##### 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 September 30, 2009
  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
 55 East 59th Street - 10th Floor
 New York, New York 10022
    (212) 599-2011
       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




---



##### 





DIVERSIFIED MULTI-ADVISOR FUTURES FUND L.P.FORM 10-Q
    INDEX
   
 PageNumberPART I  Financial
    Information:Item 1.

Financial Statements:Statements of Financial Condition at September 30,
2009 and
 December 31, 2008 (unaudited)

3Schedules of Investments at
    September 30,
2009 and December 31, 2008 (unaudited)

4  5Statements of Income and Expenses and Changes in
    Partners Capital for the three and nine
    months ended September 30,
2009 and 2008 (unaudited)

6Notes to Financial Statements (unaudited)

7  15Item 2.

Managements Discussion and Analysis of
    Financial Condition and Results of Operations

16  18Item 3.

Quantitative and Qualitative Disclosures about
    Market Risk

19  22Item 4.

Controls and Procedures

23PART II  Other
    Information

24  27Exhibits 3.2(b)
    
    Certificate of Amendment of the Certificate of Limited Partnership, dated October 1, 19993.2(c)
    
    Certificate of Amendment of the Certificate of Limited Partnership, dated May 21, 20033.2(d)
    
    Certificate of Amendment of the Certificate of Limited Partnership, dated September 21, 20053.2(e)
    
    Certificate of Amendment of the Certificate of Limited Partnership, dated September 19, 200831.1
    
    Certification31.2
    
    Certification32.1
    
    Certification32.2
    
    Certification
  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)  September 30,
    
    
    December 31,2009
    
    

2008Assets:Investment in Partnerships, at fair value
    
    $
    36,059,404
    
    
    $
    49,607,769Cash
    
    
    95,476
    
    
    
    69,501Total assets
    
    
    36,154,880
    
    
    
    49,677,270Liabilities and Partners Capital:Liabilities:Accrued expenses:Brokerage commissions
    
    $
    165,710
    
    
    $
    227,687Management fees
    
    
    55,510
    
    
    
    76,444Incentive fees
    
    
    29,522
    
    
    
    189,867Other
    
    
    30,556
    
    
    
    41,882Redemptions payable
    
    
    236,254
    
    
    
    850,367Total liabilities
    
    
    517,552
    
    
    
    1,386,247Partners Capital:General Partner, 280.4039 and 835.3289
Unit equivalents outstanding at September 30,  2009 and December 31, 2008, respectively
    
    
    527,958
    
    
    
    1,695,634Limited
Partners, 18,646.8877 and
22,954.4913 Redeemable Units of Limited Partnership Interest outstanding at September 30,  2009 and  December 31, 2008, respectively
    
    
    35,109,370
    
    
    
    46,595,389Total partners capital
    
    
    35,637,328
    
    
    
    48,291,023Total liabilities and partners capital
    
    $
    36,154,880
    
    
    $
    49,677,270
    3




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##### Table of Contents



Diversified Multi-Advisor Futures Fund L.P.
    Schedule of Investments
September 30, 2009      (Unaudited)  % of PartnersFair Value


CapitalInvestment in PartnershipsCMF Winton Master L.P.

$
10,649,739



29.88
%CMF Willowbridge Argo Master Fund L.P.


6,870,288



19.28CMF Graham Capital Master Fund L.P.


9,802,011



27.51CMF Eckhardt Master Fund L.P.


5,750,030



16.13CMF Sandridge Master Fund L.P.


2,987,336



8.38Total investment in Partnerships, at fair value

$
36,059,404



101.18
%    4




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##### Table of Contents



Diversified
Multi-Advisor Futures Fund L.P.
    Schedule of Investments
    December 31, 2008
    (Unaudited)
   % of PartnersFair Value


CapitalInvestment In PartnershipsCMF Winton Master L.P.

$
14,224,843



29.46
%CMF Campbell Master Fund L.P.


7,115,212



14.73CMF Willowbridge Argo Master Fund L.P.


10,673,321



22.10CMF Graham Capital Master Fund L.P.


11,227,169



23.25CMF Eckhardt Master L.P.


