##### 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 March 31, 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
 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 March 31, 2010 and December 31, 2009 (unaudited)
    
    3Schedules of Investments at March 31, 2010 and December 31, 2009 (unaudited)
    
    4  5Statements of Income and Expenses and Changes in Partners Capital for the three
months ended March 31, 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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PART I
 
 Item 1. Financial Statements
 Diversified Multi-Advisor Futures Fund L.P.
 
 Statements of Financial Condition
 (Unaudited)
  March 31,
    
    
    December 31,2010
    
    
    2009Assets:Investment in Partnerships, at fair value
    
    
    $
    30,398,391
    
    
    $
    33,653,350Cash
    
    
    
    105,221
    
    
    
    107,335Total assets
    
    
    $
    30,503,612
    
    
    $
    33,760,685Liabilities and Partners Capital:Liabilities:Accrued expenses:Brokerage fees
    
    
    $
    139,808
    
    
    $
    154,737Management fees
    
    
    
    46,471
    
    
    
    51,788Other
    
    
    
    42,760
    
    
    
    48,981Redemptions payable
    
    
    
    361,043
    
    
    
    266,047Total liabilities
    
    
    
    590,082
    
    
    
    521,553Partners Capital:General
Partner, 177.7568 and 280.4039 Unit equivalents
outstanding at March 31, 2010 and December 31, 2009, respectively
    
    
    
    308,580
    
    
    
    508,420Limited
Partners, 17,053.8427 and 18,051.6921
Redeemable Units of Limited Partnership
Interest outstanding at March 31, 2010
and December 31, 2009, respectively
    
    
    
    29,604,950
    
    
    
    32,730,712Total partners capital
    
    
    
    29,913,530
    
    
    
    33,239,132Total liabilities and partners capital
    
    
    $
    30,503,612
    
    
    $
    33,760,685Net Asset
Value per Unit
    
    
    $
    1,735.97
    
    
    $
    1,813.17
  3




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Diversified Multi-Advisor Futures Fund L.P.
 
 Schedule of Investments
 March 31, 2010
 (Unaudited)
  % of PartnersFair Value
    
    
    CapitalInvestment in PartnershipsCMF Winton Master L.P.
    
    $
    9,790,068
    
    
    
    32.73
    %CMF Willowbridge Argo Master Fund L.P.
    
    
    5,087,203
    
    
    
    17.00CMF Graham Capital Master Fund L.P.
    
    
    8,148,478
    
    
    
    27.24CMF Eckhardt Master Fund L.P.
    
    
    4,621,537
    
    
    
    15.45CMF SandRidge Master Fund L.P.
    
    
    2,751,105
    
    
    
    9.20Total investment in Partnerships, at fair value
    
    $
    30,398,391
    
    
    
    101.62
    %
  4




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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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Diversified Multi-Advisor Futures Fund L.P.
 
 Statements of Income and Expenses and Changes in Partners Capital
 (Unaudited)
 Three Months EndedMarch 31,2010
    
    

2009Income:Net gains (losses) on trading of commodity interests and
investment in Partnerships:Net realized gains (losses) on investment in Partnerships
    
    
    
    (1,146,897
    )
    
    
    (998,839
    )Change in net unrealized gains (losses) on investment
in Partnerships
    
    
    
    333,205
    
    
    
    (421,428
    )Gain (loss) from trading, net
    
    
    
    (813,692
    )
    
    
    (1,420,267
    )Interest income from investment in Partnerships
    
    
    
    3,684
    
    
    
    10,209Total income (loss)
    
    
    
    (810,008
    )
    
    
    (1,410,058
    )Expenses:Brokerage fees including clearing fees
    
    
    
    445,303
    
    
    
    654,838Management fees
    
    
    
    142,592
    
    
    
    215,823Other
    
    
    
    43,736
    
    
    
    33,125Total expenses
    
    
    
    631,631
    
    
    
    903,786Net income (loss)
    
    
    
    (1,441,639
    )
    
