----

----

----

----

----

| (in U.S. dollars)                                                                                                                                                |   |   |          |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------------|
| Assets                                                                                                                                                                |   |   |          |
| Investments in securities, at fair value (cost $1,219,677,431)                                                                                                        |   | $      | 1,682,709,274 |   |
| Cash and cash equivalents                                                                                                                                             |   |   | 73,872,076    |   |
| Foreign cash (cost $69,575,408)                                                                                                                                       |   |   | 70,650,038    |   |
| Due from broker                                                                                                                                                       |   |   | 40,353,127    |   |
| Unrealized appreciation on equity access products, at fair value                                                                                                      |   |   | 13,440,001    |   |
| Receivable for investments sold                                                                                                                                       |   |   | 2,197,234     |   |
| Capital contribution receivable                                                                                                                                       |   |   | 200,000       |   |
| Dividends receivable                                                                                                                                                  |   |   | 88,104        |   |
|                      Total assets                            |   | $      | 1,883,509,854 |   |
| Liabilities and Partners’ Capital                                                                                                                               |   |   |          |   |
| Investments in securities sold short, at fair value (proceeds $1,757,000)                                                                                             |   | $      | 604,168       |   |
| Net unrealized depreciation on forward foreign currency contracts, at fair value                                                                                      |   |   | 4,380,027     |   |
| Capital withdrawals payable                                                                                                                                           |   |   | 185,352,033   |   |
| Due to broker                                                                                                                                                         |   |   | 1,673,294     |   |
| Accounts payable and accrued expenses                                                                                                                                 |   |   | 582,791       |   |
| Payable for investments purchased                                                                                                                                     |   |   | 522,263       |   |
|                     Total liabilities                             |   |   | 193,114,576   |   |
|                                                                                                                                                                  |   |   |          |   |
| Commitments and Contingencies (Note 9)                                                                                                                                |   |   |          |   |
|                                                                                                                                                                  |   |   |          |   |
| Partners’ Capital                                                                                                                                               |   |   |          |   |
|       General partner                                                                                                                   |   |   | 1,000         |   |
|       Limited partners                                                                                                                  |   |   | 1,690,394,278 |   |
|                     Total partners’ capital                 |   |   | 1,690,395,278 |   |
|                     Total liabilities and partners’ capital |   | $      | 1,883,509,854 |   |

----

| (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                                                      |   | $      | 266,869,988   |                  |  15.79% |
| Software                                                                |   |   | 117,306,269   |                  |  6.94% |
| Pharmaceuticals                                                         |   |   | 92,262,209    |                  |  5.46% |
| Automobiles                                                             |   |   | 91,797,227    |                  |  5.43% |
| Construction                                                            |   |   | 81,322,303    |                  |  4.81% |
| Materials                                                               |   |   | 68,912,314    |                  |  4.08% |
| Infrastructure                                                          |   |   | 55,839,573    |                  |  3.30% |
| Chemicals, Agro                                                         |   |   | 55,830,300    |                  |  3.30% |
| Energy                                                                  |   |   | 52,773,463    |                  |  3.12% |
| Real Estate                                                             |   |   | 43,359,919    |                  |  2.57% |
| Consumer Durables                                                       |   |   | 38,647,591    |                  |  2.29% |
| Diversified                                                             |   |   | 37,915,650    |                  |  2.24% |
| Food, Beverage                                                          |   |   | 33,686,187    |                  |  1.99% |
| Auto Ancillaries                                                        |   |   | 21,037,411    |                  |  1.24% |
| Logistics                                                               |   |   | 15,865,546    |                  |  0.94% |
| Sugar                                                                   |   |   | 12,391,744    |                  |  0.73% |
| Light Engineering                                                       |   |   | 10,499,955    |                  |  0.62% |
| Textile                                                                 |   |   | 6,629,228     |                  |  0.39% |
| Capital Goods                                                           |   |   | 5,675,520     |                  |  0.34% |
| Telecom                                                                 |   |   | 5,333,963     |                  |  0.32% |
| Hotel                                                                   |   |   | 5,104,110     |                  |  0.30% |
| Total India listed common stocks (Cost $786,731,507)                    |   |   | 1,119,060,470 |                  |  66.20% |
| Hong Kong                                                               |   |   |          |                  |   |
| Diversified                                                             |   |   | 3,949,004     |                  |  0.23% |
| Total Hong Kong listed common stocks (Cost $3,236,725)                  |   |   | 3,949,004     |                  |  0.23% |
| United Kingdom                                                          |   |   |          |                  |   |   |
| Real Estate                                                             |   |   | 1,673,595     |                  |  0.10% |
| Total United Kingdom listed common stocks (Cost $3,828,800)             |   |   | 1,673,595     |                  |  0.10% |
| Total listed common stocks (Cost $793,797,032)                          |   |   | 1,124,683,069 |                  |  66.53% |
| Index Product                                                           |   |   |          |                  |   |   |   |   |   |
| India                                                                   |   |   |          |                  |   |   |   |   |   |
| NSE CNX Midcap Index (607,973 shares)                                   |   |   | 97,129,322    |                  |  5.75% |
| Total India index product (Cost $48,360,115)                            |   |   | 97,129,322    |                  |  5.75% |
| Exchange Traded Funds                                                   |   |   |          |                  |   |   |   |   |   |
| United States of America                                                |   |   |          |                  |   |   |   |   |   |
| Emerging Markets Funds                                                  |   |   | 4,496,620     |                  |  0.27% |
| Total United States of America exchanged traded funds (Cost $3,978,914) |   |   | 4,496,620     |                  |  0.27% |

