----

----

----

----

----

| NVH I LP                                                                                  |   |
|-------------------------------------------------------------------------------------------|--------|
|   (a Cayman Islands exempted limited partnership)                               |   |   |   |
| Consolidated Statement of Assets, Liabilities and Partners' Capital                       |   |
|  December 31, 2011                                                                   |   |   |   |
|                                                                                      |   |   |   |
|  (in U.S. dollars)                                                                   |   |   |   |
|                                                                                      |   |   |   |
|  Assets                                                                              |   |   |   |
|  Investments in securities, at fair value (cost $808,453,252)                        |   | $ | 823,020,710 |   |
|  Cash and cash equivalents                                                           |   |   | 326,211,464 |   |
|  Foreign cash  (cost $23,000,606)                                          |   |   | 21,968,294 |   |
|  Due from broker                                                                     |   |   | 15,383,316 |   |
|  Receivable for investments sold                                                     |   |   | 5,225,813 |   |
|  Investment paid in advance                                                          |   |   | 4,152,773 |   |
|  Net unrealized appreciation on forward foreign currency contracts, at fair value    |   |   | 2,580,373 |   |
|  Dividends receivable                                                                |   |   | 24,714 |   |
|  Total assets                                                                        |   | $ | 1,198,567,457 |   |
|  Liabilities and Partners' Capital                                                   |   |   |   |   |
|  Liabilities                                                                         |   |   |   |   |
|  Investment in securities sold short, at fair value  (proceeds $1,038,283) |   | $ | 576,797 |   |
|  Capital withdrawals payable                                                         |   |   | 197,404,064 |   |
|  Payable for investments purchased                                                   |   |   | 519,901 |   |
|  Accounts payable and accrued expenses                                               |   |   | 342,056 |   |
|  Total liabilities                                                                   |   |   | 198,842,818 |   |
|                                                                                      |   |   |   |   |
|  Commitments and Contingencies (Note 10)                                             |   |   |   |   |
|                                                                                      |   |   |   |   |
|  Partners' Capital                                                                   |   |   |   |   |
|  General partner                                                                     |   |   | 1,000 |   |
|  Limited partners                                                                    |   |   | 999,723,639 |   |
|  Total partners' capital                                                             |   |   | 999,724,639 |   |
|  Total liabilities and partners' capital                                             |   | $ | 1,198,567,457 |   |

