Exhibit 99.2
  To the Limited
    Partners of
    CMF Winton Master L.P.
    
  By:
    Walter Davis
    President and Director     Ceres Managed Futures LLC
    212-296-1999




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##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM




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##### 



Report of Independent Auditors




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##### 



CMF Winton Master
    L.P.Statements of Financial ConditionDecember 31, 2010 and 2009
  2010


2009Assets:Equity in trading account:Cash (Note 3c)

$
807,251,910


$
533,704,028Cash margin (Note 3c)


49,613,732



38,915,256Net unrealized appreciation on open futures contracts


23,451,496



144,283Net unrealized appreciation on open forward contracts


3,491,675



1,698,400Options purchased, at fair value (cost $46,200 and $34,613 at
    December 31, 2010 and 2009, respectively)


33,670



17,723Total assets

$
883,842,483


$
574,479,690Liabilities and Partners Capital:Liabilities:Options premium received, at fair value (premium $85,275 and
    $77,101 at December 31, 2010 and 2009, respectively)

$
65,795


$
40,733Accrued expenses:Professional fees


56,817



30,644Total liabilities


122,612



71,377Partners Capital:General Partner, 0.0000 unit equivalents at December 31,
    2010 and 2009






Limited Partners, 391,924.9266 and 298,540.2381 Redeemable Units
    outstanding at December 31, 2010 and 2009, respectively


883,719,871



574,408,313Total liabilities and partners capital

$
883,842,483


$
574,479,690Net asset value per unit

$
2,254.82


$
1,924.06   See accompanying notes to financial statements.




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##### 



CMF Winton Master
    L.P.Condensed Schedule of InvestmentsDecember 31, 2010
   Notional ($)/Number of





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


3,180


$
9,643,771



1.09
%Energy


853



1,746,824



0.20Grains


1,967



6,773,822



0.77Indices


3,730



802,802



0.09Interest Rates U.S.


460



75,260



0.01Interest Rates
    Non-U.S.


2,060



180,335



0.02Livestock


258



440,485



0.05Metals


661



5,059,533



0.57Softs


466



1,890,590



0.21Total futures contracts purchased






26,613,422



3.01Futures Contracts SoldCurrencies


619



(1,141,369
)


(0.13
)Energy


237



(565,450
)


(0.06
)Indices


145



66,307



0.01Interest Rates U.S.


1,002



(480,409
)


(0.05
)Interest Rates
    Non-U.S.


1,369



(1,041,005
)


(0.12
)Total futures contracts sold






(3,161,926
)


(0.35
)Unrealized Appreciation on Open Forward ContractsCurrencies

$
28,330,202



473,215



0.05Metals


686



6,967,880



0.79Total unrealized appreciation on open forward contracts






7,441,095



0.84Unrealized Depreciation on Open Forward ContractsCurrencies

$
59,051,932



(318,217
)


(0.04
)Metals


382



(3,631,203
)


(0.41
)Total unrealized depreciation on open forward contracts






(3,949,420
)


(0.45
)Options PurchasedPutsIndices


75



33,670



0.00
*Total options purchased






33,670



0.00
*Options Premium ReceivedPutsIndices


75



(65,795
)


(0.01
)Total options premium received






(65,795
)


(0.01
)Total fair value





$
26,911,046



3.04
%     See accompanying notes to financial statements.




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##### 



CMF Winton Master
    L.P.Condensed Schedule of InvestmentsDecember 31, 2009
   Number of





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


2,173


$
(1,932,735
)


(0.34
)%Energy


81



105,489



0.02Grains


396



285,441



0.05Indices


3,920



2,883,282



0.50Interest Rates U.S.


1,552



(374,223
)


(0.06
)Interest Rates
    Non-U.S.