----

| (in U.S. dollars)                                        |                                                                                                 |        | Fair Value as a |                                                           |
|----------------------------------------------------------|------------------------------------------------------------------------------------------------------|-------------|-----------------|----------------------------------------------------------------|
|                                                     |                                                                                                 |        |            |                                                           | Percent of |   |
|                                                     |                                                                                                 |        |            | Fair                                                           | Total Partners’ |   |
| Description                                              |                                                                                                 | Value       |            |           Capital |   |
| Options Purchased                                        |                                                                                                 |        |            |
| United States Of America                                 |                                                                                                 |        |            |
| Commodities                                              | $               1,796,640 |        | 0.11%           |
| Stocks                                                   | 50,400                                                                                               |        | 0.00%           |
|                                                     | Total United States of America options purchased (Cost $3,832,600)                                   | 1,847,040   |            | 0.11%                                                          |
| Investment Fund                                          |                                                                                                 |        |            |                                                           |
| India                                                    |                                                                                                 |        |            |                                                           |
| Multi-Strategy Arbitrage Fund                            | 5,318,356                                                                                            |        | 0.31%           |                                                           |
| Total India investment fund (Cost $5,000,000)            | 5,318,356                                                                                            |        | 0.31%           |                                                           |
| Private Investments                                      |                                                                                                 |        |            |                                                           |
| India                                                    |                                                                                                 |        |            |                                                           |
| Non-Listed Common Stocks                                 |                                                                                                 |        |            |                                                           |   |
| Construction                                             |                                                                                                 | 40,496,467  |            | 2.40%                                                          |   |
| Financial Services                                       |                                                                                                 | 18,971,903  |            | 1.12%                                                          |   |
| Hotels                                                   |                                                                                                 | 15,960,048  |            | 0.94%                                                          |   |
| Capital Goods                                            |                                                                                                 | 11,970,819  |            | 0.71%                                                          |   |
| Commercial Services                                      |                                                                                                 | 7,954,083   |            | 0.47%                                                          |   |
| Auto Ancillaries                                         | 3,700,041                                                                                            |        | 0.22%           |                                                           |
| Software                                                 | 2,795,962                                                                                            |        | 0.17%           |                                                           |
| Media                                                    | 2,104,064                                                                                            |        | 0.12%           |                                                           |
|                                                     | Total India non-listed common stocks (Cost $92,681,997)                                              | 103,953,387 |            | 6.15%                                                          |   |
| Listed Common Stocks (carried at exchange price)         |                                                                                                 |        |            |                                                           |
| Financial Services                                       | 36,189,503                                                                                           |        | 2.14%           |                                                           |
| Logistics                                                | 17,985,962                                                                                           |        | 1.06%           |                                                           |
| Automobiles                                              | 4,774,315                                                                                            |        | 0.29%           |                                                           |
| Textile                                                  | 1,421,386                                                                                            |        | 0.08%           |                                                           |
| Total India listed common stocks (Cost $54,586,980)      | 60,371,166                                                                                           |        | 3.57%           |                                                           |
| Convertible Redeemable Preferred Stocks                  |                                                                                                 |        |            |                                                           |
| Food, Beverage                                           |                                                                                                 | 14,336,660  |            | 0.85%                                                          |   |
| Textile                                                  |                                                                                                 | 2,455,671   |            | 0.15%                                                          |   |
|                                                     | Total India convertible redeemable preferred stocks (Cost $10,239,578)                               | 16,792,331  |            | 1.00%                                                          |   |
| Warrants                                                 |                                                                                                 |        |            |                                                           |
| Textile                                                  |                                                                                                 | -           |            | 0.00%                                                          |   |
| Total India warrants (Cost $409,488)                     | -                                                                                                    |        | 0.00%           |                                                           |