6,367,224



13.19Total investment in Partnerships, at fair value

$
49,607,769



102.73
%    See
    accompanying notes to financial statements.
 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
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Income:Net gains (losses) on trading of commodity interests and
investment in Partnerships:Net realized gains (losses) on investment in Partnerships
    
    $
    (713,810
    )
    
    $
    339,946
    
    
    $
    (1,381,253
    )
    
    $
    8,285,268Change in net unrealized gains (losses) on investment
in Partnerships
    
    
    1,496,308
    
    
    
    (2,290,875
    )
    
    
    445,861
    
    
    
    (1,013,508
    )Gain (loss) from trading, net
    
    
    782,498
    
    
    
    (1,950,929
    )
    
    
    (935,392
    )
    
    
    7,271,760Interest income from investment in Partnerships
    
    
    8,010
    
    
    
    144,913
    
    
    
    26,361
    
    
    
    493,275Total income (loss)
    
    
    790,508
    
    
    
    (1,806,016
    )
    
    
    (909,031
    )
    
    
    7,765,035Expenses:Brokerage commissions including clearing fees
    
    
    529,367
    
    
    
    691,785
    
    
    
    1,759,736
    
    
    
    2,129,882Management fees
    
    
    169,474
    
    
    
    224,407
    
    
    
    572,410
    
    
    
    684,846Incentive fees
    
    
    21,941
    
    
    
    27,300
    
    
    
    29,522
    
    
    
    742,124Other
    
    
    33,853
    
    
    
    30,519
    
    
    
    147,495
    
    
    
    102,253Total expenses
    
    
    754,635
    
    
    
    974,011
    
    
    
    2,509,163
    
    
    
    3,659,105Net income (loss)
    
    
    35,873
    
    
    
    (2,780,027
    )
    
    
    (3,418,194
    )
    
    
    4,105,930Additions-General Partner
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,000,000Redemptions-General Partner
    
    
    
    
    
    
    
    
    
    
    (1,037,738
    )
    
    
    Redemptions-Limited Partners
    
    
    (2,029,923
    )
    
    
    (1,324,214
    )
    
    
    (8,197,763
    )
    
    
    (4,685,935
    )Net increase (decrease) in Partners Capital
    
    
    (1,994,050
    )
    
    
    (4,104,241
    )
    
    
    (12,653,695
    )
    
    
    419,995Partners Capital, beginning of period
    
    
    37,631,378
    
    
    
    51,921,873
    
    
    
    48,291,023
    
    
    
    47,397,637Partners Capital, end of period
    
    $
    35,637,328
    
    
    $
    47,817,632
    
    
    $
    35,637,328
    
    
    $
    47,817,632Net Asset Value per Unit
(18,927.2916 and 25,224.6678 Units outstanding
at September 30, 2009 and 2008, respectively)
    
    $
    1,882.85
    
    
    $
    1,895.67
    
    
    $
    1,882.85
    
    
    $
    1,895.67Net income (loss) per Redeemable Unit of Limited
 Partnership
Interest and General Partner Unit equivalent
    
    $
    3.66
    
    
    $
    (106.63
    )
    
    $
    (147.05
    )
    
    $
    153.78Weighted average units outstanding
    
    
    19,646.7281
    
    
    
    25,713.0649
    
    
    
    21,414.5412
    
    
    
    26,190.0561
     6




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##### Table of Contents



Diversified
Multi-Advisor  Futures Fund L.P.Notes to Financial Statements
    September 30, 2009
    (Unaudited)
  1.
    General:    
      Form 10-K
           7




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##### Table of Contents



Diversified
Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
    September  30, 2009
    (Unaudited)
  2.
    Financial
    Highlights:    Three Months Ended


Nine Months EndedSeptember 30,


September 30,2009


2008


2009


2008Net realized and unrealized gains (losses)*
    
    $
    14.70
    
    
    $
    (101.28
    )
    
    $
    (113.15
    )
    
    $
    193.03Interest
income
    
    
    0.41
    
    
    
    5.63
    
    
    
    1.24
    
    
    
    18.72Expenses**
    
    
    (11.45
    )
    
    
    (10.98
    )
    
    
    (35.14
    )
    
    
    (57.97
    )Increase
(decrease) for the period
    
    
    3.66
    
    
    
    (106.63
    )
    
    
    (147.05
    )
    
    
    153.78Net Asset
Value per Redeemable Unit, beginning of period
    
    
    1,879.19
    
    
    
    2,002.30
    
    
    
    2,029.90
    
    
    
    1,741.89Net Asset
Value per Redeemable Unit, end of period
    
    $
    1,882.85
    
    
    $
    1,895.67
    
    
    $
    1,882.85
    
    
    $
    1,895.67  *
    
    Includes brokerage commissions.**
    
    Excludes brokerage commissions.  Ratios to
average net assets:***Net investment income (loss) before
incentive fees****
    
