----

----

----

----

----

| (in U.S. dollars)                                                                                                                                                |   |   |          |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------------|
| Assets                                                                                                                                                                |   |   |          |
| Investments in securities, at fair value (cost $1,115,186,511)                                                                                                        |   | $      | 1,297,747,414 |   |
| Foreign cash (cost $132,669,799)                                                                                                                                      |   |   | 134,507,798   |   |
| Cash and cash equivalents                                                                                                                                             |   |   | 86,951,605    |   |
| Due from broker                                                                                                                                                       |   |   | 21,972,939    |   |
| Unrealized appreciation on equity access products, at fair value                                                                                                      |   |   | 6,193,871     |   |
| Receivable for investments sold                                                                                                                                       |   |   | 5,946,924     |   |
| Net unrealized appreciation on forward foreign currency contracts, at fair value                                                                                      |   |   | 5,315,061     |   |
| Dividends receivable                                                                                                                                                  |   |   | 1,316,335     |   |
|                      Total assets                            |   | $      | 1,559,951,947 |   |
| Liabilities and Partners’ Capital                                                                                                                               |   |   |          |   |
| Liabilities                                                                                                                                                           |   |   |          |   |
| Investments in securities sold short, at fair value (proceeds $10,186,665)                                                                                            |   | $      | 6,748,939     |   |
| Net unrealized depreciation on forward foreign currency contracts, at fair value                                                                                      |   |   | 3,581,243     |   |
| Payable for investments purchased                                                                                                                                     |   |   | 19,116,971    |   |
| Accounts payable and accrued expenses                                                                                                                                 |   |   | 2,501,865     |   |
| Capital withdrawals payable                                                                                                                                           |   |   | 1,536,449     |   |
|                     Total liabilities                             |   |   | 33,485,467    |   |
|                                                                                                                                                                  |   |   |          |   |
| Commitments and Contingencies (Note 9)                                                                                                                                |   |   |          |   |
|                                                                                                                                                                  |   |   |          |   |
| Partners’ Capital                                                                                                                                               |   |   |          |   |
|       General partner                                                                                                                   |   |   | 1,000         |   |
|       Limited partners                                                                                                                  |   |   | 1,526,445,480 |   |
|                     Total partners’ capital                 |   |   | 1,526,466,480 |   |
|                     Total liabilities and partners’ capital |   | $      | 1,559,951,947 |   |

