Exhibit
99.5
 To the Limited
    Partners of
    CMF Sasco 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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CMF Sasco Master
    Fund L.P.
 Statements
    of Financial Condition
    December 31, 2010 and 2009
  2010


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

$
66,835,200


$
24,418,043Cash margin (Note 3c)


11,342,424



13,203,497Net unrealized appreciation on open futures and exchange-cleared
    swap contracts


2,313,324



Options purchased, at fair value (cost $2,081,059)


1,391,346



Total assets

$
81,882,294


$
37,621,540Liabilities and Partners Capital:Liabilities:Net unrealized depreciation on open futures and exchange-cleared
    swap contracts

$



$
653,492Options premium received, at fair value (premium $105,660)


93,500



Accrued expenses:Professional fees


105,164



62,714Total liabilities


198,664



716,206Partners Capital:General Partner, 0.0000 unit equivalents at December 31,
    2010 and 2009






Limited Partners, 64,552.5506 and 33,533.4656 Redeemable
    Units outstanding at December 31, 2010 and 2009,
    respectively


81,683,630



36,905,334Total liabilities and partners capital

$
81,882,294


$
37,621,540Net asset value per unit

$
1,265.38


$
1,100.55   See accompanying notes to financial statements.




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CMF Sasco Master
    Fund L.P.

    Condensed Schedule of Investments
    December 31, 2010
  Number of





% of PartnersContracts


Fair Value


CapitalFutures and Exchange-Cleared Swap Contracts PurchasedEnergyNYMEX Henry Hub Natural Gas Apr 11  Oct 12


4,925


$
5,588,937



6.84
%Ice Henry Hub Natural Gas Swap Feb. 11 
    Mar 12


1,125



(2,649,312
)


(3.24
)Other


6,157



(1,061,730
)


(1.30
)Total futures and exchange-cleared swap contracts purchased






1,877,895



2.30Futures and Exchange-Cleared Swap Contracts SoldEnergyOther


8,010



435,429



0.53Total futures and exchange-cleared swap contracts sold






435,429



0.53Options PurchasedEnergy Puts


5,686



1,391,346



1.70Total options purchased






1,391,346



1.70Options Premium ReceivedEnergy Puts


275



(93,500
)


(0.11
)Total options premium received






(93,500
)


(0.11
)Total fair value





$
3,611,170



4.42
%   See accompanying notes to financial statements.




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





% of PartnersContracts


Fair Value


CapitalFutures and Exchange-Cleared Swap Contracts PurchasedEnergyNYMEX Henry Hub Swap Apr 10  Mar 12


5,211


$
(2,594,295
)


(7.03
)%NYMEX Henry Hub Natural Gas May 10  Apr 11


2,308



(2,498,421
)


(6.77
)Other


5,533



761,344



2.06Total futures and exchange-cleared swap contracts purchased






(4,331,372
)


(11.74
)Futures and Exchange-Cleared Swap Contracts SoldEnergyNYMEX Henry Hub Swap May 10  Jan 12


4,343



1,872,587



5.07NYMEX Henry Hub Natural Gas Feb 10  Jan 11


3,600



2,892,435



7.84Other


1,067



(1,087,142
)


(2.94
)Total futures and exchange-cleared swap contracts sold






3,677,880



9.97Total fair value





$
(653,492
)


(1.77
)%   See accompanying notes to financial statements.




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CMF Sasco Master
    Fund L.P.

    Statements of Income and Expensesfor the year ended December 31, 2010 and
    for the period April 1, 2009
    (commencement of trading operations)
    to December 31, 2009
  2010


2009Income:Net gains (losses) on trading of commodity interests:Net realized gains (losses) on closed contracts

$
2,927,962


$
3,935,951Change in net unrealized gains (losses) on open contracts


2,289,263



(653,492
)Gain (loss) from trading, net


5,217,225



3,282,459Interest income


50,117



16,882Total income (loss)


5,267,342



3,299,341Expenses:Clearing fees


658,820



496,529Professional fees


261,082



112,701Total expenses


919,902



609,230Net income (loss)

$
4,347,440


$
2,690,111Net income (loss) per unit (Note 6)

$
166.12


$
101.21Weighted average units outstanding


39,668.2287



27,923.5104   See accompanying notes to financial statements.




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CMF Sasco Master
    Fund L.P.

