----

----

----

----

----

| (in U.S. dollars)                                                                                                                                                           |   |   |          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------------|
| Assets                                                                                                                                                                           |   |   |          |
| Investments in securities, at fair value (cost $1,202,236,915)                                                                                                                   |   | $      | 1,587,031,885 |   |
| Foreign cash (cost $70,996,119)                                                                                                                                                  |   |   | 70,887,225    |   |
| Cash and cash equivalents                                                                                                                                                        |   |   | 61,327,477    |   |
| Due from broker                                                                                                                                                                  |   |   | 53,167,889    |   |
| Unrealized appreciation on equity access products, at fair value                                                                                                                 |   |   | 15,237,687    |   |
| Receivable for investments sold                                                                                                                                                  |   |   | 9,046,415     |   |
| Dividends receivable                                                                                                                                                             |   |   | 4,012,968     |   |
|                      Total assets                                       |   | $      | 1,800,711,546 |   |
| Liabilities and Partners’ CapitalLiabilities                                                                                                                               |   |   |          |   |
| Investments in securities sold short, at fair value (proceeds $2,952,960)                                                                                                        |   | $      | 1,128,330     |   |
| Net unrealized depreciation on forward foreign currency contracts, at fair value                                                                                                 |   |   | 319,611       |   |
| Payable for investments purchased                                                                                                                                                |   |   | 7,689,576     |   |
| Capital withdrawals payable                                                                                                                                                      |   |   | 5,426,132     |   |
| Capital contributions received in advance                                                                                                                                        |   |   | 2,485,000     |   |
| Accounts payable and accrued expenses                                                                                                                                            |   |   | 377,305       |   |
|                     Total liabilities                                        |   |   | 17,425,954    |   |
|                                                                                                                                                                             |   |   |          |   |
| Commitments and Contingencies (Note 9)                                                                                                                                           |   |   |          |   |
|                                                                                                                                                                             |   |   |          |   |
| Partners’ Capital                                                                                                                                                          |   |   |          |   |
|       General partner                                                                                                                              |   |   | 1,000         |   |
|       Limited partners                                                                                                                             |   |   | 1,783,284,592 |   |
|                     Total partners’ capital                            |   |   | 1,783,285,592 |   |
|                     Total liabilities and  partners’ capital |   | $      | 1,800,711,546 |   |
|                                                                                                                                                                             |   |   |          |   |

----

| (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                                          |          | $           274,203,477 |            | 15.38% |
| Software                                                    |          | 110,837,360                                                                    |            | 6.22% |
| Construction                                                |          | 93,298,380                                                                     |            | 5.23% |
| Infrastructure                                              |          | 73,881,674                                                                     |            | 4.14% |
| Chemicals, Agro                                             |          | 66,925,501                                                                     |            | 3.75% |
| Automobiles                                                 |          | 66,722,077                                                                     |            | 3.74% |
| Pharmaceuticals                                             |          | 59,930,744                                                                     |            | 3.36% |
| Real Estate                                                 |          | 59,561,289                                                                     |            | 3.34% |
| Diversified                                                 |          | 48,603,704                                                                     |            | 2.72% |
| Energy                                                      |          | 44,483,549                                                                     |            | 2.49% |
| Materials                                                   |          | 39,154,830                                                                     |            | 2.20% |
| Consumer Durables                                           |          | 30,898,496                                                                     |            | 1.73% |
| Logistics                                                   |          | 29,524,499                                                                     |            | 1.66% |
| Consumer Discretionary                                      |          | 25,845,335                                                                     |            | 1.45% |
| Auto Ancillaries                                            |          | 21,294,239                                                                     |            | 1.19% |
| Capital Goods                                               |          | 13,493,855                                                                     |            | 0.76% |
| Hotel                                                       |          | 6,920,712                                                                      |            | 0.39% |
| Textile                                                     |          | 6,237,697                                                                      |            | 0.35% |
| Light Engineering                                           |          | 4,967,104                                                                      |            | 0.28% |
| Food, Beverage                                              |          | 338,249                                                                        |            | 0.02% |
| Total India listed common stocks (Cost $824,951,943)        | 1,077,122,771 |                                                                           | 60.40%          |
| Hong Kong                                                   |          |                                                                           |            |
| Real Estate                                                 | 996,341       |                                                                           | 0.06%           |
| Total Hong Kong listed common stocks (Cost $1,059,385)      | 996,341       |                                                                           | 0.06%           |
| Luxembourg                                                  |          |                                                                           |            |
| Consumer Discretionary                                      | 1,483,038     |                                                                           | 0.08%           |
| Total Luxembourg listed common stocks (Cost $1,315,122)     | 1,483,038     |                                                                           | 0.08%           |
| United Kingdom                                              |          |                                                                           |            |
| Real Estate                                                 | 1,957,795     |                                                                           | 0.11%           |
| Total United Kingdom listed common stocks (Cost $3,828,800) | 1,957,795     |                                                                           | 0.11%           |
| Total listed common stocks (Cost $831,155,250)              | 1,081,559,945 |                                                                           | 60.65%          |
| Index Product                                               |          |                                                                           |            |
| India                                                       |          |                                                                           |            |
| Diversified                                                 | 52,102,207    |                                                                           | 2.92%           |
| Total India index product (Cost $27,937,468)                | 52,102,207    |                                                                           | 2.92%           |
| Exchange Traded Funds                                       |          |                                                                           |            |
| Hong Kong                                                   |          |                                                                           |            |
| Diversified                                                 | 5,496,427     |                                                                           | 0.31%           |
| Real Estate                                                 | 2,271,834     |                                                                           | 0.13%           |
| Total Hong Kong exchange traded funds (Cost $8,350,271)     | 7,768,261     |                                                                           | 0.44%           |

