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
 
 0-22491
 DIVERSIFIED MULTI-ADVISOR FUTURES FUND L.P. II
 
  New York
    
    13-3769020(State or other jurisdiction of
    
    (I.R.S. Employerincorporation or organization)
    
    Identification No.)
 c/o Ceres Managed Futures LLC  55 East 59 th Street  10th Floor  New York, New York 10022
 
  (212) 559-2011
 
  Securities registered pursuant to Section 12(b) of the Act: NoneSecurities 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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Financial Information about Industry Segments Selected
Financial Data
 Narrative Description of Business.
    Financial Information about Geographic Areas
 Available Information
 4




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##### 



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 its 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.
  1.
    
    The General Partner and commodity broker are affiliates;2.
    
    Each of the Advisors, the commodity broker and their principals and affiliates may
trade in commodity interests for their own accounts; and3.
    
    An investors financial advisor will receive ongoing compensation
for providing services to the investors account.
 Investing in units might not provide the desired diversification of an investors overall
portfolio.
  Past performance is no assurance of future results.
  An investors tax liability may exceed cash distributions.
  The General Partner may allocate the Partnerships assets to undisclosed advisors.
 5




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##### 



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
 and
  Subprime-Mortgage Related Actions
  Credit Crisis Related Matters
    Item 4.
    
    [Removed and Reserved]
 6




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##### 



PART II
 Item 5.
    
    Market for Registrants Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities.
 (a)
    
    Market Information. The Partnership has issued no stock. There is no public
market for the Redeemable Units.(b)
    
    Holders. The number of holders of Redeemable Units as of December 31, 2009
was 1,244.(c)
    
    Dividends. The Partnership did not declare a distribution in 2009 or 2008.
The Partnership does not intend to declare distributions in the foreseeable future.(d)
    
    Securities Authorized for Issuance under Equity Compensation Plans. None.(e)
    
    Performance Graph. Not applicable.(f)
    
    Recent Sales of Unregistered Securities. There were no additional sales of Redeemable Units during
the twelve months ended December 31, 2009. There were no additional sales of Redeemable
Units during the twelve months ended December 31, 2008. During the twelve months ended
December 31, 2007 there were General Partner contributions representing the sale of
1,008.7668 General Partner Unit equivalents totaling $1,441,407. The Redeemable Units were
issued in reliance upon applicable exemptions from registration under Section 4(2) of the
Securities Act of 1933, as amended, and Section 506 of Regulation D promulgated there
under. The Redeemable Units were purchased by accredited investors as described in
Regulation D.Proceeds from the sale of additional Redeemable Units are used in the trading of commodity
interests including, if applicable, futures contracts, options and forward contracts.(g)
    
    Purchase of Equity Securities by the Issuer and Affiliated Purchasers.
  (d) Maximum Number(c) Total Number



(or Approximate Dollarof Redeemable  Units



Value) of Redeemable(a) Total Number



(b) Average



Purchased as Part of



Units that May Yet Beof Redeemable Units



Price Paid per



Publicly Announced



Purchased Under thePeriod


Purchased*



Redeemable  Unit**



Plans or Programs



Plans or ProgramsOctober 1, 2009  October 31, 2009



103.3778



$
1,792.99




N/A




N/ANovember 1, 2009  November 30, 2009



226.1229



$
1,866.74




N/A




N/ADecember 1, 2009  December 31, 2009



219.0551



$
1,724.57




N/A




N/A548.5558



$
1,796.07 
 *
    
    Generally, Limited Partners are permitted to redeem their Redeemable Units as of the last day of
each month on
10 days notice to the General Partner. Under certain circumstances, the General Partner can
compel redemption but
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. No fee will be charged for redemptions. Item 6.
    
    Selected Financial Data.
  2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005Net realized and unrealized trading gains
(losses) and investment in partnerships net of
brokerage commissions (including clearing
fees) of $2,563,903, $3,078,391, $3,463,859, $3,924,799 and
$4,178,058, respectively
    
    $
    (1,773,665
    )
    
    $
    6,859,644
    
    
    $
    2,568,991
    
    
    $
    1,287,348
    
    
    $
    1,456,152Total interest income
    
    
    27,089
    
    
    
    487,555
    
    
    
    1,744,958
    
    
    
    2,080,286
    
    
    
    1,356,172$
    (1,746,576
    )
    
    $
    7,347,199
    
    
    $
    4,313,949
    
    
    $
    3,367,634
    
    
    $
    2,812,324Net income (loss)
    
    $
    (2,993,465
    )
    
    $
    5,721,768
    
    
    $
    2,911,097
    
    
    $
    1,567,049
    
    
    $
    605,508Increase (decrease) in Net Asset Value per Unit
    
    $
    (142.43
    )
    
    $
    215.30
    
    
    $
    92.67
    
    
    $
    42.26
    
    
    $
    25.88Net Asset Value per Unit
    
    $
    1,724.57
    
    

    $
    1,867.00
    
    
    $
    1,651.70
    
    
    $
    1,559.03
    
    
    $
    1,516.77Total assets
    
    $
    32,598,591
    
    
    $
    45,718,234
    
    
    $
    49,039,808
    
    
    $
    53,906,145
    
    
    $
    59,855,686
 7




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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.
     Campbell & Company, Inc
    Capital
Fund Management SA
  Graham Capital Management, L.P
  8




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Willowbridge Associates, Inc
          9




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##### 



Eckhardt Trading Company
  not
 SandRidge Capital, L.P.
     CMF Willowbridge Argo Master Fund
 Currencies
    
    
    23.4
    %Energy
    
    
    17.8
    %Grains
    
    
    8.3
    %Interest Rates Non-U.S.
    
    
    16.6
    %Interest Rates U.S.
    
    
    9.5
    %Livestock
    
    
    0.4
    %Metals
    
    
    18.1
    %Softs
    
    
    5.9
    %
 CMF Graham 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
    %Indices
    
    
    29.8
    %Livestock
    
    
    0.4
    %Metals
    
    
    5.2
    %Softs
    
    
    4.5
    %
 CMF SandRidge Master 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
    %Indices
    
    
    13.6
    %Metals
    
    
    12.7
    %Softs
    
    
    7.3
    %
 10




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##### 



CMF Capital Fund Management Master Fund L.P.
 Currencies
    
    
    21.1
    %Energy
    
    
    8.2
    %Grains
    
    
    1.8
    %Interest Rates Non-U.S.
    
    
    14.2
    %Interest Rates U.S.
    
    
    12.5
    %Indices
    
    
    38.2
    %Livestock
    
    
    0.2
    %Metals
    
    
    1.6
    %Softs
    
    
    2.2
    %
 Liquidity
   (i)
    
    The Partnership/Funds invests 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 initiate additional positions in any commodity interest if these
positions would result in aggregate positions requiring a margin of more than 66 2/3% of
the Partnerships 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.
 11




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##### 



(iv)
    
    The Partnership/Funds will 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 will not utilize borrowings, other than short-term borrowings, if
the Partnership takes 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. Spreads
and straddles describe 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 its commodity trading
account. 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.
     Financial Statements and Supplementary Data
 12




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##### 



13




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##### 



(b)
    
    Capital Resources.
    Results of Operations
                14




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##### 



(d)
    
    Off-balance Sheet Arrangements. None(e)
    
    Contractual Obligations. None(f)
    
    Operational Risk.
   Operational/Settlement Risk
 Technological Risk
 Legal/Documentation Risk
 Financial Control Risk
 Critical Accounting Policies
 Use of Estimates.
 Statement of Cash Flows.
 Partnerships
and the Funds Investments.
 15




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##### 



Partnerships
and the Funds Fair Value Measurements.
  Futures Contracts.
 London Metals Exchange Forward Contracts.
 Forward Foreign Currency Contracts.
  Options.
 16




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##### 



Income Taxes.
   Subsequent Events.
 Recent Accounting Pronouncements.
   17




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##### 



Item 7A.
    
    Quantitative and Qualitative Disclosures About Market Risk.
 Introduction
       Quantifying the Partnerships/Funds Trading Value at Risk
    18




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##### 



The Partnerships Trading Value at Risk in Different Market Sectors
    % of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
    451,206
    
    
    
    1.41
    %Energy
    
    
    291,723
    
    
    
    0.92
    %Grains
    
    
    96,877
    
    
    
    0.30
    %Interest Rates U.S.
    
    
    371,264
    
    
    
    1.16
    %Interest Rates Non-U.S.
    
    
    336,573
    
    
    
    1.05
    %Livestock
    
    
    2,723
    
    
    
    0.01
    %Metals
    
    
    231,949
    
    
    
    0.73
    %Softs
    
    
    159,070
    
    
    
    0.50
    %Indices
    
    
    837,049
    
    
    
    2.62
    %Total
    
    $
    2,778,434
    
    
    
    8.70
    %
  % of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
    337,552
    
    
    
    0.76
    %Energy
    
    
    55,481
    
    
    
    0.13
    %Grains
    
    
    50,494
    
    
    
    0.11
    %Interest Rates U.S.
    
    
    499,190
    
    
    
    1.12
    %Interest Rates Non-U.S.
    