----

| (in U.S. dollars)                                                              |   |   |        | Fair Value as a       |                                                                                                                                                           |
|--------------------------------------------------------------------------------|--------|--------|-------------|-----------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                           |   |   |        | Percent of            |                                                                                                                                                           |
|                                                                           |   | Fair   |        | Total Partners’ |                                                                                                                                                           |
| Description                                                                    |   | Value  |        |                  |                           Capital |   |
| Investments in Securities                                                      |   |   |        |                  |                                                                                                                                                           |   |
| Listed Common Stocks                                                           |   |   |        |                  |                                                                                                                                                           |   |
| India                                                                          |   |   |        |                  |                                                                                                                                                           |   |
|   Financial Services                                                      |   | $      | 170,492,338 |                  |                                                                                                                                                           |   | 11.17% |
| Materials                                                                      |   |   | 85,188,071  |                  |                                                                                                                                                           |   | 5.58% |
| Software                                                                       |   |   | 69,395,677  |                  |                                                                                                                                                           |   | 4.55% |
| Diversified                                                                    |   |   | 66,087,602  |                  |                                                                                                                                                           |   | 4.33% |
| Infrastructure                                                                 |   |   | 65,596,333  |                  |                                                                                                                                                           |   | 4.30% |
| Chemicals, Agro                                                                |   |   | 60,838,006  |                  |                                                                                                                                                           |   | 3.99% |
| Automobiles                                                                    |   |   | 54,960,571  |                  |                                                                                                                                                           |   | 3.60% |
| Construction                                                                   |   |   | 35,193,234  |                  |                                                                                                                                                           |   | 2.31% |
| Real Estate                                                                    |   |   | 34,542,188  |                  |                                                                                                                                                           |   | 2.26% |
| Textile                                                                        |   |   | 22,177,771  |                  |                                                                                                                                                           |   | 1.45% |
| Energy                                                                         |   |   | 21,109,728  |                  |                                                                                                                                                           |   | 1.38% |
| Utilities                                                                      |   |   | 21,060,000  |                  |                                                                                                                                                           |   | 1.38% |
| Food, Beverage                                                                 |   |   | 19,099,937  |                  |                                                                                                                                                           |   | 1.25% |
| Pharmaceuticals                                                                |   |   | 18,748,285  |                  |                                                                                                                                                           |   | 1.23% |
| Telecom                                                                        |   |   | 18,219,238  |                  |                                                                                                                                                           |   | 1.19% |
| Auto Ancillaries                                                               |   |   | 17,217,619  |                  |                                                                                                                                                           |   | 1.13% |
| Light Engineering                                                              |   |   | 16,031,661  |                  |                                                                                                                                                           |   | 1.05% |
| Sugar                                                                          |   |   | 15,265,238  |                  |                                                                                                                                                           |   | 1.00% |
| Logistics                                                                      |   |   | 12,546,311  |                  |                                                                                                                                                           |   | 0.82% |
| Capital Goods                                                                  |   |   | 11,841,318  |                  |                                                                                                                                                           |   | 0.78% |
| Hotels                                                                         |   |   | 1,021,121   |                  |                                                                                                                                                           |   | 0.07% |
| Media                                                                          |   |   | 173,533     |                  |                                                                                                                                                           |   | 0.01% |
| Consumer Goods                                                                 |   |   | 134,070     |                  |                                                                                                                                                           |   | 0.01% |
| Total India listed common stocks (Cost $697,132,124)                           |   |   | 836,939,850 |                  |                                                                                                                                                           |   | 54.84% |
| Brazil                                                                         |   |   |        |                  |                                                                                                                                                           |   |   |   |   |   |   |
| Energy                                                                         |   |   | 1,009,337   |                  |                                                                                                                                                           |   | 0.07% |
| Total Brazil listed common stocks (Cost $1,005,603)                            |   |   | 1,009,337   |                  |                                                                                                                                                           |   | 0.07% |
| United Kingdom                                                                 |   |   |        |                  |                                                                                                                                                           |   |   |   |   |   |   |
| Real Estate                                                                    |   |   | 1,382,472   |                  |                                                                                                                                                           |   | 0.09% |
| Total United Kingdom listed common stocks (Cost $3,828,800)                    |   |   | 1,382,472   |                  |                                                                                                                                                           |   | 0.09% |
| Total listed common stocks (Cost $701,966,527)                                 |   |   | 839,331,659 |                  |                                                                                                                                                           |   |     55.00% |   |
| Exchange Traded Funds                                                          |   |   |        |                  |                                                                                                                                                           |   |   |   |   |   |   |
| United States of America                                                       |   |   |        |                  |                                                                                                                                                           |   |   |   |   |   |   |
| Emerging Markets Funds                                                         |   |   | 11,974,396  |                  |                                                                                                                                                           |   |  0.78% |
| Gold Funds                                                                     |   |   | 4,864,453   |                  |                                                                                                                                                           |   |  0.32% |
| Total United Stated States of America exchange traded funds (Cost $15,586,326) |   |   | 16,838,849  |                  |                                                                                                                                                           |   |  1.10% |

