
    29,913,530
    
    
    
    43,292,334
    
    
    
    33,239,132
    
    
    
    48,291,023Partners Capital, end of period
    
    $
    28,739,394
    
    
    $
    37,631,378
    
    
    $
    28,739,394
    
    
    $
    37,631,378Net asset
value per unit (16,685.3742 and 20,025.3666 units outstanding
at June 30, 2010 and 2009, respectively)
    
    $
    1,722.43
    
    
    $
    1,879.19
    
    
    $
    1,722.43
    
    
    $
    1,879.19Net income (loss) per Redeemable Unit and General Partner unit equivalent
    
    $
    (13.54
    )
    
    $
    (50.72
    )
    
    $
    (90.74
    )
    
    $
    (150.71
    )Weighted average units outstanding
    
    
    17,037.9165
    
    
    
    21,166.9812
    
    
    
    17,513.4555
    
    
    
    22,298.4477
  6




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Diversified Multi-Advisor Futures Fund L.P.
 
 Notes to Financial Statements
 June 30, 2010
 (Unaudited)
 1.
    
    General:
       7




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Diversified Multi-Advisor Futures Fund L.P.
 Notes to Financial Statements
 June 30, 2010
 (Unaudited)
    2. Financial Highlights:
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Net realized and unrealized gains (losses)*
    
    $
    (0.75
    )
    
    $
    (38.04
    )
    
    $
    (67.80
    )
    
    $
    (127.85
    )Interest income
    
    
    0.43
    
    
    
    0.39
    
    
    
    0.64
    
    
    
    0.83Expenses**
    
    
    (13.22
    )
    
    
    (13.07
    )
    
    
    (23.58
    )
    
    
    (23.69
    )Increase (decrease) for the period
    
    
    (13.54
    )
    
    
    (50.72
    )
    
    
    (90.74
    )
    
    
    (150.71
    )Net asset value per Redeemable Unit, beginning of
period
    
    
    1,735.97
    
    
    
    1,929.91
    
    
    
    1,813.17
    
    
    
    2,029.90Net asset value per Redeemable Unit, end of period
    
    $
    1,722.43
    
    
    $
    1,879.19
    
    
    $
    1,722.43
    
    
    $
    1,879.19
 
 *
    
    Includes brokerage fees.**
    
    Excludes brokerage fees.  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Ratios to average net assets:***Net investment income (loss) before incentive fees****
    
    
    (8.8
    )%
    
    
    (8.4
    )%
    
    
    (8.5
    )%
    
    
    (8.2
    )%Operating expense
    
    
    8.9
    %
    
    
    8.5
    %
    
    
    8.6
    %
    
    
    8.3
    %Incentive fees
    
    
    
    %
    
    
    0.0
    %*****
    
    
    
    %
    
    
    0.0
    %*****Total expenses
    
    
    8.9
    %
    
    
    8.5
    %
    
    
    8.6
    %
    
    
    8.3
    %Total return:Total return before incentive fees
    
    
    (0.8
    )%
    
    
    (2.6
    )%
    
    
    (5.0
    )%
    
    
    (7.4
    )%Incentive fees
    
    
    
    %
    
    
    0.0
    %*****
    
    
    
    %
    
    
    0.0
    %*****Total return after incentive fees
    
    
    (0.8
    )%
    
    
    (2.6
    )%
    
    
    (5.0
    )%
    
    
    (7.4
    )%
 
 ***
    
    Annualized (other than incentive fees).****
    
    Interest income less total expenses.*****
    
    Due to rounding  8




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Diversified Multi-Advisor Futures Fund L.P.
 Notes to Financial Statements
 June 30, 2010
 (Unaudited)
 3.
    
    Trading Activities:
     4.
    
