Exhibit
99.1
  To the Limited
    Partners of
    CMF Aspect 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 Aspect Master
    Fund L.P.Statements of Financial ConditionDecember 31, 2010 and 2009
  2010


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

$
137,167,569


$
142,959,369Cash margin (Note 3c)


13,339,475



22,969,045Net unrealized appreciation on open futures contracts


4,431,647



Net unrealized appreciation on open forward contracts


2,971,891



143,867Total assets

$
157,910,582


$
166,072,281Liabilities and Partners Capital:Liabilities:Net unrealized depreciation on open futures contracts

$



$
907,618Accrued expenses:Professional fees


46,523



26,605Total liabilities


46,523



934,223Partners Capital:General Partner, 0.0000 unit equivalents at December 31,
    2010 and 2009






Limited Partners, 76,934.0090 and 96,151.3601 Redeemable Units
    outstanding at December 31, 2010 and 2009, respectively


157,864,059



165,138,058Total liabilities and partners capital

$
157,910,582


$
166,072,281Net asset value per unit

$
2,051.94


$
1,717.48   See accompanying notes to financial statements.




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##### 



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





% of Partnersof Contracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


3



$5,075



0.01
%Energy


349



691,981



0.44Grains


439



1,014,189



0.64Indices


963



344,702



0.22Interest Rates U.S.


227



(43,221
)


(0.03
)Interest Rates
    Non-U.S.


1,310



115,250



0.07Livestock


99



114,487



0.07Metals


205



1,462,582



0.93Softs


279



1,061,373



0.67Total futures contracts purchased






4,766,418



3.02Futures Contracts SoldEnergy


101



(207,450
)


(0.13
)Indices


9



32,866



0.02Interest Rates U.S.


17



(16,516
)


(0.01
)Interest Rates
    Non-U.S.


452



(121,691
)


(0.08
)Livestock


15



(21,980
)


(0.01
)Total futures contracts sold






(334,771
)


(0.21
)Unrealized Appreciation on Open Forward ContractsCurrencies


$123,639,671



2,814,735



1.78Metals


142



815,360



0.52Total unrealized appreciation on open forward contracts






3,630,095



2.30Unrealized Depreciation on Open Forward ContractsCurrencies


$38,751,867



(520,553
)


(0.33
)Metals


31



(137,651
)


(0.09
)Total unrealized depreciation on open forward contracts






(658,204
)


(0.42
)Total fair value






$7,403,538



4.69
%   See accompanying notes to financial statements.




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CMF Aspect Master
    Fund L.P.Condensed Schedule of InvestmentsDecember 31, 2009
  Notional ($)/





% of PartnersNumber of Contracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


5


$
(36,750
)


(0.02
)%Energy


233



465,769



0.28Grains


174



190,195



0.12Indices


1,391



1,242,828



0.75Interest 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



0.78Total futures contracts purchased






(1,008,207
)


(0.61
)Futures Contracts SoldEnergy


28



89,080



0.05Grains


153



22,242



0.01Indices


1



162



0.00
*Interest Rates U.S.


36



8,594



0.01Interest Rates
    Non-U.S.


217



43,819



0.03Livestock


179



(137,508
)


(0.08
)Softs


205



74,200



0.04Total futures contracts sold






100,589



0.06Unrealized Appreciation on Open Forward ContractsCurrencies

$
74,114,061



990,192



0.60Metals


281



769,799



0.47Total unrealized appreciation on open forward contracts






1,759,991



1.07Unrealized Depreciation on Open Forward ContractsCurrencies

$
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.




