----

----

----

----

----

| NVH I LP                                                                                |   |
|-----------------------------------------------------------------------------------------|--------|
|   (a Cayman Islands exempted limited partnership)                             |   |   |   |
| Consolidated Statement of Assets, Liabilities and Partners' Capital                     |   |
|  December 31, 2010                                                                 |   |   |   |
|                                                                                    |   |   |   |
|  (in U.S. dollars)                                                                 |   |   |   |
|                                                                                    |   |   |   |
|  Assets                                                                            |   |   |   |
|  Investments in securities, at fair value (cost $1,143,051,719)                    |   | $ | 1,559,701,543 |   |
|  Cash and cash equivalents                                                         |   |   | 300,577,761 |   |
|  Foreign cash  (cost $83,962,464)                                        |   |   | 85,001,153 |   |
|  Due from broker                                                                   |   |   | 25,307,461 |   |
|  Unrealized appreciation on equity access products, at fair value                  |   |   | 14,789,513 |   |
|  Receivable for investments sold                                                   |   |   | 3,735,025 |   |
|  Net unrealized appreciation on forward foreign currency contract, at fair value   |   |   | 527,103 |   |
|  Dividends receivable                                                              |   |   | 108,796 |   |
|  Total assets                                                                      |   | $ | 1,989,748,355 |   |
|  Liabilities and Partners' Capital                                                 |   |   |   |   |
|  Liabilities                                                                       |   |   |   |   |
|  Investment in securities sold short, at fair value  (proceeds $908,790) |   | $ | 168,533 |   |
|  Capital withdrawals payable                                                       |   |   | 306,357,752 |   |
|  Due to broker                                                                     |   |   | 1,330,388 |   |
|  Payable for investments purchased                                                 |   |   | 1,022,703 |   |
|  Accounts payable and accrued expenses                                             |   |   | 783,523 |   |
|  Total liabilities                                                                 |   |   | 309,662,899 |   |
|                                                                                    |   |   |   |   |
|  Commitments and Contingencies (Note 9)                                            |   |   |   |   |
|                                                                                    |   |   |   |   |
|  Partners' Capital                                                                 |   |   |   |   |
|  General partner                                                                   |   |   | 1,000 |   |
|  Limited partners                                                                  |   |   | 1,680,084,456 |   |
|  Total partners' capital                                                           |   |   | 1,680,085,456 |   |
|  Total liabilities and partners' capital                                           |   | $ | 1,989,748,355 |   |

----

| NVH I LP                                                    |
|-------------------------------------------------------------|
|   (a Cayman Islands exempted limited partnership) |   |   |   |   |
|  Consolidated Condensed Schedule of Investments        |
|  December 31, 2010                                     |
|                                                        |   |   |   |   |   |   |   |
|  (in U.S. dollars)                                     |   |   |   |   | Fair Value as a |
|                                                        |   |   |   |   |   |   | Percent of |
|                                                        |   |   |   |   |  Fair |   | Total Partners' |
| Description                                                 |   |   |  Value |   | Capital |
| Investment in Securities                                    |   |   |   |   |
| Listed Common Stocks                                        |   |   |   |   |
| India                                                       |   |   |   |   |   |   |   |
| Financial Services                                          |   |   |   |   |   |
|                                                        | Icici Bank Ltd. (3,280,826 shares) |   |  $84,036,995 |   | 5.00% |
|                                                        | Other |   |   |  143,719,505 |   | 8.55% |
|                                                        |   | Total Financial Services |   |  227,756,500 |   | 13.55% |
|                                                        |   |   |   |   |   |   |   |
| Software                                                    |   |   |   |  148,272,892 |   | 8.83% |
| Chemicals, Agro                                             |   |   |   |   |   |
|                                                        | Reliance Industries Ltd. (4,472,795 shares) |   |  105,924,350 |   | 6.30% |
| Pharmaceuticals                                             |   |   |  81,009,838 |   | 4.82% |
| Capital Goods                                               |   |   |  74,465,039 |   | 4.43% |
| Materials                                                   |   |   |   |  62,160,657 |   | 3.70% |
| Automobiles                                                 |   |   |  59,080,615 |   | 3.52% |
| Energy                                                      |   |   |   |  57,439,059 |   | 3.42% |
| Engineering & Construction                              |   |  53,192,513 |   | 3.17% |
| Consumer Staples                                            |   |   |  44,294,762 |   | 2.64% |
| Infrastructure                                              |   |   |  34,640,324 |   | 2.06% |
| Real Estate                                                 |   |   |   |  30,486,810 |   | 1.81% |
| Consumer Discretionary                                      |   |  29,363,786 |   | 1.75% |
| Logistics                                                   |   |   |   |  24,267,965 |   | 1.44% |
| Diversified                                                 |   |   |   |  18,764,439 |   | 1.12% |
| Food, Beverage                                              |   |   |  12,085,369 |   | 0.72% |
| Textile                                                     |   |   |   |  10,049,766 |   | 0.60% |
| Auto Ancillaries                                            |   |   |  5,688,983 |   | 0.34% |
|                                                        |   | Total India listed common stocks (Cost $786,270,457) |   |  1,078,943,667 |   | 64.22% |
| United Kingdom                                              |   |   |   |   |   |
| Real Estate                                                 |   |   |   |  533,805 |   | 0.03% |
|                                                        |   | Total United Kingdom listed common stocks (Cost $999,346) |   |  533,805 |   | 0.03% |
|                                                        |   | Total listed common stocks (Cost $787,269,803) |   |  1,079,477,472 |   | 64.25% |