    Fair Value Measurements:
 Partnerships and the Funds Investments.
 Partnerships and the Funds Fair Value Measurements.
  9




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Diversified Multi-Advisor Futures Fund L.P.
 Notes to Financial Statements
 June 30, 2010
 (Unaudited)
  Quoted Prices inActive Markets
    
    
    Significant Other
    
    
    Significantfor Identical
    
    
    Observable Inputs
    
    
    UnobservableJune
30, 2010
    
    
    Assets (Level 1)
    
    
    (Level 2)
    
    
    Inputs (Level 3)AssetsInvestment in Partnerships
    
    $
    29,133,012
    
    
    $
    
    
    
    $
    29,133,012
    
    
    $
    Total fair value
    
    $
    29,133,012
    
    
    $
    
    
    
    $
    29,133,012
    
    
    $
    
 Quoted Prices inActive Markets
    
    
    Significant Other
    
    
    Significantfor Identical
    
    
    Observable Inputs
    
    
    UnobservableDecember 31, 2009
    
    
    Assets (Level 1)
    
    
    (Level 2)
    
    
    Inputs (Level 3)AssetsInvestment in Partnerships
    
    $
    33,653,350
    
    
    $
    
    
    
    $
    33,653,350
    
    
    $
    Total fair value
    
    $
    33,653,350
    
    
    $
    
    
    
    $
    33,653,350
    
    
    $
    
 5.
    
    Investment in Partnerships:
    10




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##### Table of Contents



Diversified Multi-Advisor Futures Fund L.P.
 Notes to Financial Statements
 June 30, 2010
 (Unaudited)
         11




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##### Table of Contents



Diversified Multi-Advisor Futures Fund L.P.
 Notes to Financial Statements
 June 30, 2010
 (Unaudited)
  June
30, 2010Total Assets
    
    
    Total Liabilities
    
    
    Total CapitalWinton Master
    
    $
    768,235,393
    
    
    $
    7,689,883
    
    
    $
    760,545,510Willowbridge Master
    
    
    227,833,325
    
    
    
    18,921
    
    
    
    227,814,404Graham Master
    
    
    174,202,088
    
    
    
    1,436,266
    
    
    
    172,765,822Eckhardt Master
    
    
    17,065,879
    
    
    
    39,021
    
    
    
    17,026,858SandRidge Master
    
    
    731,160,853
    
    
    
    52,655,480
    
    
    
    678,505,373Total
    
    $
    1,918,497,538
    
    
    $
    61,839,571
    
    
    $
    1,856,657,967December 31, 2009Total Assets
    
    
    Total Liabilities
    
    
    Total CapitalWinton Master

$
574,479,690


$
71,377


$
574,408,313Willowbridge Master


231,147,799



42,482



231,105,317Graham Master


171,238,199



25,939



171,212,260Eckhardt Master


17,383,619



63,160



17,320,459SandRidge Master


715,621,327



30,711,834



684,909,493Total

$
1,709,870,634


$
30,914,792


$
1,678,955,842Summarized information reflecting the net gain (loss) from trading, total income (loss) and
net income (loss) for the Funds are shown in the following tables.
 For the three months
ended June 30, 2010Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, Net
    
    
    (Loss)
    
    
    (Loss)Winton Master
    
    $
    22,166,459
    
    
    $
    22,374,065
    
    
    $
    22,152,876Willowbridge Master
    
    
    (13,357,029
    )
    
    
    (13,290,137
    )
    
    
    (13,408,093
    )Graham Master
    
    
    957,704
    
    
    
    1,000,751
    
    
    
    821,669Eckhardt Master
    
    
    2,073,976
    
    
    
    2,077,878
    
    
    
    2,033,838SandRidge Master
    
    
    (68,950,382
    )
    
    
    (68,769,002
    )
    
    
    (69,339,310
    )Total
    
    $
    (57,109,272
    )
    
    $
    (56,606,445
    )
    
    $
    (57,739,020
    )For the six months ended June 30, 2010Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, Net
    
    
    (Loss)
    
    
    (Loss)Winton Master
    
    $
    54,470,081
    
    
    $
    54,768,462
    
    
    $
    54,360,064Willowbridge Master
    
    
    (33,883,661
    )
    
    
    (33,783,707
    )
    
    
    (34,002,324
    )Graham Master
    
    
    (2,985,482
    )
    
    
    (2,922,017
    )
    
    
    (3,220,833
    )Eckhardt Master
    
    
    654,613
    
    
    
    660,374
    
    
    
    577,690SandRidge Master
    
    
    (84,183,590
    )
    
    
    (83,913,759
    )
    
    
    (84,833,762
    )Total
    
    $
    (65,928,039
    )
    
    $
    (65,190,647
    )
    
    $
    (67,119,165
    )For the three months ended June 30, 2009Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, Net
    
    
    (Loss)
    
    
    (Loss)Winton Master
    
    $
    (31,836,606
    )
    