----

| (in U.S. dollars)                                                             |                                                                                                                 |        | Fair Value as a |                                                                                                                                                                                   |
|-------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|-------------|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                          |                                                                                                                 |        |            |                                                                                                                                                                                   | Percent of |   |
|                                                                          |                                                                                                                 |        |            | Fair                                                                                                                                                                                   | Total Partners’ |   |
| Description                                                                   |                                                                                                                 | Value       |            |                               Capital |   |
| Options Purchased                                                             |                                                                                                                 |        |            |
| Hong Kong                                                                     |                                                                                                                 |        |            |
| Index                                                                         | $                  805,501 |        | 0.04%           |
|                                                                          | Total Hong Kong options purchased (Cost $575,597)                                                                    | 805,501     |            | 0.04%                                                                                                                                                                                  |
| India                                                                         |                                                                                                                 |        |            |                                                                                                                                                                                   |
| Index                                                                         | 582,741                                                                                                              |        | 0.03%           |                                                                                                                                                                                   |
| Currency                                                                      | 153,534                                                                                                              |        | 0.01%           |                                                                                                                                                                                   |
| Total India options purchased (Cost $4,197,202)                               | 736,275                                                                                                              |        | 0.04%           |                                                                                                                                                                                   |
| United States Of America                                                      |                                                                                                                 |        |            |                                                                                                                                                                                   |
| Commodities                                                                   | 683,902                                                                                                              |        | 0.04%           |                                                                                                                                                                                   |
| Total United States Of America options purchased  (Cost $3,656,710) | 683,902                                                                                                              |        | 0.04%           |                                                                                                                                                                                   |
| Total options purchased  (Cost $8,429,509)                          | 2,225,678                                                                                                            |        | 0.12%           |                                                                                                                                                                                   |
| Investment Fund                                                               |                                                                                                                 |        |            |                                                                                                                                                                                   |
| India                                                                         |                                                                                                                 |        |            |                                                                                                                                                                                   |
| Multi Strategy Arbitrage Fund                                                 | 5,467,707                                                                                                            |        | 0.31%           |                                                                                                                                                                                   |
| Total India investment fund (Cost $5,000,000)                                 | 5,467,707                                                                                                            |        | 0.31%           |                                                                                                                                                                                   |
| Private Investments                                                           |                                                                                                                 |        |            |                                                                                                                                                                                   |
| India                                                                         |                                                                                                                 |        |            |                                                                                                                                                                                   |
| Non-Listed Common Stocks                                                      |                                                                                                                 |        |            |                                                                                                                                                                                   |   |
| Construction                                                                  |                                                                                                                 | 46,622,662  |            | 2.61%                                                                                                                                                                                  |   |
| Hotels                                                                        |                                                                                                                 | 16,780,636  |            | 0.94%                                                                                                                                                                                  |   |
| Financial Services                                                            |                                                                                                                 | 15,207,614  |            | 0.85%                                                                                                                                                                                  |   |
| Capital Goods                                                                 |                                                                                                                 | 9,696,818   |            | 0.55%                                                                                                                                                                                  |   |
| Commercial Services                                                           |                                                                                                                 | 9,047,786   |            | 0.51%                                                                                                                                                                                  |   |
| Software                                                                      | 3,020,926                                                                                                            |        | 0.17%           |                                                                                                                                                                                   |
| Auto Ancillaries                                                              | 32,581                                                                                                               |        | 0.00%           |                                                                                                                                                                                   |
|                                                                          | Total India non-listed common stocks (Cost $75,502,631)                                                              | 100,409,023 |            | 5.63%                                                                                                                                                                                  |   |
| Listed Common Stocks (carried at exchange price)                              |                                                                                                                 |        |            |                                                                                                                                                                                   |
| Financial Services                                                            | 34,231,334                                                                                                           |        | 1.92%           |                                                                                                                                                                                   |
| Automobiles                                                                   | 6,555,436                                                                                                            |        | 0.37%           |                                                                                                                                                                                   |
| Textile                                                                       | 1,570,075                                                                                                            |        | 0.09%           |                                                                                                                                                                                   |
| Total India listed common stocks (Cost $32,305,390)                           | 42,356,845                                                                                                           |        | 2.38%           |                                                                                                                                                                                   |
| Convertible Redeemable Preferred Stocks                                       |                                                                                                                 |        |            |                                                                                                                                                                                   |
| Food, Beverage                                                                |                                                                                                                 | 17,410,118  |            | 0.98%                                                                                                                                                                                  |   |
|                                                                          | Total India convertible redeemable preferred stocks (Cost $8,055,535)                                                | 17,410,118  |            | 0.98%                                                                                                                                                                                  |   |
| Real Estate                                                                   |                                                                                                                 |        |            |                                                                                                                                                                                   |   |
| Silver Holdings Mauritius Limited, Various Cities, India                      |                                                                                                                 | 64,869,055  |            | 3.64%                                                                                                                                                                                  |   |
| Khajrana Ganesh (Carton) Limited, Gurgaon, India                              |                                                                                                                 | 47,889,668  |            | 2.69%                                                                                                                                                                                  |   |
| NV Realty Private Limited, Pune, India                                        |                                                                                                                 | 39,992,680  |            | 2.24%                                                                                                                                                                                  |   |
| NV Developers Private Limited, Thane, India                                   |                                                                                                                 | 32,920,438  |            | 1.84%                                                                                                                                                                                  |   |
| Carwel Estates Limited, Chennai, India                                        |                                                                                                                 | 30,561,602  |            | 1.71%                                                                                                                                                                                  |   |
| Other                                                                         |                                                                                                                 | 51,926,038  |            | 2.91%                                                                                                                                                                                  |   |
| Total India real estate (Cost $197,442,732)                                   | 268,159,481                                                                                                          |        | 15.03%          |                                                                                                                                                                                   |
| (in U.S. dollars)                                                             |                                                                                                                 |        |            |                                                                                                                                                                                   |