    
    (2,313,844
    )Redemptions-General Partner
    
    
    
    (175,000
    )
    
    
    Redemptions-Limited Partners
    
    
    
    (1,708,963
    )
    
    
    (2,684,845
    )Net increase (decrease) in Partners Capital
    
    
    
    (3,325,602
    )
    
    
    (4,998,689
    )Partners Capital, beginning of period
    
    
    
    33,239,132
    
    
    
    48,291,023Partners Capital, end of period
    
    
    $
    29,913,530
    
    
    $
    43,292,334Net Asset
Value per Unit (17,231.5995 and 22,432.3604 Units
outstanding at March 31, 2010 and 2009, respectively)
    
    
    $
    1,735.97
    
    
    $
    1,929.91Net income (loss) per Redeemable Unit of Limited Partnership
Interest and General Partner Unit equivalent
    
    
    $
    (77.20
    )
    
    $
    (99.99
    )Weighted average units outstanding
    
    
    
    17,988.9945
    
    
    
    23,429.9141
  6




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Diversified Multi-Advisor Futures Fund L.P.
 
 Notes to Financial Statements
 March 31, 2010
 (Unaudited)
 1.
    
    General:
       7




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Diversified Multi-Advisor Futures Fund L.P.
 Notes to Financial Statements
 March 31, 2010
 (Unaudited)
    2. Financial Highlights:
  Three Months EndedMarch
31,2010

    

2009Net realized and unrealized gains (losses)*
    
    
    
    (67.05
    )
    
    
    (89.81
    )Interest income
    
    
    
    0.21
    
    
    
    0.44Expenses**
    
    
    
    (10.36
    )
    
    
    (10.62
    )Increase (decrease) for the period
    
    
    
    (77.20
    )
    
    
    (99.99
    )Net Asset Value per Redeemable Unit, beginning of
period
    
    
    
    1,813.17
    
    
    
    2,029.90Net Asset Value per Redeemable Unit, end of period
    
    
    1,735.97
    
    
    1,929.91
 
 *
    
    Includes brokerage fees.**
    
    Excludes brokerage fees.  Ratios to average net assets:***Net investment income (loss) before incentive fees****
    
    
    (8.2
    )%
    
    
    (7.8
    )%Operating expense
    
    
    8.3
    %
    
    
    7.9
    %Incentive fees
    
    
    
    
    
    
    Total expenses
    
    
    8.3
    %
    
    
    7.9
    %Total return:Total return before incentive fees
    
    
    (4.3
    )%
    
    
    (4.9
    )%Incentive fees
    
    
    
    
    
    
    Total return after incentive fees
    
    
    (4.3
    )%
    
    
    (4.9
    )%
 
 ***
    
    Annualized (other than incentive fees).****
    
    Interest income less total expenses.  8




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Diversified Multi-Advisor Futures Fund L.P.
 Notes to Financial Statements
 March 31, 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
 March 31, 2010
 (Unaudited)
  Quoted Prices inActive Markets
    
    
    Significant Other
    
    
    Significantfor Identical
    
    
    Observable Inputs
    
    
    UnobservableMarch
31, 2010
    
    
    Assets (Level 1)
    
    
    (Level 2)
    
    
    Inputs (Level 3)AssetsInvestment in Partnerships
    
    $
    30,398,391
    
    
    $
    
    
    
    $
    30,398,391
    
    
    $
    Total fair value
    
    $
    30,398,391
    
    
    $
    
    
    
    $
    30,398,391
    
    
    $
    
 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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Diversified Multi-Advisor Futures Fund L.P.
 Notes to Financial Statements
 March 31, 2010
 (Unaudited)
         11




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Diversified Multi-Advisor Futures Fund L.P.
 Notes to Financial Statements
 March 31, 2010
 (Unaudited)
  March 31, 2010Total Assets
    
    
    Total Liabilities
    
    
    Total CapitalWinton Master
    
    $
    689,968,977
    
    
    $
    64,924
    
    
    $
    689,904,053Willowbridge Master
    
    
    237,884,635
    
    
    