4,180



(115,797
)


(0.02
)Livestock


76



38,000



0.01Metals


664



(417,248
)


(0.07
)Softs


356



476,861



0.08Total futures contracts purchased






949,070



0.17Futures Contracts SoldCurrencies


227



(127,300
)


(0.02
)Energy


192



(494,271
)


(0.09
)Grains


501



(17,304
)


(0.00
)*Indices


12



(10,333
)


(0.00
)*Interest Rates U.S.


180



44,187



0.01Interest Rates
    Non-U.S.


166



(31,275
)


(0.01
)Livestock


111



(56,000
)


(0.01
)Softs


129



(112,491
)


(0.02
)Total futures contracts sold






(804,787
)


(0.14
)Unrealized Appreciation on Open Forward ContractsMetals


310



2,433,189



0.43Total unrealized appreciation on open forward contracts






2,433,189



0.43Unrealized Depreciation on Open Forward ContractsMetals


163



(734,789
)


(0.13
)Total unrealized depreciation on open forward contracts






(734,789
)


(0.13
)Options PurchasedPutsIndices


65



17,723



0.00
*Total options purchased






17,723



0.00
*Options Premium ReceivedPutsIndices


65



(40,733
)


(0.01
)Total options premium received






(40,733
)


(0.01
)Total fair value





$
1,819,673



0.32
%     See accompanying notes to financial statements.




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##### 



CMF Winton Master
    L.P.Statements of Income and Expensesfor the years ended
    December 31, 2010, 2009 and 2008
  2010


2009


2008Income:Net gains (losses) on trading of commodity interests:Net realized gains (losses) on closed contracts

$
97,108,793


$
(17,779,700
)

$
121,322,866Change in net unrealized gains (losses) on open contracts


25,087,960



(7,253,764
)


2,525,164Gain (loss) from trading, net


122,196,753



(25,033,464
)


123,848,030Interest income


772,036



409,649



5,909,704Total income (loss)


122,968,789



(24,623,815
)


129,757,734Expenses:Clearing fees


642,797



341,844



478,086Professional fees


121,381



55,604



35,866Total expenses


764,178



397,448



513,952Net income (loss)

$
122,204,611


$
(25,021,263
)

$
129,243,782Net income (loss) per unit (Note 6)

$
332.88


$
(95.69
)

$
453.53Weighted average units outstanding


366,445.3887



282,761.8879



291,655.3789   See accompanying notes to financial statements.




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##### 



CMF Winton Master
    L.P.Statements of Changes in Partners
    Capitalfor the years ended
    December 31, 2010, 2009 and 2008
  PartnersCapitalPartners Capital at December 31, 2007

$
457,045,133Net income (loss)


129,243,782Subscriptions of 85,029.5477 Redeemable Units


154,723,207Redemptions of 101,798.8498 Redeemable Units


(187,350,875
)Distribution of interest income to feeder funds


(5,909,704
)Partners Capital at December 31, 2008


547,751,543Net income (loss)


(25,021,263
)Subscriptions of 144,987.2822 Redeemable Units


282,055,852Redemptions of 117,441.5362 Redeemable Units


(229,968,170
)Distribution of interest income to feeder funds


(409,649
)Partners Capital at December 31, 2009


574,408,313Net income (loss)


122,204,611Subscriptions of 169,470.0690 Redeemable Units


343,898,266Redemptions of 76,085.3805 Redeemable Units


(156,019,283
)Distribution of interest income to feeder funds


(772,036
)Partners Capital at December 31, 2010

$
883,719,871Net asset value per unit:   2008:

$
2,021.262009:

$
1,924.062010:

$
2,254.82
   See accompanying notes to financial statements.




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##### 



CMF Winton Master
    L.P.

    Notes to Financial Statements
    December 31, 2010
  1.
    Partnership
    Organization:




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##### 



CMF Winton Master
    L.P.
    Notes to Financial Statements
    December 31, 2010
    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 Master is not
    required to provide a Statement of Cash Flows.c.
    Masters Investments.  All commodity
    interests of the Master (including derivative financial
    instruments and derivative commodity instruments) 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
    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 Statements of Income and Expenses.  Masters Fair Value Measurements.




