----

----

----

----

----

| NVH I LP                                                                                |   |
|-----------------------------------------------------------------------------------------|--------|
|   (a Cayman Islands exempted limited partnership)                             |   |   |   |
| Consolidated Statement of Assets, Liabilities and Partners' Capital                     |   |
|  June 30, 2011                                                                     |   |   |   |
|                                                                                    |   |   |   |
|  (in U.S. dollars)                                                                 |   |   |   |
|                                                                                    |   |   |   |
|  Assets                                                                            |   |   |   |
|  Investments in securities, at fair value (cost $1,061,838,783)                    |   | $ | 1,342,407,719 |   |
|  Cash and cash equivalents                                                         |   |   | 119,331,649 |   |
|  Foreign cash  (cost $58,601,839)                                        |   |   | 58,885,352 |   |
|  Due from broker                                                                   |   |   | 41,716,495 |   |
|  Receivable for investments sold                                                   |   |   | 11,680,714 |   |
|  Unrealized appreciation on equity access products, at fair value                  |   |   | 7,322,500 |   |
|  Dividends receivable                                                              |   |   | 3,471,223 |   |
|  Total assets                                                                      |   | $ | 1,584,815,652 |   |
|  Liabilities and Partners' Capital                                                 |   |   |   |   |
|  Liabilities                                                                       |   |   |   |   |
|  Investment in securities sold short, at fair value  (proceeds $357,500) |   | $ | 17,259 |   |
|  Capital withdrawals payable                                                       |   |   | 13,890,684 |   |
|  Payable for investments purchased                                                 |   |   | 12,282,930 |   |
|  Contributions received in advance                                                 |   |   | 2,625,000 |   |
|  Accounts payable and accrued expenses                                             |   |   | 459,264 |   |
|  Net unrealized depreciation on forward foreign currency contracts, at fair value  |   |   | 199,394 |   |
|  Total liabilities                                                                 |   |   | 29,474,531 |   |
|                                                                                    |   |   |   |   |
|  Commitments and Contingencies (Note 9)                                            |   |   |   |   |
|                                                                                    |   |   |   |   |
|  Partners' Capital                                                                 |   |   |   |   |
|  General partner                                                                   |   |   | 1,000 |   |
|  Limited partners                                                                  |   |   | 1,555,340,121 |   |
|  Total partners' capital                                                           |   |   | 1,555,341,121 |   |
|  Total liabilities and partners' capital                                           |   | $ | 1,584,815,652 |   |

----

| NVH I LP                                                    |
|-------------------------------------------------------------|
|   (a Cayman Islands exempted limited partnership) |   |   |   |   |
|  Consolidated Condensed Schedule of Investments        |
|  June 30, 2011                                         |
|                                                        |   |   |   |   |   |   |   |
|  (in U.S. dollars)                                     |   |   |   |   | Fair Value as a |
|                                                        |   |   |   |   |   |   | Percent of |
|                                                        |   |   |   |   |  Fair |   | Total Partners' |
| Description                                                 |   |   |  Value |   | Capital |
| Investment in Securities                                    |   |   |   |   |
| Listed Common Stocks                                        |   |   |   |   |
| India                                                       |   |   |   |   |   |   |   |
| Financial Services                                          |   |   |  $225,920,978 |   | 14.54% |
| Diversified                                                 |   |   |   |  95,035,054 |   | 6.11% |
| Software                                                    |   |   |   |  72,600,987 |   | 4.67% |
| Consumer Products                                           |   |  58,932,966 |   | 3.79% |
| Pharmaceuticals                                             |   |   |  52,266,103 |   | 3.36% |
| Telecom                                                     |   |   |   |  50,876,419 |   | 3.27% |
| Construction                                                |   |   |  41,596,172 |   | 2.67% |
| Automobiles                                                 |   |   |  38,704,398 |   | 2.49% |
| Energy                                                      |   |   |   |  37,693,896 |   | 2.42% |
| Chemicals, Agro                                             |   |   |  37,634,379 |   | 2.42% |
| Materials                                                   |   |   |   |  37,077,798 |   | 2.38% |
| Real Estate                                                 |   |   |   |  28,154,990 |   | 1.81% |
| Logistics                                                   |   |   |   |  22,871,535 |   | 1.47% |
| Information Technology                                      |   |  21,158,390 |   | 1.36% |
| Infrastructure                                              |   |   |  20,684,412 |   | 1.33% |
| Food, Beverage                                              |   |   |  13,728,739 |   | 0.88% |
| Textile                                                     |   |   |   |  10,494,456 |   | 0.67% |
| Consumer Discretionary                                      |   |  9,067,604 |   | 0.58% |
| Auto Ancilliaries                                           |   |   |  6,753,853 |   | 0.43% |
| Hotel                                                       |   |   |   |   |  5,029,428 |   | 0.32% |
| Others                                                      |   |   |   |  13,352,963 |   | 0.86% |
|                                                        |   | Total India listed common stocks (Cost $721,034,619) |   |  899,635,520 |   | 57.83% |
| Indonesia                                                   |   |   |   |   |   |   |
| Financial Services                                          |   |   |  19,979,208 |   | 1.28% |
|                                                        |   | Total Indonesia listed common stocks (Cost $20,003,714) |   |  19,979,208 |   | 1.28% |
| United States of America                                    |   |   |   |   |
| Financial Services                                          |   |   |  7,628,427 |   | 0.49% |
| Food, Beverage                                              |   |   |  4,206,131 |   | 0.27% |
|                                                        |   | Total United States of America listed common stocks |   |   |   |   |
|                                                        |   | (Cost $11,356,574) |   |  11,834,558 |   | 0.76% |
| United Kingdom                                              |   |   |   |   |   |
| Real Estate                                                 |   |   |   |  120,795 |   | 0.01% |
|                                                        |   | Total United Kingdom listed common stocks (Cost $291,018) |   |  120,795 |   | 0.01% |
|                                                        |   | Total listed common stocks (Cost $752,685,925) |   |  931,570,081 |   | 59.88% |