----

|                                                                                                                                                                                                 |                                                                                                 |                                                                                           |    |                                                                                                                                                                                        |                      |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|--------|
|                                                                                                                                                                                       |                                                                                                 |                                                                                           |    |                                                                                                                                                                                        | Fair Value as aPercent of |   |
|                                                                                                                                                                                                 |                                                                                                 |                                                                                           |    | Fair                                                                                                                                                                                        | Total Partners’     |   |
| Description                                                                                                                                                                                          |                                                                                                 | Value                                                                                          |    |                               Capital |                      |
| Investment Funds                                                                                                                                                                                     |                                                                                                 |                                                                                           |    |                                                                                                                                                                                        |                      |
| India                                                                                                                                                                                                |                                                                                                 |                                                                                           |    |                                                                                                                                                                                        |                      |
| Real Estate                                                                                                                                                                                          |                                                                                                 | $              7,047,708 |    | 0.40%                                                                                                                                                                                       |                      |
| Total India investment funds (Cost $6,017,750)                                                                                                                                                       | 7,047,708                                                                                            |                                                                                           | 0.40%   |                                                                                                                                                                                        |
| Malaysia                                                                                                                                                                                             |                                                                                                 |                                                                                           |    |                                                                                                                                                                                        |                      |
| Financial Services                                                                                                                                                                                   |                                                                                                 | 2,524,912                                                                                      |    | 0.14%                                                                                                                                                                                       |                      |
| Total Malaysia investment funds (Cost $2,040,379)                                                                                                                                                    | 2,524,912                                                                                            |                                                                                           | 0.14%   |                                                                                                                                                                                        |
|                                                                                                                                                                                                 | Total private investments (Cost $321,364,417)                                                        | 437,908,087                                                                                    |    | 24.56%                                                                                                                                                                                      |                      |
|                                                                                                                                                                                                 | Total investments in securities (Cost $1,202,236,915)                                                | $       1,587,031,885                                       |    | 89.00%                                                                                                                                                                                      |                      |
|                                                                                                                                                                                                 |                                                                                                 |                                                                                           |    |                                                                                                                                                                                        |
| Investments in Securities Sold Short                                                                                                                                                                 |                                                                                                 |                                                                                           |    |                                                                                                                                                                                        |
| Exchange Traded Funds                                                                                                                                                                                |                                                                                                 |                                                                                           |    |                                                                                                                                                                                        |
| Hong Kong                                                                                                                                                                                            |                                                                                                 |                                                                                           |    |                                                                                                                                                                                        |
| Real Estate                                                                                                                                                                                          | $               (962,701) |                                                                                           | (0.05)% |                                                                                                                                                                                        |
|                        Total Hong Kong exchange traded funds (Proceeds $980,960)  | (962,701)                                                                                            |                                                                                           | (0.05)% |                                                                                                                                                                                        |
| Options Written                                                                                                                                                                                      |                                                                                                 |                                                                                           |    |                                                                                                                                                                                        |
| United States of America                                                                                                                                                                             |                                                                                                 |                                                                                           |    |                                                                                                                                                                                        |
| Commodities                                                                                                                                                                                          | (151,072)                                                                                            |                                                                                           | (0.01)% |                                                                                                                                                                                        |
| Total United States of America options written (Proceeds $1,797,000)                                                                                                                                 | (151,072)                                                                                            |                                                                                           | (0.01)% |                                                                                                                                                                                        |
