Exhibit
99.2
 To the Limited
    Partners of
    CMF Altis Partners 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 Altis
    Partners Master Fund L.P.
 Statements
    of Financial Condition
    December 31, 2010 and 2009
  2010


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

$
47,650,888


$
72,536,409Cash margin (Note 3c)


12,279,959



6,880,657Net unrealized appreciation on open futures contracts


4,345,920



3,658,632Net unrealized appreciation on open forward contracts






1,266,064Total assets

$
64,276,767


$
84,341,762Liabilities and Partners Capital:Liabilities:Net unrealized depreciation on open forward contracts

$
530,331


$
Accrued expenses:Professional fees


60,925



34,004Total liabilities


591,256



34,004Partners Capital:General Partner, 0.0000 unit equivalents at December 31,
    2010 and 2009






Limited Partners, 17,493.0793 and 26,342.3882
    Redeemable Units outstanding at December 31, 2010 and 2009,
    respectively


63,685,511



84,307,758Total liabilities and partners capital

$
64,276,767


$
84,341,762Net asset value per unit

$
3,640.61


$
3,200.46   See accompanying notes to financial statements.




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##### 



CMF Altis
    Partners Master Fund L.P.
 Condensed
    Schedule of Investments
    December 31, 2010
  Number of





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


381


$
570,314



0.90
%Energy


329



746,844



1.17Grains


340



572,272



0.90Indices


178



(16,174
)


(0.03
)Interest Rates U.S.


510



121,515



0.19Interest Rates
    Non-U.S.


216



26,797



0.04Livestock


106



189,395



0.30Metals


237



681,885



1.07Softs


251



619,778



0.97Total futures contracts purchased






3,512,626



5.51Futures Contracts SoldCurrencies


719



2,245,311



3.53Energy


341



(949,421
)


(1.49
)Grains


23



(28,988
)


(0.05
)Indices


101



23,574



0.04Interest Rates U.S.


114



(63,516
)


(0.10
)Interest Rates
    Non-U.S.


387



(186,216
)


(0.29
)Livestock


45



(92,450
)


(0.15
)Metals


4



(13,225
)


(0.02
)Softs


60



(101,775
)


(0.16
)Total futures contracts sold






833,294



1.31Unrealized Appreciation on Open Forward ContractsMetals


337



1,788,056



2.81Total unrealized appreciation on open forward contracts






1,788,056



2.81Unrealized Depreciation on Open Forward ContractsMetals


283



(2,318,387
)


(3.64
)Total unrealized depreciation on open forward contracts






(2,318,387
)


(3.64
)Total fair value





$
3,815,589



5.99
%   See accompanying notes to financial statements.




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CMF Altis
    Partners Master Fund L.P.
 Condensed
    Schedule of Investments
    December 31, 2009
  Number of





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


151


$
(86,245
)


(0.10
)%Energy


137



(133,827
)


(0.16
)Grains


145



70,145



0.08Indices


261



644,786



0.77Interest Rates U.S.


462



619,047



0.73Interest Rates
    Non-U.S.


744



1,423,043



1.69Livestock


4



3,280



0.00
*Metals


182



474,556



0.56Softs


311



763,907



0.91Total futures contracts purchased






3,778,692



4.48Futures Contracts SoldCurrencies


256



161,999



0.19Energy


116



(383,104
)


(0.45
)Grains


126



77,989



0.09Interest Rates U.S.


70



61,922



0.07Interest Rates
    Non-U.S.


52



22,694



0.03Livestock


90



(96,250
)


(0.11
)Metals


6



1,750



0.00
*Softs


48



32,940



0.04Total futures contracts sold






(120,060
)


(0.14
)Unrealized Appreciation on Open Forward ContractsMetals


400



3,166,023



3.75Total unrealized appreciation on open forward contracts






3,166,023



3.75Unrealized Depreciation on Open Forward ContractsMetals


367



(1,899,959
)


(2.25
)Total unrealized depreciation on open forward contracts






(1,899,959
)


(2.25
)Total fair value





$
4,924,696



5.84
%     See accompanying notes to financial statements.




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CMF Altis
    Partners Master 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:Net realized gains (losses) on closed contracts

$
9,927,451


$
6,237,096


$
43,242,776Change in net unrealized gains (losses) on open contracts


(1,109,107
)


(10,274,742
)


3,280,781Gain (loss) from trading, net


8,818,344



(4,037,646
)


46,523,557Interest income


73,544



67,221



946,368Total income (loss)


8,891,888



(3,970,425
)


47,469,925Expenses:Clearing fees


181,072



97,912



174,092Professional fees


110,073



60,069



36,818Total expenses


291,145



157,981



210,910Net income (loss)

$
8,600,743


$
(4,128,406
)

$
47,259,015Net income (loss) per unit (Note 6)

$
443.49


$
(160.69
)

$
1,419.53Weighted average units outstanding


23,393.3670



27,447.9300



35,038.6637   See accompanying notes to financial statements.




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CMF Altis
    Partners Master Fund L.P.

    Statements of Changes in Partners Capital
    for the years ended
    December 31, 2010, 2009 and 2008
  PartnersCapitalPartners capital at December 31, 2007

$
72,258,875Net income (loss)


47,259,015Subscriptions of 7,905.1589 Redeemable Units


19,703,367Redemptions of 15,042.4224 Redeemable Units


(38,992,307
)Distribution of interest income to feeder funds


(946,368
)Partners capital at December 31, 2008


99,282,582Net income (loss)


(4,128,406
)Subscriptions of 7,949.9256 Redeemable Units


25,607,383Redemptions of 11,123.5346 Redeemable Units


(36,386,580
)Distribution of interest income to feeder funds


(67,221
)Partners capital at December 31, 2009


84,307,758Net income (loss)


8,600,743Subscriptions of 1,653.1256 Redeemable Units


5,669,522Redemptions of 10,502.4345 Redeemable Units


(34,818,968
)Distribution of interest income to feeder funds


(73,544
)Partners Capital at December 31, 2010

$
63,685,511Net asset value per unit:   2008:

$
3,363.692009:

$
3,200.462010:

$
3,640.61
   See accompanying notes to financial statements.