----

|                                                     |   |                                                             |             |  Fair Value as a |
|----------------------------------------------------------|--------|------------------------------------------------------------------|------------------|-----------------------|
|                                                     |   |                                                             |             |  Percent of      |
|                                                     |   |  Fair                                                       |             |  Total Partners' |
| Options Purchased                                        |   |   Value                                                     |             |   Capital        |
| India                                                    |   |                                                             |             |                  |   |   |   |
| Currency                                                 |   |                                                             |             |  $43,738         |   | 0.00% |
| Index                                                    |   |                                                             |             |                  |  74,276 |   | 0.00% |
|                                                     |   | Total India options purchased (Cost $850,103)                    |             |  118,014         |   | 0.00% |
| United States of America                                 |   |                                                             |             |                  |
| Commodities                                              |   |                                                             |  397,570    |                  | 0.03% |
|                                                     |   | Total United States of America options purchased (Cost $834,150) |  397,570    |                  | 0.03% |
|                                                     |   | Total options purchased (Cost $1,684,253)                        |             |  515,584         |   | 0.03% |
| Private Investments                                      |   |                                                             |             |                  |
| India                                                    |   |                                                             |             |                  |   |   |   |
| Non-Listed Common Stocks                                 |   |                                                             |             |                  |
| Construction                                             |   |                                                             |  28,549,699 |                  | 1.84% |
| Hotel                                                    |   |                                                             |             |                  |  26,980,458 |   | 1.73% |
| Commercial Services                                      |   |  11,047,654                                                 |             | 0.71%                 |
| Financial Services                                       |   |                                                             |  10,235,226 |                  | 0.66% |
| Capital Goods                                            |   |                                                             |  5,998,745  |                  | 0.39% |
| Software                                                 |   |                                                             |             |  3,567,523       |   | 0.23% |
|                                                     |   | Total India non-listed common stocks (Cost $75,484,624)          |             |  86,379,305      |   | 5.56% |
| Listed Common Stocks (carried at exchange price)         |   |                                                             |             |                  |
| Financial Services                                       |   |                                                             |  19,117,325 |                  | 1.23% |
| Automobiles                                              |   |                                                             |  7,864,523  |                  | 0.51% |
| Textile                                                  |   |                                                             |             |  3,617,474       |   | 0.23% |
|                                                     |   | Total India listed common stocks (Cost $31,703,998)              |             |  30,599,322      |   | 1.97% |
| Real Estate                                              |   |                                                             |             |                  |   |   |
| Silver Holdings Mauritius Limited, Various Cities, India |   |  64,352,023                                                 |             | 4.15%                 |
| Khajrana Ganesh (Carton) Limited, Gurgaon, India         |   |  55,810,956                                                 |             | 3.59%                 |
| NV Developers Private Limited, Thane, India              |   |  41,186,244                                                 |             | 2.65%                 |
| NV Realty Private Limited, Pune, India                   |   |  40,142,824                                                 |             | 2.58%                 |
| Carwel Estates Limited, Chennai, India                   |   |  26,808,326                                                 |             | 1.72%                 |
| Other                                                    |   |                                                             |             |  55,673,308      |   | 3.58% |
|                                                     |   | Total India real estate (Cost $190,792,629)                      |             |  283,973,681     |   | 18.27% |