    27,915
    
    
    
    237,856,720Graham Master
    
    
    173,539,499
    
    
    
    8,576
    
    
    
    173,530,923Eckhardt Master
    
    
    15,364,249
    
    
    
    46,542
    
    
    
    15,317,707SandRidge Master
    
    
    812,657,930
    
    
    
    92,357,617
    
    
    
    720,300,313Total
    
    $
    1,929,415,290
    
    
    $
    92,505,574
    
    
    $
    1,836,909,716December 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 March 31, 2010Gain (Loss) from
    
    
    Total IncomeTrading, net
    
    
    (Loss)
    
    
    Net Income (Loss)Winton Master
    
    $
    32,303,622
    
    
    $
    32,394,397
    
    
    $
    32,207,188Willowbridge Master
    
    
    (20,526,632
    )
    
    
    (20,493,570
    )
    
    
    (20,594,231
    )Graham Master
    
    
    (3,943,186
    )
    
    
    (3,922,768
    )
    
    
    (4,042,502
    )Eckhardt Master
    
    
    (1,419,363
    )
    
    
    (1,417,504
    )
    
    
    (1,456,148
    )SandRidge Master
    
    
    (15,233,208
    )
    
    
    (15,144,757
    )
    
    
    (15,494,452
    )Total
    
    $
    (8,818,767
    )
    
    $
    (8,584,202
    )
    
    $
    (9,380,145
    )
 For the three months ended March 31, 2009Gain (Loss) from
    
    
    Total Income
    
    
    Net IncomeTrading, net
    
    
    (Loss)
    
    
    (Loss)Winton Master
    
    $
    (4,795,908
    )
    
    $
    (4,660,946
    )
    
    $
    (4,738,043
    )Campbell Master
    
    
    390,079
    
    
    
    414,875
    
    
    
    388,048Willowbridge Master
  
    
    (35,779,806
    )
    
    
    (35,715,563
    )
    
    
    (35,781,885
    )Graham Master


    
    
    (1,378,459
    )
    
    
    (1,333,695
    )
    
    
    (1,465,945
    )Eckhardt Master


    
    
    (95,326
    )
    
    
    (90,954
    )
    
    
    (111,800
    )Total
    
    $
    (41,659,420
    )
    
    $
    (41,386,283
    )
    
    $
    (41,709,625
    )
  March 31, 2010
    
    For the three months ended March 31, 2010% of
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    NetPartnerships
    
    Fair
    
    Income
    
    Expenses
    
    Income
    
    Investment
    
    RedemptionsInvestment
    
    Net Assets
    
    Value
    
    (Loss)
    

Brokerage
Fees
    
    Other
    
    (Loss)
    
    Objective
    
    PermittedWinton Master
    
    
    32.73
    %
    
    $
    9,790,068
    
    
    $
    451,679
    
    
    
    $  2,542
    
    
    $
    263
    
    
    $
    448,874
    
    
    Commodity Portfolio
    
    MonthlyWillowbridge Master
    
    
    17.00
    %
    
    
    5,087,203
    
    
    
    (502,679
    )
    
    
    1,915
    
    
    
    454
    
    
    
    (505,048
    )
    
    Commodity Portfolio
    
    MonthlyGraham Master
    
    
    27.24
    %
    
    
    8,148,478
    
    
    
    (259,182
    )
    
    
    5,075
    
    
    
    821
    
    
    
    (265,078
    )
    
    Commodity Portfolio
    
    MonthlyEckhardt Master
    
    
    15.45
    %
    
    
    4,621,537
    
    
    
    (442,879
    )
    
    
    6,469
    
    
    
    5,412
    
    
    
    (454,760
    )
    
    Commodity Portfolio
    
    MonthlySandRidge Master
    
    
    9.20
    %
    
    
    2,751,105
    
    
    
    (56,947
    )
    
    
    1,072
    
    
    
    289
    
    
    
