Financial Highlights

6 Months Ended

Jun. 30, 2013

2. Financial Highlights:

Changes in the net asset value per unit for the three and six months ended June 30, 2013 and 2012 were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Net realized and unrealized gains (losses) *	$	(7.74	)	$	(16.56	)	$	17.01		$	(54.83	)
Interest Income		0.07			0.17			0.23			0.30
Expenses **		(10.62	)		(11.21	)		(18.56	)		(22.53	)

Increase (decrease) for the period		(18.29	)		(27.60	)		(1.32	)		(77.06	)
Net asset value per unit, beginning of period		1,419.88			1,522.69			1,402.91			1,572.15

Net asset value per unit, end of period	$	1,401.59		$	1,495.09		$	1,401.59		$	1,495.09

*	Includes brokerage fees.

**	Excludes brokerage fees.


	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Ratios to Average Net Assets:***
Net investment income (loss)		(9.6	)%		(9.6	)%		(9.2	)%		(9.7	)%
Incentive fees		—	%		—	%		—	%		—	%

Net investment income (loss) before incentive fees ****		(9.6	)%		(9.6	)%		(9.2	)%		(9.7	)%

Operating expenses		9.6	%		9.7	%		9.3	%		9.7	%
Incentive fees		—	%			%		—	%			%

Total expenses		9.6	%		9.7	%		9.3	%		9.7	%

Total return:
Total return before incentive fees		(1.3	)%		(1.8	)%		(0.1	)%		(4.9	)%
Incentive fees		—	%		—	%		—	%		—	%

Total return after incentive fees		(1.3	)%		(1.8	)%		(0.1	)%		(4.9	)%

***	Annualized (other than incentive fees).

****	Interest income less total expenses.

The above ratios may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average net assets.

DIVERSIFIED MULTI-ADVISOR FUTURES FUND L.P. II 10-Q