----

| (in U.S. dollars)                                                                                                                   |                                                                   |                                                                                                 | Fair Value as a |
|-------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------|-----------------|
|                                                                                                                                |                                                                   |                                                                                                 |            |   | Percent of |
|                                                                                                                                |                                                                   |                                                                                                 |            | Fair | Total Partners’ |
| Description                                                                                                                         |                                                                   | Value                                                                                                |            |                                Capital |
| Options Purchased                                                                                                                   |                                                                   |                                                                                                 |            |
| United States of America                                                                                                            |                                                                   |                                                                                                 |            |   |
| Currency                                                                                                                            |                                                                   | $               9,293,974 |            | 0.62% |
| Index                                                                                                                               | 279,500                                                                |                                                                                                 | 0.02%           |
| Commodities                                                                                                                         | 273,266                                                                |                                                                                                 | 0.02%           |
|                                                                                                                                | Total United States of America options purchased (Cost $7,029,384)     | 9,846,740                                                                                            |            | 0.66% |
| India                                                                                                                               |                                                                   |                                                                                                 |            |   |
| Index                                                                                                                               | 768,308                                                                |                                                                                                 | 0.05%           |
|               Total India options purchased (Cost $584,807)   | 768,308                                                                |                                                                                                 | 0.05%           |
|               Total options purchased (Cost $7,614,191)       | 10,615,048                                                             |                                                                                                 | 0.71%           |
| Commercial Papers                                                                                                                   |                                                                   |                                                                                                 |            |
| India                                                                                                                               |                                                                   |                                                                                                 |            |
| Auto Ancillaries                                                                                                                    | 5,862,150                                                              |                                                                                                 | 0.38%           |
| Materials                                                                                                                           | 1,864,760                                                              |                                                                                                 | 0.12%           |
|               Total India commercial papers (Cost $4,941,250) | 7,726,910                                                              |                                                                                                 | 0.50%           |
| Investment Fund                                                                                                                     |                                                                   |                                                                                                 |            |
| India                                                                                                                               |                                                                   |                                                                                                 |            |
| Multi-Strategy Arbitrage Fund                                                                                                       | 5,068,364                                                              |                                                                                                 | 0.33%           |
|               Total India investment fund (Cost $5,000,000)   | 5,068,364                                                              |                                                                                                 | 0.33%           |
| Private Investments                                                                                                                 |                                                                   |                                                                                                 |            |
| India                                                                                                                               |                                                                   |                                                                                                 |            |
| Non-Listed Common Stocks                                                                                                            |                                                                   |                                                                                                 |            |   |
| Construction                                                                                                                        |                                                                   | 24,381,535                                                                                           |            | 1.60% |
| Financial Services                                                                                                                  |                                                                   | 16,825,875                                                                                           |            | 1.10% |
| Commercial Services                                                                                                                 |                                                                   | 13,960,438                                                                                           |            | 0.91% |
| Capital Goods                                                                                                                       |                                                                   | 11,467,374                                                                                           |            | 0.75% |
| Hotels                                                                                                                              |                                                                   | 10,141,423                                                                                           |            | 0.66% |
| Auto Ancillaries                                                                                                                    | 4,630,881                                                              |                                                                                                 | 0.30%           |
| Media                                                                                                                               | 4,069,042                                                              |                                                                                                 | 0.27%           |
| Software                                                                                                                            | 1,810,655                                                              |                                                                                                 | 0.11%           |
|                                                                                                                                | Total India non-listed common stocks (Cost $95,129,036)                | 87,287,223                                                                                           |            | 5.70% |
| Listed Common Stocks (carried at exchange price)                                                                                    |                                                                   |                                                                                                 |            |
| Financial Services                                                                                                                  | 28,382,003                                                             |                                                                                                 | 1.86%           |
| Logistics                                                                                                                           | 14,223,114                                                             |                                                                                                 | 0.93%           |
| Software                                                                                                                            | 5,728,211                                                              |                                                                                                 | 0.38%           |
| Retail                                                                                                                              | 4,329,402                                                              |                                                                                                 | 0.28%           |
| Automobiles                                                                                                                         | 3,392,130                                                              |                                                                                                 | 0.22%           |
| Textile                                                                                                                             | 1,224,298                                                              |                                                                                                 | 0.08%           |
|              Total India listed common stocks (Cost $76,806,590)   | 57,279,158                                                             |                                                                                                 | 3.75%           |
| Convertible Redeemable Preferred Stocks                                                                                             |                                                                   |                                                                                                 |            |
| Food, Beverage                                                                                                                      |                                                                   | 12,678,420                                                                                           |            | 0.83% |
| Textile                                                                                                                             |                                                                   | 5,537,395                                                                                            |            | 0.36% |
|                                                                                                                                | Total India convertible redeemable preferred stocks (Cost $13,515,151) | 18,215,815                                                                                           |            | 1.19% |