    
    (7.9
    )%
    
    
    (6.5
    )%
    
    
    (8.1
    )%
    
    
    (6.6
    )%Operating expense
    
    
    8.0
    %
    
    
    7.7
    %
    
    
    8.2
    %
    
    
    7.9
    %Incentive fees
    
    
    0.1
    %
    
    
    0.1
    %
    
    
    0.1
    %
    
    
    1.5
    %Total expenses
    
    
    8.1
    %
    
    
    7.8
    %
    
    
    8.3
    %
    
    
    9.4
    %Total return:Total return before incentive fees
    
    
    0.3
    %
    
    
    (5.3
    )%
    
    
    (7.2
    )%
    
    
    10.5
    %Incentive fees
    
    
    (0.1
    )%
    
    
    0.0
    %*****
    
    
    0.0
    %*****
    
    
    (1.7
    )%Total return after incentive fees
    
    
    0.2
    %
    
    
    (5.3
    )%
    
    
    (7.2
    )%
    
    
    8.8
    %   ***
    
    Annualized (other than incentive fees).****
    
    Interest income less total expenses.*****
    
    Due to rounding.    3.
    Trading
    Activities:     8




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##### Table of Contents



Diversified
Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
    September 30, 2009
    (Unaudited)
      4.
    Fair
    Value Measurements:  Investments.
  Fair Value Measurements.
    Quoted Prices inActive Markets


Significant Other


Significantfor Identical


Observable Inputs


UnobservableSeptember 30, 2009


Assets (Level 1)


(Level 2)


Inputs (Level 3)AssetsInvestment in Partnerships

$
36,059,404


$



$
36,059,404


$
Total fair value

$
36,059,404


$



$
36,059,404


$
Quoted Prices inActive Markets


Significant Other


Significantfor Identical


Observable Inputs


UnobservableDecember 31, 2008


Assets (Level 1)


(Level 2)


Inputs (Level 3)AssetsInvestment in Partnerships

$
49,607,769


$



$
49,607,769


$
Total fair value

$
49,607,769


$



$
49,607,769


$
 9




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##### Table of Contents



Diversified
Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
    September 30, 2009
    (Unaudited)
  5.
    Investment
    in Partnerships:           10




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##### Table of Contents



Diversified
Multi-Advisor Futures Fund L.P.
    Notes to Financial StatementsSeptember 30, 2009(Unaudited)
           give-up,
   11




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##### Table of Contents



Diversified
Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
September 30, 2009
    (Unaudited)
    September 30, 2009Total Assets
    
    
    Total Liabilities
    
    
    Total CapitalWinton Master
    
    $
    524,755,608
    
    
    $
    442,584
    
    
    $
    524,313,024Willowbridge Master
    
    
    238,192,320
    
    
    
    30,172
    
    
    
    238,162,148Graham Master
    
    
    168,037,387
    
    
    
    14,694
    
    
    
    168,022,693Eckhardt Master
    
    
    18,505,502
    
    
    
    41,281
    
    
    
    18,464,221Sandridge Master
    
    
    621,430,942
    
    
    
    752,175
    
    
    
    620,678,767Total
    
    $
    1,570,921,759
    
    
    $
    1,280,906
    
    
    $
    1,569,640,853December 31, 2008Total Assets
    
    
    Total Liabilities
    
    
    Total CapitalWinton Master
    
    $
    548,586,877
    
    
    $
    835,334
    
    
    $
    547,751,543Campbell Master
    
    
    127,587,225
    
    
    
    112,263
    
    
    
    127,474,962Willowbridge Master
    
    
    297,439,763
    
    
    
    19,759
    
    
    
    297,420,004Graham Master
    
    
    227,483,547
    
    
    
    2,992,605
    
    
    
    224,490,942Eckhardt Master
    
    
    20,544,954
    
    
    
    15,519
    
    
    
    20,529,435Total
    
    $
    1,221,642,366
    
    
    $
    3,975,480
    
    
    $
    1,217,666,886
   12




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##### Table of Contents



Diversified
Multi-Advisor Futures Fund L.P.
    Notes to Financial StatementsSeptember 30, 2009(Unaudited)
  For the three months ended September 30, 2009Gain (Loss) from
    
    
    Total IncomeTrading, net
    
    
    (Loss)
    
    
    Net Income (Loss)Winton Master
    
    $
    7,322,348
    
    
    $
    7,447,037
    
    
    $
    7,339,274Willowbridge Master
    
    
    (20,085,700
    )
    
    
    (20,026,877
    )
    
    
    (20,139,642
    )Graham Master
    
    
    14,413,920
    
    
    
    14,449,688
    
    
    
    14,240,193Eckhardt Master
    
    
    893,553
    
    
    
    897,568
    
    
    
    858,478SandRidge Master
    
    
    34,131,288
    
    
    
    34,264,993
    
    
    
