UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 Form 10-K
 (X) ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d)
 OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2009
 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
  DIVERSIFIED 2000 FUTURES FUND L.P.
   New York
    
    13-4077759(State or other jurisdiction of

incorporation or organization)
    
    (I.R.S. Employer

Identification No.)
 c/o
Ceres Managed Futures LLC
55 East 59th Street  10th Floor
New York, New York 10022
  (212) 559-2011
   Securities registered pursuant to Section 12(g) of the Act:
    
    Redeemable Units of Limited Partnership Interest(Title of Class)
  Yes  No X
  Yes  No X
  Yes X No
  Yes  No
   Large accelerated filer
    
    Accelerated filer
    
    Non-accelerated filer X
    

Smaller
reporting company(Do not check if a smaller reporting company)
  Yes  No X




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PART I
 Item 1. Business .
 General development of business
   Financial Statements and Supplementary Data
  Managements Discussion and
Analysis of Financial Condition and Results of Operations
  2




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3




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4




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Financial information about industry segments Selected Financial
Data
 Narrative description of business
    Financial Information About Geographic Areas
 5




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Available Information
 Reports to Security Holders
 Enforceability of Civil Liabilities Against Foreign Persons
 Smaller Reporting Companies
 Item 1A. Risk Factors .
 As a result of leverage, small changes in the price of the Partnerships positions may result
in major losses.
  An investor may lose all of their investment.
  The Partnership will pay substantial fees and expenses regardless of profitability.
  An investors ability to redeem or transfer Redeemable Units is limited.
  Conflicts of interest exist.
     Investing in units might not provide the desired diversification of an investors overall
portfolio.
  Past performance is no assurance of future results.
  6




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An investors tax liability may exceed cash distributions.
  The General Partner may allocate the Partnerships assets to undisclosed advisors.
  Regulatory changes could restrict the Partnerships operations.
  Speculative position and trading limits may reduce profitability.
  Item 2. Properties .
  Item 3. Legal Proceedings .
    Mutual Funds
    FINRA Settlement
  Auction Rate Securities
   Subprime-Mortgage Related Actions
  Credit Crisis Related Matters
    Item 4. [Removed and Reserved] .
 7




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##### 



PART II
 Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases
of Equity Securities .
 Market Information
 Holders
 Dividends
 Securities Authorized for Issuance Under Equity Compensation Plans.
 Performance Graph.
 Recent sales of Unregistered Securities
 Purchases of Equity Securities by the Issuer and Affiliated Purchasers
  (d) Maximum Number(or Approximate(c) Total Number
    
    
    
Dollar Value) ofof Redeemable Units
    
    
    
Redeemable Units that(a) Total Number
    
    
(b) Average
    
    
Purchased as Part
    
    
    
May Yet Beof Redeemable
    
    
Price Paid per
    
    
of Publicly Announced
    
    
    
Purchased Under thePeriod
    
    
Units Purchased*
    
    
Redeemable Unit**
    
    
Plans or Programs
    
    
    
Plans or ProgramsOctober 1, 2009 
        October 31, 2009
    
    
    
    48,434.6502
    
    
    
    

$1,390.55    
    
    
    
    N/A
    
    
    
    
    N/ANovember 1, 2009 
        November 30, 2009
    
    
    
    48,163.6726
    
    
    
    

$1,457.76    
    
    
    
    N/A
    
    
    
    
    N/ADecember 1, 2009 
        December 31, 2009
    
    
    
    47,936.5632
    
    
    
    
    $1,392.86    
    
    
    
    N/A
    
    
    
    
    N/A144,534.8860
    
    
    
    

$1,413.71

    
    
    

N/A
    
    
    
    

N/A
 
 *
    
    Generally, Limited Partners are permitted to redeem their Redeemable Units as of the end of
each month on 10 days notice to the General Partner. Under certain circumstances, the General
Partner can compel redemption, although to date the General Partner has not exercised this right.
Purchases of Redeemable Units by the Partnership reflected in the chart above were made in the
ordinary course of the Partnerships business in connection with effecting redemptions for Limited
Partners.**
    
    Redemptions of Redeemable Units are effected as of the last day of each month at the Net
Asset Value per Redeemable Unit as of that day. Item 6. Selected Financial Data .
  2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005Realized and unrealized trading gains (losses)
and investment in Partnership net of brokerage
commissions (including clearing fees), of
$4,244,399, $5,523,222, $6,584,804,
$7,793,930 and $8,924,416, respectively
    
    $
    (2,957,413
    )
    
    $
    16,823,665
    
    
    $
    (2,575,632
    )
    
    $
    (1,464,544
    )
    
    $
    (9,197,446
    )Interest income
    
    
    53,348
    
    
    
    1,027,369
    
    
    
    4,064,499
    
    
    
    5,103,077
    
    
    
    3,637,345$
    (2,904,065
    )
    
    $
    17,851,034
    
    
    $
    1,488,867
    
    
    $
    3,638,533
    
    
    $
    (5,560,101
    )Net income (loss)
    
    $
    (4,886,914
    )
    
    $
    13,562,137
    
    
    $
    (801,591
    )
    
    $
    1,023,734
    
    
    $
    (8,982,853
    )Increase (decrease) in Net Asset Value per Unit
    
    $
    (91.11
    )
    
    $
    195.34
    
    
    $
    (5.96
    )
    
    $
    10.23
    
    
    $
    (62.99
    )Net Asset Value per Unit
    
    $
    1,392.86
    
    
    $
    1,483.97
    
    
    $
    1,288.63
    
    
    $
    1,294.59
    
    
    $
    1,284.36Total assets
    
    $
    68,926,969
    
    
    $
    92,283,681
    
    
    $
    100,299,729
    
    
    $
    129,994,652
    
    
    $
    152,802,619
 Item 7. Managements Discussion and Analysis of Financial Condition and Results of
Operations .
 Overview
    
    
    due diligence examinations of the Advisors;
    
    selection, appointment and termination of the Advisors;
    
    negotiation of the Management Agreements; and
    
    monitoring the activity of the Advisors.
 8




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Graham Capital Management, L.P.
    Campbell & Company, Inc.
   9




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##### 



Aspect Capital Limited.
    SandRidge Capital L.P.
    Eckhardt Trading Company
  not
  CMF Graham Capital Master Fund L.P.
 Currencies
    
    
    26.1
    %Energy
    
    
    6.8
    %Grains
    
    
    4.0
    %Interest Rates Non-U.S.
    
    
    16.9
    %Interest Rates U.S.
    
    
    6.3
    %Livestock
    
    
    0.4
    %Metals
    
    
    5.2
    %Softs
    
    
    4.5
    %Stock Indices
    
    
    29.8
    %
 CMF Campbell Master Fund L.P.
 Currencies
    
    
    34.3
    %Energy
    
    
    4.9
    %Grains
    
    
    0.3
    %Interest Rates Non-U.S.
    
    
    19.6
    %Interest Rates U.S.
    
    
    7.5
    %Metals
    
    
    5.5
    %Softs
    
    
    0.4
    %Stock Indices
    
    
    27.5
    %
 10




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CMF Aspect Master Fund L.P.
 Currencies
    
    
    20.7
    %Energy
    
    
    8.2
    %Grains
    
    
    3.3
    %Interest Rates Non-U.S.
    
    
    28.8
    %Interest Rates U.S.
    
    
    7.7
    %Livestock
    
    
    1.5
    %Metals
    
    
    10.8
    %Softs
    
    
    7.1
    %Stock Indices
    
    
    11.9
    %
 CMF SandRidge Master Fund L.P.
 Energy
    
    
    100.0
    %
 CMF Eckhardt Master Fund L.P.
 Currencies
    
    
    13.4
    %Energy
    
    
    9.5
    %Grains
    
    
    5.8
    %Interest Rates Non-U.S.
    
    
    23.6
    %Interest Rates U.S.
    
    
    14.1
    %Metals
    
    
    12.7
    %Softs
    
    
    7.3
    %Stock Indices
    
    
    13.6
    %
 Liquidity
   (i)
    
    The Partnership/Funds invest their assets only in commodity interests that an Advisor
believes are traded in sufficient volume to permit ease of taking and liquidating positions.
Sufficient volume, in this context, refers to a level of liquidity that the Advisor believes
will permit it to enter and exit trades without noticeably moving the market.(ii)
    
    An Advisor will not initiate additional positions in any commodity if these positions
would result in aggregate positions requiring a margin of more than
66 2/3% of the
Partnerships/Funds net assets allocated to that Advisor.(iii)
    
    The Partnership/Funds may occasionally accept delivery of a commodity. Unless such
delivery is disposed of promptly by retendering the warehouse receipt representing the
delivery to the appropriate clearinghouse, the physical commodity position is fully hedged.(iv)
    
    The Partnership/Funds do not employ the trading technique commonly known as pyramiding,
in which the speculator uses unrealized profits on existing positions as margin for the
purchases or sale of additional positions in the same or related commodities.(v)
    
    The Partnership/Funds do not utilize borrowings other than short-term borrowings if the
Partnership/Funds take delivery of any cash commodities.(vi)
    
    The Advisors may, from time to time, employ trading strategies such as spreads or
straddles on behalf of the Partnership/Funds. The term spread or straddle describes a
commodity futures trading strategy involving the simultaneous buying and selling of futures
contracts on the same commodity but involving different delivery dates or markets and in
which the trader expects to earn a profit from a widening or narrowing of the difference
between the prices of the two contracts.(vii)
    
    The Partnership/Funds will not permit the churning of their commodity trading accounts.
The term churning refers to the practice of entering and exiting trades with a frequency
unwarranted by legitimate efforts to profit from the trades, driven by the desire to
generate commission income.
 i.e.
    11




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Financial Statements and Supplementary Data
  Capital
Resources
     Results of Operations
   12




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Off-balance Sheet Arrangements
 Contractual Obligations
 Operational
Risk
   Operational/Settlement Risk
 13




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Technological Risk
 Legal/Documentation Risk
 Financial Control Risk
 Critical Accounting Policies
 Use of Estimates.
 Statement of Cash Flows.
 Partnerships
and the Funds Investments.
 14




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##### 



Partnerships
and the Funds
Fair Value Measurements.
  Futures Contracts.
 Forward Foreign Currency Contracts.
  London Metals Exchange Forward Contracts
 Options.
 Income Taxes.
 15




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##### 



Subsequent
Events. Financial
Statements and Supplementary Data
 Recent Accounting Pronouncements.
   Item 7A. Quantitative and Qualitative Disclosures About Market Risk .
 Introduction
      16




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17




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##### 



Quantifying the Partnerships Trading Value at Risk
      The Partnerships Trading Value at Risk in Different Market Sectors
   December 31, 2009
 % of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
    877,221
    
    
    
    1.30
    %Energy
    
    
    710,460
    
    
    
    1.05
    %Grains
    
    
    164,945
    
    
    
    0.24
    %Interest Rates U.S.
    
    
    471,043
    
    
    
    0.70
    %Interest Rates Non-U.S.
    
    
    1,038,576
    
    
    
    1.53
    %Livestock
    
    
    26,522
    
    
    
    0.04
    %Metals
    
    
    630,531
    
    
    
    0.93
    %Softs
    
    
    429,785
    
    
    
    0.63
    %Indices
    
    
    1,532,562
    
    
    
    2.26
    %Total
    
    $
    5,881,645
    
    
    
    8.68
    %
  December 31, 2008
 % of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
    1,119,581
    
    
    
    1.29
    %Energy
    
    
    1,020,891
    
    
    
    1.18
    %Grains
    
    
    89,468
    
    
    
    0.10
    %Interest Rates U.S.
    
    
    394,480
    
    
    
    0.45
    %Interest Rates Non-U.S.
    
    
    1,374,274
    
    
    
    1.58
    %Livestock
    
    
    21,395
    
    
    
    0.03
    %Metals
    
    
    367,478
    
    
    
    0.42
    %Softs
    
    
    137,592
    
    
    
    0.16
    %Indices
    
    
    312,382
    
    
    
    0.36
    %Total
    
    $
    4,837,541
    
    
    
    5.57
    %
   December 31,
2009
 Low
    
    
    Average% of Total
    
    
    High
    
    
    Value
    
    
    ValueMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    at Risk
    
    
    at Risk *Currencies
    
    $
    494,171
    
    
    
    0.79
    %
    
    $
    4,303,193
    
    
    $
    268,184
    
    
    $
    2,352,637Energy
    
    
    140,600
    
    
    
    0.23
    %
    
    
    930,274
    
    
    
    16,100
    
    
    
    358,289Grains
    
    
    11,250
    
    
    
    0.02
    %
    
    
    162,540
    
    
    
    6,400
    
    
    
    27,905Interest Rates U.S.
    
    
    418,260
    
    
    
    0.67
    %
    
    
    1,097,280
    
    
    
    38,743
    
    
    
    460,754Interest Rates Non-U.S.
    
    
    626,824
    
    
    
    1.00
    %
    
    
    2,442,697
    
    
    
    610,321
    
    
    
    1,365,590Metals
    
    
    408,384
    
    
    
    0.65
    %
    
    
    1,109,145
    
    
    
    29,024
    
    
    
    391,577Softs
    
    
    40,700
    
    
    
    0.07
    %
    
    
    145,740
    
    
    
    2,100
    
    
    
    27,164Indices
    
    
    1,783,059
    
    
    
    2.85
    %
    
    
    4,565,846
    
    
    
    678,383
    
    
    
    1,979,007Total
    
    $
    3,923,248
    
    
    
    6.28
    %
 
 *
    
    Annual average based on month-end Value at Risk  December 31,
2008
 Low
    
    
    Average% of Total
    
    
    High
    
    
    Value
    
    
    ValueMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    at Risk
    
    
    at Risk *Currencies
    
    $
    3,826,450
    
    
    
    3.00
    %
    
    $
    6,459,319
    
    
    $
    1,236,850
    
    
    $
    3,885,456Energy
    
    
    141,270
    
    
    
    0.11
    %
    
    
    1,689,425
    
    
    
    5,000
    
    
    
    547,096Interest Rates U.S.
    
    
    295,938
    
    
    
    0.23
    %
    
    
    1,754,540
    
    
    
    126,604
    
    
    
    919,061Interest Rates Non-U.S.
    
    
    1,650,897
    
    
    
    1.30
    %
    
    
    4,744,697
    
    
    
    631,807
    
    
    
    2,018,452Metals
    
    
    238,724
    
    
    
    0.18
    %
    
    
    1,281,336
    
    
    
    47,826
    
    
    
    360,423Indices
    
    
    1,414,857
    
    
    
    1.11
    %
    
    
    8,820,806
    
    
    
    845,740
    
    
    
    4,393,925Total
    
    $
    7,568,136
    
    
    
    5.93
    %
 
 *
    
    Annual average based on month-end Value at Risk 18




---



##### 



December 31,
2009
 Low
    
    
    Average% of Total
    
    
    High
    
    
    Value
    
    
    ValueMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    at Risk
    
    
    at Risk*Currencies
    
    $
    2,410,532
    
    
    
    1.41
    %
    
    $
    8,136,447
    
    
    $
    833,881
    
    
    $
    4,612,528Energy
    
    
    684,083
    
    
    
    0.40
    %
    
    
    3,017,929
    
    
    
    273,236
    
    
    
    1,214,764Grains
    
    
    549,675
    
    
    
    0.32
    %
    
    
    1,846,996
    
    
    
    96,550
    
    
    
    731,407Interest Rates U.S.
    
    
    142,150
    
    
    
    0.08
    %
    
    
    2,365,808
    
    
    
    87,777
    
    
    
    859,990Interest Rates Non-U.S.
    
    
    1,869,099
    
    
    
    1.09
    %
    
    
    8,320,518
    
    
    
    471,498
    
    
    
    2,867,131Livestock
    
    
    59,200
    
    
    
    0.04
    %
    
    
    160,380
    
    
    
    1,080
    
    
    
    58,409Metals
    
    
    1,222,254
    
    
    
    0.71
    %
    
    
    1,806,942
    
    
    
    297,478
    
    
    
    1,002,985Softs
    
    
    1,131,557
    
    
    
    0.66
    %
    
    
    1,479,945
    
    
    
    190,202
    
    
    
    768,323Indices
    
    
    4,809,915
    
    
    
    2.81
    %
    
    
    12,019,804
    
    
    
    623,680
    
    
    
    5,396,991Total
    
    $
    12,878,465
    
    
    
    7.52
    %
 
 *
    
    Annual average of month-end value at risk  December 31,
2008
 Low
    
    
    Average% of Total
    
    
    High
    
    
    Value
    
    
    ValueMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    at Risk
    
    
    at Risk*Currencies
    
    $
    1,855,003
    
    
    
    0.83
    %
    
    $
    35,051,712
    
    
    $
    1,110,258
    
    
    $
    17,137,503Energy
    
    
    446,536
    
    
    
    0.20
    %
    
    
    5,209,200
    
    
    
    310,300
    
    
    
    1,557,045Grains
    
    
    161,000
    
    
    
    0.07
    %
    
    
    1,281,500
    
    
    
    52,500
    
    
    
    498,714Interest Rates U.S.
    
    
    719,400
    
    
    
    0.32
    %
    
    
    2,381,150
    
    
    
    24,412
    
    
    
    619,143Interest Rates Non-U.S.
    
    
    1,293,650
    
    
    
    0.58
    %
    
    
    4,718,751
    
    
    
    461,503
    
    
    
    1,792,563Livestock
    
    
    13,200
    
    
    
    0.01
    %
    
    
    27,600
    
    
    
    800
    
    
    
    15,664Metals
    
    
    680,383
    
    
    
    0.30
    %
    
    
    2,071,925
    
    
    
    31,044
    
    
    
    777,494Softs
    
    
    201,831
    
    
    
    0.09
    %
    
    
    752,387
    
    
    
    14,000
    
    
    
    395,956Indices
    
    
    592,157
    
    
    
    0.26
    %
    
    
    5,407,658
    
    
    
    235,978
    
    
    
    2,482,935Total
    
    $
    5,963,160
    
    
    
    2.66
    %
 
 *
    
    Annual average of month-end value at risk  December 31,
2009
 Average% of Total
    
    
    High
    
    
    Low
    
    
    Value atMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Risk*Currencies
    
    $
    3,005,547
    
    
    
    1.82
    %
    
    $
    9,657,630
    
    
    $
    1,450,765
    
    
    $
    3,783,484Energy
    
    
    948,800
    
    
    
    0.57
    %
    
    
    4,972,100
    
    
    
    440,450
    
    
    
    1,516,206Grains
    
    
    327,245
    
    
    
    0.20
    %
    
    
    1,461,017
    
    
    
    291,283
    
    
    
    622,287Interest Rates U.S.
    
    
    868,320
    
    
    
    0.54
    %
    
    
    3,363,654
    
    
    
    68,325
    
    
    
    1,350,674Interest Rates Non-U.S.
    
    
    5,408,866
    
    
    
    3.28
    %
    
    
    10,090,643
    
    
    
    3,056,662
    
    
    
    5,677,560Livestock
    
    
    155,900
    
    
    
    0.09
    %
    
    
    704,364
    
    
    
    130,800
    
    
    
    287,937Metals
    
    
    2,647,427
    
    
    
    1.60
    %
    
    
    4,707,270
    
    
    
    813,671
    
    
    
    2,289,309Softs
    
    
    1,800,229
    
    
    
    1.09
    %
    
    
    2,057,410
    
    
    
    648,164
    
    
    
    1,382,129Indices
    
    
    4,002,477
    
    
    
    2.42
    %
    
    
    4,177,780
    
    
    
    735,579
    
    
    
    2,382,946Total
    
    $
    19,164,811
    
    
    
    11.61
    %
 
 *
    
    Annual average of month-end value at risk 19




---



##### 



December 31,
2008
 Average% of Total
    
    
    High
    
    
    Low
    
    
    Value atMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Risk*Currencies
    
    $
    3,017,826
    
    
    
    1.26
    %
    
    $
    7,405,062
    
    
    $
    1,762,375
    
    
    $
    3,652,203Energy
    
    
    1,802,535
    
    
    
    0.75
    %
    
    
    4,744,750
    
    
    
    520,250
    
    
    
    2,336,576Grains
    
    
    549,062
    
    
    
    0.23
    %
    
    
    1,268,423
    
    
    
    84,806
    
    
    
    622,221Interest
Rates U.S.
    
    
    1,627,200
    
    
    
    0.68
    %
    
    
    3,458,200
    
    
    
    49,886
    
    
    
    1,299,759Interest
Rates Non-U.S.
    
    
    6,748,387
    
    
    
    2.82
    %
    
    
    8,325,577
    
    
    
    1,490,653
    
    
    
    5,019,733Livestock
    
    
    156,600
    
    
    
    0.06
    %
    
    
    283,500
    
    
    
    66,700
    
    
    
    165,771Metals
    
    
    1,975,576
    
    
    
    0.83
    %
    
    
    4,213,675
    
    
    
    86,337
    
    
    
    1,755,108Softs
    
    
    775,053
    
    
    
    0.32
    %
    
    
    1,461,690
    
    
    
    353,834
    
    
    
    833,381Indices
    
    
    730,475
    
    
    
    0.31
    %
    
    
    7,152,565
    
    
    
    584,698
    
    
    
    2,556,035Total
    
    $
    17,382,714
    
    
    
    7.26
    %
 
 *
    
    Annual average of month-end value at risk  December 31,
2009
 Low
    
    
    Average% of Total
    
    
    High
    
    
    Value at
    
    
    Value atMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Risk
    
    
    Risk*Energy
    
    $
    19,220,494
    
    
    
    2.81
    %
    
    $
    40,574,022
    
    
    $
    11,157,117
    
    
    $
    24,955,810Total
    
    $
    19,220,494
    
    
    
    2.81
    %
 
 *
    
    Annual average based on month-end Value at Risk  December 31,
2008
 Low
    
    
    Average% of Total
    
    
    High
    
    
    Value at
    
    
    Value atMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Risk
    
    
    Risk*Energy
    
    $
    25,819,902
    
    
    
    5.74
    %
    
    $
    48,324,167
    
    
    $
    12,297,376
    
    
    $
    27,673,738Total
    
    $
    25,819,902
    
    
    
    5.74
    %
 
 *
    
    Annual average based on month-end Value at Risk  December 31,
2009
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    380,916
    
    
    
    2.20
    %
    
    $
    1,191,210
    
    
    $
    7,200
    
    
    $
    301,705Energy
    
    
    270,400
    
    
    
    1.56
    %
    
    
    644,500
    
    
    
    22,050
    
    
    
    211,624Grains
    
    
    128,975
    
    
    
    0.74
    %
    
    
    362,365
    
    
    
    10,800
    
    
    
    101,491Interest Rates U.S.
    
    
    768,410
    
    
    
    4.44
    %
    
    
    768,410
    
    
    
    14,550
    
    
    
    196,272Interest Rates Non-U.S.
    
    
    213,803
    
    
    
    1.23
    %
    
    
    696,839
    
    
    
    13,213
    
    
    
    221,520Metals
    
    
    284,030
    
    
    
    1.64
    %
    
    
    535,674
    
    
    
    16,196
    
    
    
    234,566Softs
    
    
    150,320
    
    
    
    0.87
    %
    
    
    251,705
    
    
    
    11,784
    
    
    
    115,206Indices
    
    
    635,844
    
    
    
    3.67
    %
    
    
    879,160
    
    
    
    22,367
    
    
    
    304,994Total
    
    $
    2,832,698
    
    
    
    16.35
    %
 
 *
    
    Annual average based on month-end Value at Risk  December 31, 2008
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    291,072
    
    
    
    1.42
    %
    
    $
    765,238
    
    
    $
    93,645
    
    
    $
    248,175Interest Rates U.S.
    
    
    178,400
    
    
    
    0.87
    %
    
    
    693,100
    
    
    
    3,300
    
    
    
    171,494Interest Rates Non-U.S.
    
    
    498,525
    
    
    
    2.43
    %
    
    
    818,628
    
    
    
    26,466
    
    
    
    228,987Metals
    
    
    21,510
    
    
    
    0.10
    %
    
    
    142,500
    
    
    
    7,500
    
    
    
    34,890Softs
    
    
    37,872
    
    
    
    0.18
    %
    
    
    146,081
    
    
    
    6,446
    
    
    
    46,542Total
    
    $
    1,027,379
    
    
    
    5.00
    %
 
 *
    
    Annual average based on month-end Value at Risk Material Limitations on Value at Risk as an Assessment of Market Risk
  Non-Trading Risk
   Qualitative Disclosures Regarding Primary Trading Risk Exposures
   Interest Rates e.g.,
 20




---



##### 



Currencies
 Stock Indices
  Metals
 Softs
 Energy
 Grains
 Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
 Qualitative Disclosures Regarding Means of Managing Risk Exposure
     21




---



##### 



Item 8. Financial Statements and Supplementary Data .
 DIVERSIFIED 2000 FUTURES FUND L.P.
 INDEX TO FINANCIAL STATEMENTS
 PageNumberOath or Affirmation
    
    F-3Managements Report on Internal Control over Financial Reporting
    
    F-4Reports of Independent Registered Public Accounting Firms
    
    F-5  F-7Financial Statements:Statements of Financial Condition at December 31, 2009 and 2008
    
    F-8Schedules of Investments at December 31, 2009 and 2008
    
    F-9  F-10Statements of Income and Expenses for the years ended December 31, 2009, 2008, and 2007
    
    F-11Statements of Changes in Partners Capital for the years ended December 31, 2009, 2008, and 2007
    
    F-12Notes to Financial Statements
    
    F-13  F-24Selected Unaudited Quarterly Financial Data
    
    F-25Financial Statements of CMF Campbell Master Fund L.P.Oath or Affirmation
    
    F-26Reports of Independent Registered Public Accounting Firms
    
    F-27  F-29Statements of Financial Condition at December 31, 2009 and 2008
    
    F-30Condensed Schedules of Investments at December 31, 2009 and 2008
    
    F-31  F-32Statements of Income and Expenses for the year ended December 31, 2009, 2008, and 2007
    
    F-33Statements of Changes in Partners Capital for the years ended December 31, 2009, 2008, and 2007
    
    F-34Notes to Financial Statements
    
    F-35  F-44Selected Unaudited Quarterly Financial Data
    
    F-45Financial Statements of CMF Aspect Master Fund L.P.Oath or Affirmation
    
    F-46Reports of Independent Registered Public Accounting Firms
    
    F-47  F-49Statements of Financial Condition at December 31, 2009 and 2008
    
    F-50Condensed Schedules of Investments at December 31, 2009 and 2008
    
    F-51  F-52
 F-1




---



##### 



PageNumberStatements of Income and Expenses for the years ended December 31, 2009, 2008, and 2007
    
    F-53Statements of Changes in Partners Capital for the years ended December 31, 2009, 2008, and 2007
    
    F-54Notes to Financial Statements
    
    F-55  F-63Selected Unaudited Quarterly Financial Data
    
    F-64Financial Statements of CMF Graham Capital Master Fund L.P.Oath or Affirmation
    
    F-65Reports of Independent Registered Public Accounting Firms
    
    F-66  F-68Statements of Financial Condition at December 31, 2009 and 2008
    
    F-69Condensed Schedules of Investments at December 31, 2009 and 2008
    
    F-70  F-71Statements of Income and Expenses for the year ended December 31, 2009, 2008 and 2007
    
    F-72Statements of Changes in Partners Capital for the year ended December 31, 2009, 2008 and 2007
    
    F-73Notes to Financial Statements
    
    F-74  F-82Selected Unaudited Quarterly Financial Data
    
    F-83Financial Statements of CMF SandRidge Master Fund L.P.Oath or Affirmation
    
    F-84Reports of Independent Registered Public Accounting Firms
    
    F-85  F-87Statements of Financial Condition at December 31, 2009 and 2008
    
    F-88Condensed Schedules of Investments at December 31, 2009 and 2008
    
    F-89  F-90Statements of Income and Expenses for the years ended December 31, 2009, 2008, and 2007
    
    F-91Statements of Changes in Partners Capital for the years ended December 31, 2009, 2008, and 2007
    
    F-92Notes to Financial Statements
    
    F-93  F-100Selected Unaudited Quarterly Financial Data
    
    F-101Financial Statements of CMF Eckhardt Master Fund L.P.Oath or Affirmation
    
    F-102Report of Independent Registered Public Accounting Firm
    
    F-103  F-104Statements of Financial Condition at December 31, 2009 and 2008
    
    F-105Condensed Schedules of Investments at December 31, 2009 and 2008
    
    F-106  F-107Statement of Income and Expenses for the year ended December 31, 2009 and  the period from April 1, 2008 (commencement of trading
operations) to December 31, 2008
    
    F-108Statements of Changes in Partners Capital for the year ended December 31, 2009 and the period
from April 1, 2008 (commencement of trading operations) to December 31, 2008
    
    F-109Notes to Financial Statements
    
    F-110  F-118Selected Unaudited Quarterly Financial Data
    
    F-119
 F-2




---



##### 





To the Limited
    Partners of
    Diversified 2000 Futures Fund L.P.













| |     |               
| | --- | --------------
| | By: | Jennifer Magro











Ceres Managed Futures LLC








212-559-2011


F-3



---



##### 





Managements
    Report on Internal Control Over
    Financial Reporting


























Internal Control-Integrated Framework


















F-4



---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
 Internal Control  Integrated Framework
    Internal Control  Integrated Framework
 
 F-5




---



##### 



Report of Independent Registered Public Accounting Firm
 
 Internal Control  Integrated Framework
    
 F-6




---



##### 



Report of Independent Registered Public Accounting Firm
 
     
 F-7




---



##### 



Diversified 2000
    Futures Fund L.P.Statements of Financial Condition
    December 31, 2009 and 2008




|                                                                                                                                                               |  |      |            |  |      |   |            | 
|-------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | ---------- |  | ---- | - | ---------- | 
|                                                                                                                                                               |  | 2009 |            |  | 2008 |  
|                                                                                                                                                              
|Assets:                                                                                                                                                        |  |      |            |  |      |   |            | 
|Investment in Partnerships, at fair value (Note 5)                                                                                                             |  | $    | 68,763,270 |  |      | $ | 92,202,668 | 
|Cash (Note 3c)                                                                                                                                                 |  |      | 163,699    |  |      |   | 81,013     | 
|                                                                                                                                                               |  |      |            |  |      |   |            | 
|Total assets                                                                                                                                                   |  | $    | 68,926,969 |  |      | $ | 92,283,681 | 
|                                                                                                                                                               |  |      |            |  |      |   |            | 
|Liabilities and Partners Capital:                                                                                                                             |  |      |            |  |      |   |            | 
|Liabilities:                                                                                                                                                   |  |      |            |  |      |   |            | 
|Accrued expenses:                                                                                                                                              |  |      |            |  |      |   |            | 
|Brokerage commissions (Note 3c)                                                                                                                                |  | $    | 310,171    |  |      | $ | 415,277    | 
|Management fees (Note 3b)                                                                                                                                      |  |      | 101,697    |  |      |   | 134,150    | 
|Incentive fees (Note 3b)                                                                                                                                       |  |      | 297,167    |  |      |   | 2,324,181  | 
|Professional fees                                                                                                                                              |  |      | 133,333    |  |      |   | 66,047     | 
|Other                                                                                                                                                          |  |      | 44,958     |  |      |   | 24,830     | 
|Redemptions payable (Note 6)                                                                                                                                   |  |      | 316,332    |  |      |   | 2,406,939  | 
|                                                                                                                                                               |  |      |            |  |      |   |            | 
|Total liabilities                                                                                                                                              |  |      | 1,203,658  |  |      |   | 5,371,424  | 
|                                                                                                                                                               |  |      |            |  |      |   |            | 
|Partners Capital (Notes 1 and 6):                                                                                                                             |  |      |            |  |      |   |            | 
|General Partner, 685.2830 and 2,005.1490 Unit equivalents
    outstanding at December 31, 2009 and 2008, respectively                                          |  |      | 954,503    |  |      |   | 2,975,581  | 
|Limited Partners, 47,936.5632 and 56,562.1227 Redeemable Units
    of Limited Partnership Interest outstanding at December 31,
    2009 and 2008, respectively |  |      | 66,768,808 |  |      |   | 83,936,676 | 
|                                                                                                                                                               |  |      |            |  |      |   |            | 
|Total partners capital                                                                                                                                        |  |      | 67,723,311 |  |      |   | 86,912,257 | 
|                                                                                                                                                               |  |      |            |  |      |   |            | 
|Total liabilities and partners capital                                                                                                                        |  | $    | 68,926,969 |  |      | $ | 92,283,681 | 
|                                                                                                                                                               |  |      |            |  |      |   |            | 





See accompanying notes to financial statements.


