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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, 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 September 30, 2010 (unaudited) and December 31, 2009
    
    3Schedules of
Investments at September 30, 2010 (unaudited) and December 31, 2009
    
    4  5Statements of Income
and Expenses and Changes in Partners Capital for the three and
nine months ended September 30, 2010 and 2009 (unaudited)
    
    6Notes to Financial Statements (unaudited)
    
    7  17Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    18  21Item 3.
    
    Quantitative and Qualitative Disclosures about Market Risk
    
    22  25Item 4.
    
    Controls and Procedures
    
    26PART II  Other Information
    
    27  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)September 30,
    
    
    December 31,2010
    
    
    2009Assets:Investment in Funds, at fair value
    
    
    $
    28,576,684
    
    
    $
    33,653,350Cash
    
    
    
    107,792
    
    
    
    107,335Total assets
    
    
    
    28,684,476
    
    
    
    33,760,685Liabilities and Partners Capital:Liabilities:Accrued expenses:Brokerage fees
    
    
    $
    131,471
    
    
    $
    154,737Management fees
    
    
    
    44,093
    
    
    
    51,788Other
    
    
    
    58,790
    
    
    
    48,981Redemptions payable
    
    
    
    266,942
    
    
    
    266,047Total liabilities
    
    
    
    501,296
    
    
    
    521,553Partners Capital:General
Partner, 177.7568 and 280.4039 unit equivalents
outstanding at September 30, 2010 and December 31, 2009, respectively
    
    
    
    308,454
    
    
    
    508,420Limited
Partners, 16,063.7221 and 18,051.6921
Redeemable Units  outstanding at September 30, 2010
and December 31, 2009, respectively
    
    
    
    27,874,726
    
    
    
    32,730,712Total partners capital
    
    
    
    28,183,180
    
    
    
    33,239,132Total liabilities and partners capital
    
    
    $
    28,684,476
    
    
    $
    33,760,685Net asset
value per unit
    
    
    $
    1,735.26
    
    
    $
    1,813.17
  3




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Diversified Multi-Advisor Futures Fund L.P.
 
 Schedule of Investments
 September 30, 2010
 (Unaudited)
  % of PartnersFair Value
    
    
    CapitalInvestment in FundsCMF Winton Master L.P.
    
    $
    8,184,411
    
    
    
    29.04
    %CMF Willowbridge Argo Master Fund L.P.
    
    
    4,548,078
    
    
    
    16.14CMF Graham Capital Master Fund L.P.
    
    
    8,124,412
    
    
    
    28.83CMF Eckhardt Master L.P.
    
    
    5,497,976
    
    
    
    19.51CMF SandRidge Master Fund L.P.
    
    
    2,221,807
    
    
    
    7.88Total investment in Funds, at fair value
    
    $
    28,576,684
    
    
    
    101.40
    %
  4




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Diversified Multi-Advisor Futures Fund L.P.
Schedule of Investments
December 31, 2009
  % of PartnersFair Value
    
    
    CapitalInvestment In FundsCMF 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 Funds, 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 Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Income:Net gains (losses) on trading of commodity interests and
investment in Funds:Net realized gains (losses) on investment in Funds
    
    $
    90,643
    
    
    $
    (713,810
    )
    
    $
    (368,151
    )
    
    $
    (1,381,253
    )Change in net unrealized gains (losses) on investment
in Funds
    
    
    727,954
    
    
    
    1,496,308
    
    
    
    792,915
    
    
    
    445,861Gain (loss) from trading, net
    
    
    818,597
    
    
    
    782,498
    
    
    
    424,764
    
    
    
    (935,392
    )Interest income from investment in Funds
    
    
    7,556
    
    
    
    8,010
    
    
    
    18,557
    
    
    
    26,361Total income (loss)
    
    
    826,153
    
    
    
    790,508
    
    
    
    443,321
    
    
    
    (909,031
    )Expenses:Brokerage fees including clearing fees
    
    
    409,608
    
    
    