----

| (in U.S. dollars)                                                                                                                                                                                            |                                                                        |                                                                                                           | Fair Value as a |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|-----------------|
|                                                                                                                                                                                                         |                                                                        |                                                                                                           |            |   | Percent of |
|                                                                                                                                                                                                         |                                                                        |                                                                                                           |            | Fair | Total Partners’ |
| Description                                                                                                                                                                                                  |                                                                        | Value                                                                                                          |            |                                      Capital |
| Warrants                                                                                                                                                                                                     |                                                                        |                                                                                                           |            |   |
| Software                                                                                                                                                                                                     |                                                                        | $                 273,389 |            | 0.02% |
| Textile                                                                                                                                                                                                      |                                                                        | -                                                                                                              |            | 0.00% |
| Financial Services                                                                                                                                                                                           |                                                                        | -                                                                                                              |            | 0.00% |
|                             Total India warrants (Cost $869,072) |                                                                        | 273,389                                                                                                        |            | 0.02% |
| Real Estate                                                                                                                                                                                                  |                                                                        |                                                                                                           |            |   |
| Silver Holdings Mauritius Limited, Kolkata, India                                                                                                                                                            |                                                                        | 56,519,764                                                                                                     |            | 3.70% |
| Khajrana Ganesh (Mauritius) Limited, Gurgaon, India                                                                                                                                                          |                                                                        | 44,733,744                                                                                                     |            | 2.93% |
| Carwel Estates Limited, Chennai, India                                                                                                                                                                       |                                                                        | 35,204,466                                                                                                     |            | 2.31% |
| NV Realty Private Limited, Pune, India                                                                                                                                                                       |                                                                        | 31,435,992                                                                                                     |            | 2.06% |
| NV Developers Private Limited, Thane, India                                                                                                                                                                  |                                                                        | 31,111,724                                                                                                     |            | 2.04% |
| Other                                                                                                                                                                                                        |                                                                        | 48,423,132                                                                                                     |            | 3.17% |
|                           Total India real estate (Cost $184,376,072)      | 247,428,822                                                                 |                                                                                                           | 16.21%          |
| Investment Funds                                                                                                                                                                                             |                                                                        |                                                                                                           |            |   |
| India                                                                                                                                                                                                        |                                                                        |                                                                                                           |            |   |
| Real Estate                                                                                                                                                                                                  |                                                                        | 5,227,200                                                                                                      |            | 0.34% |
|                           Total India investment fund (Cost $6,017,750)    | 5,227,200                                                                   |                                                                                                           | 0.34%           |
| Malaysia                                                                                                                                                                                                     |                                                                        |                                                                                                           |            |   |
| Financial Services                                                                                                                                                                                           |                                                                        | 2,454,977                                                                                                      |            | 0.16% |
|                           Total Malaysia investment fund (Cost $3,364,546) | 2,454,977                                                                   |                                                                                                           | 0.16%           |
|                                                                                                                                                                                                         | Total India private investments (Cost $380,078,217)                         | 418,166,584                                                                                                    |            | 27.37% |
|                                                                                                                                                                                                         | Total investments in securities (Cost $1,115,186,511)                       | $       1,297,747,414                                                       |            | 85.01% |
|                                                                                                                                                                                                         |                                                                        |                                                                                                           |            |
| Investments in Securities Sold Short                                                                                                                                                                         |                                                                        |                                                                                                           |            |
| Exchanged Traded Funds                                                                                                                                                                                       |                                                                        |                                                                                                           |            |
| United States of America                                                                                                                                                                                     |                                                                        |                                                                                                           |            |
| Emerging Markets Fund                                                                                                                                                                                        | (6,143,005)                                                                 |                                                                                                           | (0.41)%         |
|                                                                                                                                                                                                         | Total United States of America exchanged traded funds (Proceeds $4,473,440) | (6,143,005)                                                                                                    |            | (0.41)% |
| Options Written                                                                                                                                                                                              |                                                                        |                                                                                                           |            |
| United States of America                                                                                                                                                                                     |                                                                        |                                                                                                           |            |
| Currency                                                                                                                                                                                                     | (243,023)                                                                   |                                                                                                           | (0.02)%         |
| Commodities                                                                                                                                                                                                  | (97,660)                                                                    |                                                                                                           | (0.01)%         |
| Emerging Markets Fund                                                                                                                                                                                        | (52,500)                                                                    |                                                                                                           | 0.00%           |
| Total United States of America options written (Proceeds $5,496,367)                                                                                                                                         | (393,183)                                                                   |                                                                                                           | (0.03)%         |
| Indian                                                                                                                                                                                                       |                                                                        |                                                                                                           |            |
| Software                                                                                                                                                                                                     | (187,200)                                                                   |                                                                                                           | (0.01)%         |
| Index                                                                                                                                                                                                        | (25,551)                                                                    |                                                                                                           | 0.00%           |
|                                                                                                                                                                                                         | Total India options written (Proceeds $216,858)                             | (212,751)                                                                                                      |            | (0.01)% |
|                                                                                                                                                                                                         | Total investments in securities sold short (Proceeds $10,186,665)           | $            (6,748,939)                           |            | (0.45)% |

----

|                                                                                                                |                                                                                            |                                                             |                                                             |  Fair Value as a                                                                                                                                 |
|---------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------|------------------------------------------------------------------|------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                |                                                                                            |                                                             |                                                             |  Percent of                                                                                                                                      |
|                                                                                                                |                                                                                            |  Fair                                                       |                                                             |  Total Partners'                                                                                                                                 |
|                                                                                                                |                                                                                            |  Value                                                      |                                                             |  Capital                                                                                                                                         |
|                                                                                                                |                                                                                            |                                                             |                                                             |                                                                                                                                                  |
| (in U.S. dollars)                                                                                                   |                                                                                            |                                                             |                                                             | UnrealizedAppreciation                                                                                                                                |   |   |
|                                                                                                                |                                                                                            |                                                             |                                                             |                                                                                                                                                  |
| Equity Access Products (a) (b)                                                                                      |                                                                                            |                                                             |                                                             |                                                                                                                                                  |   |
| India                                                                                                               |                                                                                            |                                                             |                                                             |                                                                                                                                                  |   |   |
| Diversified                                                                                                         |                                                                                            |                                                             | $         4,469,901 |                                                                                                                                                  | 0.29% |
| Financial Services                                                                                                  |                                                                                            |                                                             | 1,468,685                                                        |                                                                                                                                                  | 0.10% |
| Real Estate                                                                                                         |                                                                                            |                                                             | 110,545                                                          |                                                                                                                                                  | 0.01% |
| Textile                                                                                                             |                                                                                            |                                                             |                                                             | 88,067                                                                                                                                                |   | 0.01% |
| Media                                                                                                               |                                                                                            |                                                             |                                                             | 56,673                                                                                                                                                |   | 0.00% |
|            Total India equity access products                |                                                                                            |                                                             | 6,193,871                                                        |                                                                                                                                                  | 0.41% |
|            Unrealized appreciation on equity access products |                                                                                            | $         6,193,871 |                                                             | 0.41%                                                                                                                                                 |
| Forward Foreign Currency Contracts (0.11% of total partners’ capital) (b)                                     |
|   Amount in Indian Rupees                                                                                      |    Description                                                                   |                                                             |                                                             |                         Maturities |   | Unrealized Appreciation(Depreciation) |
| 59,184,510,000                                                                                                      | US Dollar bought in exchange for Indian Rupee                                                   |                                                             | 7/8/2009-11/20/2009                                              |                                                                                                                                                  | $      11,970,753 |
| 74,706,214,000                                                                                                      | US Dollar sold in exchange for Indian Rupee                                                     |                                                             | 7/8/2009-11/20/2009                                              |                                                                                                                                                  | (10,236,935) |
|                                                                                                                |      Net unrealized appreciation on forward foreign currency contracts |                                                             |                                                             |                                                                                                                                                  | $        1,733,818 |
|                                                                                                                | Futures Contracts (b)                                                                           |                                                             |                                                             |
|                                                                                                                |                                                                                            | Number of Contracts                                              |    Description                                    |                                                                                                                                                  |   | Maturities |   | Unrealized Appreciation (Depreciation) |
|                                                                                                                | 23                                                                                              |   Various                                              |                                                             | Various                                                                                                                                               |   | $                      - |