----

|                                 |   |                                                               |            |  Fair Value as a  |
|--------------------------------------|--------|--------------------------------------------------------------------|-----------------|------------------------|
|                                 |   |                                                               |            |  Percent of       |
| Private Investments, continued       |   |   Fair                                                        |            |   Total Partners' |
| Investment Fund                      |   |                                                               |   Value    |                   |   Capital |
| India                                |   |                                                               |            |                   |   |   |   |
| Real Estate                          |   |                                                               |            |  $5,772,300       |   | 0.37% |
|                                 |   | Total India investment fund (Cost $6,017,750)                      |            |  5,772,300        |   | 0.37% |
|                                 |   |                                                               |            |                   |   |   |   |
| Malaysia                             |   |                                                               |            |                   |   |   |
| Diversified                          |   |                                                               |            |  3,597,446        |   | 0.23% |
|                                 |   | Total Malaysia investment fund (Cost $3,469,604)                   |            |  3,597,446        |   | 0.23% |
|                                 |   | Total private investments (Cost $307,468,605)                      |            |  410,322,054      |   | 26.40% |
|                                 |   | Total investments in securities (Cost $1,061,838,783)              |            |  $1,342,407,719   |   | 86.31% |
|                                 |   |                                                               |            |                   |   |   |   |
| Investments in Securities Sold Short |   |                                                               |            |                   |
| Options Written                      |   |                                                               |            |                   |   |
| United States of America             |   |                                                               |            |                   |
| Commodities                          |   |                                                               |  $(12,450) |                   | 0.00% |
|                                 |   | Total United States of America options written (Proceeds $332,000) |  (12,450)  |                   | 0.00% |
| India                                |   |                                                               |            |                   |   |   |   |
| Currency                             |   |                                                               |            |  (4,809)          |   | 0.00% |
|                                 |   | Total India options written (Proceeds $25,500)                     |            |  (4,809)          |   | 0.00% |
|                                 |   | Total options written (Proceeds $357,500)                          |            |  (17,259)         |   | (0.00)% |
|                                 |   | Total investment in securities sold short (Proceeds $357,500)      |            |  $(17,259)        |   | (0.00)% |

