UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 Form 10-K
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
 For the fiscal year ended December 31, 2010
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
 For the transition period from  to.
 Commission File Number 0-26132
 DIVERSIFIED MULTI-ADVISOR FUTURES FUND L.P.
  New York
    
    13-3729162(State or other jurisdiction of 
incorporation or organization)
    
    (I.R.S. Employer
Identification No.)
 c/o Ceres Managed Futures LLC
522 Fifth Avenue  14th Floor
New York, New York 10036
 
  (212) 296-1999
 
  Securities registered pursuant to Section 12(b) of the Act: NoneSecurities registered pursuant to Section 12(g) of the Act: Redeemable Units of Limited Partnership Interest(Title of Class)
  Yes o No þ
  Yes o No þ
  Yes þ No o
  Yes o No o
 þ
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer þ
    
    Smaller reporting company o(Do not check if a smaller reporting company)
  Yes o No þ




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PART I
 Item 1. Business
 General Development of Business
  Financial Statements and Supplementary Data
  Managements
Discussion and Analysis of Financial Condition and Results of Operations
    2




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3




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Financial Information about Segments Selected Financial
Data
 Narrative Description of Business
    Financial Information about Geographic Areas
 Available Information
 4




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##### 



Reports to Security Holders
 Enforceability of Civil Liabilities Against Foreign Persons
 Smaller Reporting Companies
 Item 1A. Risk Factors
 As a result of leverage, small changes in the price of the Partnerships positions may result
in major losses.
  An investor may lose all of their investment.
  The Partnership will pay substantial fees and expenses regardless of profitability.
  An investors ability to redeem or transfer  units is limited.
  Conflicts of interest exist.
  1.
    
    The General Partner and the Partnerships/Funds commodity broker are affiliates;
 2.
    
    Each of the Advisors, the Partnerships/Funds commodity broker and their principals and affiliates may trade
in commodity interests for their own accounts; and
 3.
    
    An investors financial advisor will receive ongoing compensation for providing services
to the investors account.
 Investing in units might not provide the desired diversification of an investors overall
portfolio.
  Past performance is no assurance of future results.
  An investors tax liability may exceed cash distributions.
  5




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##### 



The General Partner may allocate the Partnerships assets to undisclosed advisor.
  Regulatory changes could restrict the Partnerships operations.
  Speculative position and trading limits may reduce profitability.
  Item 2. Properties .
  Item 3. Legal Proceedings .
    Credit-Crisis-Related Litigation and Other Matters
  Subprime Mortgage-Related Litigation and Other Matters
      Item 4. [Removed and Reserved]
 6




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##### 



PART II
 Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases
of Equity Securities .
 Market Information
 Holders
 Dividends
 Securities Authorized for Issuance Under Equity Compensation Plans
 Performance Graph
 Recent
Sales of Unregistered Securities; Use of Proceeds from Registered Securities
 Purchases of Equity Securities by the Issuer and Affiliated Purchasers
  (d) Maximum Number(or Approximate(c) Total Number
    
    Dollar Value) ofof Redeemable Units
    
    Redeemable Units that(a) Total Number
    
    (b) Average
    
    
    Purchased as Part
    
    May Yet Beof Redeemable
    
    Price Paid per
    
    
    of Publicly Announced
    
    Purchased Under thePeriod
    
    Units Purchased*
    
    Redeemable Unit**
    
    
    Plans or Programs
    
    Plans or ProgramsOctober 1, 2010  October 31, 2010
    
    60.1084
    
    $
    1,792.99
    
    
    N/A
    
    N/ANovember 1, 2010  November 30, 2010
    
    123.3370
    
    $
    1,742.48
    
    
    N/A
    
    N/ADecember 1, 2010  December 31, 2010
    
    125.7792
    
    $
    1,849.98
    
    
    N/A
    
    N/A309.2246
    
    $
    1,796.02
 
 *
    
    Generally, limited partners are permitted to redeem their Redeemable Units as of the end of
each month on three business days notice to the General Partner. Under certain circumstances,
the General Partner can compel redemption, although 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 6. Selected Financial Data .
  2010
    
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006Net realized and unrealized trading gains
(losses) and investment in Funds net of
brokerage fees (including clearing fees) of
 $1,705,029, $2,255,697, $2,825,055, $2,859,551, and $3,242,379, respectively
    
    $
    1,167,908
    
    
    $
    (3,780,755
    )
    
    $
    8,910,943
    
    
    $
    1,605,992
    
    
    $
    845,375Interest income
    
    
    25,483
    
    
    
    28,372
    
    
    
    509,211
    
    
    
    1,719,005
    
    
    
    2,046,966$
    1,193,391
    
    
    $
    (3,752,383
    )
    
    $
    9,420,154
    
    
    $
    3,324,997
    
    
    $
    2,892,341Net income (loss)
    
    $
    381,062
    
    
    $
    (4,717,414
    )
    
    $
    7,453,939
    
    
    $
    2,060,383
    
    
    $
    1,669,918Increase (decrease) in net asset value per unit
    
    $
    36.81
    
    
    $
    (216.73
    )
    
    $
    288.01
    
    
    $
    79.41
    
    
    $
    51.13Net asset value per unit
    
    $
    1,849.98
    
    
    $
    1,813.17
    
    
    $
    2,029.90
    
    
    $
    1,741.89
    
    
    $
    1,662.48Total assets
    
    $
    29,968,114
    
    
    $
    33,760,685
    
    
    $
    49,677,270
    
    
    $
    48,139,797
    
    
    $
    54,342,969
 7




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##### 



Item 7. Managements Discussion and Analysis of Financial Condition and Results of
Operations .
 Overview
    
    
    due diligence examinations of the Advisors;
    
    selection, appointment and termination of the Advisors;
    
    negotiation of the management agreements; and
    
    monitoring the activity of the Advisors.
     Winton Capital Management Limited
    8




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Willowbridge Associates, Inc.
         9




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##### 



Graham Capital Management, L.P.
     Eckhardt Trading Company
  not
 SandRidge Capital, L.P.
   10




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##### 



CMF Willowbridge Argo Master Fund L.P.
 Currencies
    
    
    17.8
    %Energy
    
    
    18.7
    %Grains
    
    
    8.9
    %Interest Rates U.S.
    