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##### 



CMF Winton Master
    L.P.
    Notes to Financial Statements
    December 31, 2010
    Quoted Prices


Significantin Active


Other


SignificantMarkets for


Observable


UnobservableIdentical Assets


Inputs


Inputs12/31/2010


(Level 1)


(Level 2)


(Level 3)AssetsFutures

$
23,451,496


$
23,451,496


$



$
Forwards


3,491,675



3,336,677



154,998



Options purchased


33,670



33,670







Total assets


26,976,841



26,821,843



154,998



LiabilitiesOptions premium received


65,795



65,795







Total liabilities


65,795



65,795







Total fair value

$
26,911,046


$
26,756,048


$
154,998


$
   Quoted Prices


Significantin Active


Other


SignificantMarkets for


Observable


UnobservableIdentical Assets


Inputs


Inputs12/31/2009


(Level 1)


(Level 2)


(Level 3)AssetsFutures

$
144,283


$
144,283


$



$
Forwards


1,698,400



1,698,400







Options purchased


17,723



17,723







Total assets


1,860,406



1,860,406







LiabilitiesOptions premium received


40,733



40,733







Total liabilities


40,733



40,733







Total fair value

$
1,819,673


$
1,819,673


$



$
   d.
    Futures Contracts.  The Master trades futures
    contracts. A futures contract is a firm commitment to buy or
    sell a specified quantity of investments, currency or a
    standardized amount of a deliverable grade commodity, at a
    specified price on a specified future date, unless the contract
    is closed before the delivery date or if the delivery quantity
    is something where physical delivery cannot occur (such as the
    S&P 500 Index), whereby such contract is settled in cash.
    Payments (variation margin) may be made or received
    by the Master each business day, depending on the daily
    fluctuations in the value of the underlying contracts, and are
    recorded as unrealized gains or losses by the Master. When the
    contract is closed, the Master records a realized gain or loss
    equal to the difference between the value of the contract at the
    time it was opened and the value at the time it was closed.
    Transactions in futures contracts require participants to make
    both initial margin deposits of cash or other assets and
    variation margin deposits, through the futures broker, directly
    with the exchange on which the contracts are traded. Realized
    gains (losses) and changes in unrealized gains (losses) on
    futures contracts are included in the Statements of Income and
    Expenses.e.
    Forward Foreign Currency Contracts.  Foreign
    currency contracts are those contracts where the Master agrees
    to receive or deliver a fixed quantity of foreign currency for
    an
    agreed-upon
    price on




