Exhibit
99.2
  To the
    Limited Partners of
 CMF
    Graham Capital Master Fund L.P.
     
  By:
    Walter Davis
    President and Director
    Ceres Managed Futures LLC
    General Partner,
    CMF Graham Capital Master Fund L.P.  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
    Graham Capital Master Fund L.P.


 Statements
    of Financial ConditionDecember 31, 2010 and 2009
  2010


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

$
151,476,359


$
153,765,196Cash margin (Note 3c)


14,248,524



15,503,558Net unrealized appreciation on open futures contracts


1,429,574



406,652Net unrealized appreciation on open forward contracts


1,819,046



1,562,793Total assets

$
168,973,503


$
171,238,199Liabilities and Partners Capital:Liabilities:Accrued expenses:Professional fees

$
48,832


$
25,939Total liabilities


48,832



25,939Partners Capital:General Partner, 0.0000 unit equivalents at December 31,
    2010 and 2009






Limited Partners, 96,248.2420 and 104,371.4673 Redeemable Units
    outstanding at December 31, 2010 and 2009, respectively


168,924,671



171,212,260Total liabilities and partners capital

$
168,973,503


$
171,238,199Net asset value per unit

$
1,755.09


$
1,640.41   See accompanying notes to financial statements.




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##### 



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





% of Partnersof Contracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


228


$
359,313



0.21
%Energy


283



315,626



0.19Grains


266



558,739



0.33Indices


1,248



(459,198
)


(0.27
)Interest Rates U.S.


504



67,408



0.04Interest Rates
    Non-U.S.


203



53,235



0.03Livestock


40



9,485



0.00
*Metals


116



778,969



0.46Softs


73



266,456



0.16Total futures contracts purchased






1,950,033



1.15Futures Contracts SoldCurrencies


77



29,787



0.02Energy


25



(61,340
)


(0.04
)Grains


10



(33,100
)


(0.02
)Indices


56



15,505



0.01Interest Rates U.S.


308



(68,192
)


(0.04
)Interest Rates
    Non-U.S.


1,570



(394,024
)


(0.23
)Metals


1



(7,875
)


(0.01
)Softs


5



(1,220
)


(0.00
)*Total futures contracts sold






(520,459
)


(0.31
)Unrealized Appreciation on Open Forward ContractsCurrencies

$
437,368,583



6,906,040



4.09Metals


91



653,412



0.39Total unrealized appreciation on open forward contracts






7,559,452



4.48Unrealized Depreciation on Open Forward ContractsCurrencies

$
362,272,604



(5,591,385
)


(3.31
)Metals


23



(149,021
)


(0.09
)Total unrealized depreciation on open forward contracts






(5,740,406
)


(3.40
)Total fair value





$
3,248,620



1.92
%     See accompanying notes to financial statements.




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CMF
    Graham Capital Master Fund L.P.


 Condensed
    Schedule of InvestmentsDecember 31, 2009
  Notional ($)/Number of





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


2


$
360



0.00
%*Energy


449



242,192



0.14Grains


286



34,342



0.02Indices


1,065



633,603



0.37Interest Rates U.S.


233



(94,262
)


(0.06
)Interest Rates
    Non-U.S.


1,523



(996,822
)


(0.58
)Livestock


74



20,482



0.01Metals


78



(100,473
)


(0.06
)Softs


589



556,321



0.33Total futures contracts purchased






295,743



0.17Futures Contracts SoldCurrencies


69



11,480



0.01Energy


308



(40,301
)


(0.02
)Grains


275



57,491



0.03Indices


7



6,437



0.00
*Interest Rates U.S.


50



(406
)


(0.00
)*Interest Rates
    Non-U.S.


451



57,808



0.03Metals


10



18,400



0.01Total futures contracts sold






110,909



0.06Unrealized Appreciation on Open Forward ContractsCurrencies

$
550,199,867



7,739,782



4.52Metals


429



2,324,147



1.36Total unrealized appreciation on open forward contracts






10,063,929



5.88Unrealized Depreciation on Open Forward ContractsCurrencies

$
551,949,465



(7,486,471
)


(4.37
)Metals


285



(1,014,665
)


(0.59
)Total unrealized depreciation on open forward contracts






(8,501,136
)


(4.96
)Total fair value





$
1,969,445



1.15
%     See accompanying notes to financial statements.




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CMF
    Graham Capital Master Fund L.P.


 Statements
    of Income and Expensesfor the years ended
    December 31, 2010, 2009 and 2008
  2010


2009


2008Income:Net gains (loss) on trading of commodity interests:Net realized gains (losses) on closed contracts

$
11,520,692


$
11,381,456


$
61,878,532Change in net unrealized gains (losses) on open contracts


1,279,175



1,086,609



1,251,182Gain (loss) from trading, net


12,799,867



12,468,065



63,129,714Interest income


150,635



125,256



2,202,621Total income (loss)


12,950,502



12,593,321



65,332,335Expenses:Clearing fees


490,941



614,452



940,378Professional fees


104,216



46,648



30,056Total expenses


595,157



661,100



970,434Net income (loss)


12,355,345



11,932,221


$
64,361,901Net income (loss) per unit (Note 6)

$
116.10


$
112.10


$
396.07Weighted average units outstanding


108,090.1761



118,814.5765



167,979.9211   See accompanying notes to financial statements.




