Exhibit
99.4
 To the Limited
    Partners of
    CMF Eckhardt Master Fund L.P.
    
  By:
    Walter Davis      Ceres Managed Futures LLC    212-296-1999




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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM




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Report of Independent Auditors




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CMF Eckhardt
    Master Fund L.P.Statements of Financial ConditionDecember 31, 2010 and 2009
  2010


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

$
17,880,619


$
13,288,028Cash margin (Note 3c)


3,438,436



3,204,078Net unrealized appreciation on open futures contracts


2,382,658



600,831Net unrealized appreciation on open forward contracts


47,060



290,682Total assets

$
23,748,773


$
17,383,619Liabilities and Partners Capital:Liabilities:Accrued expenses:Professional fees

$
62,448


$
63,160Total liabilities


62,448



63,160Partners Capital:General Partner, 0.0000 unit equivalents at December 31,
    2010 and 2009






Limited Partners, 18,257.6528 and 17,448.6548 Redeemable
    Units outstanding at December 31, 2010 and 2009,
    respectively


23,686,325



17,320,459Total liabilities and partners capital

$
23,748,773


$
17,383,619Net asset value per unit

$
1,297.34


$
992.65   See accompanying notes to financial statements.




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CMF Eckhardt
    Master Fund L.P.Condensed Schedule of InvestmentsDecember 31, 2010
  Number ofContracts /





% of PartnersNotional(s)


Fair Value


CapitalFutures Contracts PurchasedCurrencies


273


$
1,053,103



4.45
%Energy


63



39,532



0.17Grains


183



493,177



2.08Indices


102



36,360



0.15Interest Rates U.S.


6



2,400



0.01Interest Rates
    Non-U.S.


554



204,833



0.86Metals


18



124,900



0.53Softs


12



1,598



0.01Total futures contracts purchased






1,955,903



8.26Futures Contracts SoldCurrencies


98



446,076



1.88Energy


5



(15,700
)


(0.07
)Interest Rates
    Non-U.S.


21



(3,621
)


(0.01
)Total futures contracts sold






426,755



1.80Unrealized Appreciation on Open Forward ContractsCurrencies

$
87,616



336



0.00
*Metals


25



207,781



0.88Total unrealized appreciation on open forward contracts






208,117



0.88Unrealized Depreciation on Open Forward ContractsCurrencies

$
86,667



(287
)


(0.00
)*Metals


28



(160,770
)


(0.68
)Total unrealized depreciation on open forward contracts






(161,057
)


(0.68
)Total fair value





$
2,429,718



10.26
%   *
    
    Due to rounding.  See accompanying notes to financial statements.




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





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


78


$
58,547



0.34
%Energy


67



158,876



0.92Grains


37



16,280



0.09Indices


120



195,792



1.13Interest Rates U.S.


6



(4,425
)


(0.03
)Interest Rates
    Non-U.S.


14



12,150



0.07Metals


17



21,710



0.13Softs


59



169,950



0.98Total futures contracts purchased






628,880



3.63Futures Contracts SoldCurrencies


77



44,809



0.26Energy


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 ContractsMetals


43



341,017



1.97Total unrealized appreciation on open forward contracts






341,017



1.97Unrealized Depreciation on Open Forward ContractsMetals


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.




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CMF Eckhardt
    Master Fund L.P.Statements of Income and Expenses
    for the years ended December 31, 2010 and 2009
    and for the period April 1, 2008(commencement of trading operations)
    to December 31, 2008
  2010


2009


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

$
3,840,760


$
(1,481,848
)

$
821,249Change in net unrealized gains (losses) on open contracts


1,538,205



864,200



27,313Gain (loss) from trading, net


5,378,965



(617,648
)


848,562Interest income


15,060



13,287



150,521Total income (loss)


5,394,025



(604,361
)


999,083Expenses:Clearing fees


104,549



49,325



23,298Professional fees


80,788



89,472



71,050Total expenses


185,337



138,797



94,348Net income (loss)

$
5,208,688


$
(743,158
)

$
904,735Net income (loss) per unit (Note 6)

$
305.61


$
(40.67
)

$
40.34Weighted average units outstanding


16,835.4472



18,748.0136



23,511.0343   See accompanying notes to financial statements.