    529,367
    
    
    
    1,283,699
    
    
    
    1,759,736Management fees
    
    
    131,062
    
    
    
    169,474
    
    
    
    410,207
    
    
    
    572,410Incentive fees
    
    
    
    
    
    
    21,941
    
    
    
    
    
    
    
    29,522Other
    
    
    82,578
    
    
    
    33,853
    
    
    
    214,830
    
    
    
    147,495Total expenses
    
    
    623,248
    
    
    
    754,635
    
    
    
    1,908,736
    
    
    
    2,509,163Net income (loss)
    
    
    202,905
    
    
    
    35,873
    
    
    
    (1,465,415
    )
    
    
    (3,418,194
    )Redemptions  General Partner
    
    
    
    
    
    
    
    
    
    
    (175,000
    )
    
    
    (1,037,738
    )Redemptions  Limited Partners
    
    
    (759,119
    )
    
    
    (2,029,923
    )
    
    
    (3,415,537
    )
    
    
    (8,197,763
    )Net increase (decrease) in Partners Capital
    
    
    (556,214
    )
    
    
    (1,994,050
    )
    
    
    (5,055,952
    )
    
    
    (12,653,695
    )Partners Capital, beginning of period
    
    
    28,739,394
    
    
    
    37,631,378
    
    
    
    33,239,132
    
    
    
    48,291,023Partners Capital, end of period
    
    $
    28,183,180
    
    
    $
    35,637,328
    
    
    $
    28,183,180
    
    
    $
    35,637,328Net asset value per unit
( 16,241.4789 and 18,927.2916 units outstanding
at September 30, 2010 and 2009, respectively)
    
    $
    1,735.26
    
    
    $
    1,882.85
    
    
    $
    1,735.26
    
    
    $
    1,882.85Net income (loss) per Redeemable Unit
and General Partner unit equivalents
    
    $
    12.83
    
    
    $
    3.66
    
    
    $
    (77.91
    )
    
    $
    (147.05
    )Weighted average units outstanding
    
    
    16,548.6247
    
    
    
    19,646.7281
    
    
    
    17,191.8453
    
    
    
    21,414.5412
  6




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




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Diversified Multi-Advisor Futures Fund L.P.
 Notes to Financial Statements
 September 30, 2010
 (Unaudited)
  2. Financial Highlights:
  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Net realized and unrealized gains (losses)*
    
    $
    25.28
    
    
    $
    14.70
    
    
    $
    (42.52
    )
    
    $
    (113.15
    )Interest income
    
    
    0.45
    
    
    
    0.41
    
    
    
    1.09
    
    
    
    1.24Expenses**
    
    
    (12.90
    )
    
    
    (11.45
    )
    
    
    (36.48
    )
    
    
    (35.14
    )Increase (decrease) for the period
    
    
    12.83
    
    
    
    3.66
    
    
    
    (77.91
    )
    
    
    (147.05
    )Net asset value per unit, beginning of
period
    
    
    1,722.43
    
    
    
    1,879.19
    
    
    
    1,813.17
    
    
    
    2,029.90Net asset value per unit, end of period
    
    $
    1,735.26
    
    
    $
    1,882.85
    
    
    $
    1,735.26
    
    
    $
    1,882.85
 
 *
    
    Includes brokerage fees.**
    
    Excludes brokerage fees.  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Ratios to average net assets:***Net investment income (loss) before incentive fees****
    
    
    (8.7
    )%
    
    
    (7.9
    )%
    
    
    (8.6
    )%
    
    
    (8.1
    )%Operating expenses
    
    
    8.8
    %
    
    
    8.0
    %
    
    
    8.7
    %
    
    
    8.2
    %Incentive fees
    
    
    
    %
    
    
    0.1
    %
    
    
    