    $
    (31,722,305
    )
    
    $
    (31,818,295
    )Willowbridge Master
    
    
    32,063,426
    
    
    
    32,119,971
    
    
    
    32,025,897Graham Master
    
    
    (2,208,778
    )
    
    
    (2,173,740
    )
    
    
    (2,344,541
    )Eckhardt Master
    
    
    (680,954
    )
    
    
    (677,086
    )
    
    
    (708,340
    )SandRidge Master
    
    
    31,866,755
    
    
    
    31,975,987
    
    
    
    31,760,955Total
    
    $
    29,203,843
    
    
    $
    29,522,827
    
    
    $
    28,915,676For the six months ended June 30, 2009Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, Net
    
    
    (Loss)
    
    
    (Loss)Winton Master
    
    $
    (36,632,514
    )
    
    $
    (36,383,251
    )
    
    $
    (36,556,338
    )Willowbridge Master
    
    
    (3,716,380
    )
    
    
    (3,595,592
    )
    
    
    (3,755,988
    )Graham Master
    
    
    (3,587,237
    )
    
    
    (3,507,435
    )
    
    
    (3,810,486
    )Eckhardt Master
    
    
    (776,280
    )
    
    
    (768,040
    )
    
    
    (820,140
    )SandRidge Master
    
    
    72,775,273
    
    
    
    72,990,836
    
    
    
    72,533,132Total
    
    $
    28,062,862
    
    
    $
    28,736,518
    
    
    $
    27,590,180
 12




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##### Table of Contents



June 30, 2010
    

For
the three months ended June 30, 2010% of
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    NetPartnerships
    
    Fair
    
    Income
    
    Expenses
    
    Income
    
    Investment
    
    RedemptionsInvestment
    
    Net Assets
    
    Value
    
    (Loss)
    

Brokerage
Fees
    
    Other
    
    (Loss)
    
    Objective
    
    PermittedWinton Master
    
    
    30.76
    %
    
    $
    8,839,115
    
    
    
    278,074
    
    
    
    2,312
    
    
    
    447
    
    
    
    275,315
    
    
    Commodity Portfolio
    
    MonthlyWillowbridge Master
    
    
    16.34
    %
    
    
    4,697,493
    
    
    
    (280,508
    )
    
    
    2,028
    
    
    
    454
    
    
    
    (282,990
    )
    
    Commodity Portfolio
    
    MonthlyGraham Master
    
    
    27.91
    %
    
    
    8,020,758
    
    
    
    48,655
    
    
    
    5,712
    
    
    
    2,641
    
    
    
    40,302
    
    
    Commodity Portfolio
    
    MonthlyEckhardt Master
    
    
    17.87
    %
    
    
    5,135,438
    
    
    
    626,768
    
    
    
    7,867
    
    
    
    5,418
    
    
    
    613,483
    
    
    Commodity Portfolio
    
    MonthlySandRidge Master
    
    
    8.49
    %
    
    
    2,440,208
    
    
    
    (245,813
    )
    
    
    1,757
    
    
    
    330
    
    
    
    (247,900
    )
    
    Energy Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    29,133,012
    
    
    $
    427,176
    
    
    
    $19,676
    
    
    $
    9,290
    
    
    $
    398,210
 June
30, 2010
    

For
the six months ended June 30, 2010% of
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    NetPartnerships
    
    Fair
    
    Income
    
    Expenses
    
    Income
    
    Investment
    
    RedemptionsInvestment
    
    Net Assets
    
    Value
    
    (Loss)
    
    Brokerage Fees
    
    Other
    
    (Loss)
    
    Objective
    
    PermittedWinton Master
    
    
    30.76
    %
    
    $
    8,839,115
    
    
    
    729,753
    
    
    
    4,854
    
    
    
    710
    
    
    
    724,189
    
    
    Commodity Portfolio
    
    MonthlyWillowbridge Master
    
    
    16.34
    %
    
    
    4,697,493
    
    
    
    (783,187
    )
    
    
    3,943
    
    
    
    908
    
    
    
    (788,038
    )
    
    Commodity Portfolio
    
    MonthlyGraham Master
    
    
    27.91
    %
    
    
    8,020,758
    
    
    
    (210,527
    )
    
    
    10,788
    
    
    
    3,462
    
    
    
    (224,777
    )
    