| Industry Concentration of Investments in Securities and Equity Access Products greater than 5% of Total Partners’ Capital |   | Fair Value of Long Positions as a Percent of Total Partners’ Capital | Fair Value of Short Positions as a Percent of Total Partners’ Capital |
|---------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------|-----------------------------------------------------------------------------|
| Real Estate                                                                                                                     |   | 18.90%                                                                     | -                                                                           |
| Financial Services                                                                                                              |   | 14.39%                                                                     | -                                                                           |
| Materials                                                                                                                       |   | 5.70%                                                                      | -                                                                           |
| Software                                                                                                                        |   | 5.06%                                                                      | (0.01)%                                                                     |
|                                                                                                                            |   |                                                                       |                                                                        |
| Country Concentration of Investments in Securities and Equity Access Products greater than 5% of Total Partners’ Capital  |   |                                                                       |                                                                        |
| India                                                                                                                           |   | 83.52%                                                                     | -                                                                           |

----

|  (in U.S. dollars)                                                                                                              |   |   |        |
|-------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|
| Investment income                                                                                                                         |   |   |        |
|    Dividends (net of withholding taxes of $37,217)                                                                         |   | $      | 2,398,243   |   |
|    Interest                                                                                                                |   |   | 99,954      |   |
|             Total investment income                                           |   |   | 2,498,197   |   |
|                                                                                                                                      |   |   |        |   |
| Expenses                                                                                                                                  |   |   |        |   |
|    Management fees                                                                                                         |   |   | 9,638,596   |   |
|    Professional fees                                                                                                       |   |   | 1,841,765   |   |
|    Other                                                                                                                   |   |   | 163,921     |   |
|             Total expenses                                                    |   |   | 11,644,282  |   |
|             Net investment loss                                               |   |   | (9,146,085  | ) |
| Realized and unrealized gain (loss) on investments                                                                                        |   |   |        |   |
| Net realized gain (loss) on                                                                                                               |   |   |        |   |
|    Investments in securities                                                                                               |   |   | (43,203,450 | ) |
|    Investments in securities sold short                                                                                    |   |   | (1,679,797  | ) |
|    Derivative transactions (including equity access products and futures contracts)                                        |   |   | 48,937,572  |   |
|    Foreign currency transactions (including forward foreign currency contracts)                                            |   |   | (4,341,957  | ) |
|             Net realized loss                                                 |   |   | (287,632    | ) |
| Net change in unrealized appreciation (depreciation) on                                                                                   |   |   |        |   |
|    Investments in securities                                                                                               |   |   | 371,741,896 |   |
|    Investments in securities sold short                                                                                    |   |   | 2,696,888   |   |
|    Derivative transactions (including equity access products and futures contracts)                                        |   |   | 18,371,408  |   |
|    Foreign currency transactions (including forward foreign currency contracts)                                            |   |   | 3,005,262   |   |
|             Net change in unrealized appreciation                             |   |   | 395,815,454 |   |
|             Net realized and unrealized gain on investments                   |   |   | 395,527,822 |   |
|             Net increase in partners’ capital resulting from operations |   | $      | 386,381,737 |   |