    
    406,686
    
    
    
    0.92
    %Livestock
    
    
    74,930
    
    
    
    0.17
    %Metals
    
    
    148,637
    
    
    
    0.33
    %Softs
    
    
    61,119
    
    
    
    0.14
    %Indices
    
    
    27,831
    
    
    
    0.06
    %Total
    
    $
    1,661,920
    
    
    
    3.74
    %
  December 31,
2009
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    94,350
    
    
    
    0.30
    %
    
    $
    924,240
    
    
    $
    48,092
    
    
    $
    299,825Energy
    
    
    19,200
    
    
    
    0.06
    %
    
    
    468,290
    
    
    
    10,460
    
    
    
    128,320Grains
    
    
    10,500
    
    
    
    0.03
    %
    
    
    67,500
    
    
    
    5,500
    
    
    
    22,427Interest Rates U.S.
    
    
    100,650
    
    
    
    0.32
    %
    
    
    2,038,884
    
    
    
    8,800
    
    
    
    490,455Interest Rates Non-U.S.
    
    
    111,381
    
    
    
    0.35
    %
    
    
    687,893
    
    
    
    3,443
    
    
    
    194,858Metals
    
    
    3,500
    
    
    
    0.01
    %
    
    
    33,249
    
    
    
    709
    
    
    
    8,795Softs
    
    
    1,500
    
    
    
    0.00
    %**
    
    
    118,770
    
    
    
    1,500
    
    
    
    35,313Indices
    
    
    434,578
    
    
    
    1.36
    %
    
    
    1,192,715
    
    
    
    6,456
    
    
    
    222,172Total
    
    $
    775,659
    
    
    
    2.43
    %
 
 *
    
    Annual average based on month-end Value at Risk.**
    
    Due to rounding  December 31, 2008
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    94,857
    
    
    
    0.21
    %
    
    $
    427,193
    
    
    $
    31,435
    
    
    
    146,876Energy
    
    
    6,750
    
    
    
    0.02
    %
    
    
    327,900
    
    
    
    395
    
    
    
    104,415Grains
    
    
    5,500
    
    
    
    0.01
    %
    
    
    30,000
    
    
    
    1,500
    
    
    
    13,805Indices
    
    
    329,662
    
    
    
    0.74
    %
    
    
    1,058,238
    
    
    
    15,137
    
    
    
    407,721Interest Rates U.S.
    
    
    71,400
    
    
    
    0.16
    %
    
    
    348,950
    
    
    
    6,787
    
    
    
    124,983Interest Rates Non -U.S.
    
    
    74,310
    
    
    
    0.17
    %
    
    
    693,867
    
    
    
    24,501
    
    
    
    180,284Metals
    
    
    4,302
    
    
    
    0.01
    %
    
    
    31,460
    
    
    
    3,250
    
    
    
    9,615Softs
    
    
    12,153
    
    
    
    0.03
    %
    
    
    85,468
    
    
    
    2,900
    
    
    
    40,835Total
    
    $
    598,934
    
    
    
    1.35
    %
 
 *
    
    Annual average based on month-end Value at Risk. 19




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##### 



December 31,
2009
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    5,974,364
    
    
    
    2.58
    %
    
    $
    14,208,480
    
    
    $
    1,008,000
    
    
    $
    7,206,662Energy
    
    
    2,116,000
    
    
    
    0.92
    %
    
    
    13,037,019
    
    
    
    391,000
    
    
    
    5,515,268Grains
    
    
    1,058,000
    
    
    
    0.46
    %
    
    
    5,919,480
    
    
    
    259,875
    
    
    
    2,320,519Interest Rates U.S.
    
    
    1,959,945
    
    
    
    0.85
    %
    
    
    9,939,105
    
    
    
    280,500
    
    
    
    2,836,425Interest Rates Non-U.S.
    
    
    3,403,449
    
    
    
    1.47
    %
    
    
    14,168,324
    
    
    
    455,649
    
    
    
    4,852,602Metals
    
    
    3,968,558
    
    
    
    1.72
    %
    
    
    8,372,754
    
    
    
    1,909,575
    
    
    
    3,799,612Softs
    
    
    2,725,100
    
    
    
    1.18
    %
    
    
    3,202,100
    
    
    
    237,900
    
    
    
    1,531,645Total
    
    $
    21,205,416
    
    
    
    9.18
    %
 
 *
    
    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
    
    $
    1,945,600
    
    
    
    0.65
    %
    
    $
    11,556,229
    
    
    $
    245,220
    
    
    $
    3,464,607Energy
    
    
    816,000
    
    
    
    0.27
    %
    
    
    15,933,000
    
    
    
    448,000
    
    
    
    4,885,321Grains
    
    
    1,100,800
    
    
    
    0.37
    %
    
    
    5,470,800
    
    
    
    201,000
    
    
    
    2,038,390Interest Rates U.S.
    
    
    2,380,800
    
    
    
    0.80
    %
    
    
    4,367,200
    
    
    
    219,300
    
    
    
    1,272,506Interest Rates Non-U.S.
    
    
    3,571,688
    
    
    
    1.20
    %
    
    
    8,375,150
    
    
    
    387,940
    
    
    
    3,540,377Metals
    
    
    3,110,400
    
    
    
    1.05
    %
    
    
    8,742,000
    
    
    
    764,750
    
    
    
    4,883,083Softs
    
    
    819,200
    
    
    
    0.28
    %
    
    
    2,989,200
    
    
    
    120,600
    
    
    
    1,077,150Total
    
    $
    13,744,488
    
    
    
    4.62
    %
 
 *
    
    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
    
    $
    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 based on month-end Value at Risk 20




---



##### 



December 31,
2008
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    1,855,003
    
    
    
    0.83
    %
    
    $
    35,051,712
    
    
    $
    1,110,242
    
    
    $
    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 based on month-end Value at Risk 21




---



##### 



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
    
    
    Average*Market Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at RiskCurrencies
    
    $
    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
    
    
    
    26,782
    
    
    
    228,987Metals
    
    
    21,510
    
    
    
    0.10
    %
    
    
    142,500
    
    
    
    8,604
    
    
    
    34,890Softs
    
    
    37,872
    
    
    
    0.18
    %
    
    
    146,081
    
    
    
    9,238
    
    
    
    46,542Total
    
    $
    1,027,379
    
    
    
    5.00
    %
 
 *
    
    Annual average based on month-end Value at Risk 22




---



##### 



December 31,
2009
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    

Value at 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 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.,
 23




---



##### 



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.
     24




---



##### 



Item 8.
    
    Financial Statements and Supplementary Data.
 DIVERSIFIED
MULTI-ADVISOR FUTURES FUND L.P. II
INDEX TO FINANCIAL STATEMENTS
 PageNumberOath or Affirmation
    
    F-2Managements Report on Internal Control over Financial Reporting
    
    F-3Reports of Independent Registered Public Accounting Firms
    
    F-4  F-8Financial Statements:Statements of Financial Condition at December 31, 2009 and 2008
    
    F-9Condensed Schedules of Investments at December 31, 2009 and 2008
    
    F-10  F-11Statements of Income and Expenses for the years ended December 31, 2009, 2008 and 2007
    
    F-12Statements of Changes in Partners Capital for the years ended December 31, 2009, 2008 and 2007
    
    F-13Notes to Financial Statements
    
    F-14  F-25Selected Unaudited Quarterly Financial Data
    
    F-26Financial Statements of CMF Willowbridge Argo Master Fund L.P. 

Oath or Affirmation
    
    F-27Reports of Independent Registered Public Accounting Firms
    
    F-28  F-30Statements of Financial Condition at December 31, 2009 and 2008
    
    F-31Condensed Schedules of Investments at December 31, 2009 and 2008
    
    F-32  F-33Statements of Income and Expenses for the years ended December 31, 2009, 2008 and 2007
    
    F-34Statements of Changes in Partners Capital for the years ended December 31, 2009, 2008 and 2007
    
    F-35Notes to Financial Statements
    
    F-36  F-43Selected Unaudited Quarterly Financial Data
    
    F-44Financial Statements of CMF Graham Capital Master Fund L.P.Oath or Affirmation
    
    F-45Reports of Independent Registered Public Accounting Firms
    
    F-46  F-48Statements of Financial Condition at December 31, 2009 and 2008
    
    F-49Condensed Schedules of Investments at December 31, 2009 and 2008
    
    F-50  F-51Statements of Income and Expenses for the years ended December 31, 2009, 2008 and 2007
    
    F-52Statements of Changes in Partners Capital for the years ended December 31, 2009, 2008 and 2007
    
    F-53Notes to Financial Statements
    
    F-54  F-62Selected Unaudited Quarterly Financial Data
    
    F-63Financial Statements of CMF Eckhardt Master Fund L.P. 

Oath or Affirmation
    
    F-64Reports of Independent Registered Public Accounting Firms
    
    F-65  F-66Statements of Financial Condition at December 31, 2009 and 2008
    
    F-67Condensed Schedules of Investments at December 31, 2009 and 2008
    
    F-68  F-69Statements 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-70Statements 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-71Notes to Financial Statements
    
    F-72  F-80Selected Unaudited Quarterly Financial Data
    
    F-81Financial Statements of CMF SandRidge Master Fund L.P. 

Oath or Affirmation
    
    F-82Reports of Independent Registered Public Accounting Firms
    
    F-83  F-85Statements of Financial Condition at December 31, 2009 and 2008
    
    F-86Condensed Schedules of Investments at December 31, 2009 and 2008
    
    F-87  F-88Statements of Income and Expenses for the years ended December 31, 2009, 2008 and 2007
    
    F-89Statements of Changes in Partners Capital for the years ended December 31, 2009, 2008 and 2007
    
    F-90Notes to Financial Statements
    
    F-91  F-97Selected Unaudited Quarterly Financial Data
    
    F-98
 F-1




---



##### 



To the Limited
    Partners of
    Diversified Multi-Advisor Futures Fund L.P. II
    
  By:
    Jennifer Magro      Ceres Managed Futures LLC    212-559-2011
 F-2




---



##### 



Managements
    Report on Internal Control over
    Financial Reporting
            Internal
    Control-Integrated Framework
    
       F-3




---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
 Internal Control 
Integrated Framework
   F-4




---



##### 



Internal Control  Integrated Framework .
 