    Commodity Portfolio
    
    MonthlyEckhardt Master
    
    
    17.87
    %
    
    
    5,135,438
    
    
    
    183,889
    
    
    
    14,336
    
    
    
    10,830
    
    
    
    158,723
    
    
    Commodity Portfolio
    
    MonthlySandRidge Master
    
    
    8.49
    %
    
    
    2,440,208
    
    
    
    (302,760
    )
    
    
    2,829
    
    
    
    619
    
    
    
    (306,208
    )
    
    Energy Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    29,133,012
    
    
    $
    (382,832
    )
    
    
    $36,750
    
    
    $
    16,529
    
    
    $
    (436,111
    )
 December 31, 2009
    

For
the three months ended June 30, 2009% of
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    NetPartnerships
    
    Fair
    
    Income
    
    Expenses
    
    Income
    
    Investment
    
    RedemptionsInvestment
    
    Net Assets
    
    Value
    
    (Loss)
    

Brokerage Fees
    
    Other
    
    (Loss)
    
    Objective
    
    PermittedWinton Master
    
    
    30.01
    %
    
    $
    9,975,920
    
    
    
    (723,493
    )
    
    
    1,966
    
    
    
    215
    
    
    
    (725,674
    )
    
    Commodity Portfolio
    
    MonthlyCampbell Master










(296,274
)


304



361



(296,939
)

Financial,
 Metal & Energy Large Portfolio
    
    MonthlyWillowbridge Master
    
    
    18.71
    %
    
    
    6,218,731
    
    
    
    1,026,631
    
    
    
    2,621
    
    
    
    393
    
    
    
    1,023,617
    
    
    Commodity Portfolio
    
    MonthlyGraham Master
    
    
    27.66
    %
    
    
    9,193,804
    
    
    
    (139,791
    )
    
    
    10,046
    
    
    
    539
    
    
    
    (150,376
    )
    
    Commodity Portfolio
    
    MonthlyEckhardt Master
    
    
    16.23
    %
    
    
    5,395,613
    
    
    
    (214,242
    )
    
    
    3,672
    
    
    
    6,231
    
    
    
    (224,145
    )
    
    Commodity Portfolio
    
    MonthlySandRidge Master
    
    
    8.63
    %
    
    
    2,869,282
    
    
    
    57,688
    
    
    
    214
    
    
    
    64
    
    
    
    57,410
    
    
    Energy Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    33,653,350
    
    
    $
    (289,481
    )
    
    
    $18,823
    
    
    $
    7,803
    
    
    $
    (316,107
    )
 December 31, 2009
    

For
the six months ended June 30, 2009% of
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    NetPartnerships
    
    Fair
    
    Income
    
    Expenses
    
    Income
    
    Investment
    
    RedemptionsInvestment
    
    Net Assets
    
    Value
    
    (Loss)
    

Brokerage Fees
    
    Other
    
    (Loss)
    
    Objective
    
    PermittedWinton Master
    
    
    30.01
    %
    
    $
    9,975,920
    
    
    
    (831,531
    )
    
    
    3,626
    
    
    
    440
    
    
    
    (835,597
    )
    
    Commodity Portfolio
    
    MonthlyCampbell Master










(276,892
)


1,271



1,050



(279,213
)

Financial,
 Metal & Energy Large Portfolio
    
    MonthlyWillowbridge Master
    
    
    18.71
    %
    
    
    6,218,731
    
    
    
    (165,145
    )
    
    
    4,546
    
    
    
    685
    
    
    
    (170,376
    )
    
    Commodity Portfolio
    
    MonthlyGraham Master
    
    
    27.66
    %
    
    
    9,193,804
    
    
    
    (241,124
    )
    
    
    16,860
    
    
    
    977
    
    
    
    (258,961
    )
    
    Commodity Portfolio
    
    MonthlyEckhardt Master
    
    
    16.23
    %
    
    
    5,395,613
    
    
    
    (242,535
    )
    
    
    4,473
    
    
    
    11,896
    
    
    
    (258,904
    )
    
    Commodity Portfolio
    
    MonthlySandRidge Master
    
    
    8.63
    %
    
    
    2,869,282
    
    
    
    57,688
    
    
    
    214
    
    
    
    64
    
    
    
    57,410
    
    
    Energy Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    33,653,350
    
    
    $
    (1,699,539
    )
    
    
    $30,990
    
    
    $
    15,112
    
    
    $
    (1,745,641
    )
 13




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##### Table of Contents



Diversified Multi-Advisor Futures Fund L.P.
 Notes to Financial Statements
 June 30, 2010
 (Unaudited)
 6.
    