| India                                                                                                                                                                                                |                                                                                                 |                                                                                           |    |                                                                                                                                                                                        |
| Currency                                                                                                                                                                                             | (14,557)                                                                                             |                                                                                           | (0.00)% |                                                                                                                                                                                        |
|                       Total India options written (Proceeds $175,000)                  | (14,557)                                                                                             |                                                                                           | (0.00)% |                                                                                                                                                                                        |
|                       Total options written (Proceeds $1,972,000)                      | (165,629)                                                                                            |                                                                                           | (0.01)% |                                                                                                                                                                                        |
|                       Total investments in securities sold short (Proceeds $2,952,960) | $            (1,128,330)                 |                                                                                           | (0.06)% |                                                                                                                                                                                        |

----

|                                                                                  |                                                              |                                                  |                                                                   | FairValue         |                                                                                                                                                  | Fair Value as aPercent ofTotal Partners’ Capital                                                                                 |                     |                                   |
|---------------------------------------------------------------------------------------|-------------------------------------------------------------------|-------------------------------------------------------|------------------------------------------------------------------------|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------|--------------------------|----------------------------------------|
|                                                                                  |                                                              |                                                  |                                                                   |              |                                                                                                                                                  |                                                                                                                                   |                     |                                   |
|                                                                                  |                                                              |                                                  |                                                                   |              |                                                                                                                                                  |                                                                                                                                   |                     |                                   |
|                                                                                  |                                                              |                                                  |                                                                   |              |                                                                                                                                                  |                                                                                                                                   |                     |                                   |
|                                                                                  |                                                              |                                                  |                                                                   |   Unrealized |                                                                                                                                                  |                                                                                                                                   |
| Equity Access Products (a) (b)                                                        |                                                              |                                                  |   Appreciation                                                    |              |                                                                                                                                                  |                                                                                                                                   |      |
| India                                                                                 |                                                              |                                                  |                                                                   |              |                                                                                                                                                  |                                                                                                                                   |                     |                                   |
| Diversified                                                                           |                                                              |                                                  | $       11,424,016                  |              | 0.64%                                                                                                                                                 |                                                                                                                                   |                     |
| Financial Services                                                                    |                                                              |                                                  |            3,813,671 |              | 0.21%                                                                                                                                                 |                                                                                                                                   |                     |
| Total unrealized appreciation on India equity access products                         |                                                              | $       15,237,687 |                                                                   | 0.85%             |                                                                                                                                                  |                                                                                                                                   |
|  Forward Foreign Currency Contracts (0.02% 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                       |                                                  | 7/12/2010-8/31/2010                                                    |              | $        (319,611)                                                                                            |                                                                                                                                   |                     |
|                                                                                  | Net unrealized depreciation on forward foreign currency contracts |                                                  |                                                                   |              | $        (319,611)                                                                                            |                                                                                                                                   |                     |
|                                                                                  | Futures Contracts (b)                                             |                                                  |                                                                   |              |                                                                                                                                                  |
|                                                                                  |                                                              | Number of Contracts                                   |    Description                                          |              |                                                                                                                                                  | Maturities                                                                                                                             |                     | Unrealized Appreciation (Depreciation) |   |   |
|                                                                                  | 15                                                                |   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 |
|---------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------|
| Real Estate                                                                                                                     |   | 19.01%                                                                |
| Financial Services                                                                                                              |   | 18.50%                                                                |
| Construction                                                                                                                    |   | 7.85%                                                                 |
| Diversified                                                                                                                     |   | 6.60%                                                                 |
| Software                                                                                                                        |   | 6.38%                                                                 |
|                                                                                                                            |   |                                                                  |
| Country Concentration of Investments in Securities and Equity Access Products greater than 5% of Total Partners’ Capital  |   |                                                                  |
| India                                                                                                                           |   | 88.94%                                                                |