    (58,308
    )
    
    Energy Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    30,398,391
    
    
    $
    (810,008
    )
    
    
    $17,073
    
    
    $
    7,239
    
    
    $
    (834,320
    )
 12




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Diversified Multi-Advisor Futures Fund L.P.
 Notes to Financial Statements
 March 31, 2010
 (Unaudited)
 December
31, 2009
    

For
the three months ended March 31, 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
    
    
    $
    (108,038
    )
    
    
    $1,660
    
    
    $
    225
    
    
    $
    (109,923
    )
    
    Commodity  Portfolio
    
    MonthlyCampbell Master
    
    
    
    
    
    
    
    
    
    
    19,382
    
    
    
    967
    
    
    
    689
    
    
    
    17,726
    
    
    Financial,  Metal
& Energy  Large Portfolio
    
    MonthlyWillowbridge Master
    
    
    18.71
    %
    
    
    6,218,731
    
    
    
    (1,191,776
    )
    
    
    1,925
    
    
    
    292
    
    
    
    (1,193,993
    )
    
    Commodity  Portfolio
    
    MonthlyGraham Master
    
    
    27.66
    %
    
    
    9,193,804
    
    
    
    (101,333
    )
    
    
    6,814
    
    
    
    438
    
    
    
    (108,585
    )
    
    Commodity  Portfolio
    
    MonthlyEckhardt Master
    
    
    16.23
    %
    
    
    5,395,613
    
    
    
    (28,293
    )
    
    
    801
    
    
    
    5,665
    
    
    
    (34,759
    )
    
    Commodity  Portfolio
    
    MonthlySandRidge Master
    
    
    8.63
    %
    
    
    2,869,282
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Energy  Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    33,653,350
    
    
    $
    (1,410,058
    )
    
    
    $12,167
    
    
    $
    7,309
    
    
    $
    (1,429,534
    )
 6.
    
    Financial Instrument Risks:
       13




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Diversified Multi-Advisor Futures Fund L.P.
 Notes to Financial Statements
 March 31, 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.
 14




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Diversified Multi-Advisor Futures Fund L.P.
 Notes to Financial Statements
 March 31, 2010
 (Unaudited)
  Forward Foreign Currency Contracts.
  London Metals Exchange Forward Contracts.
 Options.
 15




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Diversified Multi-Advisor Futures Fund L.P.
 Notes to Financial Statements
 March 31, 2010
 (Unaudited)
 Income Taxes.
   Subsequent Events
 Recent Accounting Pronouncements.
  Net Income (Loss) per Redeemable Unit
 16




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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.
  17




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Futures
Contracts.
 Forward Foreign Currency Contracts.
  London Metals Exchange Forward Contracts.
 Options.
 18




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Results of Operations
      19




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20




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Item 3.  Quantitative and Qualitative Disclosures about Market Risk
       21




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% of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
    570,350
    
    
    
    1.91
    %Energy
    
    
    421,525
    
    
    
    1.41
    %Grains
    
    
    126,979
    
    
    
    0.42
    %Interest Rates U.S.
    
    
    197,739
    
    
    
    0.66
    %Interest Rates Non-U.S.
    
    
    405,080
    
    
    
    1.35
    %Livestock
    
    
    10,716
    
    
    
    0.04
    %Metals
    
    
    256,287
    
    
    
    0.86
    %Softs
    
    
    106,128
    
    
    
    0.35
    %Indices
    
    
    1,016,488
    
    
    
    3.40
    %Total
    
    $
    3,111,292
    
    
    
    10.40
    %
   March 31, 2010
(Unaudited)
 Three Months Ended March 31, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    9,083,159
    
    
    
    1.32
    %
    
    $
    11,936,668
    
    
    $
    3,127,432
    
    
    $
    7,270,193Energy
    
    
    3,489,813
    
    
    
    0.51
    %
    
    
    3,635,199
    
    
    
    345,625
    
    
    
    1,630,460Grains
    
    
    1,666,349
    
    
    
    0.24
    %
    
    
    1,818,433
    
    
    
    932,177
    
    
    
    1,325,446Interest Rates U.S.
    