  F-5




---



##### 



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




---



##### 



F-7




---



##### 



Report of Independent Registered Public Accounting Firm
 
     
 F-8




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P. II

 Statements
    of Financial ConditionDecember 31, 2009 and 2008
  2009


2008Assets:Investment in Partnerships, at fair value (Note 5)

$
22,541,943


$
34,424,088Equity in commodity futures trading account:Cash (Note 3c)


9,123,523



10,597,297Cash margin (Note 3c)


927,261



696,680Net unrealized appreciation on open futures contracts


5,752



32,598,479



45,718,065Distribution receivableInterest receivable (Note 3c)


112



169Total assets

$
32,598,591


$
45,718,234Liabilities and Partners Capital:Liabilities:Net unrealized depreciation on open futures contracts

$



$
449Accrued expenses:Brokerage commissions (Note 3c)


162,993



228,589Management fees (Note 3b)


53,927



75,664Incentive fees (Note 3b)






136,374Professional Fees


26,383



28,862Other


52,831



61,782Redemptions payable (Note 6)


377,776



793,186Total liabilities


673,910



1,324,906Partners Capital (Notes 1 and 6):General Partner, 274.2452 and 748.5217 Unit equivalents at
    December 31, 2009 and 2008, respectively


472,955



1,397,490Limited Partners, 18,237.4420 and 23,029.4237 Redeemable Units
    of Limited Partnership Interest outstanding at December 31,
    2009 and 2008, respectively


31,451,726



42,995,838Total partners capital


31,924,681



44,393,328Total liabilities and partners capital

$
32,598,591


$
45,718,234   See accompanying notes to financial statements.
 F-9




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P. II
 Condensed
    Schedule of InvestmentsDecember 31, 2009
  Number of





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


44


$
35,744



0.11
%Energy


5



(254
)


(0.00
)*Grains


8



1,987



0.01Indices


97



(2,324
)


(0.01
)Interest Rates Non-U.S.


61



(10,546
)


(0.03
)Interest Rates U.S.


81



(13,466
)


(0.04
)Metals


1



3,638



0.01Softs


1



(55
)


(0.00
)*Total futures contracts purchased






14,724



0.05Futures Contracts SoldCurrencies


13



(9,650
)


(0.03
)Grains


1



(350
)


(0.00
)*Indices


1



1,028



0.00
*Total futures contracts sold






(8,972
)


(0.03
)Investment in PartnershipsCMF Willowbridge Argo Master Fund L.P.






5,353,814



16.77CMF Graham Master Fund L.P.






7,889,836



24.71CMF Eckhardt Master Fund L.P.






4,935,342



15.46CMF Sandridge Master Fund L.P.






4,362,951



13.67Total Investment in Partnerships






22,541,943



70.61Total fair value





$
22,547,695



70.63
%    *
    
    Due to rounding  See accompanying notes to financial statements.
 F-10




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P. II

 Condensed
    Schedule of Investments
    December 31, 2008
  Number of





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


23


$
(21,305
)


(0.05
)%Indices


57



45,056



0.10Interest Rates Non-U.S.


33



7,783



0.02Interest Rates U.S.


47



(25,794
)


(0.06
)Metals


1



(110
)


(0.00
)*Softs


2



5,033



0.01Total futures contracts purchased






10,663



0.02Futures Contracts SoldCurrencies


9



(797
)


(0.00
)*Energy


1



(5,450
)


(0.01
)Grains


3



(3,924
)


(0.01
)Softs


5



(941
)


(0.00
)*Total futures contracts sold






(11,112
)


(0.02
)Investment in PartnershipsCMF Willowbridge Argo Master Fund L.P.






10,048,176



22.63CMF Campbell Master Fund L.P.






7,553,372



17.01CMF Graham Capital Master Fund L.P.






10,523,350



23.71CMF Eckhardt Master Fund L.P.






6,299,190



14.19Total investment in Partnerships






34,424,088



77.54Total fair value





$
34,423,639



77.54
%    *
    
    Due to rounding  See accompanying notes to financial statements.
 F-11




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P. II

 Statements
    of Income and Expensesfor the years ended
    December 31, 2009, 2008 and 2007
  2009


2008


2007Income:Net gains (losses) on trading of commodity interests and
    investment in Partnerships:Net realized gains (losses) on closed contracts

$
1,541,253


$
2,365,379


$
4,520,389Net realized gains (losses) on investment in Partnerships


(521,371
)


7,659,594



3,122,817Change in net unrealized gains (losses) on open contracts


6,201



(7,994
)


(147,866
)Change in net unrealized gains (losses) on investments in
    Partnerships


(235,845
)


(78,944
)


(1,462,490
)Gain (loss) from trading, net


790,238



9,938,035



6,032,850Interest income (Note 3c)


7,527



137,547



581,078Interest income from investment in Partnerships


19,562



350,008



1,163,880Total income (loss)


817,327



10,425,590



7,777,808Expenses:Brokerage commissions including clearing fees (Note 3c)


2,563,903



3,078,391



3,463,859Management fees (Note 3b)


758,357



934,466



1,003,243Incentive fees (Note 3b)


331,108



527,587



285,594Professional fees


107,412



85,812



44,975Other


50,012



77,566



69,040Total expenses


3,810,792



4,703,822



4,866,711Net income (loss)

$
(2,993,465
)

$
5,721,768


$
2,911,097Net income (loss) per Redeemable Unit of Limited Partnership
    Interest and General Partner Unit equivalent (Notes 1 and 7)

$
(142.43
)

$
215.30


$
92.67Weighted average units outstanding


20,862.3615



26,356.7995



32,004.9288   See accompanying notes to financial statements.
 F-12




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P. II


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


GeneralPartners


Partner


TotalPartners Capital at December 31, 2006

$
51,109,773


$
1,378,669


$
52,488,442Net income (loss)


2,604,375



306,722



2,911,097Sale of 1,008.7668 General Partner Unit equivalents






1,441,407



1,441,407Redemption of 5,971.8541 Redeemable Units of Limited Partnership
    Interest


(9,429,938
)






(9,429,938
)Partners Capital at December 31, 2007


44,284,210



3,126,798



47,411,008Net income (loss)


5,451,076



270,692



5,721,768Redemption of 1,144.5571 General Partner Unit equivalents






(2,000,000
)


(2,000,000
)Redemption of 3,781.8183 Redeemable Units of Limited Partnership
    Interest


(6,739,448
)






(6,739,448
)Partners Capital at December 31, 2008


42,995,838



1,397,490



44,393,328Net income (loss)


(2,878,871
)


(114,594
)


(2,993,465
)Redemption of 474.2765 General Partner Unit equivalents






(809,941
)


(809,941
)Redemption of 4,791.9817 Redeemable Units of Limited Partnership
    Interest


(8,665,241
)






(8,665,241
)Partners Capital at December 31, 2009

$
31,451,726


$
472,955


$
31,924,681Net Asset Value per Unit:   2007:

$
1,651.702008:

$
1,867.002009:

$
1,724.57
   See accompanying notes to financial statements.
 F-13




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P. II

 Notes to
    Financial Statements
    December 31, 2009
  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 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. F-14




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P. II
    Notes to Financial Statements
    December 31, 2009
   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 Funds
    Investments.All commodity interests (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 commodity futures 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.  Partnerships and the Funds Fair Value
    Measurements.
  FAS No. 157-4,
   F-15




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P. II
    Notes to Financial Statements
    December 31, 2009
    QuotedPrices inActive Markets for


Significant Other


SignificantIdentical Assets


Observable Inputs


Unobservable Inputs12/31/2009


(Level 1)


(Level 2)


(Level 3)AssetsInvestment in Partnerships

$
22,541,943


$



$
22,541,943


$
Futures


5,752



5,752







Total assets


22,547,695



5,752



22,541,943



Total fair value

$
22,547,695


$
5,752


$
22,541,943


$
   QuotedPrices inActive Markets for


Significant Other


SignificantIdentical Assets


Observable Inputs


Unobservable Inputs12/31/2008


(Level 1)


(Level 2)


(Level 3)AssetsInvestment in Partnerships

$
34,424,088


$



$
34,424,088


$
Total assets


34,424,088







34,424,088



LiabilitiesFutures

$
449


$
449


$



$
Total liabilities


449



449







Total fair value

$
34,423,639


$
(449
)

$
34,424,088


$
   d.
    Futures Contracts.The Partnership and 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 Partnership and 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
    Partnership and the Funds. When the contract is closed, the
    Partnership and 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.e.
    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 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 F-16




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P. II
    Notes to Financial Statements
    December 31, 2009
  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 Partnership and
    the Funds are cash settled based on prompt dates published by
    the LME. Payments (variation margin) may be made or
    received by the Partnership and 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 Partnership and 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 Partnership and 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.  g.
    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 writes an option, the premium
    received is recorded as a liability in the Statements of
    Financial Condition and marked to market daily. When the Funds
    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 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.      i.
    Subsequent Events.  In 2009, the Partnership
    adopted ASC
    855-10,
    Subsequent Events (formerly, FAS No. 165,
    Subsequent Events). The objective of ASC
    855-10 is to
    establish general standards of accounting for and disclosure of
    events that occur after the balance sheet date but F-17




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P. II
    Notes to Financial Statements
    December 31, 2009
    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 Partnerships financial statements disclosures.  No. 2010-09 2010-09),
  k.
    Certain prior period amounts have been reclassified to conform
    to the 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 Agreements:   F-18




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P. II
    Notes to Financial Statements
    December 31, 2009
        c.
    Customer Agreement:  give-up 30-day 3-month 90-day
  4.
    Trading
    Activities:     F-19




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P. II
    Notes to Financial Statements
    December 31, 2009
        December 31, 2009AssetsFutures ContractsCurrencies

$
45,491Energy


1,040Grains


2,037Indices


29,186Interest Rates U.S.