----

| (in U.S. dollars)                                                                                                                    |   |   |        |
|-------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|
| Investment income                                                                                                                         |   |   |        |
|    Dividends (net of withholding taxes of $8,536)                                                                          |   | $      | 8,282,691   |   |
|    Interest                                                                                                                |   |   | 34,439      |   |
|             Total investment income                                           |   |   | 8,317,130   |   |
|                                                                                                                                      |   |   |        |   |
| Expenses                                                                                                                                  |   |   |        |   |
|    Management fees                                                                                                         |   |   | 14,352,963  |   |
|    Professional fees                                                                                                       |   |   | 1,299,930   |   |
|    Other                                                                                                                   |   |   | 136,524     |   |
|             Total expenses                                                    |   |   | 15,789,417  |   |
|             Net investment loss                                               |   |   | (7,472,287  | ) |
|  Realized and unrealized gain (loss) on investments                                                                                  |   |   |        |   |
| Net realized gain (loss) on                                                                                                               |   |   |        |   |
|    Investments in securities                                                                                               |   |   | 135,228,726 |   |
|    Investments in securities sold short                                                                                    |   |   | (481,723    | ) |
|    Derivative transactions (including equity access products and futures contracts)                                        |   |   | (20,952,213 | ) |
|    Foreign currency transactions (including forward foreign currency contracts)                                            |   |   | (13,697,443 | ) |
|             Net realized gain                                                 |   |   | 100,097,347 |   |
| Net change in unrealized appreciation (depreciation) on                                                                                   |   |   |        |   |
|    Investments in securities                                                                                               |   |   | (74,672,142 | ) |
|    Investments in securities sold short                                                                                    |   |   | 671,798     |   |
|    Derivative transactions (including equity access products and futures contracts)                                        |   |   | (1,767,045  | ) |
|    Foreign currency transactions (including forward foreign currency contracts)                                            |   |   | 2,896,783   |   |
|             Net change in unrealized depreciation                             |   |   | (72,870,606 | ) |
|             Net realized and unrealized gain on investments                   |   |   | 27,226,741  |   |
|             Net increase in partners’ capital resulting from operations |   | $      | 19,754,454  |   |

----

| (in U.S. dollars)                                                                      |   |    |   |   |     |   |          |   |   |
|----------------------------------------------------------------------------------------|--------|---------|--------|--------|----------|--------|---------------|--------|--------|
|                                                                                   |   |    |   |   |     |   |          |   |   |
|                                                                                   |   | General |   |   | Limited  |   |          |   |   |
|                                                                                   |   | Partner |   |   | Partners |   |          | Total  |   |
|                                                                                   |   |    |   |   |     |   |          |   |   |
| Partners' capital, January 1, 2010                                                     |   | $       | 1,000  |   |     | $      | 1,690,394,278 |   |   | $ | 1,690,395,278 |   |
| Capital contributions                                                                  |   |    | -      |   |     |   | 80,125,000    |   |   |   | 80,125,000 |   |
| Capital withdrawals                                                                    |   |    | -      |   |     |   | (4,963,227    | )      |   |   | (4,963,227 | ) |
| Deemed distributions                                                                   |   |    | -      |   |     |   | (2,025,913    | )      |   |   | (2,025,913 | ) |
| Pro-rata allocation of net increase in partners’                                 |   |    |   |   |     |   |          |   |   |   |   |   |
|        capital  resulting from operations |   |    | -      |   |     |   | 19,754,454    |   |   |   | 19,754,454 |   |
| Partners' capital, June 30, 2010                                                       |   | $       | 1,000  |   |     | $      | 1,783,284,592 |   |   | $ | 1,783,285,592 |   |