----

|                                                                  |                                        |                                                                                                                                                                                                                                                                                                |                                                                       |             |              |   |  Fair Value as a |
|-----------------------------------------------------------------------|---------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------|------------------|-------------------|--------|-----------------------|
|                                                                  |                                        |                                                                                                                                                                                                                                                                                                |                                                                       |             |              |   |  Percent of      |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                                |                                                                       |             |  Fair        |   |  Total Partners' |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                                |                                                                       |             |  Value       |   |  Capital         |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                                |                                                                       |             |              |   |                  |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                                |                                                                       |             |  Unrealized  |   |                  |
| Equity Access Products (a) (b)                                        |                                        |  Appreciation                                                                                                                                                                                                                                                                                  |                                                                       |             |
| India                                                                 |                                        |                                                                                                                                                                                                                                                                                                |                                                                       |             |              |   |                  |
| Diversified                                                           |                                        |                                                                                                                                                                                                                                                                                                |                                                                       |  $7,322,500 |              | 0.47%  |
|                                                                  |                                        | Total unrealized appreciation on India equity access products                                                                                                                                                                                                                                       |                                                                       |  $7,322,500 |              | 0.47%  |
| Forward Foreign Currency Contracts ((0.01%) of partners' capital) (b) |                                        |                                                                                                                                                                                                                                                                                                |                                                                       |             |
|                                                                  | Amount in                                   |                                                                                                                                                                                                                                                                                                |                                                                       |             |              |   |                  |
|                                                                  | Indian                                      |                                                                                                                                                                                                                                                                                                |                                                                       |             |              |   |  Unrealized      |
|                                                                  | Rupees                                      |                                                                                                                                                                                                                                                                                                | Description                                                                |             |  Maturities  |   |  Appreciation    |
|  1,355,700,000                                                   | US Dollar sold in exchange for Indian Rupee |                                                                                                                                                                                                                                                                                                |  July 2011                                                            |             |  $(199,394)  |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                                |       Net unrealized depreciation on forward |             |              |   |                  |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                                |       foreign currency contracts             |             |              |   |  $(199,394)      |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                                |                                                                       |             |              |   |                  |
| Futures Contracts (b)                                                 |                                        |                                                                                                                                                                                                                                                                                                |                                                                       |  Unrealized |
|                                                                  | Number of                                   |                                                                                                                                                                                                                                                                                                | Description                                                                |             |  Maturities  |   |  Appreciation    |
|                                                                  | Contracts                                   |                                                                                                                                                                                                                                                                                                |                                                                       |             |              |   | (Depreciation)        |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                                |                                                                       |             |  July 2011 - |   |                  |
|                                                                  | 18                                          |                                                                                                                                                                                                                                                                                                | Various                                                                    |             | September 2011    |   |  $-              |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                                |                                                                       |             |              |   |                  |
|                                                                  | (a)                                         | Equity access products are collateralized as discussed in Note 2.  The Master Fund's agreement with its                                                                                                                                                                                   |
|                                                                  |                                        | counterparties are generally for multi-year durations.                                                                                                                                                                                                                                              |                                                                       |             |              |   |
|                                                                  | (b)                                         | Derivative contracts may increase  or  decrease  the  Master  Fund's  economic  exposure  to  individual                                                                                                  |
|                                                                  |                                        | issuers,   industry   or   market   developments   in   addition   to   the   amounts   shown   as   unrealized |
|                                                                  |                                        | appreciation/depreciation.                                                                                                                                                                                                                                                                          |                                                                       |             |              |   |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                                |                                                                       |             |              |   |                  |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                                |                                                                       |             |              |   |                  |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                                |                                                                       |             | Fair Value of     |   |                  |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                                |                                                                       |             | Positions as a    |   |                  |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                                |                                                                       |             |  Percent of  |   |                  |
| Industry Concentration of Investments in Securities and Equity        |                                        |  Total Partners'                                                                                                                                                                                                                                                                               |                                                                       |             |
| Access Products greater than 5% of Total Partners' Capital            |                                        |  Capital                                                                                                                                                                                                                                                                                       |                                                                       |             |
| Real Estate                                                           |                                        |                                                                                                                                                                                                                                                                                                |                                                                       | 20.45%           |              |   |
| Financial Services                                                    |                                        |                                                                                                                                                                                                                                                                                                | 18.43%                                                                     |             |              |
| Diversified                                                           |                                        |                                                                                                                                                                                                                                                                                                |                                                                       | 6.58%            |              |   |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                                |                                                                       |             |              |   |                  |
| Country Concentration of Investments in Securities and Equity         |                                        |                                                                                                                                                                                                                                                                                                |                                                                       |             |
| Access Products greater than 5% of Total Partners' Capital            |                                        |                                                                                                                                                                                                                                                                                                |                                                                       |             |
| India                                                                 |                                        |                                                                                                                                                                                                                                                                                                |                                                                       |             | 84.47%            |   |                  |

