Exhibit
99.4
  To the Limited
    Partners of
    Blackwater 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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Blackwater Master
    Fund L.P.Statement of Financial Condition
    December 31, 2010
  2010Assets:Equity in trading account:Cash (Note 3c)

$
21,067,416Cash margin (Note 3c)


3,216,132Net unrealized appreciation on open futures contracts


1,239,135Net unrealized appreciation on open forward contracts


444,138Total assets

$
25,966,821Liabilities and Partners Capital:Liabilities:Accrued expenses:Professional fees

$
28,810Total liabilities


28,810Partners Capital:General Partner, 0.0000 unit equivalents at
    December 31, 2010


Limited Partners, 24,221.2462 Redeemable Units outstanding at
    December 31, 2010


25,938,011Total liabilities and partners capital

$
25,966,821Net asset value per unit

$
1,070.88   See accompanying notes to financial statements.




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Blackwater Master
    Fund L.P.
 Condensed
    Schedule of Investments
    December 31, 2010
  Number of





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


329


$
406,623



1.57
%Energy


95



352,473



1.36Grains


52



67,612



0.26Indices


188



180,517



0.70Interest Rates
    Non-U.S.


112



40,958



0.16Livestock


111



46,580



0.18Total futures contracts purchased






1,094,763



4.23Futures Contracts SoldCurrencies


78



5,608



0.02Energy


5



(8,000
)


(0.03
)Interest Rates U.S.


19



73,469



0.28Interest Rates
    Non-U.S.


144



73,295



0.28Total futures contracts sold






144,372



0.55Unrealized Appreciation on Open Forward ContractsMetals


62



493,013



1.90Total unrealized appreciation on open forward contracts






493,013



1.90Unrealized Depreciation on Open Forward ContractsMetals


8



(48,875
)


(0.19
)Total unrealized depreciation on open forward contracts






(48,875
)


(0.19
)Total fair value





$
1,683,273



6.49
%   See accompanying notes to financial statements.




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Blackwater Master
    Fund L.P.
 Statement of
    Income and Expenses
    for the period November 1, 2010
    (commencement of trading operations)
    to December 31, 2010
  2010Income:Net gains (losses) on trading of commodity interests:Net realized gains (losses) on closed contracts

$
281,930Change in net unrealized gains (losses) on open contracts


1,683,273Gain (loss) from trading, net


1,965,203Interest income


4,054Total income (loss)


1,969,257Expenses:Clearing fees


11,853Professional fees


29,000Total expenses


40,853Net income (loss)

$
1,928,404Net income (loss) per unit (Note 6)

$
71.06Weighted average units outstanding


24,403.8836   See accompanying notes to financial statements.




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Blackwater Master
    Fund L.P.

    Statement of Changes in Partners Capital
    for the period November 1, 2010
    (commencement of trading operations)
    to December 31, 2010
  PartnersCapitalInitial capital contributions from limited partners at
    November 1, 2010 representing 20,674.6940 Redeemable Units

$
20,674,694Net income (loss)


1,928,404Subscriptions of 7,458.3791 Redeemable Units


7,021,829Redemptions of 3,911.8269 Redeemable Units


(3,682,862
)Distribution of interest income to feeder funds


(4,054
)Partners Capital at December 31, 2010

$
25,938,011     2010:

$
1,070.88
   See accompanying notes to financial statements.




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Blackwater Master
    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 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
    Statement of Financial Condition. Realized gains or losses and
    any change in net unrealized gains or losses are included in the
    Statement of Income and Expenses.




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Blackwater Master
    Fund L.P.
    Notes to Financial Statements
 December 31, 2010
  Masters Fair Value Measurements.
      Quoted Prices in





SignificantActive Markets for


Significant Other


UnobservableIdentical Assets


Observable Inputs


Inputs12/31/2010


(Level 1)


(Level 2)


(Level 3)AssetsFutures

$
1,239,135


$
1,239,135


$



$
Forwards


444,138



444,138







Total assets


1,683,273



1,683,273







Total fair value

$
1,683,273


$
1,683,273


$



$
   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




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Blackwater Master
    Fund L.P.
    Notes to Financial Statements
 December 31, 2010
  changes in unrealized gains (losses) on futures contracts are
    included in the Statement of Income and Expenses.  e.
    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 Statement 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:




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Blackwater Master
    Fund L.P.
    Notes to Financial Statements
 December 31, 2010
  b.
    Management Agreement:    c.
    Customer Agreement:  give-up,
  4.
    Trading
    Activities:




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Blackwater Master
    Fund L.P.
    Notes to Financial Statements
 December 31, 2010
    December 31, 2010AssetsFutures ContractsCurrencies

$
480,912Energy


386,923Grains


74,625Indices


191,592Interest Rates U.S.


73,469Interest Rates
    Non-U.S.


158,377Livestock


52,910Total unrealized appreciation on open futures contracts

$
1,418,808LiabilitiesFutures ContractsCurrencies

$
(68,681
)Energy


(42,450
)Grains


(7,013
)Indices


(11,075
)Interest Rates
    Non-U.S.


(44,124
)Livestock


(6,330
)Total unrealized depreciation on open futures contracts

$
(179,673
)Net unrealized appreciation on open futures contracts

$
1,239,135
*AssetsForward ContractsMetals

$
493,013Total unrealized appreciation on open forward contracts

$
493,013LiabilitiesForward ContractsMetals

$
(48,875
)Total unrealized depreciation on open forward contracts

$
(48,875
)Net unrealized appreciation on open forward contracts

$
444,138
*
*   *
    
    This amount is in Net unrealized appreciation on open
    futures contracts on the Statement of Financial Condition.**
    
    This amount is in Net unrealized appreciation on open
    forward contracts on the Statement of Financial Condition.




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Blackwater Master
    Fund L.P.
    Notes to Financial Statements
 December 31, 2010
     December 31, 2010Gain (Loss) from TradingSectorCurrencies

$
(51,662
)Energy


580,978Grains


69,762Indices


954,817Interest Rates U.S.


(112,803
)Interest Rates
    Non-U.S.


(3,492
)Livestock


177,640Metals


349,963Total

$
1,965,203
***   ***
    
    This amount is in Gain (loss) from trading, net on
    the Statement of Income and Expenses.  5.
    Subscriptions,
    Distributions and Redemptions:    6.
    Financial
    Highlights:    2010Net realized and unrealized gains (losses)*

$
72.18Interest income


0.18Expenses**


(1.30
)Increase (decrease) for the period


71.06Distribution of interest income to feeder funds


(0.18
)Net asset value per unit, beginning of period


1,000.00Net asset value per unit, end of period

$
1,070.88   *
    
    Includes clearing fees**
    
    Excludes clearing fees




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Blackwater Master
    Fund L.P.
    Notes to Financial Statements
 December 31, 2010
  2010Ratios to average net assets:Net investment income (loss)***


(1.0
)%
****Operating expenses


1.1
%
****Total return


7.1
%    ***
    
    Interest income less total expenses  ****
    
    Annualized    7.
    Financial
    Instrument Risks:  over-the-counter




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Blackwater Master
    Fund L.P.
    Notes to Financial Statements
 December 31, 2010