----

|                          |   |                                                               |                     |              |  Fair Value as a |
|-------------------------------|--------|--------------------------------------------------------------------|--------------------------|-------------------|-----------------------|
|                          |   |                                                               |                     |              |  Percent of      |
|                          |   |                                                               |  Fair               |              |  Total Partners' |
| Index Product                 |   |                                                               |   Value             |              |   Capital        |
| India                         |   |                                                               |                     |              |                  |   |   |
| Diversified                   |   |                                                               |                     |  $27,125,559 |                  | 1.61% |
|                          |   | Total India index product (Cost $25,087,257)                       |                     |  27,125,559  |                  | 1.61% |
| Exchange Traded Funds         |   |                                                               |                     |              |
| Hong Kong                     |   |                                                               |                     |              |                  |   |
| Real Estate                   |   |                                                               |                     |  1,242,747   |                  | 0.07% |
|                          |   | Total Hong Kong exchange traded funds (Cost $1,059,385)            |                     |  1,242,747   |                  | 0.07% |
| United States of America      |   |                                                               |                     |              |
| Diversified                   |   |                                                               |                     |  11,542,041  |                  | 0.69% |
| Financial Services            |   |                                                               |  5,428,870          |              | 0.32%                 |
|                          |   | Total United States of America exchange traded                     |                     |              |                  |   |
|                          |   |                                                               | funds (Cost $16,555,706) |              |  16,970,911      |   | 1.01% |
|                          |   | Total exchange traded funds (Cost $17,615,091)                     |                     |  18,213,658  |                  | 1.08% |
| Options Purchased             |   |                                                               |                     |              |
| India                         |   |                                                               |                     |              |                  |   |   |
| Currency                      |   |                                                               |                     |  664,133     |                  | 0.04% |
| Index                         |   |                                                               |                     |              |  97,287          |   | 0.01% |
|                          |   | Total India options purchased (Cost $1,251,927)                    |                     |  761,420     |                  | 0.05% |
| United States of America      |   |                                                               |                     |              |
| Commodities                   |   |                                                               |  542,820            |              | 0.03%                 |
| Stocks                        |   |                                                               |                     |  27,900      |                  | 0.00% |
|                          |   | Total United States of America options purchased (Cost $1,030,379) |  570,720            |              | 0.03%                 |
|                          |   | Total options purchased (Cost $2,282,306)                          |                     |  1,332,140   |                  | 0.08% |
| Investment Fund               |   |                                                               |                     |              |                  |
| India                         |   |                                                               |                     |              |                  |   |   |
| Multi-Strategy Arbitrage Fund |   |  2,275,376                                                    |                     | 0.14%             |
|                          |   | Total India investment fund (Cost $2,000,000)                      |                     |  2,275,376   |                  | 0.14% |