F-8



---



##### 



Diversified 2000
    Futures Fund L.P.Schedule of Investments
    December 31, 2009




|                                                |  |            |            |  |                |   |        |  
|----------------------------------------------- |  | ---------- | ---------- |  | -------------- | - | ------ | -
|                                                |  |            |            |  | % of Partners |  
|                                                |  | Fair Value |            |  | Capital        |  
|                                               
|Investment in Partnerships                      |  |            |            |  |                |   |        |  
|CMF Campbell Master Fund L.P.                   |  | $          | 5,638,620  |  |                |   | 8.33   | %
|CMF Aspect Master Fund L.P.                     |  |            | 19,889,156 |  |                |   | 29.37  |  
|CMF Graham Capital Master Fund L.P.             |  |            | 22,604,775 |  |                |   | 33.38  |  
|CMF SandRidge Master Fund L.P.                  |  |            | 13,641,031 |  |                |   | 20.14  |  
|CMF Eckhardt Master Fund L.P.                   |  |            | 6,989,688  |  |                |   | 10.32  |  
|                                                |  |            |            |  |                |   |        |  
|Total investment in Partnerships, at fair value |  | $          | 68,763,270 |  |                | $ | 101.54 | %
|                                                |  |            |            |  |                |   |        |  





See accompanying notes to financial statements.


F-9



---



##### 



Diversified 2000
    Futures Fund L.P.Schedule of Investments
    December 31, 2008




|                                                |  |            |            |  |                |   |        |  
|----------------------------------------------- |  | ---------- | ---------- |  | -------------- | - | ------ | -
|                                                |  |            |            |  | % of Partners |  
|                                                |  | Fair Value |            |  | Capital        |  
|                                               
|Investment in Partnerships                      |  |            |            |  |                |   |        |  
|CMF Campbell Master Fund L.P.                   |  | $          | 13,096,955 |  |                |   | 15.07  | %
|CMF Aspect Master Fund L.P.                     |  |            | 30,244,967 |  |                |   | 34.80  |  
|CMF Graham Capital Master Fund L.P.             |  |            | 28,384,660 |  |                |   | 32.66  |  
|CMF SandRidge Master Fund L.P.                  |  |            | 12,612,757 |  |                |   | 14.51  |  
|CMF Eckhardt Master Fund L.P.                   |  |            | 7,863,329  |  |                |   | 9.05   |  
|                                                |  |            |            |  |                |   |        |  
|Total investment in Partnerships, at fair value |  | $          | 92,202,668 |  |                | $ | 106.09 | %
|                                                |  |            |            |  |                |   |        |  





See accompanying notes to financial statements.


F-10



---



##### 



Diversified 2000
    Futures Fund L.P.Statements of Income and Expenses
    for the years ended
    December 31, 2009, 2008 and 2007




|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|----------------------------------------------------------------------------------------------------------------------------- |  | ---- | ----------- | - | ---- | - | ----------- | ---- |  | - | ----------- | -
|                                                                                                                              |  | 2009 |             |   | 2008 |   |             | 2007 | 
|                                                                                                                             
|Income:                                                                                                                       |  |      |             |   |      |   |             |      |  |   |             |  
|Net gains (losses) on trading of commodity interests and
    investment in Partnerships:                                      |  |      |             |   |      |   |             |      |  |   |             |  
|Net realized gains (losses) on closed positions and sale of
    investment in Partnership                                     |  | $    |            |   |      | $ |            |      |  | $ | (6,919,777  | )
|Net realized gains (losses) on investment in Partnerships                                                                     |  |      | (590,938    | ) |      |   | 25,034,325  |      |  |   | 9,010,536   |  
|Change in net unrealized gains (losses) on investment in
    Partnerships                                                     |  |      | 1,877,924   |   |      |   | (2,687,438  | )    |  |   | 1,918,413   |  
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|Gain (loss) from trading, net                                                                                                 |  |      | 1,286,986   |   |      |   | 22,346,887  |      |  |   | 4,009,172   |  
|Interest income from investment in Partnerships                                                                               |  |      | 53,348      |   |      |   | 1,027,369   |      |  |   | 4,064,499   |  
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|Total income (loss)                                                                                                           |  |      | 1,340,334   |   |      |   | 23,374,256  |      |  |   | 8,073,671   |  
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|Expenses:                                                                                                                     |  |      |             |   |      |   |             |      |  |   |             |  
|Brokerage commissions including clearing fees (Note 3c)                                                                       |  |      | 4,244,399   |   |      |   | 5,523,222   |      |  |   | 6,584,804   |  
|Management fees (Note 3b)                                                                                                     |  |      | 1,339,104   |   |      |   | 1,726,905   |      |  |   | 2,034,794   |  
|Incentive fees (Note 3b)                                                                                                      |  |      | 297,167     |   |      |   | 2,324,181   |      |  |   | 44,462      |  
|Professional fees                                                                                                             |  |      | 267,426     |   |      |   | 190,320     |      |  |   | 142,627     |  
|Other                                                                                                                         |  |      | 79,152      |   |      |   | 47,491      |      |  |   | 68,575      |  
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|Total expenses                                                                                                                |  |      | 6,227,248   |   |      |   | 9,812,119   |      |  |   | 8,875,262   |  
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|Net income (loss)                                                                                                             |  | $    | (4,886,914  | ) |      | $ | 13,562,137  |      |  | $ | (801,591    | )
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|Net income (loss) per Redeemable Unit of Limited Partnership
    Interest and General Partner Unit equivalent (Notes 1 and 7) |  | $    | (91.11      | ) |      | $ | 195.34      |      |  | $ | (5.96       | )
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|Weighted average units outstanding                                                                                            |  |      | 52,420.3791 |   |      |   | 69,282.7177 |      |  |   | 90,316.2615 |  
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  





See accompanying notes to financial statements.


F-11



---



##### 



Diversified 2000
    Futures Fund L.P.Statements of Changes in Partners
    Capital
    for the years ended
    December 31, 2009, 2008 and 2007




|                                                                               |  |          |             |   |         |   |            |       |  |   |             |  
|------------------------------------------------------------------------------ |  | -------- | ----------- | - | ------- | - | ---------- | ----- |  | - | ----------- | -
|                                                                               |  | Limited  |             |   | General |   |            |       | 
|                                                                               |  | Partners |             |   | Partner |   |            | Total | 
|                                                                              
|Partners Capital at December 31, 2006                                         |  | $        | 125,236,752 |   |         | $ | 2,595,846  |       |  | $ | 127,832,598 |  
|Net income (loss)                                                              |  |          | (789,640    | ) |         |   | (11,951    | )     |  |   | (801,591    | )
|Redemption of 21,943.0013 Redeemable Units of Limited
    Partnership Interest |  |          | (28,063,398 | ) |         |   |           |       |  |   | (28,063,398 | )
|                                                                               |  |          |             |   |         |   |            |       |  |   |             |  
|Partners Capital at December 31, 2007                                         |  |          | 96,383,714  |   |         |   | 2,583,895  |       |  |   | 98,967,609  |  
|Net income (loss)                                                              |  |          | 13,170,451  |   |         |   | 391,686    |       |  |   | 13,562,137  |  
|Redemption of 18,233.6270 Redeemable Units of Limited
    Partnership Interest |  |          | (25,617,489 | ) |         |   |           |       |  |   | (25,617,489 | )
|                                                                               |  |          |             |   |         |   |            |       |  |   |             |  
|Partners Capital at December 31, 2008                                         |  |          | 83,936,676  |   |         |   | 2,975,581  |       |  |   | 86,912,257  |  
|Net income (loss)                                                              |  |          | (4,751,474  | ) |         |   | (135,440   | )     |  |   | (4,886,914  | )
|Redemption of 8,625.5595 Redeemable Units of Limited Partnership
    Interest  |  |          | (12,416,394 | ) |         |   |           |       |  |   | (12,416,394 | )
|Redemption of 1,319.8660 General Partner Unit equivalents                      |  |          |            |   |         |   | (1,885,638 | )     |  |   | (1,885,638  | )
|                                                                               |  |          |             |   |         |   |            |       |  |   |             |  
|Partners Capital at December 31, 2009                                         |  | $        | 66,768,808  |   |         | $ | 954,503    |       |  | $ | 67,723,311  |  
|                                                                               |  |          |             |   |         |   |            |       |  |   |             |  
|Net Asset Value per Unit:                                                      |  |          |             |   |         |   |            |       |  |   |             |  





2007:

$
1,288.632008:

$
1,483.972009:

$
1,392.86






See accompanying notes to financial statements.


F-12



---



##### 





Diversified 2000
    Futures Fund L.P.

    Notes to Financial Statements
    December 31, 2009




|   |                              
|-- | -----------------------------
|1. | Partnership
    Organization:



non-U.S. interest






















F-13



---



##### 





Diversified 2000
    Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2009






|   |                         
|-- | ------------------------
|2. | Accounting
    Policies:



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. | Use of Estimates.The preparation of financial
    statements and accompanying notes in conformity with 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.
    In making these estimates and assumptions, management has
    considered the effects, if any, of events occurring after the
    date of the Partnerships Statements of Financial Condition
    through the date the financial statements were issued. As a
    result, actual results could differ from these estimates.                                                                                                                                                                                                                                                                                 
|
| | b. | Statement of Cash Flows.  The Partnership is
    not required to provide a Statement of Cash Flows as permitted
    by ASC 230, Statement of Cash Flows (formerly,
    FAS No. 102, Statement of Cash Flows Exemption
    of Certain Enterprises and Classification of Cash Flows from
    Certain Securities Acquired for Resale).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|
| | c. | Partnerships and the Funds
    Investments.  All commodity interests (including
    derivative financial instruments and derivative commodity
    instruments), through its investment in other partnerships, 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 Funds 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
    Funds Statements of Income and Expenses.



Partnerships and the Funds Fair Value
    Measurements.




FAS No. 157-4,


F-14



---



##### 





Diversified 2000
    Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2009








QuotedPrices inActive


SignificantMarkets for


Other


SignificantIdentical


Observable


UnobservableAssets


Inputs


Inputs12/31/2009


(Level 1)


(Level 2)


(Level 3)AssetsInvestment in Partnerships

$
68,763,270


$



$
68,763,270


$
Total fair value

$
68,763,270


$



$
68,763,270


$







QuotedPrices inActive


SignificantMarkets for


Other


SignificantIdentical


Observable


UnobservableAssets


Inputs


Inputs12/31/2008


(Level 1)


(Level 2)


(Level 3)AssetsInvestment in Partnerships

$
92,202,668


$



$
92,202,668


$
Total fair value

$
92,202,668


$



$
92,202,668


$







| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Futures Contracts.  The Funds trade futures
    contracts. Exchange cleared swaps included in futures and
    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 Funds 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 Funds. When the contract is closed, the Funds
    record 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. Because 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, credit exposure is limited. Realized
    gains (losses) and changes in unrealized gains (losses) on
    futures contracts are included in the Statements of Income and
    Expenses.
|
| |  | Forward Foreign Currency Contracts.  Foreign
    currency contracts are those contracts where the Funds agree 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 Funds 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

F-15



---



##### 





Diversified 2000
    Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2009




| |  |                                                                                                                                                                                                                                                                                                                                                                          
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 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.







| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    | 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 Funds are cash
    settled based on prompt dates published by the LME. Payments
    (variation margin) may be made or received by the
    Funds 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 Funds. A contract is
    considered offset when all long positions have been matched with
    short positions. When the contract is closed at the prompt date,
    the Funds record 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. Because 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, credit exposure is
    limited. Realized gains (losses) and changes in unrealized gains
    (losses) on metal contracts are included in the Statements of
    Income and Expenses.
|
| |    | Options.  The Funds may purchase and write
    (sell) both exchange listed and
    over-the-counter
    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 Funds write an option, the premium
    received is recorded as a liability in the Statements of
    Financial Condition and marked to market daily. When the Funds
    purchase an option, the premium paid is recorded as an asset in
    the 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.                                                                                                                                                                                                                                                                                                                                                                                 
|
| | d. | Income Taxes.  Income taxes have not been
    provided as each partner is individually liable for the taxes,
    if any, on their share of the Partnerships income and
    expenses.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 











| |    |                                                                                                                                                                                                     
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | e. | Subsequent Events.  In 2009, the Partnership
    adopted ASC 855, Subsequent Events (formerly,
    FAS No. 165, Subsequent Events). The
    objective of ASC 855 is to establish general standards

F-16



---



##### 





Diversified 2000
    Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2009




| |  |                                                                                                                                                                 
| |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | of accounting for and disclosure of events that occur after the
    balance sheet date but before financial statements are issued or
    available to be issued.



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | f. | Recent Accounting Pronouncements.  In January
    2010, the FASB issued Accounting Standards Update
    No. 2010-06
    (ASU
    2010-06),
    Improving Disclosures about Fair Value Measurements,
    which , among other things, amends ASC 820 to require entities
    to separately present purchases, sales, issuances, and
    settlements in their reconciliation of Level 3 fair value
    measurements (i.e. to present such items on a gross basis rather
    than on a net basis), and which clarifies existing disclosure
    requirements provided by ASC 820 regarding the level of
    disaggregation and the inputs and valuation techniques used to
    measure fair value for measurements that fall within either
    Level 2 or Level 3 of the fair value hierarchy. ASU
    2010-06 is
    effective for interim and annual periods beginning after
    December 15, 2009, except for the disclosures about
    purchases, sales, issuances, and settlements in the roll forward
    of activity in Level 3 fair value measurements (which are
    effective for fiscal years beginning after December 15,
    2010, and for interim periods within those fiscal years).
    Management is currently assessing the impact that the adoption
    of ASU
    2010-06 will
    have on the Partnerships financial statements disclosures.



No. 2010-09 2010-09),




| |    |                                                                                                                                                                                               
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | g. | Certain prior period amounts have been reclassified to conform
    to the current year presentation.                                                                                          
|
| | h. | Net Income (Loss) per Redeemable Unit.Net
    income (loss) per Redeemable Unit is calculated in accordance
    with investment company guidance. See footnote 7 for Financial
    Highlights.
|
| | 3. | Agreements:                                                                                                                                                                                   











| |    |                      
| | -- | ---------------------
| | b. | Management Agreement:



1 6 1 12


F-17



---



##### 





Diversified 2000
    Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2009
















| |    |                    
| | -- | -------------------
| | c. | Customer Agreement:



give-up 30-day 3-month 90-day and/or




|   |                        
|-- | -----------------------
|4. | Trading
    Activities:







Partnership/Funds






F-18



---



##### 





Diversified 2000
    Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2009








|   |                                
|-- | -------------------------------
|5. | Investment in
    Partnerships:





















F-19



---



##### 





Diversified 2000
    Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2009


























F-20



---



##### 





Diversified 2000
    Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2009






|                 |  |                   |               |  |             |   |            |         |  |   |               | 
|---------------- |  | ----------------- | ------------- |  | ----------- | - | ---------- | ------- |  | - | ------------- | 
|                 |  | December 31, 2009 |              
|                 |  | Total             |               |  | Total       |   |            | Total   | 
|                 |  | Assets            |               |  | Liabilities |   |            | Capital | 
|                
|Campbell Master  |  | $                 | 63,393,130    |  |             | $ | 867,467    |         |  | $ | 62,525,663    | 
|Aspect Master    |  |                   | 166,072,281   |  |             |   | 934,223    |         |  |   | 165,138,058   | 
|Graham Master    |  |                   | 171,238,199   |  |             |   | 25,939     |         |  |   | 171,212,260   | 
|SandRidge Master |  |                   | 715,621,327   |  |             |   | 30,711,834 |         |  |   | 684,909,493   | 
|Eckhardt Master  |  |                   | 17,383,619    |  |             |   | 63,160     |         |  |   | 17,320,459    | 
|                 |  |                   |               |  |             |   |            |         |  |   |               | 
|Total            |  | $                 | 1,133,708,556 |  |             | $ | 32,602,623 |         |  | $ | 1,101,105,933 | 
|                 |  |                   |               |  |             |   |            |         |  |   |               | 





|                 |  |                   |               |  |             |   |             |         |  |   |               | 
|---------------- |  | ----------------- | ------------- |  | ----------- | - | ----------- | ------- |  | - | ------------- | 
|                 |  | December 31, 2008 |              
|                 |  | Total             |               |  | Total       |   |             | Total   | 
|                 |  | Assets            |               |  | Liabilities |   |             | Capital | 
|                
|Campbell Master  |  | $                 | 127,587,225   |  |             | $ | 112,263     |         |  | $ | 127,474,962   | 
|Aspect Master    |  |                   | 240,236,167   |  |             |   | 881,834     |         |  |   | 239,354,333   | 
|Graham Master    |  |                   | 224,787,639   |  |             |   | 296,697     |         |  |   | 224,490,942   | 
|SandRidge Master |  |                   | 565,091,084   |  |             |   | 115,372,638 |         |  |   | 449,718,446   | 
|Eckhardt Master  |  |                   | 20,544,954    |  |             |   | 15,519      |         |  |   | 20,529,435    | 
|                 |  |                   |               |  |             |   |             |         |  |   |               | 
|Total            |  | $                 | 1,178,247,069 |  |             | $ | 116,678,951 |         |  | $ | 1,061,568,118 | 
|                 |  |                   |               |  |             |   |             |         |  |   |               | 









|                 |  |                                      |             |   |                     |   |             |                   |  |   |             |  
|---------------- |  | ------------------------------------ | ----------- | - | ------------------- | - | ----------- | ----------------- |  | - | ----------- | -
|                 |  | For the year ended December 31, 2009 |            
|                 |  | Gain (Loss) from                     |             |   |                     |   |             |                   | 
|                 |  | Trading, net                         |             |   | Total Income (Loss) |   |             | Net Income (Loss) | 
|                
|Campbell Master  |  | $                                    | (2,923,817  | ) |                     | $ | (2,860,109  | )                 |  | $ | (2,974,707  | )
|Aspect Master    |  |                                      | (18,818,065 | ) |                     |   | (18,684,829 | )                 |  |   | (18,997,603 | )
|Graham Master    |  |                                      | 12,468,065  |   |                     |   | 12,593,321  |                   |  |   | 11,932,221  |  
|SandRidge Master |  |                                      | 99,192,706  |   |                     |   | 99,581,610  |                   |  |   | 98,747,670  |  
|Eckhardt Master  |  |                                      | (617,648    | ) |                     |   | (604,361    | )                 |  |   | (743,158    | )
|                 |  |                                      |             |   |                     |   |             |                   |  |   |             |  
|Total            |  | $                                    | 89,301,241  |   |                     | $ | 90,025,632  |                   |  | $ | 87,964,423  |  
|                 |  |                                      |             |   |                     |   |             |                   |  |   |             |  





|                 |  |                                      |             |  |                     |   |             |                   |  |   |             | 
|---------------- |  | ------------------------------------ | ----------- |  | ------------------- | - | ----------- | ----------------- |  | - | ----------- | 
|                 |  | For the year ended December 31, 2008 |            
|                 |  | Gain (Loss) from                     |             |  |                     |   |             |                   | 
|                 |  | Trading, net                         |             |  | Total Income (Loss) |   |             | Net Income (Loss) | 
|                
|Campbell Master  |  | $                                    | 6,817,650   |  |                     | $ | 8,716,578   |                   |  | $ | 8,555,470   | 
|Aspect Master    |  |                                      | 68,781,504  |  |                     |   | 71,028,704  |                   |  |   | 70,690,200  | 
|Graham Master    |  |                                      | 63,129,714  |  |                     |   | 65,332,335  |                   |  |   | 64,361,901  | 
|SandRidge Master |  |                                      | 99,606,709  |  |                     |   | 103,726,426 |                   |  |   | 103,066,328 | 
|Eckhardt Master  |  |                                      | 848,562     |  |                     |   | 999,083     |                   |  |   | 904,735     | 
|                 |  |                                      |             |  |                     |   |             |                   |  |   |             | 
|Total            |  | $                                    | 239,184,139 |  |                     | $ | 249,803,126 |                   |  | $ | 247,578,634 | 
|                 |  |                                      |             |  |                     |   |             |                   |  |   |             | 



F-21



---



##### 





Diversified 2000
    Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2009








|                                     |  |               |       |   |       |   |            |        |  |   |             |   |  |        |         |  |            |   |             |           |  |           |            |   |  |                                                      |  |        
|------------------------------------ |  | ------------- | ----- | - | ----- | - | ---------- | ------ |  | - | ----------- | - |  | ------ | ------- |  | ---------- | - | ----------- | --------- |  | --------- | ---------- | - |  | ---------------------------------------------------- |  | -------
|                                     |  | % of          |       |   |       |   |            |        |  |   |             |   |  |        |         |  | Net        |   |             |           |  |          
|                                     |  | Partnerships |       |   | Fair  |   |            | Income |  |   | Expenses    |   |  | Income |         |  | Investment |   | Redemptions
|Investment                           |  | Net Assets    |       |   | Value |   |            | (Loss) |  |   | Commissions |   |  | Other  |         |  | (Loss)     |   |             | Objective |  | Permitted
|                                    
|For the year ended December 31, 2009
|Campbell Master                      |  |               | 8.33  | % |       | $ | 5,638,620  |        |  | $ | (313,558    | ) |  | $      | 6,795   |  |            | $ | 4,585       |           |  | $         | (324,938   | ) |  | Financial
    Metal &
    Energy Large
    Portfolio |  | Monthly
|Aspect Master                        |  |               | 29.37 | % |       |   | 19,889,156 |        |  |   | (2,302,519  | ) |  |        | 32,379  |  |            |   | 5,634       |           |  |           | (2,340,532 | ) |  | Commodity
    Portfolio                              |  | Monthly
|Graham Master                        |  |               | 33.38 | % |       |   | 22,604,775 |        |  |   | 1,639,519   |   |  |        | 80,944  |  |            |   | 6,147       |           |  |           | 1,552,428  |   |  | Commodity
    Portfolio                              |  | Monthly
|SandRidge Master                     |  |               | 20.14 | % |       |   | 13,641,031 |        |  |   | 2,556,009   |   |  |        | 15,091  |  |            |   | 5,043       |           |  |           | 2,535,875  |   |  | Energy
    Portfolio                                 |  | Monthly
|Eckhardt Master                      |  |               | 10.32 | % |       |   | 6,989,688  |        |  |   | (239,117    | ) |  |        | 19,580  |  |            |   | 35,355      |           |  |           | (294,052   | ) |  | Commodity
    Portfolio                              |  | Monthly
|                                     |  |               |       |   |       |   |            |        |  |   |             |   |  |        |         |  |            |   |             |           |  |           |            |   |  |                                                      |  |        
|Total                                |  |               |       |   |       | $ | 68,763,270 |        |  | $ | 1,340,334   |   |  | $      | 154,789 |  |            | $ | 56,764      |           |  | $         | 1,128,781  |   |  |                                                      |  |        
|                                     |  |               |       |   |       |   |            |        |  |   |             |   |  |        |         |  |            |   |             |           |  |           |            |   |  |                                                      |  |        





|                                     |  |               |       |   |       |   |            |        |  |   |             |  |  |        |         |  |            |   |             |           |  |           |            |  |  |                                                       |  |        
|------------------------------------ |  | ------------- | ----- | - | ----- | - | ---------- | ------ |  | - | ----------- |  |  | ------ | ------- |  | ---------- | - | ----------- | --------- |  | --------- | ---------- |  |  | ----------------------------------------------------- |  | -------
|                                     |  | % of          |       |   |       |   |            |        |  |   |             |  |  |        |         |  | Net        |   |             |           |  |          
|                                     |  | Partnerships |       |   | Fair  |   |            | Income |  |   | Expenses    |  |  | Income |         |  | Investment |   | Redemptions
|Investment                           |  | Net Assets    |       |   | Value |   |            | (Loss) |  |   | Commissions |  |  | Other  |         |  | (Loss)     |   |             | Objective |  | Permitted
|                                    
|For the year ended December 31, 2008
|Campbell Master                      |  |               | 15.07 | % |       | $ | 13,096,955 |        |  | $ | 856,952     |  |  | $      | 13,133  |  |            | $ | 5,107       |           |  | $         | 838,712    |  |  | Financial
    Metal & 
    Energy Large
    Portfolio |  | Monthly
|Aspect Master                        |  |               | 34.80 | % |       |   | 30,244,967 |        |  |   | 10,170,889  |  |  |        | 43,867  |  |            |   | 5,051       |           |  |           | 10,121,971 |  |  | Commodity
    Portfolio                               |  | Monthly
|Graham Master                        |  |               | 32.66 | % |       |   | 28,384,660 |        |  |   | 8,512,344   |  |  |        | 124,616 |  |            |   | 3,944       |           |  |           | 8,383,784  |  |  | Commodity
    Portfolio                               |  | Monthly
|SandRidge Master                     |  |               | 14.51 | % |       |   | 12,612,757 |        |  |   | 3,432,303   |  |  |        | 11,877  |  |            |   | 8,205       |           |  |           | 3,412,221  |  |  | Energy
    Portfolio                                  |  | Monthly
|Eckhardt Master                      |  |               | 9.05  | % |       |   | 7,863,329  |        |  |   | 401,768     |  |  |        | 9,580   |  |            |   | 29,074      |           |  |           | 363,114    |  |  | Commodity
    Portfolio                               |  | Monthly
|                                     |  |               |       |   |       |   |            |        |  |   |             |  |  |        |         |  |            |   |             |           |  |           |            |  |  |                                                       |  |        
|Total                                |  |               |       |   |       | $ | 92,202,668 |        |  | $ | 23,374,256  |  |  | $      | 203,073 |  |            | $ | 51,381      |           |  | $         | 23,119,802 |  |  |                                                       |  |        
|                                     |  |               |       |   |       |   |            |        |  |   |             |  |  |        |         |  |            |   |             |           |  |           |            |  |  |                                                       |  |        





|   |                                   
|-- | ----------------------------------
|6. | Distributions and
    Redemptions:





F-22



---



##### 





Diversified 2000
    Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2009






|   |                          
|-- | -------------------------
|7. | Financial
    Highlights:







|                                                       |  |      |          |   |      |   |          |      |  |   |          |  
|------------------------------------------------------ |  | ---- | -------- | - | ---- | - | -------- | ---- |  | - | -------- | -
|                                                       |  | 2009 |          |   | 2008 |   |          | 2007 | 
|                                                      
|Net realized and unrealized gains (losses)*            |  | $    | (54.60   | ) |      | $ | 243.94   |      |  | $ | (25.24   | )
|Interest income                                        |  |      | 1.00     |   |      |   | 14.30    |      |  |   | 44.61    |  
|Expenses**                                             |  |      | (37.51   | ) |      |   | (62.90   | )    |  |   | (25.33   | )
|                                                       |  |      |          |   |      |   |          |      |  |   |          |  
|Increase (decrease) for the year                       |  |      | (91.11   | ) |      |   | 195.34   |      |  |   | (5.96    | )
|Net Asset Value per Redeemable Unit, beginning of year |  |      | 1,483.97 |   |      |   | 1,288.63 |      |  |   | 1,294.59 |  
|                                                       |  |      |          |   |      |   |          |      |  |   |          |  
|Net Asset Value per Redeemable Unit, end of year       |  | $    | 1,392.86 |   |      | $ | 1,483.97 |      |  | $ | 1,288.63 |  
|                                                       |  |      |          |   |      |   |          |      |  |   |          |  







|   |  |                                
|-- |  | -------------------------------
|*  |  | Includes brokerage commissions.
|  
|  
|** |  | Excludes brokerage commissions.



|                                                      |  |      |      |    |      |  |      |      |  |  |      |   
|----------------------------------------------------- |  | ---- | ---- | -- | ---- |  | ---- | ---- |  |  | ---- | --
|                                                      |  | 2009 |      |    | 2008 |  |      | 2007 | 
|                                                     
|Ratios to Average Net Assets:                         |  |      |      |    |      |  |      |      |  |  |      |   
|Net investment income (loss) before incentive fees*** |  |      | (7.9 | )% |      |  | (6.8 | )%   |  |  | (4.1 | )%
|                                                      |  |      |      |    |      |  |      |      |  |  |      |   
|Operating expenses                                    |  |      | 8.0  | %  |      |  | 7.9  | %    |  |  | 7.7  | % 
|Incentive fees                                        |  |      | 0.4  | %  |      |  | 2.4  | %    |  |  |     |   
|                                                      |  |      |      |    |      |  |      |      |  |  |      |   
|Total expenses                                        |  |      | 8.4  | %  |      |  | 10.3 | %    |  |  | 7.7  | % 
|                                                      |  |      |      |    |      |  |      |      |  |  |      |   
|Total return:                                         |  |      |      |    |      |  |      |      |  |  |      |   
|Total return before incentive fees                    |  |      | (5.7 | )% |      |  | 18.2 | %    |  |  | (0.4 | )%
|Incentive fees                                        |  |      | (0.4 | )% |      |  | (3.0 | )%   |  |  | (0.1 | )%
|                                                      |  |      |      |    |      |  |      |      |  |  |      |   
|Total return after incentive fees                     |  |      | (6.1 | )% |      |  | 15.2 | %    |  |  | (0.5 | )%
|                                                      |  |      |      |    |      |  |      |      |  |  |      |   







|    |  |                                     
|--- |  | ------------------------------------
|*** |  | Interest income less total expenses.







|   |                                
|-- | -------------------------------
|8. | Financial
    Instrument Risks:



over-the-counter






F-23



---



##### 





Diversified 2000
    Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2009
























|   |                       
|-- | ----------------------
|9. | Subsequent
    Events:





F-24



---



##### 



For the period from
    
    For the period from
    
    For the period
    
    For the period fromOctober 1, 2009 to
    
    July 1, 2009 to
    
    from April 1, 2009
    
    January 1, 2009 toDecember 31, 2009
    
    September 30, 2009
    
    to June 30, 2009
    
    March 31, 2009Net realized and unrealized trading gains
(losses) net of brokerage commissions and
clearing fees including interest income
    
    $
    (1,483,198
    )
    
    $
    3,566,889
    
    
    $
    (4,282,850
    )
    
    $
    (704,906
    )Net income (loss)
    
    $
    (1,812,838
    )
    
    $
    3,039,053
    
    
    $
    (4,805,629
    )
    
    $
    (1,307,500
    )Increase (decrease) in Net Asset Value per Unit
    
    $
    (37.13
    )
    
    $
    60.90
    
    
    $
    (91.61
    )
    
    $
    (23.27
    )For the period from
    
    For the period from
    
    For the period
    
    For the period fromOctober 1, 2008 to
    
    July 1, 2008 to
    
    from April 1, 2008
    
    January 1, 2008 toDecember 31, 2008
    
    September 30, 2008
    
    to June 30, 2008
    
    March 31, 2008Net realized and unrealized trading gains
(losses) net of brokerage commissions and
clearing fees including interest income
    
    $
    9,437,191
    
    
    $
    (7,311,419
    )
    
    $
    7,222,624
    
    
    $
    8,502,638Net income (loss)
    
    $
    7,321,935
    
    
    $
    (6,629,710
    )
    
    $
    5,812,186
    
    
    $
    7,057,726Increase (decrease) in Net Asset Value per Unit
    
    $
    115.85
    
    
    $
    (95.97
    )
    
    $
    83.02
    
    
    $
    92.44
 F-25




---



##### 





To the Limited
    Partners of
    CMF Campbell Master Fund L.P.













| |     |               
| | --- | --------------
| | By: | Jennifer Magro











Ceres Managed Futures LLC


212-559-2011


F-26



---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    
 F-27




---



##### 



Report of Independent Auditors
 
   
 F-28




---



##### 



Report of Independent Registered Public Accounting Firm
 
     
 F-29




---



##### 



CMF Campbell
    Master Fund L.P.

    Statements of Financial Condition
    December 31, 2009 and 2008




|                                                                                                                                                                         |  |      |            |  |      |   |             | 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ---- | ---------- |  | ---- | - | ----------- | 
|                                                                                                                                                                         |  | 2009 |            |  | 2008 |  
|                                                                                                                                                                        
|Assets:                                                                                                                                                                  |  |      |            |  |      |   |             | 
|Equity in trading account:                                                                                                                                               |  |      |            |  |      |   |             | 
|Cash (Note 3c)                                                                                                                                                           |  | $    | 57,797,715 |  |      | $ | 119,063,081 | 
|Cash margin (Note 3c)                                                                                                                                                    |  |      | 5,501,376  |  |      |   | 7,947,067   | 
|Net unrealized appreciation on open futures contracts                                                                                                                    |  |      |           |  |      |   | 159,230     | 
|Net unrealized appreciation on open forward contracts                                                                                                                    |  |      |           |  |      |   | 397,543     | 
|Options owned, at fair value (cost $96,122 and $36,166 at
    December 31, 2009 and 2008, respectively)                                                                  |  |      | 94,039     |  |      |   | 20,304      | 
|                                                                                                                                                                         |  |      |            |  |      |   |             | 
|Total assets                                                                                                                                                             |  | $    | 63,393,130 |  |      | $ | 127,587,225 | 
|                                                                                                                                                                         |  |      |            |  |      |   |             | 
|Liabilities and Partners Capital:                                                                                                                                       |  |      |            |  |      |   |             | 
|Liabilities:                                                                                                                                                             |  |      |            |  |      |   |             | 
|Net unrealized depreciation on open futures contracts                                                                                                                    |  | $    | 366,940    |  |      | $ |            | 
|Net unrealized depreciation on open forward contracts                                                                                                                    |  |      | 431,591    |  |      |   |            | 
|Options written, at fair value (premium $34,361 and $108,994 at
    December 31, 2009 and 2008, respectively)                                                            |  |      | 35,406     |  |      |   | 82,624      | 
|Accrued expenses:                                                                                                                                                        |  |      |            |  |      |   |             | 
|Professional fees                                                                                                                                                        |  |      | 33,530     |  |      |   | 29,639      | 
|                                                                                                                                                                         |  |      |            |  |      |   |             | 
|Total liabilities                                                                                                                                                        |  |      | 867,467    |  |      |   | 112,263     | 
|                                                                                                                                                                         |  |      |            |  |      |   |             | 
|Partners Capital:                                                                                                                                                       |  |      |            |  |      |   |             | 
|General Partner, 0.0000 Unit equivalents at December 31,
    2009 and 2008                                                                                               |  |      |           |  |      |   |            | 
|Limited Partners Capital, 56,557.8676 and 112,523.4490
    Redeemable Units of Limited Partnership Interest outstanding at
    December 31, 2009 and 2008, respectively |  |      | 62,525,663 |  |      |   | 127,474,962 | 
|                                                                                                                                                                         |  |      |            |  |      |   |             | 
|Total liabilities and partners capital                                                                                                                                  |  | $    | 63,393,130 |  |      | $ | 127,587,225 | 
|                                                                                                                                                                         |  |      |            |  |      |   |             | 





See accompanying notes to financial statements.


F-30



---



##### 



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




|                                                   |  |               |                 |  |            |   |            |                |  |  |       |   
|-------------------------------------------------- |  | ------------- | --------------- |  | ---------- | - | ---------- | -------------- |  |  | ----- | --
|                                                   |  | Notional ($)/ |                 |  |            |   |            |                | 
|                                                   |  | Number of     |                 |  |            |   |            | % of Partners | 
|                                                   |  | Contracts     |                 |  | Fair Value |   |            | Capital        | 
|                                                  
|Futures Contracts Purchased                        |  |               |                 |  |            |   |            |                |  |  |       |   
|Energy                                             |  |               | 36              |  |            | $ | 21,183     |                |  |  | 0.03  | % 
|Grains                                             |  |               | 3               |  |            |   | 2,325      |                |  |  | 0.00  | * 
|Interest Rates
    Non-U.S.                        |  |               | 446             |  |            |   | (283,167   | )              |  |  | (0.45 | ) 
|Interest Rates U.S.                                |  |               | 507             |  |            |   | (493,888   | )              |  |  | (0.79 | ) 
|Indices                                            |  |               | 455             |  |            |   | 441,278    |                |  |  | 0.71  |   
|Metals                                             |  |               | 18              |  |            |   | (83,265    | )              |  |  | (0.13 | ) 
|Softs                                              |  |               | 22              |  |            |   | (4,234     | )              |  |  | (0.00 | )*
|                                                   |  |               |                 |  |            |   |            |                |  |  |       |   
|Total futures contracts purchased                  |  |               |                 |  |            |   | (399,768   | )              |  |  | (0.63 | ) 
|                                                   |  |               |                 |  |            |   |            |                |  |  |       |   
|Futures Contracts Sold                             |  |               |                 |  |            |   |            |                |  |  |       |   
|Energy                                             |  |               | 1               |  |            |   | 2,730      |                |  |  | 0.00  | * 
|Grains                                             |  |               | 9               |  |            |   | 2,750      |                |  |  | 0.00  | * 
|Interest Rates
    Non-U.S.                        |  |               | 136             |  |            |   | 26,911     |                |  |  | 0.04  |   
|Interest Rates U.S.                                |  |               | 2               |  |            |   | 437        |                |  |  | 0.00  | * 
|                                                   |  |               |                 |  |            |   |            |                |  |  |       |   
|Total futures contracts sold                       |  |               |                 |  |            |   | 32,828     |                |  |  | 0.04  |   
|                                                   |  |               |                 |  |            |   |            |                |  |  |       |   
|Unrealized Appreciation on Forward Contracts       |  |               |                 |  |            |   |            |                |  |  |       |   
|Currencies                                         |  |               | $135,784,768    |  |            |   | 2,033,847  |                |  |  | 3.25  |   
|Metals                                             |  |               | 37              |  |            |   | 285,660    |                |  |  | 0.46  |   
|                                                   |  |               |                 |  |            |   |            |                |  |  |       |   
|Total unrealized appreciation on forward contracts |  |               |                 |  |            |   | 2,319,507  |                |  |  | 3.71  |   
|                                                   |  |               |                 |  |            |   |            |                |  |  |       |   
|Unrealized Depreciation on Forward Contracts       |  |               |                 |  |            |   |            |                |  |  |       |   
|Currencies                                         |  |               | $154,270,721    |  |            |   | (2,642,315 | )              |  |  | (4.23 | ) 
|Metals                                             |  |               | 17              |  |            |   | (108,783   | )              |  |  | (0.17 | ) 
|                                                   |  |               |                 |  |            |   |            |                |  |  |       |   
|Total unrealized depreciation on forward contracts |  |               |                 |  |            |   | (2,751,098 | )              |  |  | (4.40 | ) 
|                                                   |  |               |                 |  |            |   |            |                |  |  |       |   
|Options Owned                                      |  |               |                 |  |            |   |            |                |  |  |       |   
|Currencies                                         |  |               |                 |  |            |   |            |                |  |  |       |   
|Calls                                              |  |               | $2,499,064,517  |  |            |   | 49,773     |                |  |  | 0.08  |   
|Puts                                               |  |               | $430,245,216    |  |            |   | 44,266     |                |  |  | 0.07  |   
|                                                   |  |               |                 |  |            |   |            |                |  |  |       |   
|Total options owned                                |  |               |                 |  |            |   | 94,039     |                |  |  | 0.15  |   
|                                                   |  |               |                 |  |            |   |            |                |  |  |       |   
|Options Written                                    |  |               |                 |  |            |   |            |                |  |  |       |   
|Currencies                                         |  |               |                 |  |            |   |            |                |  |  |       |   
|Calls                                              |  |               | $13,333,773     |  |            |   | (26,438    | )              |  |  | (0.04 | ) 
|Puts                                               |  |               | $43,764,467,517 |  |            |   | (8,968     | )              |  |  | (0.01 | ) 
|                                                   |  |               |                 |  |            |   |            |                |  |  |       |   
|Total options written                              |  |               |                 |  |            |   | (35,406    | )              |  |  | (0.05 | ) 
|                                                   |  |               |                 |  |            |   |            |                |  |  |       |   
|Total fair value                                   |  |               |                 |  |            | $ | (739,898   | )              |  |  | (1.18 | )%
|                                                   |  |               |                 |  |            |   |            |                |  |  |       |   





|  |  |                 
|- |  | ----------------
|* |  | Due to rounding.



See accompanying notes to financial statements.


F-31



---



##### 



CMF Campbell
    Master Fund L.P.

    Condensed Schedule of Investments
    December 31, 2008




|                                                        |  |               |                 |  |            |   |            |                |  |  |       |   
|------------------------------------------------------- |  | ------------- | --------------- |  | ---------- | - | ---------- | -------------- |  |  | ----- | --
|                                                        |  | Notional ($)/ |                 |  |            |   |            |                | 
|                                                        |  | Number of     |                 |  |            |   |            | % of Partners | 
|                                                        |  | Contracts     |                 |  | Fair Value |   |            | Capital        | 
|                                                       
|Futures Contracts Purchased                             |  |               |                 |  |            |   |            |                |  |  |       |   
|Interest Rates Non-U.S                                  |  |               | 1,065           |  |            | $ | 600,131    |                |  |  | 0.47  | % 
|Interest Rates U.S                                      |  |               | 129             |  |            |   | (204,258   | )              |  |  | (0.16 | ) 
|Indices                                                 |  |               | 41              |  |            |   | 44,667     |                |  |  | 0.04  |   
|Metals                                                  |  |               | 1               |  |            |   | 3,250      |                |  |  | 0.00  | * 
|                                                        |  |               |                 |  |            |   |            |                |  |  |       |   
|Total futures contracts purchased                       |  |               |                 |  |            |   | 443,790    |                |  |  | 0.35  |   
|                                                        |  |               |                 |  |            |   |            |                |  |  |       |   
|Futures Contracts Sold                                  |  |               |                 |  |            |   |            |                |  |  |       |   
|Energy                                                  |  |               | 20              |  |            |   | (42,257    | )              |  |  | (0.03 | ) 
|Interest Rates Non-U.S                                  |  |               | 174             |  |            |   | (92,304    | )              |  |  | (0.07 | ) 
|Interest Rates U.S                                      |  |               | 17              |  |            |   | (987       | )              |  |  | (0.00 | )*
|Indices                                                 |  |               | 193             |  |            |   | (149,012   | )              |  |  | (0.12 | ) 
|                                                        |  |               |                 |  |            |   |            |                |  |  |       |   
|Total futures contracts sold                            |  |               |                 |  |            |   | (284,560   | )              |  |  | (0.22 | ) 
|                                                        |  |               |                 |  |            |   |            |                |  |  |       |   
|Unrealized Appreciation on Open Forward Contracts       |  |               |                 |  |            |   |            |                |  |  |       |   
|Currencies                                              |  |               | $99,409,075     |  |            |   | 3,229,485  |                |  |  | 2.53  |   
|Metals                                                  |  |               | 2               |  |            |   | 5,333      |                |  |  | 0.00  | * 
|                                                        |  |               |                 |  |            |   |            |                |  |  |       |   
|Total unrealized appreciation on open forward contracts |  |               |                 |  |            |   | 3,234,818  |                |  |  | 2.53  |   
|                                                        |  |               |                 |  |            |   |            |                |  |  |       |   
|Unrealized Depreciation on Open Forward Contracts       |  |               |                 |  |            |   |            |                |  |  |       |   
|Currencies                                              |  |               | $88,487,957     |  |            |   | (2,741,087 | )              |  |  | (2.15 | ) 
|Metals                                                  |  |               | 31              |  |            |   | (96,188    | )              |  |  | (0.08 | ) 
|                                                        |  |               |                 |  |            |   |            |                |  |  |       |   
|Total unrealized depreciation on open forward contracts |  |               |                 |  |            |   | (2,837,275 | )              |  |  | (2.23 | ) 
|                                                        |  |               |                 |  |            |   |            |                |  |  |       |   
|Options Owned                                           |  |               |                 |  |            |   |            |                |  |  |       |   
|Currencies                                              |  |               |                 |  |            |   |            |                |  |  |       |   
|Calls                                                   |  |               | $18,199,906,162 |  |            |   | (2,055     | )              |  |  | (0.00 | )*
|Puts                                                    |  |               | $3,116,570      |  |            |   | 22,359     |                |  |  | 0.02  |   
|                                                        |  |               |                 |  |            |   |            |                |  |  |       |   
|Total options owned                                     |  |               |                 |  |            |   | 20,304     |                |  |  | 0.02  |   
|                                                        |  |               |                 |  |            |   |            |                |  |  |       |   
|Options Written                                         |  |               |                 |  |            |   |            |                |  |  |       |   
|Currencies                                              |  |               |                 |  |            |   |            |                |  |  |       |   
|Calls                                                   |  |               | $13,554,290     |  |            |   | (5,765     | )              |  |  | (0.00 | )*
|Puts                                                    |  |               | $62,971,974,893 |  |            |   | (76,859    | )              |  |  | (0.06 | ) 
|                                                        |  |               |                 |  |            |   |            |                |  |  |       |   
|Total options written                                   |  |               |                 |  |            |   | (82,624    | )              |  |  | (0.06 | ) 
|                                                        |  |               |                 |  |            |   |            |                |  |  |       |   
|Total fair value                                        |  |               |                 |  |            | $ | 494,453    |                |  |  | 0.39  | % 
|                                                        |  |               |                 |  |            |   |            |                |  |  |       |   





|  |  |                 
|- |  | ----------------
|* |  | Due to rounding.



See accompanying notes to financial statements.


F-32



---



##### 



CMF Campbell
    Master Fund L.P.


Statements of Income and Expenses


for the years ended December 31, 2009, 2008 and 2007




|                                                                                          |  |      |             |   |      |   |              |      |  |   |              |  
|----------------------------------------------------------------------------------------- |  | ---- | ----------- | - | ---- | - | ------------ | ---- |  | - | ------------ | -
|                                                                                          |  | 2009 |             |   | 2008 |   |              | 2007 | 
|                                                                                         
|Income:                                                                                   |  |      |             |   |      |   |              |      |  |   |              |  
|Net gains (losses) on trading of commodity interests:                                     |  |      |             |   |      |   |              |      |  |   |              |  
|Net realized gains (losses) on closed contracts                                           |  | $    | (1,554,877  | ) |      | $ | 5,096,789    |      |  | $ | (7,020,650   | )
|Change in net unrealized gains (losses) on open contracts                                 |  |      | (1,368,940  | ) |      |   | 1,720,861    |      |  |   | (19,893,661  | )
|                                                                                          |  |      |             |   |      |   |              |      |  |   |              |  
|Gain (loss) from trading, net                                                             |  |      | (2,923,817  | ) |      |   | 6,817,650    |      |  |   | (26,914,311  | )
|Interest income                                                                           |  |      | 63,708      |   |      |   | 1,898,928    |      |  |   | 9,721,573    |  
|                                                                                          |  |      |             |   |      |   |              |      |  |   |              |  
|Total income (loss)                                                                       |  |      | (2,860,109  | ) |      |   | 8,716,578    |      |  |   | (17,192,738  | )
|                                                                                          |  |      |             |   |      |   |              |      |  |   |              |  
|Expenses:                                                                                 |  |      |             |   |      |   |              |      |  |   |              |  
|Clearing fees                                                                             |  |      | 68,487      |   |      |   | 114,965      |      |  |   | 436,254      |  
|Professional fees                                                                         |  |      | 46,111      |   |      |   | 46,143       |      |  |   | 38,051       |  
|                                                                                          |  |      |             |   |      |   |              |      |  |   |              |  
|Total expenses                                                                            |  |      | 114,598     |   |      |   | 161,108      |      |  |   | 474,305      |  
|                                                                                          |  |      |             |   |      |   |              |      |  |   |              |  
|Net income (loss)                                                                         |  | $    | (2,974,707  | ) |      | $ | 8,555,470    |      |  | $ | (17,667,043  | )
|                                                                                          |  |      |             |   |      |   |              |      |  |   |              |  
|Net income (loss) per Redeemable Unit of Limited Partnership
    Interest (Notes 1 and 6) |  | $    | (26.58      | ) |      | $ | 48.81        |      |  | $ | (82.98       | )
|                                                                                          |  |      |             |   |      |   |              |      |  |   |              |  
|Weighted average units outstanding                                                        |  |      | 83,268.2801 |   |      |   | 158,476.3485 |      |  |   | 240,248.7234 |  
|                                                                                          |  |      |             |   |      |   |              |      |  |   |              |  





See accompanying notes to financial statements.


F-33



---



##### 



CMF Campbell
    Master Fund L.P.


Statements of Changes in Partners Capital


for the years ended December 31, 2009, 2008 and 2007




|                                                                               |  |           |              |  
|------------------------------------------------------------------------------ |  | --------- | ------------ | -
|                                                                               |  | Partners |             
|                                                                               |  | Capital   |             
|                                                                              
|Partners Capital at December 31, 2006                                         |  | $         | 327,090,390  |  
|Net income (loss)                                                              |  |           | (17,667,043  | )
|Sale of 6,744.0375 Redeemable Units of Limited Partnership
    Interest        |  |           | 7,969,328    |  
|Redemption of 77,141.7434 Redeemable Units of Limited
    Partnership Interest |  |           | (90,974,902  | )
|Distribution of interest income to feeder funds                                |  |           | (9,721,573   | )
|                                                                               |  |           |              |  
|Partners Capital at December 31, 2007                                         |  |           | 216,696,200  |  
|Net income (loss)                                                              |  |           | 8,555,470    |  
|Sale of 7,110.7187 Redeemable Units of Limited Partnership
    Interest        |  |           | 7,921,000    |  
|Redemption of 92,351.1825 Redeemable Units of Limited
    Partnership Interest |  |           | (103,798,780 | )
|Distribution of interest income to feeder funds                                |  |           | (1,898,928   | )
|                                                                               |  |           |              |  
|Partners Capital at December 31, 2008                                         |  |           | 127,474,962  |  
|Net income (loss)                                                              |  |           | (2,974,707   | )
|Sale of 2,270.6919 Redeemable Units of Limited Partnership
    Interest        |  |           | 2,531,000    |  
|Redemption of 58,236.2733 Redeemable Units of Limited
    Partnership Interest |  |           | (64,441,884  | )
|Distribution of interest income to feeder funds                                |  |           | (63,708      | )
|                                                                               |  |           |              |  
|Partners Capital at December 31, 2009                                         |  | $         | 62,525,663   |  
|                                                                               |  |           |              |  
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest:       |  |           |              |  





2007:

$
1,095.732008:

$
1,132.872009:

$
1,105.52






See accompanying notes to financial statements.


F-34



---



##### 



CMF Campbell
    Master Fund L.P.

    Notes to Financial Statements
    December 31, 2009




|   |                              
|-- | -----------------------------
|1. | Partnership
    Organization:

















F-35



---



##### 





CMF Campbell
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009












|   |                         
|-- | ------------------------
|2. | Accounting
    Policies:



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. | Use of Estimates.The preparation of financial
    statements and accompanying notes in conformity with 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.
    In making these estimates and assumptions, management has
    considered the effects, if any, of events occurring after the
    date of the Masters Statements of Financial Condition
    through the date the financial statements were issued. 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 as permitted by
    ASC 230, Statement of Cash Flows (formerly, FAS No. 102
    Statement of Cash Flows-Exemption of Certain Enterprises
    and Classification of Cash Flows from Certain Securities
    Acquired for Resale).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|
| | 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.