    34,047,914Total
    
    $
    36,675,409
    
    
    $
    37,032,409
    
    
    $
    36,346,217
 For the nine months ended September 30, 2009Gain (Loss) from
    
    
    Total IncomeTrading, net
    
    
    (Loss)
    
    
    Net Income (Loss)Winton Master
    
    $
    (29,310,166
    )
    
    $
    (28,936,214
    )
    
    $
    (29,217,064
    )Campbell Master
    
    
    (2,611,292
    )
    
    
    (2,551,214
    )
    
    
    (2,628,145
    )Willowbridge Master
    
    
    (23,802,080
    )
    
    
    (23,622,469
    )
    
    
    (23,895,630
    )Graham Master
    
    
    10,826,683
    
    
    
    10,942,253
    
    
    
    10,429,707Eckhardt Master
    
    
    117,273
    
    
    
    129,528
    
    
    
    38,338SandRidge Master
    
    
    106,906,561
    
    
    
    107,255,829
    
    
    
    106,581,046Total
    
    $
    62,126,979
    
    
    $
    63,217,713
    
    
    $
    61,308,252
 For the three months ended September 30, 2008Gain (Loss) from
    
    
    Total IncomeTrading, net
    
    
    (Loss)
    
    
    Net Income (Loss)Winton Master
    
    $
    (39,233,959
    )
    
    $
    (37,573,727
    )
    
    $
    (37,692,795
    )Campbell Master
    
    
    (4,786,916
    )
    
    
    (4,320,336
    )
    
    
    (4,356,671
    )Willowbridge Master
    
    
    8,930,938
    
    
    
    9,817,051
    
    
    
    9,686,363Graham Master
    
    
    (8,833,929
    )
    
    
    (8,216,506
    )
    
    
    (8,473,481
    )Eckhardt Master
    
    
    (1,688,169
    )
    
    
    (1,616,809
    )
    
    
    (1,641,549
    )Total
    
    $
    (45,612,035
    )
    
    $
    (41,910,327
    )
    
    $
    (42,478,133
    )
 For the nine months ended September 30, 2008Gain (Loss) from
    
    
    Total IncomeTrading, net
    
    
    (Loss)
    
    
    Net Income (Loss)Winton Master
    
    $
    59,111,379
    
    
    $
    64,841,142
    
    
    $
    64,405,072Campbell Master
    
    
    7,436,006
    
    
    
    9,289,461
    
    
    
    9,163,431Willowbridge Master
    
    
    87,588,256
    
    
    
    90,440,613
    
    
    
    90,089,941Graham Master
    
    
    29,103,729
    
    
    
    31,236,297
    
    
    
    30,332,774Eckhardt Master
    
    
    432,317
    
    
    
    575,667
    
    
    
    500,679Total
    
    $
    183,671,687
    
    
    $
    196,383,180
    
    
    $
    194,491,897
     September 30, 2009

For the three months ended September 30, 2009% of









NetPartnerships

Fair

Income

Expenses

Income

Investment

RedemptionsInvestment

Net Assets

Value

(Loss)

Commissions

Other

(Loss)

Objective

PermittedWinton Master
    
    
    29.88
    %
    
    $
    10,649,739
    
    
    
    141,122
    
    
    
    2,104
    
    
    
    186
    
    
    
    138,832
    
    
    CommodityPortfolio
    
    MonthlyWillowbridge Master
    
    
    19.28
    %
    
    
    6,870,288
    
    
    
    (658,676
    )
    
    
    2,857
    
    
    
    574
    
    
    
    (662,107
    )
    
    CommodityPortfolio
    
    MonthlyGraham Master
    
    
    27.51
    %
    
    
    9,802,011
    
    
    
    854,818
    
    
    
    11,841
    
    
    
    593
    
    
    
    842,384
    
    
    CommodityPortfolio
    
    MonthlyEckhardt Master
    
    
    16.13
    %
    
    
    5,750,030
    
    
    
    281,686
    
    
    
    5,689
    
    
    
    6,625
    
    
    
    269,372
    
    
    CommodityPortfolio
    
    MonthlySandridge Master
    
    
    8.38
    %
    
    
    2,987,336
    
    
    
    171,558
    
    
    
    892
    
    
    
    182
    
    
    
    170,484
    
    
    EnergyPortfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    36,059,404
    
    
    $
    790,508
    
    
    $
    23,383
    
    
    $
    8,160
    
    
    $
    758,965 13




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##### Table of Contents



Diversified
Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
September 30, 2009
    (Unaudited)
  September
30, 2009
    

For
the nine months ended September 30, 2009% of
    
    
    
    
    
    
    
    
    
    
    
    NetPartnerships
    
    Fair
    
    Income
    
    Expenses
    
    Income
    
    Investment
    
    RedemptionsInvestment
    
    Net Assets
    
    Value
    
    (Loss)
    