    %
    
    
    0.1
    %Total expenses
    
    
    8.8
    %
    
    
    8.1
    %
    
    
    8.7
    %
    
    
    8.3
    %Total return:Total return before incentive fees
    
    
    0.7
    %
    
    
    0.3
    %
    
    
    (4.3
    )%
    
    
    (7.2
    )%Incentive fees
    
    
    
    %
    
    
    (0.1
    )%
    
    
    
    %
    
    
    0.0
    % *****Total return after incentive fees
    
    
    0.7
    %
    
    
    0.2
    %
    
    
    (4.3
    )%
    
    
    (7.2
    )%
 
 ***
    
    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
 September 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
 September 30, 2010
 (Unaudited)
  Quoted Prices inActive Markets
    
    
    Significant Other
    
    
    Significantfor Identical
    
    
    Observable Inputs
    
    
    UnobservableSeptember
30, 2010
    
    
    Assets (Level 1)
    
    
    (Level 2)
    
    
    Inputs (Level 3)AssetsInvestment in Funds
    
    $
    28,576,684
    
    
    $
    
    
    
    $
    28,576,684
    
    
    $
    Total fair value
    
    $
    28,576,684
    
    
    $
    
    
    
    $
    28,576,684
    
    
    $
    
 Quoted Prices inActive Markets
    
    
    Significant Other
    
    
    Significantfor Identical
    
    
    Observable Inputs
    
    
    UnobservableDecember 31, 2009
    
    
    Assets (Level 1)
    
    
    (Level 2)
    
    
    Inputs (Level 3)AssetsInvestment in Funds
    
    $
    33,653,350
    
    
    $
    
    
    
    $
    33,653,350
    
    
    $
    Total fair value
    
    $
    33,653,350
    
    
    $
    
    
    
    $
    33,653,350
    
    
    $
    
 5.
    
    Investment in Funds:
    10




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




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Diversified Multi-Advisor Futures Fund L.P.
 Notes to Financial Statements
 September 30, 2010
 (Unaudited)
  September 30, 2010Total Assets
    
    Total Liabilities
    
    Total CapitalWinton Master
    
    $
    799,636,374
    
    
    $
    116,941
    
    
    $
    799,519,433Willowbridge Master
    
    
    217,621,623
    
    
    
    43,436
    
    
    
    217,578,187Graham Master
    
    
    174,561,728
    
    
    
    46,918
    
    
    
    174,514,810Eckhardt Master
    
    
    18,285,950
    
    
    
    51,685
    
    
    
    18,234,265SandRidge Master
    
    
    659,157,522
    
    
    
    63,882,566
    
    
    
    595,274,956Total
    
    $
    1,869,263,197
    
    
    $
    64,141,546
    
    
    $
    1,805,121,651December 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 is shown in the following tables.
 For the three months ended September 30, 2010Gain(Loss) from
    
    Total Income
    
    Net IncomeTrading, Net
    
    (Loss)
    
    (Loss)Winton Master
    
    $
    26,050,805
    
    
    $
    26,290,442
    
    
    $
    26,114,191Willowbridge Master
    
    
    (2,263,514
    )
    
    
    (2,194,399
    )
    
    
    (2,291,718
    )Graham Master
    
    
    5,920,237
    
    
    
    5,966,084
    
    
    
    5,826,322Eckhardt Master
    
    
    1,602,450
    
    
    
    1,607,010
    
    
    
    1,563,126SandRidge Master
    
    
    (42,934,957
    )
    
    
    (42,769,900
    )
    
    
    (43,234,755
    )Total
    
    $
    (11,624,979
    )
    
    $
    (11,100,763
    )
    
    $
    (12,022,834
    )For the nine months ended September 30, 2010Gain(Loss) from
    
    Total Income
    
    Net IncomeTrading, Net
    
    (Loss)
    
    (Loss)Winton Master
    
    $
    80,520,886
    
    
    $
    81,058,904
    
    
    $
    80,474,255Willowbridge Master
    
    
    (36,147,175
    )
    
    
    (35,978,106
    )
    
    
    (36,294,042
    )Graham Master
    
    
    2,934,755
    
    
    