450Interest Rates Non-U.S.


2,416Metals


3,638Total unrealized appreciation on open futures contracts

$
84,258LiabilitiesFutures ContractsCurrencies

$
(19,397
)Energy


(1,294
)Grains


(400
)Indices


(30,482
)Interest Rates U.S.


(13,916
)Interest Rates Non-U.S.


(12,962
)Softs


(55
)Total unrealized depreciation on open futures contracts

$
(78,506
)Net unrealized appreciation on open futures contracts

$
5,752
*    *
    
    This amount is in Net unrealized appreciation on open
    futures contracts on the Statements of Financial Condition. F-20




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P. II
    Notes to Financial Statements
    December 31, 2009
   December 31, 2009Sector

Gain (loss) from tradingCurrencies

$
534,378Energy


(1,129,076
)Grains


(17,021
)Indices


1,917,690Interest Rates U.S.


329,328Interest Rates Non-U.S.


(94,185
)Livestock


(2,700
)Softs


(17,475
)Metals


26,515Total

$
1,547,454   5.
    Investment in
    Partnerships           F-21




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P. II
    Notes to Financial Statements
    December 31, 2009
                December 31, 2009Total


Total


TotalAssets


Liabilities


CapitalWillowbridge Master

$
231,147,799


$
42,482


$
231,105,317Graham Master


171,238,199



25,939



171,212,260Eckhardt Master


17,383,619



63,160



17,320,459SandRidge Master


715,621,327



30,711,834



684,909,493Total

$
1,135,390,944


$
30,843,415


$
1,104,547,529  F-22




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P. II
    Notes to Financial Statements
    December 31, 2009
  December 31, 2008Total


Total


TotalAssets


Liabilities


CapitalWillowbridge Master

$
297,439,763


$
19,759


$
297,420,004Campbell Master


127,587,225



112,263



127,474,962Graham Master


224,787,639



296,697



224,490,942Eckhardt Master


20,544,954



15,519



20,529,435Total

$
670,359,581


$
444,238


$
669,915,343     For the Twelve Months Ended December 31, 2009Gain (Loss) from


Total Income


Net IncomeTrading, net


(Loss)


(Loss)Willowbridge Master

$
(42,016,964
)

$
(41,821,187
)

$
(42,198,191
)Graham Master


12,468,065



12,593,321



11,932,221Eckhardt Master


(617,648
)


(604,361
)


(743,158
)SandRidge Master


99,192,706



99,581,610



98,747,670Total

$
69,026,159


$
69,749,383


$
67,738,542   For the Twelve Months Ended December 31, 2008Gain (Loss) from


Total Income


Net IncomeTrading, net


(Loss)


(Loss)Willowbridge Master

$
114,625,338


$
117,584,985


$
117,208,252Campbell Master


6,817,650



8,716,578



8,555,470Graham Master


63,129,714



65,332,335



64,361,901Eckhardt Master


848,562



999,083



904,735Total

$
185,421,264


$
192,632,981


$
191,030,358     % of














NetPartnerships








Expenses


Income


Investment

RedemptionsInvestment

Net Assets


Fair Value


Income (Loss)


Commissions


Other


(Loss)


Objective

PermittedFor the year ended December 31, 2009Willowbridge Master


16.77
%

$
5,353,814


$
(1,222,403
)

$
8,992


$
1,693


$
(1,233,088
)

Commodity 
    Portfolio

MonthlyCampbell Master


0.00
%






(272,274
)


1,386



1,144



(274,804
)

Financial,
    Metal &
    Energy Large
    Portfolio

MonthlyGraham Master


24.71
%


7,889,836



623,451



31,816



2,357



589,278


Commodity 
    Portfolio

MonthlyEckhardt Master


15.46
%


4,935,342



(175,801
)


14,260



26,096



(216,157
)

Commodity 
    Portfolio

MonthlySandRidge Master


13.67
%


4,362,951



309,373



2,363



738



306,272


Energy 
    Portfolio

MonthlyTotal





$
22,541,943


$
(737,654
)

$
58,817


$
32,028


$
(828,499
)   F-23




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P. II
    Notes to Financial Statements
    December 31, 2009
  % of














NetPartnerships








Expenses


Income


Investment

RedemptionsFunds

Net Assets


Fair Value


Income (Loss)


Commissions


Other


(Loss)


Objective

PermittedFor the year ended December 31, 2008Willowbridge Master


22.63
%

$
10,048,176


$
4,121,243


$
12,208


$
1,264


$
4,107,771


Commodity 
    Portfolio

MonthlyCampbell Master


17.01
%


7,553,372



395,828



6,404



2,649



386,775


Financial,
    Metal &
    Energy Large
    Portfolio

MonthlyGraham Master


23.71
%


10,523,350



3,112,416



44,774



1,428



3,066,214


Commodity
    Portfolio

MonthlyEckhardt Master


14.19
%


6,299,190



301,171



6,712



20,769



273,690


Commodity
    Portfolio

MonthlyTotal





$
34,424,088


$
7,930,658


$
70,098


$
26,110


$
7,834,450   6.
    Distributions and
    Redemptions:    7.
    Financial
    Highlights:    2009


2008


2007Net realized and unrealized gains (losses)*

$
(83.99
)

$
259.03


$
82.52Interest income


1.28



18.06



54.17Expenses**


(59.72
)


(61.79
)


(44.02
)Increase (decrease) for the year


(142.43
)


215.30



92.67Net Asset Value per Redeemable Unit, beginning of year


1,867.00



1,651.70



1,559.03Net Asset Value per Redeemable Unit, end of year

$
1,724.57


$
1,867.00


$
1,651.70   Ratios to average net assets:Net investment income (loss) before incentive fees***


(9.2
)%


(8.1
)%


(5.6
)%Operating expenses


9.3
%


9.2
%


9.1
%Incentive fees


0.9



1.2
%


0.6
%Total expenses


10.2
%


10.4
%


9.7
%Total return:Total return before incentive fees


(6.7
)%


14.4
%


6.6
%Incentive fees


(0.9
)


(1.4
)%


(0.7
)%Total return after incentive fees


(7.6
)%


13.0
%


5.9
%    *
    
    Includes brokerage commissions.**
    
    Excludes brokerage commissions.***
    
    Interest income less total expenses. F-24




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P. II
    Notes to Financial Statements
    December 31, 2009
     8.
    Financial
    Instrument Risks:  over-the-counter
           F-25




---



##### 



For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1, 2009 to
    
    July 1, 2009 to
    
    April 1, 2009 to
    
    January 1, 2009 toDecember 31, 2009
    
    September 30, 2009
    
    June 30, 2009
    
    March 31, 2009Net realized and unrealized trading
gains (losses) net of brokerage
commissions and clearing fees
including interest income
    
    $
    (2,111,451
    )
    
    $
    1,674,965
    
    
    $
    (367,041
    )
    
    $
    (943,049
    )Net income (loss)
    
    $
    (2,331,061
    )
    
    $
    1,247,328
    
    
    $
    (604,963
    )
    
    $
    (1,304,769
    )Increase (decrease) in Net Asset
Value per Redeemable Unit
    
    $
    (124.36
    )
    
    $
    63.22
    
    
    $
    (24.52
    )
    
    $
    (56.77
    )
 For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1, 2008 to
    
    July 1, 2008 to
    
    April 1, 2008 to
    
    January 1, 2008 toDecember 31, 2008
    
    September 30, 2008
    
    June 30, 2008
    
    March 31, 2008Net realized and unrealized trading gains (losses) and
investment in Partnerships net of brokerage commissions
and clearing fees including interest income
    
    $
    3,572,399
    
    
    $
    (2,896,235
    )
    
    $
    4,863,658
    
    
    $
    1,807,377Net income (loss)
    
    $
    3,162,223
    
    
    $
    (3,184,461
    )
    
    $
    4,247,206
    
    
    $
    1,496,800Increase (decrease) in Net Asset Value per Unit
    
    $
    127.32
    
    
    $
    (124.22
    )
    
    $
    159.81
    
    
    $
    52.39
 F-26




---



##### 



To the Limited
    Partners of
    CMF Willowbridge Argo Master Fund L.P.
    