----

|                                                     |   |                                                    |              |  Fair Value as a |
|----------------------------------------------------------|--------|---------------------------------------------------------|-------------------|-----------------------|
|                                                     |   |                                                    |              |  Percent of      |
| Private Investments                                      |   |   Fair                                             |              |  Total Partners' |
| India                                                    |   |                                                    |              |                  |   Value |   | Capital |
| Non-Listed Common Stocks                                 |   |                                                    |              |                  |
| Construction                                             |   |                                                    |  $34,429,359 |                  | 2.05% |
| Hotel                                                    |   |                                                    |              |                  |  25,947,331 |   | 1.54% |
| Capital Goods                                            |   |                                                    |  13,513,525  |                  | 0.80% |
| Financial Services                                       |   |                                                    |  12,068,901  |                  | 0.72% |
| Commercial Services                                      |   |  8,371,731                                         |              | 0.50%                 |
| Software                                                 |   |                                                    |              |  3,955,127       |   | 0.24% |
|                                                     |   | Total India non-listed common stocks (Cost $75,484,624) |              |  98,285,974      |   | 5.85% |
| Listed Common Stocks (carried at exchange price)         |   |                                                    |              |                  |
| Financial Services                                       |   |                                                    |  34,365,313  |                  | 2.05% |
| Automobiles                                              |   |                                                    |  7,149,648   |                  | 0.43% |
| Textile                                                  |   |                                                    |              |  2,860,409       |   | 0.17% |
|                                                     |   | Total India listed common stocks (Cost $32,101,836)     |              |  44,375,370      |   | 2.65% |
| Real Estate                                              |   |                                                    |              |                  |   |   |
| Silver Holdings Mauritius Limited, Various Cities, India |   |  67,241,599                                        |              | 4.00%                 |
| Khajrana Ganesh (Carton) Limited, Gurgaon, India         |   |  51,304,262                                        |              | 3.05%                 |
| NV Realty Private Limited, Pune, India                   |   |  37,595,288                                        |              | 2.24%                 |
| NV Developers Private Limited, Thane, India              |   |  37,435,853                                        |              | 2.23%                 |
| Carwel Estates Limited, Chennai, India                   |   |  28,399,917                                        |              | 1.69%                 |
| Other                                                    |   |                                                    |              |  56,690,114      |   | 3.37% |
|                                                     |   | Total India real estate (Cost $190,777,629)             |              |  278,667,033     |   | 16.58% |
| Investment Fund                                          |   |                                                    |              |                  |   |
| India                                                    |   |                                                    |              |                  |   |   |   |
| Real Estate                                              |   |                                                    |              |  5,146,900       |   | 0.31% |
|                                                     |   | Total India investment fund (Cost $6,017,750)           |              |  5,146,900       |   | 0.31% |