----

|                                                  |   |    |   |   |     |   |          |   |   |
|-------------------------------------------------------|--------|---------|--------|--------|----------|--------|---------------|--------|--------|
| (in U.S. dollars)                                     |   |    |   |   |     |   |          |   |   |
|                                                  |   |    |   |   |     |   |          |   |   |
|                                                  |   | General |   |   | Limited  |   |          |   |   |
|                                                  |   | Partner |   |   | Partners |   |          | Total  |   |
|                                                  |   |    |   |   |     |   |          |   |   |
| Partners' capital, January 1, 2009                    |   | $       | 1,000  |   |     | $      | 1,141,752,663 |   |   | $ | 1,141,753,663 |   |
| Capital contributions                                 |   |    | -      |   |     |   | 1,125,000     |   |   |   | 1,125,000 |   |
| Capital withdrawals                                   |   |    | -      |   |     |   | (1,420,280    | )      |   |   | (1,420,280 | ) |
| Deemed distributions                                  |   |    | -      |   |     |   | (1,373,640    | )      |   |   | (1,373,640 | ) |
| Allocation of net increase in partners’ capital |   |    |   |   |     |   |          |   |   |   |   |   |
|    resulting from operations           |   |    | -      |   |     |   | 386,381,737   |   |   |   | 386,381,737 |   |
| Partners' capital, June 30, 2009                      |   | $       | 1,000  |   |     | $      | 1,526,465,480 |   |   | $ | 1,526,466,480 |   |

----

| (in U.S. dollars)                                                                                                                                |   |   |           |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------------|
| Cash flows from operating activities                                                                                                                  |   |   |           |
| Net increase in partners' capital resulting from operations                                                                                           |   | $      | 386,381,737    |   |
| Adjustments to reconcile net increase in partners' capital resulting from                                                                             |   |   |           |   |
| operations to net cash used by operating activities:                                                                                                  |   |   |           |   |
| Purchases of securities and equity access products                                                                                                    |   |   | (1,074,182,904 | ) |
| Payments to cover securities sold short                                                                                                               |   |   | (50,670,162    | ) |
| Proceeds from sales of securities and equity access products                                                                                          |   |   | 936,516,964    |   |
| Proceeds from securities sold short                                                                                                                   |   |   | 58,298,528     |   |
| Proceeds from closeouts of futures contracts                                                                                                          |   |   | 58,569,643     |   |
| Payments on forward foreign currency contracts                                                                                                        |   |   | (4,341,957     | ) |
| Increase in operating assets:                                                                                                                         |   |   |           |   |
| Due from broker                                                                                                                                       |   |   | (13,355,546    | ) |
| Dividends receivable                                                                                                                                  |   |   | (952,909       | ) |
| Increase in operating liabilities:                                                                                                                    |   |   |           |   |
| Accounts payable and accrued expenses                                                                                                                 |   |   | 2,364,757      |   |
| Net change in unrealized appreciation on investments in securities and derivative transactions                                                        |   |   | (390,113,304   | ) |
| Net change in unrealized appreciation of investments in securities sold short                                                                         |   |   | (2,696,888     | ) |
| Net change in unrealized appreciation on forward foreign currency contracts                                                                           |   |   | 111,729        |   |
| Net realized gain on investments in securities and derivative transactions                                                                            |   |   | (5,734,122     | ) |
| Net realized gain on investments in securities sold short                                                                                             |   |   | 1,679,797      |   |
| Net realized gain on foreign currency transactions                                                                                                    |   |   | 4,341,957      |   |
|               Net cash used by operating activities                             |   |   | (93,782,680    | ) |
| Cash flows from financing activities                                                                                                                  |   |   |           |   |
| Capital contributions, net of change in capital contribution receivable                                                                               |   |   | 1,525,000      |   |
| Capital withdrawals, net of change in capital withdrawals payable                                                                                     |   |   | (48,936,031    | ) |
| Deemed distributions                                                                                                                                  |   |   | (1,373,640     | ) |
|                   Net cash used by financing activities     |   |   | (48,784,671    | ) |
|                   Net decrease in cash and cash equivalents |   |   | (142,567,351   | ) |
| Cash and cash equivalents (including foreign cash)                                                                                                    |   |   |           |   |
| Beginning of period                                                                                                                                   |   |   | 364,026,754    |   |
| End of period                                                                                                                                         |   | $      | 221,459,403    |   |
|                                                                                                                                                  |   |   |           |   |