    
    8.1
    %Interest Rates Non-U.S.
    
    
    16.7
    %Livestock
    
    
    0.6
    %Metals
    
    
    18.3
    %Softs
    
    
    10.9
    %
 CMF Winton Master L.P.
 Currencies
    
    
    21.0
    %Energy
    
    
    4.7
    %Grains
    
    
    5.3
    %Interest Rates U.S.
    
    
    12.6
    %Interest Rates Non-U.S.
    
    
    16.1
    %Livestock
    
    
    0.6
    %Metals
    
    
    13.3
    %Softs
    
    
    2.5
    %Indices
    
    
    23.9
    %
 CMF
Graham Capital Master Fund L.P.
 Currencies
    
    
    35.9
    %Energy
    
    
    6.4
    %Grains
    
    
    3.1
    %Interest Rates U.S.
    
    
    7.5
    %Interest Rates Non-U.S.
    
    
    13.5
    %Livestock
    
    
    0.4
    %Metals
    
    
    6.8
    %Softs
    
    
    3.5
    %Indices
    
    
    22.9
    %
 CMF Eckhardt Master Fund L.P.
 Currencies
    
    
    16.3
    %Energy
    
    
    11.6
    %Grains
    
    
    9.9
    %Interest Rates U.S.
    
    
    16.7
    %Interest Rates Non-U.S.
    
    
    15.1
    %Metals
    
    
    9.3
    %Softs
    
    
    4.3
    %Indices
    
    
    16.8
    %
 CMF SandRidge Master Fund L.P.
 Energy
    
    
    100.0
    %
 Liquidity
  11




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##### 



(i)
    
    The Partnership invests its assets in other Funds that invest the assets only in
commodity interests that an Advisor believes are traded in sufficient volume to permit ease
of taking and liquidating positions. Sufficient volume, in this context, refers to a level
of liquidity that the Advisor believes will permit it to enter and exit trades without
noticeably moving the market.(ii)
    
    An Advisor will not initiate additional positions in any commodity interest if these
positions would result in aggregate positions requiring a margin of more than 66 2/3% of the
Partnerships net assets allocated to that Advisor.(iii)
    
    The Partnership/Funds may occasionally accept delivery of a commodity. Unless such
delivery is disposed of promptly by retendering the warehouse receipt representing the
delivery to the appropriate clearinghouse, the physical commodity position is fully hedged.(iv)
    
    The Partnership/Funds will not employ the trading technique commonly known as
pyramiding, in which the speculator uses unrealized profits on existing positions as
margin for the purchases or sale of additional positions in the same or related commodities.(v)
    
    The Partnership/Funds will not utilize borrowings, other than short-term borrowings, if
the Partnership/Funds take delivery of any cash commodities.(vi)
    
    The Advisors may, from time to time, employ trading strategies such as spreads or
straddles on behalf of the Partnership/Funds.  Spread or straddle describes a
commodity futures trading strategy involving the simultaneous buying and selling of futures
contracts on the same commodity but involving different delivery dates or markets.(vii)
    
    The Partnership/Funds will not permit the churning of their commodity trading accounts.
The term churning refers to the practice of entering and exiting trades with a frequency
unwarranted by legitimate efforts to profit from the trades,
indicating by the desire to
generate commission income.
 i.e.
     12




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Financial Statements and Supplementary Data
  Capital Resources.
    Results of Operations
  Financial Statements and
Supplementary Data
 13




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14




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Off-Balance Sheet Arrangements
 Contractual  Obligations
 Operational Risk
   Operational/Settlement Risk
 15




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##### 



Technological Risk
 Legal/Documentation Risk
 Financial Control Risk
 Critical Accounting Policies
 Partnerships and the Funds Investments.
 Partnerships and the Funds Fair Value Measurements.
    Futures Contracts.
 16




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##### 



Forward Foreign Currency Contracts.
  London Metals Exchange Forward Contracts.
 Options.
 Item 7A. Quantitative and Qualitative Disclosures About Market Risk .
 Introduction
   17




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Quantifying the Partnerships Trading Value at Risk
       18




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##### 



The Partnerships Trading Value at Risk in Different Market Sectors
   December 31, 2010
 % of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
    741,096
    
    
    
    2.52
    %Energy
    
    
    462,864
    
    
    
    1.57
    %Grains
    
    
    216,756
    
    
    
    0.74
    %Indices
    
    
    566,667
    
    
    
    1.92
    %Interest Rates U.S.
    
    
    36,424
    
    
    
    0.12
    %Interest Rates Non-U.S.
    
    
    236,566
    
    
    
    0.80
    %Livestock
    
    
    6,330
    
    
    
    0.02
    %Metals
    
    
    270,783
    
    
    
    0.92
    %Softs
    
    
    82,778
    
    
    
    0.28
    %Total
    
    $
    2,620,264
    
    
    
    8.89
    %
  December 31, 2009
 % of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
    488,073
    
    
    
    1.47
    %Energy
    
    
    264,506
    
    
    
    0.80
    %Grains
    
    
    117,037
    
    
    
    0.35
    %Indices
    
    
    739,496
    
    
    
    2.22
    %Interest Rates U.S.
    