----

|                                                                                                                                                                                                                                                                                                    |                                        |                                                               |                                                                       |   Fair Value as a |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------|--------------------------------------------------------------------|----------------------------------------------------------------------------|-----------------------------|
|                                                                                                                                                                                                                                                                                                    |                                        |                                                               |                                                                       |  Percent of            |
| Private Investments, continued                                                                                                                                                                                                                                                                          |                                        |  Fair                                                         |                                                                       |  Total Partners'       |
| Investment Fund, continued                                                                                                                                                                                                                                                                              |                                        |  Value                                                        |                                                                       |   Capital              |
| Malaysia                                                                                                                                                                                                                                                                                                |                                        |                                                               |                                                                       |                        |   |   |
| Financial Services                                                                                                                                                                                                                                                                                      |                                        |                                                               |  $4,802,061                                                           |                        | 0.29% |
|                                                                                                                                                                                                                                                                                                    |                                        | Total Malaysia investment fund (Cost $4,415,423)                   |                                                                       |  4,802,061             |   | 0.29% |
|                                                                                                                                                                                                                                                                                                    |                                        | Total private investments (Cost $308,797,262)                      |                                                                       |  431,277,338           |   | 25.68% |
|                                                                                                                                                                                                                                                                                                    |                                        | Total investments in securities (Cost $1,143,051,719)              |                                                                       |  $1,559,701,543        |   | 92.84% |
|                                                                                                                                                                                                                                                                                                    |                                        |                                                               |                                                                       |                        |   |   |   |
| Investments in Securities Sold Short                                                                                                                                                                                                                                                                    |                                        |                                                               |                                                                       |                        |
| Options Written                                                                                                                                                                                                                                                                                         |                                        |                                                               |                                                                       |                        |   |
| United States of America                                                                                                                                                                                                                                                                                |                                        |                                                               |                                                                       |                        |
| Commodities                                                                                                                                                                                                                                                                                             |                                        |                                                               |  $(52,290)                                                            |                        | 0.00% |
|                                                                                                                                                                                                                                                                                                    |                                        | Total United States of America options written (Proceeds $332,000) |  (52,290)                                                             |                        | 0.00% |
| India                                                                                                                                                                                                                                                                                                   |                                        |                                                               |                                                                       |                        |   |   |   |
| Index                                                                                                                                                                                                                                                                                                   |                                        |                                                               |                                                                       |                        |  (5,938) |   | 0.00% |
| Currency                                                                                                                                                                                                                                                                                                |                                        |                                                               |                                                                       |  (110,305)             |   | (0.01)% |
|                                                                                                                                                                                                                                                                                                    |                                        | Total India options written (Proceeds $576,790)                    |                                                                       |  (116,243)             |   | (0.01)% |
|                                                                                                                                                                                                                                                                                                    |                                        | Total options written (Proceeds $908,790)                          |                                                                       |  (168,533)             |   | (0.01)% |
|                                                                                                                                                                                                                                                                                                    |                                        | Total investment in securities sold short (Proceeds $908,790)      |                                                                       |  $(168,533)            |   | (0.01)% |
|                                                                                                                                                                                                                                                                                                    |                                        |                                                               |                                                                       |                        |   |   |   |
|                                                                                                                                                                                                                                                                                                    |                                        |                                                               |                                                                       |                        |  Unrealized |   |   |
| Equity Access Products (a) (b)                                                                                                                                                                                                                                                                          |                                        |  Appreciation                                                 |                                                                       |                        |
| India                                                                                                                                                                                                                                                                                                   |                                        |                                                               |                                                                       |                        |   |   |   |
| Diversified                                                                                                                                                                                                                                                                                             |                                        |                                                               |                                                                       |  $14,789,513           |   | 0.88% |
|                                                                                                                                                                                                                                                                                                    |                                        | Total unrealized appreciation on India equity access products      |                                                                       |  $14,789,513           |   | 0.88% |
| Forward Foreign Currency Contracts (0.03% of partners' capital) (b)                                                                                                                                                                                                                                     |                                        |                                                               |                                                                       |                        |
|                                                                                                                                                                                                                                                                                                    | Amount in                                   |                                                               |                                                                       |                        |   |   |   |
|                                                                                                                                                                                                                                                                                                    | Indian                                      |                                                               |                                                                       |                        |   |   |  Unrealized |
|                                                                                                                                                                                                                                                                                                    | Rupees                                      |                                                               | Description                                                                |                        |  Maturities |   |  Appreciation |
|                                                                                                                                                                                                                                                                                                    |                                        |                                                               |                                                                       |                        |  1/04/2011- |   |   |
|                                                2,928,775,000 | US Dollar sold in exchange for Indian Rupee |                                                               |  1/31/2011                                                            |                        |  $527,103 |
|                                                                                                                                                                                                                                                                                                    |                                        |                                                               |       Net unrealized appreciation on forward |                        |   |   |   |
|                                                                                                                                                                                                                                                                                                    |                                        |                                                               |       foreign currency contracts             |                        |   |   |  $527,103 |

----

| NVH I LP                                                       |
|----------------------------------------------------------------|
|   (a Cayman Islands exempted limited partnership)    |   |   |   |   |
|  Consolidated Condensed Schedule of Investments           |
|  December 31, 2010                                        |
|                                                           |   |   |   |   |   |   |   Fair Value as a |
|                                                           |   |   |   |   |  Percent of |
|                                                           |   |   |    Fair |   |  Total Partners' |
|  (in U.S. dollars)                                        |   |   |   Value |   |   Capital |
|                                                           |   |   |   |   |   |   |   |
| Futures Contracts (b)                                          |   |   |   |  Unrealized |
|                                                           | Number of |   | Description |   |  Maturities |   |  Appreciation |
|                                                           | Contracts |   |   |   |   |   | (Depreciation) |
|                                                           | 14 |   | Various |   | Various |   |  $   - |
|                                                           |   |   |   |   |   |   |   |
|                                                           | (a) | Equity access products are collateralized as discussed in Note 2.  The Master Fund's agreement with its |
|                                                           |   | counterparties are generally for multi-year durations. |   |   |   |   |
|                                                           | (b) | Derivative contracts may increase  or  decrease  the  Master  Fund's  economic  exposure  to  individual |
|                                                           |   | issuers,   industry   or   market   developments   in   addition   to   the   amounts   shown   as   unrealized |
|                                                           |   | appreciation/depreciation. |   |   |   |   |
|                                                           |   |   |   |   |   |   |   |
|                                                           |   |   |   |   |   |   |   |
|                                                           |   |   |   |   | Fair Value of |   |   |
|                                                           |   |   |   |   | Positions as a |   |   |
|                                                           |   |   |   |   |  Percent of |   |   |
| Industry Concentration of Investments in Securities and Equity |   |  Total Partners' |   |   |
| Access Products greater than 5% of Total Partners' Capital     |   |  Capital |   |   |
| Real Estate                                                    |   |   |   | 18.81% |   |   |
| Financial Services                                             |   |   | 16.93% |   |   |
| Software                                                       |   |   |   | 9.06% |   |   |
| Chemicals, Agro                                                |   |   | 6.30% |   |   |
| Capital Goods                                                  |   |   | 5.24% |   |   |
|                                                           |   |   |   |   |   |   |   |
| Country Concentration of Investments in Securities and Equity  |   |   |   |   |
| Access Products greater than 5% of Total Partners' Capital     |   |   |   |   |
| India                                                          |   |   |   |   | 92.27% |   |   |