| Real Estate                                              |                                                                                                 |        |            |                                                           |   |
| Silver Holdings Mauritius Limited, Various Cities, India |                                                                                                 | 64,393,211  |            | 3.81%                                                          |   |
| Khajrana Ganesh (Carton) Limited, Gurgaon, India         |                                                                                                 | 44,495,803  |            | 2.63%                                                          |   |
| NV Realty Private Limited, Pune, India                   |                                                                                                 | 37,628,406  |            | 2.23%                                                          |   |
| NV Developers Private Limited, Thane, India              |                                                                                                 | 32,033,063  |            | 1.90%                                                          |   |
| Carwel Estates Limited, Chennai, India                   |                                                                                                 | 31,694,012  |            | 1.87%                                                          |   |
| Other                                                    |                                                                                                 | 48,682,380  |            | 2.88%                                                          |   |
| Total India real estate (Cost $197,408,431)              | 258,926,875                                                                                          |        | 15.32%          |                                                           |

----

| (in U.S. dollars)                                                                                                                                                                                |                                                                                                 |                                                                                           | Fair Value as a |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------|-----------------|
|                                                                                                                                                                                             |                                                                                                 |                                                                                           |            |   | Percent of |
|                                                                                                                                                                                             |                                                                                                 |                                                                                           |            | Fair | Total Partners’ |
| Description                                                                                                                                                                                      |                                                                                                 | Value                                                                                          |            |                               Capital |
| Investment Funds                                                                                                                                                                                 |                                                                                                 |                                                                                           |            |   |
| India                                                                                                                                                                                            |                                                                                                 |                                                                                           |            |   |
| Real Estate                                                                                                                                                                                      |                                                                                                 | $              6,804,200 |            | 0.40% |
| Total India investment fund (Cost $6,017,750)                                                                                                                                                    | 6,804,200                                                                                            |                                                                                           | 0.40%           |
| Malaysia                                                                                                                                                                                         |                                                                                                 |                                                                                           |            |   |
| Financial Services                                                                                                                                                                               |                                                                                                 | 2,386,908                                                                                      |            | 0.14% |
| Total Malaysia investment fund (Cost $3,364,546)                                                                                                                                                 | 2,386,908                                                                                            |                                                                                           | 0.14%           |
|                         Total private investments (Cost $364,708,770)    | 449,234,867                                                                                          |                                                                                           | 26.58%          |
|                         Total investments in securities (Cost $1,219,677,431) | $       1,682,709,274                                             |                                                                                           | 99.55%          |
|                                                                                                                                                                                             |                                                                                                 |                                                                                           |            |
| Investments in Securities Sold Short                                                                                                                                                             |                                                                                                 |                                                                                           |            |
| Options Written                                                                                                                                                                                  |                                                                                                 |                                                                                           |            |
| United States of America                                                                                                                                                                         |                                                                                                 |                                                                                           |            |
| Commodities                                                                                                                                                                                      | $               (604,168) |                                                                                           | (0.04)%         |
| Total United States of America options written (Proceeds $1,757,000)                                                                                                                             | $               (604,168) |                                                                                           | (0.04)%         |

