Exhibit
99.5
  To the Limited
    Partners of
    Waypoint Master Fund L.P.
    
  By:
    Walter Davis      Ceres Managed Futures LLC
    212-296-1999




---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM




---



##### 



Waypoint Master
    Fund L.P.Statement of Financial ConditionDecember 31, 2010
  2010Assets:Equity in trading account:Cash

$
37,616,481Cash margin


2,729,347Net unrealized appreciation on open futures contracts


491,759Net unrealized appreciation on open forward contracts


469,389Total assets

$
41,306,976Liabilities and Partners Capital:Liabilities:Accrued expenses:Professional fees

$
59,330Total liabilities


59,330Partners Capital:General Partner, 0.0000 unit equivalents at
    December 31, 2010


Limited Partners, 34,095.6706 Redeemable Units outstanding at
    December 31, 2010


41,247,646$
41,306,976Net asset value per unit

$
1,209.76   See accompanying notes to financial statements.




---



##### 



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





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


339


$
467,727



1.13
%Indices


117



(24,968
)


(0.06
)Metals


17



138,125



0.34Total futures contracts purchased






580,884



1.41Futures Contracts SoldCurrencies


115



(89,125
)


(0.22
)Total futures contracts sold






(89,125
)


(0.22
)Unrealized Appreciation on Open Forward ContractsCurrencies

$
17,616,506



469,389



1.14Net unrealized appreciation on open forward contracts






469,389



1.14Total fair value





$
961,148



2.33
%   See accompanying notes to financial statements.




---



##### 



Waypoint Master
    Fund L.P.Statement of Income and Expensesfor the period March 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

$
6,918,626Change in net unrealized gains (losses) on open contracts


961,148Gain (loss) from trading, net


7,879,774Interest income


38,451Total income (loss)


7,918,225Expenses:Clearing fees


106,133Professional fees


65,600Total expenses


171,733Net income (loss)

$
7,746,492Net income (loss) per unit (Note 6)

$
210.83Weighted average units outstanding


36,640.3589   See accompanying notes to financial statements.




---



##### 



Waypoint Master
    Fund L.P.Statement of Changes in Partners
    Capitalfor the period March 1, 2010
    (commencement of trading operations)
    to December 31, 2010
  PartnersCapitalInitial capital contributions from Limited Partners at
    March 1, 2010 representing 37,516.8526 Redeemable Units

$
37,516,853Net income (loss)


7,746,492Subscriptions of 4,964.8457 Redeemable Units


5,652,674Redemptions of 8,386.0277 Redeemable Units


(9,629,922
)Distribution of interest income to feeder funds


(38,451
)Partners Capital at December 31, 2010

$
41,247,646     2010:

$
1,209.76
   See accompanying notes to financial statements.




---



##### 



Waypoint 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.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




---



##### 



Waypoint Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  Financial Condition. Realized gains or losses and any change in
    net unrealized gains or losses are included in the Statement of
    Income and Expenses.  Masters Fair Value Measurements.
        Quoted Prices inActive Markets


Significant Other


Significantfor Identical


Observable Inputs


Unobservable12/31/2010


Assets (Level 1)


(Level 2)


Inputs (Level 3)AssetsFutures

$
491,759


$
491,759


$



$
Forwards


469,389







469,389



Total assets


961,148



491,759



469,389



Total fair value

$
961,148


$
491,759


$
469,389


$
   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




---



##### 



Waypoint Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  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 Statement 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 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:




---



##### 



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




---



##### 



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

2010Futures ContractsCurrencies

$
467,727Indices


15,375Metals


138,125Total unrealized appreciation on open futures contracts

$
621,227LiabilitiesFutures ContractsCurrencies

$
(89,125
)Indices


(40,343
)Total unrealized depreciation on open futures contracts

$
(129,468
)Net unrealized appreciation on open futures contracts

$
491,759
*AssetsForward ContractsCurrencies

$
469,389Net unrealized appreciation on open forward contracts

$
469,389
**   *
    
    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.    December 31, 2010Sector

Gain (loss) from tradingCurrencies

$
3,563,092Energy


478,070Grains


(218,525
)Indices


1,231,413Interest Rates U.S.


2,042,946Interest Rates Non-U.S.


593,149Metals


392,965Softs


(203,336
)Total

$
7,879,774
***  ***
    
    This amount is in Gain (loss) from trading, net on
    the Statement of Income and Expenses.  5.
    Subscriptions,
    Distributions and Redemptions:




---



##### 



Waypoint Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2010
   6.
    Financial
    Highlights:    2010Net realized and unrealized gains (losses)*

$
211.61Interest income


1.07Expenses**


(1.85
)Increase (decrease) for the period


210.83Distribution of interest income to feeder funds


(1.07
)Net asset value per unit beginning of period


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

$
1,209.76   *
    
    Includes clearing fees.**
    
    Excludes clearing fees.  2010Ratios to average net assets:Net investment income (loss)***


(0.4
)%****Operating expenses


0.5
%****Total return


21.1
%   ***
    
    Interest income less total expenses.****
    
    Annualized    7.
    Financial
    Instrument Risks:




---



##### 



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