----

| NVH I LP                                                                         |   |
|----------------------------------------------------------------------------------|--------|
| (a Cayman Islands exempted limited partnership)                                  |   |
| Consolidated Statement of Operations                                             |   |
|   For the Period January 1, 2011 through June 30, 2011                      |   |   |   |
|                                                                             |   |   |   |
| (in U.S. dollars)                                                                |   |   |   |
|                                                                             |   |   |   |
| Investment income                                                                |   |   |   |
| Dividends (net of withholding taxes of $73,658)                                  |   | $ | 6,832,485 |   |
| Interest                                                                         |   |   | 11,089 |   |
| Total investment income                                                          |   |   | 6,843,574 |   |
|                                                                             |   |   |   |   |
| Expenses                                                                         |   |   |   |   |
| Management fees                                                                  |   |   | 10,909,574 |   |
| Professional fees                                                                |   |   | 1,535,559 |   |
| Other                                                                            |   |   | 120,546 |   |
| Total expenses                                                                   |   |   | 12,565,679 |   |
| Net investment loss                                                              |   |   | (5,722,105 | ) |
|                                                                             |   |   |   |   |
| Realized and unrealized gain (loss) on investments                               |   |   |   |   |
| Net realized gain (loss) on                                                      |   |   |   |   |
| Investments in securities                                                        |   |   | 27,351,557 |   |
| Investments in securities sold short                                             |   |   | (46,933 | ) |
| Derivative transactions (including equity access products and futures contracts) |   |   | (5,071,615 | ) |
| Foreign currency transactions (including forward foreign currency contracts)     |   |   | (1,259,103 | ) |
| Net realized gain                                                                |   |   | 20,973,906 |   |
| Net change in unrealized appreciation (depreciation) on                          |   |   |   |   |
| Investments in securities                                                        |   |   | (136,262,399 | ) |
| Investments in securities sold short                                             |   |   | 400,016 |   |
| Derivative transactions (including equity access products and futures contracts) |   |   | (8,085,532 | ) |
| Foreign currency transactions (including forward foreign currency contracts)     |   |   | (1,313,614 | ) |
| Net change in unrealized depreciation                                            |   |   | (145,261,529 | ) |
| Net realized and unrealized loss on investments                                  |   |   | (124,287,623 | ) |
| Net decrease in partners' capital resulting from operations                      |   | $ | (130,009,728 | ) |

----

| NVH I LP                                               |   |
|--------------------------------------------------------|--------|
| (a Cayman Islands exempted limited partnership)        |   |
| Consolidated Statement of Changes in Partners' Capital |   |
| For the Period January 1, 2011 through June 30, 2011   |   |   |   |   |
|                                                   |   |   |   |   |   |   |   |   |   |
| (in U.S. dollars)                                      |   |   |   |   |   |   |   |   |   |
|                                                   |   |   |   |   |   |   |   |   |   |
|                                                   |   | General |   |   | Limited |   |   |   |   |
|                                                   |   | Partner |   |   | Partners |   |   | Total |   |
| Partners' capital, January 1, 2011                     |   | $ | 1,000 |   |   | $ | 1,680,084,456 |   |   | $ | 1,680,085,456 |   |
| Capital contributions                                  |   |   | - |   |   |   | 23,300,000 |   |   |   | 23,300,000 |   |
| Capital withdrawals                                    |   |   | - |   |   |   | (13,759,491 | ) |   |   | (13,759,491 | ) |
| Deemed distributions                                   |   |   | - |   |   |   | (4,275,116 | ) |   |   | (4,275,116 | ) |
| Pro-rata allocation of net decrease in partners'       |   |   |   |   |   |   |   |   |   |   |   |   |
| capital resulting from operations                      |   |   | - |   |   |   | (130,009,728 | ) |   |   | (130,009,728 | ) |
| Partners' capital, June 30, 2011                       |   | $ | 1,000 |   |   | $ | 1,555,340,121 |   |   | $ | 1,555,341,121 |   |