    3,044,067
    
    
    
    2,605,489Eckhardt Master
    
    
    2,257,063
    
    
    
    2,267,384
    
    
    
    2,140,816SandRidge Master
    
    
    (127,118,547
    )
    
    
    (126,683,659
    )
    
    
    (128,068,517
    )Total
    
    $
    (77,553,018
    )
    
    $
    (76,291,410
    )
    
    $
    (79,141,999
    )For the three months ended September 30, 2009Gain(Loss) from
    
    Total Income
    
    Net IncomeTrading, Net
    
    (Loss)
    
    (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
    
    
    $
    36,346,217For the nine months ended September 30, 2009Gain(Loss) from
    
    Total Income
    
    Net IncomeTrading, Net
    
    (Loss)
    
    (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
 12




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September 30, 2010
    
    
    For the three months ended September 30, 2010% of
    
    
    
    
    
    
    
    
    
    
    
    
    
    NetPartnerships
    
    
    Fair
    
    
    Income
    
    
    Expenses
    
    
    Income
    
    
    Investment
    
    
    RedemptionsInvestment
    
    Net Assets
    
    
    Value
    
    
    (Loss)
    
    
    Brokerage Fees
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    
    PermittedWinton Master
    
    
    29.04
    %
    
    $
    8,184,411
    
    
    $
    270,078
    
    
    $
    1,576
    
    
    $
    302
    
    
    $
    268,200
    
    
    Commodity Portfolio
    
    MonthlyWillowbridge Master
    
    
    16.14
    %
    
    
    4,548,078
    
    
    
    (45,145
    )
    
    
    1,508
    
    
    
    507
    
    
    
    (47,160
    )
    
    Commodity Portfolio
    
    MonthlyGraham Master
    
    
    28.83
    %
    
    
    8,124,412
    
    
    
    276,394
    
    
    
    5,926
    
    
    
    566
    
    
    
    269,902
    
    
    Commodity Portfolio
    
    MonthlyEckhardt Master
    
    
    19.51
    %
    
    
    5,497,976
    
    
    
    484,516
    
    
    
    7,912
    
    
    
    5,320
    
    
    
    471,284
    
    
    Commodity Portfolio
    
    MonthlySandRidge Master
    
    
    7.88
    %
    
    
    2,221,807
    
    
    
    (159,690
    )
    
    
    1,331
    
    
    
    394
    
    
    
    (161,415
    )
    
    Energy Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    28,576,684
    
    
    $
    826,153
    
    
    $
    18,253
    
    
    $
    7,089
    
    
    $
    800,811September 30, 2010
    
    
    For the nine months ended September 30, 2010% of
    
    
    
    
    
    
    
    
    
    
    
    
    
    NetPartnerships
    
    
    Fair
    
    
    Income
    
    
    Expenses
    
    
    Income
    
    
    Investment
    
    
    RedemptionsInvestment
    
    Net Assets
    
    
    Value
    
    
    (Loss)
    
    
    Brokerage Fees
    
    
    Other
    
    
    (Loss)
    
    
    Objective
    
    
    PermittedWinton Master
    
    
    29.04
    %
    
    $
    8,184,411
    
    
    $
    999,831
    
    
    $
    6,430
    
    
    $
    1,012
    
    
    $
    992,389
    
    
    Commodity Portfolio
    
    MonthlyWillowbridge Master
    
    
    16.14
    %
    
    
    4,548,078
    
    
    
    (828,332
    )
    
    
    5,451
    
    
    
    1,415
    
    
    
    (835,198
    )
    
    Commodity Portfolio
    
    MonthlyGraham Master
    
    
    28.83
    %
    
    
    8,124,412
    
    
    
    65,867
    
    
    
    16,714
    
    
    
    4,028
    
    
    
    45,125
    
    
    Commodity Portfolio
    
    MonthlyEckhardt Master
    
    
    19.51
    %
    
    
    5,497,976
    
    
    