----

| (in U.S. dollars)                                                                                                                                |   |   |          |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------------|
| Cash flows from operating activities                                                                                                                  |   |   |          |
| Net increase in partners' capital resulting from operations                                                                                           |   | $      | 19,754,454    |   |
| Adjustments to reconcile net increase in partners' capital resulting from                                                                             |   |   |          |   |
| operations to net cash provided operating activities:                                                                                                 |   |   |          |   |
| Purchases of securities and equity access products                                                                                                    |   |   | (950,001,782  | ) |
| Payments to cover securities sold short                                                                                                               |   |   | (10,689,585   | ) |
| Proceeds from sales of securities and equity access products                                                                                          |   |   | 1,095,394,628 |   |
| Proceeds from securities sold short                                                                                                                   |   |   | 11,438,366    |   |
| Payments on closeouts of futures contracts                                                                                                            |   |   | (13,392,223   | ) |
| Payments on forward foreign currency contracts                                                                                                        |   |   | (13,697,449   | ) |
| Increase in operating assets:                                                                                                                         |   |   |          |   |
| Due from broker                                                                                                                                       |   |   | (12,814,762   | ) |
| Dividends receivable                                                                                                                                  |   |   | (3,924,864    | ) |
| Decrease in operating liabilities:                                                                                                                    |   |   |          |   |
| Due to broker                                                                                                                                         |   |   | (1,673,294    | ) |
| Accounts payable and accrued expenses                                                                                                                 |   |   | (205,486      | ) |
| Net change in unrealized depreciation on investments in securities and derivative transactions                                                        |   |   | 76,439,187    |   |
| Net change in unrealized appreciation of investments in securities sold short                                                                         |   |   | (671,798      | ) |
| Net change in unrealized appreciation on foreign currency (including forward                                                                          |   |   |          |   |
|        foreign currency contracts)                                                                                 |   |   | (4,060,416    | ) |
| Net realized gain on investments in securities and derivative transactions                                                                            |   |   | (114,276,513  | ) |
| Net realized loss on investments in securities sold short                                                                                             |   |   | 481,723       |   |
| Net realized loss on foreign currency transactions (including forward currency contracts)                                                             |   |   | 13,697,443    |   |
|               Net cash provided by operating activities                         |   |   | 91,797,629    |   |
| Cash flows from financing activities                                                                                                                  |   |   |          |   |
| Capital contributions, net of change in capital contribution receivable                                                                               |   |   | 82,810,000    |   |
| Capital withdrawals, net of change in capital withdrawals payable                                                                                     |   |   | (184,889,128  | ) |
| Deemed distributions                                                                                                                                  |   |   | (2,025,913    | ) |
|                   Net cash used by financing activities     |   |   | (104,105,041  | ) |
|                   Net decrease in cash and cash equivalents |   |   | (12,307,412   | ) |
| Cash and cash equivalents (including foreign cash)                                                                                                    |   |   |          |   |
| Beginning of year                                                                                                                                     |   |   | 144,522,114   |   |
| End of year                                                                                                                                           |   | $      | 132,214,702   |   |
|                                                                                                                                                  |   |   |          |   |