  By:
    Jennifer Magro      Ceres Managed Futures LLC
    212-559-2011
  F-27




---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    
  F-28




---



##### 



Report of Independent Auditors
 
   
 F-29




---



##### 



Report of Independent Registered Public Accounting Firm
 
     
 F-30




---



##### 



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


2008Assets:Equity in trading account:Cash (Note 3c)

$
198,540,524


$
275,579,764Cash margin (Note 3c)


27,540,310



17,345,935Net unrealized appreciation on open futures contracts


5,066,965



4,514,064Total assets

$
231,147,799


$
297,439,763Liabilities and Partners Capital:Liabilities:Accrued expenses:Professional fees

$
42,482


$
19,759Total liabilities


42,482



19,759Partners Capital:General Partner, 0.0000 Unit equivalents at December 31,
    2009 and 2008






Limited Partners Capital, 127,352.9656 and 137,871.4938
    Redeemable Units of Limited Partnership Interest outstanding at
    December 31, in 2009 and 2008, respectively


231,105,317



297,420,004Total liabilities and partners capital

$
231,147,799


$
297,439,763   See accompanying notes to financial statements.
 F-31




---



##### 



CMF Willowbridge
    Argo Master Fund L.P.


    Condensed Schedule of Investments
    December 31, 2009
  No of





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


1,058


$
(796,145
)


(0.35
)%Energy


529



339,318



0.14Grains


1,058



710,221



0.31Interest Rates U.S.


529



385,800



0.17Interest Rates
    Non-U.S.


1,190



362,833



0.16Metals


1,058



2,163



0.00
*Softs


794



1,702,259



0.74Total futures contracts purchased






2,706,449



1.17Futures Contracts SoldCurrencies


2,116



946,561



0.41Interest Rates U.S.


1,058



1,250,420



0.54Interest Rates
    Non-U.S.


529



89,416



0.04Softs


529



74,119



0.03Total futures contracts sold






2,360,516



1.02Total fair value





$
5,066,965



2.19
%     *
    
    Due to rounding  See accompanying notes to financial statements.
 F-32




---



##### 



CMF Willowbridge
    Argo Master Fund L.P.


    Condensed Schedule of Investments
    December 31, 2008
  No of





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


512


$
521,823



0.17
%Grains


640



496,363



0.17Interest Rates U.S.


1,280



1,365,961



0.46Interest Rates
    Non-U.S.


1,088



1,847,392



0.62Metals


256



711,975



0.24Softs


384



(99,463
)


(0.03
)Total futures contracts purchased






4,844,051



1.63Futures Contracts SoldEnergy


128



694,880



0.23Grains


384



(294,592
)


(0.10
)Metals


256



(730,275
)


(0.24
)Total futures contracts sold






(329,987
)


(0.11
)Total fair value





$
4,514,064



1.52
%   See accompanying notes to financial statements.
 F-33




---



##### 



CMF Willowbridge
    Argo Master Fund L.P.


    Statements of Income and Expenses
    for the years ended December 31, 2009, 2008 and
    2007
  2009


2008


2007Income:Net gains (losses) on trading of commodity interests:Net realized gains (losses) on closed contracts

$
(42,569,865
)

$
120,270,941


$
45,753,249Change in net unrealized gains (losses) on open contracts


552,901



(5,645,603
)


(875,016
)Gain (loss) from trading, net


(42,016,964
)


114,625,338



44,878,233Interest income


195,777



2,959,647



6,365,854Total income (loss)


(41,821,187
)


117,584,985



51,244,087Expenses:Clearing fees


316,442



340,947



437,674Professional fees


60,562



35,786



29,863Total expenses


377,004



376,733



467,537Net income (loss)

$
(42,198,191
)

$
117,208,252


$
50,776,550Net income (loss) per Redeemable Unit of Limited Partnership
    Interest (Notes 1 and 6)

$
(340.95
)

$
771.84


$
352.58Weighted average units outstanding


126,508.0368



156,458.0988



153,606.6990   See accompanying notes to financial statements.
 F-34




---



##### 



CMF Willowbridge
    Argo Master Fund L.P.


    Statements of Changes in Partners Capital
    for the years ended December 31, 2009, 2008 and
    2007
  PartnersCapitalPartners Capital at December 31, 2006

$
183,568,130Net income (loss)


50,776,550Sale of 27,402.5153 Redeemable Units of Limited Partnership
    Interest


30,563,510Redemption of 43,441.2969 Redeemable Units of Limited
    Partnership Interest


(45,487,314
)Distribution of interest income to feeder funds


(6,365,854
)Partners Capital at December 31, 2007


213,055,022Net income (loss)


117,208,252Sale of 60,036.9500 Redeemable Units of Limited Partnership
    Interest


106,466,700Redemption of 73,835.2095 Redeemable Units of Limited
    Partnership Interest


(136,350,323
)Distribution of interest income to feeder funds


(2,959,647
)Partners Capital at December 31, 2008


297,420,004Net income (loss)


(42,198,191
)Sale of 28,958.2689 Redeemable Units of Limited Partnership
    Interest


55,363,938Redemption of 39,476.7971 Redeemable Units of Limited
    Partnership Interest


(79,284,657
)Distribution of interest income to feeder funds


(195,777
)Partners Capital at December 31, 2009

$
231,105,317     2007:

$
1,404.732008:

$
2,157.232009:

$
1,814.68
   See accompanying notes to financial statements.
 F-35




---



##### 



CMF Willowbridge
    Argo Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
  1.
    Partnership
    Organization:             F-36




---



##### 



CMF Willowbridge
    Argo 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-37




---



##### 



CMF Willowbridge
    Argo Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
      Quoted Prices inActive Markets


Significant Other


Significantfor Identical


Observable Inputs


Unobservable12/31/2009


Assets (Level 1)


(Level 2)


Inputs (Level 3)AssetsFutures

$
5,066,965


$
5,066,965


$



$
Total assets


5,066,965



5,066,965







Total fair value

$
5,066,965


$
5,066,965


$



$
   Quoted Prices inActive Markets


Significant Other


Significantfor Identical


Observable Inputs


Unobservable12/31/2008


Assets (Level 1)


(Level 2)


Inputs (Level 3)AssetsFutures

$
4,514,064


$
4,514,064


$



$
Total assets


4,514,064



4,514,064







Total fair value

$
4,514,064


$
4,514,064


$



$
   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. F-38




---



##### 



CMF Willowbridge
    Argo Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
   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 their share of the Masters income and expenses.      g.
    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.h.
    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),
  i.
    Certain prior period amounts have been reclassified to conform
    to current period presentation.j.
    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-39




---



##### 



CMF Willowbridge
    Argo 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-40




---



##### 



CMF Willowbridge
    Argo Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
    Assets

December 31, 2009Futures ContractsCurrencies

$
3,436,175Energy


339,318Grains


768,108Interest Rates U.S.


1,640,270Interest Rates
    Non-U.S.


603,534Softs


1,776,378Metals


2,786,063Total unrealized appreciation on open futures contracts

$
11,349,846LiabilitiesFutures ContractsCurrencies

$
(3,285,759
)Grains


(57,887
)Interest Rates U.S.


(4,050
)Interest Rates
    Non-U.S.


(151,285
)Metals


(2,783,900
)Total unrealized depreciation on open futures contracts

$
(6,282,881
)Net unrealized depreciation on open futures contracts

$
5,066,965
*    *This amount is in Net unrealized appreciation on open
    futures contracts on the Statements of Financial Condition.    December 31, 2009Sector

Gain (Loss) from TradingCurrencies

$
(1,870,971
)Energy


(28,874,531
)Grains


(8,605,911
)INT Rate US


(10,397,322
)INT Rate Non-US


(7,737,846
)Livestock


(1,213,180
)Metals


19,790,113Softs


(3,107,316
)Total

$
(42,016,964
)**    **This amount is in Gain (loss) from trading, net on
    the Statements of Income and Expenses.  5.
    Subscriptions,
    Distributions and Redemptions:   F-41




---



##### 



CMF Willowbridge
    Argo Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
    6.
    Financial
    Highlights:    2009


2008


2007Net realized and change in unrealized gains (losses)*

$
(342.04
)

$
752.74


$
310.35Interest income


1.60



19.34



42.42Expenses**


(0.51
)


(0.24
)


(0.19
)Increase (decrease) for the year


(340.95
)


771.84



352.58Distribution of interest income to feeder funds


(1.60
)


(19.34
)


(42.42
)Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, beginning of year


2,157.23



1,404.73



1,094.57Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, end of year

$
1,814.68


$
2,157.23


$
1,404.73    *
    
    Includes clearing fees.**
    
    Excludes clearing fees.  2009

2008

2007Ratios to average net assets:Net investment income (loss)***


(0.1
)%


1.0
%


3.5
%Operating expenses


0.2
%


0.1
%


0.3
%Total return


(15.8
)%


54.9
%


32.2
%    ***
    
    Interest income less total expenses.    7.
    Financial
    Instrument Risks:  over-the-counter
 F-42




---



##### 



CMF Willowbridge
    Argo Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
          F-43




---



##### 



For the period from
    
    
    For the period from
    
    
    For the period from
    
    
    For the period fromOctober 1, 2009 to
    
    
    July 1, 2009 to
    
    
    April 1, 2009 to
    
    
    January 1, 2009 toDecember 31, 2009
    
    
    September 30, 2009
    
    
    June 30, 2009
    
    
    March 31, 2009Net realized
and unrealized
trading gains
(losses) net of
brokerage
commissions and
clearing fees
including interest
income
    
    $
    (18,281,605
    )
    
    $
    (20,120,888
    )
    
    $
    32,038,173
    
    
    $
    (35,773,309
    )Net income (loss)
    
    $
    (18,302,561
    )
    
    $
    (20,139,642
    )
    
    $
    32,025,897
    
    
    $
    (35,781,885
    )Increase (decrease)
in Net Asset Value
per  Redeemable Unit
    
    $
    (150.43
    )
    
    $
    (172.65
    )
    
    $
    266.37
    
    
    $
    (284.24
    )For the period from
    
    
    For the period from
    
    
    For the period from
    
    
    For the period fromOctober 1, 2008 to
    
    
    July 1, 2008 to
    
    
    April 1, 2008 to
    
    
    January 1, 2008 toDecember 31, 2008
    
    
    September 30, 2008
    
    
    June 30, 2008
    
    
    March 31, 2008Net realized and
unrealized trading
gains (losses) net
of brokerage
commissions and
clearing fees
including interest
income
    
    $
    27,126,788
    
    
    $
    9,695,635
    
    
    $
    61,112,070
    
    
    $
    19,309,545Net income (loss)
    
    $
    27,118,311
    
    
    $
    9,686,363
    
    
    $
    61,102,423
    
    
    $
    19,301,155Increase (decrease)
in Net Asset Value
per Redeemable Unit
    
    $
    190.01
    
    
    $
    68.64
    
    
    $
    389.12
    
    
    $
    124.07
 F-44




---



##### 



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-45




---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    
  F-46




---



##### 



Report of Independent Auditors
 
   
 F-47




---



##### 



Report of Independent Registered Public Accounting Firm
 
     
 F-48




---



##### 



CMF Graham
    Capital Master Fund L.P.