    Statements of Changes in Partners Capital
    for the year ended December 31, 2010 and for the period
    April 1, 2009
    (commencement of trading operations)
    to December 31, 2009
  PartnersCapitalInitial capital contribution at April 1, 2009 representing
    6,000.0000 Redeemable Units

$
6,000,000Net income (loss)


2,690,111Subscriptions of 34,959.7832 Redeemable Units


36,210,261Redemptions of 7,426.3176 Redeemable Units


(7,978,156
)Distribution of interest income to feeder funds


(16,882
)Partners Capital at December 31, 2009


36,905,334Net income (loss)


4,347,440Subscriptions of 39,542.4363 Redeemable Units


51,313,750Redemptions of 8,523.3513 Redeemable Units


(10,832,777
)Distribution of interest income to feeder funds


(50,117
)Partners Capital at December 31, 2010

$
81,683,630     2009:

$
1,100.552010:

$
1,265.38
   See accompanying notes to financial statements.




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CMF Sasco 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.b.
    Statement of Cash Flows.The Master is not
    required to provide a Statement of Cash Flows.




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CMF Sasco Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2010
   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 Sasco Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2010
    Quoted Prices in


Significant Other


SignificantActive Markets


Observable


Unobservablefor Identical Assets


Inputs


Inputs12/31/2010


(Level 1)


(Level 2)


(Level 3)AssetsFutures and exchange-cleared swaps contracts

$
2,313,324


$
2,313,324


$



$
Options purchased


1,391,346



1,391,346







Total assets


3,704,670



3,704,670







LiabilitiesOptions premium received

$
93,500


$
93,500


$



$
Total liabilities


93,500



93,500







Total fair value

$
3,611,170


$
3,611,170


$



$
Quoted Prices in


Significant Other


SignificantActive Markets


Observable


Unobservablefor Identical Assets


Inputs


Inputs12/31/2009


(Level 1)


(Level 2)


(Level 3)LiabilitiesFutures and exchange-cleared swaps contracts

$
653,492


$
653,492


$



$
Total liabilities

$
653,492


$
653,492


$



$
   d.
    Futures Contracts.The Master trades futures
    and exchange-cleared swaps. Exchange-cleared swaps are swaps
    that are traded as futures. 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.
    Options.The Master may purchase and write
    (sell), both exchange-listed and
    over-the-counter
    (OTC), 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




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CMF Sasco Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  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.  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 their 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:    c.
    Customer Agreement:  give-up,




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




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CMF Sasco Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2010
    December 31, 2010AssetsFutures and Exchange-Cleared Swap ContractsEnergy

$
14,170,149Total unrealized appreciation on open futures and
    exchange-cleared swap contracts

$
14,170,149LiabilitiesFutures and Exchange-Cleared Swap ContractsEnergy

$
(11,856,825
)Total unrealized depreciation on open futures and
    exchange-cleared swap contracts

$
(11,856,825
)Net unrealized appreciation on open futures and exchange-cleared
    swap contracts

$
2,313,324
*AssetsOptions PurchasedEnergy

$
1,391,346Options purchased

$
1,391,346
**LiabilitiesOptions Premium ReceivedEnergy

$
(93,500
)Options premium received

$
(93,500
)***   *
    
    This amount is in Net unrealized appreciation on open
    futures and exchange-cleared swap 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 Sasco Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  December 31, 2009AssetsFutures and Exchange-Cleared Swap ContractsEnergy

$
10,906,404Total unrealized appreciation on open futures and
    exchange-cleared swap contracts

$
10,906,404LiabilitiesFutures and Exchange-Cleared Swap ContractsEnergy

$
(11,559,896
)Total unrealized depreciation on open futures and
    exchange-cleared swap contracts

$
(11,559,896
)Net unrealized depreciation on open futures and exchange-cleared
    swap contracts

$
(653,492
)*   *
    
    This amount is in Net unrealized depreciation on open
    futures and exchange-cleared swap contracts on the
    Statements of Financial Condition.    2010


2009Gain (loss) from trading


Gain (loss) from tradingSectorEnergy

$
5,217,225


$
3,282,459Total

$
5,217,225
**

$
3,282,459
**   **
    
    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 Sasco Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  6.  Financial
    Highlights:
    2010


2009Net realized and unrealized gains*

$
172.99


$
104.96Interest income


1.29



0.66Expenses**


(8.16
)


(4.41
)Increase for the year/period


166.12



101.21Distribution of interest income to feeder funds


(1.29
)


(0.66
)Net asset value per unit, beginning of year/period


1,100.55



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

$
1,265.38


$
1,100.55   *
    
    Includes clearing fees.**
    
    Excludes clearing fees.  Ratios to average net assets:Net investment income (loss)***


(1.9
)%


(2.8
)%****Operating expenses


2.0
%


2.9
%****Total return


15.0
%


10.1
%   ***
    
    Interest income less total expenses.****
    
    Annualized.    7.
    Financial
    Instrument Risks:




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