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CMF
    Graham Capital 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

$
213,594,387Net income (loss)


64,361,901Subscriptions of 3,998.1810 Redeemable Units


5,096,496Redemptions of 43,548.1379 Redeemable Units


(56,359,221
)Distribution of interest income to feeder funds


(2,202,621
)Partners Capital at December 31, 2008


224,490,942Net income (loss)


11,932,221Subscriptions of 7,455.9216 Redeemable Units


11,912,177Redemptions of 49,869.3195 Redeemable Units


(76,997,824
)Distribution of interest income to feeder funds


(125,256
)Partners Capital at December 31, 2009


171,212,260Net income (loss)


12,355,345Subscriptions of 25,177.9622 Redeemable Units


39,272,697Redemptions of 33,301.1875 Redeemable Units


(53,764,996
)Distribution of interest income to feeder funds


(150,635
)Partners Capital at December 31, 2010

$
168,924,671Net asset value per unit:   2008:

$
1,529.392009:

$
1,640.412010:

$
1,755.09
   See accompanying notes to financial statements.




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CMF
    Graham Capital 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.




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


Significant Other


SignificantIdentical Assets


Observable Inputs


Unobservable Inputs12/31/2010


(Level 1)


(Level 2)


(Level 3)AssetsFutures

$
1,429,574


$
1,429,574


$



$
Forwards


1,819,046



504,391



1,314,655



Total assets


3,248,620



1,933,965



1,314,655



Total fair value

$
3,248,620


$
1,933,965


$
1,314,655


$





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


Significant Other


SignificantIdentical Assets


Observable Inputs


Unobservable Inputs12/31/2009


(Level 1)


(Level 2)


(Level 3)AssetsFutures

$
406,652


$
406,652


$



$
Forwards


1,562,793



1,309,482



253,311



Total assets


1,969,445



1,716,134



253,311



Total fair value

$
1,969,445


$
1,716,134


$
253,311


$
   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.
    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.
    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
    Graham Capital Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
   g.
    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.h.
    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.      i.
    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 has
    determined that there were no subsequent events requiring
    adjustment of or disclosure in the financial statements.j.
    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
    Graham Capital Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
   4.
    Trading
    Activities:




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

$
406,727Energy


333,430Grains


560,664Indices


184,453Interest Rates U.S.


145,320Interest Rates
    Non-U.S.


71,168Livestock


9,485Metals


778,969Softs


297,786Total unrealized appreciation on open futures contracts

$
2,788,002LiabilitiesFutures ContractsCurrencies

$
(17,627
)Energy


(79,144
)Grains


(35,025
)Indices


(628,146
)Interest Rates U.S.


(146,104
)Interest Rates
    Non-U.S.


(411,957
)Metals


(7,875
)Softs


(32,550
)Total unrealized depreciation on open futures contracts

$
(1,358,428
)Net unrealized appreciation on open futures contracts

$
1,429,574
*AssetsForward ContractsCurrencies

$
6,906,040Metals


653,412Total unrealized appreciation on open forward contracts

$
7,559,452LiabilitiesForward ContractsCurrencies

$
(5,591,385
)Metals


(149,021
)Total unrealized depreciation on open forward contracts

$
(5,740,406
)Net unrealized appreciation on open forward contracts

$
1,819,046
**    *
    
    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
    Graham Capital Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  December 31, 2009AssetsFutures ContractsCurrencies

$
29,498Energy


357,695Grains


223,296Indices


871,966Interest Rates U.S.


10,273Interest Rates
    Non-U.S.


169,828Livestock


20,482Metals


93,687Softs


810,673Total unrealized appreciation on open futures contracts

$
2,587,398LiabilitiesFutures ContractsCurrencies

$
(17,658
)Energy


(155,804
)Grains


(131,463
)Indices


(231,926
)Interest Rates U.S.


(104,941
)Interest Rates
    Non-U.S.


(1,108,842
)Metals


(175,760
)Softs


(254,352
)Total unrealized depreciation on open futures contracts

$
(2,180,746
)Net unrealized appreciation on open futures contracts

$
406,652
*AssetsForward ContractsCurrencies

$
7,739,782Metals


2,324,147Total unrealized appreciation on open forward contracts

$
10,063,929LiabilitiesForward ContractsCurrencies

$
(7,486,471
)Metals


(1,014,665
)Total unrealized depreciation on open forward contracts

$
(8,501,136
)Net unrealized appreciation on open forward contracts

$
1,562,793
**    *
    
    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
    Graham Capital 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

$
4,170,018


$
3,111,674Energy


(4,033,664
)


(3,297,102
)Grains


462,563



(1,460,464
)Indices


(3,169,520
)


15,480,005Interest Rates U.S.


5,687,697



(3,698,764
)Interest Rates
    Non-U.S.


6,009,190



(2,767,757
)Livestock


317,837



21,968Metals


3,862,111



3,246,372Softs


(506,365
)


1,832,133Total

$
12,799,867
***

$
12,468,065
***   ***
    
    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)*

$
115.67


$
111.45


$
383.27Interest income


1.42



1.08



12.97Expenses**


(0.99
)


(0.43
)


(0.17
)Increase (decrease) for the year


116.10



112.10



396.07Distribution of interest income to feeder funds


(1.42
)


(1.08
)


(12.97
)Net asset value per unit, beginning of year


1,640.41



1,529.39



1,146.29Net asset value per unit, end of year

$
1,755.09


$
1,640.41


$
1,529.39   *
    
    Includes clearing fees.**
    
    Excludes clearing fees.  2010


2009


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


(0.3
)%


(0.3
)%


0.6
%Operating expenses


0.4
%


0.4
%


0.4
%Total return


7.1



7.3
%


34.6
%   ***
    
    Interest income less total expenses.




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CMF
    Graham Capital Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
     7.
    Financial
    Instrument Risks:  over-the-counter exchange-traded
      risk-adjusted