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CMF Eckhardt
    Master Fund L.P.Statements of Changes in Partners
    Capitalfor the years ended December 31, 2010 and
    2009
    and for the period April 1, 2008
    (commencement of trading operations)
    to December 31, 2008
  PartnersCapitalInitial capital contribution at April 1, 2008 representing
    24,000.0000 Redeemable Units

$
24,000,000Net income (loss)


904,735Subscriptions of 964.0322 Redeemable Units


1,000,000Redemptions of 5,109.9921 Redeemable Units


(5,224,779
)Distribution of interest income to feeder funds


(150,521
)Partners Capital at December 31, 2008


20,529,435Net income (loss)


(743,158
)Redemptions of 2,405.3853 Redeemable Units


(2,452,531
)Distribution of interest income to feeder funds


(13,287
)Partners Capital at December 31, 2009


17,320,459Net income (loss)


5,208,688Subscriptions of 2,395.4136 Redeemable Units


2,750,000Redemptions of 1,586.4156 Redeemable Units


(1,577,762
)Distribution of interest income to feeder funds


(15,060
)Partners Capital at December 31, 2010

$
23,686,325     2008:

$
1,034.022009:

$
992.652010:

$
1,297.34
   See accompanying notes to financial statements.




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CMF Eckhardt
    Master Fund L.P.



    Notes to Financial Statements
    December 31, 2010
  1.
    Partnership
    Organization:  non-U.S. interest
          2.
    Accounting
    Policies:  a.
    Use of Estimates.The preparation of financial
    statements and accompanying notes in conformity with accounting
    principles generally accepted in the United States of America
    (GAAP) requires management to make estimates and
    assumptions that affect the reported amounts of assets and
    liabilities, income and expenses, and related disclosures of
    contingent assets and liabilities in the financial statements
    and accompanying notes. As a result, actual results could differ
    from these estimates.b.
    Statement of Cash Flows.The Master is not
    required to provide a Statement of Cash Flows.c.
    Masters Investments.All commodity
    interests of the Master (including derivative financial
    instruments and derivative commodity instruments) are held for
    trading purposes. The commodity interests are recorded on trade
    date and open contracts are recorded at fair value (as described
    below) at the measurement date. Investments in commodity
    interests denominated




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CMF Eckhardt
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
    Masters Fair Value Measurements.
        Quoted Prices in


Significant Other


SignificantActive Markets


Observable


Unobservablefor Identical Assets


Inputs


Inputs12/31/2010


(Level 1)


(Level 2)


(Level 3)AssetsFutures

$
2,382,658


$
2,382,658


$



$
Forwards


47,060



47,011



49



Total fair value

$
2,429,718


$
2,429,669


$
49


$





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


Significant Other


SignificantActive Markets


Observable


Unobservablefor Identical Assets


Inputs


Inputs12/31/2009


(Level 1)


(Level 2)


(Level 3)AssetsFutures

$
600,831


$
600,831


$



$
Forwards


290,682



290,682







Total fair value

$
891,513


$
891,513


$



$
   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.
    Transactions in futures contracts require participants to make
    both initial margin deposits of cash or other assets and
    variation margin deposits, through the futures broker, directly
    with the exchange on which the contracts are traded. Realized
    gains (losses) and changes in net unrealized gains (losses) on
    futures contracts are included in the Statements of Income and
    Expenses.e.
    Forward Foreign Currency Contracts.  Foreign
    currency contracts are contracts where the Master agrees to
    receive or deliver a fixed quantity of foreign currency for an
    agreed-upon
    price on an agreed future date. Foreign currency contracts are
    valued daily, and the Masters net equity therein,
    representing unrealized gain or loss on the contracts as
    measured by the difference between the forward foreign exchange
    rates at the dates of entry into the contracts and the forward
    rates at the reporting date, is included in the Statements of
    Financial Condition. Realized gains (losses) and changes in
    unrealized gains (losses) on foreign currency contracts are
    recognized in the period in which the contract is closed or the
    changes occur, respectively, and are included in the Statements
    of Income and Expenses.    f.
    London Metals Exchange Forward
    Contracts.Metal contracts traded on the London
    Metals Exchange (LME) represent a firm commitment to
    buy or sell a specified quantity of aluminum, copper, lead,
    nickel, tin or zinc. LME contracts traded by the Master are cash
    settled based on prompt dates published by the LME. Payments
    (variation margin) may be made or received by the
    Master each business day, depending on the daily fluctuations in
    the value of the underlying contracts, and are recorded as
    unrealized gains or losses by the Master. A contract is
    considered offset when all long positions have been matched with
    a like number of short positions settling on the same prompt
    date. When the contract is closed at the prompt date, the Master
    records a realized gain or loss equal to the difference between
    the value of the contract at the time it was opened and the
    value at the time it was closed. Transactions in LME contracts
    require participants to make both initial margin deposits of
    cash or other assets and variation margin deposits, through the
    broker, directly with the LME. Realized gains (losses) and
    changes in net unrealized gains (losses) on metal contracts are
    included in the Statements of Income and Expenses.