F-36



---



##### 





CMF Campbell
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009






FAS No. 157-4,








|                  |  |            |           |   |                    |   |          |                   |  |   |                  |   |  |   |   | 
|----------------- |  | ---------- | --------- | - | ------------------ | - | -------- | ----------------- |  | - | ---------------- | - |  | - | - | 
|                  |  |            |           |   | Quoted Prices in   |   |          |                   |  |   |                  |  
|                  |  |            |           |   | Active Markets for |   |          | Significant Other |  |   | Significant      |  
|                  |  |            |           |   | Identical Assets   |   |          | Observable Inputs |  |   | Unobservable     |  
|                  |  | 12/31/2009 |           |   | (Level 1)          |   |          | (Level 2)         |  |   | Inputs (Level 3) |  
|                 
|Assets            |  |            |           |   |                    |   |          |                   |  |   |                  |   |  |   |   | 
|Forwards          |  | $          | 176,877   |   |                    | $ | 176,877  |                   |  | $ |                 |   |  | $ |  | 
|Options owned     |  |            | 94,039    |   |                    |   |         |                   |  |   | 94,039           |   |  |   |  | 
|                  |  |            |           |   |                    |   |          |                   |  |   |                  |   |  |   |   | 
|Total assets      |  |            | 270,916   |   |                    |   | 176,877  |                   |  |   | 94,039           |   |  |   |  | 
|                  |  |            |           |   |                    |   |          |                   |  |   |                  |   |  |   |   | 
|Liabilities       |  |            |           |   |                    |   |          |                   |  |   |                  |   |  |   |   | 
|Futures           |  | $          | 366,940   |   |                    | $ | 366,940  |                   |  | $ |                 |   |  | $ |  | 
|Forwards          |  |            | 608,468   |   |                    |   |         |                   |  |   | 608,468          |   |  |   |  | 
|Options written   |  |            | 35,406    |   |                    |   |         |                   |  |   | 35,406           |   |  |   |  | 
|                  |  |            |           |   |                    |   |          |                   |  |   |                  |   |  |   |   | 
|Total liabilities |  |            | 1,010,814 |   |                    |   | 366,940  |                   |  |   | 643,874          |   |  |   |  | 
|                  |  |            |           |   |                    |   |          |                   |  |   |                  |   |  |   |   | 
|Total fair value  |  | $          | (739,898  | ) |                    | $ | (190,063 | )                 |  | $ | (549,835         | ) |  | $ |  | 
|                  |  |            |           |   |                    |   |          |                   |  |   |                  |   |  |   |   | 





F-37



---



##### 





CMF Campbell
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009




|                  |  |            |         |  |                    |   |         |                   |  |   |                  |  |  |   |   | 
|----------------- |  | ---------- | ------- |  | ------------------ | - | ------- | ----------------- |  | - | ---------------- |  |  | - | - | 
|                  |  |            |         |  | Quoted Prices in   |   |         |                   |  |   |                  | 
|                  |  |            |         |  | Active Markets for |   |         | Significant Other |  |   | Significant      | 
|                  |  |            |         |  | Identical Assets   |   |         | Observable Inputs |  |   | Unobservable     | 
|                  |  | 12/31/2008 |         |  | (Level 1)          |   |         | (Level 2)         |  |   | Inputs (Level 3) | 
|                 
|Assets            |  |            |         |  |                    |   |         |                   |  |   |                  |  |  |   |   | 
|Futures           |  | $          | 159,230 |  |                    | $ | 159,230 |                   |  | $ |                 |  |  | $ |  | 
|Forwards          |  |            | 488,398 |  |                    |   |        |                   |  |   | 488,398          |  |  |   |  | 
|Options owned     |  |            | 20,304  |  |                    |   |        |                   |  |   | 20,304           |  |  |   |  | 
|                  |  |            |         |  |                    |   |         |                   |  |   |                  |  |  |   |   | 
|Total assets      |  |            | 667,932 |  |                    |   | 159,230 |                   |  |   | 508,702          |  |  |   |  | 
|                  |  |            |         |  |                    |   |         |                   |  |   |                  |  |  |   |   | 
|                  |  |            |         |  |                    |   |         |                   |  |   |                  |  |  |   |   | 
|Liabilities       |  |            |         |  |                    |   |         |                   |  |   |                  |  |  |   |   | 
|Forwards          |  | $          | 90,855  |  |                    | $ | 90,855  |                   |  | $ |                 |  |  | $ |  | 
|Options written   |  |            | 82,624  |  |                    |   |        |                   |  |   | 82,624           |  |  |   |  | 
|                  |  |            |         |  |                    |   |         |                   |  |   |                  |  |  |   |   | 
|Total liabilities |  |            | 173,479 |  |                    |   | 90,855  |                   |  |   | 82,624           |  |  |   |  | 
|                  |  |            |         |  |                    |   |         |                   |  |   |                  |  |  |   |   | 
|Total fair value  |  | $          | 494,453 |  |                    | $ | 68,375  |                   |  | $ | 426,078          |  |  | $ |  | 
|                  |  |            |         |  |                    |   |         |                   |  |   |                  |  |  |   |   | 





| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 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.
    Because 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, credit
    exposure is limited. 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  



| |  |                                                                                                                                                                                                                                                                                                                                                      
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Master does not isolate that portion of the results of
    operations arising from the effect of changes in foreign
    exchange rates on investments from fluctuations from changes in
    market prices of investments held. Such fluctuations are
    included in net gain (loss) on investments 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

F-38



---



##### 





CMF Campbell
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009




| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 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 short positions. 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. Because 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, credit exposure is limited. Realized
    gains (losses) and changes in unrealized gains (losses) on metal
    contracts are included in the Statements of Income and Expenses.



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | g. | Options.The Master may purchase and write
    (sell) both exchange listed and over-the-counter, 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
    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.
|
| | h. | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|
| | i. | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           



| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | In 2007, the Master adopted ASC 740, Income Taxes (formerly, FAS
    No. 48, Accounting for Uncertainty in Income
    Taxes). ASC 740 provides guidance for how uncertain tax
    positions should be recognized, measured, presented and
    disclosed in the financial statements. ASC 740 requires the
    evaluation of tax positions taken or expected to be taken in the
    course of preparing the Masters financial statements to
    determine whether the tax positions are
    more-likely-than-not to be sustained by the
    applicable tax authority. Tax positions with respect to tax at
    the Master level not deemed to meet the
    more-likely-than-not threshold would be recorded as
    a tax benefit or expense in the current year. The General
    Partner has concluded that no provision for income tax is
    required in the Masters financial statements.







| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | j. | Subsequent Events.  In 2009, the Master adopted
    ASC 855, Subsequent Events (formerly, FAS No. 165,
    Subsequent Events). The objective of ASC 855 is to
    establish general standards of accounting for and disclosure of
    events that occur after the balance sheet date but before
    financial statements are issued or available to be issued.
    Management has determined that there were no subsequent events
    requiring adjustment or disclosure in the financial statements.                                                                                                                                                                                                                                                                                                                                
|
| | k. | Recent Accounting Pronouncements.In January
    2010, the FASB issued Accounting Standards Update
    No. 2010-06
    (ASU
    2010-06),
    Improving Disclosures about Fair Value Measurements,
    which, among other things, amends ASC 820 to require entities to
    separately present purchases, sales, issuances, and settlements
    in their reconciliation of Level 3 fair value measurements
    (i.e. to present such items on a gross basis rather than on a
    net basis), and which clarifies existing disclosure requirements
    provided by ASC 820 regarding the level of disaggregation and
    the inputs and valuation techniques used to measure fair value
    for measurements that fall within either Level 2 or
    Level 3 of the fair value hierarchy. ASU
    2010-06 is
    effective for interim

F-39



---



##### 





CMF Campbell
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009




| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | and annual periods beginning after December 15, 2009,
    except for the disclosures about purchases, sales, issuances,
    and settlements in the roll forward of activity in Level 3
    fair value measurements (which are effective for fiscal years
    beginning after December 15, 2010, and for interim periods
    within those fiscal years). Management is currently assessing
    the impact that the adoption of ASU
    2010-06 will
    have on the Masters financial statements disclosures.



2010-09 2010-09),




| |    |                                                                                                 
| | -- | ------------------------------------------------------------------------------------------------
| | l. | Certain prior period amounts have been reclassified to conform
    to current year presentation.



| |    |                                                                                                                                                                                           
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | m. | Net Income (Loss) per Redeemable Unit.Net income (loss)
    per Redeemable Unit is calculated in accordance with investment
    company guidance. See footnote 6 for Financial Highlights.



|   |            
|-- | -----------
|3. | Agreements:



| |    |                               
| | -- | ------------------------------
| | a. | Limited Partnership Agreement:







| |    |                      
| | -- | ---------------------
| | b. | Management Agreement:







| |    |                    
| | -- | -------------------
| | c. | Customer Agreement:



give-up,




|   |                        
|-- | -----------------------
|4. | Trading
    Activities:





F-40



---



##### 





CMF Campbell
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
















|                                                        |  |                   |          |   
|------------------------------------------------------- |  | ----------------- | -------- | --
|Assets                                                  |  | December 31, 2009 |         
|                                                       
|Futures Contracts                                       |  |                   |          |   
|Energy                                                  |  | $                 | 28,837   |   
|Grains                                                  |  |                   | 5,075    |   
|Interest Rates
    Non-U.S.                             |  |                   | 76,641   |   
|Interest Rates U.S.                                     |  |                   | 437      |   
|Indices                                                 |  |                   | 480,732  |   
|Metals                                                  |  |                   | 410      |   
|Softs                                                   |  |                   | 19,185   |   
|                                                        |  |                   |          |   
|Total unrealized appreciation on open futures contracts |  | $                 | 611,317  |   
|                                                        |  |                   |          |   
|                                                        |  |                   |          |   
|Liabilities                                             |  |                   |          |   
|Futures Contracts                                       |  |                   |          |   
|Energy                                                  |  | $                 | (4,924   | ) 
|Interest Rates
    Non-U.S.                             |  |                   | (332,897 | ) 
|Interest Rates U.S.                                     |  |                   | (493,888 | ) 
|Indices                                                 |  |                   | (39,454  | ) 
|Metals                                                  |  |                   | (83,675  | ) 
|Softs                                                   |  |                   | (23,419  | ) 
|                                                        |  |                   |          |   
|Total unrealized depreciation on open futures contracts |  | $                 | (978,257 | ) 
|                                                        |  |                   |          |   
|Net unrealized depreciation on open futures contracts   |  | $                 | (366,940 | )*
|                                                        |  |                   |          |   





|  |  |                                                                                                                        
|- |  | -----------------------------------------------------------------------------------------------------------------------
|* |  | This amount is in Net unrealized depreciation on open
    futures contracts on the Statements of Financial Condition.



F-41



---



##### 





CMF Campbell
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009




|                                                        |  |                   |            |      
|------------------------------------------------------- |  | ----------------- | ---------- | -----
|                                                        |  | December 31, 2009 |           
|                                                       
|                                                        |  |                   |            |      
|Assets                                                  |  |                   |            |      
|Forward Contracts                                       |  |                   |            |      
|Currencies                                              |  | $                 | 2,033,847  |      
|Metals                                                  |  |                   | 285,660    |      
|                                                        |  |                   |            |      
|Total unrealized appreciation on open forward contracts |  | $                 | 2,319,507  |      
|                                                        |  |                   |            |      
|                                                        |  |                   |            |      
|Liabilities                                             |  |                   |            |      
|Forward Contracts                                       |  |                   |            |      
|Currencies                                              |  | $                 | (2,642,315 | )    
|Metals                                                  |  |                   | (108,783   | )    
|                                                        |  |                   |            |      
|Total unrealized depreciation on open forward contracts |  | $                 | (2,751,098 | )    
|                                                        |  |                   |            |      
|Net unrealized depreciation on open forward contracts   |  | $                 | (431,591   | )**  
|                                                        |  |                   |            |      
|                                                        |  |                   |            |      
|Assets                                                  |  |                   |            |      
|Options Owned                                           |  |                   |            |      
|Currencies                                              |  | $                 | 94,039     |      
|                                                        |  |                   |            |      
|Total options owned                                     |  | $                 | 94,039     | ***  
|                                                        |  |                   |            |      
|                                                        |  |                   |            |      
|Liabilities                                             |  |                   |            |      
|Options Written                                         |  |                   |            |      
|Currencies                                              |  | $                 | (35,406    | )    
|                                                        |  |                   |            |      
|Total options written                                   |  | $                 | (35,406    | )****
|                                                        |  |                   |            |      





|     |  |                                                                                                                        
|---- |  | -----------------------------------------------------------------------------------------------------------------------
|**   |  | This amount is in Net unrealized depreciation on open
    forward contracts on the Statements of Financial Condition.
|    
|***  |  | This amount is in Options owned, at fair value on
    the Statements of Financial Condition.                         
|    
|**** |  | This amount is in Options written, at fair value on
    the Statements of Financial Condition.                       







|                            |  |                          |            |       
|--------------------------- |  | ------------------------ | ---------- | ------
|                            |  | December 31, 2009        |           
|Sector                      |  | Gain (loss) from trading |           
|                           
|Currencies                  |  | $                        | 1,997,244  |       
|Energy                      |  |                          | (974,078   | )     
|Grains                      |  |                          | (20,375    | )     
|Indices                     |  |                          | (1,252,475 | )     
|Interest Rates U.S.         |  |                          | (266,706   | )     
|Interest Rates
    Non-U.S. |  |                          | (2,892,506 | )     
|Metals                      |  |                          | 687,827    |       
|Softs                       |  |                          | (202,748   | )     
|                            |  |                          |            |       
|Total                       |  | $                        | (2,923,817 | )*****
|                            |  |                          |            |       





|      |  |                                                                                                
|----- |  | -----------------------------------------------------------------------------------------------
|***** |  | This amount is in Gain (loss) from trading, net on
    the Statements of Income and Expenses.

F-42



---



##### 





CMF Campbell
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009






|   |                                                  
|-- | -------------------------------------------------
|5. | Subscriptions,
    Distributions and Redemptions:







|   |                          
|-- | -------------------------
|6. | Financial
    Highlights:







|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  
|------------------------------------------------------------------------------------------ |  | ---- | -------- | - | ---- | - | -------- | ---- |  | - | -------- | -
|                                                                                           |  | 2009 |          |   | 2008 |   |          | 2007 | 
|                                                                                          
|Net realized and unrealized gains (losses)*                                                |  | $    | (26.73   | ) |      | $ | 37.47    |      |  | $ | (123.87  | )
|Interest income                                                                            |  |      | 0.77     |   |      |   | 11.67    |      |  |   | 41.04    |  
|Expenses**                                                                                 |  |      | (0.62    | ) |      |   | (0.33    | )    |  |   | (0.15    | )
|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  
|Increase (decrease) for the year                                                           |  |      | (26.58   | ) |      |   | 48.81    |      |  |   | (82.98   | )
|Distribution of interest income to feeder funds                                            |  |      | (0.77    | ) |      |   | (11.67   | )    |  |   | (41.04   | )
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, beginning of year |  |      | 1,132.87 |   |      |   | 1,095.73 |      |  |   | 1,219.75 |  
|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, end of year       |  | $    | 1,105.52 |   |      | $ | 1,132.87 |      |  | $ | 1,095.73 |  
|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  







|   |  |                        
|-- |  | -----------------------
|*  |  | Includes clearing fees.
|  
|** |  | Excludes clearing fees.



|                                |  |  |      |    |  |  |     |   |  |  |      |   
|------------------------------- |  |  | ---- | -- |  |  | --- | - |  |  | ---- | --
|Ratios to average net assets:   |  |  |      |    |  |  |     |   |  |  |      |   
|Net investment income (loss)*** |  |  | (0.1 | )% |  |  | 1.0 | % |  |  | 3.3  | % 
|                                |  |  |      |    |  |  |     |   |  |  |      |   
|Operating expenses              |  |  | 0.1  | %  |  |  | 0.1 | % |  |  | 0.2  | % 
|                                |  |  |      |    |  |  |     |   |  |  |      |   
|Total return                    |  |  | (2.4 | )% |  |  | 4.5 | % |  |  | (6.8 | )%
|                                |  |  |      |    |  |  |     |   |  |  |      |   







|    |  |                                     
|--- |  | ------------------------------------
|*** |  | Interest income less total expenses.







|   |                                
|-- | -------------------------------
|7. | Financial
    Instrument Risks:





F-43



---



##### 





CMF Campbell
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009


























F-44



---



##### 



For the period from
    
    For the period from
    
    For the period
    
    For the period fromOctober 1, 2009 to
    
    July 1, 2009 to
    
    from April 1, 2009
    
    January 1, 2009 toDecember 31, 2009
    
    September 30, 2009
    
    to June 30, 2009
    
    March 31, 2009Net realized and
unrealized trading
gains (losses) net
of brokerage
commissions and
clearing fees
including interest
income
    
    $
    (329,261
    )
    
    $
    3,086,205
    
    
    $
    (6,084,826
    )
    
    $
    399,286Net income (loss)
    
    $
    (346,562
    )
    
    $
    3,078,368
    
    
    $
    (6,094,561
    )
    
    $
    388,048Increase (decrease)
in Net Asset Value
per Redeemable Unit
    
    $
    (7.04
    )
    
    $
    47.10
    
    
    $
    (69.28
    )
    
    $
    2.64For the period from
    
    For the period from
    
    For the period
    
    For the period fromOctober 1, 2008 to
    
    July 1, 2008 to
    
    from April 1, 2008
    
    January 1, 2008 toDecember 31, 2008
    
    September 30, 2008
    
    to June 30, 2008
    
    March 31, 2008Net realized and
unrealized trading
gains (losses) net
of brokerage
commissions and
clearing fees
including interest
income
    
    $
    (587,579
    )
    
    $
    (4,348,292
    )
    
    $
    10,671,583
    
    
    $
    2,865,901Net income (loss)
    
    $
    (607,961
    )
    
    $
    (4,356,671
    )
    
    $
    10,663,067
    
    
    $
    2,857,035Increase (decrease)
in Net Asset Value
per Redeemable Unit
    
    $
    (4.11
    )
    
    $
    (32.44
    )
    
    $
    70.15
    
    
    $
    15.21
 F-45




---



##### 





To the Limited
    Partners of
    CMF Aspect Master Fund L.P.













| |     |               
| | --- | --------------
| | By: | Jennifer Magro











Ceres Managed Futures LLC








212-559-2011


F-46



---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    
 F-47




---



##### 



Report of Independent Auditors
 
   
 F-48




---



##### 



Report of Independent Registered Public Accounting Firm
 
     
 F-49




---



##### 



CMF Aspect Master
    Fund L.P.
 Statements
    of Financial Condition
    December 31, 2009 and 2008




|                                                                                                                                                                         |  |      |             |  |      |   |             | 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ---- | ----------- |  | ---- | - | ----------- | 
|                                                                                                                                                                         |  | 2009 |             |  | 2008 |  
|                                                                                                                                                                        
|Assets:                                                                                                                                                                  |  |      |             |  |      |   |             | 
|Equity in trading account:                                                                                                                                               |  |      |             |  |      |   |             | 
|Cash (Note 3c)                                                                                                                                                           |  | $    | 142,959,369 |  |      | $ | 213,611,724 | 
|Cash margin (Note 3c)                                                                                                                                                    |  |      | 22,969,045  |  |      |   | 18,981,887  | 
|Net unrealized appreciation on open futures contracts                                                                                                                    |  |      |            |  |      |   | 7,642,556   | 
|Net unrealized appreciation on open forward contracts                                                                                                                    |  |      | 143,867     |  |      |   |            | 
|                                                                                                                                                                         |  |      |             |  |      |   |             | 
|Total assets                                                                                                                                                             |  | $    | 166,072,281 |  |      | $ | 240,236,167 | 
|                                                                                                                                                                         |  |      |             |  |      |   |             | 
|Liabilities and Partners Capital:                                                                                                                                       |  |      |             |  |      |   |             | 
|Liabilities:                                                                                                                                                             |  |      |             |  |      |   |             | 
|Net unrealized depreciation on open futures contracts                                                                                                                    |  | $    | 907,618     |  |      | $ |            | 
|Net unrealized depreciation on open forward contracts                                                                                                                    |  |      |            |  |      |   | 866,177     | 
|Accrued expenses:                                                                                                                                                        |  |      |             |  |      |   |             | 
|Professional fees                                                                                                                                                        |  |      | 26,605      |  |      |   | 15,657      | 
|                                                                                                                                                                         |  |      |             |  |      |   |             | 
|Total liabilities                                                                                                                                                        |  |      | 934,223     |  |      |   | 881,834     | 
|                                                                                                                                                                         |  |      |             |  |      |   |             | 
|Partners Capital:                                                                                                                                                       |  |      |             |  |      |   |             | 
|General Partner, 0.0000 Unit equivalents at December 31,
    2009 and 2008                                                                                               |  |      |            |  |      |   |            | 
|Limited Partners Capital, 96,151.3601 and 125,803.5845
    Redeemable Units of Limited Partnership Interest outstanding at
    December 31, 2009 and 2008, respectively |  |      | 165,138,058 |  |      |   | 239,354,333 | 
|                                                                                                                                                                         |  |      |             |  |      |   |             | 
|Total liabilities and partners capital                                                                                                                                  |  | $    | 166,072,281 |  |      | $ | 240,236,167 | 
|                                                                                                                                                                         |  |      |             |  |      |   |             | 





See accompanying notes to financial statements.


F-50



---



##### 



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




|                                                        |  |                     |            |  |            |   |            |                |  |  |       |   
|------------------------------------------------------- |  | ------------------- | ---------- |  | ---------- | - | ---------- | -------------- |  |  | ----- | --
|                                                        |  | Notional ($)/       |            |  |            |   |            | % of Partners | 
|                                                        |  | Number of Contracts |            |  | Fair Value |   |            | Capital        | 
|                                                       
|Futures Contracts Purchased                             |  |                     |            |  |            |   |            |                |  |  |       |   
|Currencies                                              |  |                     | 5          |  |            | $ | (36,750    | )              |  |  | (0.02 | )%
|Energy                                                  |  |                     | 233        |  |            |   | 465,769    |                |  |  | 0.28  |   
|Grains                                                  |  |                     | 174        |  |            |   | 190,195    |                |  |  | 0.12  |   
|Indices                                                 |  |                     | 1,391      |  |            |   | 1,242,828  |                |  |  | 0.75  |   
|Interest Rates U.S.                                     |  |                     | 1,214      |  |            |   | (1,328,931 | )              |  |  | (0.81 | ) 
|Interest Rates
    Non-U.S.                             |  |                     | 4,941      |  |            |   | (1,403,280 | )              |  |  | (0.85 | ) 
|Metals                                                  |  |                     | 231        |  |            |   | (1,423,928 | )              |  |  | (0.86 | ) 
|Softs                                                   |  |                     | 757        |  |            |   | 1,285,890  |                |  |  | 0.78  |   
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |   
|Total futures contracts purchased                       |  |                     |            |  |            |   | (1,008,207 | )              |  |  | (0.61 | ) 
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |   
|Futures Contracts Sold                                  |  |                     |            |  |            |   |            |                |  |  |       |   
|Energy                                                  |  |                     | 28         |  |            |   | 89,080     |                |  |  | 0.05  |   
|Grains                                                  |  |                     | 153        |  |            |   | 22,242     |                |  |  | 0.01  |   
|Indices                                                 |  |                     | 1          |  |            |   | 162        |                |  |  | 0.00  | * 
|Interest Rates U.S.                                     |  |                     | 36         |  |            |   | 8,594      |                |  |  | 0.01  |   
|Interest Rates
    Non-U.S.                             |  |                     | 217        |  |            |   | 43,819     |                |  |  | 0.03  |   
|Livestock                                               |  |                     | 179        |  |            |   | (137,508   | )              |  |  | (0.08 | ) 
|Softs                                                   |  |                     | 205        |  |            |   | 74,200     |                |  |  | 0.04  |   
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |   
|Total futures contracts sold                            |  |                     |            |  |            |   | 100,589    |                |  |  | 0.06  |   
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |   
|Unrealized Appreciation on Open Forward Contracts       |  |                     |            |  |            |   |            |                |  |  |       |   
|Currencies                                              |  | $                   | 74,114,061 |  |            |   | 990,192    |                |  |  | 0.60  |   
|Metals                                                  |  |                     | 281        |  |            |   | 769,799    |                |  |  | 0.47  |   
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |   
|Total unrealized appreciation on open forward contracts |  |                     |            |  |            |   | 1,759,991  |                |  |  | 1.07  |   
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |   
|Unrealized Depreciation on Open Forward Contracts       |  |                     |            |  |            |   |            |                |  |  |       |   
|Currencies                                              |  | $                   | 95,889,125 |  |            |   | (1,487,481 | )              |  |  | (0.90 | ) 
|Metals                                                  |  |                     | 70         |  |            |   | (128,643   | )              |  |  | (0.08 | ) 
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |   
|Total unrealized depreciation on open forward contracts |  |                     |            |  |            |   | (1,616,124 | )              |  |  | (0.98 | ) 
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |   
|Total fair value                                        |  |                     |            |  |            | $ | (763,751   | )              |  |  | (0.46 | )%
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |   







|  |  |                
|- |  | ---------------
|* |  | Due to rounding



See accompanying notes to financial statements.


F-51



---



##### 



CMF Aspect Master
    Fund L.P.
 Condensed
    Schedule of Investments
    December 31, 2008




|                                                        |  |                     |            |  |            |   |            |                |  |  |       |  
|------------------------------------------------------- |  | ------------------- | ---------- |  | ---------- | - | ---------- | -------------- |  |  | ----- | -
|                                                        |  | Notional ($)/       |            |  |            |   |            | % of Partners | 
|                                                        |  | Number of Contracts |            |  | Fair Value |   |            | Capital        | 
|                                                       
|Futures Contracts Purchased                             |  |                     |            |  |            |   |            |                |  |  |       |  
|Energy                                                  |  |                     | 30         |  |            | $ | 60,984     |                |  |  | 0.02  | %
|Indices                                                 |  |                     | 2          |  |            |   | 2,573      |                |  |  | 0.00  | *
|Interest Rates U.S.                                     |  |                     | 1,224      |  |            |   | 2,077,625  |                |  |  | 0.87  |  
|Interest Rates
    Non-U.S.                             |  |                     | 4,998      |  |            |   | 5,498,661  |                |  |  | 2.30  |  
|Metals                                                  |  |                     | 7          |  |            |   | 16,820     |                |  |  | 0.01  |  
|Softs                                                   |  |                     | 104        |  |            |   | 206,200    |                |  |  | 0.08  |  
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |  
|Total futures contracts purchased                       |  |                     |            |  |            |   | 7,862,863  |                |  |  | 3.28  |  
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |  
|Futures Contracts Sold                                  |  |                     |            |  |            |   |            |                |  |  |       |  
|Energy                                                  |  |                     | 290        |  |            |   | 505,202    |                |  |  | 0.21  |  
|Grains                                                  |  |                     | 338        |  |            |   | (604,114   | )              |  |  | (0.25 | )
|Indices                                                 |  |                     | 125        |  |            |   | (146,058   | )              |  |  | (0.06 | )
|Livestock                                               |  |                     | 137        |  |            |   | 61,865     |                |  |  | 0.03  |  
|Metals                                                  |  |                     | 50         |  |            |   | 31,653     |                |  |  | 0.01  |  
|Softs                                                   |  |                     | 411        |  |            |   | (68,855    | )              |  |  | (0.03 | )
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |  
|Total futures contracts sold                            |  |                     |            |  |            |   | (220,307   | )              |  |  | (0.09 | )
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |  
|Unrealized Appreciation on Open Forward Contracts       |  |                     |            |  |            |   |            |                |  |  |       |  
|Currencies                                              |  | $                   | 51,489,955 |  |            |   | 1,384,014  |                |  |  | 0.58  |  
|Metals                                                  |  |                     | 26         |  |            |   | 48,387     |                |  |  | 0.02  |  
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |  
|Total unrealized appreciation on open forward contracts |  |                     |            |  |            |   | 1,432,401  |                |  |  | 0.60  |  
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |  
|Unrealized Depreciation on Open Forward Contracts       |  |                     |            |  |            |   |            |                |  |  |       |  
|Currencies                                              |  | $                   | 41,384,671 |  |            |   | (1,743,244 | )              |  |  | (0.73 | )
|Metals                                                  |  |                     | 308        |  |            |   | (555,334   | )              |  |  | (0.23 | )
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |  
|Total unrealized depreciation on open forward contracts |  |                     |            |  |            |   | (2,298,578 | )              |  |  | (0.96 | )
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |  
|Total fair value                                        |  |                     |            |  |            | $ | 6,776,379  |                |  |  | 2.83  | %
|                                                        |  |                     |            |  |            |   |            |                |  |  |       |  







|  |  |                
|- |  | ---------------
|* |  | Due to rounding



See accompanying notes to financial statements.


F-52



---



##### 



CMF Aspect Master
    Fund L.P.
 Statements
    of Income and Expenses
    for the years ended December 31, 2009, 2008, and
    2007




|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|----------------------------------------------------------------------------------------- |  | ---- | ------------ | - | ---- | - | ------------ | ---- |  | - | ------------ | -
|                                                                                          |  | 2009 |              |   | 2008 |   |              | 2007 | 
|                                                                                         
|Income:                                                                                   |  |      |              |   |      |   |              |      |  |   |              |  
|Net gains (losses) on trading of commodity interests:                                     |  |      |              |   |      |   |              |      |  |   |              |  
|Net realized gains (losses) on closed contracts                                           |  | $    | (11,277,935  | ) |      | $ | 69,752,159   |      |  | $ | 20,714,242   |  
|Change in net unrealized gains (losses) on open contracts                                 |  |      | (7,540,130   | ) |      |   | (970,655     | )    |  |   | (2,250,581   | )
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Gain (loss) from trading, net                                                             |  |      | (18,818,065  | ) |      |   | 68,781,504   |      |  |   | 18,463,661   |  
|Interest income                                                                           |  |      | 133,236      |   |      |   | 2,247,200    |      |  |   | 7,517,273    |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Total income (loss)                                                                       |  |      | (18,684,829  | ) |      |   | 71,028,704   |      |  |   | 25,980,934   |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Expenses:                                                                                 |  |      |              |   |      |   |              |      |  |   |              |  
|Clearing fees                                                                             |  |      | 266,630      |   |      |   | 302,515      |      |  |   | 431,717      |  
|Professional fees                                                                         |  |      | 46,144       |   |      |   | 35,989       |      |  |   | 26,148       |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Total expenses                                                                            |  |      | 312,774      |   |      |   | 338,504      |      |  |   | 457,865      |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Net income (loss)                                                                         |  | $    | (18,997,603  | ) |      | $ | 70,690,200   |      |  | $ | 25,523,069   |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Net income (loss) per Redeemable Unit of Limited Partnership
    Interest (Notes 1 and 6) |  | $    | (183.86      | ) |      | $ | 524.62       |      |  | $ | 160.42       |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Weighted average units outstanding                                                        |  |      | 106,915.0569 |   |      |   | 138,185.2293 |      |  |   | 163,388.9365 |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  





See accompanying notes to financial statements.