    Commissions
    
    Other
    
    (Loss)
    
    Objective
    
    PermittedWinton Master
    
    
    29.88
    %
    
    $
    10,649,739
    
    
    $
    (690,409
    )
    
    $
    5,730
    
    
    $
    626
    
    
    $
    (696,765
    )
    
    Commodity  
Portfolio
    
    MonthlyCampbell Master
    
    
    
    
    
    
    
    
    
    
    (276,892
    )
    
    
    1,271
    
    
    
    1,050
    
    
    
    (279,213
    )
    
    FinancialsMetals& Energy Portfolio
    
    MonthlyWillowbridge Master
    
    
    19.28
    %
    
    
    6,870,288
    
    
    
    (823,821
    )
    
    
    7,403
    
    
    
    1,259
    
    
    
    (832,483
    )
    
    CommodityPortfolio
    
    MonthlyGraham Master
    
    
    27.51
    %
    
    
    9,802,011
    
    
    
    613,694
    
    
    
    28,701
    
    
    
    1,570
    
    
    
    583,423
    
    
    CommodityPortfolio
    
    MonthlyEckhardt Master
    
    
    16.13
    %
    
    
    5,750,030
    
    
    
    39,151
    
    
    
    10,162
    
    
    
    18,521
    
    
    
    10,468
    
    
    CommodityPortfolio
    
    MonthlySandridge Master
    
    
    8.38
    %
    
    
    2,987,336
    
    
    
    229,246
    
    
    
    1,106
    
    
    
    246
    
    
    
    227,894
    
    
    EnergyPortfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    36,059,404
    
    
    $
    (909,031
    )
    
    $
    54,373
    
    
    $
    23,272
    
    
    $
    (986,676
    )December
31, 2008
    

For
the three months ended September 30, 2008% of
    
    
    
    
    
    
    
    
    
    
    
    NetPartnerships
    
    Fair
    
    Income
    
    Expenses
    
    Income
    
    Investment
    
    RedemptionsInvestment
    
    Net Assets
    
    Value
    
    (Loss)
    
    Commissions
    
    Other
    
    (Loss)
    
    Objective
    
    PermittedWinton Master
    
    
    29.46
    %
    
    $
    14,224,843
    
    
    $
    (1,044,817
    )
    
    $
    3,004
    
    
    $
    254
    
    
    $
    (1,048,075
    )
    
    CommodityPortfolio
    
    MonthlyCampbell Master
    
    
    14.73
    %
    
    
    7,115,212
    
    
    
    (223,623
    )
    
    
    1,453
    
    
    
    433
    
    
    
    (225,509
    )
    
    FinancialsMetals& Energy Portfolio
    
    MonthlyWillowbridge Master
    
    
    22.10
    %
    
    
    10,673,321
    
    
    
    334,452
    
    
    
    4,513
    
    
    
    345
    
    
    
    329,594
    
    
    CommodityPortfolio
    
    MonthlyGraham Master
    
    
    23.25
    %
    
    
    11,227,169
    
    
    
    (382,236
    )
    
    
    11,811
    
    
    
    311
    
    
    
    (394,358
    )
    
    CommodityPortfolio
    
    MonthlyEckhardt Master
    
    
    13.19
    %
    
    
    6,367,224
    
    
    
    (489,792
    )
    
    
    3,623
    
    
    
    3,872
    
    
    
    (497,287
    )
    
    CommodityPortfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    49,607,769
    
    
    $
    (1,806,016
    )
    
    $
    24,404
    
    
    $
    5,215
    
    
    $
    (1,835,635
    )December
31, 2008
    

For
the nine months ended September 30, 2008% of
    
    
    
    
    
    
    
    
    
    
    
    NetPartnerships
    
    Fair
    
    Income
    
    Expenses
    
    Income
    
    Investment
    
    RedemptionsInvestment
    
    Net Assets
    
    Value
    
    (Loss)
    
    Commissions
    
    Other
    
    (Loss)
    
    Objective
    
    PermittedWinton Master
    
    
    29.46
    %
    
    $
    14,224,843
    
    
    $
    2,138,275
    
    
    $
    12,309
    
    
    $
    772
    
    
    $
    2,125,194
    
    
    CommodityPortfolio
    
    MonthlyCampbell Master
    
    
    14.73
    %
    
    
    7,115,212
    
    
    
    408,868
    
    
    
    4,986
    
    
    
    1,275
    
    
    
    402,607
    
    
    FinancialsMetals& Energy Portfolio
    
    MonthlyWillowbridge Master
    
    
    22.10
    %
    
    
    10,673,321
    
    
    