    668,405
    
    
    
    22,248
    
    
    
    16,150
    
    
    
    630,007
    
    
    Commodity Portfolio
    
    MonthlySandRidge Master
    
    
    7.88
    %
    
    
    2,221,807
    
    
    
    (462,450
    )
    
    
    4,160
    
    
    
    1,013
    
    
    
    (467,623
    )
    
    Energy Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    28,576,684
    
    
    $
    443,321
    
    
    $
    55,003
    
    
    $
    23,618
    
    
    $
    364,700December 31, 2009
    
    
    For the three months ended September 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
    
    
    $
    141,122
    
    
    $
    2,104
    
    
    $
    186
    
    
    $
    138,832
    
    
    Commodity Portfolio
    
    MonthlyWillowbridge Master
    
    
    18.71
    %
    
    
    6,218,731
    
    
    
    (658,676
    )
    
    
    2,857
    
    
    
    574
    
    
    
    (662,107
    )
    
    Commodity Portfolio
    
    MonthlyGraham Master
    
    
    27.66
    %
    
    
    9,193,804
    
    
    
    854,818
    
    
    
    11,841
    
    
    
    593
    
    
    
    842,384
    
    
    Commodity Portfolio
    
    MonthlyEckhardt Master
    
    
    16.23
    %
    
    
    5,395,613
    
    
    
    281,686
    
    
    
    5,689
    
    
    
    6,625
    
    
    
    269,372
    
    
    Commodity Portfolio
    
    MonthlySandRidge Master
    
    
    8.63
    %
    
    
    2,869,282
    
    
    
    171,558
    
    
    
    892
    
    
    
    182
    
    
    
    170,484
    
    
    Energy Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    33,653,350
    
    
    $
    790,508
    
    
    $
    23,383
    
    
    $
    8,160
    
    
    $
    758,965December 31, 2009
    
    
    For the nine months ended September 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
    
    
    $
    (690,409
    )
    
    $
    5,730
    
    
    $
    626
    
    
    $
    (696,765
    )
    
    Commodity Portfolio
    
    MonthlyCampbell Master
    
    
    
    
    
    
    
    
    
    
    (276,892
    )
    
    
    1,271
    
    
    
    1,050
    
    
    
    (279,213
    )
    
    Financial, Metal & Energy Large
Portfolio
    
    MonthlyWillowbridge Master
    
    
    18.71
    %
    
    
    6,218,731
    
    
    
    (823,821
    )
    
    
    7,403
    
    
    
    1,259
    
    
    
    (832,483
    )
    
    Commodity Portfolio
    
    MonthlyGraham Master
    
    
    27.66
    %
    
    
    9,193,804
    
    
    
    613,694
    
    
    
    28,701
    
    
    
    1,570
    
    
    
    583,423
    
    
    Commodity Portfolio
    
    MonthlyEckhardt Master
    
    
    16.23
    %
    
    
    5,395,613
    
    
    
    39,151
    
    
    
    10,162
    
    
    
    18,521
    
    
    
    10,468
    
    
    Commodity Portfolio
    
    MonthlySandRidge Master
    
    
    8.63
    %
    
    
    2,869,282
    
    
    
    229,246
    
    
    
    1,106
    
    
    
    246
    
    
    
    227,894
    
    
    Energy Portfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    33,653,350
    
    
    $
    (909,031
    )
    
    $
    54,373
    
    
    $
    23,272
    
    
    $
    (986,676
    )
 13




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##### Table of Contents



Diversified Multi-Advisor Futures Fund L.P.
 Notes to Financial Statements
 September 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
 September 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
 September 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
 September 30, 2010
 (Unaudited)
 Income Taxes.
   Subsequent Events
 Recent Accounting Pronouncements.
  Net Income (Loss) per Redeemable Unit and General Partner Unit
Equivalents
 8. Subsequent Event:
  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




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##### 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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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
    
    $
    763,610
    
    
    
    2.71
    %Energy
    
    
    395,560
    
    
    
    1.40
    %Grains
    
    
    143,791
    
    
    
    0.51
    %Interest Rates U.S.
    