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CMF Eckhardt
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
   g.
    Income and Expenses Recognition.All of the
    income and expenses and realized and unrealized gains and losses
    on trading of commodity interests are determined on each
    valuation day and allocated pro rata among the Funds at the time
    of such determination.h.
    Income Taxes.Income taxes have not been
    provided as each partner is individually liable for the taxes,
    if any, on their share of the Masters income and expenses.      i.
    Subsequent Events.  Management of the Master
    evaluates events that occur after the balance sheet date but
    before financial statements are filed. Management has assessed
    the subsequent events through the date of filing and determined
    that there were no subsequent events requiring adjustment of or
    disclosure in the financial statements.j.
    Net Income (Loss) per Unit.  Net income (loss)
    per unit is calculated in accordance with investment company
    guidance. See Note 6, Financial Highlights.  3.
    Agreements:  a.
    Limited Partnership Agreement:    b.
    Management Agreement:    c.
    Customer Agreement:  give-up,




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




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

$
1,499,179Energy


57,186Grains


493,177Indices


86,277Interest Rates U.S.


2,400Interest Rates Non-U.S.


216,049Metals


124,900Softs


3,024Total unrealized appreciation on open futures contracts

$
2,482,192LiabilitiesFutures ContractsEnergy

$
(33,354
)Indices


(49,917
)Interest Rates Non-U.S.


(14,837
)Softs


(1,426
)Total unrealized depreciation on open futures contracts

$
(99,534
)Net unrealized appreciation on open futures contracts

$
2,382,658
*AssetsForward ContractsCurrencies

$
336Metals


207,781Total unrealized appreciation on open forward contracts

$
208,117LiabilitiesForward ContractsCurrencies

$
(287
)Metals


(160,770
)Total unrealized depreciation on open forward contracts

$
(161,057
)Net unrealized appreciation on open forward contracts

$
47,060
**   *
    
    This amount is in Net unrealized appreciation on open
    futures contracts on the Statements of Financial Condition.**
    
    This amount is in Net unrealized appreciation on open
    forward contracts on the Statements of Financial Condition.




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CMF Eckhardt
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  December 31, 2009AssetsFutures ContractsCurrencies

$
137,351Energy


159,874Grains


26,855Indices


195,792Interest Rates U.S.


19,352Interest Rates
    Non-U.S.


28,140Metals


44,650Softs


178,261Total unrealized appreciation on open futures contracts

$
790,275LiabilitiesFutures ContractsCurrencies

$
(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 appreciation on open futures contracts

$
600,831
*AssetsForward ContractsMetals

$
341,017Total unrealized appreciation on open forward contracts

$
341,017LiabilitiesForward ContractsMetals

$
(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.




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


2009Sector

Gain (Loss) from trading


Gain (Loss) from tradingCurrencies

$
1,671,635


$
(933,134
)Energy


(1,533,466
)


(1,166,899
)Grains


1,242,138



(500,805
)Indices


127,571



248,635Interest Rates U.S.


2,628,797



(299,085
)Interest Rates
    Non-U.S.


316,231



110,249Metals


377,887



1,358,927Softs


548,172



564,464Total

$
5,378,965
***

$
(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:
    2010


2009


2008Net realized and unrealized gains (losses)*

$
309.47


$
(36.49
)

$
37.11Interest income


0.92



0.70



6.32Expenses**


(4.78
)


(4.88
)


(3.09
)Increase (decrease) for the year/period


305.61



(40.67
)


40.34Distribution of interest income to feeder funds


(0.92
)


(0.70
)


(6.32
)Net asset value per unit, beginning of year/period


992.65



1,034.02



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

$
1,297.34


$
992.65


$
1,034.02   *
    
    Includes clearing fees.**
    
    Excludes clearing fees.




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


2009


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


(1.0)
%


(0.7)
%


0.3
%****Operating expenses


1.1
%


0.7
%


0.4
%****Total return


30.7
%


(4.0)
%


4.0
%   ***
    
    Interest income less total expenses.****
    
    Annualized.    7.
    Financial
    Instrument Risks:




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