    
    317,080
    
    
    
    0.95
    %Interest Rates Non-U.S.
    
    
    335,946
    
    
    
    1.01
    %Livestock
    
    
    6,083
    
    
    
    0.02
    %Metals
    
    
    347,456
    
    
    
    1.05
    %Softs
    
    
    197,670
    
    
    
    0.59
    %Total
    
    $
    2,813,347
    
    
    
    8.46
    %
   December 31, 2010
 % of Total
    
    High
    
    Low
    
    AverageMarket Sector
    
    
    Value at Risk
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at RiskCurrencies
    
    $
    2,232,591
    
    
    
    1.03
    %
    
    $
    7,096,121
    
    
    $
    940,854
    
    
    
    3,547,819Energy
    
    
    2,742,900
    
    
    
    1.27
    %
    
    
    6,539,400
    
    
    
    460,750
    
    
    
    2,570,821Grains
    
    
    2,062,750
    
    
    
    0.95
    %
    
    
    3,762,750
    
    
    
    207,200
    
    
    
    1,238,276Interest Rates U.S.
    
    
    774,255
    
    
    
    0.36
    %
    
    
    3,269,700
    
    
    
    243,600
    
    
    
    1,143,161Interest Rates Non-U.S.
    
    
    1,908,692
    
    
    
    0.88
    %
    
    
    5,489,653
    
    
    
    289,858
    
    
    
    2,700,503Livestock
    
    
    112,000
    
    
    
    0.05
    %
    
    
    171,200
    
    
    
    44,800
    
    
    
    92,018Metals
    
    
    3,791,000
    
    
    
    1.75
    %
    
    
    5,643,396
    
    
    
    710,500
    
    
    
    2,729,785Softs
    
    
    2,024,400
    
    
    
    0.94
    %
    
    
    3,388,150
    
    
    
    198,000
    
    
    
    1,542,246Total
    
    $
    15,648,588
    
    
    
    7.23
    %
 
 *
    
    Annual average of month-end Value at Risk 19




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##### 



December 31, 2009
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    5,974,364
    
    
    
    2.58
    %
    
    $
    14,208,480
    
    
    $
    1,008,000
    
    
    $
    7,206,662Energy
    
    
    2,116,000
    
    
    
    0.92
    %
    
    
    13,037,019
    
    
    
    391,000
    
    
    
    5,515,268Grains
    
    
    1,058,000
    
    
    
    0.46
    %
    
    
    5,919,480
    
    
    
    259,875
    
    
    
    2,320,519Interest Rates U.S.
    
    
    1,959,945
    
    
    
    0.85
    %
    
    
    9,939,105
    
    
    
    280,500
    
    
    
    2,836,425Interest Rates Non-U.S.
    
    
    3,403,449
    
    
    
    1.47
    %
    
    
    14,168,324
    
    
    
    455,649
    
    
    
    4,852,602Metals
    
    
    3,968,558
    
    
    
    1.72
    %
    
    
    8,372,754
    
    
    
    1,909,575
    
    
    
    3,799,612Softs
    
    
    2,725,100
    
    
    
    1.18
    %
    
    
    3,202,100
    
    
    
    237,900
    
    
    
    1,531,645Total
    
    $
    21,205,416
    
    
    
    9.18
    %
 
 *
    
    Annual average of month-end Value at Risk  December 31, 2010
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    8,969,665
    
    
    
    1.01
    %
    
    $
    13,529,797
    
    
    $
    3,127,432
    
    
    $
    9,858,603Energy
    
    
    3,277,769
    
    
    
    0.37
    %
    
    
    4,944,082
    
    
    
    236,988
    
    
    
    2,213,508Grains
    
    
    3,992,796
    
    
    
    0.45
    %
    
    
    4,064,389
    
    
    
    556,164
    
    
    
    2,285,359Indices
    
    
    15,987,691
    
    
    
    1.81
    %
    
    
    22,020,780
    
    
    
    2,382,812
    
    
    
    12,021,182Interest Rates U.S.
    
    
    1,387,025
    
    
    
    0.16
    %
    
    
    10,348,050
    
    
    
    275,672
    
    
    
    5,195,958Interest Rates Non-U.S.
    
    
    3,521,207
    
    
    
    0.40
    %
    
    
    13,490,861
    
    
    
    1,949,046
    
    
    
    7,347,287Livestock
    
    
    268,200
    
    
    
    0.03
    %
    
    
    437,350
    
    
    
    158,080
    
    
    
    263,226Metals
    
    
    6,416,979
    
    
    
    0.73
    %
    
    
    8,963,451
    
    
    
    3,939,668
    
    
    
    5,989,765Softs
    
    
    1,393,632
    
    
    
    0.16
    %
    
    
    2,071,953
    
    
    
    538,916
    
    
    
    1,029,710Total
    
    $
    45,214,964
    
    
    
    5.12
    %
 
 *
    
    Annual average of month-end Value at Risk  December 31, 2009
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    4,596,005
    
    
    
    0.80
    %
    
    $
    10,700,900
    
    
    $
    3,479,307
    
    
    $
    6,740,750Energy
    
    
    556,296
    
    
    
    0.10
    %
    
    
    2,627,998
    
    
    
    228,335
    
    
    
    1,092,646Grains
    
    
    1,098,663
    
    
    
    0.19
    %
    
    
    1,976,399
    
    
    
    864,083
    
    
    
    1,388,868Indices
    
    
    16,589,011
    
    
    
    2.89
    %
    
    
    16,589,011
    
    
    
    1,261,608
    
    
    
    6,511,470Interest Rates U.S.
    
    
    1,030,011
    
    
    
    0.18
    %
    
    
    6,518,610
    
    
    
    716,705
    
    
    
    2,896,261Interest Rates Non-U.S.
    