|                                                                            |                                                              |                                                  |                                                             |                   |
|---------------------------------------------------------------------------------|-------------------------------------------------------------------|-------------------------------------------------------|------------------------------------------------------------------|------------------------|
|                                                                            |                                                              |                                                  |                                                             | UnrealizedAppreciation |   |   |
|                                                                            |                                                              |                                                  |                                                             |                   |
| Equity Access Products (a) (b)                                                  |                                                              |                                                  |                                                             |                   |   |
| India                                                                           |                                                              |                                                  |                                                             |                   |   |   |
| Diversified                                                                     |                                                              |                                                  | $         9,624,569 |                   | 0.57% |
| Financial Services                                                              |                                                              |                                                  | 3,815,432                                                        |                   | 0.22% |
| Total India equity access products                                              |                                                              | 13,440,001                                            |                                                             | 0.79%                  |
| Unrealized appreciation on equity access products                               |                                                              | $       13,440,001 |                                                             | 0.79%                  |
| Forward Foreign Currency Contracts (0.26% of total partners’ capital) (b) |
|                                                                            | Amount in Indian Rupees                                           |    Description                         |                                                             |                   |                          Maturities |   | Unrealized Depreciation |
| 9,308,707,500                                                                   | US Dollar sold in exchange for Indian Rupee                       |                                                  | 1/11/2010-3/31/2010                                              |                   | $     (4,380,027) |
|                                                                            | Net unrealized depreciation on forward foreign currency contracts |                                                  |                                                             |                   | $     (4,380,027) |
|                                                                            | Futures Contracts (b)                                             |                                                  |                                                             |
|                                                                            |                                                              | Number of Contracts                                   |    Description                                    |                   |   | Maturities |   | Unrealized Appreciation (Depreciation) |
|                                                                            | 8                                                                 |   Various                                   |                                                             | Various                |   | $                      - |

|   | (a) | Equity access products are collateralized as discussed in Note 2.  The Master Fund’s agreements with its counterparties are generally for multi-year durations. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Derivative contracts may increase or decrease the Master Fund’s economic exposure to individual issuers, industry or market developments in addition to the amounts shown as unrealized appreciation/depreciation. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Industry Concentration of Investments in Securities and Equity Access Products greater than 5% of Total Partners’ Capital |   | Fair Value of Positions as a Percent of Total Partners’ Capital |   |
|---------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------|--------|
| Financial Services                                                                                                              |   |                                                                  | 19.41  | % |
| Real Estate                                                                                                                     |   |                                                                  | 18.39  | % |
| Construction                                                                                                                    |   |                                                                  | 7.21   | % |
| Software                                                                                                                        |   |                                                                  | 7.11   | % |
| Automobile                                                                                                                      |   |                                                                  | 5.72   | % |
| Pharmaceuticals                                                                                                                 |   |                                                                  | 5.46   | % |
|                                                                                                                            |   |                                                                  |   |   |
| Country Concentration of Investments in Securities and Equity Access Products greater than 5% of Total Partners’ Capital  |   |                                                                  |   |   |
| India                                                                                                                           |   |                                                                  | 99.49  | % |