    
    1,570,837
    
    
    
    0.23
    %
    
    
    4,717,680
    
    
    
    743,921
    
    
    
    2,559,622Interest Rates Non-U.S.
    
    
    6,662,281
    
    
    
    0.97
    %
    
    
    7,909,258
    
    
    
    3,487,657
    
    
    
    6,479,959Livestock
    
    
    194,150
    
    
    
    0.03
    %
    
    
    201,990
    
    
    
    158,080
    
    
    
    187,287Metals
    
    
    7,625,124
    
    
    
    1.11
    %
    
    
    7,950,442
    
    
    
    4,864,229
    
    
    
    6,436,353Softs
    
    
    1,621,394
    
    
    
    0.24
    %
    
    
    2,071,953
    
    
    
    538,916
    
    
    
    952,937Indices
    
    
    22,020,780
    
    
    
    3.19
    %
    
    
    22,020,780
    
    
    
    10,790,520
    
    
    
    17,652,813Total
    
    $
    53,933,887
    
    
    
    7.84
    %
 
 *
    
    Average of month-end Values at Risk. 22




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##### Table of Contents



March 31, 2010
(Unaudited)
 Three Months Ended March 31, 2010% of Total
    
    High
    
    Low
    
    AverageMarket Sector
    
    Value at Risk
    
    Capitalization
    
    Value at Risk
    
    Value at Risk
    
    Value at Risk*Currencies
    
    $
    5,168,528
    
    
    
    2.17
    %
    
    $
    6,227,731
    
    
    $
    2,291,926
    
    
    $
    4,786,821Energy
    
    
    2,192,400
    
    
    
    0.92
    %
    
    
    6,325,000
    
    
    
    460,750
    
    
    
    2,380,383Grains
    
    
    893,200
    
    
    
    0.38
    %
    
    
    3,437,500
    
    
    
    413,000
    
    
    
    1,279,900Interest Rates U.S.
    
    
    565,152
    
    
    
    0.24
    %
    
    
    2,037,750
    
    
    
    243,600
    
    
    
    709,517Interest Rates Non-U.S.
    
    
    4,024,446
    
    
    
    1.69
    %
    
    
    4,385,440
    
    
    
    2,279,842
    
    
    
    3,557,413Livestock
    
    
    162,400
    
    
    
    0.06
    %
    
    
    171,200
    
    
    
    149,600
    
    
    
    155,467Metals
    
    
    1,421,000
    
    
    
    0.60
    %
    
    
    4,488,748
    
    
    
    710,500
    
    
    
    2,176,916Softs
    
    
    2,415,700
    
    
    
    1.02
    %
    
    
    2,832,500
    
    
    
    953,700
    
    
    
    2,106,300Total
    
    $
    16,842,826
    
    
    
    7.08
    %
 
 *
    
    Average of month-end Values at Risk.  March 31, 2010
(Unaudited)
 Three Months Ended March 31, 2010% of Total
    
    High
    
    Low
    
    AverageMarket Sector
    
    Value at Risk
    
    Capitalization
    
    Value at Risk
    
    Value at Risk
    
    Value at Risk*Currencies
    
    $
    5,908,731
    
    
    
    3.40
    %
    
    $
    6,008,186
    
    
    $
    1,372,618
    
    
    $
    3,215,427Energy
    
    
    1,646,017
    
    
    
    0.95
    %
    
    
    1,646,017
    
    
    
    236,269
    
    
    
    977,806Grains
    
    
    842,890
    
    
    
    0.49
    %
    
    
    964,687
    
    
    
    449,250
    
    
    
    716,901Interest Rates U.S.
    
    
    548,097
    
    
    
    0.32
    %
    
    
    1,192,375
    
    
    
    68,806
    
    
    
    657,819Interest Rates Non-U.S.
    
