To the Limited
    Partners of
    CMF Willowbridge Argo Master Fund L.P.
    
  By:
    Walter Davis      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 Willowbridge
    Argo Master Fund L.P.Statements of Financial ConditionDecember 31, 2010 and 2009
  2010


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

$
173,310,006


$
198,540,524Cash margin (Note 3c)


20,557,353



27,540,310Net unrealized appreciation on open futures contracts


22,493,003



5,066,965Total assets

$
216,360,362


$
231,147,799Liabilities and Partners Capital:Liabilities:Net unrealized depreciation on open forward contracts

$
1,048


$
Accrued expenses:Professional fees


60,681



42,482Total liabilities


61,729



42,482Partners Capital:General Partner, 0.0000 unit equivalents at December 31,
    2010 and 2009






Limited Partners, 122,195.9965 and 127,352.9656 Redeemable Units
    outstanding at December 31, 2010 and 2009, respectively


216,298,633



231,105,317Total liabilities and partners capital

$
216,360,362


$
231,147,799Net asset value per unit

$
1,770.10


$
1,814.68   See accompanying notes to financial statements.




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CMF Willowbridge
    Argo Master Fund L.P.Condensed Schedule of InvestmentsDecember 31, 2010
  Notional $/Number of





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


892


$
3,269,943



1.51
%Energy


669



2,868,912



1.33Grains


892



1,908,110



0.88Interest Rates U.S.


446



13,225



0.01Interest Rates
    Non-U.S.


112



(2,993
)


(0.00
)*Livestock


112



133,660



0.06Metals


669



8,901,510



4.11Softs


558



4,318,758



2.00Total futures contracts purchased






21,411,125



9.90Futures Contracts SoldCurrencies


223



(298,156
)


(0.14
)Energy


223



(229,690
)


(0.10
)Interest Rates U.S.


446



1,217,900



0.56Interest Rates
    Non-U.S.


892



391,824



0.18Total futures contracts sold






1,081,878



0.50Unrealized Depreciation on Open Forward ContractsCurrencies

$
250,006



(1,048
)


(0.00
)*Total unrealized depreciation on open forward contracts






(1,048
)


(0.00
)*Total fair value





$
22,491,955



10.40
%     *
    
    Due to rounding  See accompanying notes to financial statements.




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CMF Willowbridge
    Argo Master Fund L.P.Condensed Schedule of InvestmentsDecember 31, 2009
  Number of





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


1,058


$
(796,145
)


(0.35
)%Energy


529



339,318



0.14Grains


1,058



710,221



0.31Interest Rates U.S.


529



385,800



0.17Interest Rates
    Non-U.S.


1,190



362,833



0.16Metals


1,058



2,163



0.00
*Softs


794



1,702,259



0.74Total futures contracts purchased






2,706,449



1.17Futures Contracts SoldCurrencies


2,116



946,561



0.41Interest Rates U.S.


1,058



1,250,420



0.54Interest Rates
    Non-U.S.


529



89,416



0.04Softs


529



74,119



0.03Total futures contracts sold






2,360,516



1.02Total fair value





$
5,066,965



2.19
%     *
    
    Due to rounding  See accompanying notes to financial statements.




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CMF Willowbridge
    Argo Master Fund 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

$
(26,106,284
)

$
(42,569,865
)

$
120,270,941Change in net unrealized gains (losses) on open contracts


17,424,990



552,901



(5,645,603
)Gain (loss) from trading, net


(8,681,294
)


(42,016,964
)


114,625,338Interest income


228,182



195,777



2,959,647Total income (loss)


(8,453,112
)


(41,821,187
)


117,584,985Expenses:Clearing fees


285,387



316,442



340,947Professional fees


101,727



60,562



35,786Total expenses


387,114



377,004



376,733Net income (loss)

$
(8,840,226
)

$
(42,198,191
)

$
117,208,252Net income (loss) per unit (Note 6)

$
(42.93
)

$
(340.95
)

$
771.84Weighted average units outstanding


140,994.6815



126,508.0368



156,458.0988   See accompanying notes to financial statements.




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

$
213,055,022Net income (loss)


117,208,252Subscriptions of 60,036.9500 Redeemable Units


106,466,700Redemptions of 73,835.2095 Redeemable Units


(136,350,323
)Distribution of interest income to feeder funds


(2,959,647
)Partners Capital at December 31, 2008


297,420,004Net income (loss)


(42,198,191
)Subscriptions of 28,958.2689 Redeemable Units


55,363,938Redemptions of 39,476.7971 Redeemable Units


(79,284,657
)Distribution of interest income to feeder funds


(195,777
)Partners Capital at December 31, 2009


231,105,317Net income (loss)


(8,840,226
)Subscriptions of 35,162.0417 Redeemable Units


58,405,283Redemptions of 40,319.0108 Redeemable Units


(64,143,559
)Distribution of interest income to feeder funds


(228,182
)Partners Capital at December 31, 2010

$
216,298,633     2008:

$
2,157.232009:

$
1,814.682010:

$
1,770.10
   See accompanying notes to financial statements.