    
    293,978
    
    
    
    1.04
    %Interest Rates Non-U.S.
    
    
    271,350
    
    
    
    0.96
    %Livestock
    
    
    9,775
    
    
    
    0.03
    %Metals
    
    
    256,288
    
    
    
    0.91
    %Softs
    
    
    102,608
    
    
    
    0.37
    %Indices
    
    
    661,389
    
    
    
    2.35
    %Total
    
    $
    2,898,349
    
    
    
    10.28
    %
   September
30, 2010
(Unaudited)
 Three Months Ended September 30, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    12,513,875
    
    
    
    1.57
    %
    
    $
    13,529,797
    
    
    $
    5,424,505
    
    
    $
    9,313,786Energy
    
    
    2,057,205
    
    
    
    0.26
    %
    
    
    3,640,200
    
    
    
    236,988
    
    
    
    1,971,144Grains
    
    
    3,529,016
    
    
    
    0.44
    %
    
    
    3,529,016
    
    
    
    556,164
    
    
    
    2,253,529Interest Rates U.S.
    
    
    8,956,850
    
    
    
    1.12
    %
    
    
    10,348,050
    
    
    
    7,407,050
    
    
    
    8,348,717Interest Rates Non-U.S.
    
    
    11,102,130
    
    
    
    1.39
    %
    
    
    13,490,861
    
    
    
    8,749,852
    
    
    
    10,172,949Livestock
    
    
    401,450
    
    
    
    0.05
    %
    
    
    401,450
    
    
    
    190,900
    
    
    
    286,400Metals
    
    
    6,530,911
    
    
    
    0.82
    %
    
    
    6,530,911
    
    
    
    3,939,668
    
    
    
    4,957,860Softs
    
    
    1,283,742
    
    
    
    0.16
    %
    
    
    1,283,742
    
    
    
    708,094
    
    
    
    1,055,530Indices
    
    
    12,569,037
    
    
    
    1.56
    %
    
    
    12,569,037
    
    
    
    2,382,812
    
    
    
    6,125,469Total
    
    $
    58,944,216
    
    
    
    7.37
    %
 
 *
    
    Average of month-end Values at Risk. 23




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##### Table of Contents



September
30, 2010
(Unaudited)
 Three
Months Ended September 30, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    4,332,223
    
    
    
    2.00
    %
    
    $
    7,096,121
    
    
    $
    940,854
    
    
    $
    4,094,533Energy
    
    
    1,020,000
    
    
    
    0.47
    %
    
    
    6,539,400
    
    
    
    480,000
    
    
    
    2,750,750Grains
    
    
    1,304,750
    
    
    
    0.60
    %
    
    
    3,762,750
    
    
    
    510,840
    
    
    
    1,211,150Interest Rates U.S.
    
    
    1,555,500
    
    
    
    0.71
    %
    
    
    3,269,700
    
    
    
    780,800
    
    
    
    1,930,233Interest Rates Non-U.S.
    
    
    1,876,018
    
    
    
    0.86
    %
    
    
    5,489,653
    
    
    
    640,428
    
    
    
    2,375,204Livestock
    
    
    108,800
    
    
    
    0.05
    %
    
    
    108,800
    
    
    
    44,800
    
    
    
    99,900Metals
    
    
    3,379,005
    
    
    
    1.55
    %
    
    
    3,379,005
    
    
    
    1,105,260
    
    
    
    2,121,300Softs
    
    
    2,284,000
    
    
    
    1.05
    %
    
    
    3,388,150
    
    
    
    799,500
    
    
    
    1,454,633Total
    
    $
    15,860,296
    
    
    
    7.29
    %
 
 *
    
    Average of month-end Values at Risk.  September
30, 2010
(Unaudited)
 Three Months Ended September 30, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    8,922,437
    
    
    
    5.12
    %
    
    $
    8,922,437
    
    
    $
    996,231
    
    
    $
    6,525,133Energy
    
    
    1,320,584
    
    
    
    0.76
    %
    
    
    1,989,347
    
    
    
    513,863
    
    
    
    1,374,939Grains
    
    
    461,350
    
    
    
    0.26
    %
    
    
    524,700
    
    
    
    124,875
    
    
    
    334,678Interest Rates U.S.
    