    
    4,507,567
    
    
    
    0.78
    %
    
    
    11,661,822
    
    
    
    2,841,339
    
    
    
    5,786,393Livestock
    
    
    169,800
    
    
    
    0.03
    %
    
    
    425,655
    
    
    
    59,475
    
    
    
    207,937Metals
    
    
    5,057,067
    
    
    
    0.88
    %
    
    
    5,057,067
    
    
    
    849,000
    
    
    
    2,780,563Softs
    
    
    955,200
    
    
    
    0.17
    %
    
    
    1,269,508
    
    
    
    385,375
    
    
    
    791,384Total
    
    $
    34,559,620
    
    
    
    6.02
    %
 
 *
    
    Annual average of month-end Value at Risk 20




---



##### 



December 31, 2010
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    6,192,975
    
    
    
    3.67
    %
    
    $
    11,364,239
    
    
    $
    996,231
    
    
    $
    5,226,199Energy
    
    
    1,048,521
    
    
    
    0.62
    %
    
    
    1,989,347
    
    
    
    236,269
    
    
    
    1,000,222Grains
    
    
    448,450
    
    
    
    0.26
    %
    
    
    964,687
    
    
    
    124,875
    
    
    
    411,118Indices
    
    
    5,301,813
    
    
    
    3.14
    %
    
    
    13,726,706
    
    
    
    1,137,775
    
    
    
    5,507,221Interest Rates U.S.
    
    
    161,600
    
    
    
    0.10
    %
    
    
    2,021,410
    
    
    
    68,806
    
    
    
    1,014,515Interest Rates Non-U.S.
    
    
    1,209,918
    
    
    
    0.72
    %
    
    
    4,305,447
    
    
    
    749,055
    
    
    
    2,006,426Livestock
    
    
    40,000
    
    
    
    0.02
    %
    
    
    106,400
    
    
    
    800
    
    
    
    50,304Metals
    
    
    1,012,127
    
    
    
    0.60
    %
    
    
    1,771,142
    
    
    
    494,357
    
    
    
    993,963Softs
    
    
    258,565
    
    
    
    0.15
    %
    
    
    1,144,148
    
    
    
    85,988
    
    
    
    385,351Total
    
    $
    15,673,969
    
    
    
    9.28
    %
 
 *
    
    Annual average of month-end Value at Risk.  December 31, 2009
 % of Total
    
    
    High
    
    
    Low
    
    
    Average *Market Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at RiskCurrencies
    
    $
    2,410,532
    
    
    
    1.41
    %
    
    $
    8,136,447
    
    
    $
    833,881
    
    
    $
    4,612,528Energy
    
    
    684,083
    
    
    
    0.40
    %
    
    
    3,017,929
    
    
    
    273,236
    
    
    
    1,214,764Grains
    
    
    549,675
    
    
    
    0.32
    %
    
    
    1,846,996
    
    
    
    96,550
    
    
    
    731,407Indices
    
    
    4,809,915
    
    
    
    2.81
    %
    
    
    12,019,804
    
    
    
    623,680
    
    
    
    5,396,991Interest Rates U.S.
    
    
    142,150
    
    
    
    0.08
    %
    
    
    2,365,808
    
    
    
    87,777
    
    
    
    859,990Interest Rates Non-U.S.
    
    
    1,869,099
    
    
    
    1.09
    %
    
    
    8,320,518
    
    
    
    471,498
    
    
    
    2,867,131Livestock
    
    
    59,200
    
    
    
    0.04
    %
    
    
    160,380
    
    
    
    1,080
    
    
    
    58,409Metals
    
    
    1,222,254
    
    
    
    0.71
    %
    
    
    1,806,942
    
    
    
    297,478
    
    
    
    1,002,985Softs
    
    
    1,131,557
    
    
    
    0.66
    %
    
    
    1,479,945
    
    
    
    190,202
    
    
    
    768,323Total
    
    $
    12,878,465
    
    
    
    7.52
    %
 
 *
    
    Annual average of month-end Value at Risk.  December 31, 2010
 December 31, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    1,025,866
    
    
    
    4.33
    %
    
    $
    1,147,164
    
    
    $
    9,175
    
    
    $
    427,400Energy
    
    
    248,250
    
    
    
    1.05
    %
    
    
    580,400
    
    
    
    10,875
    
    
    
    238,534Grains
    
    
    348,259
    
    
    
    1.47
    %
    
    
    370,823
    
    
    
    41,862
    
    
    
    169,215Indices
    
    
    610,979
    
    
    
    2.58
    %
    
    
    3,147,442
    
    
    
    19,055
    
    
    
    430,625Interest Rates U.S.
    
    
    3,900
    
    
    
    0.02
    %
    
    
    887,750
    
    
    
    3,900
    
    
    
    351,889Interest Rates Non -U.S.
    
    
    331,533
    
    
    
    1.40
    %
    
    
    852,062
    
    
    
    63,225
    
    
    
    352,114Metals
    
    
    268,184
    
    
    
    1.13
    %
    
    
    365,762
    
    
    
    26,255
    
    
    
    198,271Softs
    
    
    46,300
    
    
    
    0.19
    %
    
    
    146,472
    
    
    
    10,950
    
    
    
    70,345Total
    
    $
    2,883,271
    
    
    
    12.17
    %
 
 *
    
    Annual average of month-end Value at Risk. 21




---



##### 



December 31, 2009
 % of Total
    
    
    High
    
    
    Low
    
    
    Average *Market Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at RiskCurrencies
    
    $
    380,916
    
    
    
    2.20
    %
    
    $
    1,191,210
    
    
    $
    7,200
    
    
    $
    301,705Energy
    
    
    270,400
    
    
    
    1.56
    %
    
    
    644,500
    
    
    
    22,050
    
    
    
    211,624Grains
    
    
    128,975
    
    
    
    0.74
    %
    
    
    362,365
    
    
    
    10,800
    
    
    
    101,491Indices
    
    
    635,844
    
    
    
    3.67
    %
    
    
    879,160
    
    
    
    22,367
    
    
    
    304,994Interest Rates U.S.
    