----

| NVH I LP                                                                         |   |
|----------------------------------------------------------------------------------|--------|
| (a Cayman Islands exempted limited partnership)                                  |   |
| Consolidated Statement of Operations                                             |   |
|   For the Period July 1, 2010 through December 31, 2010                     |   |   |   |
|                                                                             |   |   |   |
| (in U.S. dollars)                                                                |   |   |   |
|                                                                             |   |   |   |
| Investment income                                                                |   |   |   |
| Dividends (net of withholding taxes of $24,403)                                  |   | $ | 8,109,003 |   |
| Interest                                                                         |   |   | 27,252 |   |
| Total investment income                                                          |   |   | 8,136,255 |   |
|                                                                             |   |   |   |   |
| Expenses                                                                         |   |   |   |   |
| Management fees                                                                  |   |   | 15,970,935 |   |
| Professional fees                                                                |   |   | 1,503,389 |   |
| Other                                                                            |   |   | 295,424 |   |
| Total expenses                                                                   |   |   | 17,769,748 |   |
| Net investment loss                                                              |   |   | (9,633,493 | ) |
|                                                                             |   |   |   |   |
| Realized and unrealized gain (loss) on investments                               |   |   |   |   |
| Net realized gain (loss) on                                                      |   |   |   |   |
| Investments in securities                                                        |   |   | 155,529,709 |   |
| Investments in securities sold short                                             |   |   | (185,732 | ) |
| Derivative transactions (including equity access products and futures contracts) |   |   | 15,566,611 |   |
| Foreign currency transactions (including forward foreign currency contracts)     |   |   | (9,429,303 | ) |
| Net realized gain                                                                |   |   | 161,481,285 |   |
| Net change in unrealized appreciation (depreciation) on                          |   |   |   |   |
| Investments in securities                                                        |   |   | 27,667,304 |   |
| Investments in securities sold short                                             |   |   | (1,084,373 | ) |
| Derivative transactions (including equity access products and futures contracts) |   |   | 3,739,377 |   |
| Foreign currency transactions (including forward foreign currency contracts)     |   |   | 1,833,533 |   |
| Net change in unrealized appreciation                                            |   |   | 32,155,841 |   |
| Net realized and unrealized gain on investments                                  |   |   | 193,637,126 |   |
| Net increase in partners' capital resulting from operations                      |   | $ | 184,003,633 |   |

----

| NVH I LP                                               |   |
|--------------------------------------------------------|--------|
| (a Cayman Islands exempted limited partnership)        |   |
| Consolidated Statement of Changes in Partners' Capital |   |
| For the Period July 1, 2010 through December 31, 2010  |   |   |   |   |
|                                                   |   |   |   |   |   |   |   |   |   |
| (in U.S. dollars)                                      |   |   |   |   |   |   |   |   |   |
|                                                   |   |   |   |   |   |   |   |   |   |
|                                                   |   | General |   |   | Limited |   |   |   |   |
|                                                   |   | Partner |   |   | Partners |   |   | Total |   |
| Partners' capital, July 1, 2010                        |   | $ | 1,000 |   |   | $ | 1,783,284,592 |   |   | $ | 1,783,285,592 |   |
| Capital contributions                                  |   |   | - |   |   |   | 19,360,000 |   |   |   | 19,360,000 |   |
| Capital withdrawals                                    |   |   | - |   |   |   | (304,876,311 | ) |   |   | (304,876,311 | ) |
| Deemed distributions                                   |   |   | - |   |   |   | (1,687,458 | ) |   |   | (1,687,458 | ) |
| Pro-rata allocation of net increase in partners'       |   |   |   |   |   |   |   |   |   |   |   |   |
| capital resulting from operations                      |   |   | - |   |   |   | 184,003,633 |   |   |   | 184,003,633 |   |
| Partners' capital, December 31, 2010                   |   | $ | 1,000 |   |   | $ | 1,680,084,456 |   |   | $ | 1,680,085,456 |   |