----

|  (in U.S. dollars)                                                                                                              |   |   |        |
|-------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|
| Investment income                                                                                                                         |   |   |        |
|    Dividends (net of withholding taxes of $22,242)                                                                         |   | $      | 5,933,716   |   |
|    Interest                                                                                                                |   |   | 33,653      |   |
|             Total investment income                                           |   |   | 5,967,369   |   |
|                                                                                                                                      |   |   |        |   |
| Expenses                                                                                                                                  |   |   |        |   |
|    Management fees                                                                                                         |   |   | 13,170,040  |   |
|    Professional fees                                                                                                       |   |   | 1,255,921   |   |
|    Other                                                                                                                   |   |   | 126,773     |   |
|             Total expenses                                                    |   |   | 14,552,734  |   |
|             Net investment loss                                               |   |   | (8,585,365  | ) |
| Realized and unrealized gain (loss) on investments                                                                                        |   |   |        |   |
| Net realized gain (loss) on                                                                                                               |   |   |        |   |
|    Investments in securities                                                                                               |   |   | 34,302,252  |   |
|    Investments in securities sold short                                                                                    |   |   | (3,237,686  | ) |
|    Derivative transactions (including equity access products and futures contracts)                                        |   |   | 13,814,220  |   |
|    Foreign currency transactions (including forward foreign currency contracts)                                            |   |   | (905,513    | ) |
|             Net realized gain                                                 |   |   | 43,973,273  |   |
| Net change in unrealized appreciation (depreciation) on                                                                                   |   |   |        |   |
|    Investments in securities                                                                                               |   |   | 289,411,814 |   |
|    Investments in securities sold short                                                                                    |   |   | (2,284,894  | ) |
|    Derivative transactions (including equity access products and futures contracts)                                        |   |   | (1,694,744  | ) |
|    Foreign currency transactions (including forward foreign currency contracts)                                            |   |   | (6,872,148  | ) |
|             Net change in unrealized appreciation                             |   |   | 278,560,028 |   |
|             Net realized and unrealized gain on investments                   |   |   | 322,533,301 |   |
|             Net increase in partners’ capital resulting from operations |   | $      | 313,947,936 |   |

----

|                                                  |   |    |   |   |     |   |          |   |   |
|-------------------------------------------------------|--------|---------|--------|--------|----------|--------|---------------|--------|--------|
| (in U.S. dollars)                                     |   |    |   |   |     |   |          |   |   |
|                                                  |   |    |   |   |     |   |          |   |   |
|                                                  |   | General |   |   | Limited  |   |          |   |   |
|                                                  |   | Partner |   |   | Partners |   |          | Total  |   |
|                                                  |   |    |   |   |     |   |          |   |   |
| Partners' capital, July 1, 2009                       |   | $       | 1,000  |   |     | $      | 1,526,465,480 |   |   | $ | 1,526,466,480 |   |
| Capital contributions                                 |   |    | -      |   |     |   | 37,225,000    |   |   |   | 37,225,000 |   |
| Capital withdrawals                                   |   |    | -      |   |     |   | (184,647,930  | )      |   |   | (184,647,930 | ) |
| Deemed distributions                                  |   |    | -      |   |     |   | (2,596,208    | )      |   |   | (2,596,208 | ) |
| Allocation of net increase in partners’ capital |   |    |   |   |     |   |          |   |   |   |   |   |
|    resulting from operations           |   |    | -      |   |     |   | 313,947,936   |   |   |   | 313,947,936 |   |
| Partners' capital, December 31, 2009                  |   | $       | 1,000  |   |     | $      | 1,690,394,278 |   |   | $ | 1,690,395,278 |   |