----

| NVH I LP                                                    |                                                   |
|-------------------------------------------------------------|--------------------------------------------------------|
|   (a Cayman Islands exempted limited partnership) |                                                   |   |   |   |   |   |
| Consolidated Condensed Schedule of Investments              |                                                   |
| December 31, 2011                                           |                                                   |
|                                                        |                                                   |   |   |   |   |   |   |
|  (in U.S. dollars)                                     |                                                   |   |   |   |   | Fair Value as a |   |
|                                                        |                                                   |   |   |   |   | Percent of |   |
|                                                        |                                                   |   | Fair |   |   | Total Partners' |   |
| Description                                                 |                                                   |   | Value |   |   | Capital |   |
| Investment in Securities                                    |                                                   |   |   |   |   |   |
| Listed Common Stocks                                        |                                                   |   |   |   |   |   |
| India                                                       |                                                   |   |   |   |   |   |   |
| Financial Services                                          |                                                   |   | $ | 87,545,859 |   |   |   | 8.73 | % |
| Automobiles                                                 |                                                   |   |   | 63,748,252 |   |   |   | 6.38 | % |
| Diversified                                                 |                                                   |   |   | 52,156,401 |   |   |   | 5.22 | % |
| Software                                                    |                                                   |   |   | 50,787,236 |   |   |   | 5.08 | % |
| Pharmaceuticals                                             |                                                   |   |   | 46,706,678 |   |   |   | 4.67 | % |
| Consumer Products                                           |                                                   |   | 44,024,699 |   |   |   | 4.40 | % |
| Energy                                                      |                                                   |   |   | 20,705,660 |   |   |   | 2.07 | % |
| Real Estate                                                 |                                                   |   |   | 18,452,261 |   |   |   | 1.85 | % |
| Telecom                                                     |                                                   |   |   | 17,907,180 |   |   |   | 1.79 | % |
| Logistics                                                   |                                                   |   |   | 14,448,935 |   |   |   | 1.45 | % |
| Materials                                                   |                                                   |   |   | 9,107,948 |   |   |   | 0.91 | % |
| Food, Beverage                                              |                                                   |   |   | 9,044,162 |   |   |   | 0.90 | % |
| Infrastructure                                              |                                                   |   |   | 7,234,573 |   |   |   | 0.72 | % |
| Chemicals, Agro                                             |                                                   |   |   | 3,591,143 |   |   |   | 0.36 | % |
| Construction                                                |                                                   |   |   | 3,142,414 |   |   |   | 0.31 | % |
| Auto Ancilliaries                                           |                                                   |   |   | 2,271,284 |   |   |   | 0.23 | % |
| Others                                                      |                                                   |   |   | 8,565,059 |   |   |   | 0.86 | % |
|                                                        | Total India listed common stocks (Cost $495,029,069)   |   |   | 459,439,744 |   |   |   | 45.93 | % |
| Indonesia                                                   |                                                   |   |   |   |   |   |   |   |   |
| Financial Services                                          |                                                   |   |   | 9,652,663 |   |   |   | 0.97 | % |
|                                                        | Total Indonesia listed common stocks (Cost $9,656,042) |   |   | 9,652,663 |   |   |   | 0.97 | % |
| Brazil                                                      |                                                   |   |   |   |   |   |   |   |   |
| Food, Beverage                                              |                                                   |   |   | 4,840,860 |   |   |   | 0.48 | % |
|                                                        | Total Brazil listed common stocks                      |   |   |   |   |   |   |   |   |
|                                                        | (Cost $4,417,858)                                      |   |   | 4,840,860 |   |   |   | 0.48 | % |
| Hong Kong                                                   |                                                   |   |   |   |   |   |   |   |   |
| Gaming                                                      |                                                   |   |   | 3,175,312 |   |   |   | 0.32 | % |
|                                                        | Total Hong Kong listed common stocks (Cost $3,392,233) |   |   | 3,175,312 |   |   |   | 0.32 | % |
|                                                        | Total listed common stocks (Cost $512,495,202)         |   |   | 477,108,579 |   |   |   | 47.70 | % |