    
    3,802,830
    
    
    
    2.19
    %
    
    
    4,305,447
    
    
    
    757,824
    
    
    
    2,799,663Livestock
    
    
    97,600
    
    
    
    0.06
    %
    
    
    106,400
    
    
    
    60,000
    
    
    
    89,067Metals
    
    
    1,201,963
    
    
    
    0.69
    %
    
    
    1,504,876
    
    
    
    494,357
    
    
    
    912,735Softs
    
    
    436,174
    
    
    
    0.25
    %
    
    
    1,144,148
    
    
    
    436,174
    
    
    
    700,338Indices
    
    
    11,617,981
    
    
    
    6.69
    %
    
    
    11,617,981
    
    
    
    1,646,140
    
    
    
    5,650,039Total
    
    $
    26,102,283
    
    
    
    15.04
    %
 
 *
    
    Average of month-end Values at Risk. 23




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##### Table of Contents



March 31, 2010
(Unaudited)
 Three months ended March 31, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    189,158
    
    
    
    1.23
    %
    
    $
    404,397
    
    
    $
    111,551
    
    
    $
    176,928Energy
    
    
    178,400
    
    
    
    1.16
    %
    
    
    455,100
    
    
    
    50,400
    
    
    
    201,467Grains
    
    
    150,423
    
    
    
    0.98
    %
    
    
    219,906
    
    
    
    82,312
    
    
    
    152,353Interest Rates U.S.
    
    
    458,867
    
    
    
    3.00
    %
    
    
    688,710
    
    
    
    14,627
    
    
    
    329,672Interest Rates Non -U.S.
    
    
    161,336
    
    
    
    1.05
    %
    
    
    618,157
    
    
    
    94,112
    
    
    
    184,062Metals
    
    
    209,972
    
    
    
    1.37
    %
    
    
    358,327
    
    
    
    82,375
    
    
    
    210,908Softs
    
    
    40,527
    
    
    
    0.27
    %
    
    
    146,472
    
    
    
    40,430
    
    
    
    70,728Indices
    
    
    538,710
    
    
    
    3.52
    %
    
    
    655,958
    
    
    
    37,845
    
    
    
    330,225Total
    
    $
    1,927,393
    
    
    
    12.58
    %
 
 *
    
    Average of month-end Values at Risk.  March 31, 2010
(Unaudited)
 Three Months Ended March 31, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Energy
    
    $
    48,891,388
    
    
    
    6.79
    %
    
    $
    48,891,388
    
    
    $
    19,153,412
    
    
    $
    33,329,382Total
    
    $
    48,891,388
    
    
    
    6.79
    %
 
 *
    
    Average of month-end Values at Risk. 24




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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.
  25




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##### Table of Contents



PART II. OTHER INFORMATION
 Item 1.  Legal Proceedings
  Credit Crisis Related Matters
   26




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##### Table of Contents



Item 1A.  Risk Factors.
  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 ProgramsJanuary 1, 2010  January 31, 2010
    
    
    
    136.7857
    
    
    
    $
    1,714.31
    
    
    
    
    N/A
    
    
    
    
    N/AFebruary 1, 2010 February 28, 2010
    
    
    
    653.0860
    
    
    
    $
    1,704.87
    
    
    
    
    N/A
    
    
    
    
    N/AMarch 1, 2010  March 31, 2010
    
    
    
    207.9777
    
    
    
    $
    1,735.97
    
    
    
    
    N/A
    
    
    
    
    N/A997.8494
    
    
    
    $
    1,712.65
 
 *
    
    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
 27




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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).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).
 28




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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 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)
 29




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##### Table of Contents



SIGNATURES
  DIVERSIFIED MULTI-ADVISOR FUTURES FUND L.P.
 By:
    
    Ceres Managed Futures LLC(General Partner)By:
    
    /s/ Jerry PascucciJerry PascucciPresident and Director
  By:
    
    /s/ Jennifer MagroJennifer MagroChief Financial Officer and Director(Principal Accounting Officer)
  30