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CMF Aspect Master
    Fund L.P.Statements of Income and Expensesfor the years ended December 31, 2010,
    2009, and 2008
  2010


2009


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

$
20,791,393


$
(11,277,935
)

$
69,752,159Change in net unrealized gains (losses) on open contracts


8,167,289



(7,540,130
)


(970,655
)Gain (loss) from trading, net


28,958,682



(18,818,065
)


68,781,504Interest income


143,792



133,236



2,247,200Total income (loss)


29,102,474



(18,684,829
)


71,028,704Expenses:Clearing fees


191,432



266,630



302,515Professional fees


102,115



46,144



35,989Total expenses


293,547



312,774



338,504Net income (loss)

$
28,808,927


$
(18,997,603
)

$
70,690,200Net income (loss) per unit (Note 6)

$
336.12


$
(183.86
)

$
524.62Weighted average units outstanding


89,727.9468



106,915.0569



138,185.2293   See accompanying notes to financial statements.




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CMF Aspect Master
    Fund L.P.Statements of Changes in Partners
    Capitalfor the years ended December 31, 2010,
    2009, and 2008
  PartnersCapitalPartners capital at December 31, 2007

$
202,695,220Net income (loss)


70,690,200Subscriptions of 14,969.5777 Redeemable Units


24,526,285Redemptions of 34,545.0307 Redeemable Units


(56,310,172
)Distribution of interest income to feeder funds


(2,247,200
)Partners capital at December 31, 2008


239,354,333Net income (loss)


(18,997,603
)Subscriptions of 17,809.0598 Redeemable Units


32,568,105Redemptions of 47,461.2842 Redeemable Units


(87,653,541
)Distribution of interest income to feeder funds


(133,236
)Partners capital at December 31, 2009


165,138,058Net income (loss)


28,808,927Subscriptions of 2,399.9694 Redeemable Units


4,520,206Redemptions of 21,617.3205 Redeemable Units


(40,459,340
)Distribution of interest income to feeder funds


(143,792
)Partners capital at December 31, 2010

$
157,864,059Net asset value per unit:   2008:

$
1,902.602009:

$
1,717.482010:

$
2,051.94
   See accompanying notes to financial statements.




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CMF Aspect Master
    Fund L.P.

    Notes to Financial Statements
    December 31, 2010
  1.
    Partnership
    Organization:            2.
    Accounting
    Policies:  a.
    Use of Estimates.The preparation of financial
    statements and accompanying notes in conformity with accounting
    principles generally accepted in the United States of America
    (GAAP) requires management to make estimates and
    assumptions that affect the reported amounts of assets and
    liabilities, income and expenses, and related disclosures of
    contingent assets and liabilities in the




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CMF Aspect Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  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
    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.
      exchange-traded exchange-traded




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


Significant Other


Significantfor Identical


Observable Inputs


Unobservable12/31/2010


Assets (Level 1)


(Level 2)


Inputs (Level 3)AssetsFutures

$
4,431,647


$
4,431,647


$



$
Forwards


2,971,891



677,709



2,294,182



Total assets


7,403,538



5,109,356



2,294,182



Total fair value

$
7,403,538


$
5,109,356


$
2,294,182


$
   Quoted Prices inActive Markets


Significant Other


Significantfor Identical


Observable Inputs


Unobservable12/31/2009


Assets (Level 1)


(Level 2)


Inputs (Level 3)AssetsForwards

$
641,156


$
641,156


$



$
Total assets


641,156



641,156







LiabilitiesFutures

$
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
)

$
   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 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.
    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 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




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##### 



CMF Aspect Master
    Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  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
    a like number of short positions settling on the same prompt
    date. When the contract is closed at the prompt date, the Master
    records a realized gain or loss equal to the difference between
    the value of the contract at the time it was opened and the
    value at the time it was closed. Transactions in LME contracts
    require participants to make both initial margin deposits of
    cash or other assets and variation margin deposits, through the
    broker, directly with the LME. Realized gains (losses) and
    changes in unrealized gains (losses) on metal contracts are
    included in the Statements of Income and Expenses.  g.
    Income and Expenses Recognition.All of the
    income and expenses and realized and unrealized gains and losses
    on trading of commodity interests are determined on each
    valuation day and allocated pro rata among the Funds at the time
    of such determination.h.
    Income Taxes.Income taxes have not been
    provided as each partner is individually liable for the taxes,
    if any, on its share of the Masters income and expenses.      i.
    Subsequent Events.  Management of the Master
    evaluates events that occur after the balance sheet date but
    before financial statements are filed. Management has assessed
    the subsequent events through the date of filing and 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:




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




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


December 31, 2010Futures ContractsCurrencies

$
5,163Energy


737,953Grains


1,014,189Indices


590,050Interest Rates U.S.