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




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CMF Altis
    Partners Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
   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 gain or loss and any
    change in net unrealized gain or loss from the preceding period
    are reported in the Statements of Income and Expenses.  Masters Fair Value Measurements.




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CMF Altis
    Partners Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  Quoted Prices inActive Markets for


Significant Other


SignificantIdentical Assets


Observable Inputs


Unobservable Inputs12/31/2010


(Level 1)


(Level 2)


(Level 3)AssetsFutures

$
4,345,920


$
4,345,920


$



$
Total assets


4,345,920



4,345,920







LiabilitiesForwards


530,331



530,331







Total liabilities


530,331



530,331







Total fair value

$
3,815,589


$
3,815,589


$



$
   Quoted Prices inActive Markets for


Significant Other


SignificantIdentical Assets


Observable Inputs


Unobservable Inputs12/31/2009


(Level 1)


(Level 2)


(Level 3)AssetsFutures

$
3,658,632


$
3,658,632


$



$
Forwards


1,266,064



1,266,064







Total assets


4,924,696



4,924,696







Total fair value

$
4,924,696


$
4,924,696


$



$
   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.
    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.




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CMF Altis
    Partners Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
   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, for Financial Highlights.  3.
    Agreements:  a.
    Limited Partnership Agreement:    b.
    Management Agreement:    c.
    Customer Agreement:  give-up,




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CMF Altis
    Partners Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
    4.
    Trading
    Activities:




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CMF Altis
    Partners Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
    December 31,2010AssetsFutures ContractsCurrencies

$
3,211,760Energy


774,607Grains


577,556Indices


145,665Interest Rates U.S.


196,181Interest Rates
    Non-U.S.


86,822Livestock


190,337Metals


707,254Softs


661,129Total unrealized appreciation on open futures contracts

$
6,551,311LiabilitiesFutures ContractsCurrencies

$
(396,135
)Energy


(977,184
)Grains


(34,272
)Indices


(138,265
)Interest Rates U.S.


(138,182
)Interest Rates
    Non-U.S.


(246,241
)Livestock


(93,392
)Metals


(38,594
)Softs


(143,126
)Total unrealized depreciation on open futures contracts

$
(2,205,391
)Net unrealized appreciation on open futures contracts

$
4,345,920
*AssetsForward ContractsMetals

$
1,788,056Total unrealized appreciation on open forward contracts

$
1,788,056LiabilitiesForward ContractsMetals

$
(2,318,387
)Total unrealized depreciation on open forward contracts

$
(2,318,387
)Net unrealized depreciation on open forward contracts

$
(530,331
)**   *
    
    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 Altis
    Partners Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  December 31,2009AssetsFutures ContractsCurrencies

$
513,272Energy


34,206Grains


201,302Indices


646,144Interest Rates U.S.


806,247Interest Rates
    Non-U.S.


1,623,556Livestock


20,960Metals


489,601Softs


861,460Total unrealized appreciation on open futures contracts

$
5,196,748LiabilitiesFutures ContractsCurrencies

$
(437,517
)Energy


(551,137
)Grains


(53,169
)Indices


(1,358
)Interest Rates U.S.


(125,278
)Interest Rates
    Non-U.S.


(177,819
)Livestock


(113,930
)Metals


(13,295
)Softs


(64,613
)Total unrealized depreciation on open futures contracts

$
(1,538,116
)Net unrealized appreciation on open futures contracts

$
3,658,632
*AssetsForward ContractsMetals

$
3,166,023Total unrealized appreciation on open forward contracts

$
3,166,023LiabilitiesForward ContractsMetals

$
(1,899,959
)Total unrealized depreciation on open forward contracts

$
(1,899,959
)Net unrealized appreciation on open forward contracts

$
1,266,064
**   *
    
    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.




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CMF Altis
    Partners Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
     December 31, 2010


December 31, 2009Sector

Gain (Loss) from trading


Gain (Loss) from tradingCurrencies

$
4,395,513


$
90,312Energy


(3,655,520
)


(3,628,727
)Grains


954,930



(2,301,628
)Indices


(1,462,707
)


(942,057
)Interest Rates U.S.


4,135,423



(750,482
)Interest Rates
    Non-U.S.


3,550,935



313,186Livestock


(162,210
)


340,475Lumber






(229,460
)Metals


(65,580
)


2,922,408Softs


1,127,560



148,327Total

$
8,818,344
***

$
(4,037,646
)***    ***
    
    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)*

$
444.98


$
(160.98
)

$
1,393.37Interest income


3.34



2.54



27.26Expenses**


(4.83
)


(2.25
)


(1.10
)Increase (decrease) for the year


443.49



(160.69
)


1,419.53Distribution of interest income to feeder funds


(3.34
)


(2.54
)


(27.26
)Net asset value per unit, beginning of year


3,200.46



3,363.69



1,971.42Net asset value per unit, end of year

$
3,640.61


$
3,200.46


$
3,363.69    *
    
    Includes clearing fees.**
    
    Excludes clearing fees.




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CMF Altis
    Partners Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  2010


2009


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


(0.3
)%


(0.1
)%


0.9
%Operating expenses


0.4
%


0.2
%


0.3
%Total return


13.9
%


(4.8
)%


72.0
%    ***
    
    Interest income less total expenses.    7.
    Financial
    Instrument Risks:  over-the-counter