----

| NVH I LP                                                                                        |   |
|-------------------------------------------------------------------------------------------------|--------|
| (a Cayman Islands exempted limited partnership)                                                 |   |
| Consolidated Statement of Cash Flows                                                            |   |
|   For the Period July 1, 2010 through December 31, 2010                               |   |   |   |
|                                                                                            |   |   |   |
| (in U.S.dollars)                                                                                |   |   |   |
|                                                                                            |   |   |   |
| Cash flows from operating activities                                                            |   |   |   |
| Net increase in partners' capital resulting from operations                                     |   | $ | 184,003,633 |   |
| Adjustments to reconcile net increase in partners' capital resulting from operations to net     |   |   |   |   |
| cash provided by operating activities:                                                          |   |   |   |   |
| Purchase of securities and equity access products                                               |   |   | (1,011,903,981 | ) |
| Payments to cover securities sold short                                                         |   |   | (7,660,606 | ) |
| Proceeds from sales of securities and equity access products                                    |   |   | 1,222,753,280 |   |
| Proceeds from securities sold short                                                             |   |   | 8,898,652 |   |
| Proceeds from closeouts of future contracts                                                     |   |   | 14,608,788 |   |
| Payments on forward foreign currency contracts                                                  |   |   | (9,429,304 | ) |
| Decrease in operating assets:                                                                   |   |   |   |   |
| Due from broker                                                                                 |   |   | 27,860,428 |   |
| Dividends receivable                                                                            |   |   | 3,904,172 |   |
| Increase in operating liabilities:                                                              |   |   |   |   |
| Due to broker                                                                                   |   |   | 1,330,388 |   |
| Accounts payable and accrued expenses                                                           |   |   | 406,218 |   |
| Net change in unrealized appreciation on investments in securities and derivatives transactions |   |   | (31,406,681 | ) |
| Net change in unrealized depreciation on investments in securities sold short                   |   |   | 1,084,373 |   |
| Net change in unrealized appreciation on foreign currency                                       |   |   |   |   |
|  (including forward foreign currency contracts)                                            |   |   | (846,714 | ) |
| Net realized gain on investments in securities and derivatives transactions                     |   |   | (171,096,320 | ) |
| Net realized loss on investments in securities sold short                                       |   |   | 185,732 |   |
| Net realized loss on foreign currency transactions (including forward currency contracts)       |   |   | 9,429,303 |   |
| Net cash provided by operating activities                                                       |   |   | 242,121,361 |   |
| Cash flows from financing activities                                                            |   |   |   |   |
| Capital contributions, net of change in capital contributions received in advance               |   |   | 16,875,000 |   |
| Capital withdrawals, net of change in capital withdrawals payable                               |   |   | (3,944,691 | ) |
| Deemed distributions                                                                            |   |   | (1,687,458 | ) |
| Net cash provided by financing activities                                                       |   |   | 11,242,851 |   |
| Net change in cash and cash equivalents                                                         |   |   | 253,364,212 |   |
| Cash and cash equivalents (including foreign cash)                                              |   |   |   |   |
| Beginning of period                                                                             |   |   | 132,214,702 |   |
| End of period                                                                                   |   | $ | 385,578,914 |   |