----

| (in U.S. dollars)                                                                                                                                |   |   |         |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------------|
| Cash flows from operating activities                                                                                                                  |   |   |         |
| Net increase in partners' capital resulting from operations                                                                                           |   | $      | 313,947,936  |   |
| 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                                                                                                    |   |   | (824,499,653 | ) |
| Payments to cover securities sold short                                                                                                               |   |   | (19,324,542  | ) |
| Proceeds from sales of securities and equity access products                                                                                          |   |   | 731,903,164  |   |
| Proceeds from securities sold short                                                                                                                   |   |   | 14,087,197   |   |
| Proceeds from closeouts of futures contracts                                                                                                          |   |   | 14,947,017   |   |
| Payments on forward foreign currency contracts                                                                                                        |   |   | (905,513     | ) |
| Decrease in operating assets:                                                                                                                         |   |   |         |   |
| Due from broker                                                                                                                                       |   |   | (18,380,188  | ) |
| Dividends receivable                                                                                                                                  |   |   | 1,228,231    |   |
| Decrease in operating liabilities:                                                                                                                    |   |   |         |   |
| Due to broker                                                                                                                                         |   |   | 1,673,294    |   |
| Accounts payable and accrued expenses                                                                                                                 |   |   | (1,919,074   | ) |
| Net change in unrealized appreciation on investments in securities and derivative transactions                                                        |   |   | (287,717,070 | ) |
| Net change in unrealized depreciation of investments in securities sold short                                                                         |   |   | 2,284,894    |   |
| Net change in unrealized depreciation on forward foreign currency contracts                                                                           |   |   | 6,113,845    |   |
| Net realized gain on investments in securities and derivative transactions                                                                            |   |   | (48,116,472  | ) |
| Net realized loss on investments in securities sold short                                                                                             |   |   | 3,237,686    |   |
| Net realized loss on foreign currency transactions                                                                                                    |   |   | 905,513      |   |
|               Net cash used by operating activities                             |   |   | (110,533,735 | ) |
| Cash flows from financing activities                                                                                                                  |   |   |         |   |
| Capital contributions, net of change in capital contribution receivable                                                                               |   |   | 37,025,000   |   |
| Capital withdrawals, net of change in capital withdrawals payable                                                                                     |   |   | (832,346     | ) |
| Deemed distributions                                                                                                                                  |   |   | (2,596,208   | ) |
|                   Net cash provided by financing activities |   |   | 33,596,446   |   |
|                   Net decrease in cash and cash equivalents |   |   | (76,937,289  | ) |
| Cash and cash equivalents (including foreign cash)                                                                                                    |   |   |         |   |
| Beginning of period                                                                                                                                   |   |   | 221,459,403  |   |
| End of period                                                                                                                                         |   | $      | 144,522,114  |   |
|                                                                                                                                                  |   |   |         |   |

----

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

----

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

----

----

|                                                      |   | Level 1 |          |   | Level 2 |   |       | Level 3 |   |   | Total       |   |
|-----------------------------------------------------------|--------|---------|---------------|--------|---------|--------|------------|---------|--------|--------|-------------|--------|
|                                                      |   |    |          |   |    |   |       |    |   |   |        |   |
| Investments in securities:                                |   |    |          |   |    |   |       |    |   |   |        |   |
| Listed common stocks                                      |   | $       | 1,124,683,069 |   |    | $      | -          |    |   | $      | -           |   |   | $ | 1,124,683,069 |   |
| Index product                                             |   |    | 97,129,322    |   |    |   |       |    |   |   |        |   |   |   | 97,129,322 |   |
| Exchange traded funds                                     |   |    | 4,496,620     |   |    |   | -          |    |   |   | -           |   |   |   | 4,496,620 |   |
| Options purchased                                         |   |    | 50,400        |   |    |   | 1,796,640  |    |   |   | -           |   |   |   | 1,847,040 |   |
| Investment fund                                           |   |    | -             |   |    |   | -          |    |   |   | 5,318,356   |   |   |   | 5,318,356 |   |
| Private investments:                                      |   |    |          |   |    |   |       |    |   |   |        |   |   |   |   |   |
| Non-listed common stocks                                  |   |    | -             |   |    |   | -          |    |   |   | 103,953,387 |   |   |   | 103,953,387 |   |
| Listed common stocks                                      |   |    | 60,371,166    |   |    |   | -          |    |   |   | -           |   |   |   | 60,371,166 |   |
| Convertible redeemable preferred stock                    |   |    | -             |   |    |   | -          |    |   |   | 16,792,331  |   |   |   | 16,792,331 |   |
| Real estate                                               |   |    | -             |   |    |   | -          |    |   |   | 258,926,875 |   |   |   | 258,926,875 |   |
| Investment funds                                          |   |    | -             |   |    |   | -          |    |   |   | 9,191,108   |   |   |   | 9,191,108 |   |
|                                                      |   |    | 1,286,730,577 |   |    |   | 1,796,640  |    |   |   | 394,182,057 |   |   |   | 1,682,709,274 |   |
| Investments sold short:                                   |   |    |          |   |    |   |       |    |   |   |        |   |   |   |   |   |
| Options written                                           |   |    | -             |   |    |   | (604,168   | )       |   |   | -           |   |   |   | (604,168 | ) |
|                                                      |   |    | -             |   |    |   | (604,168   | )       |   |   | -           |   |   |   | (604,168 | ) |
| Unrealized appreciation on equity access products         |   |    | -             |   |    |   | 13,440,001 |    |   |   | -           |   |   |   | 13,440,001 |   |
| Net unrealized depreciation on forward currency contracts |   |    | -             |   |    |   | (4,380,027 | )       |   |   | -           |   |   |   | (4,380,027 | ) |
| Total                                                     |   | $       | 1,286,730,577 |   |    | $      | 10,252,446 |    |   | $      | 394,182,057 |   |   | $ | 1,691,165,080 |   |
|                                                      |   |    |          |   |    |   |       |    |   |   |        |   |   |   |   |   |
| Cash equivalents- money market fund                       |   | $       | 12,521,000    |   |    |   |       |    |   |   |        |   |   |   |   |   |