 Statements
    of Financial Condition
    December 31, 2009 and 2008
  2009


2008Assets:Equity in commodity futures trading account:Cash (Note 3c)

$
153,765,196


$
214,551,266Cash margin (Note 3c)


15,503,558



9,073,580Net unrealized appreciation on open futures contracts


406,652



1,162,793Net unrealized appreciation on open forward contracts


1,562,793



Total assets

$
171,238,199


$
224,787,639Liabilities and Partners Capital:Liabilities:Net unrealized depreciation on open forward contracts

$



$
279,957Accrued expenses:Professional fees


25,939



16,740Total liabilities


25,939



296,697Partners 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



224,490,942Total liabilities and partners capital

$
171,238,199


$
224,787,639   See accompanying notes to financial statements.
 F-49




---



##### 



CMF Graham
    Capital Master Fund L.P.

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





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


2


$
360



0.00
%*Energy


449



242,192



0.14Grains


286



34,342



0.02Indices


1,065



633,603



0.37Interest Rates U.S.


233



(94,262
)


(0.06
)Interest Rates
    Non-U.S.


1,523



(996,822
)


(0.58
)Livestock


74



20,482



0.01Metals


78



(100,473
)


(0.06
)Softs


589



556,321



0.33Total futures contracts purchased






295,743



0.17Futures Contracts SoldCurrencies


69



11,480



0.01Energy


308



(40,301
)


(0.02
)Grains


275



57,491



0.03Indices


7



6,437



0.00
*Interest Rates U.S.


50



(406
)


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


451



57,808



0.03Metals


10



18,400



0.01Total futures contracts sold






110,909



0.06Unrealized Appreciation on Open Forward ContractsCurrencies

$
550,199,867



7,739,782



4.52Metals


429



2,324,147



1.36Total unrealized appreciation on open forward contracts






10,063,929



5.88Unrealized Depreciation on Open Forward ContractsCurrencies

$
551,949,465



(7,486,471
)


(4.37
)Metals


285



(1,014,665
)


(0.59
)Total unrealized depreciation on open forward contracts






(8,501,136
)


(4.96
)Total fair value





$
1,969,445



1.15
%     See accompanying notes to financial statements.
 F-50




---



##### 



CMF Graham
    Capital Master Fund L.P.

 Condensed
    Schedule of Investments
    December 31, 2008
  Notional ($)/Number of





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


14


$
1,840



0.00
%*Energy


96



325,615



0.15Grains


52



13,370



0.01Indices


5



(19,645
)


(0.01
)Interest Rates
    Non-U.S.


1,235



947,609



0.42Interest Rates U.S.


564



507,653



0.23Metals


52



33,132



0.01Softs


13



3,251



0.00
*Total futures contracts purchased






1,812,825



0.81Futures Contracts SoldCurrencies


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



0.01Metals


16



(35,970
)


(0.02
)Softs


99



(77,862
)


(0.03
)Total futures contracts sold






(650,032
)


(0.29
)Unrealized Appreciation on Open Forward ContractsCurrencies

$
87,112,212



2,398,640



1.07Metals


59



297,268



0.13Total unrealized appreciation on open forward contracts






2,695,908



1.20Unrealized Depreciation on Open Forward ContractsCurrencies

$
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-51




---



##### 



CMF Graham
    Capital Master Fund L.P.

 Statements
    of Income and Expenses
    for the years ended
    December 31, 2009, 2008 and 2007
  2009


2008


2007Income:Net gains (loss) on trading of commodity interests:Net realized gains (losses) on closed contracts

$
11,381,456


$
61,878,532


$
37,612,230Change 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



30,308,631Interest income


125,256



2,202,621



7,463,020Total income (loss)


12,593,321



65,332,335



37,771,651Expenses:Clearing fees


614,452



940,378



857,460Professional fees


46,648



30,056



29,466Total expenses


661,100



970,434



886,926Net income (loss)


11,932,221


$
64,361,901


$
36,884,725Net income (loss) per Redeemable Unit of Limited Partnership
    Interest (Notes 1 and 6)

$
112.10


$
396.07


$
187.22Weighted average units outstanding


118,814.5765



167,979.9211



208,730.7408   See accompanying notes to financial statements.
 F-52




---



##### 



CMF Graham
    Capital Master Fund L.P.


    Statements of Changes in Partners Capital
    for the years ended
    December 31, 2009, 2008 and 2007
  PartnersCapitalPartners Capital at December 31, 2006

$
226,673,516Net income (loss)


36,884,725Sale of 20,875.4865 Redeemable Units of Limited Partnership
    Interest


21,067,811Redemption 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


213,594,387Net income (loss)


64,361,901Sale of 3,998.1810 Redeemable Units of Limited Partnership
    Interest


5,096,496Redemption 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


224,490,942Net income (loss)


11,932,221Sale of 7,455.9216 Redeemable Units of Limited Partnership
    Interest


11,912,177Redemption 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

$
171,212,260Net 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-53




---



##### 



CMF Graham
    Capital Master Fund L.P.

 Notes to
    Financial Statements
    December 31, 2009
  1.
    Partnership
    Organization:         F-54




---



##### 



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-55




---



##### 



CMF Graham
    Capital Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
  FAS No. 157-4,
    Quoted Prices inActive Markets for


Significant Other


SignificantIdentical Assets


Observable Inputs


Unobservable Inputs12/31/2009


(Level 1)


(Level 2)


(Level 3)AssetsFutures

$
406,652


$
406,652


$



$
Forwards


1,562,793



1,309,482



253,311



Total assets


1,969,445



1,716,134



253,311



Total fair value

$
1,969,445


$
1,716,134


$
253,311


$
   Quoted Prices inActive Markets for


Significant Other


SignificantIdentical Assets


Observable Inputs


Unobservable Inputs12/31/2008


(Level 1)


(Level 2)


(Level 3)AssetsFutures

$
1,162,793


$
1,162,793


$



$
Forwards


86,222



86,222







Total assets


1,249,015



1,249,015







LiabilitiesForwards

$
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-56




---



##### 



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-57




---



##### 



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-58




---



##### 



CMF Graham
    Capital Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
   c.
    Customer Agreement:  give-up,
  4.
    Trading
    Activities:          F-59




---



##### 



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

$
29,498Energy


357,695Grains


223,296Indices


871,966Interest Rates U.S.


10,273Interest Rates
    Non-U.S.


169,828Livestock


20,482Metals


93,687Softs


810,673Total unrealized appreciation on open futures contracts

$
2,587,398LiabilitiesFutures ContractsCurrencies

$
(17,658
)Energy


(155,804
)Grains


(131,463
)Indices


(231,926
)Interest Rates U.S.


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


(1,108,842
)Metals


(175,760
)Softs


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

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

$
406,652
*AssetsForward ContractsCurrencies

$
7,739,782Metals


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

$
10,063,929LiabilitiesForward ContractsCurrencies

$
(7,486,471
)Metals


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

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

$
1,562,793
**    *
    
    This amount is in Net unrealized appreciation on open
    futures contracts on the Statements of Financial Condition.**
    
    This amount is in Net unrealized appreciation on open
    forward contracts on the Statements of Financial Condition. F-60




---



##### 



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

Gain (loss) from TradingCurrencies

$
3,111,674Energy


(3,297,102
)Grains


(1,460,464
)Indices


15,480,005Interest Rates U.S.


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


(2,767,757
)Livestock


21,968Softs


1,832,133Metals


3,246,372Total

$
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


2007Net realized and unrealized gains (losses)*

$
111.45


$
383.27


$
150.83Interest income


1.08



12.97



36.54Expenses**


(0.43
)


(0.17
)


(0.15
)Increase (decrease) for the period


112.10



396.07



187.22Distribution 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



995.61Net Asset Value per Redeemable Unit, end of year

$
1,640.41


$
1,529.39


$
1,146.29Ratios 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-61




---



##### 



CMF Graham
    Capital Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
     7.
    Financial
    Instrument Risks:  over-the-counter
         F-62




---



##### 



For the period
    
    
    For the periodfrom
    
    
    from
    
    
    For the period
    
    
    For the periodOctober 1, 2009 to
    
    
    July 1, 2009 to
    
    
    from
    
    
    fromDecember 31,
    
    
    September 30,
    
    
    April 1, 2009 to
    
    
    January 1, 2009 to2009
    
    
    2009
    
    
    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
    
    
    For the periodfrom
    
    
    from
    
    
    For the period
    
    
    For the periodOctober 1, 2008 to
    
    
    July 1, 2008 to
    
    
    from
    
    
    fromDecember 31,
    
    
    September 30,
    
    
    April 1, 2008 to
    
    
    January 1, 2008 to2008
    
    
    2008
    
    
    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-63




---



##### 



To the Limited
    Partners of
    CMF Eckhardt Master Fund L.P.
    