----

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

----

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

----

----

|                                                      |   | Level 1 |        |   | Level 2 |   |       | Level 3 |   |   | Total       |   |
|-----------------------------------------------------------|--------|---------|-------------|--------|---------|--------|------------|---------|--------|--------|-------------|--------|
|                                                      |   |    |        |   |    |   |       |    |   |   |        |   |
| Investments in securities:                                |   |    |        |   |    |   |       |    |   |   |        |   |
| Listed common stocks                                      |   | $       | 839,331,659 |   |    | $      | -          |    |   | $      | -           |   |   | $ | 839,331,659 |   |
| Exchange traded funds                                     |   |    | 16,838,849  |   |    |   | -          |    |   |   | -           |   |   |   | 16,838,849 |   |
| Options purchased                                         |   |    | 1,047,810   |   |    |   | 9,567,238  |    |   |   | -           |   |   |   | 10,615,048 |   |
| Bonds                                                     |   |    | 7,726,910   |   |    |   | -          |    |   |   | -           |   |   |   | 7,726,910 |   |
| Investment fund                                           |   |    | -           |   |    |   | -          |    |   |   | 5,068,364   |   |   |   | 5,068,364 |   |
| Private investments:                                      |   |    |        |   |    |   |       |    |   |   |        |   |   |   |   |   |
| Non-listed common stocks                                  |   |    | -           |   |    |   | -          |    |   |   | 87,287,223  |   |   |   | 87,287,223 |   |
| Listed common stocks                                      |   |    | 57,279,158  |   |    |   | -          |    |   |   | -           |   |   |   | 57,279,158 |   |
| Convertible redeemable preferred stock                    |   |    | -           |   |    |   | -          |    |   |   | 18,215,815  |   |   |   | 18,215,815 |   |
| Warrants                                                  |   |    | -           |   |    |   | 273,389    |    |   |   | -           |   |   |   | 273,389 |   |
| Real estate                                               |   |    | -           |   |    |   | -          |    |   |   | 247,428,822 |   |   |   | 247,428,822 |   |
| Investment funds                                          |   |    | -           |   |    |   | -          |    |   |   | 7,682,177   |   |   |   | 7,682,177 |   |
|                                                      |   |    | 922,224,386 |   |    |   | 9,840,627  |    |   |   | 365,682,401 |   |   |   | 1,297,747,414 |   |
| Investments sold short:                                   |   |    |        |   |    |   |       |    |   |   |        |   |   |   |   |   |
| Exchange trade funds                                      |   |    | (6,143,005  | )      |    |   | -          |    |   |   | -           |   |   |   | (6,143,005 | ) |
| Options written                                           |   |    | (265,251    | )      |    |   | (340,683   | )       |   |   | -           |   |   |   | (605,934 | ) |
|                                                      |   |    | (6,408,256  | )      |    |   | (340,683   | )       |   |   | -           |   |   |   | (6,748,939 | ) |
| Unrealized appreciation on equity access products         |   |    | -           |   |    |   | 6,193,871  |    |   |   | -           |   |   |   | 6,193,871 |   |
| Net unrealized appreciation on forward currency contracts |   |    | -           |   |    |   | 5,315,061  |    |   |   | -           |   |   |   | 5,315,061 |   |
| Net unrealized depreciation on forward currency contracts |   |    | -           |   |    |   | (3,581,243 | )       |   |   | -           |   |   |   | (3,581,243 | ) |
| Total                                                     |   | $       | 915,816,130 |   |    | $      | 17,427,633 |    |   | $      | 365,682,401 |   |   | $ | 1,298,926,164 |   |
|                                                      |   |    |        |   |    |   |       |    |   |   |        |   |   |   |   |   |
| Cash equivalents- money market fund                       |   | $       | 32,044,883  |   |    |   |       |    |   |   |        |   |   |   |   |   |

----

|                                                                                                      |   | Investments in Securities |      |   |             |   |
|-----------------------------------------------------------------------------------------------------------|--------|---------------------------|-----------|--------|------------------|--------|
|                                                                                                      |   |                      |      |   |             |   |   | Private Investments |   |   |   |   |
|                                                                                                      |   | Investment Fund           |      |   | Commercial Paper |   |   | Non-Listed Common Stocks |   |   | Convertible Redeemable Preferred Stock |   |   | Real Estate |   |   | Investment Funds |   |   | Totals |   |
|                                                                                                      |   |                      |      |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, beginning of period                                                                              |   | $                         | -         |   |             | $      | 36,784,052 |   |   | $ | 77,409,755 |   |   | $ | 14,683,235 |   |   | $ | 228,647,980 |   |   | $ | 5,838,866 |   |   | $ | 363,363,888 |   |
| Net purchases and dispositions                                                                            |   |                      | 5,000,000 |   |             |   | (39,590,610 | ) |   |   | - |   |   |   | - |   |   |   | 13,287,030 |   |   |   | 2,244,546 |   |   |   | (19,059,034 | ) |
| Net realized gain (loss) on investments in securities                                                     |   |                      | -         |   |             |   | 1,056,333 |   |   |   | - |   |   |   | - |   |   |   | (6,170 | ) |   |   | - |   |   |   | 1,050,163 |   |
| Net change in unrealized appreciation (depreciation) on investments in securities                         |   |                      | 68,364    |   |             |   | 1,750,225 |   |   |   | 9,877,468 |   |   |   | 3,532,580 |   |   |   | 5,499,982 |   |   |   | (401,235 | ) |   |   | 20,327,384 |   |
| Transfers in and out                                                                                      |   |                      | -         |   |             |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Balance, end of period                                                                                    |   | $                         | 5,068,364 |   |             | $      | - |   |   | $ | 87,287,223 |   |   | $ | 18,215,815 |   |   | $ | 247,428,822 |   |   | $ | 7,682,177 |   |   | $ | 365,682,401 |   |
|                                                                                                      |   |                      |      |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net change in unrealized appreciation (depreciation) from investments still held at the end of the period |   | $                         | 68,364    |   |             | $      | - |   |   | $ | 9,877,468 |   |   | $ | 3,532,580 |   |   | $ | 5,493,812 |   |   | $ | (401,235 | ) |   | $ | 18,570,989 |   |
| Gains from investments disposed of during the period                                                      |   |                      | -         |   |             |   | 2,806,558 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,806,558 |   |
|                                                                                                      |   | $                         | 68,364    |   |             | $      | 2,806,558 |   |   | $ | 9,877,468 |   |   | $ | 3,532,580 |   |   | $ | 5,493,812 |   |   | $ | (401,235 | ) |   | $ | 21,377,547 |   |