    Financial Instrument Risks:
       14




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##### Table of Contents



Diversified Multi-Advisor Futures Fund L.P.
 Notes to Financial Statements
 June 30, 2010
 (Unaudited)
 7. Critical
Accounting Policies
 Use of Estimates.
 Statement of Cash Flows.
 Partnerships and the Funds Investments.
 Partnerships and the Funds Fair Value Measurements.
  Futures
Contracts.
 15




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##### Table of Contents



Diversified Multi-Advisor Futures Fund L.P.
 Notes to Financial Statements
 June 30, 2010
 (Unaudited)
  Forward Foreign Currency Contracts.
  London Metals Exchange Forward Contracts.
 Options.
 16




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##### Table of Contents



Diversified Multi-Advisor Futures Fund L.P.
 Notes to Financial Statements
 June 30, 2010
 (Unaudited)
 Income Taxes.
   Subsequent Events
 Recent Accounting Pronouncements.
  Net Income (Loss) per Redeemable Unit
 17




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##### Table of Contents



Item 2.  Managements Discussion and Analysis of Financial Condition and Results of Operations.
 Liquidity and Capital Resources
    Critical
Accounting Policies
 Partnerships and the Funds Investments.
 Partnerships and the Funds Fair Value Measurements.
  18




---



##### Table of Contents



Futures
Contracts.
 Forward Foreign Currency Contracts.
  London Metals Exchange Forward Contracts.
 Options.
 19




---



##### Table of Contents



Results of Operations
       20




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##### Table of Contents



21




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##### Table of Contents



Item 3.  Quantitative and Qualitative Disclosures about Market Risk
       22




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##### Table of Contents



% of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
    564,215
    
    
    
    1.96
    %Energy
    
    
    469,060
    
    
    
    1.63
    %Grains
    
    
    90,821
    
    
    
    0.32
    %Interest Rates U.S.
    
    
    391,725
    
    
    
    1.36
    %Interest Rates Non-U.S.
    
    
    404,403
    
    
    
    1.41
    %Livestock
    
    
    3,547
    
    
    
    0.01
    %Metals
    
    
    242,496
    
    
    
    0.84
    %Softs
    
    
    73,508
    
    
    
    0.26
    %Indices
    
    
    583,472
    
    
    
    2.03
    %Total
    
    $
    2,823,247
    
    
    
    9.82
    %
   June
30, 2010
(Unaudited)
 Three
Months Ended June 30, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    11,606,499
    
    
    
    1.53
    %
    
    $
    13,595,019
    
    
    $
    7,870,170
    
    
    $
    12,385,655Energy
    
    
    1,728,733
    
    
    
    0.23
    %
    
    
    4,944,082
    
    
    
    1,138,249
    
    
    
    3,373,459Grains
    
    
    2,015,412
    
    
    
    0.26
    %
    
    
    2,377,300
    
    
    
    1,218,656
    
    
    
    1,793,890Interest Rates U.S.
    
    
    7,749,400
    
    
    
    1.02
    %
    
    
    8,348,750
    
    
    
    766,861
    
    
    
    6,493,933Interest Rates Non-U.S.
    
    
    9,117,905
    
    
    
    1.20
    %
    
    
    9,760,386
    
    
    
    5,764,470
    
    
    
    8,980,713Livestock
    
    
    231,150
    
    
    
    0.03
    %
    
    
    354,850
    
    
    
    204,300
    
    
    
    293,817Metals
    
    
    4,920,790
    
    
    
    0.65
    %
    
    
    8,963,451
    
    
    
    4,612,794
    
    
    
    6,778,301Softs
    
    
    1,030,897
    
    
    
    0.13
    %
    
    
    1,577,469
    
    
    
    647,356
    
    
    
    935,643Indices
    
    
    2,395,779
    
    
    
    0.31
    %
    
    
    21,927,977
    
    
    
    2,395,779
    
    
    
    8,835,502Total
    
    $
    40,796,565
    
    
    