  By:
    Jennifer Magro      Ceres Managed Futures LLC    212-559-2011
 F-64




---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    
  F-65




---



##### 



Report of Independent Auditors
 
   
 F-66




---



##### 



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


2008Assets:Equity in trading account:Cash (Note 3c)

$
13,288,028


$
19,322,653Cash margin (Note 3c)


3,204,078



1,194,988Net unrealized appreciation on open futures contracts


600,831



27,313Net unrealized appreciation on open forward contracts


290,682



Total assets

$
17,383,619


$
20,544,954Liabilities and Partners Capital:Liabilities:Accrued expenses:Professional fees

$
63,160


$
15,519Total liabilities


63,160



15,519Partners 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



20,529,435Total liabilities and partners capital

$
17,383,619


$
20,544,954   See accompanying notes to financial statements.
 F-67




---



##### 



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.
 F-68




---



##### 



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





% of PartnersContracts


Fair Value


CapitalFutures Contracts PurchasedCurrencies


22


$
(30,425
)


(0.15
)%Interest Rates U.S.


115



(90,041
)


(0.44
)Interest Rates Non-U.S.


210



117,578



0.57Metals


5



3,730



0.02Softs


7



31,088



0.15Total futures contracts purchased






31,930



0.15Futures Contracts SoldCurrencies


16



(9,807
)


(0.05
)Softs


16



5,190



0.03Total futures contracts sold






(4,617
)


(0.02
)Total fair value





$
27,313



0.13
%   See accompanying notes to financial statements.
 F-69




---



##### 



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


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

$
(1,481,848
)

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


864,200



27,313Gain (loss) from trading, net


(617,648
)


848,562Interest income


13,287



150,521Total income (loss) (Note 3c)


(604,361
)


999,083Expenses:Clearing fees


49,325



23,298Professional fees


89,472



71,050Total expenses


138,797



94,348Net income (loss)

$
(743,158
)

$
904,735Net income (loss) per Redeemable Unit of Limited Partnership
    Interest (Notes 1 and 6)

$
(40.67
)

$
40.34Weighted average units outstanding


18,748.0136



23,511.0343   See accompanying notes to financial statements.
 F-70




---



##### 



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CapitalInitial capital contribution from Limited Partners at
    April 1, 2008 representing 24,000.0000 Redeemable Units of
    Limited Partnership Interest

$
24,000,000Net income (loss)


904,735Sale of 964.0322 Redeemable Units of Limited Partnership Interest


1,000,000Redemption 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


20,529,435Net 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-71




---



##### 



CMF Eckhardt
    Master Fund L.P.


    Notes to Financial Statements
    December 31, 2009
  1.
    Partnership
    Organization:  non-U.S. interest
           F-72




---



##### 



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-73




---



##### 



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


$



$
   Quoted Prices in


Significant Other


SignificantActive Markets


Observable


Unobservablefor Identical Assets


Inputs


Inputs12/31/2008


(Level 1)


(Level 2)


(Level 3)AssetsFutures

$
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-74




---



##### 



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-75




---



##### 



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-76




---



##### 



CMF Eckhardt
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
    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 depreciation 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 included in Net unrealized appreciation on
    open futures contracts on the Statements of Financial
    Condition.**
    
    This amount is included in Net unrealized appreciation on
    open forward contracts on the Statements of Financial
    Condition. F-77




---



##### 



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

Gain (Loss) from tradingCurrencies

$
(933,134
)Energy


(1,166,899
)Grains


(500,805
)Indices


248,635Interest Rates U.S.


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


110,249Metals


1,358,927Softs


564,464Total

$
(617,648
)***   ***
    
    This amount is included in Net gain (loss) from
    trading on the Statements of Income and Expenses.  5.
    Subscriptions,
    Distributions and Redemptions:    6.  Financial
    Highlights:
    2009


2008Net realized and unrealized gains (losses)*

$
(36.49
)

$
37.11Interest income


0.70



6.32Expenses**


(4.88
)


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


(40.67
)


40.34Distribution 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



1,000.00Net 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-78




---



##### 



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


2008Ratios 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-79




---



##### 



CMF Eckhardt
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
     F-80




---



##### 



For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1, 2009 to
    
    July 1, 2009 to
    
    April 1, 2009 to
    
    January 1, 2009 toDecember 31, 2009
    
    September 30, 2009
    
    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 fromApril 1, 2008For the period from
    
    For the period from
    
    (commencement ofOctober 1, 2008 to
    
    July 1, 2008 to
    
    trading
operations) toDecember 31, 2008
    

September 30, 2008
    

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-81




---



##### 



To the Limited
    Partners of
    CMF SandRidge Master Fund L.P.
    
  By:
    Jennifer Magro      Ceres Managed Futures LLC
    212-559-2011
 F-82




---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    
  F-83




---



##### 



Report of Independent Auditors
 
   
 F-84




---



##### 



Report of Independent Registered Public Accounting Firm
 
     
 F-85




---



##### 



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


2008Assets:Equity in trading account:Cash (Note 3c)

$
691,877,329


$
530,398,527Cash margin (Note 3c)


22,651,198



29,705,022Options owned, at fair value (cost $1,392,000 and $3,510,375 at
    December 31, 2009 and 2008, respectively)


1,092,800



4,987,535Total assets

$
715,621,327


$
565,091,084Liabilities and Partners Capital:Liabilities:Net unrealized depreciation on open futures and exchange cleared
    swap contracts

$
29,412,753


$
110,973,333Options written, at fair value (premium $994,000 and $3,103,510
    at December 31, 2009 and 2008, respectively)


1,249,600



4,282,963Accrued expenses:Professional fees


49,481



116,342Total liabilities


30,711,834



115,372,638Partners 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



449,718,446Total liabilities and partners capital

$
715,621,327


$
565,091,084   See accompanying notes to financial statements.
 F-86




---



##### 



CMF SandRidge
    Master Fund L.P.

 Condensed
    Schedule of Investments
    December 31, 2009
  Number of





% of PartnersContracts


Fair Value


CapitalFutures and Exchange Cleared Swap Contracts PurchasedEnergyICE 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



0.07Total futures and exchange cleared swap contracts purchased






(24,278,474
)


(3.55
)Futures and Exchange Cleared Swap Contracts SoldEnergyICE 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



0.84NYMEX 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 OwnedPutsEnergy


240



1,092,800



0.16Total options owned






1,092,800



0.16Options WrittenCallsEnergy


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-87




---



##### 



CMF SandRidge
    Master Fund L.P.

 Condensed
    Schedule of Investments
    December 31, 2008
  Number of





% of PartnersContracts


Fair Value


CapitalFutures and Exchange Cleared Swap Contracts PurchasedEnergyICE 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 SoldEnergyICE Henry Hub Natural Gas Swap Feb. 09  Oct. 10


25,108



34,592,590



7.69NYMEX Henry Hub Natural Gas Feb. 09  Dec. 12


10,624



42,565,560



9.46NYMEX Natural Gas Feb. 09  Sep. 09


6,572



40,779,529



9.07Total futures and exchange cleared swap contracts sold






117,937,679



26.22Options OwnedPutsEnergy


730



4,987,535



1.11Total options owned






4,987,535



1.11Options WrittenCallsEnergy


15



(4,380
)


(0.00
)*PutsEnergy


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-88




---



##### 



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


2008


2007Income:Net gains (losses) on trading of commodity interests:Net realized gains (losses) on closed contracts

$
18,484,633


$
209,086,188


$
40,099,593Change in net unrealized gains (losses) on open contracts


80,708,073



(109,479,479
)


634,796Gain (loss) from trading, net


99,192,706



99,606,709



40,734,389Interest Income


388,904



4,119,717



9,737,038Total income (loss)


99,581,610



103,726,426



50,471,427Expenses:Clearing fees


623,298



390,792



677,706Professional fees


210,642



269,306



261,470Total expenses


833,940



660,098



939,176Net income (loss)

$
98,747,670


$
103,066,328


$
49,532,251Net income (loss) per Redeemable Unit of Limited Partnership
    interest (Notes 1 and 6)

$
388.51


$
468.42


$
242.28Weighted average units outstanding


275,661.9324



241,781.3550



212,935.2422   See accompanying notes to financial statements.
 F-89




---



##### 



CMF SandRidge
    Master Fund L.P.


    Statements of Changes in Partners Capital
    for the years ended
    December 31, 2009, 2008 and 2007
  PartnersCapitalPartners Capital at December 31, 2006

$
215,065,486Net income (loss)


49,532,251Sale of 69,725.8292 Redeemable Units of Limited Partnership
    Interest


89,474,602Redemption 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


312,531,725Net income (loss)


103,066,328Sale of 80,081.4747 Redeemable Units of Limited Partnership
    Interest


141,534,374Redemption 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


449,718,446Net income (loss)


98,747,670Sale of 127,771.5856 Redeemable Units of Limited Partnership
    Interest


270,602,300Redemption 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-90




---



##### 



CMF SandRidge
    Master Fund L.P.