F-53



---



##### 



CMF Aspect Master
    Fund L.P.

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




|                                                                               |  |           |             |  
|------------------------------------------------------------------------------ |  | --------- | ----------- | -
|                                                                               |  | Partners |            
|                                                                               |  | Capital   |            
|                                                                              
|Partners capital at December 31, 2006                                         |  | $         | 211,758,913 |  
|Net income (loss)                                                              |  |           | 25,523,069  |  
|Sale of 12,102.0599 Redeemable Units of Limited Partnership
    Interest       |  |           | 15,485,588  |  
|Redemption of 32,110.2714 Redeemable Units of Limited
    Partnership Interest |  |           | (42,555,077 | )
|Distribution of interest income to feeder funds                                |  |           | (7,517,273  | )
|                                                                               |  |           |             |  
|Partners capital at December 31, 2007                                         |  |           | 202,695,220 |  
|Net income (loss)                                                              |  |           | 70,690,200  |  
|Sale of 14,969.5777 Redeemable Units of Limited Partnership
    Interest       |  |           | 24,526,285  |  
|Redemption of 34,545.0307 Redeemable Units of Limited
    Partnership Interest |  |           | (56,310,172 | )
|Distribution of interest income to feeder funds                                |  |           | (2,247,200  | )
|                                                                               |  |           |             |  
|Partners capital at December 31, 2008                                         |  |           | 239,354,333 |  
|Net income (loss)                                                              |  |           | (18,997,603 | )
|Sale of 17,809.0598 Redeemable Units of Limited Partnership
    Interest       |  |           | 32,568,105  |  
|Redemption of 47,461.2842 Redeemable Units of Limited
    Partnership Interest |  |           | (87,653,541 | )
|Distribution of interest income to feeder funds                                |  |           | (133,236    | )
|                                                                               |  |           |             |  
|Partners capital at December 31, 2009                                         |  | $         | 165,138,058 |  
|                                                                               |  |           |             |  
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest:       |  |           |             |  





2007:

$
1,394.252008:

$
1,902.602009:

$
1,717.48






See accompanying notes to financial statements.


F-54



---



##### 





CMF Aspect Master
    Fund L.P.

    Notes to Financial Statements
    December 31, 2009




|   |                              
|-- | -----------------------------
|1. | Partnership
    Organization:

















F-55



---



##### 





CMF Aspect Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2009












|   |                         
|-- | ------------------------
|2. | Accounting
    Policies:



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. | Use of Estimates.The preparation of financial
    statements and accompanying notes in conformity with 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.
    In making these estimates and assumptions, management has
    considered the effects, if any, of events occurring after the
    date of the Masters Statements of Financial Condition
    through the date the financial statements were issued. 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 as permitted by
    ASC 230, Statement of Cash Flows (formerly,
    FAS No. 102, Statement of Cash Flows Exemption
    of Certain Enterprises and Classification of Cash Flows from
    Certain Securities Acquired for Resale).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|
| | 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.


F-56



---



##### 





CMF Aspect Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2009




FAS No. 157-4,




non-exchange




|                  |  |            |           |   |                  |   |          |                   |  |   |                  |   |  |   |   | 
|----------------- |  | ---------- | --------- | - | ---------------- | - | -------- | ----------------- |  | - | ---------------- | - |  | - | - | 
|                  |  |            |           |   | Quoted Prices in |   |          |                   |  |   |                  |  
|                  |  |            |           |   | Active Markets   |   |          | Significant Other |  |   | Significant      |  
|                  |  |            |           |   | for Identical    |   |          | Observable Inputs |  |   | Unobservable     |  
|                  |  | 12/31/2009 |           |   | Assets (Level 1) |   |          | (Level 2)         |  |   | Inputs (Level 3) |  
|                 
|Assets            |  |            |           |   |                  |   |          |                   |  |   |                  |   |  |   |   | 
|Forwards          |  | $          | 641,156   |   |                  | $ | 641,156  |                   |  | $ |                 |   |  | $ |  | 
|                  |  |            |           |   |                  |   |          |                   |  |   |                  |   |  |   |   | 
|Total assets      |  |            | 641,156   |   |                  |   | 641,156  |                   |  |   |                 |   |  |   |  | 
|                  |  |            |           |   |                  |   |          |                   |  |   |                  |   |  |   |   | 
|Liabilities       |  |            |           |   |                  |   |          |                   |  |   |                  |   |  |   |   | 
|Futures           |  | $          | 907,618   |   |                  | $ | 907,618  |                   |  | $ |                 |   |  | $ |  | 
|Forwards          |  |            | 497,289   |   |                  |   |         |                   |  |   | 497,289          |   |  |   |  | 
|                  |  |            |           |   |                  |   |          |                   |  |   |                  |   |  |   |   | 
|Total liabilities |  |            | 1,404,907 |   |                  |   | 907,618  |                   |  |   | 497,289          |   |  |   |  | 
|                  |  |            |           |   |                  |   |          |                   |  |   |                  |   |  |   |   | 
|Total fair value  |  | $          | (763,751  | ) |                  | $ | (266,462 | )                 |  | $ | (497,289         | ) |  | $ |  | 
|                  |  |            |           |   |                  |   |          |                   |  |   |                  |   |  |   |   | 





|                  |  |            |           |  |                  |   |           |                   |  |   |                  |   |  |   |   | 
|----------------- |  | ---------- | --------- |  | ---------------- | - | --------- | ----------------- |  | - | ---------------- | - |  | - | - | 
|                  |  |            |           |  | Quoted Prices in |   |           |                   |  |   |                  |  
|                  |  |            |           |  | Active Markets   |   |           | Significant Other |  |   | Significant      |  
|                  |  |            |           |  | for Identical    |   |           | Observable Inputs |  |   | Unobservable     |  
|                  |  | 12/31/2008 |           |  | Assets (Level 1) |   |           | (Level 2)         |  |   | Inputs (Level 3) |  
|                 
|Assets            |  |            |           |  |                  |   |           |                   |  |   |                  |   |  |   |   | 
|Futures           |  | $          | 7,642,556 |  |                  | $ | 7,642,556 |                   |  | $ |                 |   |  | $ |  | 
|                  |  |            |           |  |                  |   |           |                   |  |   |                  |   |  |   |   | 
|Total assets      |  |            | 7,642,556 |  |                  |   | 7,642,556 |                   |  |   |                 |   |  |   |  | 
|                  |  |            |           |  |                  |   |           |                   |  |   |                  |   |  |   |   | 
|Liabilities       |  |            |           |  |                  |   |           |                   |  |   |                  |   |  |   |   | 
|Forwards          |  | $          | 866,177   |  |                  | $ | 506,947   |                   |  | $ | 359,230          |   |  | $ |  | 
|                  |  |            |           |  |                  |   |           |                   |  |   |                  |   |  |   |   | 
|Total liabilities |  |            | 866,177   |  |                  |   | 506,947   |                   |  |   | 359,230          |   |  |   |  | 
|                  |  |            |           |  |                  |   |           |                   |  |   |                  |   |  |   |   | 
|Total fair value  |  | $          | 6,776,379 |  |                  | $ | 7,135,609 |                   |  | $ | (359,230         | ) |  | $ |  | 
|                  |  |            |           |  |                  |   |           |                   |  |   |                  |   |  |   |   | 





| |    |                                                                                                                                                                                                      
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 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

F-57



---



##### 





CMF Aspect Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2009




| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 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 can not 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 instruments, 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. Because 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, credit exposure is limited.
    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.



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    | The Master does not isolate that portion of the results of
    operations arising from the effect of changes in foreign
    exchange rates on investments from fluctuations from changes in
    market prices of investments held. Such fluctuations are
    included in net gain (loss) on investments 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
    short positions. 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. Because
    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,
    credit exposure is limited. Realized gains (losses) and changes
    in unrealized gains (losses) on metal contracts are included in
    the Statements of Income and Expenses.



| |    |                                                                                                                                                                                                                                                                             
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 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 their share of the Masters income and expenses.                                                                                                  



740-10, 740-10 740-10


F-58



---



##### 





CMF Aspect Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2009












| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | i. | Subsequent Events.  In 2009, the Master adopted
    ASC 855, Subsequent Events (formerly, FAS No. 165,
    Subsequent Events). The objective of ASC 855 is to
    establish general standards of accounting for and disclosure of
    events that occur after the balance sheet date but before
    financial statements are issued or available to be issued.
    Management has determined that there were no subsequent events
    requiring adjustment or disclosure in the financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|
| | j. | Recent Accounting Pronouncements.In January
    2010, the FASB issued Accounting Standards Update
    No. 2010-06
    (ASU
    2010-06),
    Improving Disclosures about Fair Value Measurements,
    which, among other things, amends ASC 820 to require entities to
    separately present purchases, sales, issuances, and settlements
    in their reconciliation of Level 3 fair value measurements
    (i.e. to present such items on a gross basis rather than on a
    net basis), and which clarifies existing disclosure requirements
    provided by ASC 820 regarding the level of disaggregation and
    the inputs and valuation techniques used to measure fair value
    for measurements that fall within either Level 2 or
    Level 3 of the fair value hierarchy. ASU
    2010-06 is
    effective for interim and annual periods beginning after
    December 15, 2009, except for the disclosures about
    purchases, sales, issuances, and settlements in the roll forward
    of activity in Level 3 fair value measurements (which are
    effective for fiscal years beginning after December 15,
    2010, and for interim periods within those fiscal years).
    Management is currently assessing the impact that the adoption
    of ASU
    2010-06 will
    have on the Masters financial statements disclosures.







| |    |                                                                                                   
| | -- | --------------------------------------------------------------------------------------------------
| | k. | Certain prior period amounts have been reclassified to conform
    to current period presentation.



| |    |                                                                                                                                                                                                
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | l. | Net Income (Loss) per Redeemable Unit. Net
    income (loss) per Redeemable Unit is calculated in accordance
    with investment company guidance. See footnote 6 for Financial
    Highlights.



|   |            
|-- | -----------
|3. | Agreements:



| |    |                               
| | -- | ------------------------------
| | a. | Limited Partnership Agreement:







| |    |                      
| | -- | ---------------------
| | b. | Management Agreement:





F-59



---



##### 





CMF Aspect Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2009








| |    |                    
| | -- | -------------------
| | c. | Customer Agreement:



give-up,




|   |                        
|-- | -----------------------
|4. | Trading
    Activities:



















F-60



---



##### 





CMF Aspect Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2009




|                                                        |  |   |                   |   
|------------------------------------------------------- |  | - | ----------------- | --
|Assets                                                  |  |   | December 31, 2009 |   
|                                                        |  |   |                   |   
|Futures Contracts                                       |  |   |                   |   
|Energy                                                  |  | $ | 574,121           |   
|Grains                                                  |  |   | 238,475           |   
|Indices                                                 |  |   | 1,310,009         |   
|Interest Rates U.S.                                     |  |   | 27,841            |   
|Interest Rates
    Non-U.S.                             |  |   | 820,367           |   
|Livestock                                               |  |   | 1,170             |   
|Metals                                                  |  |   | 156,363           |   
|Softs                                                   |  |   | 1,560,990         |   
|                                                        |  |   |                   |   
|Total unrealized appreciation on open futures contracts |  | $ | 4,689,336         |   
|                                                        |  |   |                   |   
|Liabilities                                             |  |   |                   |   
|Futures Contracts                                       |  |   |                   |   
|Currencies                                              |  | $ | (36,750           | ) 
|Energy                                                  |  |   | (19,273           | ) 
|Grains                                                  |  |   | (26,038           | ) 
|Indices                                                 |  |   | (67,019           | ) 
|Interest Rates U.S.                                     |  |   | (1,348,178        | ) 
|Interest Rates
    Non-U.S.                             |  |   | (2,179,828        | ) 
|Livestock                                               |  |   | (138,678          | ) 
|Metals                                                  |  |   | (1,580,290        | ) 
|Softs                                                   |  |   | (200,900          | ) 
|                                                        |  |   |                   |   
|Total unrealized depreciation on open futures contracts |  | $ | (5,596,954        | ) 
|                                                        |  |   |                   |   
|Net unrealized depreciation on open futures contracts   |  | $ | (907,618          | )*
|                                                        |  |   |                   |   
|Assets                                                  |  |   |                   |   
|Forward Contracts                                       |  |   |                   |   
|Currencies                                              |  | $ | 990,192           |   
|Metals                                                  |  |   | 769,799           |   
|                                                        |  |   |                   |   
|Total unrealized appreciation on open forward contracts |  | $ | 1,759,991         |   
|                                                        |  |   |                   |   
|Liabilities                                             |  |   |                   |   
|Forward Contracts                                       |  |   |                   |   
|Currencies                                              |  | $ | (1,487,481        | ) 
|Metals                                                  |  |   | (128,643          | ) 
|                                                        |  |   |                   |   
|Total unrealized depreciation on open forward contracts |  | $ | (1,616,124        | ) 
|                                                        |  |   |                   |   
|Net unrealized appreciation on open forward contracts   |  | $ | 143,867           | **
|                                                        |  |   |                   |   





|   |  |                                                                                                                        
|-- |  | -----------------------------------------------------------------------------------------------------------------------
|*  |  | This amount is in Net unrealized depreciation 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.

F-61



---



##### 





CMF Aspect Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2009










|                            |  |                          |             |     
|--------------------------- |  | ------------------------ | ----------- | ----
|                            |  | December 31, 2009        |            
|Sector                      |  | Gain (loss) from Trading |            
|                           
|Currencies                  |  | $                        | (6,825,819  | )   
|Energy                      |  |                          | (8,384,587  | )   
|Grains                      |  |                          | (1,053,672  | )   
|Indices                     |  |                          | 2,125,096   |     
|Interest Rates U.S.         |  |                          | (2,393,695  | )   
|Interest Rates
    Non-U.S. |  |                          | (3,837,479  | )   
|Livestock                   |  |                          | 972,097     |     
|Softs                       |  |                          | 526,733     |     
|Metals                      |  |                          | 53,261      |     
|                            |  |                          |             |     
|Total                       |  | $                        | (18,818,065 | )***
|                            |  |                          |             |     







|    |  |                                                                                               
|--- |  | ----------------------------------------------------------------------------------------------
|*** |  | This amount is in Gain(loss) from trading, net on
    the Statements of Income and Expenses.



|   |                                                  
|-- | -------------------------------------------------
|5. | Subscriptions,
    Distributions and Redemptions:







|   |                          
|-- | -------------------------
|6. | Financial
    Highlights:







|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  
|------------------------------------------------------------------------------------------ |  | ---- | -------- | - | ---- | - | -------- | ---- |  | - | -------- | -
|                                                                                           |  | 2009 |          |   | 2008 |   |          | 2007 | 
|                                                                                          
|Net realized and unrealized gains (losses)*                                                |  | $    | (184.65  | ) |      | $ | 508.62   |      |  | $ | 114.03   |  
|Interest income                                                                            |  |      | 1.26     |   |      |   | 16.27    |      |  |   | 46.55    |  
|Expenses**                                                                                 |  |      | (0.47    | ) |      |   | (0.27    | )    |  |   | (0.16    | )
|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  
|Increase (decrease) for the year                                                           |  |      | (183.86  | ) |      |   | 524.62   |      |  |   | 160.42   |  
|Distribution of interest income to feeder funds                                            |  |      | (1.26    | ) |      |   | (16.27   | )    |  |   | (46.55   | )
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, beginning of year |  |      | 1,902.60 |   |      |   | 1,394.25 |      |  |   | 1,280.38 |  
|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, end of year       |  | $    | 1,717.48 |   |      | $ | 1,902.60 |      |  | $ | 1,394.25 |  
|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  







|   |  |                        
|-- |  | -----------------------
|*  |  | Includes clearing fees.
|  
|** |  | Excludes clearing fees.

F-62



---



##### 





CMF Aspect Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2009






|                                |  |      |      |    |      |  |      |      |  |  |      |  
|------------------------------- |  | ---- | ---- | -- | ---- |  | ---- | ---- |  |  | ---- | -
|                                |  | 2009 |      |    | 2008 |  |      | 2007 | 
|                               
|Ratios to Average Net Assets:   |  |      |      |    |      |  |      |      |  |  |      |  
|Net investment income (loss)*** |  |      | (0.1 | )% |      |  | 0.9  | %    |  |  | 3.3  | %
|                                |  |      |      |    |      |  |      |      |  |  |      |  
|Operating expenses              |  |      | 0.2  | %  |      |  | 0.2  | %    |  |  | 0.2  | %
|                                |  |      |      |    |      |  |      |      |  |  |      |  
|Total return                    |  |      | (9.7 | )% |      |  | 37.6 | %    |  |  | 12.5 | %
|                                |  |      |      |    |      |  |      |      |  |  |      |  







|    |  |                                     
|--- |  | ------------------------------------
|*** |  | Interest income less total expenses.







|   |                                
|-- | -------------------------------
|7. | Financial
    Instrument Risks:



over-the-counter


















F-63



---



##### 



For the period from
    
    For the period from
    
    For the period
    
    For the period fromOctober 1, 2009 to
    
    July 1, 2009 to
    
    from April 1, 2009
    
    January 1, 2009 toDecember 31, 2009
    
    September 30, 2009
    
    to June 30, 2009
    
    March 31, 2009Net realized and unrealized trading gains (losses) net of
brokerage commissions and clearing fees including
interest income
    
    $
    (2,100,606
    )
    
    $
    9,396,484
    
    
    $
    (23,478,167
    )
    
    $
    (2,769,170
    )Net income (loss)
    
    $
    (2,119,165
    )
    
    $
    9,387,591
    
    
    $
    (23,487,080
    )
    
    $
    (2,778,949
    )Increase (decrease) in Net Asset Value per Redeemable Unit
    
    $
    (24.09
    )
    
    $
    98.92
    
    
    $
    (230.09
    )
    
    $
    (28.60
    )For the period from
    
    For the period from
    
    For the period
    
    For the period fromOctober 1, 2008 to
    
    July 1, 2008 to
    
    from April 1, 2008
    
    January 1, 2008 toDecember 31, 2008
    
    September 30, 2008
    
    to June 30, 2008
    
    March 31, 2008Net realized and unrealized trading gains (losses) net of
brokerage commissions and clearing fees including
interest income
    
    $
    46,521,870
    
    
    $
    (19,743,784
    )
    
    $
    14,513,377
    
    
    $
    29,434,726Net income (loss)
    
    $
    46,511,766
    
    
    $
    (19,753,889
    )
    
    $
    14,503,460
    
    
    $
    29,428,863Increase (decrease) in Net Asset Value per Redeemable Unit
    
    $
    363.39
    
    
    $
    (148.72
    )
    
    $
    106.51
    
    
    $
    203.44
 F-64




---



##### 





To the Limited
    Partners of
 CMF
    Graham Capital Master Fund L.P.















| |     |                                                                                                                                                   
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------
| | By: | Jennifer Magro
    Chief Financial Officer and Director
    Ceres Managed Futures LLC
    General Partner,
    CMF Graham Capital Master Fund L.P.



Ceres Managed Futures LLC    212-559-2011


F-65



---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    
 F-66




---



##### 



Report of Independent Auditors
 
   
 F-67




---



##### 



Report of Independent Registered Public Accounting Firm
 
     
 F-68




---



##### 



CMF Graham
    Capital Master Fund L.P.
 Statements
    of Financial Condition
    December 31, 2009 and 2008




|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | ----------- |  | ---- | - | ----------- | 
|                                                                                                                                                                          |  | 2009 |             |  | 2008 |  
|                                                                                                                                                                         
|Assets:                                                                                                                                                                   |  |      |             |  |      |   |             | 
|Equity in commodity futures trading account:                                                                                                                              |  |      |             |  |      |   |             | 
|Cash (Note 3c)                                                                                                                                                            |  | $    | 153,765,196 |  |      | $ | 214,551,266 | 
|Cash margin (Note 3c)                                                                                                                                                     |  |      | 15,503,558  |  |      |   | 9,073,580   | 
|Net unrealized appreciation on open futures contracts                                                                                                                     |  |      | 406,652     |  |      |   | 1,162,793   | 
|Net unrealized appreciation on open forward contracts                                                                                                                     |  |      | 1,562,793   |  |      |   |            | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Total assets                                                                                                                                                              |  | $    | 171,238,199 |  |      | $ | 224,787,639 | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Liabilities and Partners Capital:                                                                                                                                        |  |      |             |  |      |   |             | 
|Liabilities:                                                                                                                                                              |  |      |             |  |      |   |             | 
|Net unrealized depreciation on open forward contracts                                                                                                                     |  | $    |            |  |      | $ | 279,957     | 
|Accrued expenses:                                                                                                                                                         |  |      |             |  |      |   |             | 
|Professional fees                                                                                                                                                         |  |      | 25,939      |  |      |   | 16,740      | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Total liabilities                                                                                                                                                         |  |      | 25,939      |  |      |   | 296,697     | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Partners Capital:                                                                                                                                                        |  |      |             |  |      |   |             | 
|General Partner, 0.0000 Unit equivalents at December 31,
    2009 and 2008                                                                                                |  |      |            |  |      |   |            | 
|Limited Partners Capital, 104,371.4673 and 146,784.8652
    Redeemable Units of Limited Partnership Interest outstanding at
    December 31, 2009 and 2008, respectively |  |      | 171,212,260 |  |      |   | 224,490,942 | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Total liabilities and partners capital                                                                                                                                   |  | $    | 171,238,199 |  |      | $ | 224,787,639 | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 





See accompanying notes to financial statements.


F-69



---



##### 



CMF Graham
    Capital Master Fund L.P.
 Condensed
    Schedule of Investments
    December 31, 2009




|                                                        |  |               |             |  |            |   |            |                |  |  |       |   
|------------------------------------------------------- |  | ------------- | ----------- |  | ---------- | - | ---------- | -------------- |  |  | ----- | --
|                                                        |  | Notional ($)/ |             |  |            |   |            |                | 
|                                                        |  | Number of     |             |  |            |   |            | % of Partners | 
|                                                        |  | Contracts     |             |  | Fair Value |   |            | Capital        | 
|                                                       
|Futures Contracts Purchased                             |  |               |             |  |            |   |            |                |  |  |       |   
|Currencies                                              |  |               | 2           |  |            | $ | 360        |                |  |  | 0.00  | %*
|Energy                                                  |  |               | 449         |  |            |   | 242,192    |                |  |  | 0.14  |   
|Grains                                                  |  |               | 286         |  |            |   | 34,342     |                |  |  | 0.02  |   
|Indices                                                 |  |               | 1,065       |  |            |   | 633,603    |                |  |  | 0.37  |   
|Interest Rates U.S.                                     |  |               | 233         |  |            |   | (94,262    | )              |  |  | (0.06 | ) 
|Interest Rates
    Non-U.S.                             |  |               | 1,523       |  |            |   | (996,822   | )              |  |  | (0.58 | ) 
|Livestock                                               |  |               | 74          |  |            |   | 20,482     |                |  |  | 0.01  |   
|Metals                                                  |  |               | 78          |  |            |   | (100,473   | )              |  |  | (0.06 | ) 
|Softs                                                   |  |               | 589         |  |            |   | 556,321    |                |  |  | 0.33  |   
|                                                        |  |               |             |  |            |   |            |                |  |  |       |   
|Total futures contracts purchased                       |  |               |             |  |            |   | 295,743    |                |  |  | 0.17  |   
|                                                        |  |               |             |  |            |   |            |                |  |  |       |   
|Futures Contracts Sold                                  |  |               |             |  |            |   |            |                |  |  |       |   
|Currencies                                              |  |               | 69          |  |            |   | 11,480     |                |  |  | 0.01  |   
|Energy                                                  |  |               | 308         |  |            |   | (40,301    | )              |  |  | (0.02 | ) 
|Grains                                                  |  |               | 275         |  |            |   | 57,491     |                |  |  | 0.03  |   
|Indices                                                 |  |               | 7           |  |            |   | 6,437      |                |  |  | 0.00  | * 
|Interest Rates U.S.                                     |  |               | 50          |  |            |   | (406       | )              |  |  | (0.00 | )*
|Interest Rates
    Non-U.S.                             |  |               | 451         |  |            |   | 57,808     |                |  |  | 0.03  |   
|Metals                                                  |  |               | 10          |  |            |   | 18,400     |                |  |  | 0.01  |   
|                                                        |  |               |             |  |            |   |            |                |  |  |       |   
|Total futures contracts sold                            |  |               |             |  |            |   | 110,909    |                |  |  | 0.06  |   
|                                                        |  |               |             |  |            |   |            |                |  |  |       |   
|Unrealized Appreciation on Open Forward Contracts       |  |               |             |  |            |   |            |                |  |  |       |   
|Currencies                                              |  | $             | 550,199,867 |  |            |   | 7,739,782  |                |  |  | 4.52  |   
|Metals                                                  |  |               | 429         |  |            |   | 2,324,147  |                |  |  | 1.36  |   
|                                                        |  |               |             |  |            |   |            |                |  |  |       |   
|Total unrealized appreciation on open forward contracts |  |               |             |  |            |   | 10,063,929 |                |  |  | 5.88  |   
|                                                        |  |               |             |  |            |   |            |                |  |  |       |   
|Unrealized Depreciation on Open Forward Contracts       |  |               |             |  |            |   |            |                |  |  |       |   
|Currencies                                              |  | $             | 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.


F-70



---



##### 



CMF Graham
    Capital Master Fund L.P.
 Condensed
    Schedule of Investments
    December 31, 2008




|                                                        |  |               |            |  |            |   |            |                |  |  |       |   
|------------------------------------------------------- |  | ------------- | ---------- |  | ---------- | - | ---------- | -------------- |  |  | ----- | --
|                                                        |  | Notional ($)/ |            |  |            |   |            |                | 
|                                                        |  | Number of     |            |  |            |   |            | % of Partners | 
|                                                        |  | Contracts     |            |  | Fair Value |   |            | Capital        | 
|                                                       
|Futures Contracts Purchased                             |  |               |            |  |            |   |            |                |  |  |       |   
|Currencies                                              |  |               | 14         |  |            | $ | 1,840      |                |  |  | 0.00  | %*
|Energy                                                  |  |               | 96         |  |            |   | 325,615    |                |  |  | 0.15  |   
|Grains                                                  |  |               | 52         |  |            |   | 13,370     |                |  |  | 0.01  |   
|Indices                                                 |  |               | 5          |  |            |   | (19,645    | )              |  |  | (0.01 | ) 
|Interest Rates
    Non-U.S.                             |  |               | 1,235      |  |            |   | 947,609    |                |  |  | 0.42  |   
|Interest Rates U.S.                                     |  |               | 564        |  |            |   | 507,653    |                |  |  | 0.23  |   
|Metals                                                  |  |               | 52         |  |            |   | 33,132     |                |  |  | 0.01  |   
|Softs                                                   |  |               | 13         |  |            |   | 3,251      |                |  |  | 0.00  | * 
|                                                        |  |               |            |  |            |   |            |                |  |  |       |   
|Total futures contracts purchased                       |  |               |            |  |            |   | 1,812,825  |                |  |  | 0.81  |   
|                                                        |  |               |            |  |            |   |            |                |  |  |       |   
|Futures Contracts Sold                                  |  |               |            |  |            |   |            |                |  |  |       |   
|Currencies                                              |  |               | 14         |  |            |   | 8,038      |                |  |  | 0.00  | * 
|Energy                                                  |  |               | 159        |  |            |   | (266,237   | )              |  |  | (0.12 | ) 
|Grains                                                  |  |               | 53         |  |            |   | (207,227   | )              |  |  | (0.09 | ) 
|Indices                                                 |  |               | 87         |  |            |   | (86,831    | )              |  |  | (0.04 | ) 
|Interest Rates
    Non-U.S.                             |  |               | 17         |  |            |   | (9,163     | )              |  |  | (0.00 | )*
|Livestock                                               |  |               | 11         |  |            |   | 25,220     |                |  |  | 0.01  |   
|Metals                                                  |  |               | 16         |  |            |   | (35,970    | )              |  |  | (0.02 | ) 
|Softs                                                   |  |               | 99         |  |            |   | (77,862    | )              |  |  | (0.03 | ) 
|                                                        |  |               |            |  |            |   |            |                |  |  |       |   
|Total futures contracts sold                            |  |               |            |  |            |   | (650,032   | )              |  |  | (0.29 | ) 
|                                                        |  |               |            |  |            |   |            |                |  |  |       |   
|Unrealized Appreciation on Open Forward Contracts       |  |               |            |  |            |   |            |                |  |  |       |   
|Currencies                                              |  | $             | 87,112,212 |  |            |   | 2,398,640  |                |  |  | 1.07  |   
|Metals                                                  |  |               | 59         |  |            |   | 297,268    |                |  |  | 0.13  |   
|                                                        |  |               |            |  |            |   |            |                |  |  |       |   
|Total unrealized appreciation on open forward contracts |  |               |            |  |            |   | 2,695,908  |                |  |  | 1.20  |   
|                                                        |  |               |            |  |            |   |            |                |  |  |       |   
|Unrealized Depreciation on Open Forward Contracts       |  |               |            |  |            |   |            |                |  |  |       |   
|Currencies                                              |  | $             | 86,429,816 |  |            |   | (2,764,819 | )              |  |  | (1.23 | ) 
|Metals                                                  |  |               | 96         |  |            |   | (211,046   | )              |  |  | (0.10 | ) 
|                                                        |  |               |            |  |            |   |            |                |  |  |       |   
|Total unrealized depreciation on open forward contracts |  |               |            |  |            |   | (2,975,865 | )              |  |  | (1.33 | ) 
|                                                        |  |               |            |  |            |   |            |                |  |  |       |   
|Total fair value                                        |  |               |            |  |            | $ | 882,836    |                |  |  | 0.39  | % 
|                                                        |  |               |            |  |            |   |            |                |  |  |       |   









See accompanying notes to financial statements.