    
    768,410
    
    
    
    4.44
    %
    
    
    768,410
    
    
    
    14,550
    
    
    
    196,272Interest Rates Non-U.S.
    
    
    213,803
    
    
    
    1.23
    %
    
    
    696,839
    
    
    
    13,213
    
    
    
    221,520Metals
    
    
    284,030
    
    
    
    1.64
    %
    
    
    535,674
    
    
    
    16,196
    
    
    
    234,566Softs
    
    
    150,320
    
    
    
    0.87
    %
    
    
    251,705
    
    
    
    11,784
    
    
    
    115,206Total
    
    $
    2,832,698
    
    
    
    16.35
    %
 
 *
    
    Annual average of month-end Value at Risk.  December 31, 2010
 Year Ended December 31, 2010% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Energy
    
    $
    61,391,255
    
    
    
    11.61
    %
    
    $
    85,692,107
    
    
    $
    18,754,664
    
    
    $
    56,852,448Total
    
    $
    61,391,255
    
    
    
    11.61
    %
 
 *
    
    Annual average of  month-end Value at Risk.  December 31, 2009
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Energy
    
    $
    19,220,494
    
    
    
    2.81
    %
    
    $
    40,574,022
    
    
    $
    11,157,117
    
    
    $
    24,955,810Total
    
    $
    19,220,494
    
    
    
    2.81
    %
 
 *
    
    Annual average of  month-end Value at Risk. Material Limitations on Value at Risk as an Assessment of Market Risk
  22




---



##### 



Non-Trading Risk
   Qualitative Disclosures Regarding Primary Trading Risk Exposures
   Interest Rates e.g.,
 Currencies
 Stock Indices
 Metals
 Softs
 Energy
 Grains
 23




---



##### 



Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
 Qualitative Disclosures Regarding Means of Managing Risk Exposure.
     24




---



##### 



Item 8. Financial Statements and Supplementary Data .
 DIVERSIFIED MULTI-ADVISOR FUTURES FUND L.P.
  25




---



##### 



To the Limited
    Partners of
    Diversified Multi-Advisor Futures Fund L.P.
    
  By:
    Walter Davis      Ceres Managed Futures LLC
    212-296-1999
 26




---



##### 



Managements
    Report on Internal Control Over
    Financial Reporting
             Internal
    Control-Integrated Framework
  -s- Walter Davis

-s- Jennifer MagroWalter Davis
    President and Director
    Ceres Managed Futures LLC
    General Partner,
    Diversified Multi-Advisor Futures Fund L.P.

Jennifer Magro
    Chief Financial Officer and Director
    Ceres Managed Futures LLC
    General Partner,
    Diversified Multi-Advisor Futures Fund L.P.  27




---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    
  28




---



##### 



Report of Independent Registered Public Accounting Firm
 
 Internal
Control - Integrated Framework
   
  29




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P.
 Statements
    of Financial Condition
    December 31, 2010 and 2009
  2010


2009Assets:Investment in Funds, at fair value (Note 5)

$
29,832,054


$
33,653,350Cash (Note 3c)


136,060



107,335Total assets

$
29,968,114


$
33,760,685Liabilities and Partners Capital:Liabilities:Accrued expenses:Brokerage fees (Note 3c)

$
137,353


$
154,737Management fees (Note 3b)


46,551



51,788Incentive fees (Note 3b)


14,797



Professional fees


53,313



42,250Other


9,129



6,731Redemptions payable (Note 6)


232,689



266,047Total liabilities


493,832



521,553Partners Capital (Notes 1 and 6):General Partner, 177.7568 and 280.4039 unit equivalents
    outstanding at December 31, 2010 and 2009, respectively


328,847



508,420Limited Partners, 15,754.4975 and 18,051.6921 Redeemable Units
    outstanding at December 31, 2010 and 2009, respectively


29,145,435



32,730,712Total partners capital


29,474,282



33,239,132Total liabilities and partners capital

$
29,968,114


$
33,760,685Net asset value per unit

$
1,849.98


$
1,813.17   See accompanying notes to financial statements.
 30




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P.

    Schedule of InvestmentsDecember 31, 2010
  % of PartnersFair Value


CapitalInvestment In FundsCMF Winton Master L.P.

$
7,374,266



25.02
%CMF Willowbridge Argo Master Fund L.P.


4,848,305



16.45CMF Graham Capital Master Fund L.P.


7,284,623



24.71CMF Eckhardt Master L.P.


8,178,642



27.75CMF SandRidge Master Fund L.P.


2,146,218



7.28Total investment in Funds, at fair value

$
29,832,054



101.21
%   See accompanying notes to financial statements.
 31




---



##### 



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
%   See accompanying notes to financial statements.
 32




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P.
 Statements
    of Income and Expenses
    for the years ended December 31, 2010, 2009 and
    2008
  2010


2009


2008Income:Net gains (losses) on trading of commodity interests and
    investment in Funds:Net realized gains (losses) on investment in Funds

$
1,694,578


$
(1,267,372
)

$
11,791,691Change in net unrealized gains (losses) on investment in Funds


1,178,359



(257,686
)


(55,693
)Gain (loss) from trading, net


2,872,937



(1,525,058
)


11,735,998Interest income from investment in Funds


25,483



28,372



509,211Total income (loss)


2,898,420



(1,496,686
)


12,245,209Expenses:Brokerage fees including clearing fees (Note 3c)


1,705,029



2,255,697



2,825,055Management fees (Note 3b)


545,803



732,811



916,036Incentive fees (Note 3b)


14,797



29,522



931,991Professional fees


202,763



154,586



76,380Other


48,966



48,112



41,808Total expenses


2,517,358



3,220,728



4,791,270Net income (loss)

$
381,062


$
(4,717,414
)

$
7,453,939Net income (loss) per unit (Note 7)

$
36.81


$
(216.73
)

$
288.01Weighted average units outstanding


16,933.9575



20,732.8820



25,826.7688   See accompanying notes to financial statements.
 33




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P.