23,418Interest Rates
    Non-U.S.


221,905Livestock


114,672Metals


1,463,742Softs


1,080,210Total unrealized appreciation on open futures contracts

$
5,251,302LiabilitiesFutures ContractsCurrencies

$
(88
)Energy


(253,422
)Indices


(212,482
)Interest Rates U.S.


(83,155
)Interest Rates
    Non-U.S.


(228,346
)Livestock


(22,165
)Metals


(1,160
)Softs


(18,837
)Total unrealized depreciation on open futures contracts

$
(819,655
)Net unrealized appreciation on open futures contracts

$
4,431,647
*   *
    
    This amount is in Net unrealized appreciation on open
    futures contracts on the Statements of Financial Condition.  AssetsForward ContractsCurrencies

$
2,814,735Metals


815,360Total unrealized appreciation on open forward contracts

$
3,630,095LiabilitiesForward ContractsCurrencies

$
(520,553
)Metals


(137,651
)Total unrealized depreciation on open forward contracts

$
(658,204
)Net unrealized appreciation on open forward contracts

$
2,971,891
**   **
    
    This amount is in Net unrealized appreciation on open
    forward contracts on the Statements of Financial Condition.




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


December 31, 2009Futures ContractsEnergy

$
574,121Grains


238,475Indices


1,310,009Interest Rates U.S.


27,841Interest Rates
    Non-U.S.


820,367Livestock


1,170Metals


156,363Softs


1,560,990Total unrealized appreciation on open futures contracts

$
4,689,336LiabilitiesFutures ContractsCurrencies

$
(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
)*   *
    
    This amount is in Net unrealized depreciation on open
    futures contracts on the Statements of Financial Condition. AssetsForward ContractsCurrencies

$
990,192Metals


769,799Total unrealized appreciation on open forward contracts

$
1,759,991LiabilitiesForward ContractsCurrencies

$
(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 appreciation on open
    forward contracts on the Statements of Financial Condition.




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


December 31, 2009Sector

Gain (loss) from Trading


Gain (loss) from TradingCurrencies

$
7,353,902


$
(6,825,819
)Energy


(5,151,277
)


(8,384,587
)Grains


2,787,738



(1,053,672
)Indices


(3,788,138
)


2,125,096Interest Rates U.S.


8,882,136



(2,393,695
)Interest Rates
    Non-U.S.


14,785,020



(3,837,479
)Livestock


(464,740
)


972,097Softs


1,619,311



526,733Metals


2,934,730



53,261Total

$
28,958,682
***

$
(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:    2010


2009


2008Net realized and unrealized gains (losses)*

$
335.62


$
(184.65
)

$
508.62Interest income


1.66



1.26



16.27Expenses**


(1.16
)


(0.47
)


(0.27
)Increase (decrease) for the year


336.12



(183.86
)


524.62Distribution of interest income to feeder funds


(1.66
)


(1.26
)


(16.27
)Net asset value per unit, beginning of year


1,717.48



1,902.60



1,394.25Net asset value per unit, end of year

$
2,051.94


$
1,717.48


$
1,902.60    *
    
    Includes clearing fees.**
    
    Excludes clearing fees.




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


2009


2008Ratios to Average Net Assets:Net investment income (loss)***


(0.1
)%


(0.1
)%


0.9
%Operating expenses


0.2
%


0.2
%


0.2
%Total return


19.6
%


(9.7
)%


37.6
%    ***
    
    Interest income less total expenses.    7.
    Financial
    Instrument Risks:  over-the-counter
      risk-adjusted