|                                                               |   | Fair Value |       |
|--------------------------------------------------------------------|--------|------------|------------|
| Investments in securities:                                         |   |       |       |
| Options purchased:                                                 |   |       |       |
| Foreign exchange contracts                                         |   | $          | 9,293,974  |   |
| Equity contracts                                                   |   |       | 1,047,808  |   |
| Commodity contracts                                                |   |       | 273,266    |   |
|                                                               |   |       | 10,615,048 |   |
| Unrealized appreciation on equity access products:                 |   |       |       |   |
| Equity contracts                                                   |   |       | 6,193,871  |   |
| Net unrealized appreciation on forward foreign currency contracts: |   |       |       |   |
| Foreign exchange contracts                                         |   |       | 5,315,061  |   |
| Net unrealized depreciation on forward foreign currency contracts: |   |       |       |   |
| Foreign exchange contracts                                         |   |       | (3,581,243 | ) |
| Investments sold short:                                            |   |       |       |   |
| Options written:                                                   |   |       |       |   |
| Foreign exchange contracts                                         |   |       | (243,023   | ) |
| Equity contracts                                                   |   |       | (265,251   | ) |
| Commodity contracts                                                |   |       | (97,660    | ) |
|                                                               |   |       | (605,934   | ) |
|                                                               |   |       |       |   |
| Net derivatives                                                    |   | $          | 17,936,803 |   |

----

|                                                       |   | 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                                           |   | $                        | (10,056,178 | )                                                                                | Equity contracts                                                                       |                                                 | $      | 3,824,728 |   |
| Foreign exchange contracts                                 |   |                     | -           |                                                                             | Foreign exchange contracts                                                             |                                                 |   | 5,035,600 |   |
| Commodity contracts                                        |   |                     | -           |                                                                             | Commodity contracts                                                                    |                                                 |   | (109,140 | ) |
| Futures contracts:                                         |   |                     |        |                                                                             | Futures contracts:                                                                     |                                                 |   |   |   |
| Equity contracts                                           |   |                     | 56,843,065  |                                                                             | Equity contracts                                                                       |                                                 |   | - |   |
| Equity access products                                     |   |                     | 464,953     |                                                                             | Equity access products                                                                 |                                                 |   | 5,222,983 |   |
| Options written:                                           |   |                     |        |                                                                             | Options written:                                                                       |                                                 |   |   |   |
| Equity contracts                                           |   |                     | 1,685,732   |                                                                             | Equity contracts                                                                       |                                                 |   | 314,105 |   |
| Foreign exchange contracts                                 |   |                     | -           |                                                                             | Foreign exchange contracts                                                             |                                                 |   | 4,015,352 |   |
| Commodity contracts                                        |   |                     | -           |                                                                             | Commodity contracts                                                                    |                                                 |   | 67,780 |   |
| Net realized gain (loss) on foreign currency transactions: |   |                     |        |                                                                             | Net change in unrealized (appreciation) depreciation on foreign currency transactions: |                                                 |   |   |   |
| Foreign exchange contracts                                 |   |                     | (122,959    | )                                                                                | Foreign exchange contracts                                                             |                                                 |   | (111,729 | ) |
|                                                       |   |                     |        |                                                                             |                                                                                   |                                                 |   |   |   |
|                                                       |   | $                        | 48,814,613  |                                                                             |                                                                                   |                                                 | $      | 18,259,679 |   |

----

----

----

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

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

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

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

----

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

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

----

----

|   | 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 (1.55)% and 1.97%, respectively.  These ratios are calculated based on average limited partners’ capital. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

----