    Statements of Changes in Partners Capital
    for the years ended December 31, 2010, 2009 and
    2008
  Limited


GeneralPartners


Partner


TotalPartners Capital at December 31, 2007


46,855,062



542,575



47,397,637Net income (loss)


7,300,880



153,059



7,453,939Subscriptions of 523.8427 General Partner unit equivalents






1,000,000



1,000,000Redemptions of 3,944.5494 Redeemable Units


(7,560,553
)






(7,560,553
)Partners Capital at December 31, 2008


46,595,389



1,695,634



48,291,023Net income (loss)


(4,567,938
)


(149,476
)


(4,717,414
)Redemptions of 4,902.7992 Redeemable Units and
    554.9250 General Partner unit equivalents


(9,296,739
)


(1,037,738
)


(10,334,477
)Partners Capital at December 31, 2009


32,730,712



508,420



33,239,132Net income (loss)


385,635



(4,573
)*


381,062Redemptions of 2,297.1946 Redeemable Units and 102.6471
    General Partner unit equivalents


(3,970,912
)


(175,000
)


(4,145,912
)Partners Capital at December 31, 2010

$
29,145,435


$
328,847


$
29,474,282Net asset value per unit:  2008:

$
2,029.902009:

$
1,813.172010:

$
1,849.98
   *
    
    The net loss associated with the General Partners
    allocation at December 31, 2010 is due to the timing of the
    redemptions of the General Partner unit equivalents.  See accompanying notes to financial statements.
 34




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P.
 Notes to
    Financial Statements
    December 31, 2010
  1.
    Partnership
    Organization:  non-U.S. interest
        2.
    Accounting
    Policies:  a.
    Use of Estimates.  The preparation of financial
    statements and accompanying notes in conformity with accounting
    principles generally accepted in the United States of America
    (GAAP) requires management to make estimates and
    assumptions that affect the reported amounts of assets and
    liabilities, income and expenses, and related disclosures of
    contingent assets and liabilities in the financial statements
    and accompanying notes. As a result, actual results could differ
    from these estimates.b.
    Statement of Cash Flows.  The Partnership is
    not required to provide a Statement of Cash Flows.c.
    Partnerships and the Funds
    Investments.  All commodity interests (including
    derivative financial instruments and derivative commodity
    instruments), through its investment in other funds, are held
    for trading purposes. The commodity interests are recorded on
    trade date and open contracts are recorded at fair value (as
    described below) at the measurement date. Investments in
    commodity interests denominated in foreign currencies are
    translated into U.S. dollars at the exchange rates
    prevailing at the measurement date. Gains or losses are realized
    when contracts are liquidated. Unrealized gains or losses on
    open contracts are included as a component of equity in trading
    account on the Funds Statements of Financial Condition.
    Realized gains or losses and any change in net unrealized gains
    or losses from the preceding period are reported in the
    Funds Statements of Income and Expenses. 35




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
   Partnerships and the Funds Fair Value
    Measurements.
        Quoted Prices inActive Markets


Significant Other


SignificantFor Identical


Observable Inputs


Unobservable12/31/2010


Assets (Level 1)


(Level 2)


Inputs (Level 3)AssetsInvestment in Funds

$
29,832,054


$



$
29,832,054


$
Total fair value

$
29,832,054


$



$
29,832,054


$
   Quoted Prices inActive Markets


Significant Other


SignificantFor Identical


Observable Inputs


Unobservable12/31/2009


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


$
   Futures Contracts.
 36




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
    Forward Foreign Currency Contracts. agreed-upon
    London Metals Exchange Forward
    Contracts.
  Options. over-the-counter
  d.
    Income Taxes.  Income taxes have not been
    provided as each partner is individually liable for the taxes,
    if any, on its share of the Partnerships income and
    expenses. 37




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
       e.
    Subsequent Events.  Management of the
    Partnership evaluates events that occur after the balance sheet
    date but before financial statements are filed. Management has
    assessed the subsequent events through the date of filing and
    determined that there were no subsequent events requiring
    adjustment of or disclosure in the financial statements.  g.
    Net Income (Loss) per Unit.  Net income (loss)
    per unit is calculated in accordance with investment company
    guidance. See Note 7, Financial Highlights.  3.
    Agreements:  a.
    Limited Partnership Agreement:    b.
    Management Agreements:       38




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
    c.
    Customer Agreement:  give-up 30-day 3-month
  4.
    Trading
    Activities:        5.
    Investment in
    Funds:   39




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
                 40




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
          December 31, 2010Total Assets


Total Liabilities


Total CapitalWinton Master

$
883,842,483


$
122,612


$
883,719,871Willowbridge Master


216,360,362



61,729



216,298,633Graham Master


168,973,503



48,832



168,924,671Eckhardt Master


23,748,773



62,448



23,686,325Sandridge Master


581,631,311



52,896,054



528,735,257Total

$
1,874,556,432


$
53,191,675


$
1,821,364,757   December 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


$
1,678,955,842     For The Year Ended December 31, 2010Gain(Loss) from


Total Income


Net IncomeTrading, Net


(Loss)