----

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

----

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

----

----

----

|                                                      |   | Level 1 |          |   | Level 2 |   |       | Level 3 |   |   | Total       |   |
|-----------------------------------------------------------|--------|---------|---------------|--------|---------|--------|------------|---------|--------|--------|-------------|--------|
|                                                      |   |    |          |   |    |   |       |    |   |   |        |   |
| Investments in securities:                                |   |    |          |   |    |   |       |    |   |   |        |   |
| Listed common stocks                                      |   | $       | 1,079,477,472 |   |    | $      | -          |    |   | $      | -           |   |   | $ | 1,079,477,472 |   |
| Index product                                             |   |    | -             |   |    |   | 27,125,559 |    |   |   | -           |   |   |   | 27,125,559 |   |
| Exchange traded funds                                     |   |    | 18,213,658    |   |    |   | -          |    |   |   | -           |   |   |   | 18,213,658 |   |
| Options purchased                                         |   |    | 125,187       |   |    |   | 1,206,953  |    |   |   | -           |   |   |   | 1,332,140 |   |
| Investment fund                                           |   |    | -             |   |    |   | -          |    |   |   | 2,275,376   |   |   |   | 2,275,376 |   |
| Private investments:                                      |   |    |          |   |    |   |       |    |   |   |        |   |   |   |   |   |
| Non-listed common stocks                                  |   |    | -             |   |    |   | -          |    |   |   | 98,285,974  |   |   |   | 98,285,974 |   |
| Listed common stocks                                      |   |    | 44,375,370    |   |    |   | -          |    |   |   | -           |   |   |   | 44,375,370 |   |
| Real estate                                               |   |    | -             |   |    |   | -          |    |   |   | 278,667,033 |   |   |   | 278,667,033 |   |
| Investment funds                                          |   |    | -             |   |    |   | -          |    |   |   | 9,948,961   |   |   |   | 9,948,961 |   |
|                                                      |   |    | 1,142,191,687 |   |    |   | 28,332,512 |    |   |   | 389,177,344 |   |   |   | 1,559,701,543 |   |
| Investments sold short:                                   |   |    |          |   |    |   |       |    |   |   |        |   |   |   |   |   |
| Options written                                           |   |    | (5,938        | )      |    |   | (162,595   | )       |   |   | -           |   |   |   | (168,533 | ) |
|                                                      |   |    | (5,938        | )      |    |   | (162,595   | )       |   |   | -           |   |   |   | (168,533 | ) |
| Unrealized appreciation on equity access products         |   |    | -             |   |    |   | 14,789,513 |    |   |   | -           |   |   |   | 14,789,513 |   |
| Net unrealized appreciation on forward currency contracts |   |    | -             |   |    |   | 527,103    |    |   |   | -           |   |   |   | 527,103 |   |
| Total                                                     |   | $       | 1,142,185,749 |   |    | $      | 43,486,533 |    |   | $      | 389,177,344 |   |   | $ | 1,574,849,626 |   |
|                                                      |   |    |          |   |    |   |       |    |   |   |        |   |   |   |   |   |
| Cash equivalents - money market fund                      |   | $       | 1,309,345     |   |    |   |       |    |   |   |        |   |   |   |   |   |

|                                                                                                      |   | Investments in Securities |       |
|-----------------------------------------------------------------------------------------------------------|--------|---------------------------|------------|
|                                                                                                      |   |                      |       |   | Private Investments |   |
|                                                                                                      |   | Investment Fund           |       |   | Non-Listed Common Stocks |   |   | Convertible Redeemable Preferred Stock |   |   | Real Estate |   |   | Investment Funds |   |   | Totals |   |
|                                                                                                      |   |                      |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, beginning of period                                                                              |   | $                         | 5,467,706  |   |   | $ | 100,409,023 |   |   | $ | 17,410,118 |   |   | $ | 268,159,482 |   |   | $ | 9,572,620 |   |   | $ | 401,018,949 |   |
| Net purchases and dispositions                                                                            |   |                      | (3,352,140 | ) |   |   | (25,040 | ) |   |   | (18,143,213 | ) |   |   | (6,545,218 | ) |   |   | 2,375,044 |   |   |   | (25,690,567 | ) |
| Net realized losses on investments in securities                                                          |   |                      | 352,140    |   |   |   | 7,034 |   |   |   | 10,087,678 |   |   |   | (119,885 | ) |   |   | - |   |   |   | 10,326,967 |   |
| Net change in unrealized appreciation (depreciation) on investments in securities                         |   |                      | (192,330   | ) |   |   | (2,105,043 | ) |   |   | (9,354,583 | ) |   |   | 17,172,654 |   |   |   | (1,998,703 | ) |   |   | 3,521,995 |   |
| Transfers in (a)                                                                                          |   |                      | -          |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Transfers out(a)                                                                                          |   |                      | -          |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Balance, end of period                                                                                    |   | $                         | 2,275,376  |   |   | $ | 98,285,974 |   |   | $ | - |   |   | $ | 278,667,033 |   |   | $ | 9,948,961 |   |   | $ | 389,177,344 |   |
|                                                                                                      |   |                      |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net change in unrealized appreciation (depreciation) from investments still held at the end of the period |   | $                         | 159,810    |   |   | $ | (2,098,009 | ) |   | $ | - |   |   | $ | 17,052,769 |   |   | $ | (1,998,703 | ) |   | $ | 13,115,867 |   |
| Gains from investments disposed of during the period                                                      |   |                      | -          |   |   |   | - |   |   |   | 733,095 |   |   |   | - |   |   |   | - |   |   |   | 733,095 |   |
| Total                                                                                                     |   | $                         | 159,810    |   |   | $ | (2,098,009 | ) |   | $ | 733,095 |   |   | $ | 17,052,769 |   |   | $ | (1,998,703 | ) |   | $ | 13,848,962 |   |