    
    1,859,010
    
    
    
    1.07
    %
    
    
    2,021,410
    
    
    
    814,575
    
    
    
    1,729,998Interest Rates Non-U.S.
    
    
    967,199
    
    
    
    0.55
    %
    
    
    4,016,393
    
    
    
    858,050
    
    
    
    2,142,697Livestock
    
    
    73,950
    
    
    
    0.04
    %
    
    
    74,200
    
    
    
    1,400
    
    
    
    48,683Metals
    
    
    1,291,316
    
    
    
    0.74
    %
    
    
    1,611,112
    
    
    
    731,751
    
    
    
    1,086,730Softs
    
    
    248,433
    
    
    
    0.14
    %
    
    
    558,957
    
    
    
    248,433
    
    
    
    290,765Indices
    
    
    8,412,921
    
    
    
    4.82
    %
    
    
    8,412,921
    
    
    
    1,137,775
    
    
    
    3,918,076Total
    
    $
    23,557,200
    
    
    
    13.50
    %
 
 *
    
    Average of month-end Values at Risk. 24




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##### Table of Contents



September
30, 2010
(Unaudited)
 Three months ended September 30, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    425,715
    
    
    
    2.33
    %
    
    $
    642,732
    
    
    $
    158,547
    
    
    $
    462,002Energy
    
    
    246,200
    
    
    
    1.35
    %
    
    
    358,424
    
    
    
    94,200
    
    
    
    296,083Grains
    
    
    197,400
    
    
    
    1.08
    %
    
    
    282,800
    
    
    
    50,100
    
    
    
    175,525Interest Rates U.S.
    
    
    280,300
    
    
    
    1.54
    %
    
    
    887,750
    
    
    
    40,900
    
    
    
    371,950Interest Rates Non -U.S.
    
    
    250,744
    
    
    
    1.38
    %
    
    
    840,280
    
    
    
    194,478
    
    
    
    412,686Metals
    
    
    197,103
    
    
    
    1.08
    %
    
    
    265,096
    
    
    
    26,255
    
    
    
    146,828Softs
    
    
    100,100
    
    
    
    0.55
    %
    
    
    110,523
    
    
    
    54,775
    
    
    
    102,146Indices
    
    
    466,084
    
    
    
    2.56
    %
    
    
    1,147,335
    
    
    
    193,412
    
    
    
    351,873Total
    
    $
    2,163,646
    
    
    
    11.87
    %
 
 *
    
    Average of month-end Values at Risk.  September
30, 2010
(Unaudited)
 Three Months Ended September 30, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Energy
    
    $
    54,348,641
    
    
    
    9.13
    %
    
    $
    85,692,107
    
    
    $
    52,672,710
    
    
    $
    62,551,337Total
    
    $
    54,348,641
    
    
    
    9.13
    %
 
 *
    
    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




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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 ProgramsJuly 1,
2010  July 31, 2010
    
    
    
    120.1873
    
    
    
    $
    1,665.41
    
    
    
    
    N/A
    
    
    
    
    N/AAugust 1,
2010 August 31, 2010
    
    
    
    169.8738
    
    
    
    $
    1,719.02
    
    
    
    
    N/A
    
    
    
    
    N/ASeptember 1,
2010  September 30, 2010
    
    
    
    153.8342
    
    
    
    $
    1,735.26
    
    
    
    
    N/A
    
    
    
    
    N/A443.8953
    
    
    
    $
    1,710.13
 
 *
    
    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).
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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)
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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