----

| NVH I LP                                                                                        |   |
|-------------------------------------------------------------------------------------------------|--------|
| (a Cayman Islands exempted limited partnership)                                                 |   |
| Consolidated Statement of Cash Flows                                                            |   |
|   For the Period January 1, 2011 through June 30, 2011                                |   |   |   |
|                                                                                            |   |   |   |
| (in U.S.dollars)                                                                                |   |   |   |
|                                                                                            |   |   |   |
| Cash flows from operating activities                                                            |   |   |   |
| Net decrease in partners' capital resulting from operations                                     |   | $ | (130,009,728 | ) |
| Adjustments to reconcile net decrease in partners' capital resulting from operations to net     |   |   |   |   |
| cash provided by operating activities:                                                          |   |   |   |   |
| Purchase of securities and equity access products                                               |   |   | (851,236,935 | ) |
| Payments to cover securities sold short                                                         |   |   | (676,973 | ) |
| Proceeds from sales of securities and equity access products                                    |   |   | 959,189,123 |   |
| Proceeds from securities sold short                                                             |   |   | 4,252,627 |   |
| Payments from closeouts of future contracts                                                     |   |   | (5,318,650 | ) |
| Payments on forward foreign currency contracts                                                  |   |   | (1,259,103 | ) |
| Increase in operating assets:                                                                   |   |   |   |   |
| Due from broker                                                                                 |   |   | (16,409,034 | ) |
| Dividends receivable                                                                            |   |   | (3,362,427 | ) |
| Decrease in operating liabilities:                                                              |   |   |   |   |
| Due to broker                                                                                   |   |   | (1,330,388 | ) |
| Accounts payable and accrued expenses                                                           |   |   | (324,256 | ) |
| Net change in unrealized appreciation on investments in securities and derivatives transactions |   |   | 144,347,931 |   |
| Net change in unrealized depreciation on investments in securities sold short                   |   |   | (400,016 | ) |
| Net change in unrealized depreciation on foreign currency                                       |   |   |   |   |
|  (including forward foreign currency contracts)                                            |   |   | 726,497 |   |
| Net realized gain on investments in securities and derivatives transactions                     |   |   | (22,279,942 | ) |
| Net realized loss on investments in securities sold short                                       |   |   | 46,933 |   |
| Net realized loss on foreign currency transactions (including forward currency contracts)       |   |   | 1,259,103 |   |
| Net cash provided by operating activities                                                       |   |   | 77,214,762 |   |
| Cash flows from financing activities                                                            |   |   |   |   |
| Capital contributions, net of change in capital contributions received in advance               |   |   | 25,925,000 |   |
| Capital withdrawals, net of change in capital withdrawals payable                               |   |   | (306,226,559 | ) |
| Deemed distributions                                                                            |   |   | (4,275,116 | ) |
| Net cash used by financing activities                                                           |   |   | (284,576,675 | ) |
| Net decrease in cash and cash equivalents                                                       |   |   | (207,361,913 | ) |
| Cash and cash equivalents (including foreign cash)                                              |   |   |   |   |
| Beginning of period                                                                             |   |   | 385,578,914 |   |
| End of period                                                                                   |   | $ | 178,217,001 |   |

----

|   | 1.Organization |
|--------|----------------|

----

|   | 2.Summary of Significant Accounting Policies |
|--------|----------------------------------------------|

----

----

----

|                                                      |   | Level 1 |        |   | Level 2 |   |      | Level 3 |   |   | Total       |   |
|-----------------------------------------------------------|--------|---------|-------------|--------|---------|--------|-----------|---------|--------|--------|-------------|--------|
|                                                      |   |    |        |   |    |   |      |    |   |   |        |   |
| Investments in securities:                                |   |    |        |   |    |   |      |    |   |   |        |   |
| Listed common stocks                                      |   | $       | 931,570,081 |   |    | $      | -         |    |   | $      | -           |   |   | $ | 931,570,081 |   |
| Options purchased                                         |   |    | 74,276      |   |    |   | 441,308   |    |   |   | -           |   |   |   | 515,584 |   |
| Private investments:                                      |   |    |        |   |    |   |      |    |   |   |        |   |   |   |   |   |
| Non-listed common stocks                                  |   |    | -           |   |    |   | -         |    |   |   | 86,379,305  |   |   |   | 86,379,305 |   |
| Listed common stocks                                      |   |    | 30,599,322  |   |    |   | -         |    |   |   | -           |   |   |   | 30,599,322 |   |
| Real estate                                               |   |    | -           |   |    |   | -         |    |   |   | 283,973,681 |   |   |   | 283,973,681 |   |
| Investment funds                                          |   |    | -           |   |    |   | -         |    |   |   | 9,369,746   |   |   |   | 9,369,746 |   |
|                                                      |   |    | 962,243,679 |   |    |   | 441,308   |    |   |   | 379,722,732 |   |   |   | 1,342,407,719 |   |
| Investments sold short:                                   |   |    |        |   |    |   |      |    |   |   |        |   |   |   |   |   |
| Options written                                           |   |    | -           |   |    |   | (17,259   | )       |   |   | -           |   |   |   | (17,259 | ) |
|                                                      |   |    | -           |   |    |   | (17,259   | )       |   |   | -           |   |   |   | (17,259 | ) |
| Unrealized appreciation on equity access products         |   |    | -           |   |    |   | 7,322,500 |    |   |   | -           |   |   |   | 7,322,500 |   |
| Net unrealized depreciation on forward currency contracts |   |    | -           |   |    |   | (199,394  | )       |   |   | -           |   |   |   | (199,394 | ) |
| Total                                                     |   | $       | 962,243,679 |   |    | $      | 7,547,155 |    |   | $      | 379,722,732 |   |   | $ | 1,349,513,566 |   |
|                                                      |   |    |        |   |    |   |      |    |   |   |        |   |   |   |   |   |
| Cash equivalents - money market fund                      |   | $       | 23,641,163  |   |    |   |      |    |   |   |        |   |   |   |   |   |