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|                                                                                                      |   | Investments in Securities |      |   |                     |   |
|-----------------------------------------------------------------------------------------------------------|--------|---------------------------|-----------|--------|--------------------------|--------|
|                                                                                                      |   |                      |      |   | Private Investments      |   |   |   |   |
|                                                                                                      |   | Investment Fund           |      |   | Non-Listed Common Stocks |   |   | Convertible Redeemable Preferred Stock |   |   | Real Estate |   |   | Investment Funds |   |   | Warrants |   |   | Totals |   |
|                                                                                                      |   |                      |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, beginning of period                                                                              |   | $                         | 5,068,364 |   |                     | $      | 87,287,223 |   |   | $ | 18,215,815 |   |   | $ | 247,428,822 |   |   | $ | 7,682,177 |   |   | $ | - |   |   | $ | 365,682,401 |   |
| Net purchases and dispositions                                                                            |   |                      |      |   |                     |   | (2,336,027 | ) |   |   | (3,183,618 | ) |   |   | 13,032,360 |   |   |   |   |   |   |   |   |   |   |   | 7,512,715 |   |
| Net realized losses on investments in securities                                                          |   |                      | -         |   |                     |   | (111,014 | ) |   |   | (91,955 | ) |   |   | - |   |   |   | - |   |   |   | (139,737 | ) |   |   | (342,706 | ) |
| Net change in unrealized appreciation (depreciation) on investments in securities                         |   |                      | 249,992   |   |                     |   | 19,113,205 |   |   |   | 1,852,089 |   |   |   | (1,534,307 | ) |   |   | 1,508,931 |   |   |   | 139,737 |   |   |   | 21,329,647 |   |
| Transfers in and out                                                                                      |   |                      | -         |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Balance, end of period                                                                                    |   | $                         | 5,318,356 |   |                     | $      | 103,953,387 |   |   | $ | 16,792,331 |   |   | $ | 258,926,875 |   |   | $ | 9,191,108 |   |   | $ | - |   |   | $ | 394,182,057 |   |
|                                                                                                      |   |                      |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net change in unrealized appreciation (depreciation) from investments still held at the end of the period |   | $                         | 249,992   |   |                     | $      | 19,002,191 |   |   | $ | 1,760,134 |   |   | $ | (1,534,307 | ) |   | $ | 1,508,931 |   |   | $ | - |   |   | $ | 20,986,941 |   |
| Losses from investments disposed of during the period                                                     |   |                      | -         |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (139,737 | ) |   |   | (139,737 | ) |
| Total                                                                                                     |   | $                         | 249,992   |   |                     | $      | 19,002,191 |   |   | $ | 1,760,134 |   |   | $ | (1,534,307 | ) |   | $ | 1,508,931 |   |   | $ | (139,737 | ) |   | $ | 20,847,204 |   |