    5.36
    %
 
 *
    
    Average of month-end Values at Risk. 23




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##### Table of Contents



June
30, 2010
(Unaudited)
 Three
Months Ended June 30, 2010% of Total
    
    High
    
    Low
    
    AverageMarket Sector
    
    Value at Risk
    
    Capitalization
    
    Value at Risk
    
    Value at Risk
    
    Value at Risk*Currencies
    
    $
    2,495,062
    
    
    
    1.09
    %
    
    $
    6,497,609
    
    
    $
    1,103,305
    
    
    $
    2,967,970Energy
    
    
    2,244,000
    
    
    
    0.99
    %
    
    
    6,515,750
    
    
    
    552,500
    
    
    
    2,919,283Grains
    
    
    1,320,000
    
    
    
    0.58
    %
    
    
    1,980,000
    
    
    
    207,200
    
    
    
    978,504Interest Rates U.S.
    
    
    1,531,200
    
    
    
    0.67
    %
    
    
    2,336,400
    
    
    
    243,600
    
    
    
    1,485,967Interest Rates Non-U.S.
    
    
    2,639,586
    
    
    
    1.16
    %
    
    
    4,039,511
    
    
    
    1,527,075
    
    
    
    2,533,596Metals
    
    
    3,762,264
    
    
    
    1.65
    %
    
    
    5,643,396
    
    
    
    1,421,000
    
    
    
    3,088,844Softs
    
    
    871,200
    
    
    
    0.38
    %
    
    
    2,415,700
    
    
    
    198,000
    
    
    
    756,667Total
    
    $
    14,863,312
    
    
    
    6.52
    %
 
 *
    
    Average of month-end Values at Risk.  June
30, 2010
(Unaudited)
 Three
Months Ended June 30, 2010% of Total
    
    High
    
    Low
    
    AverageMarket Sector
    
    Value at Risk
    
    Capitalization
    
    Value at Risk
    
    Value at Risk
    
    Value at Risk*Currencies
    
    $
    4,186,657
    
    
    
    2.43
    %
    
    $
    11,364,239
    
    
    $
    3,592,799
    
    
    $
    6,381,232Energy
    
    
    629,905
    
    
    
    0.37
    %
    
    
    1,660,132
    
    
    
    241,249
    
    
    
    813,781Grains
    
    
    276,712
    
    
    
    0.16
    %
    
    
    897,305
    
    
    
    225,545
    
    
    
    322,607Interest Rates U.S.
    
    
    1,209,670
    
    
    
    0.70
    %
    
    
    1,209,670
    
    
    
    122,353
    
    
    
    1,081,967Interest Rates Non-U.S.
    
    
    1,614,885
    
    
    
    0.93
    %
    
    
    3,842,629
    
    
    
    1,339,777
    
    
    
    2,025,529Livestock
    
    
    16,800
    
    
    
    0.01
    %
    
    
    98,400
    
    
    
    800
    
    
    
    28,800Metals
    
    
    1,251,009
    
    
    
    0.72
    %
    
    
    1,771,142
    
    
    
    546,154
    
    
    
    1,034,416Softs
    
    
    523,240
    
    
    
    0.30
    %
    
    
    595,242
    
    
    
    234,092
    
    
    
    378,950Indices
    
    
    5,368,005
    
    
    
    3.11
    %
    
    
    13,726,706
    
    
    
    1,342,606
    
    
    
    6,657,556Total
    
    $
    15,076,883
    
    
    
    8.73
    %
 
 *
    
    Average of month-end Values at Risk. 24




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##### Table of Contents



June
30, 2010
(Unaudited)
 Three
months ended June 30, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    595,876
    
    
    
    3.50
    %
    
    $
    595,876
    
    
    $
    9,175
    
    
    $
    294,383Energy
    
    
    139,312
    
    
    
    0.82
    %
    
    
    402,525
    
    
    
    10,875
    
    
    
    161,429Grains
    
    
    86,712
    
    
    
    0.51
    %
    
    
    178,600
    
    
    
    41,862
    
    
    
    114,146Interest Rates U.S.
    
    
    698,450
    
    
    
    4.10
    %
    
    
    797,350
    
    
    
    36,197
    
    
    
    468,367Interest Rates Non -U.S.
    