|                                                                                                      |   | Investments in Securities |       |
|-----------------------------------------------------------------------------------------------------------|--------|---------------------------|------------|
|                                                                                                      |   |                      |       |   | Private Investments |   |
|                                                                                                      |   | Investment Fund           |       |   | Non-Listed Common Stocks |   |   | Real Estate |   |   | Investment Funds |   |   | Totals |   |
|                                                                                                      |   |                      |       |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, beginning of period                                                                              |   | $                         | 2,275,376  |   |   | $ | 98,285,974 |   |   | $ | 278,667,033 |   |   | $ | 9,948,961 |   |   | $ | 389,177,344 |   |
| Purchases                                                                                                 |   |                      | -          |   |   |   | - |   |   |   | 15,000 |   |   |   | - |   |   |   | 15,000 |   |
| Dispositions                                                                                              |   |                      | (2,203,264 | ) |   |   | - |   |   |   | - |   |   |   | (1,948,978 | ) |   |   | (4,152,242 | ) |
| Net realized losses on investments in securities                                                          |   |                      | 203,264    |   |   |   | - |   |   |   | - |   |   |   | 1,003,158 |   |   |   | 1,206,422 |   |
| Net change in unrealized appreciation (depreciation) on investments in securities                         |   |                      | (275,376   | ) |   |   | (11,906,669 | ) |   |   | 5,291,648 |   |   |   | 366,605 |   |   |   | (6,523,792 | ) |
| Transfers in (a)                                                                                          |   |                      | -          |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Transfers out (a)                                                                                         |   |                      | -          |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Balance, end of period                                                                                    |   | $                         | -          |   |   | $ | 86,379,305 |   |   | $ | 283,973,681 |   |   | $ | 9,369,746 |   |   | $ | 379,722,732 |   |
|                                                                                                      |   |                      |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net change in unrealized appreciation (depreciation) from investments still held at the end of the period |   | $                         | -          |   |   | $ | (11,906,669 | ) |   | $ | 5,291,648 |   |   | $ | 1,369,763 |   |   | $ | (5,245,258 | ) |
| Total                                                                                                     |   | $                         | -          |   |   | $ | (11,906,669 | ) |   | $ | 5,291,648 |   |   | $ | 1,369,763 |   |   | $ | (5,245,258 | ) |

----

|                                                                                                                        |   | Notional or Contractual Amount |        |   | Fair Value |   |
|-----------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|-------------|--------|------------|--------|
| Investments in securities:                                                                                                  |   |                           |        |   |       |   |
| Options purchased:                                                                                                          |   |                           |        |   |       |   |
| Currency contracts                                                                                                          |   | $                              | 25,000,000  |   |       | $      | 43,738 |   |
| Commodities contracts                                                                                                       |   |                           | 8,000,000   |   |       |   | 397,570 |   |
| Index contracts                                                                                                             |   |                           | 45,000,000  |   |       |   | 74,276 |   |
|                                                                                                                        |   |                           |        |   |       |   | 515,584 |   |
| Futures purchased:Equity contracts                                                                                          |   |                           | 8,000,000   |   |       |   | - |   |
| Unrealized appreciation on equity access                                                                                    |   |                           |        |   |       |   |   |   |
| products:                                                                                                                   |   |                           |        |   |       |   |   |   |
| Equity contracts                                                                                                            |   |                           | 5,000,000   |   |       |   | 7,322,500 |   |
| Net unrealized depreciation on forward                                                                                      |   |                           |        |   |       |   |   |   |
| foreign currency contracts:                                                                                                 |   |                           |        |   |       |   |   |   |
| Forward foreign currency contracts                                                                                          |   |                           | (30,000,000 | )      |       |   | (199,394 | ) |
| Investments sold short:                                                                                                     |   |                           |        |   |       |   |   |   |
| Options written:                                                                                                            |   |                           |        |   |       |   |   |   |
|            Currency contracts                                        |   |                           | (10,000,000 | )      |       |   | (4,809 | ) |
|                  Commodities contracts |   |                           | (12,000,000 | )      |       |   | (12,450 | ) |
|                                                                                                                        |   |                           |        |   |       |   | (17,259 | ) |
| Futures written:Equity contracts                                                                                            |   |                           | (2,000,000  | )      |       |   | - |   |
| Net derivatives                                                                                                             |   |                           |        |   |       | $      | 7,621,431 |   |
|                                                                                                                        |   |                           |        |   |       |   |   |   |