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##### 



CMF Winton Master
    L.P.
    Notes to Financial Statements
    December 31, 2010
  an agreed future date. Foreign currency contracts are valued
    daily, and the Masters net equity therein, representing
    unrealized gain or loss on the contracts as measured by the
    difference between the forward foreign exchange rates at the
    dates of entry into the contracts and the forward rates at the
    reporting date, is included in the Statements of Financial
    Condition. Realized gains (losses) and changes in unrealized
    gains (losses) on foreign currency contracts are recognized in
    the period in which the contract is closed or the changes occur,
    respectively, and are included in the Statements of Income and
    Expenses.    f.
    London Metals Exchange Forward
    Contracts.  Metal contracts traded on the London
    Metals Exchange (LME) represent a firm commitment to
    buy or sell a specified quantity of aluminum, copper, lead,
    nickel, tin or zinc. LME contracts traded by the Master are cash
    settled based on prompt dates published by the LME. Payments
    (variation margin) may be made or received by the
    Master each business day, depending on the daily fluctuations in
    the value of the underlying contracts, and are recorded as
    unrealized gains or losses by the Master. A contract is
    considered offset when all long positions have been matched with
    a like number of short positions settling on the same prompt
    date. When the contract is closed at the prompt date, the Master
    records a realized gain or loss equal to the difference between
    the value of the contract at the time it was opened and the
    value at the time it was closed. Transactions in LME contracts
    require participants to make both initial margin deposits of
    cash or other assets and variation margin deposits, through the
    broker, directly with the LME. Realized gains (losses) and
    changes in unrealized gains (losses) on metal contracts are
    included in the Statements of Income and Expenses.  g.
    Options.  The Master may purchase and write
    (sell) both exchange listed and
    over-the-counter
    options on commodities or financial instruments. An option is a
    contract allowing, but not requiring, its holder to buy (call)
    or sell (put) a specific or standard commodity or financial
    instrument at a specified price during a specified time period.
    The option premium is the total price paid or received for the
    option contract. When the Master writes an option, the premium
    received is recorded as a liability in the Statements of
    Financial Condition and marked to market daily. When the Master
    purchases an option, the premium paid is recorded as an asset in
    the Statements of Financial Condition and marked to market
    daily. Realized gains (losses) and changes in unrealized gains
    (losses) on options contracts are included in the Statements of
    Income and Expenses.h.
    Income and Expenses Recognition.  All of the
    income and expenses and realized and unrealized gains and losses
    on trading of commodity interests are determined on each
    valuation day and allocated pro rata among the Funds at the time
    of such determination.  i.
    Income Taxes.  Income taxes have not been
    provided as each partner is individually liable for the taxes,
    if any, on its share of the Masters income and expenses.




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##### 



CMF Winton Master
    L.P.
    Notes to Financial Statements
    December 31, 2010
      j.
    Subsequent Events.  Management of the Master
    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.  k.
    Net Income (Loss) per Unit.  Net income (loss)
    per unit is calculated in accordance with investment company
    guidance. See Note 6, Financial Highlights.  3.
    Agreements:  a.
    Limited Partnership Agreement:    b.
    Management Agreement:    c.
    Customer Agreement:  give-up,
  4.
    Trading
    Activities:




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##### 



CMF Winton Master
    L.P.
    Notes to Financial Statements
    December 31, 2010
        December 31, 2010AssetsFutures ContractsCurrencies

$
9,644,271Energy


1,844,471Grains


6,777,945Indices


1,799,439Interest Rates U.S.


204,140Interest Rates
    Non-U.S.


455,439Livestock


440,768Metals


5,063,713Softs


1,906,919Total unrealized appreciation on open futures contracts

$
28,137,105LiabilitiesFutures ContractsCurrencies

$
(1,141,869
)Energy


(663,097
)Grains


(4,123
)Indices


(930,330
)Interest Rates U.S.


(609,289
)Interest Rates
    Non-U.S.


(1,316,109
)Livestock


(283
)Metals


(4,180
)Softs


(16,329
)Total unrealized depreciation on open futures contracts

$
(4,685,609
)Net unrealized appreciation on open futures contracts

$
23,451,496
*




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##### 



CMF Winton Master
    L.P.
    Notes to Financial Statements
    December 31, 2010
  December 31, 2010AssetsForward ContractsCurrencies

$
473,215Metals


6,967,880Total unrealized appreciation on open forward contracts

$
7,441,095LiabilitiesForward ContractsCurrencies

$
(318,217
)Metals


(3,631,203
)Total unrealized depreciation on open forward contracts

$
(3,949,420
)Net unrealized appreciation on open forward contracts

$
3,491,675
**AssetsOptions PurchasedIndices

$
33,670Total options purchased

$
33,670
***LiabilitiesOptions Premium ReceivedIndices

$
(65,795
)Total options premium received

$
(65,795
)****   *
    
    This amount is in Net unrealized appreciation on open
    futures contracts on the Statements of Financial Condition.**
    
    This amount is in Net unrealized appreciation on open
    forward contracts on the Statements of Financial Condition.***
    
    This amount is in Options purchased, at fair value
    on the Statements of Financial Condition.****
    
    This amount is in Options premium received, at fair
    value on the Statements of Financial Condition.  December 31, 2009AssetsFutures ContractsCurrencies

$
410,679Energy


128,203Grains


629,534Indices


3,222,389Interest Rates U.S.