F-71



---



##### 



CMF Graham
    Capital Master Fund L.P.
 Statements
    of Income and Expenses
    for the years ended
    December 31, 2009, 2008 and 2007




|                                                                                          |  |      |              |  |      |   |              |      |  |   |              |  
|----------------------------------------------------------------------------------------- |  | ---- | ------------ |  | ---- | - | ------------ | ---- |  | - | ------------ | -
|                                                                                          |  | 2009 |              |  | 2008 |   |              | 2007 | 
|                                                                                         
|Income:                                                                                   |  |      |              |  |      |   |              |      |  |   |              |  
|Net gains (loss) on trading of commodity interests:                                       |  |      |              |  |      |   |              |      |  |   |              |  
|Net realized gains (losses) on closed contracts                                           |  | $    | 11,381,456   |  |      | $ | 61,878,532   |      |  | $ | 37,612,230   |  
|Change in net unrealized gains (losses) on open contracts                                 |  |      | 1,086,609    |  |      |   | 1,251,182    |      |  |   | (7,303,599   | )
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              |  
|Gain (loss) from trading, net                                                             |  |      | 12,468,065   |  |      |   | 63,129,714   |      |  |   | 30,308,631   |  
|Interest income                                                                           |  |      | 125,256      |  |      |   | 2,202,621    |      |  |   | 7,463,020    |  
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              |  
|Total income (loss)                                                                       |  |      | 12,593,321   |  |      |   | 65,332,335   |      |  |   | 37,771,651   |  
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              |  
|Expenses:                                                                                 |  |      |              |  |      |   |              |      |  |   |              |  
|Clearing fees                                                                             |  |      | 614,452      |  |      |   | 940,378      |      |  |   | 857,460      |  
|Professional fees                                                                         |  |      | 46,648       |  |      |   | 30,056       |      |  |   | 29,466       |  
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              |  
|Total expenses                                                                            |  |      | 661,100      |  |      |   | 970,434      |      |  |   | 886,926      |  
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              |  
|Net income (loss)                                                                         |  |      | 11,932,221   |  |      | $ | 64,361,901   |      |  | $ | 36,884,725   |  
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              |  
|Net income (loss) per Redeemable Unit of Limited Partnership
    Interest (Notes 1 and 6) |  | $    | 112.10       |  |      | $ | 396.07       |      |  | $ | 187.22       |  
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              |  
|Weighted average units outstanding                                                        |  |      | 118,814.5765 |  |      |   | 167,979.9211 |      |  |   | 208,730.7408 |  
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              |  





See accompanying notes to financial statements.


F-72



---



##### 



CMF Graham
    Capital Master Fund L.P.

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




|                                                                               |  |           |             |  
|------------------------------------------------------------------------------ |  | --------- | ----------- | -
|                                                                               |  | Partners |            
|                                                                               |  | Capital   |            
|                                                                              
|Partners Capital at December 31, 2006                                         |  | $         | 226,673,516 |  
|Net income (loss)                                                              |  |           | 36,884,725  |  
|Sale of 20,875.4865 Redeemable Units of Limited Partnership
    Interest       |  |           | 21,067,811  |  
|Redemption of 62,214.7369 Redeemable Units of Limited
    Partnership Interest |  |           | (63,568,645 | )
|Distribution of interest income to feeder funds                                |  |           | (7,463,020  | )
|                                                                               |  |           |             |  
|Partners Capital at December 31, 2007                                         |  |           | 213,594,387 |  
|Net income (loss)                                                              |  |           | 64,361,901  |  
|Sale of 3,998.1810 Redeemable Units of Limited Partnership
    Interest        |  |           | 5,096,496   |  
|Redemption of 43,548.1379 Redeemable Units of Limited
    Partnership Interest |  |           | (56,359,221 | )
|Distribution of interest income to feeder funds                                |  |           | (2,202,621  | )
|                                                                               |  |           |             |  
|Partners Capital at December 31, 2008                                         |  |           | 224,490,942 |  
|Net income (loss)                                                              |  |           | 11,932,221  |  
|Sale of 7,455.9216 Redeemable Units of Limited Partnership
    Interest        |  |           | 11,912,177  |  
|Redemption of 49,869.3195 Redeemable Units of Limited
    Partnership Interest |  |           | (76,997,824 | )
|Distribution of interest income to feeder funds                                |  |           | (125,256    | )
|                                                                               |  |           |             |  
|Partners Capital at December 31, 2009                                         |  | $         | 171,212,260 |  
|                                                                               |  |           |             |  
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest:       |  |           |             |  





2007:

$
1,146.292008:

$
1,529.392009:

$
1,640.41






See accompanying notes to financial statements.


F-73



---



##### 





CMF Graham
    Capital Master Fund L.P.
 Notes to
    Financial Statements
    December 31, 2009




|   |                              
|-- | -----------------------------
|1. | Partnership
    Organization:

















F-74



---



##### 





CMF Graham
    Capital Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009












|   |                         
|-- | ------------------------
|2. | Accounting
    Policies:



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. | Use of Estimates.The preparation of financial
    statements and accompanying notes in conformity with 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.
    In making these estimates and assumptions, management has
    considered the effects, if any, of events occurring after the
    date of the Masters Statements of Financial Condition
    through the date the financial statements were issued. 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 as permitted by
    ASC 230, Statement of Cash Flows (formerly,
    FAS No. 102, Statement of Cash Flows Exemption
    of Certain Enterprises and Classification of Cash Flows from
    Certain Securities Acquired for Resale).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|
| | 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. )


F-75



---



##### 





CMF Graham
    Capital Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009




FAS No. 157-4,








|                 |  |            |           |  |                    |   |           |                   |  |   |                     |  |  |   |   | 
|---------------- |  | ---------- | --------- |  | ------------------ | - | --------- | ----------------- |  | - | ------------------- |  |  | - | - | 
|                 |  |            |           |  | Quoted Prices in   |   |           |                   |  |   |                     | 
|                 |  |            |           |  | Active Markets for |   |           | Significant Other |  |   | Significant         | 
|                 |  |            |           |  | Identical Assets   |   |           | Observable Inputs |  |   | Unobservable Inputs | 
|                 |  | 12/31/2009 |           |  | (Level 1)          |   |           | (Level 2)         |  |   | (Level 3)           | 
|                
|Assets           |  |            |           |  |                    |   |           |                   |  |   |                     |  |  |   |   | 
|Futures          |  | $          | 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             |  |  | $ |  | 
|                 |  |            |           |  |                    |   |           |                   |  |   |                     |  |  |   |   | 





|                  |  |            |           |  |                    |   |           |                   |  |   |                     |   |  |   |   | 
|----------------- |  | ---------- | --------- |  | ------------------ | - | --------- | ----------------- |  | - | ------------------- | - |  | - | - | 
|                  |  |            |           |  | Quoted Prices in   |   |           |                   |  |   |                     |  
|                  |  |            |           |  | Active Markets for |   |           | Significant Other |  |   | Significant         |  
|                  |  |            |           |  | Identical Assets   |   |           | Observable Inputs |  |   | Unobservable Inputs |  
|                  |  | 12/31/2008 |           |  | (Level 1)          |   |           | (Level 2)         |  |   | (Level 3)           |  
|                 
|Assets            |  |            |           |  |                    |   |           |                   |  |   |                     |   |  |   |   | 
|Futures           |  | $          | 1,162,793 |  |                    | $ | 1,162,793 |                   |  | $ |                    |   |  | $ |  | 
|Forwards          |  |            | 86,222    |  |                    |   | 86,222    |                   |  |   |                    |   |  |   |  | 
|                  |  |            |           |  |                    |   |           |                   |  |   |                     |   |  |   |   | 
|Total assets      |  |            | 1,249,015 |  |                    |   | 1,249,015 |                   |  |   |                    |   |  |   |  | 
|                  |  |            |           |  |                    |   |           |                   |  |   |                     |   |  |   |   | 
|Liabilities       |  |            |           |  |                    |   |           |                   |  |   |                     |   |  |   |   | 
|Forwards          |  | $          | 366,179   |  |                    | $ |          |                   |  | $ | 366,179             |   |  | $ |  | 
|                  |  |            |           |  |                    |   |           |                   |  |   |                     |   |  |   |   | 
|Total liabilities |  |            | 366,179   |  |                    |   |          |                   |  |   | 366,179             |   |  |   |  | 
|                  |  |            |           |  |                    |   |           |                   |  |   |                     |   |  |   |   | 
|Total fair value  |  | $          | 882,836   |  |                    | $ | 1,249,015 |                   |  | $ | (366,179            | ) |  | $ |  | 
|                  |  |            |           |  |                    |   |           |                   |  |   |                     |   |  |   |   | 





| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 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

F-76



---



##### 





CMF Graham
    Capital Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009




| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 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. Because 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, credit exposure is limited. 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
    short positions. 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. Because
    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,
    credit exposure is limited. Realized gains (losses) and changes
    in unrealized gains (losses) on metal contracts are included in
    the Statements of Income and Expenses.
|
| | 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 their share of the Masters income and expenses.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               





F-77



---



##### 





CMF Graham
    Capital Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009








| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | i. | Subsequent Events.  In 2009, the Master adopted ASC
    855, Subsequent Events (formerly, FAS No. 165,
    Subsequent Events). The objective of ASC 855 is to
    establish general standards of accounting for and disclosure of
    events that occur after the balance sheet date but before
    financial statements are issued or available to be issued.
    Management has determined that there were no subsequent events
    requiring adjustment or disclosure in the financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|
| | j. | Recent Accounting Pronouncements.In January
    2010, the FASB issued Accounting Standards Update
    No. 2010-06
    (ASU
    2010-06),
    Improving Disclosures about Fair Value Measurements,
    which, among other things, amends ASC 820 to require entities to
    separately present purchases, sales, issuances, and settlements
    in their reconciliation of Level 3 fair value measurements
    (i.e. to present such items on a gross basis rather than on a
    net basis), and which clarifies existing disclosure requirements
    provided by ASC 820 regarding the level of disaggregation and
    the inputs and valuation techniques used to measure fair value
    for measurements that fall within either Level 2 or
    Level 3 of the fair value hierarchy. ASU
    2010-06 is
    effective for interim and annual periods beginning after
    December 15, 2009, except for the disclosures about
    purchases, sales, issuances, and settlements in the roll forward
    of activity in Level 3 fair value measurements (which are
    effective for fiscal years beginning after December 15,
    2010, and for interim periods within those fiscal years).
    Management is currently assessing the impact that the adoption
    of ASU
    2010-06 will
    have on the Masters financial statements disclosures.



No. 2010-09 2010-09),




| |    |                                                                                                                                                                                                 
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | k. | Certain prior period amounts have been reclassified to conform
    to current year presentation.                                                                                                
|
| | l. | Net Income (Loss) per Redeemable Unit.  Net
    income (loss) per Redeemable Unit is calculated in accordance
    with investment company guidance. See footnote 6 for Financial
    Highlights.



|   |            
|-- | -----------
|3. | Agreements:



| |    |                               
| | -- | ------------------------------
| | a. | Limited Partnership Agreement:







| |    |                      
| | -- | ---------------------
| | b. | Management Agreement:





F-78



---



##### 





CMF Graham
    Capital Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009






| |    |                    
| | -- | -------------------
| | c. | Customer Agreement:



give-up,




|   |                        
|-- | -----------------------
|4. | Trading
    Activities:



















F-79



---



##### 





CMF Graham
    Capital Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009




|                                                        |  |                   |            |   
|------------------------------------------------------- |  | ----------------- | ---------- | --
|                                                        |  | December 31, 2009 |           
|                                                       
|Assets                                                  |  |                   |            |   
|Futures Contracts                                       |  |                   |            |   
|Currencies                                              |  | $                 | 29,498     |   
|Energy                                                  |  |                   | 357,695    |   
|Grains                                                  |  |                   | 223,296    |   
|Indices                                                 |  |                   | 871,966    |   
|Interest Rates U.S.                                     |  |                   | 10,273     |   
|Interest Rates
    Non-U.S.                             |  |                   | 169,828    |   
|Livestock                                               |  |                   | 20,482     |   
|Metals                                                  |  |                   | 93,687     |   
|Softs                                                   |  |                   | 810,673    |   
|                                                        |  |                   |            |   
|Total unrealized appreciation on open futures contracts |  | $                 | 2,587,398  |   
|                                                        |  |                   |            |   
|                                                        |  |                   |            |   
|Liabilities                                             |  |                   |            |   
|Futures Contracts                                       |  |                   |            |   
|Currencies                                              |  | $                 | (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    | * 
|                                                        |  |                   |            |   
|                                                        |  |                   |            |   
|Assets                                                  |  |                   |            |   
|Forward Contracts                                       |  |                   |            |   
|Currencies                                              |  | $                 | 7,739,782  |   
|Metals                                                  |  |                   | 2,324,147  |   
|                                                        |  |                   |            |   
|Total unrealized appreciation on open forward contracts |  | $                 | 10,063,929 |   
|                                                        |  |                   |            |   
|                                                        |  |                   |            |   
|Liabilities                                             |  |                   |            |   
|Forward Contracts                                       |  |                   |            |   
|Currencies                                              |  | $                 | (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.

F-80



---



##### 





CMF Graham
    Capital Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009










|                            |  |                          |            |     |  |  |  | 
|--------------------------- |  | ------------------------ | ---------- | --- |  |  |  | 
|                            |  | December 31, 2009        |            |     |  | 
|Sector                      |  | Gain (loss) from Trading |            |     |  | 
|                           
|Currencies                  |  | $                        | 3,111,674  |     |  |  |  | 
|Energy                      |  |                          | (3,297,102 | )   |  |  |  | 
|Grains                      |  |                          | (1,460,464 | )   |  |  |  | 
|Indices                     |  |                          | 15,480,005 |     |  |  |  | 
|Interest Rates U.S.         |  |                          | (3,698,764 | )   |  |  |  | 
|Interest Rates
    Non-U.S. |  |                          | (2,767,757 | )   |  |  |  | 
|Livestock                   |  |                          | 21,968     |     |  |  |  | 
|Softs                       |  |                          | 1,832,133  |     |  |  |  | 
|Metals                      |  |                          | 3,246,372  |     |  |  |  | 
|                            |  |                          |            |     |  |  |  | 
|Total                       |  | $                        | 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:







|                                                       |  |      |          |    |      |   |          |      |  |   |          |  
|------------------------------------------------------ |  | ---- | -------- | -- | ---- | - | -------- | ---- |  | - | -------- | -
|                                                       |  | 2009 |          |    | 2008 |   |          | 2007 | 
|                                                      
|Net realized and unrealized gains (losses)*            |  | $    | 111.45   |    |      | $ | 383.27   |      |  | $ | 150.83   |  
|Interest income                                        |  |      | 1.08     |    |      |   | 12.97    |      |  |   | 36.54    |  
|Expenses**                                             |  |      | (0.43    | )  |      |   | (0.17    | )    |  |   | (0.15    | )
|                                                       |  |      |          |    |      |   |          |      |  |   |          |  
|Increase (decrease) for the period                     |  |      | 112.10   |    |      |   | 396.07   |      |  |   | 187.22   |  
|Distribution of interest income to feeder funds        |  |      | (1.08    | )  |      |   | (12.97   | )    |  |   | (36.54   | )
|Net Asset Value per Redeemable Unit, beginning of year |  |      | 1,529.39 |    |      |   | 1,146.29 |      |  |   | 995.61   |  
|                                                       |  |      |          |    |      |   |          |      |  |   |          |  
|Net Asset Value per Redeemable Unit, end of year       |  | $    | 1,640.41 |    |      | $ | 1,529.39 |      |  | $ | 1,146.29 |  
|                                                       |  |      |          |    |      |   |          |      |  |   |          |  
|Ratios to Average Net Assets:                          |  |      |          |    |      |   |          |      |  |   |          |  
|Net investment income (loss)***                        |  |      | (0.3     | )% |      |   | 0.6      | %    |  |   | 3.0      | %
|                                                       |  |      |          |    |      |   |          |      |  |   |          |  
|Operating expenses                                     |  |      | 0.4      | %  |      |   | 0.4      | %    |  |   | 0.4      | %
|                                                       |  |      |          |    |      |   |          |      |  |   |          |  
|Total return                                           |  |      | 7.3      | %  |      |   | 34.6     | %    |  |   | 18.8     | %
|                                                       |  |      |          |    |      |   |          |      |  |   |          |  







|    |  |                                     
|--- |  | ------------------------------------
|*   |  | Includes clearing fees.             
|   
|**  |  | Excludes clearing fees.             
|   
|*** |  | Interest income less total expenses.

F-81



---



##### 





CMF Graham
    Capital Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009










|   |                                
|-- | -------------------------------
|7. | Financial
    Instrument Risks:



over-the-counter


















F-82



---



##### 



For the period from
    
    For the period from
    
    For the period
    
    For the period fromOctober 1, 2009 to
    
    July 1, 2009 to
    
    from April 1, 2009
    
    January 1, 2009 toDecember 31, 2009
    
    September 30, 2009
    
    to June 30, 2009
    
    March 31, 2009Net realized and
unrealized trading
gains (losses) net
of brokerage
commissions and
clearing fees
including interest
income
    
    $
    1,522,383
    
    
    $
    14,250,196
    
    
    $
    (2,335,820
    )
    
    $
    (1,457,890
    )Net income (loss)
    
    $
    1,502,514
    
    
    $
    14,240,193
    
    
    $
    (2,344,541
    )
    
    $
    (1,465,945
    )Increase (decrease)
in Net Asset Value
per Redeemable Unit
    
    $
    13.91
    
    
    $
    135.03
    
    
    $
    (21.43
    )
    
    $
    (15.41
    )For the period from
    
    For the period from
    
    For the period
    
    For the period fromOctober 1, 2008 to
    
    July 1, 2008 to
    
    from April 1, 2008
    
    January 1, 2008 toDecember 31, 2008
    
    September 30, 2008
    
    to June 30, 2008
    
    March 31, 2008Net realized and
unrealized trading
gains (losses) net
of brokerage
commissions and
clearing fees
including interest
income
    
    $
    34,035,718
    
    
    $
    (8,466,890
    )
    
    $
    18,680,824
    
    
    $
    20,142,305Net income (loss)
    
    $
    34,029,127
    
    
    $
    (8,473,481
    )
    
    $
    18,672,387
    
    
    $
    20,133,868Increase (decrease)
in Net Asset Value
per Redeemable Unit
    
    $
    224.58
    
    
    $
    (52.04
    )
    
    $
    112.99
    
    
    $
    110.54
 F-83




---



##### 





To the Limited
    Partners of
    CMF SandRidge Master Fund L.P.













| |     |               
| | --- | --------------
| | By: | Jennifer Magro











Ceres Managed Futures LLC








212-559-2011


F-84



---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    
 F-85




---



##### 



Report of Independent Auditors
 
   
 F-86




---



##### 



Report of Independent Registered Public Accounting Firm
 
     
 F-87




---



##### 



CMF SandRidge
    Master Fund L.P.Statements of Financial Condition
    December 31, 2009 and 2008




|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | ----------- |  | ---- | - | ----------- | 
|                                                                                                                                                                          |  | 2009 |             |  | 2008 |  
|                                                                                                                                                                         
|Assets:                                                                                                                                                                   |  |      |             |  |      |   |             | 
|Equity in trading account:                                                                                                                                                |  |      |             |  |      |   |             | 
|Cash (Note 3c)                                                                                                                                                            |  | $    | 691,877,329 |  |      | $ | 530,398,527 | 
|Cash margin (Note 3c)                                                                                                                                                     |  |      | 22,651,198  |  |      |   | 29,705,022  | 
|Options owned, at fair value (cost $1,392,000 and $3,510,375 at
    December 31, 2009 and 2008, respectively)                                                             |  |      | 1,092,800   |  |      |   | 4,987,535   | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Total assets                                                                                                                                                              |  | $    | 715,621,327 |  |      | $ | 565,091,084 | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Liabilities and Partners Capital:                                                                                                                                        |  |      |             |  |      |   |             | 
|Liabilities:                                                                                                                                                              |  |      |             |  |      |   |             | 
|Net unrealized depreciation on open futures and exchange cleared
    swap contracts                                                                                       |  | $    | 29,412,753  |  |      | $ | 110,973,333 | 
|Options written, at fair value (premium $994,000 and $3,103,510
    at December 31, 2009 and 2008, respectively)                                                          |  |      | 1,249,600   |  |      |   | 4,282,963   | 
|Accrued expenses:                                                                                                                                                         |  |      |             |  |      |   |             | 
|Professional fees                                                                                                                                                         |  |      | 49,481      |  |      |   | 116,342     | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Total liabilities                                                                                                                                                         |  |      | 30,711,834  |  |      |   | 115,372,638 | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Partners Capital:                                                                                                                                                        |  |      |             |  |      |   |             | 
|General Partner, 0.0000 Unit equivalents at December 31,
    2009 and 2008                                                                                                |  |      |            |  |      |   |            | 
|Limited Partners Capital, 311,109.5773 and 247,850.0335
    Redeemable Units of Limited Partnership Interest outstanding at
    December 31, 2009 and 2008, respectively |  |      | 684,909,493 |  |      |   | 449,718,446 | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Total liabilities and partners capital                                                                                                                                   |  | $    | 715,621,327 |  |      | $ | 565,091,084 | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 





See accompanying notes to financial statements.


F-88



---



##### 



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




|                                                            |  |           |        |  |            |   |             |                |  |  |       |   
|----------------------------------------------------------- |  | --------- | ------ |  | ---------- | - | ----------- | -------------- |  |  | ----- | --
|                                                            |  | Number of |        |  |            |   |             | % of Partners | 
|                                                            |  | Contracts |        |  | Fair Value |   |             | Capital        | 
|                                                           
|Futures and Exchange Cleared Swap Contracts Purchased       |  |           |        |  |            |   |             |                |  |  |       |   
|Energy                                                      |  |           |        |  |            |   |             |                |  |  |       |   
|ICE Henry Hub Natural Gas Swap Apr. 10  Dec. 14            |  |           | 33,801 |  |            | $ | (11,509,797 | )              |  |  | (1.68 | )%
|NYMEX Henry Hub Natural Gas Swap Mar. 10  Dec. 14          |  |           | 14,452 |  |            |   | (7,309,750  | )              |  |  | (1.07 | ) 
|NYMEX Henry Hub Natural Gas May 10  May 11                 |  |           | 4,825  |  |            |   | (5,954,147  | )              |  |  | (0.87 | ) 
|NYMEX Henry Hub Penultimate Mar. 10                         |  |           | 524    |  |            |   | 495,220     |                |  |  | 0.07  |   
|                                                            |  |           |        |  |            |   |             |                |  |  |       |   
|Total futures and exchange cleared swap contracts purchased |  |           |        |  |            |   | (24,278,474 | )              |  |  | (3.55 | ) 
|                                                            |  |           |        |  |            |   |             |                |  |  |       |   
|Futures and Exchange Cleared Swap Contracts Sold            |  |           |        |  |            |   |             |                |  |  |       |   
|Energy                                                      |  |           |        |  |            |   |             |                |  |  |       |   
|ICE Henry Hub Natural Gas Swap Mar. 10  March 11           |  |           | 22,040 |  |            |   | (6,466,193  | )              |  |  | (0.94 | ) 
|NYMEX Henry Hub Natural Gas Swap May 10  Dec. 13           |  |           | 10,108 |  |            |   | 5,801,850   |                |  |  | 0.84  |   
|NYMEX Henry Hub Natural Gas Mar. 10  Sept. 10              |  |           | 6,621  |  |            |   | (4,469,936  | )              |  |  | (0.65 | ) 
|                                                            |  |           |        |  |            |   |             |                |  |  |       |   
|Total futures and exchange cleared swap contracts sold      |  |           |        |  |            |   | (5,134,279  | )              |  |  | (0.75 | ) 
|                                                            |  |           |        |  |            |   |             |                |  |  |       |   
|Options Owned                                               |  |           |        |  |            |   |             |                |  |  |       |   
|Puts                                                        |  |           |        |  |            |   |             |                |  |  |       |   
|Energy                                                      |  |           | 240    |  |            |   | 1,092,800   |                |  |  | 0.16  |   
|                                                            |  |           |        |  |            |   |             |                |  |  |       |   
|Total options owned                                         |  |           |        |  |            |   | 1,092,800   |                |  |  | 0.16  |   
|                                                            |  |           |        |  |            |   |             |                |  |  |       |   
|Options Written                                             |  |           |        |  |            |   |             |                |  |  |       |   
|Calls                                                       |  |           |        |  |            |   |             |                |  |  |       |   
|Energy                                                      |  |           | 240    |  |            |   | (1,249,600  | )              |  |  | (0.18 | ) 
|                                                            |  |           |        |  |            |   |             |                |  |  |       |   
|Total options written                                       |  |           |        |  |            |   | (1,249,600  | )              |  |  | (0.18 | ) 
|                                                            |  |           |        |  |            |   |             |                |  |  |       |   
|Total fair value                                            |  |           |        |  |            | $ | (29,569,553 | )              |  |  | (4.32 | )%
|                                                            |  |           |        |  |            |   |             |                |  |  |       |   





See accompanying notes to financial statements.