    
    547,258
    
    
    
    3.21
    %
    
    
    852,062
    
    
    
    69,245
    
    
    
    472,938Metals
    
    
    155,275
    
    
    
    0.91
    %
    
    
    226,149
    
    
    
    46,761
    
    
    
    126,030Softs
    
    
    62,162
    
    
    
    0.37
    %
    
    
    76,636
    
    
    
    21,770
    
    
    
    60,699Indices
    
    
    1,019,188
    
    
    
    5.99
    %
    
    
    3,147,442
    
    
    
    19,055
    
    
    
    497,417Total
    
    $
    3,304,233
    
    
    
    19.41
    %
 
 *
    
    Average of month-end Values at Risk.  June
30, 2010
(Unaudited)
 Three
Months Ended June 30, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Energy
    
    $
    82,535,778
    
    
    
    12.16
    %
    
    $
    82,978,848
    
    
    $
    45,323,627
    
    
    $
    67,357,103Total
    
    $
    82,535,778
    
    
    
    12.16
    %
 
 *
    
    Average of month-end Values at Risk. 25




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##### Table of Contents



Item 4.  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.
  26




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##### Table of Contents



PART II. OTHER INFORMATION
 Item 1.  Legal Proceedings
  27




---



##### Table of Contents



Item 1A.  Risk Factors.
  Regulatory changes could restrict the Partnerships operations.
  Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds.
   (d) Maximum Number(or Approximate(c) Total Number of
    
    
    
    Dollar Value) ofUnits
    
    
    
    Units(a) Total
    
    
    
    (b) Average Price
    
    
    
    Purchased as Part
    
    
    
    that May Yet BeNumber of
    
    
    
    Paid per
    
    
    
    of Publicly Announced
    
    
    
    Purchased Under thePeriod
    
    
    Units Purchased*
    
    
    
    Unit**
    
    
    
    Plans or Programs
    
    
    
    Plans or ProgramsApril 1,
2010  April 30, 2010
    
    
    
    188.0999
    
    
    
    $
    1,750.51
    
    
    
    
    N/A
    
    
    
    
    N/AMay 1,
2010 May 31, 2010
    
    
    
    204.8491
    
    
    
    $
    1,728.96
    
    
    
    
    N/A
    
    
    
    
    N/AJune 1,
2010  June 30, 2010
    
    
    
    153.2763
    
    
    
    $
    1,722.43
    
    
    
    
    N/A
    
    
    
    
    N/A546.2253
    
    
    
    $
    1,734.55
 
 *
    
    Generally, limited partners are permitted to redeem their Redeemable
Units as of the end of each month on 10 days notice to the General
Partner. Under certain circumstances, the General Partner can compel
redemption but, to date, the General Partner has not exercised this
right. Purchases of Redeemable Units by the Partnership reflected in
the chart above were made in the ordinary course of the Partnerships
business in connection with effecting redemptions for limited
partners.**
    
    Redemptions of Redeemable Units are effected as of the last day of
each month at the net asset value per Redeemable Unit as of that day. Item 3.  Defaults Upon Senior Securities  None
 Item 4.
[Removed and Reserved]
 Item 5.  Other Information  None
 28




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##### Table of Contents



Item 6.  Exhibits
 3.1
    
    
    Limited Partnership Agreement (filed as Exhibit 3.1 to the
Registration Statement on Form S-1 filed on February 9, 1994 and
incorporated herein by reference).3.2
    (a)
    
    Certificate of Limited Partnership of the Partnership as filed in
the office of the Secretary of State of the State of New York on
October 13, 1993 (filed as Exhibit 3.2 to the Registration
Statement on Form S-1 filed on February 9, 1994 and incorporated
herein by reference).(b)
    
    Certificate of Amendment of the Certificate of Limited
Partnership of the Partnership as filed in the office of the
Secretary of State of the State of New York, dated October 1,
1999 (filed as Exhibit 3.2(b) to the Form 10-Q filed on November
16, 2009 and incorporated herein by reference).(c)
    
    Certificate of Amendment of the Certificate of Limited
Partnership of the 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(c) to the Form 10-Q filed on November 16,
2009 and incorporated herein by reference).(d)
    
    Certificate of Amendment of the Certificate of Limited
Partnership of the 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(d) to the Form 10-Q filed on November
16, 2009 and incorporated herein by reference).(e)
    