    3,494,691
    
    
    
    12,619
    
    
    
    1,065
    
    
    
    3,481,007
    
    
    CommodityPortfolio
    
    MonthlyGraham Master
    
    
    23.25
    %
    
    
    11,227,169
    
    
    
    1,557,973
    
    
    
    42,843
    
    
    
    1,144
    
    
    
    1,513,986
    
    
    CommodityPortfolio
    
    MonthlyEckhardt Master
    
    
    13.19
    %
    
    
    6,367,224
    
    
    
    165,228
    
    
    
    6,275
    
    
    
    15,968
    
    
    
    142,985
    
    
    CommodityPortfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    49,607,769
    
    
    $
    7,765,035
    
    
    $
    79,032
    
    
    $
    20,224
    
    
    $
    7,665,779 14




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##### Table of Contents



Diversified Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
September 30, 2009
    (Unaudited)
  6.
    Financial
    Instrument Risks:             15




---



##### Table of Contents



Item 2.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations.  Liquidity
    and Capital Resources
        Critical
    Accounting Policies
  Use of Estimates.
  Statement of Cash Flows.
  Investments.
  Fair Value Measurements.
    Futures Contracts.
 16




---



##### Table of Contents



Forward Foreign Currency Contracts. agreed-upon
    London Metals Exchange Forward
    Contracts.
  Options.
  Income Taxes.
      Recent Accounting Pronouncements.
  Subsequent Events




---



##### Table of Contents



Results
    of Operations
           30-day and/or 90-day
         18




---



##### Table of Contents



Item 3.
    Quantitative
    and Qualitative Disclosures about Market Risk            one-day
  19




---



##### Table of Contents



Form 10-K
    September 30,
    2009
    (Unaudited)
  Three Months Ended September 30, 2009% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    9,333,591
    
    
    
    1.78
    %
    
    $
    10,700,900
    
    
    $
    8,478,938
    
    
    $
    9,504,427Energy
    
    
    1,240,349
    
    
    
    0.24
    %
    
    
    2,549,525
    
    
    
    703,862
    
    
    
    1,440,952Grains
    
    
    1,718,287
    
    
    
    0.33
    %
    
    
    1,718,287
    
    
    
    1,133,559
    
    
    
    1,432,359Interest Rates U.S.
    
    
    6,173,010
    
    
    
    1.18
    %
    
    
    6,518,610
    
    
    
    2,078,339
    
    
    
    4,522,123Interest Rates Non-U.S.
    
    
    10,044,891
    
    
    
    1.92
    %
    
    
    11,661,822
    
    
    
    4,837,528
    
    
    
    7,726,635Livestock
    
    
    111,186
    
    
    
    0.02
    %
    
    
    227,651
    
    
    
    102,533
    
    
    
    161,785Metals
    
    
    3,879,776
    
    
    
    0.74
    %
    
    
    3,998,291
    
    
    
    1,589,099
    
    
    
    2,918,296Softs
    
    
    585,138
    
    
    
    0.11
    %
    
    
    1,035,185
    
    
    
    385,375
    
    
    
    606,465Indices
    
    
    10,676,526
    
    
    
    2.04
    %
    
    
    10,676,526
    
    
    
    1,905,983
    
    
    
    5,639,298Total
    
    $
    43,762,754
    
    
    
    8.36
    %
   *
    
    Average of month-end Values at Risk. 20




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##### Table of Contents



September 30, 2009
    (Unaudited)
  Three Months Ended September 30, 2009Value
 
    % of Total
    
    High Value
    
    Low Value
    
    Average ValueMarket Sector
    
    at Risk
    
    Capitalization
    
    
    at Risk
    
    at Risk
    
    at Risk*Currencies
    
    $
    7,855,650
    
    
    
    3.30
    %
    
    $
    14,208,480
    
    
    $
    2,908,305
    
    
    $
    8,695,042Energy
    
    
    1,451,588
    
    
    
    0.61
    %
    
    
    13,037,019
    
    
    
    685,800
    
    
    
    6,087,536Grains
    
    
    3,415,500
    
    
    
    1.44
    %
    
    
    3,415,500
    
    
    
    1,723,410
    
    
    
    2,429,356Interest Rates U.S.
    
    
    5,191,560
    
    
    
    2.18
    %
    
    
    9,939,105
    
    
    
    507,263
    
    
    
    3,052,277Interest Rates Non-U.S.
    