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|                                                               |   | Notional or Contractual Amount |         |   | Fair Value |   |
|--------------------------------------------------------------------|--------|--------------------------------|--------------|--------|------------|--------|
| Investments in securities:                                         |   |                           |         |   |       |   |
| Options purchased:                                                 |   |                           |         |   |       |   |
| Commodity contracts                                                |   | $                              | 35,000,000   |   |       | $      | 1,796,640 |   |
| Equity contracts                                                   |   |                           | 8,000,000    |   |       |   | 50,400 |   |
|                                                               |   |                           |         |   |       |   | 1,847,040 |   |
| Unrealized appreciation on equity access products:                 |   |                           |         |   |       |   |   |   |
| Equity contracts                                                   |   |                           | 15,000,000   |   |       |   | 13,440,001 |   |
| Net unrealized depreciation on forward foreign currency contracts: |   |                           |         |   |       |   |   |   |
| Forward foreign currency contracts                                 |   |                           | (195,000,000 | )      |       |   | (4,380,027 | ) |
| Investments sold short:                                            |   |                           |         |   |       |   |   |   |
| Options written:                                                   |   |                           |         |   |       |   |   |   |
| Commodity contracts                                                |   |                           | (45,000,000  | )      |       |   | (604,168 | ) |
|                                                               |   |                           |         |   |       |   | (604,168 | ) |
| Net derivatives                                                    |   |                           |         |   |       | $      | 10,302,846 |   |

|                                                       |   | 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                                           |   | $                        | (9,951,562 | )                                                                                | Equity contracts                                                                       |                                                 | $      | 333,711 |   |
| Foreign exchange contracts                                 |   |                     | 3,457,662  |                                                                             | Foreign exchange contracts                                                             |                                                 |   | (5,035,600 | ) |
| Commodity contracts                                        |   |                     | -          |                                                                             | Commodity contracts                                                                    |                                                 |   | (284,526 | ) |
| Futures contracts:                                         |   |                     |       |                                                                             | Futures contracts:                                                                     |                                                 |   |   |   |
| Equity contracts                                           |   |                     | 12,346,143 |                                                                             | Equity contracts                                                                       |                                                 |   | - |   |
| Equity access products                                     |   |                     | 1,183,425  |                                                                             | Equity access products                                                                 |                                                 |   | 7,246,130 |   |
| Options written:                                           |   |                     |       |                                                                             | Options written:                                                                       |                                                 |   |   |   |
| Equity contracts                                           |   |                     | 2,520,177  |                                                                             | Equity contracts                                                                       |                                                 |   | (239,599 | ) |
| Foreign exchange contracts                                 |   |                     | 4,258,375  |                                                                             | Foreign exchange contracts                                                             |                                                 |   | (4,015,352 | ) |
| Commodity contracts                                        |   |                     | -          |                                                                             | Commodity contracts                                                                    |                                                 |   | 300,492 |   |
| Net realized gain (loss) on foreign currency transactions: |   |                     |       |                                                                             | Net change in unrealized (appreciation) depreciation on foreign currency transactions: |                                                 |   |   |   |
| Foreign exchange contracts                                 |   |                     | (11,863    | )                                                                                | Foreign exchange contracts                                                             |                                                 |   | (6,113,845 | ) |
|                                                       |   |                     |       |                                                                             |                                                                                   |                                                 |   |   |   |
|                                                       |   | $                        | 13,802,357 |                                                                             |                                                                                   |                                                 | $      | (7,808,589 | ) |

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

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

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

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

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

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

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

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|   | 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 (1.02)% and 1.73%, respectively.  These ratios are calculated based on average limited partners’ capital. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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