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|                                                       |   | Net Realized Gain (Loss) |       |                                                                             |                                                                                   | Net Change in Unrealized Appreciation (Depreciation) |   |
|------------------------------------------------------------|--------|--------------------------|------------|----------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|------------------------------------------------------|--------|
|                                                       |   |                     |       |                                                                             |                                                                                   |                                                 |   |
| Net realized gain (loss) on derivative transactions:       |   |                     |       | Net change in unrealized appreciation (depreciation) on derivative transactions: |                                                                                   |                                                 |   |
| Options purchased:                                         |   |                     |       | Options purchased:                                                               |                                                                                   |                                                 |   |
| Equity contracts                                           |   | $                        | (2,425,339 | )                                                                                | Equity contracts                                                                       |                                                 | $      | 168,328 |   |
| Index contracts                                            |   |                     | (2,025,187 | )                                                                                | Index contracts                                                                        |                                                 |   | (1,437 | ) |
| Currency contracts                                         |   |                     | (475,516   | )                                                                                | Currency contracts                                                                     |                                                 |   | (240,145 | ) |
| Commodity contracts                                        |   |                     | 176,767    |                                                                             | Commodity contracts                                                                    |                                                 |   | (145,250 | ) |
| Futures contracts:                                         |   |                     |       |                                                                             | Futures contracts:                                                                     |                                                 |   |   |   |
| Equity contracts                                           |   |                     | (5,448,598 | )                                                                                | Equity contracts                                                                       |                                                 |   | - |   |
| Equity access products                                     |   |                     | 2,718,181  |                                                                             | Equity access products                                                                 |                                                 |   | (7,467,012 | ) |
| Options written:                                           |   |                     |       |                                                                             | Options written:                                                                       |                                                 |   |   |   |
| Equity contracts                                           |   |                     | 1,336,689  |                                                                             | Equity contracts                                                                       |                                                 |   | - |   |
| Index contracts                                            |   |                     | 850,321    |                                                                             | Index contracts                                                                        |                                                 |   | (263,352 | ) |
| Currency contracts                                         |   |                     | 307,500    |                                                                             | Currency contracts                                                                     |                                                 |   | (176,504 | ) |
| Commodity contracts                                        |   |                     | (86,433    | )                                                                                | Commodity contracts                                                                    |                                                 |   | 39,840 |   |
| Net realized gain (loss) on foreign currency transactions: |   |                     |       |                                                                             | Net change in unrealized (appreciation) depreciation on foreign currency transactions: |                                                 |   |   |   |
| Forward foreign exchange contracts                         |   |                     | (1,207,355 | )                                                                                | Forward foreign exchange contracts                                                     |                                                 |   | (726,497 | ) |
|                                                       |   |                     |       |                                                                             |                                                                                   |                                                 |   |   |   |
|                                                       |   | $                        | (6,278,970 | )                                                                                |                                                                                   |                                                 | $      | (8,812,029 | ) |

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|   | 3.Related Party Transactions |
|--------|------------------------------|

|   | 4.Management Fees |
|--------|-------------------|

|   | 5.Incentive Allocation |
|--------|------------------------|

|   | 6.Administrator |
|--------|-----------------|

|   | 7.Partners’ Capital |
|--------|---------------------------|

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|   | 8.Risks |
|--------|---------|

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|   | 9.Commitments and Contingencies |
|--------|---------------------------------|

|   | 10.Financial Highlights |
|--------|-------------------------|

|   | (1) | Total return is calculated for the limited partners taken as a whole.  Total return is calculated based on the change in partners’ capital (adjusted for the effects of any capital contributions or withdrawals) for the current period only and, therefore does not reflect the history-to-date of the return of the Master Fund.  An individual limited partner’s return may vary from these returns based on such factors as the timing of capital transactions and Holding and Feeder Fund level income and expenses and incentive allocations. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Not annualized.  The ratios of net investment loss and total expenses to average limited partners’ capital on an annualized basis are (0.72)% and 1.59%, respectively.  These ratios are calculated based on average limited partners’ capital. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 11.Subsequent Events |
|--------|----------------------|

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----