----

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

----

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

----

----

----

|                                                      |   | Level 1 |          |   | Level 2 |   |       | Level 3 |   |   | Total       |   |
|-----------------------------------------------------------|--------|---------|---------------|--------|---------|--------|------------|---------|--------|--------|-------------|--------|
|                                                      |   |    |          |   |    |   |       |    |   |   |        |   |
| Investments in securities:                                |   |    |          |   |    |   |       |    |   |   |        |   |
| Listed common stocks                                      |   | $       | 1,081,559,945 |   |    | $      | -          |    |   | $      | -           |   |   | $ | 1,081,559,945 |   |
| Index product                                             |   |    | 52,102,207    |   |    |   |       |    |   |   |        |   |   |   | 52,102,207 |   |
| Exchange traded funds                                     |   |    | 7,768,261     |   |    |   | -          |    |   |   | -           |   |   |   | 7,768,261 |   |
| Options purchased                                         |   |    | 641,141       |   |    |   | 1,584,537  |    |   |   | -           |   |   |   | 2,225,678 |   |
| Investment fund                                           |   |    | -             |   |    |   | -          |    |   |   | 5,467,707   |   |   |   | 5,467,707 |   |
| Private investments:                                      |   |    |          |   |    |   |       |    |   |   |        |   |   |   |   |   |
| Non-listed common stocks                                  |   |    | -             |   |    |   | -          |    |   |   | 100,409,023 |   |   |   | 100,409,023 |   |
| Listed common stocks                                      |   |    | 42,356,845    |   |    |   | -          |    |   |   | -           |   |   |   | 42,356,845 |   |
| Convertible redeemable preferred stock                    |   |    | -             |   |    |   | -          |    |   |   | 17,410,118  |   |   |   | 17,410,118 |   |
| Real estate                                               |   |    | -             |   |    |   | -          |    |   |   | 268,159,481 |   |   |   | 268,159,481 |   |
| Investment funds                                          |   |    | -             |   |    |   | -          |    |   |   | 9,572,620   |   |   |   | 9,572,620 |   |
|                                                      |   |    | 1,184,428,399 |   |    |   | 1,584,537  |    |   |   | 401,018,949 |   |   |   | 1,587,031,885 |   |
| Investments sold short:                                   |   |    |          |   |    |   |       |    |   |   |        |   |   |   |   |   |
| Exchange traded fund                                      |   |    | (962,701      | )      |    |   | -          |    |   |   | -           |   |   |   | (962,701 | ) |
| Options written                                           |   |    | (27,757       | )      |    |   | (137,872   | )       |   |   | -           |   |   |   | (165,629 | ) |
|                                                      |   |    | (990,458      | )      |    |   | (137,872   | )       |   |   | -           |   |   |   | (1,128,330 | ) |
| Unrealized appreciation on equity access products         |   |    | -             |   |    |   | 15,237,687 |    |   |   | -           |   |   |   | 15,237,687 |   |
| Net unrealized depreciation on forward currency contracts |   |    | -             |   |    |   | (319,611   | )       |   |   | -           |   |   |   | (319,611 | ) |
| Total                                                     |   | $       | 1,183,437,941 |   |    | $      | 16,364,741 |    |   | $      | 401,018,949 |   |   | $ | 1,600,821,631 |   |
|                                                      |   |    |          |   |    |   |       |    |   |   |        |   |   |   |   |   |
| Cash equivalents - money market fund                      |   | $       | 23,183,434    |   |    |   |       |    |   |   |        |   |   |   |   |   |

|                                                                                                      |   | 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                                                                              |   | $                         | 5,318,356 |   |                     | $      | 103,953,387 |   |   | $ | 16,792,331 |   |   | $ | 258,926,875 |   |   | $ | 9,191,108 |   |   | $ | - |   |   | $ | 394,182,057 |   |
| Net purchases and dispositions                                                                            |   |                      |      |   |                     |   | (4,549,345 | ) |   |   | (2,181,584 | ) |   |   | 34,300 |   |   |   | (1,655,559 | ) |   |   |   |   |   |   | (8,352,188 | ) |
| Net realized losses on investments in securities                                                          |   |                      | -         |   |                     |   | (12,630,019 | ) |   |   | (2,459 | ) |   |   | - |   |   |   | 331,393 |   |   |   | (409,488 | ) |   |   | (12,710,573 | ) |
| Net change in unrealized appreciation (depreciation) on investments in securities                         |   |                      | 149,350   |   |                     |   | 13,635,000 |   |   |   | 2,801,830 |   |   |   | 9,198,307 |   |   |   | 1,705,678 |   |   |   | 409,488 |   |   |   | 27,899,653 |   |
| Transfers in and out                                                                                      |   |                      | -         |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Balance, end of period                                                                                    |   | $                         | 5,467,706 |   |                     | $      | 100,409,023 |   |   | $ | 17,410,118 |   |   | $ | 268,159,482 |   |   | $ | 9,572,620 |   |   | $ | - |   |   | $ | 401,018,949 |   |
|                                                                                                      |   |                      |      |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net change in unrealized appreciation (depreciation) from investments still held at the end of the period |   | $                         | 149,350   |   |                     | $      | 1,004,981 |   |   | $ | 2,799,371 |   |   | $ | 9,198,307 |   |   | $ | 2,037,071 |   |   | $ | - |   |   | $ | 15,189,080 |   |
| Losses from investments disposed of during the period                                                     |   |                      | -         |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (409,488 | ) |   |   | (409,488 | ) |
| Total                                                                                                     |   | $                         | 149,350   |   |                     | $      | 1,004,981 |   |   | $ | 2,799,371 |   |   | $ | 9,198,307 |   |   | $ | 2,037,071 |   |   | $ | (409,488 | ) |   | $ | 14,799,592 |   |