    
    10,084,707
    
    
    
    4.23
    %
    
    
    14,168,324
    
    
    
    455,649
    
    
    
    7,346,189Livestock
    
    
    273,240
    
    
    
    0.12
    %
    
    
    410,400
    
    
    
    133,110
    
    
    
    209,851Metals
    
    
    8,083,122
    
    
    
    3.39
    %
    
    
    8,372,754
    
    
    
    1,909,575
    
    
    
    5,660,365Softs
    
    
    1,841,840
    
    
    
    0.77
    %
    
    
    2,445,100
    
    
    
    981,960
    
    
    
    1,607,183Total
    
    $
    38,197,207
    
    
    
    16.04
    %
         September 30, 2009
    (Unaudited)
  Three Months Ended September 30, 2009Value
 
    % of Total
    
    High Value
    
    Low Value
    
    Average ValueMarket Sector
    
    at Risk
    
    Capitalization
    
    
    at Risk
    
    at Risk
    
    at Risk*Currencies
    
    $
    6,395,662
    
    
    
    3.81
    %
    
    $
    8,136,447
    
    
    $
    3,040,693
    
    
    $
    5,464,391Energy
    
    
    678,527
    
    
    
    0.41
    %
    
    
    1,774,426
    
    
    
    484,382
    
    
    
    1,096,708Grains
    
    
    1,411,794
    
    
    
    0.84
    %
    
    
    1,846,996
    
    
    
    215,255
    
    
    
    1,126,000Interest Rates U.S.
    
    
    2,238,368
    
    
    
    1.33
    %
    
    
    2,365,808
    
    
    
    87,777
    
    
    
    682,461Interest Rates Non-U.S.
    
    
    8,320,518
    
    
    
    4.95
    %
    
    
    8,320,518
    
    
    
    471,498
    
    
    
    2,721,058Livestock
    
    
    36,180
    
    
    
    0.02
    %
    
    
    48,263
    
    
    
    15,660
    
    
    
    26,831Metals
    
    
    1,596,936
    
    
    
    0.95
    %
    
    
    1,806,942
    
    
    
    488,247
    
    
    
    1,265,220Softs
    
    
    1,479,945
    
    
    
    0.88
    %
    
    
    1,479,945
    
    
    
    511,314
    
    
    
    883,086Indices
    
    
    9,707,902
    
    
    
    5.78
    %
    
    
    12,019,804
    
    
    
    3,419,163
    
    
    
    8,269,216Total
    
    $
    31,865,832
    
    
    
    18.97
    %
    *
    
    Average of month-end Values at Risk. 21




---



##### Table of Contents



September 30, 2009
    (Unaudited)
  Three Months Ended September 30, 2009Value
  
  
    % of Total
    
    
    High Value
    
    
    Low Value
    
    
    Average ValueMarket Sector
    
    at Risk
    
    
    Capitalization
    
    
    at Risk
    
    
    at Risk
    
    
    at Risk*Currencies
    
    $
    122,663
    
    
    
    0.66
    %
    
    $
    1,191,210
    
    
    $
    122,663
    
    
    $
    654,172Energy
    
    
    51,156
    
    
    
    0.28
    %
    
    
    442,311
    
    
    
    50,550
    
    
    
    190,696Grains
    
    
    137,399
    
    
    
    0.74
    %
    
    
    138,725
    
    
    
    62,430
    
    
    
    102,002Interest Rates U.S.
    
    
    361,800
    
    
    
    1.96
    %
    
    
    678,443
    
    
    
    61,560
    
    
    
    245,751Interest Rates Non -U.S.
    
    
    142,809
    
    
    
    0.77
    %
    
    
    337,995
    
    
    
    13,213
    
    
    
    73,920Metals
    
    
    495,706
    
    
    
    2.69
    %
    
    
    495,706
    
    
    
    209,150
    
    
    
    357,137Softs
    
    
    251,705
    
    
    
    1.36
    %
    
    
    251,705
    
    
    
    105,270
    
    
    
    148,442Indices
    
    
    706,284
    
    
    
    3.83
    %
    
    
    706,284
    
    
    
    188,635
    
    
    
    438,028Total
    
    $
    2,269,522
    
    
    
    12.29
    %
   *
    
    Average of month-end Values at Risk.    September 30, 2009
    (Unaudited)
  Three Months Ended September 30, 2009Value
 
    
    % of Total
    
    
    High Value
    
    
    Low Value
    
    
    Average ValueMarket Sector
    
    at Risk
    
    
    Capitalization
    
    
    at Risk
    
    
    at Risk
    
    
    at Risk*Energy
    
    $
    25,720,664
    
    
    
    4.14
    %
    
    $
    25,720,664
    
    
    $
    18,754,664
    
    
    $
    24,319,593Total
    
    $
    25,720,664
    
    
    