 Notes to
    Financial Statements
    December 31, 2009
  1.
    Partnership
    Organization:         F-91




---



##### 



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-92




---



##### 



CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
  FAS No. 157-4.
    Quoted Prices in





SignificantActive Markets for


Significant Other


UnobservableIdentical Sets


Observable Inputs


Inputs12/31/2009


(Level 1)


(Level 2)


(Level 3)AssetsOptions owned

$
1,092,800


$
1,092,800


$



$
Total assets

$
1,092,800


$
1,092,800


$



$
LiabilitiesFutures 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





SignificantActive Markets for


Significant Other


UnobservableIdentical Assets


Observable Inputs


Inputs12/31/2008


(Level 1)


(Level 2)


(Level 3)AssetsOptions owned

$
4,987,535


$
4,987,535


$



$
Total assets

$
4,987,535


$
4,987,535


$



$
LiabilitiesFutures 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-93




---



##### 



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-94




---



##### 



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




December 31, 2009Assets





AssetsFutures and Exchange Cleared Swap Contracts





Options OwnedEnergy

$
37,079,802


Energy

$
1,092,800Total unrealized appreciation on open futures and exchange
    cleared swap contracts

$
37,079,802


Options owned

$
1,092,800
**Liabilities





LiabilitiesFutures and Exchange Cleared Swap Contracts





Options WrittenEnergy

$
(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, 2009Sector

Gain (loss) from tradingEnergy

$
99,192,706Total

$
99,192,706
****  ****
    
    This amount is in Gain(loss) from trading, net  on
    the Statements of Income and Expenses. F-95




---



##### 



CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
  5.
    Subscriptions,
    Distributions and Redemptions:    6.
    Financial
    Highlights:    2009


2008


2007Net realized and unrealized gains (losses)*

$
387.81


$
451.86


$
197.11Interest income


1.48



17.69



46.35Expenses**


(0.78
)


(1.13
)


(1.18
)Increase (decrease) for the year


388.51



468.42



242.28Distribution 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



1,167.82Net 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


2007Ratios 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-96




---



##### 



CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009
               F-97




---



##### 



For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1, 2009 to
    
    July 1, 2009 to
    
    April 1, 2009 to
    
    January 1, 2009 toDecember 31, 2009
    
    September 30, 2009
    
    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
    
    
    $
    161.79
 For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1, 2008 to
    
    July 1, 2008 to
    
    April 1, 2008 to
    
    January 1, 2008 toDecember 31, 2008
    

September 30, 2008
    

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-98




---



##### 



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 .
  25




---



##### 



PART III
 Item 10.
    
    Directors, Executive Officers and Corporate Governance.
           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.
  Deloitte
    
    $
    59,500PwC
    
    $
    37,200KPMG
    
    $
    4,900
 Audit-Related Fees
 Tax
Fees
 2009
    
    $
    20,0002008
    
    $
    21,200
 All Other Fees
   26




---



##### 



PART IV
 Item 15.
    
    Exhibits, Financial Statement Schedules.
        3.1
    (a)
    
    Certificate of Limited Partnership dated May 10,
1994 (filed as Exhibit 3.1(a) to the Quarterly
Report on Form 10-Q for the quarterly period
ended September 30, 2009 filed on November 16,
2009 and incorporated herein by reference).(b)
    
    Certificate of Amendment of the Certificate of
Limited Partnership dated July 31, 1995 (filed
as Exhibit 3.1(b) to the Quarterly Report on
Form 10-Q for the quarterly period ended
September 30, 2009 filed on November 16, 2009
and incorporated herein by reference).(c)
    
    Certificate of Amendment of the Certificate of
Limited Partnership dated October 1, 1999 (filed
as Exhibit 3.1(c) to the Quarterly Report on
Form 10-Q for the quarterly period ended
September 30, 2009 filed on November 16, 2009
and incorporated herein by reference).(d)
    
    Certificate of Change of the Certificate of
Limited Partnership effective January 31, 2000
(filed as Exhibit 3.1(d) to the Quarterly Report
on Form 10-Q for the quarterly period ended
September 30, 2009 filed on November 16, 2009
and incorporated herein by reference).(e)
    
    Certificate of Amendment of the Certificate of
Limited Partnership dated May 21, 2003 (filed as
Exhibit 3.1(e) to the Quarterly Report on Form
10-Q for the quarterly period ended September
30, 2009 filed on November 16, 2009 and
incorporated herein by reference).(f)
    
    Certificate of Amendment of the Certificate of
Limited Partnership dated September 21, 2005
(filed as Exhibit 3.1(f) to the Quarterly Report
on Form 10-Q for the quarterly period ended
September 30, 2009 filed on November 16, 2009
and incorporated herein by reference).(g)
    
    Certificate of Amendment of the Certificate of
Limited Partnership dated September 19, 2008
(filed as Exhibit 3.1(g) to the Quarterly Report
on Form 10-Q for the quarterly period ended
September 30, 2009 filed on November 16, 2009
and incorporated herein by reference).(h)
    
    Certificate of Amendment of the Certificate of
Limited Partnership dated September 28, 2009
(filed as Exhibit 99.1 to the Current Report on
Form 8-K filed on September 30, 2009).3.2
    
    
    Limited Partnership Agreement (attached as
Exhibit A to the Registration Statement on Form
S-1 filed on May 29, 1996 and incorporated
herein by reference).10.1

    
    
    Customer Agreement between the Partnership and
Smith Barney (filed as Exhibit 10.1 to the
Registration Statement on Form S-1 filed on May
29, 1996 and incorporated herein by reference).10.2
    
    
    Form of Subscription Agreement (attached as
Exhibit B to the Registration Statement on Form
S-1 filed on May 29, 1996 and incorporated
herein by reference).10.3

    
    
    Form of Escrow Agreement (filed as Exhibit 10.3
to the Quarterly Report on Form 10-Q for the
quarterly period ended September 30, 2009 filed
on November 16, 2009 and incorporated herein by
reference).10.4
    (a)
    
    Management Agreement among the Partnership, the
General Partner and Willowbridge Associates Inc.
(filed as Exhibit 10.7 to the Annual Report on
Form 10-K for the fiscal year ended December 31,
1997 filed on March 30, 1998 and incorporated
herein by reference).(b)
    
    Letter extending Management Agreement with
Willowbridge Associates Inc. for 2009 (dated
June 9, 2009 and filed herein).10.6

    (a)
    
    Management Agreement among the Partnership, the
General Partner and Graham Capital Management
L.P. (filed as Exhibit 10.21 to the Annual
Report on Form 10-K for the fiscal year ended
December 31, 2000 filed on March 29, 2001 and
incorporated herein by reference).
 27




---



##### 



(b)
    
    Letter extending Management Agreement with
Graham Management L.P. for 2009 (dated June 9,
2009 and filed herein).10.7

    (a)
    
    Management Agreement among the Partnership, the
General Partner and Capital Fund Management
(filed as Exhibit 10.24 to the Annual Report on
Form 10-K for the fiscal year ended December 31,
2001 filed on March 28, 2002 and incorporated
herein by reference).10.8

    (a)
    
    Management Agreement among the Partnership, the
General Partner and Eckhardt Trading Company
(filed as Exhibit 10 to the Quarterly Report on
Form 10-Q for the quarterly period ended June
30, 2008 filed on August 14, 2008 and
incorporated herein by reference).(b)
    
    Letter extending Management Agreement with
Eckhardt Trading Company for 2009 (dated June 9,
2009 and filed herein).10.9

    (a)
    
    Management Agreement among the Partnership, the
General Partner and SandRidge Capital, LP (filed
as Exhibit 10.1 to the Current Report on Form
8-K filed on June 2, 2009 incorporated herein by
reference).(b)
    
    Letter extending Management Agreement with
SandRidge Capital, LP for 2009 (dated June 9,
2009 and filed herein).10.10

    
    
    Joinder Agreement among the Partnership,
Citigroup Managed Futures LLC, Citigroup Global
Markets Inc. and Morgan Stanley Smith Barney LLC
(filed as Exhibit 10 to the Quarterly Report on
Form 10-Q for the quarterly period ended June
30, 2009 filed August 14, 2009 and incorporated
herein by reference).16.1

    (a)
    
    Letter Regarding Change of Certifying Accountant
(filed as Exhibit 16 to the Current Report on
Form 8-K filed on July 24, 2009 and incorporated
herein by reference).(b)
    
    Letter Regarding Change of Certifying Accountant
(filed as Exhibit 16.1 to Current Report on Form
8-K filed on July 1, 2008 and incorporated
herein by reference).
 28




---



##### 



29




---



##### 



SIGNATURES
   By:
    Ceres Managed Futures LLC(General Partner)By

    /s/ Jerry PascucciJerry Pascucci,President and Director  /s/ Jerry Pascucci

Jerry Pascucci
    
    /s/ Shelley Deavitt Ullman

Shelley Deavitt UllmanPresident and Director  Ceres Managed Futures LLC
    
    Director  Ceres Managed Futures LLC/s/ Jennifer Magro

Jennifer Magro
    
    /s/ Daryl Dewbrey

Daryl DewbreyChief Financial Officer and Director
(Principal Accounting Officer) Ceres Managed Futures LLC
    
    Director  Ceres Managed Futures LLC/s/ Raymond Nolte

Raymond 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.
   30