F-89



---



##### 



CMF SandRidge
    Master Fund L.P.
 Condensed
    Schedule of Investments
    December 31, 2008




|                                                            |  |           |        |  |            |   |              |                |  |  |        |   
|----------------------------------------------------------- |  | --------- | ------ |  | ---------- | - | ------------ | -------------- |  |  | ------ | --
|                                                            |  | Number of |        |  |            |   |              | % of Partners | 
|                                                            |  | Contracts |        |  | Fair Value |   |              | Capital        | 
|                                                           
|Futures and Exchange Cleared Swap Contracts Purchased       |  |           |        |  |            |   |              |                |  |  |        |   
|Energy                                                      |  |           |        |  |            |   |              |                |  |  |        |   
|ICE Henry Hub Natural Gas Swap April 09  Dec. 14           |  |           | 30,555 |  |            | $ | (72,012,250  | )              |  |  | (16.01 | )%
|NYMEX Natural Gas Swap Oct. 09  Dec. 14                    |  |           | 10,464 |  |            |   | (43,628,900  | )              |  |  | (9.70  | ) 
|NYMEX Natural Gas Aug. 09  Oct. 10                         |  |           | 6,052  |  |            |   | (113,269,862 | )              |  |  | (25.19 | ) 
|                                                            |  |           |        |  |            |   |              |                |  |  |        |   
|Total futures and exchange cleared swap contracts purchased |  |           |        |  |            |   | (228,911,012 | )              |  |  | (50.90 | ) 
|                                                            |  |           |        |  |            |   |              |                |  |  |        |   
|Futures and Exchange Cleared Swap Contracts Sold            |  |           |        |  |            |   |              |                |  |  |        |   
|Energy                                                      |  |           |        |  |            |   |              |                |  |  |        |   
|ICE Henry Hub Natural Gas Swap Feb. 09  Oct. 10            |  |           | 25,108 |  |            |   | 34,592,590   |                |  |  | 7.69   |   
|NYMEX Henry Hub Natural Gas Feb. 09  Dec. 12               |  |           | 10,624 |  |            |   | 42,565,560   |                |  |  | 9.46   |   
|NYMEX Natural Gas Feb. 09  Sep. 09                         |  |           | 6,572  |  |            |   | 40,779,529   |                |  |  | 9.07   |   
|                                                            |  |           |        |  |            |   |              |                |  |  |        |   
|Total futures and exchange cleared swap contracts sold      |  |           |        |  |            |   | 117,937,679  |                |  |  | 26.22  |   
|                                                            |  |           |        |  |            |   |              |                |  |  |        |   
|Options Owned                                               |  |           |        |  |            |   |              |                |  |  |        |   
|Puts                                                        |  |           |        |  |            |   |              |                |  |  |        |   
|Energy                                                      |  |           | 730    |  |            |   | 4,987,535    |                |  |  | 1.11   |   
|                                                            |  |           |        |  |            |   |              |                |  |  |        |   
|Total options owned                                         |  |           |        |  |            |   | 4,987,535    |                |  |  | 1.11   |   
|                                                            |  |           |        |  |            |   |              |                |  |  |        |   
|Options Written                                             |  |           |        |  |            |   |              |                |  |  |        |   
|Calls                                                       |  |           |        |  |            |   |              |                |  |  |        |   
|Energy                                                      |  |           | 15     |  |            |   | (4,380       | )              |  |  | (0.00  | )*
|Puts                                                        |  |           |        |  |            |   |              |                |  |  |        |   
|Energy                                                      |  |           | 1,675  |  |            |   | (4,278,583   | )              |  |  | (0.95  | ) 
|                                                            |  |           |        |  |            |   |              |                |  |  |        |   
|Total options written                                       |  |           |        |  |            |   | (4,282,963   | )              |  |  | (0.95  | ) 
|                                                            |  |           |        |  |            |   |              |                |  |  |        |   
|Total fair value                                            |  |           |        |  |            | $ | (110,268,761 | )              |  |  | (24.52 | )%
|                                                            |  |           |        |  |            |   |              |                |  |  |        |   





|  |  |                
|- |  | ---------------
|* |  | Due to rounding



See accompanying notes to financial statements.


F-90



---



##### 



CMF SandRidge
    Master Fund L.P.Statements of Income and Expenses
    for the years ended
    December 31, 2009, 2008 and 2007




|                                                                                          |  |      |              |  |      |   |              |      |  |   |              | 
|----------------------------------------------------------------------------------------- |  | ---- | ------------ |  | ---- | - | ------------ | ---- |  | - | ------------ | 
|                                                                                          |  | 2009 |              |  | 2008 |   |              | 2007 | 
|                                                                                         
|Income:                                                                                   |  |      |              |  |      |   |              |      |  |   |              | 
|Net gains (losses) on trading of commodity interests:                                     |  |      |              |  |      |   |              |      |  |   |              | 
|Net realized gains (losses) on closed contracts                                           |  | $    | 18,484,633   |  |      | $ | 209,086,188  |      |  | $ | 40,099,593   | 
|Change in net unrealized gains (losses) on open contracts                                 |  |      | 80,708,073   |  |      |   | (109,479,479 | )    |  |   | 634,796      | 
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              | 
|Gain (loss) from trading, net                                                             |  |      | 99,192,706   |  |      |   | 99,606,709   |      |  |   | 40,734,389   | 
|Interest Income                                                                           |  |      | 388,904      |  |      |   | 4,119,717    |      |  |   | 9,737,038    | 
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              | 
|Total income (loss)                                                                       |  |      | 99,581,610   |  |      |   | 103,726,426  |      |  |   | 50,471,427   | 
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              | 
|Expenses:                                                                                 |  |      |              |  |      |   |              |      |  |   |              | 
|Clearing fees                                                                             |  |      | 623,298      |  |      |   | 390,792      |      |  |   | 677,706      | 
|Professional fees                                                                         |  |      | 210,642      |  |      |   | 269,306      |      |  |   | 261,470      | 
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              | 
|Total expenses                                                                            |  |      | 833,940      |  |      |   | 660,098      |      |  |   | 939,176      | 
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              | 
|Net income (loss)                                                                         |  | $    | 98,747,670   |  |      | $ | 103,066,328  |      |  | $ | 49,532,251   | 
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              | 
|Net income (loss) per Redeemable Unit of Limited Partnership
    interest (Notes 1 and 6) |  | $    | 388.51       |  |      | $ | 468.42       |      |  | $ | 242.28       | 
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              | 
|Weighted average units outstanding                                                        |  |      | 275,661.9324 |  |      |   | 241,781.3550 |      |  |   | 212,935.2422 | 
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              | 





See accompanying notes to financial statements.


F-91



---



##### 



CMF SandRidge
    Master Fund L.P.

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




|                                                                               |  |           |              |  
|------------------------------------------------------------------------------ |  | --------- | ------------ | -
|                                                                               |  | Partners |             
|                                                                               |  | Capital   |             
|                                                                              
|Partners Capital at December 31, 2006                                         |  | $         | 215,065,486  |  
|Net income (loss)                                                              |  |           | 49,532,251   |  
|Sale of 69,725.8292 Redeemable Units of Limited Partnership
    Interest       |  |           | 89,474,602   |  
|Redemption of 24,714.6195 Redeemable Units of Limited
    Partnership Interest |  |           | (31,803,576  | )
|Distribution of interest income to feeder funds                                |  |           | (9,737,038   | )
|                                                                               |  |           |              |  
|Partners Capital at December 31, 2007                                         |  |           | 312,531,725  |  
|Net income (loss)                                                              |  |           | 103,066,328  |  
|Sale of 80,081.4747 Redeemable Units of Limited Partnership
    Interest       |  |           | 141,534,374  |  
|Redemption of 61,402.1561 Redeemable Units of Limited
    Partnership Interest |  |           | (103,294,264 | )
|Distribution of interest income to feeder funds                                |  |           | (4,119,717   | )
|                                                                               |  |           |              |  
|Partners Capital at December 31, 2008                                         |  |           | 449,718,446  |  
|Net income (loss)                                                              |  |           | 98,747,670   |  
|Sale of 127,771.5856 Redeemable Units of Limited Partnership
    Interest      |  |           | 270,602,300  |  
|Redemption of 64,512.0418 Redeemable Units of Limited
    Partnership Interest |  |           | (133,770,019 | )
|Distribution of interest income to feeder funds                                |  |           | (388,904     | )
|                                                                               |  |           |              |  
|Partners Capital at December 31, 2009                                         |  | $         | 684,909,493  |  
|                                                                               |  |           |              |  









2007:

$
1,363.752008:

$
1,814.482009:

$
2,201.51






See accompanying notes to financial statements.


F-92



---



##### 





CMF SandRidge
    Master Fund L.P.
 Notes to
    Financial Statements
    December 31, 2009




|   |                              
|-- | -----------------------------
|1. | Partnership
    Organization:

















F-93



---



##### 





CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009












|   |                         
|-- | ------------------------
|2. | Accounting
    Policies:



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. | Use of Estimates.  The preparation of financial
    statements and accompanying notes in conformity with 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.
    In making these estimates and assumptions, management has
    considered the effects, if any, of events occurring after the
    date of the Masters Statements of Financial Condition
    through the date the financial statements were issued. 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 as permitted by
    ASC 230, Statement of Cash Flows (formerly, FAS No. 102
    Statement of Cash Flows-Exemption of Certain Enterprises
    and Classification of Cash Flows from Certain Securities
    Acquired for Resale).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|
| | 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.


F-94



---



##### 





CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009




FAS No. 157-4.








|                                   |  |            |             |   |                    |   |             |                   |  |   |              |  |  |   |   | 
|---------------------------------- |  | ---------- | ----------- | - | ------------------ | - | ----------- | ----------------- |  | - | ------------ |  |  | - | - | 
|                                   |  |            |             |   | Quoted Prices in   |   |             |                   |  |   | Significant  | 
|                                   |  |            |             |   | Active Markets for |   |             | Significant Other |  |   | Unobservable | 
|                                   |  |            |             |   | Identical Sets     |   |             | Observable Inputs |  |   | Inputs       | 
|                                   |  | 12/31/2009 |             |   | (Level 1)          |   |             | (Level 2)         |  |   | (Level 3)    | 
|                                  
|Assets                             |  |            |             |   |                    |   |             |                   |  |   |              |  |  |   |   | 
|Options owned                      |  | $          | 1,092,800   |   |                    | $ | 1,092,800   |                   |  | $ |             |  |  | $ |  | 
|                                   |  |            |             |   |                    |   |             |                   |  |   |              |  |  |   |   | 
|Total assets                       |  | $          | 1,092,800   |   |                    | $ | 1,092,800   |                   |  | $ |             |  |  | $ |  | 
|                                   |  |            |             |   |                    |   |             |                   |  |   |              |  |  |   |   | 
|Liabilities                        |  |            |             |   |                    |   |             |                   |  |   |              |  |  |   |   | 
|Futures and Exchange Cleared Swaps |  | $          | 29,412,753  |   |                    | $ | 29,412,753  |                   |  | $ |             |  |  | $ |  | 
|Options written                    |  |            | 1,249,600   |   |                    |   | 1,249,600   |                   |  |   |             |  |  |   |  | 
|                                   |  |            |             |   |                    |   |             |                   |  |   |              |  |  |   |   | 
|Total liabilities                  |  |            | 30,662,353  |   |                    |   | 30,662,353  |                   |  |   |             |  |  |   |  | 
|                                   |  |            |             |   |                    |   |             |                   |  |   |              |  |  |   |   | 
|Total fair value                   |  | $          | (29,569,553 | ) |                    | $ | (29,569,553 | )                 |  | $ |             |  |  | $ |  | 
|                                   |  |            |             |   |                    |   |             |                   |  |   |              |  |  |   |   | 





|                                   |  |            |              |   |                    |   |              |                   |  |   |              |  |  |   |   | 
|---------------------------------- |  | ---------- | ------------ | - | ------------------ | - | ------------ | ----------------- |  | - | ------------ |  |  | - | - | 
|                                   |  |            |              |   | Quoted Prices in   |   |              |                   |  |   | Significant  | 
|                                   |  |            |              |   | Active Markets for |   |              | Significant Other |  |   | Unobservable | 
|                                   |  |            |              |   | Identical Assets   |   |              | Observable Inputs |  |   | Inputs       | 
|                                   |  | 12/31/2008 |              |   | (Level 1)          |   |              | (Level 2)         |  |   | (Level 3)    | 
|                                  
|Assets                             |  |            |              |   |                    |   |              |                   |  |   |              |  |  |   |   | 
|Options owned                      |  | $          | 4,987,535    |   |                    | $ | 4,987,535    |                   |  | $ |             |  |  | $ |  | 
|                                   |  |            |              |   |                    |   |              |                   |  |   |              |  |  |   |   | 
|Total assets                       |  | $          | 4,987,535    |   |                    | $ | 4,987,535    |                   |  | $ |             |  |  | $ |  | 
|                                   |  |            |              |   |                    |   |              |                   |  |   |              |  |  |   |   | 
|Liabilities                        |  |            |              |   |                    |   |              |                   |  |   |              |  |  |   |   | 
|Futures and Exchange Cleared Swaps |  | $          | 110,973,333  |   |                    | $ | 110,973,333  |                   |  | $ |             |  |  | $ |  | 
|Options written                    |  |            | 4,282,963    |   |                    |   | 4,282,963    |                   |  |   |             |  |  |   |  | 
|                                   |  |            |              |   |                    |   |              |                   |  |   |              |  |  |   |   | 
|Total liabilities                  |  |            | 115,256,296  |   |                    |   | 115,256,296  |                   |  |   |             |  |  |   |  | 
|                                   |  |            |              |   |                    |   |              |                   |  |   |              |  |  |   |   | 
|Total fair value                   |  | $          | (110,268,761 | ) |                    | $ | (110,268,761 | )                 |  | $ |             |  |  | $ |  | 
|                                   |  |            |              |   |                    |   |              |                   |  |   |              |  |  |   |   | 



F-95



---



##### 





CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009






| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | d. | Futures Contracts.  The Master trades futures
    contracts. Exchange cleared swaps included in futures and
    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. Because
    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, credit
    exposure is limited. 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,
    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 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.  In 2009, the Master adopted
    ASC 855, Subsequent Events (formerly, FAS No. 165,
    Subsequent Events). The objective of ASC 855 is to
    establish general standards of accounting for and disclosure of
    events that occur after the balance sheet date but before
    financial statements are issued or available to be issued.
    Management has determined that there were no subsequent events
    requiring adjustment or disclosure in the financial statements.



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                             
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | i. | Recent Accounting Pronouncements.  In January
    2010, the FASB issued Accounting Standards Update
    No. 2010-06
    (ASU
    2010-06),
    Improving Disclosures about Fair Value Measurements,
    which, among other things, amends ASC 820 to require entities to
    separately present purchases, sales, issuances, and settlements
    in their reconciliation of Level 3 fair value measurements
    (i.e. to

F-96



---



##### 





CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009




| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | present such items on a gross basis rather than on a net basis),
    and which clarifies existing disclosure requirements provided by
    ASC 820 regarding the level of disaggregation and the inputs and
    valuation techniques used to measure fair value for measurements
    that fall within either Level 2 or Level 3 of the fair
    value hierarchy. ASU
    2010-06 is
    effective for interim and annual periods beginning after
    December 15, 2009, except for the disclosures about
    purchases, sales, issuances, and settlements in the roll forward
    of activity in Level 3 fair value measurements (which are
    effective for fiscal years beginning after December 15,
    2010, and for interim periods within those fiscal years).
    Management is currently assessing the impact that the adoption
    of ASU
    2010-06 will
    have on the Masters financial statements disclosures.



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    | In February 2010, the FASB issued Accounting Standards Update
    No. 2010-09
    (ASU
    2010-09),
    Subsequent Events (Topic 855): Amendments to Certain
    Recognition and Disclosure Requirements, which among other
    things amended ASC 855 to remove the requirement for an SEC
    filer to disclose the date through which subsequent events have
    been evaluated. This change alleviates potential conflicts
    between ASC 855 and the SECs requirements. All of the
    amendments in this update are effective upon issuance of this
    update. Management has included the provisions of these
    amendments in the financial statements.
|
| | j. | Certain prior period amounts have been reclassified to conform
    to current year presentation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|
| | k. | Net Income (Loss) per Redeemable Unit.  Net
    income (loss) per Redeemable Unit is calculated in accordance
    with investment company guidance. See footnote 6 for Financial
    Highlights.                                                                                                                                                                                                                                                                                                                                                                                                                                                                        



|   |            
|-- | -----------
|3. | Agreements:



| |    |                               
| | -- | ------------------------------
| | a. | Limited Partnership Agreement:







| |    |                      
| | -- | ---------------------
| | b. | Management Agreement:







| |    |                    
| | -- | -------------------
| | c. | Customer Agreement:



give-up,




|   |                        
|-- | -----------------------
|4. | Trading
    Activities:





F-97



---



##### 





CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009




















|                                                                                      |  |                   |             |    |  |                 |                   |   |            |     
|------------------------------------------------------------------------------------- |  | ----------------- | ----------- | -- |  | --------------- | ----------------- | - | ---------- | ----
|                                                                                      |  | December 31, 2009 |             |    |  |                 | December 31, 2009 |  
|                                                                                     
|Assets                                                                                |  |                   |             |    |  | Assets          |                   |   |            |     
|Futures and Exchange Cleared Swap Contracts                                           |  |                   |             |    |  | Options Owned   |                   |   |            |     
|Energy                                                                                |  | $                 | 37,079,802  |    |  | Energy          |                   | $ | 1,092,800  |     
|                                                                                      |  |                   |             |    |  |                 |                   |   |            |     
|Total unrealized appreciation on open futures and exchange
    cleared swap contracts |  | $                 | 37,079,802  |    |  | Options owned   |                   | $ | 1,092,800  | **  
|                                                                                      |  |                   |             |    |  |                 |                   |   |            |     
|Liabilities                                                                           |  |                   |             |    |  | Liabilities     |                   |   |            |     
|Futures and Exchange Cleared Swap Contracts                                           |  |                   |             |    |  | Options Written |                   |   |            |     
|Energy                                                                                |  | $                 | (66,492,555 | )  |  | Energy          |                   | $ | (1,249,600 | )   
|                                                                                      |  |                   |             |    |  |                 |                   |   |            |     
|Total unrealized depreciation on open futures and exchange
    cleared swap contracts |  | $                 | (66,492,555 | )  |  | Options written |                   | $ | (1,249,600 | )***
|                                                                                      |  |                   |             |    |  |                 |                   |   |            |     
|Net unrealized depreciation on open futures contracts                                 |  | $                 | (29,412,753 | )* |  |                 |                   |   |            |     
|                                                                                      |  |                   |             |    |  |                 |                   |   |            |     









|    |  |                                                                                                                                                      
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------
|*   |  | This amount is in Net unrealized depreciation on open
    futures and exchange cleared swap contracts on the
    Statements of Financial Condition.
|   
|**  |  | This amount is in Options owned at fair value on the
    Statements of Financial Condition.                                                        
|   
|*** |  | This amount is in Options written at fair value on
    the Statements of Financial Condition.                                                      







|       |  |                          |            |     
|------ |  | ------------------------ | ---------- | ----
|       |  | December 31, 2009       
|Sector |  | Gain (loss) from trading
|      
|Energy |  | $                        | 99,192,706 |     
|       |  |                          |            |     
|Total  |  | $                        | 99,192,706 | ****
|       |  |                          |            |     



|     |  |                                                                                                
|---- |  | -----------------------------------------------------------------------------------------------
|**** |  | This amount is in Gain(loss) from trading, net  on
    the Statements of Income and Expenses.

F-98



---



##### 





CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009




|   |                                                  
|-- | -------------------------------------------------
|5. | Subscriptions,
    Distributions and Redemptions:







|   |                          
|-- | -------------------------
|6. | Financial
    Highlights:







|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  
|------------------------------------------------------------------------------------------ |  | ---- | -------- | - | ---- | - | -------- | ---- |  | - | -------- | -
|                                                                                           |  | 2009 |          |   | 2008 |   |          | 2007 | 
|                                                                                          
|Net realized and unrealized gains (losses)*                                                |  | $    | 387.81   |   |      | $ | 451.86   |      |  | $ | 197.11   |  
|Interest income                                                                            |  |      | 1.48     |   |      |   | 17.69    |      |  |   | 46.35    |  
|Expenses**                                                                                 |  |      | (0.78    | ) |      |   | (1.13    | )    |  |   | (1.18    | )
|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  
|Increase (decrease) for the year                                                           |  |      | 388.51   |   |      |   | 468.42   |      |  |   | 242.28   |  
|Distribution of interest income to feeder funds                                            |  |      | (1.48    | ) |      |   | (17.69   | )    |  |   | (46.35   | )
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, beginning of year |  |      | 1,814.48 |   |      |   | 1,363.75 |      |  |   | 1,167.82 |  
|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, end of year       |  | $    | 2,201.51 |   |      | $ | 1,814.48 |      |  | $ | 1,363.75 |  
|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  





|   |  |                        
|-- |  | -----------------------
|*  |  | Includes clearing fees.
|  
|  
|** |  | Excludes clearing fees.



|                                |  |      |      |    |      |  |      |      |  |  |      |  
|------------------------------- |  | ---- | ---- | -- | ---- |  | ---- | ---- |  |  | ---- | -
|                                |  | 2009 |      |    | 2008 |  |      | 2007 | 
|                               
|Ratios to average net assets:   |  |      |      |    |      |  |      |      |  |  |      |  
|Net investment income (loss)*** |  |      | (0.1 | )% |      |  | 0.9  | %    |  |  | 3.3  | %
|                                |  |      |      |    |      |  |      |      |  |  |      |  
|Operating expenses              |  |      | 0.1  | %  |      |  | 0.2  | %    |  |  | 0.3  | %
|                                |  |      |      |    |      |  |      |      |  |  |      |  
|Total return                    |  |      | 21.3 | %  |      |  | 34.3 | %    |  |  | 20.8 | %
|                                |  |      |      |    |      |  |      |      |  |  |      |  







|    |  |                                     
|--- |  | ------------------------------------
|*** |  | Interest income less total expenses.







|   |                                
|-- | -------------------------------
|7. | Financial
    Instrument Risks:





F-99



---



##### 





CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009






























F-100



---



##### 



For the period from
    
    For the period from
    
    For the period
    
    For the period fromOctober 1, 2009 to
    
    July 1, 2009 to
    
    from April 1, 2009
    
    January 1, 2009 toDecember 31, 2009
    
    September 30, 2009
    
    to June 30, 2009
    
    March 31, 2009Net realized and
unrealized trading
gains (losses) net
of brokerage
commissions and
clearing fees
including interest
income
    
    $
    (7,776,936
    )
    
    $
    34,084,889
    
    
    $
    31,810,672
    
    
    $
    40,839,687Net income (loss)
    
    $
    (7,833,376
    )
    
    $
    34,047,914
    
    
    $
    31,760,955
    
    
    $
    40,772,177Increase (decrease)
in Net Asset Value
per Redeemable Unit
    
    $
    (21.17
    )
    
    $
    125.50
    
    
    $
    122.39
    
    
    $
    161.79For the period from
    
    For the period from
    
    For the period
    
    For the period fromOctober 1, 2008 to
    
    July 1, 2008 to
    
    from April 1, 2008
    
    January 1, 2008 toDecember 31, 2008
    
    September 30, 2008
    
    to June 30, 2008
    
    March 31, 2008Net realized and
unrealized trading
gains (losses) net
of brokerage
commissions and
clearing fees
including interest
income
    
    $
    10,020,345
    
    
    $
    (31,305,268
    )
    
    $
    66,997,344
    
    
    $
    57,623,213Net income (loss)
    
    $
    9,955,370
    
    
    $
    (31,370,244
    )
    
    $
    66,929,871
    
    
    $
    57,551,331Increase (decrease)
in Net Asset Value
per Redeemable Unit
    
    $
    39.67
    
    
    $
    (131.21
    )
    
    $
    297.96
    
    
    $
    262.00
 F-101




---



##### 



To the Limited
    Partners of
    CMF Eckhardt Master Fund L.P.













| |     |               
| | --- | --------------
| | By: | Jennifer Magro











Ceres Managed Futures LLC    212-559-2011


F-102



---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    
 F-103




---



##### 



Report of Independent Auditors
 
   
 F-104




---



##### 



CMF Eckhardt
    Master Fund L.P.Statements of Financial ConditionDecember 31, 2009 and 2008




|                                                                                                                                                          |  |      |            |  |      |   |            | 
|--------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | ---------- |  | ---- | - | ---------- | 
|                                                                                                                                                          |  | 2009 |            |  | 2008 |  
|                                                                                                                                                         
|Assets:                                                                                                                                                   |  |      |            |  |      |   |            | 
|Equity in trading account:                                                                                                                                |  |      |            |  |      |   |            | 
|Cash (Note 3c)                                                                                                                                            |  | $    | 13,288,028 |  |      | $ | 19,322,653 | 
|Cash margin (Note 3c)                                                                                                                                     |  |      | 3,204,078  |  |      |   | 1,194,988  | 
|Net unrealized appreciation on open futures contracts                                                                                                     |  |      | 600,831    |  |      |   | 27,313     | 
|Net unrealized appreciation on open forward contracts                                                                                                     |  |      | 290,682    |  |      |   |           | 
|                                                                                                                                                          |  |      |            |  |      |   |            | 
|Total assets                                                                                                                                              |  | $    | 17,383,619 |  |      | $ | 20,544,954 | 
|                                                                                                                                                          |  |      |            |  |      |   |            | 
|Liabilities and Partners Capital:                                                                                                                        |  |      |            |  |      |   |            | 
|Liabilities:                                                                                                                                              |  |      |            |  |      |   |            | 
|Accrued expenses:                                                                                                                                         |  |      |            |  |      |   |            | 
|Professional fees                                                                                                                                         |  | $    | 63,160     |  |      | $ | 15,519     | 
|                                                                                                                                                          |  |      |            |  |      |   |            | 
|Total liabilities                                                                                                                                         |  |      | 63,160     |  |      |   | 15,519     | 
|                                                                                                                                                          |  |      |            |  |      |   |            | 
|Partners Capital:                                                                                                                                        |  |      |            |  |      |   |            | 
|General Partner, 0.0000 Unit equivalents at December 31,
    2009 and 2008                                                                                |  |      |           |  |      |   |           | 
|Limited Partners Capital, 17,448.6548 and
    19,854.0401 Redeemable Units of Limited Partnership
    Interest outstanding at December 31, 2009 and 2008 |  |      | 17,320,459 |  |      |   | 20,529,435 | 
|                                                                                                                                                          |  |      |            |  |      |   |            | 
|Total liabilities and partners capital                                                                                                                   |  | $    | 17,383,619 |  |      | $ | 20,544,954 | 
|                                                                                                                                                          |  |      |            |  |      |   |            | 





See accompanying notes to financial statements.


F-105



---



##### 



CMF Eckhardt
    Master Fund L.P.Condensed Schedule of InvestmentsDecember 31, 2009




|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|------------------------------------------------------- |  | --------- | --- |  | ---------- | - | ------- | -------------- |  |  | ----- | --
|                                                        |  | Number of |     |  |            |   |         | % of Partners | 
|                                                        |  | Contracts |     |  | Fair Value |   |         | Capital        | 
|                                                       
|Futures Contracts Purchased                             |  |           |     |  |            |   |         |                |  |  |       |   
|Currencies                                              |  |           | 78  |  |            | $ | 58,547  |                |  |  | 0.34  | % 
|Energy                                                  |  |           | 67  |  |            |   | 158,876 |                |  |  | 0.92  |   
|Grains                                                  |  |           | 37  |  |            |   | 16,280  |                |  |  | 0.09  |   
|Indices                                                 |  |           | 120 |  |            |   | 195,792 |                |  |  | 1.13  |   
|Interest Rates U.S.                                     |  |           | 6   |  |            |   | (4,425  | )              |  |  | (0.03 | ) 
|Interest Rates
    Non-U.S.                             |  |           | 14  |  |            |   | 12,150  |                |  |  | 0.07  |   
|Metals                                                  |  |           | 17  |  |            |   | 21,710  |                |  |  | 0.13  |   
|Softs                                                   |  |           | 59  |  |            |   | 169,950 |                |  |  | 0.98  |   
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|Total futures contracts purchased                       |  |           |     |  |            |   | 628,880 |                |  |  | 3.63  |   
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|Futures Contracts Sold                                  |  |           |     |  |            |   |         |                |  |  |       |   
|Currencies                                              |  |           | 77  |  |            |   | 44,809  |                |  |  | 0.26  |   
|Energy                                                  |  |           | 8   |  |            |   | (480    | )              |  |  | (0.00 | )*
|Grains                                                  |  |           | 68  |  |            |   | (32,075 | )              |  |  | (0.18 | ) 
|Interest Rates U.S.                                     |  |           | 684 |  |            |   | (26,821 | )              |  |  | (0.16 | ) 
|Interest Rates
    Non-U.S.                             |  |           | 195 |  |            |   | (8,802  | )              |  |  | (0.05 | ) 
|Softs                                                   |  |           | 24  |  |            |   | (4,680  | )              |  |  | (0.03 | ) 
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|Total futures contracts sold                            |  |           |     |  |            |   | (28,049 | )              |  |  | (0.16 | ) 
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|Unrealized Appreciation on Open Forward Contracts       |  |           |     |  |            |   |         |                |  |  |       |   
|Metals                                                  |  |           | 43  |  |            |   | 341,017 |                |  |  | 1.97  |   
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|Total unrealized appreciation on open forward contracts |  |           |     |  |            |   | 341,017 |                |  |  | 1.97  |   
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|Unrealized Depreciation on Open Forward Contracts       |  |           |     |  |            |   |         |                |  |  |       |   
|Metals                                                  |  |           | 11  |  |            |   | (50,335 | )              |  |  | (0.29 | ) 
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|Total unrealized depreciation on open forward contracts |  |           |     |  |            |   | (50,335 | )              |  |  | (0.29 | ) 
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|Total fair value                                        |  |           |     |  |            | $ | 891,513 |                |  |  | 5.15  | % 
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   





|  |  |                 
|- |  | ----------------
|* |  | Due to rounding.



See accompanying notes to financial statements.