    4.14
    %
  *
    
    Average of month-end Values at Risk. 22




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##### Table of Contents



Item 4.
    Controls
    and Procedures      Rules 13a-15(e) 15d-115(e)
  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.   23




---



##### Table of Contents



PART II.  OTHER
    INFORMATION  Item 1.
    Legal
    Proceedings Subprime Mortgage-Related Litigation
 Asher, et al. v. Citigroup Inc., et al. Pellegrini v. Citigroup Inc.,
et al. In re Citigroup Inc. Bond Litigation
 Utah Retirement Systems v. Strauss, et al.
 In Re American Home Mortgage Securities Litigation
 In Re American International Group, Inc. 2008 Securities
Litigation
 Auction Rate SecuritiesRelated Litigation and Other Matters
 K-V Pharmaceutical Co. v. CGMI In Re Citigroup Auction Rate Securities Litigation
 In Re Citigroup Auction Rate Securities Litigation
 Ocwen Financial
Corp., et al. v. CGMI In Re Citigroup Auction Rate Securities Litigation
 Other Matters
 ECA
Acquisitions, Inc., et al. v. MAT Three LLC, et al.
 Adelphia Communications Corporation
  IPO Securities Litigation
  Other Matters
 Terra Securities Asa
Konkursbo, et al. v. Citigroup Inc., et al
 24




---



##### Table of Contents



Item 1A.
    Risk
    Factors.    Speculative position and trading limits may reduce profitability.
  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 ProgramsJuly 1, 2009  July 31, 2009



163.3173



$
1,849.97




N/A




N/AAugust 1, 2009  August 31, 2009



809.2808



$
1,843.04




N/A




N/ASeptember 1, 2009  September 30, 2009



125.4769



$
1,882.85




N/A




N/A1,098.0750



$
1,848.62  *
    
    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.
    Submission
    of Matters to a Vote of Security Holders 
    None   Item 5.
    Other
    Information  None  25




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##### Table of Contents



Item 6.
    Exhibits 1.1
    
    
    Form of Selling Agreement between the Partnership and Smith Barney Shearson Inc. (filed as
Exhibit 1.1 to the Registration Statement on Form S-1 filed on February 9, 1994).3.1
    
    
    Limited Partnership Agreement (filed as Exhibit 3.1 to the Registration Statement on Form S-1
filed on February 9, 1994).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).(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 herein).(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 herein).(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 herein).(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 herein).(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 an exhibit to the Form 8-K filed on September 30, 2009).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).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).10.3
    (a)
    
    Management Agreement among the Partnership, the General Partner and Willowbridge
Associates, Inc. (filed as an exhibit to the Form 10-K filed on March 29, 2000).(b)
    
    Letter extending Management Agreement with Willowbridge Associates, Inc. for 2008 (filed
as Exhibit 10.43 to the Form 10-K filed on March 31, 2009).10.4
    (a)
    
    Management Agreement among the Partnership, the General Partner and Winton Capital
Management Limited (filed as an exhibit to the Form 10-K filed on March 27, 2002).(b)
    
    Letter extending Management Agreement with Winton Capital Management Limited for 2008
(filed as Exhibit 10.43 to the Form 10-K filed on March 31, 2009).10.5
    (a)
    
    Management Agreement among the Partnership, the General Partner and Graham Capital
Management L.P. (filed as an exhibit to the Form 10-K filed on March 27, 2002).(b)
    
    Letter extending Management Agreement with Graham Capital Management L.P. for 2008 (filed
as Exhibit 10.43 to the Form 10-K filed on March 31, 2009).10.6
    (a)
    
    Management Agreement among the Partnership, the General Partner and Eckhardt Trading
Company (filed as an exhibit to the Form 10-Q filed on August 14, 2008).(b)
    
    Letter extending Management Agreement with Eckhardt Trading Company for 2008 (filed as
Exhibit 10.43 to the Form 10-K filed on March 31, 2009).10.7
    
    
    Management Agreement among the Partnership, the General Partner and SandRidge Capital LP
(filed as Exhibit 10.1 to the Form 8-K filed on June 2, 2009).10.8
    
    
    Joinder Agreement among the Partnership, Citigroup Managed Futures LLC, Citigroup Global
Markets Inc. and Morgan Stanley Smith Barney LLC (filed as Exhibit 10 to the Form 10-Q filed
on August 14, 2009).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 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 and Director). (filed
herein)
 26




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##### Table of Contents



SIGNATURES
    DIVERSIFIED MULTI-ADVISOR FUTURES FUND L.P.
  By:
    Ceres Managed
    Futures LLC    By:
    /s/  Jerry
    Pascucci       By:
    /s/  Jennifer
    Magro   
   27