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CMF Willowbridge
    Argo Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  1.
    Partnership
    Organization:




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CMF Willowbridge
    Argo Master Fund 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 Willowbridge
    Argo Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
     Quoted Prices inActive Markets


Significant Other


Significantfor Identical


Observable Inputs


Unobservable12/31/2010


Assets (Level 1)


(Level 2)


Inputs (Level 3)AssetsFutures

$
22,493,003


$
22,493,003


$



$
Total assets


22,493,003



22,493,003







LiabilitiesForwards


1,048







1,048



Total liabilities


1,048







1,048



Total fair value

$
22,491,955


$
22,493,003


$
1,048


$
   Quoted Prices inActive Markets


Significant Other


Significantfor Identical


Observable Inputs


Unobservable12/31/2009


Assets (Level 1)


(Level 2)


Inputs (Level 3)AssetsFutures

$
5,066,965


$
5,066,965


$



$
Total assets


5,066,965



5,066,965







Total fair value

$
5,066,965


$
5,066,965


$



$
   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.




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CMF Willowbridge
    Argo Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
   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 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.
    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.g.
    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.      h.
    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.i.
    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:




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CMF Willowbridge
    Argo Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
    c.
    Customer Agreement:  give-up,
  4.
    Trading
    Activities:




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CMF Willowbridge
    Argo Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
     Assets

December 31, 2010Futures ContractsCurrencies

$
3,269,943Energy


2,868,912Grains


1,912,973Interest Rates U.S.


1,251,350Interest Rates
    Non-U.S.


443,752Livestock


133,660Metals


8,901,510Softs


4,334,808Total unrealized appreciation on open futures contracts

$
23,116,908LiabilitiesFutures ContractsCurrencies

$
(298,156
)Energy


(229,690
)Grains


(4,863
)Interest Rates U.S.


(20,225
)Interest Rates
    Non-U.S.


(54,921
)Softs


(16,050
)Total unrealized depreciation on open futures contracts

$
(623,905
)Net unrealized appreciation on open futures contracts

$
22,493,003
*LiabilitiesForward ContractsCurrencies

$
(1,048
)Net unrealized depreciation on open forward contracts

$
(1,048
)**    *This amount is in Net unrealized appreciation on open
    futures contracts on the Statements of Financial Condition.**This amount is in Net unrealized depreciation on open
    forward contracts on the Statements of Financial Condition.




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CMF Willowbridge
    Argo Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  Assets

December 31, 2009Futures ContractsCurrencies

$
3,436,175Energy


339,318Grains


768,108Interest Rates U.S.


1,640,270Interest Rates
    Non-U.S.


603,534Softs


1,776,378Metals


2,786,063Total unrealized appreciation on open futures contracts

$
11,349,846LiabilitiesFutures ContractsCurrencies

$
(3,285,759
)Grains


(57,887
)Interest Rates U.S.


(4,050
)Interest Rates
    Non-U.S.


(151,285
)Metals


(2,783,900
)Total unrealized depreciation on open futures contracts

$
(6,282,881
)Net unrealized appreciation on open futures contracts

$
5,066,965
*   *This amount is in Net unrealized appreciation on open
    futures contracts on the Statements of Financial Condition.    December 31, 2010

December 31, 2009Sector

Gain (Loss) from Trading

Gain (Loss) from TradingCurrencies

$
(2,882,435
)

$
(1,870,971
)Energy


(32,674,196
)


(28,874,531
)Grains


(2,096,731
)


(8,605,911
)Interest Rates US


5,992,763



(10,397,322
)Interest Rates Non-US


7,440,808



(7,737,846
)Livestock


226,890



(1,213,180
)Metals


10,039,925



19,790,113Softs


5,271,682



(3,107,316
)Total

$
(8,681,294
)**

$
(42,016,964
)**    **This amount is in Gain (loss) from trading, net on
    the Statements of Income and Expenses.  5.
    Subscriptions,
    Distributions and Redemptions:




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CMF Willowbridge
    Argo Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
    6.
    Financial
    Highlights:    2010


2009


2008Net realized and unrealized gains (losses)*

$
(43.83
)

$
(342.04
)

$
752.74Interest income


1.65



1.60



19.34Expenses**


(0.75
)


(0.51
)


(0.24
)Increase (decrease) for the year


(42.93
)


(340.95
)


771.84Distribution of interest income to feeder funds


(1.65
)


(1.60
)


(19.34
)Net asset value per unit, beginning of year


1,814.68



2,157.23



1,404.73Net asset value per unit, end of year

$
1,770.10


$
1,814.68


$
2,157.23    *
    
    Includes clearing fees.**
    
    Excludes clearing fees.  2010

2009

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


(0.1
)%


(0.1
)%


1.0
%Operating expenses


0.2
%


0.2
%


0.1
%Total return


(2.4
)%


(15.8
)%


54.9
%    ***
    
    Interest income less total expenses.    7.
    Financial
    Instrument Risks:  over-the-counter Exchange-traded exchange-traded




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CMF Willowbridge
    Argo Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010