Exhibit
99.6
  To the Limited
    Partners of
    PGR 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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PGR Master
    Fund L.P.Statement of Financial ConditionDecember 31, 2010
  2010Assets:Equity in trading account:Cash (Note 3c)

$
17,693,295Cash margin (Note 3c)


2,033,298Net unrealized appreciation on open futures contracts


688,798Total assets

$
20,415,391Liabilities and Partners Capital:Liabilities:Accrued expenses:Professional fees

$
28,810Total liabilities


28,810Partners Capital:General Partner, 0.0000 unit equivalents at
    December 31, 2010


Limited Partners, 19,824.8607 Redeemable Units outstanding at
    December 31, 2010


20,386,581Total liabilities and partners capital

$
20,415,391Net asset value per unit

$
1,028.33   See accompanying notes to financial statements.




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PGR Master
    Fund L.P.


 Condensed
    Schedule of InvestmentsDecember 31, 2010
  Number of





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


77


$
213,071



1.05
%Energy


63



99,561



0.49Grains


53



125,265



0.61Indices


164



23,626



0.11Interest Rates U.S.


107



(51,308
)


(0.25
)Interest Rates
    Non-U.S.


191



(8,258
)


(0.04
)Livestock


10



9,780



0.05Metals


31



270,520



1.33Softs


27



68,356



0.33Total futures contracts purchased






750,613



3.68Futures Contracts SoldCurrencies


3



(7,600
)


(0.04
)Energy


14



(24,940
)


(0.12
)Interest Rates
    Non-U.S.


21



(8,363
)


(0.04
)Softs


11



(20,912
)


(0.10
)Total futures contracts sold






(61,815
)


(0.30
)Total fair value





$
688,798



3.38
%   See accompanying notes to financial statements.




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PGR Master
    Fund L.P.


 Statement of
    Income and Expensesfor the period November 1, 2010
    (commencement of trading operations)
    to December 31, 2010
  2010Income:Net gains (losses) on trading of commodity interests:Net realized gains (losses) on closed contracts

$
(95,966
)Change in net unrealized gains (losses) on open contracts


688,798Gain (loss) from trading, net


592,832Interest income


3,565Total income (loss)


596,397Expenses:Clearing fees


5,262Professional fees


29,000Total expenses


34,262Net income (loss)

$
562,135Net income (loss) per unit (Note 6)

$
28.51Weighted average units outstanding


19,913.0290   See accompanying notes to financial statements.




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PGR Master
    Fund L.P.



    Statement of Changes in Partners Capitalfor the period November 1, 2010
    (commencement of trading operations)
    to December 31, 2010
  PartnersCapitalInitial capital contributions from limited partners at
    November 1, 2010 representing 19,913.0290 Redeemable Units

$
19,913,029Net income (loss)


562,135Redemptions of 88.1683 Redeemable Units


(85,018
)Distribution of interest income to feeder funds


(3,565
)Partners Capital at December 31, 2010

$
20,386,581     2010:

$
1,028.33
   See accompanying notes to financial statements.




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PGR 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 in foreign currencies are translated into
    U.S. dollars at the exchange rates prevailing at the
    measurement date. Gains or losses are realized when contracts
    are liquidated. Unrealized gains or losses on open contracts are
    included as a component of equity in trading account on the
    Statement of Financial Condition. Realized gains or losses and
    any change in net unrealized gains or losses are included in the
    Statement of Income and Expenses.




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





SignificantActive Markets for


Significant Other


UnobservableIdentical Assets


Observable Inputs


Inputs12/31/2010


(Level 1)


(Level 2)


(Level 3)AssetsFutures

$
688,798


$
688,798


$



$
Total assets


688,798



688,798







Total fair value

$
688,798


$
688,798


$



$
   d.
    Futures Contracts.  The Master trades futures
    contracts. A futures contract is a firm commitment to buy or
    sell a specified quantity of investments, currency or a
    standardized amount of a deliverable grade commodity, at a
    specified price on a specified future date, unless the contract
    is closed before the delivery date or if the delivery quantity
    is something where physical delivery cannot occur (such as the
    S&P 500 Index), whereby such contract is settled in cash.
    Payments (variation margin) may be made or received
    by the Master each business day, depending on the daily
    fluctuations in the value of the underlying contracts, and are
    recorded as unrealized gains or losses by the Master. When the
    contract is closed, the Master records a realized gain or loss
    equal to the difference between the value of the contract at the
    time it was opened and the value at the time it was closed.
    Transactions in futures contracts require participants to make
    both initial margin deposits of cash or other assets and
    variation margin deposits, through the futures broker, directly
    with the exchange on which the contracts are traded. Realized
    gains (losses) and changes in net unrealized gains (losses) on
    futures contracts are included in the Statement of Income and
    Expenses.




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PGR Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2010
   e.
    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.f.
    Income Taxes.  Income taxes have not been
    provided as each partner is individually liable for the taxes,
    if any, on its share of the Masters income and expenses.      g.
    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.h.
    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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PGR Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2010
   4.
    Trading
    Activities:          December 31, 2010AssetsFutures ContractsCurrencies

$
224,715Energy


117,621Grains


125,752Indices


76,628Interest Rates U.S.


4,888Interest Rates
    Non-U.S.


19,323Livestock


9,780Metals


270,520Softs


77,774Total unrealized appreciation on open futures contracts

$
927,001LiabilitiesFutures ContractsCurrencies

$
(19,244
)Energy


(43,000
)Grains


(488
)Indices


(53,002
)Interest Rates U.S.


(56,195
)Interest Rates
    Non-U.S.


(35,944
)Softs


(30,330
)Total unrealized depreciation on open futures contracts

$
(238,203
)Net unrealized appreciation on open futures contracts

$
688,798
*   *
    
    This amount is in Net unrealized appreciation on open
    futures contracts on the Statement of Financial Condition.




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

Gain (loss) from tradingCurrencies

$
32,392Energy


315,412Grains


137,216Indices


134,296Interest Rates U.S.


(187,127
)Interest Rates
    Non-U.S.


(295,329
)Livestock


19,670Metals


372,238Softs


64,064Total

$
592,832
**   **
    
    This amount is in Gain (loss) from trading, net on
    the Statement of Income and Expenses.  5.
    Subscriptions,
    Distributions and Redemptions:    6.
    Financial
    Highlights:    2010Net realized and unrealized gains (losses)*

$
29.79Interest income


0.18Expenses**


(1.46
)Increase (decrease) for the period


28.51Distribution of interest income to feeder funds


(0.18
)Net asset value per unit, beginning of period


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

$
1,028.33   *
    
    Includes clearing fees.**
    
    Excludes clearing fees.




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PGR Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  2010Ratios to average net assets:Net investment income (loss)***


(0.9
)%****Operating expenses


1.0
%****Total return


2.8
%    ***
    
    Interest income less total expenses.****
    
    Annualized.    7.
    Financial
    Instrument Risks:  over-the-counter




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