(Loss)Winton Master

$
122,196,753


$
122,968,789


$
122,204,611Willowbridge Master


(8,681,294
)


(8,453,112
)


(8,840,226
)Graham Master


12,799,867



12,950,502



12,355,345Eckhardt Master


5,378,965



5,394,025



5,208,688SandRidge Master


(132,752,741
)


(132,183,397
)


(133,838,532
)Total

$
(1,058,450
)

$
676,807


$
(2,910,114
)  41




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  For the Year Ended December 31, 2009Gain (Loss) from


Total Income


Net IncomeTrading, Net


(Loss)


(Loss)Winton Master

$
(25,033,464
)

$
(24,623,815
)

$
(25,021,263
)Willowbridge Master


(42,016,964
)


(41,821,187
)


(42,198,191
)Graham Master


12,468,065



12,593,321



11,932,221Eckhardt Master


(617,648
)


(604,361
)


(743,158
)SandRidge Master


99,192,706



99,581,610



98,747,670Total

$
43,992,695


$
45,125,568


$
42,717,279     % of














NetPartnerships


Fair


Income


Expenses


Income


Investment

RedemptionsInvestment

Net Assets


Value


(Loss)


Brokerage Fees


Other


(Loss)


Objective

PermittedFor the year ended
    December 31, 2010Winton Master


25.02
%

$
7,374,266



1,360,923



7,699



1,373



1,351,851


Commodity Portfolio

MonthlyWillowbridge Master


16.45
%


4,848,305



(214,661
)


6,243



2,226



(223,130
)

Commodity Portfolio

MonthlyGraham Master


24.71
%


7,284,623



506,370



23,077



4,861



478,432


Commodity Portfolio

MonthlyEckhardt Master


27.75
%


8,178,642



1,731,811



32,160



25,181



1,674,470


Commodity Portfolio

MonthlySandRidge Master


7.28
%


2,146,218



(486,023
)


4,802



1,439



(492,264
)

Energy Portfolio

MonthlyTotal





$
29,832,054


$
2,898,420


$
73,981


$
35,080


$
2,789,359   % of









NetPartnerships

Fair

Income

Expenses

Income

Investment

RedemptionsInvestment

Net Assets

Value

(Loss)

Brokerage Fees

Other

(Loss)

Objective

PermittedFor the year ended December 31, 2009Winton Master


30.01
%

$
9,975,920


$
(587,493
)

$
7,362


$
1,129


$
(595,984
)

Commodity Portfolio

MonthlyCampbell Master










(276,892
)


1,271



1,050



(279,213
)

Commodity Portfolio

MonthlyWillowbridge Master


18.71
%


6,218,731



(1,338,164
)


9,670



1,836



(1,349,670
)

Commodity Portfolio

MonthlyGraham Master


27.66
%


9,193,804



691,938



35,865



2,658



653,415


Commodity Portfolio

MonthlyEckhardt Master


16.23
%


5,395,613



(189,439
)


15,489



28,022



(232,950
)

Commodity Portfolio

MonthlySandRidge Master


8.63
%


2,869,282



203,364



1,554



485



201,325


Energy Portfolio

MonthlyTotal





$
33,653,350


$
(1,496,686
)

$
71,211


$
35,180


$
(1,603,077
)   6.
    Distributions and
    Redemptions:   42




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  7.
    Financial
    Highlights:    2010


2009


2008Net realized and unrealized gains (losses)*

$
83.36


$
(171.43
)

$
344.25Interest income


1.53



1.35



19.36Expenses**


(48.08
)


(46.65
)


(75.60
)Increase (decrease) for the year


36.81



(216.73
)


288.01Net asset value per unit, beginning of year


1,813.17



2,029.90



1,741.89Net asset value per unit, end of year

$
1,849.98


$
1,813.17


$
2,029.90   *
    
    Includes brokerage fees.**
    
    Excludes brokerage fees.  2010


2009


2008Ratios to average net assets:Net investment income (loss) before incentive fees***


(8.4
)%


(8.1
)%


(6.8
)%Operating expenses


8.5
%


8.2
%


7.9
%Incentive fees


0.1
%


0.1
%


1.9
%Total expenses


8.6
%


8.3
%


9.8
%Total return:Total return before incentive fees


2.1
%


(10.6
)%


18.8
%Incentive fees


(0.1
)%


(0.1
)%


(2.3
)%Total return after incentive fees


2.0
%


(10.7
)%


16.5
%   ***
    
    Interest income less total expenses.    8.
    Financial
    Instrument Risks:     43




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##### 



Diversified
    Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2010
             44




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##### 



For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1, 2010 to
    
    July 1, 2010 to
    
    April 1, 2010 to
    
    January 1, 2010 toDecember 31, 2010
    
    September 30, 2010
    
    June 30, 2010
    
    March 31, 2010Net realized and unrealized trading gains (losses) net of brokerage fees and clearing fees including interest income
    
    $
    2,033,769
    
    
    $
    416,545
    
    
    $
    (1,612
    )
    
    $
    (1,255,311
    )Net income (loss)
    
    $
    1,846,477
    
    
    $
    202,905
    
    
    $
    (226,681
    )
    
    $
    (1,441,639
    )Increase (decrease) in net asset value per unit
    
    $
    114.72
    
    
    $
    12.83
    
    
    $
    (13.54
    )
    
    $
    (77.20
    )
 For the period from
    
    For the period
    
    For the period from
    
    For the period fromOctober 1, 2009 to
    
    from July 1, 2009 to
    
    April 1, 2009 to
    
    January 1, 2009 toDecember 31, 2009
    
    September 30, 2009
    
    June 30, 2009
    
    March 31, 2009Net realized and unrealized trading gains
(losses) net of brokerage fees and
clearing fees including interest income
    