    Certificate of Amendment of the Certificate of Limited
Partnership of the 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(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 of the Partnership as filed in the office of the
Secretary of State of the State of New York, dated September 28,
2009 (filed as Exhibit 3.2(f) to the Form 8-K/A filed on April
14, 2010 and incorporated herein by reference).(g)
    
    Certificate of Amendment of the Certificate of Limited
Partnership of the Partnership as filed in the office of the
Secretary of State of the State of New York, dated April 12, 2010
(filed as Exhibit 3.2(g) to the Form 8-K/A filed on April 14,
2010 and incorporated herein by reference).(h)
    
    Certificate of Amendment of the Certificate of Limited Partnership
of the Partnership as filed in the office of the Secretary of State of the State of New York, dated July 2, 2010
(filed as exhibit 3.1 to the Form 8-K filed on July 2, 2010 and incorporated herein by reference).10.1
    
    
    Customer Agreement between the Partnership and Smith Barney
Shearson Inc. (filed as Exhibit 10.1 to the Registration
Statement on Form S-1 filed on February 9, 1994 and incorporated
herein by reference).10.2
    
    
    Escrow Instructions relating to escrow of subscription funds
(filed as Exhibit 10.3 to the Registration Statement on Form S-1
filed on February 9, 1994 and incorporated herein by reference).10.3
    (a)
    
    Management Agreement among the Partnership, the General Partner
and Willowbridge (filed as an exhibit to the Form 10-K filed on
March 29, 2000 and incorporated herein by reference).(b)
    
    Letter extending Management Agreement with Willowbridge for 2009
(filed as Exhibit 10.3(b) to the Form 10-K filed on March 31,
2010 and incorporated herein by reference).10.4
    (a)
    
    Management Agreement among the Partnership, the General Partner
and Winton (filed as an exhibit to the Form 10-K filed on March
27, 2002 and incorporated herein by reference).(b)
    
    Letter extending Management Agreement with Winton for 2009 (filed
as Exhibit 10.4(b) to the Form 10-K filed on March 31, 2010 and
incorporated herein by reference).10.5
    (a)
    
    Management Agreement among the Partnership, the General Partner
and Graham (filed as an exhibit to the Form 10-K filed on March
27, 2002 and incorporated herein by reference).(b)
    
    Letter extending Management Agreement with Graham for 2009 (filed
as Exhibit 10.5(b) to the Form 10-K filed on March 31, 2010 and
incorporated herein by reference).10.6
    (a)
    
    Management Agreement among the Partnership, the General Partner
and Eckhardt (filed as an exhibit to the Form 10-Q filed on
August 14, 2008 and incorporated herein by reference).(b)
    
    Letter extending Management Agreement with Eckhardt for 2009
(filed as Exhibit 10.6(b) to the Form 10-K filed on March 31,
2010 and incorporated herein by reference).10.7
    (a)
    
    Management Agreement among the Partnership, the General Partner
and SandRidge (filed as Exhibit 10.1 to the Form 8-K filed on
June 2, 2009 and incorporated herein by reference).(b)
    
    Letter extending Management Agreement with SandRidge for 2009
(filed as Exhibit 10.7(b) to the Form 10-K filed on March 31,
2010 and incorporated herein by reference).
 29




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##### Table of Contents



10.8
    
    
    Joinder Agreement among the Partnership, the General Partner, CGM
and Morgan Stanley Smith Barney LLC (filed as Exhibit 10 to the
Form 10-Q filed on August 14, 2009 and incorporated herein by
reference).31.1
    
    
    Rule 13a-14(a)/15d-14(a) Certification (Certification of President and Director). (filed herein)31.2
    
    
    Rule 13a-14(a)/15d-14(a) Certification (Certification of Chief Financial Officer, Secretary and Director). (filed herein)32.1
    
    
    Section 1350 Certification (Certification of President and Director). (filed herein)32.2
    
    
    Section 1350 Certification (Certification of Chief Financial Officer, Secretary and Director). (filed herein)
 30




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##### Table of Contents



SIGNATURES
  DIVERSIFIED MULTI-ADVISOR FUTURES FUND L.P.
 By:
    
    Ceres Managed Futures LLC(General Partner)By:
    
    /s/ Walter DavisWalter DavisPresident and Director
  By:
    
    /s/ Jennifer MagroJennifer MagroChief Financial Officer, Secretary and Director(Principal Accounting Officer)
  31