----

|                                                                                  |   | Notional or Contractual Amount |         |   | Fair Value |   |
|---------------------------------------------------------------------------------------|--------|--------------------------------|--------------|--------|------------|--------|
| Investments in securities:                                                            |   |                           |         |   |       |   |
| Options purchased:                                                                    |   |                           |         |   |       |   |
| Index contracts                                                                       |   | $                              | 231,000,000  |   |       | $      | 1,388,242 |   |
| Commodities contracts                                                                 |   |                           | 35,000,000   |   |       |   | 625,502 |   |
| Currency contracts                                                                    |   |                           | 50,000,000   |   |       |   | 153,534 |   |
| Equity contracts                                                                      |   |                           | 5,000,000    |   |       |   | 58,400 |   |
|                                                                                  |   |                           |         |   |       |   | 2,225,678 |   |
| Unrealized appreciation on equity access                                              |   |                           |         |   |       |   |   |   |
| products:                                                                             |   |                           |         |   |       |   |   |   |
| Equity contracts                                                                      |   |                           | 19,000,000   |   |       |   | 15,237,687 |   |
| Net unrealized depreciation on forward                                                |   |                           |         |   |       |   |   |   |
| foreign currency contracts:                                                           |   |                           |         |   |       |   |   |   |
| Forward foreign currency contracts                                                    |   |                           | (180,000,000 | )      |       |   | (319,611 | ) |
| Investments sold short:                                                               |   |                           |         |   |       |   |   |   |
| Options written:                                                                      |   |                           |         |   |       |   |   |   |
|            Commodity contracts |   |                           | (45,000,000  | )      |       |   | (137,872 | ) |
| Currency contracts                                                                    |   |                           | (50,000,000  | )      |       |   | (14,557 | ) |
|            Equity contracts    |   |                           | (5,000,000   | )      |       |   | (13,200 | ) |
|                                                                                  |   |                           |         |   |       |   | (165,629 | ) |
| Net derivatives                                                                       |   |                           |         |   |       | $      | 16,978,125 |   |

----

|                                                       |   | 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                                           |   | $                        | (551,673    | )                                                                                | Equity contracts                                                                       |                                                 | $      | 183,890 |   |
| Index contracts                                            |   |                     | (6,530,993  | )                                                                                | Index contracts                                                                        |                                                 |   | (2,587,056 | ) |
| Currency contracts                                         |   |                     | -           |                                                                             | Currency contracts                                                                     |                                                 |   | (643,966 | ) |
| Commodity contracts                                        |   |                     | -           |                                                                             | Commodity contracts                                                                    |                                                 |   | (1,171,138 | ) |
| Futures contracts:                                         |   |                     |        |                                                                             | Futures contracts:                                                                     |                                                 |   |   |   |
| Equity contracts                                           |   |                     | (6,626,284  | )                                                                                | Equity contracts                                                                       |                                                 |   | - |   |
| Equity access products                                     |   |                     | (1,417,889  | )                                                                                | Equity access products                                                                 |                                                 |   | 1,797,685 |   |
| Options written:                                           |   |                     |        |                                                                             | Options written:                                                                       |                                                 |   |   |   |
| Equity contracts                                           |   |                     | 226,006     |                                                                             | Equity contracts                                                                       |                                                 |   | 26,800 |   |
| Index contracts                                            |   |                     | (6,051,380  | )                                                                                | Index contracts                                                                        |                                                 |   | - |   |
| Currency contracts                                         |   |                     | -           |                                                                             | Currency contracts                                                                     |                                                 |   | 160,444 |   |
| Commodity contracts                                        |   |                     | -           |                                                                             | Commodity contracts                                                                    |                                                 |   | 466,296 |   |
| Net realized gain (loss) on foreign currency transactions: |   |                     |        |                                                                             | Net change in unrealized (appreciation) depreciation on foreign currency transactions: |                                                 |   |   |   |
| Forward foreign exchange contracts                         |   |                     | (13,784,976 | )                                                                                | Forward foreign exchange contracts                                                     |                                                 |   | 4,060,416 |   |
|                                                       |   |                     |        |                                                                             |                                                                                   |                                                 |   |   |   |
|                                                       |   | $                        | (34,737,189 | )                                                                                |                                                                                   |                                                 | $      | 2,293,371 |   |

----

----

----

|   | 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 (0.87)% and 1.83%, respectively.  These ratios are calculated based on average limited partners’ capital. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

----