    $
    (1,083,616
    )
    
    $
    261,141
    
    
    $
    (865,012
    )
    
    $
    (2,064,896
    )Net income (loss)
    
    $
    (1,299,220
    )
    
    $
    35,873
    
    
    $
    (1,140,223
    )
    
    $
    (2,313,844
    )Increase (decrease) in net asset value per unit
    
    $
    (69.68
    )
    
    $
    3.66
    
    
    $
    (50.72
    )
    
    $
    (99.99
    )
 45




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##### 



Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    Item 9A. 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.
 Financial Statements and Supplementary Data
  Item 9B. Other Information .
 46




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##### 



PART III
 Item 10. Directors, Executive Officers and Corporate Governance.
      47




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##### 



48




---



##### 



49




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##### 



Item 11. Executive Compensation .
 Business
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
 Security ownership of certain beneficial owners
 Security ownership of management
  (3) Amount andNature of(2) Name of
    
    Beneficial
    
    (4) Percent of(1) Title of Class
    
    Beneficial Owner
    
    Ownership
    
    ClassGeneral Partner Unit equivalents
    
    General Partner
    
    
    177.7568
    
    
    
    1.1
    %
 Changes in control
 50




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##### 



Item 13. Certain Relationships and Related Transactions, and Director Independence .
 (a)
    
    Transactions with related persons. None.
 (b)
    
    Review, approval or ratification of transactions with
related persons. N/A.
 (c)
    
    Promoters and certain control persons. CGM and the General Partner would be considered promoters for purposes of item 404 (d) of
 Regulation S-K. The nature and the amounts of compensation each promoter will receive from the
Partnership are set forth under Item 1. Business, Item 11. Executive
Compensation, and Item 8. Financial Statements and Supplementary Data.
 Item 14. Principal Accountant Fees and Services .
 Audit Fees
 Deloitte
    
    PwC2010
    
    $
    59,600
    
    
    
    N/A2009
    
    $
    62,200
    (1)
    
    $
    6,100
    (2)
 
 (1)
    
    For the period July 23, 2009 to December 31, 2009(2)
    
    For the period January 1, 2009 to July 22, 2009 Audit-Related Fees
 Tax Fees
 2010
    
    $
    21,0002009
    
    $
    20,000
 All Other Fees
   51




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##### 



PART IV
 Item 15. Exhibits, Financial Statement Schedules .
 (a) (1)
    
    Financial Statements:Statements of Financial Condition at December 31, 2010 and 2009.Schedules of Investments at December 31,2010 and 2009.Statements of Income and Expenses for the years ended December 31, 2010, 2009 and 2008.Statements of Changes in Partners Capital for the years ended December 31, 2010, 2009 and 2008.Notes to Financial Statements.(2)
    
    Exhibits: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 as
Exhibit 3.2(b) to the Form 10-Q filed on November 16, 2009).(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).(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).(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).(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).(g)
    
    Certificate of Amendment to the Certificate of Limited 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).(h)
    
    Certificate of Amendment to the Certificate of Limited Partnership as filed
in the office of the Secretary of State of the State of New York,
dated June 30, 2010 (filed as Exhibit 3.1 to the Form
8-K filed on July 2, 2010).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 2010 (filed herein).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 2010 (filed herein).
 52




---



##### 



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 2010 (filed herein).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 2010 (filed herein).10.7(a)
    
    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).(b)
    
    Letter extending Management
Agreement with SandRidge Capital LP for 2010 (filed herein).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).16.1
    
    Letter dated July 23, 2009 from PricewaterhouseCoopers LLP regarding Change in Certifying Accountant
(filed as Exhibit 16.1 to the Form 8-K filed on July 24, 2009).16.2
    
    Letter dated June 26, 2008 from KPMG LLP regarding Change in Certifying Accountant (filed as Exhibit
16.1 to the Form 8-K filed on July 1, 2008).99.1
    
    Financial Statements of CMF Willowbridge Argo Master Fund L.P.99.2
    
    Financial Statements of CMF Winton Master Fund L.P.99.3
    
    Financial Statements of CMF Graham Capital Master Fund L.P.99.4
    
    Financial Statements of CMF Eckhardt Master Fund L.P.99.5
    
    Financial Statements of CMF SandRidge Master Fund L.P.
      53




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##### 



SIGNATURES
   By:
    Ceres Managed Futures LLC(General Partner)By:
    /s/ Walter DavisWalter Davis, 
President & DirectorDate: March 31, 2011  /s/ Walter Davis
    
    /s/ Ian Bernstein
    
    /s/ Patrick T. EganWalter Davis
    
    Ian Bernstein
    
    Patrick T. EganPresident and Director
    
    Director
    
    DirectorCeres Managed Futures LLC
    
    Ceres Managed Futures LLC
    
    Ceres Managed Futures LLCDate: March 31, 2011
    
    Date: March 31, 2011
    
    Date: March 31, 2011/s/ Jennifer Magro
    
    /s/ Michael McGrath
    
    /s/ Alper DagliogluJennifer Magro
    
    Michael McGrath
    
    Alper DagliogluChief Financial Officer and Director
    
    Director
    
    Director(Principal Accounting Officer)

Ceres Managed Futures LLC
Date: March 31, 2011
    
    Ceres Managed Futures LLC
Date: March 31, 2011
    
    Ceres Managed Futures LLCDate: March 31, 2011/s/ Douglas J. Ketterer
    
    /s/ Harry HandlerDouglas J. Ketterer
    
    Harry HandlerDirector
    
    DirectorCeres Managed Futures LLC
    
    Ceres Managed Futures LLCDate: March 31, 2011
    
    Date: March 31, 2011
    54