----

|                                                                                 |   | Notional or Contractual Amount |        |   | Fair Value |   |
|--------------------------------------------------------------------------------------|--------|--------------------------------|-------------|--------|------------|--------|
| Investments in securities:                                                           |   |                           |        |   |       |   |
| Options purchased:                                                                   |   |                           |        |   |       |   |
| Currency contracts                                                                   |   | $                              | 50,000,000  |   |       | $      | 664,133 |   |
| Commodities contracts                                                                |   |                           | 8,000,000   |   |       |   | 542,820 |   |
| Index contracts                                                                      |   |                           | 24,000,000  |   |       |   | 97,287 |   |
| Equity contracts                                                                     |   |                           | 4,000,000   |   |       |   | 27,900 |   |
|                                                                                 |   |                           |        |   |       |   | 1,332,140 |   |
| Unrealized appreciation on equity access                                             |   |                           |        |   |       |   |   |   |
| products:                                                                            |   |                           |        |   |       |   |   |   |
| Equity contracts                                                                     |   |                           | 14,000,000  |   |       |   | 14,789,513 |   |
| Net unrealized depreciation on forward                                               |   |                           |        |   |       |   |   |   |
| foreign currency contracts:                                                          |   |                           |        |   |       |   |   |   |
| Forward foreign currency contracts                                                   |   |                           | (66,000,000 | )      |       |   | 527,103 |   |
| Investments sold short:                                                              |   |                           |        |   |       |   |   |   |
| Options written:                                                                     |   |                           |        |   |       |   |   |   |
|            Currency contracts |   |                           | (50,000,000 | )      |       |   | (110,305 | ) |
| Commodities contracts                                                                |   |                           | (12,000,000 | )      |       |   | (52.290 | ) |
|            Index contracts    |   |                           | (23,000,000 | )      |       |   | (5,938 | ) |
|                                                                                 |   |                           |        |   |       |   | (168,533 | ) |
| Net derivatives                                                                      |   |                           |        |   |       | $      | 16,480,223 |   |

----

|                                                       |   | 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                                           |   | $                        | (741,113    | )                                                                                | Equity contracts                                                                       |                                                 | $      | (136,729 | ) |
| Index contracts                                            |   |                     | (8,000,972  | )                                                                                | Index contracts                                                                        |                                                 |   | 1,952,416 |   |
| Currency contracts                                         |   |                     | 2,690,456   |                                                                             | Currency contracts                                                                     |                                                 |   | 788,099 |   |
| Commodity contracts                                        |   |                     | (2,732,560  | )                                                                                | Commodity contracts                                                                    |                                                 |   | 2,649,878 |   |
| Futures contracts:                                         |   |                     |        |                                                                             | Futures contracts:                                                                     |                                                 |   |   |   |
| Equity contracts                                           |   |                     | 14,770,967  |                                                                             | Equity contracts                                                                       |                                                 |   | - |   |
| Equity access products                                     |   |                     | 5,728,932   |                                                                             | Equity access products                                                                 |                                                 |   | (448,173 | ) |
| Options written:                                           |   |                     |        |                                                                             | Options written:                                                                       |                                                 |   |   |   |
| Equity contracts                                           |   |                     | 262,193     |                                                                             | Equity contracts                                                                       |                                                 |   | (26,800 | ) |
| Index contracts                                            |   |                     | 1,196,970   |                                                                             | Index contracts                                                                        |                                                 |   | 263,352 |   |
| Currency contracts                                         |   |                     | 966,739     |                                                                             | Currency contracts                                                                     |                                                 |   | 36,752 |   |
| Commodity contracts                                        |   |                     | 1,425,000   |                                                                             | Commodity contracts                                                                    |                                                 |   | (1,339,418 | ) |
| Net realized gain (loss) on foreign currency transactions: |   |                     |        |                                                                             | Net change in unrealized (appreciation) depreciation on foreign currency transactions: |                                                 |   |   |   |
| Forward foreign exchange contracts                         |   |                     | (11,232,652 | )                                                                                | Forward foreign exchange contracts                                                     |                                                 |   | 846,714 |   |
|                                                       |   |                     |        |                                                                             |                                                                                   |                                                 |   |   |   |
|                                                       |   | $                        | 4,333,960   |                                                                             |                                                                                   |                                                 | $      | 4,586,091 |   |

----

----

----

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

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

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

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

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

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

----

----

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

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

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

|   | (2) | Not annualized.  The ratios of net investment loss and total expenses to average limited partners’ capital on an annualized basis are (1.01)% and 1.87%, respectively.  These ratios are calculated based on average limited partners’ capital. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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----