F-106



---



##### 



CMF Eckhardt
    Master Fund L.P.Condensed Schedule of InvestmentsDecember 31, 2008




|                                  |  |           |     |  |            |   |         |                |  |  |       |   
|--------------------------------- |  | --------- | --- |  | ---------- | - | ------- | -------------- |  |  | ----- | --
|                                  |  | Number of |     |  |            |   |         | % of Partners | 
|                                  |  | Contracts |     |  | Fair Value |   |         | Capital        | 
|                                 
|Futures Contracts Purchased       |  |           |     |  |            |   |         |                |  |  |       |   
|Currencies                        |  |           | 22  |  |            | $ | (30,425 | )              |  |  | (0.15 | )%
|Interest Rates U.S.               |  |           | 115 |  |            |   | (90,041 | )              |  |  | (0.44 | ) 
|Interest Rates Non-U.S.           |  |           | 210 |  |            |   | 117,578 |                |  |  | 0.57  |   
|Metals                            |  |           | 5   |  |            |   | 3,730   |                |  |  | 0.02  |   
|Softs                             |  |           | 7   |  |            |   | 31,088  |                |  |  | 0.15  |   
|                                  |  |           |     |  |            |   |         |                |  |  |       |   
|Total futures contracts purchased |  |           |     |  |            |   | 31,930  |                |  |  | 0.15  |   
|                                  |  |           |     |  |            |   |         |                |  |  |       |   
|Futures Contracts Sold            |  |           |     |  |            |   |         |                |  |  |       |   
|Currencies                        |  |           | 16  |  |            |   | (9,807  | )              |  |  | (0.05 | ) 
|Softs                             |  |           | 16  |  |            |   | 5,190   |                |  |  | 0.03  |   
|                                  |  |           |     |  |            |   |         |                |  |  |       |   
|Total futures contracts sold      |  |           |     |  |            |   | (4,617  | )              |  |  | (0.02 | ) 
|                                  |  |           |     |  |            |   |         |                |  |  |       |   
|Total fair value                  |  |           |     |  |            | $ | 27,313  |                |  |  | 0.13  | % 
|                                  |  |           |     |  |            |   |         |                |  |  |       |   





See accompanying notes to financial statements.


F-107



---



##### 



CMF Eckhardt
    Master Fund L.P.Statements of Income and Expenses
    for the year ended December 31, 2009
    and for the period April 1, 2008(commencement of trading operations)
    to December 31, 2008




|                                                                                          |  |      |             |   |      |   |             | 
|----------------------------------------------------------------------------------------- |  | ---- | ----------- | - | ---- | - | ----------- | 
|                                                                                          |  | 2009 |             |   | 2008 |  
|                                                                                         
|Income:                                                                                   |  |      |             |   |      |   |             | 
|Net gains (losses) on trading of commodity interests:                                     |  |      |             |   |      |   |             | 
|Net realized gains (losses) on closed contracts                                           |  | $    | (1,481,848  | ) |      | $ | 821,249     | 
|Change in net unrealized gains (losses) on open contracts                                 |  |      | 864,200     |   |      |   | 27,313      | 
|                                                                                          |  |      |             |   |      |   |             | 
|Gain (loss) from trading, net                                                             |  |      | (617,648    | ) |      |   | 848,562     | 
|Interest income                                                                           |  |      | 13,287      |   |      |   | 150,521     | 
|                                                                                          |  |      |             |   |      |   |             | 
|Total income (loss)                                                                       |  |      | (604,361    | ) |      |   | 999,083     | 
|                                                                                          |  |      |             |   |      |   |             | 
|Expenses:                                                                                 |  |      |             |   |      |   |             | 
|Clearing fees                                                                             |  |      | 49,325      |   |      |   | 23,298      | 
|Professional fees                                                                         |  |      | 89,472      |   |      |   | 71,050      | 
|                                                                                          |  |      |             |   |      |   |             | 
|Total expenses                                                                            |  |      | 138,797     |   |      |   | 94,348      | 
|                                                                                          |  |      |             |   |      |   |             | 
|Net income (loss)                                                                         |  | $    | (743,158    | ) |      | $ | 904,735     | 
|                                                                                          |  |      |             |   |      |   |             | 
|Net income (loss) per Redeemable Unit of Limited Partnership
    Interest (Notes 1 and 6) |  | $    | (40.67      | ) |      | $ | 40.34       | 
|                                                                                          |  |      |             |   |      |   |             | 
|Weighted average units outstanding                                                        |  |      | 18,748.0136 |   |      |   | 23,511.0343 | 
|                                                                                          |  |      |             |   |      |   |             | 





See accompanying notes to financial statements.


F-108



---



##### 



CMF Eckhardt
    Master Fund L.P.Statements of Changes in Partners
    Capitalfor the year ended December 31, 2009
    and for the period April 1, 2008
    (commencement of trading operations)
    to December 31, 2008




|                                                                                                                                                      |  |           |            |  
|----------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------- | ---------- | -
|                                                                                                                                                      |  | Partners |           
|                                                                                                                                                      |  | Capital   |           
|                                                                                                                                                     
|Initial capital contribution from Limited Partners at
    April 1, 2008 representing 24,000.0000 Redeemable Units of
    Limited Partnership Interest |  | $         | 24,000,000 |  
|Net income (loss)                                                                                                                                     |  |           | 904,735    |  
|Sale of 964.0322 Redeemable Units of Limited Partnership Interest                                                                                     |  |           | 1,000,000  |  
|Redemption of 5,109.9921 Redeemable Units of Limited Partnership
    Interest                                                                         |  |           | (5,224,779 | )
|Distribution of interest income to feeder funds                                                                                                       |  |           | (150,521   | )
|                                                                                                                                                      |  |           |            |  
|Partners Capital at December 31, 2008                                                                                                                |  |           | 20,529,435 |  
|Net income (loss)                                                                                                                                     |  |           | (743,158   | )
|Redemption of 2,405.3853 Redeemable Units of Limited Partnership
    Interest                                                                         |  |           | (2,452,531 | )
|Distribution of interest income to feeder funds                                                                                                       |  |           | (13,287    | )
|                                                                                                                                                      |  |           |            |  
|Partners Capital at December 31, 2009                                                                                                                |  | $         | 17,320,459 |  
|                                                                                                                                                      |  |           |            |  









2008:

$
1,034.022009:

$
992.65






See accompanying notes to financial statements.


F-109



---



##### 





CMF Eckhardt
    Master Fund L.P.

    Notes to Financial Statements
    December 31, 2009




|   |                              
|-- | -----------------------------
|1. | Partnership
    Organization:



non-U.S. interest






















F-110



---



##### 





CMF Eckhardt
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009






|   |                         
|-- | ------------------------
|2. | Accounting
    Policies:



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. | Use of Estimates.The preparation of financial
    statements and accompanying notes in conformity with 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.
    In making these estimates and assumptions, management has
    considered the effects, if any, of events occurring after the
    date of the Masters Statements of Financial Condition
    through the date the financial statements were issued. 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 as permitted by
    ASC 230, Statement of Cash Flows (formerly, FAS
    No. 102 Statement of Cash Flows-Exemption of Certain
    Enterprises and Classification of Cash Flows from Certain
    Securities Acquired for Resale).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|
| | 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.




FAS No. 157-4,






F-111



---



##### 





CMF Eckhardt
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009








|                 |  |            |         |  |                      |   |         |                   |  |   |              |  |  |   |   | 
|---------------- |  | ---------- | ------- |  | -------------------- | - | ------- | ----------------- |  | - | ------------ |  |  | - | - | 
|                 |  |            |         |  | Quoted Prices in     |   |         | Significant Other |  |   | Significant  | 
|                 |  |            |         |  | Active Markets       |   |         | Observable        |  |   | Unobservable | 
|                 |  |            |         |  | for Identical Assets |   |         | Inputs            |  |   | Inputs       | 
|                 |  | 12/31/2009 |         |  | (Level 1)            |   |         | (Level 2)         |  |   | (Level 3)    | 
|                
|Assets           |  |            |         |  |                      |   |         |                   |  |   |              |  |  |   |   | 
|Futures          |  | $          | 600,831 |  |                      | $ | 600,831 |                   |  | $ |             |  |  | $ |  | 
|Forwards         |  |            | 290,682 |  |                      |   | 290,682 |                   |  |   |             |  |  |   |  | 
|                 |  |            |         |  |                      |   |         |                   |  |   |              |  |  |   |   | 
|Total fair value |  | $          | 891,513 |  |                      | $ | 891,513 |                   |  | $ |             |  |  | $ |  | 
|                 |  |            |         |  |                      |   |         |                   |  |   |              |  |  |   |   | 





|             |  |            |        |  |                      |   |        |                   |  |   |              |  |  |   |   | 
|------------ |  | ---------- | ------ |  | -------------------- | - | ------ | ----------------- |  | - | ------------ |  |  | - | - | 
|             |  |            |        |  | Quoted Prices in     |   |        | Significant Other |  |   | Significant  | 
|             |  |            |        |  | Active Markets       |   |        | Observable        |  |   | Unobservable | 
|             |  |            |        |  | for Identical Assets |   |        | Inputs            |  |   | Inputs       | 
|             |  | 12/31/2008 |        |  | (Level 1)            |   |        | (Level 2)         |  |   | (Level 3)    | 
|            
|Assets       |  |            |        |  |                      |   |        |                   |  |   |              |  |  |   |   | 
|Futures      |  | $          | 27,313 |  |                      | $ | 27,313 |                   |  | $ |             |  |  | $ |  | 
|             |  |            |        |  |                      |   |        |                   |  |   |              |  |  |   |   | 
|Total assets |  | $          | 27,313 |  |                      | $ | 27,313 |                   |  | $ |             |  |  | $ |  | 
|             |  |            |        |  |                      |   |        |                   |  |   |              |  |  |   |   | 





| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 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 can not 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.
    Because 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, credit
    exposure is limited. 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
    short positions. 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. Because
    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,
    credit

F-112



---



##### 





CMF Eckhardt
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009




| |  |                                                                                                                                                                        
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | exposure is limited. Realized gains (losses) and changes in
    unrealized gains (losses) on metal 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.



| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | In 2008, the Master adopted ASC 740, Income Taxes (formerly, FAS
    No. 48, Accounting for Uncertainty in Income
    Taxes). ASC 740 provides guidance for how uncertain tax
    positions should be recognized, measured, presented and
    disclosed in the financial statements. ASC 740 requires the
    evaluation of tax positions taken or expected to be taken in the
    course of preparing the Masters financial statements to
    determine whether the tax positions are
    more-likely-than-not to be sustained by the
    applicable tax authority. Tax positions with respect to tax at
    the Master level not deemed to meet the
    more-likely-than-not threshold would be recorded as
    a tax benefit or expense in the current year. The General
    Partner has concluded that no provision for income tax is
    required in the Masters financial statements.







| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | h. | Subsequent Events.  In 2009, the Master adopted
    ASC 855, Subsequent Events (formerly, FAS No. 165,
    Subsequent Events). The objective of ASC 855 is to
    establish general standards of accounting for and disclosure of
    events that occur after the balance sheet date but before
    financial statements are issued or available to be issued.
    Management has determined that there were no subsequent events
    requiring adjustment or disclosure in the financial statements.



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | i. | Recent Accounting Pronouncements.  In January
    2010, the FASB issued Accounting Standards Update
    No. 2010-06
    (ASU
    2010-06),
    Improving Disclosures about Fair Value Measurements,
    which , among other things, amends ASC 820 to require entities
    to separately present purchases, sales, issuances, and
    settlements in their reconciliation of Level 3 fair value
    measurements (i.e. to present such items on a gross basis rather
    than on a net basis), and which clarifies existing disclosure
    requirements provided by ASC 820 regarding the level of
    disaggregation and the inputs and valuation techniques used to
    measure fair value for measurements that fall within either
    Level 2 or Level 3 of the fair value hierarchy. ASU
    2010-06 is
    effective for interim and annual periods beginning after
    December 15, 2009, except for the disclosures about
    purchases, sales, issuances, and settlements in the roll forward
    of activity in Level 3 fair value measurements (which are
    effective for fiscal years beginning after December 15,
    2010, and for interim periods within those fiscal years).
    Management is currently assessing the impact that the adoption
    of ASU
    2010-06 will
    have on the Masters financial statements disclosures.



No. 2010-09 (ASU 2010-09),




| |    |                                                                                                  
| | -- | -------------------------------------------------------------------------------------------------
| | j. | Certain prior period amounts have been reclassified to conform
    to current years presentation.



| |    |                                                                                                                                                                                                 
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | k. | Net Income (Loss) per Redeemable Unit.  Net
    income (loss) per Redeemable Unit is calculated in accordance
    with investment company guidance. See footnote 6 for Financial
    Highlights.

F-113



---



##### 





CMF Eckhardt
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009






|   |            
|-- | -----------
|3. | Agreements:



| |    |                               
| | -- | ------------------------------
| | a. | Limited Partnership Agreement:







| |    |                      
| | -- | ---------------------
| | b. | Management Agreement:







| |    |                    
| | -- | -------------------
| | c. | Customer Agreement:



give-up,




|   |                        
|-- | -----------------------
|4. | Trading
    Activities:

















F-114



---



##### 





CMF Eckhardt
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009








|                                                        |  |                   |          |   
|------------------------------------------------------- |  | ----------------- | -------- | --
|                                                        |  | December 31, 2009 |         
|                                                       
|Assets                                                  |  |                   |          |   
|Futures Contracts                                       |  |                   |          |   
|Currencies                                              |  | $                 | 137,351  |   
|Energy                                                  |  |                   | 159,874  |   
|Grains                                                  |  |                   | 26,855   |   
|Indices                                                 |  |                   | 195,792  |   
|Interest Rates U.S.                                     |  |                   | 19,352   |   
|Interest Rates
    Non-U.S.                             |  |                   | 28,140   |   
|Metals                                                  |  |                   | 44,650   |   
|Softs                                                   |  |                   | 178,261  |   
|                                                        |  |                   |          |   
|Total unrealized appreciation on open futures contracts |  | $                 | 790,275  |   
|                                                        |  |                   |          |   
|Liabilities                                             |  |                   |          |   
|Futures Contracts                                       |  |                   |          |   
|Currencies                                              |  | $                 | (33,995  | ) 
|Energy                                                  |  |                   | (1,478   | ) 
|Grains                                                  |  |                   | (42,650  | ) 
|Interest Rates U.S.                                     |  |                   | (50,597  | ) 
|Interest Rates
    Non-U.S.                             |  |                   | (24,793  | ) 
|Metals                                                  |  |                   | (22,940  | ) 
|Softs                                                   |  |                   | (12,991  | ) 
|                                                        |  |                   |          |   
|Total unrealized depreciation on open futures contracts |  | $                 | (189,444 | ) 
|                                                        |  |                   |          |   
|Net unrealized depreciation on open futures contracts   |  | $                 | 600,831  | * 
|                                                        |  |                   |          |   
|Assets                                                  |  |                   |          |   
|Forward Contracts                                       |  |                   |          |   
|Metals                                                  |  | $                 | 341,017  |   
|                                                        |  |                   |          |   
|Total unrealized appreciation on open forward contracts |  | $                 | 341,017  |   
|                                                        |  |                   |          |   
|Liabilities                                             |  |                   |          |   
|Forward Contracts                                       |  |                   |          |   
|Metals                                                  |  | $                 | (50,335  | ) 
|                                                        |  |                   |          |   
|Total unrealized depreciation on open forward contracts |  | $                 | (50,335  | ) 
|                                                        |  |                   |          |   
|Net unrealized appreciation on open forward contracts   |  | $                 | 290,682  | **
|                                                        |  |                   |          |   





|   |  |                                                                                                                        
|-- |  | -----------------------------------------------------------------------------------------------------------------------
|*  |  | 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.

F-115



---



##### 





CMF Eckhardt
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009










|                            |  |                          |            |     
|--------------------------- |  | ------------------------ | ---------- | ----
|                            |  | December 31, 2009        |           
|Sector                      |  | Gain (Loss) from trading |           
|                           
|Currencies                  |  | $                        | (933,134   | )   
|Energy                      |  |                          | (1,166,899 | )   
|Grains                      |  |                          | (500,805   | )   
|Indices                     |  |                          | 248,635    |     
|Interest Rates U.S.         |  |                          | (299,085   | )   
|Interest Rates
    Non-U.S. |  |                          | 110,249    |     
|Metals                      |  |                          | 1,358,927  |     
|Softs                       |  |                          | 564,464    |     
|                            |  |                          |            |     
|Total                       |  | $                        | (617,648   | )***
|                            |  |                          |            |     





|    |  |                                                                                                
|--- |  | -----------------------------------------------------------------------------------------------
|*** |  | This amount is in Gain (loss) from trading, net on
    the Statements of Income and Expenses.



|   |                                                  
|-- | -------------------------------------------------
|5. | Subscriptions,
    Distributions and Redemptions:







6.  Financial
    Highlights:








|                                                                                                  |  |      |          |   |      |   |          |  
|------------------------------------------------------------------------------------------------- |  | ---- | -------- | - | ---- | - | -------- | -
|                                                                                                  |  | 2009 |          |   | 2008 |  
|                                                                                                 
|Net realized and unrealized gains (losses)*                                                       |  | $    | (36.49   | ) |      | $ | 37.11    |  
|Interest income                                                                                   |  |      | 0.70     |   |      |   | 6.32     |  
|Expenses**                                                                                        |  |      | (4.88    | ) |      |   | (3.09    | )
|                                                                                                  |  |      |          |   |      |   |          |  
|Increase (decrease) for the year/period                                                           |  |      | (40.67   | ) |      |   | 40.34    |  
|Distribution of interest income to feeder funds                                                   |  |      | (0.70    | ) |      |   | (6.32    | )
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, beginning of year/period |  |      | 1,034.02 |   |      |   | 1,000.00 |  
|                                                                                                  |  |      |          |   |      |   |          |  
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, end of year/period       |  | $    | 992.65   |   |      | $ | 1,034.02 |  
|                                                                                                  |  |      |          |   |      |   |          |  





|   |  |                        
|-- |  | -----------------------
|*  |  | Includes clearing fees.
|  
|** |  | Excludes clearing fees.

F-116



---



##### 





CMF Eckhardt
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009






|                              |  |      |      |    |      |  |     |      
|----------------------------- |  | ---- | ---- | -- | ---- |  | --- | -----
|                              |  | 2009 |      |    | 2008 | 
|                             
|Ratios to Average Net Assets: |  |      |      |    |      |  |     |      
|Net investment income***      |  |      | (0.7 | )% |      |  | 0.3 | %****
|                              |  |      |      |    |      |  |     |      
|                              |  |      |      |    |      |  |     |      
|Operating expenses            |  |      | 0.7  | %  |      |  | 0.4 | %****
|                              |  |      |      |    |      |  |     |      
|                              |  |      |      |    |      |  |     |      
|Total return                  |  |      | (4.0 | )% |      |  | 4.0 | %    
|                              |  |      |      |    |      |  |     |      





|     |  |                                     
|---- |  | ------------------------------------
|***  |  | Interest income less total expenses.
|    
|**** |  | Annualized.                         







|   |                                
|-- | -------------------------------
|7. | Financial
    Instrument Risks:













F-117



---



##### 





CMF Eckhardt
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009










F-118



---



##### 



For the period from
    
    For the period from
    
    For the period
    
    For the period fromOctober 1, 2009 to
    
    July 1, 2009 to
    
    from April 1, 2009
    
    January 1, 2009 toDecember 31, 2009
    
    September 30, 2009
    
    to June 30, 2009
    
    March 31, 2009Net realized and
unrealized trading
gains (losses) net
of brokerage
commissions and
clearing fees
including interest
income
    
    $
    (750,993
    )
    
    $
    879,516
    
    
    $
    (688,673
    )
    
    $
    (93,536
    )Net income (loss)
    
    $
    (781,496
    )
    
    $
    858,478
    
    
    $
    (708,340
    )
    
    $
    (111,800
    )Increase (decrease)
in Net Asset Value per Redeemable Unit
    
    $
    (44.58
    )
    
    $
    47.42
    
    
    $
    (37.98
    )
    
    $
    (5.53
    )
 For the period from
    
    For the period from
    
    For the period
from April 1, 2008
(commencement ofOctober 1, 2008 to
    
    July 1, 2008 to
    
    trading operations)December 31, 2008
    
    September 30, 2008
    
    to June 30, 2008Net realized and unrealized trading gains (losses) net of
brokerage commissions and clearing fees including
interest income
    
    $
    421,041
    
    
    $
    (1,628,764
    )
    
    $
    2,183,508Net income (loss)
    
    $
    404,056
    
    
    $
    (1,641,549
    )
    
    $
    2,142,228Increase (decrease) in Net Asset Value per Redeemable Unit
    
    $
    19.88
    
    
    $
    (68.62
    )
    
    $
    89.08
 F-119




---



##### 



Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure .
    Item 9A(T). Controls and Procedures .
    internal control over financial reporting
 
    
    pertain to the maintenance of records that in reasonable detail accurately and fairly reflect
the transactions and dispositions of the assets of the Partnership;
    
    provide reasonable assurance that (i) transactions are recorded as necessary to permit
preparation of financial statements in accordance with GAAP, and (ii) the Partnerships
receipts are handled and expenditures are made only pursuant to authorizations of the General
Partner; and
    
    provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the Partnerships assets that could have a material effect
on the financial statements.
 Financial Statements and Supplementary Data.
  Item 9B. Other Information.
 22




---



##### 



PART III
 Item 10. Directors, Executive Officers and Corporate Governance.
         23




---



##### 



Item 11. Executive Compensation.
 Business.
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
 Security ownership of certain beneficial owners.
 Security ownership of management.
 Changes in control.
 Item 13. Certain Relationships and Related Transactions, and Director Independence.
 Business Financial Statements
and Supplementary Data Executive Compensation.
 Item 14. Principal Accountant Fees and Services.
 (1)
    
    Audit Fees. The aggregate fees billed for each of the last two fiscal years for
professional services rendered by Deloitte in the period from July 23, 2009 to December
31, 2009,  PwC in the period from June
27, 2008 through July 22, 2009 and KPMG in the period from January 1, 2008
through June 26, 2008 for the audit of the Partnerships annual financial statements, review
of financial statements included in the Partnerships Forms 10-Q and 10-K and other services
normally provided in connection with regulatory filings or engagements were:
 Deloitte

    $
    80,300PwC

    $
    169,400KPMG

    $
    10,300
 Audit-Related Fees
 Tax
Fees
 2009
    
    $
    25,0002008
    
    $
    30,250
 All Other Fees.
   24




---



##### 



PART IV
 Item 15. Exhibits, Financial Statement Schedules.
 (a)(1)
    
    Financial Statements:
       3.1
    
    Limited Partnership Agreement (filed as Exhibit 3.1 to the Registration Statement on Form S-1
filed on September 23, 1999 and incorporated herein by reference).3.2
    
    Certificate of Limited Partnership of the Partnership as filed in the Office of the Secretary
of State of the State of New York on August 25, 1999 (filed as Exhibit 3.2 to the Registration
Statement on Form S-1 filed on September 23, 1999 and incorporated herein by reference).(a) Certificate of Amendment to the Certificate of Limited Partnership as filed in the Office
of the Secretary of State of the State of New York, dated May 21, 2003 (filed as Exhibit 3.2(a) to
the Form 10-Q filed on November 16, 2009 and incorporated herein by reference).(b) Certificate of Amendment to the Certificate of Limited Partnership as filed in the Office
of the Secretary of State of the State of New York, dated September 21, 2005 (filed as Exhibit
3.2(b) to the Form 10-Q filed on November 16, 2009 and incorporated herein by reference).(c) Certificate of Amendment to the Certificate of Limited Partnership as filed in the Office
of the Secretary of State of the State of New York, dated September 19, 2008 (filed as Exhibit
3.2(c) to the Form 10-Q filed on November 16, 2009 and incorporated herein by reference).(d) Certificate of Amendment to the Certificate of Limited Partnership as filed in the Office
of the Secretary of State of the State of New York, dated August 27, 2008 (filed as Exhibit 99.1 to
the Form 8-K filed on September 2, 2008 and incorporated herein by reference).(e) Certificate of Amendment to the Certificate of Limited Partnership as filed in the Office
of the Secretary of State of the State of New York, dated September 24, 2009 (filed as Exhibit 99.1
to the Form 8-K filed on September 30, 2009 and incorporated herein by reference).10.1
    
    Form of Customer Agreement between the Partnership and Salomon Smith Barney Inc. (filed as
Exhibit 10.3 to the Registration Statement on Form S-1 filed on September 23, 1999 and incorporated
herein by reference).10.2
    
    Form of Escrow Agreement among the Partnership, European American Bank, Smith Barney Futures
Management Inc. and Salomon Smith Barney Inc. (filed as Exhibit 10.3 to the Registration Statement
on Form S-1 filed on September 23, 1999 and incorporated herein by reference).(a) Form of Letter Amending Escrow Agreement among the Partnership, European American Bank,
Smith Barney Futures Management Inc. and Salomon Smith Barney Inc. (filed as Exhibit 10.3A to the
Registration Statement on Form S-1 filed on November 12, 2002 and incorporated herein by
reference).10.3
    
    Form of Selling Agreement among the Partnership, Smith Barney Futures Management LLC and
Salomon Smith Barney Inc. (filed as Exhibit 1.1 to the Registration Statement on Form S-1 filed on
November 12, 2002 and incorporated herein by reference).10.4
    
    Joinder Agreement among the Partnership, the General Partner, Citigroup Global Markets Inc.
and Morgan Stanley Smith Barney LLC, dated June 1, 2009 (filed as Exhibit 10 to the Quarterly
Report on Form 10-Q filed on August 14, 2009 and incorporated herein by reference).10.5
    
    Amended and Restated Advisory Agreement among the Partnership, the General Partner and
SandRidge Capital, LP, dated June 30, 2007 (filed as Exhibit 10.1 to the Quarterly Report on Form
10-Q filed on August 14, 2007 and incorporated herein by reference).(a) Letter from the General Partner extending Advisory Agreement between the General Partner
and SandRidge Capital, L.P. for 2009, dated June 9, 2009 (filed herein).10.6
    
    Management Agreement among the Partnership, the General Partner and Aspect Capital Limited,
dated January 3, 2002 (filed as Exhibit 99 to the Annual Report on Form 10-K filed on March 27,
2003 and incorporated herein by reference).(a) Letter from the General Partner extending Management with Aspect Capital Limited for 2009,
dated June 9, 2009 (filed herein).10.7
    
    Management Agreement among the Partnership, the General Partner and Eckhardt Trading Company,
dated March 31, 2008 (filed as Exhibit 10 to the Quarterly Report on Form 10-Q filed on August 14,
2008 and incorporated herein by reference).(a) Letter from the General Partner extending Management Agreement with Eckhardt Trading
Company for 2009, dated June 9, 2009 (filed herein).10.8
    
    Management Agreement among the Partnership, the General Partner and Campbell & Company, Inc.,
dated August 31, 1999 (filed as Exhibit 10.6 to the Registration Statement on Form S-1 filed on
September 23, 1999 and incorporated herein by reference).(a) Letter from the General Partner extending Management Agreement with Campbell and Company
Inc. for 2009, dated June 9, 2009 (filed herein).10.9
    
    Management Agreement among the Partnership, the General Partner and Graham Capital Management,
L.P., dated June 11, 2001 (filed as Exhibit 10 to the Annual Report on Form 10-K filed on March 27,
2002 and incorporated herein by reference).(a) Letter from the General Partner extending Management Agreement with Graham Capital
Management, L.P. for 2009, dated June 9, 2009 (filed herein).16.1
    
    Letter dated July 23, 2009 from PricewaterhouseCoopers LLP regarding Change in Certifying
Accountant (filed as Exhibit 16.1 to the Form 8-K filed on July 24, 2009 and incorporated herein by
reference).16.2
    
    Letter dated June 26, 2008 from KPMG LLP regarding Change in Certifying Accountant (filed as
Exhibit 16.1 to the Form 8-K filed on July 1, 2008 and incorporated herein by reference).
  (a)
    
    Exhibit 31.1  Rule 13a-14(a)/15d-14(a) Certification (Certification of President and
Director)
    25




---



##### 



SIGNATURES
   By:
    Ceres Managed Futures LLC(General Partner)By:
    /s/ Jerry PascucciJerry Pascucci, President & Director  /s/ Jerry Pascucci
    
    /s/ Shelley Deavitt UllmanJerry Pascucci
    
    Shelley Deavitt UllmanPresident and Director
    
    DirectorCeres Managed Futures LLC
    
    Ceres Managed Futures LLC/s/ Jennifer Magro
    
    /s/ Daryl DewbreyJennifer Magro
    
    Daryl DewbreyChief Financial Officer and Director(Principal Accounting officer)
    
    Director
Ceres Managed Futures LLCCeres Managed Futures LLC/s/ Raymond NolteRaymond NolteDirector
Ceres Managed Futures LLC
 Supplemental Information to be furnished With Reports Filed Pursuant to Section 15(d) of the
Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act.
   26