639,524Interest Rates
    Non-U.S.


1,473,596Livestock


53,810Metals


771,738Softs


598,000Total unrealized appreciation on open futures contracts

$
7,927,473




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##### 



CMF Winton Master
    L.P.
    Notes to Financial Statements
    December 31, 2010
  December 31, 2009LiabilitiesFutures ContractsCurrencies

$
(2,470,714
)Energy


(516,987
)Grains


(361,398
)Indices


(349,439
)Interest Rates U.S.


(969,559
)Interest Rates
    Non-U.S.


(1,620,668
)Livestock


(71,810
)Metals


(1,188,985
)Softs


(233,630
)Total unrealized depreciation on open futures contracts

$
(7,783,190
)Net unrealized appreciation on open futures contracts

$
144,283
*AssetsForward ContractsMetals

$
2,433,189Total unrealized appreciation on open forward contracts

$
2,433,189LiabilitiesForward ContractsMetals

$
(734,789
)Total unrealized depreciation on open forward contracts

$
(734,789
)Net unrealized appreciation on open forward contracts

$
1,698,400
**AssetsOptions PurchasedIndices

$
17,723Total options purchased

$
17,723
***LiabilitiesOptions Premium ReceivedIndices

$
(40,733
)Total options premium received

$
(40,733
)****   *
    
    This amount is in Net unrealized appreciation on open
    futures contracts on the Statements of Financial Condition.**
    
    This amount is in Net unrealized appreciation on open
    forward contracts on the Statements of Financial Condition.***
    
    This amount is in Options purchased, at fair value
    on the Statements of Financial Condition.****
    
    This amount is in Options premium received, at fair
    value on the Statements of Financial Condition.




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##### 



CMF Winton Master
    L.P.
    Notes to Financial Statements
    December 31, 2010
     December 31, 2010


December 31, 2009Sector

Gain (Loss) from Trading


Gain (Loss) from TradingCurrencies

$
29,698,244


$
(3,376,768
)Energy


(13,842,877
)


(8,697,471
)Grains


12,296,993



1,313,879Indices


(2,685,317
)


(11,148,536
)Interest Rates U.S.


33,533,117



(3,881,924
)Interest Rates
    Non-U.S.


33,093,365



(1,931,326
)Livestock


28,404



1,189,446Lumber






(4,378
)Metals


26,377,845



2,572,570Softs


3,696,979



(1,068,956
)Total

$
122,196,753
*****

$
(25,033,464
)*****   *****
    
    This amount is in Gain (loss) from trading, net on
    the Statements of Income and Expenses.  5.
    Subscriptions,
    Distributions and Redemptions:    6.
    Financial
    Highlights:    2010


2009


2008Net realized and unrealized gains (losses)*

$
331.10


$
(97.03
)

$
433.13Interest income


2.12



1.51



20.53Expenses**


(0.34
)


(0.17
)


(0.13
)Increase (decrease) for the year


332.88



(95.69
)


453.53Distribution of interest income to feeder funds


(2.12
)


(1.51
)


(20.53
)Net asset value per unit, beginning of year


1,924.06



2,021.26



1,588.26Net asset value per unit, end of year

$
2,254.82


$
1,924.06


$
2,021.26   *
    
    Includes clearing fees.**
    
    Excludes clearing fees.  2010


2009


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


0.0
%****


0.0
%****


1.0
%Operating expenses


0.1
%


0.1
%


0.1
%Total return


17.3
%


(4.7
)%


28.6
%   ***
    
    Interest income less total expenses.****
    
    Due to rounding.




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##### 



CMF Winton Master
    L.P.
    Notes to Financial Statements
    December 31, 2010
     7.
    Financial
    Instrument Risks:  over-the-counter Exchange-traded exchange-traded