----

|                                                                  |                                                             |        |       |        |  Fair Value as a |   |
|-----------------------------------------------------------------------|------------------------------------------------------------------|-------------|------------|-------------|-----------------------|--------|
|                                                                  |                                                             |        |       |        |  Percent of      |   |
|                                                                  |                                                             |  Fair  |       |        |  Total Partners' |   |
| Options Purchased (a)                                                 |                                                             |  Value |       |        |  Capital         |   |
| India                                                                 |                                                             |        |       |        |                  |   |   |
| Index                                                                 |                                                             |        | $          | 2,157,825   |                  |   |   | 0.22 | % |
| Currency                                                              |                                                             |        |       | 171,346     |                  |   |   | 0.02 | % |
|                                                                  | Total India options purchased (Cost $3,088,847)                  |        |       | 2,329,171   |                  |   |   | 0.24 | % |
| United States of America                                              |                                                             |        |       |        |                  |   |   |   |
| Emerging Market                                                       |                                                             |        |       | 188,555     |                  |   |   | 0.02 | % |
|                                                                  | Total United States of America options purchased (Cost $574,435) |        |       | 188,555     |                  |   |   | 0.02 | % |
|                                                                  | Total options purchased (Cost $3,663,282)                        |        |       | 2,517,726   |                  |   |   | 0.26 | % |
| Debt Securities                                                       |                                                             |        |       |        |                  |   |   |   |   |
| India                                                                 |                                                             |        |       |        |                  |   |   |   |   |
| Automobiles                                                           |                                                             |        |       | 6,546,921   |                  |   |   | 0.65 | % |
|                                                                  | Total debt securities (Cost $6,534,375)                          |        |       | 6,546,921   |                  |   |   | 0.65 | % |
| Private Investments                                                   |                                                             |        |       |        |                  |   |   |   |
| India                                                                 |                                                             |        |       |        |                  |   |   |   |   |
| Non-Listed Common Stocks                                              |                                                             |        |       |        |                  |   |   |   |
| Hotel                                                                 |                                                             |        |       | 25,351,781  |                  |   |   | 2.54 | % |
| Construction                                                          |                                                             |        |       | 19,368,934  |                  |   |   | 1.94 | % |
| Commercial Services                                                   |                                                             |        | 10,560,456 |        |                  |   | 1.06 | % |
| Financial Services                                                    |                                                             |        |       | 8,743,886   |                  |   |   | 0.87 | % |
| Software                                                              |                                                             |        |       | 3,157,462   |                  |   |   | 0.32 | % |
| Capital Goods                                                         |                                                             |        |       | 3,077,280   |                  |   |   | 0.31 | % |
|                                                                  | Total India non-listed common stocks (Cost $75,484,624)          |        |       | 70,259,799  |                  |   |   | 7.04 | % |
| Listed Common Stocks (carried at exchange price)                      |                                                             |        |       |        |                  |   |   |   |
| Automobiles                                                           |                                                             |        |       | 6,535,570   |                  |   |   | 0.65 | % |
| Textile                                                               |                                                             |        |       | 1,904,321   |                  |   |   | 0.19 | % |
|                                                                  | Total India listed common stocks (Cost $10,630,786)              |        |       | 8,439,891   |                  |   |   | 0.84 | % |
| Real Estate                                                           |                                                             |        |       |        |                  |   |   |   |   |
| Silver Holdings Mauritius Limited, Various Cities, India (626 shares) |                                                             |        | 50,951,364 |        |                  |   | 5.11 | % |
| Khajrana Ganesh (Carton) Limited, Gurgaon, India (1,020 shares)       |                                                             |        | 50,107,035 |        |                  |   | 5.01 | % |
| NV Developers Private Limited, Thane, India                           |                                                             |        | 36,661,206 |        |                  |   | 3.67 | % |
| NV Realty Private Limited, Pune, India                                |                                                             |        | 35,931,202 |        |                  |   | 3.59 | % |
| Carwel Estates Limited, Chennai, India                                |                                                             |        | 27,225,012 |        |                  |   | 2.72 | % |
| Other                                                                 |                                                             |        |       | 48,688,979  |                  |   |   | 4.87 | % |
|                                                                  | Total India real estate (Cost $190,817,629)                      |        |       | 249,564,798 |                  |   |   | 24.97 | % |

----

|                                 |                                                               |   |                                                                                                                                                                                                  |        |  Fair Value as a |          |
|--------------------------------------|--------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|-----------------------|---------------|
|                                 |                                                               |   |                                                                                                                                                                                                  |        |  Percent of      |          |
| Private Investments, continued       |                                                               | Fair   |                                                                                                                                                                                                  |        |  Total Partners' |          |
| Investment Fund                      |                                                               |   |                        Value          |        |                  |  Capital |   |
| India                                |                                                               |   |                                                                                                                                                                                                  |        |                  |          |   |
| Real Estate                          |                                                               |   | $                                                                                                                                                                                                     | 5,217,730   |                  |          |   | 0.52 | % |
|                                 | Total India investment fund (Cost $5,357,750)                      |   |                                                                                                                                                                                                  | 5,217,730   |                  |          |   | 0.52 | % |
| Malaysia                             |                                                               |   |                                                                                                                                                                                                  |        |                  |          |   |   |   |
| Diversified                          |                                                               |   |                                                                                                                                                                                                  | 3,365,266   |                  |          |   | 0.34 | % |
|                                 | Total Malaysia investment fund (Cost $3,469,604)                   |   |                                                                                                                                                                                                  | 3,365,266   |                  |          |   | 0.34 | % |
|                                 | Total private investments (Cost $285,760,393)                      |   |                                                                                                                                                                                                  | 336,847,484 |                  |          |   | 33.71 | % |
|                                 | Total investments in securities (Cost $808,453,252)                |   | $                                                                                                                                                                                                     | 823,020,710 |                  |          |   | 82.32 | % |
|                                 |                                                               |   |                                                                                                                                                                                                  |        |                  |          |   |   |   |
| Investments in Securities Sold Short |                                                               |   |                                                                                                                                                                                                  |        |                  |          |   |   |
| Options Written (a)                  |                                                               |   |                                                                                                                                                                                                  |        |                  |          |   |   |
| India                                |                                                               |   |                                                                                                                                                                                                  |        |                  |          |   |   |   |
| Index                                |                                                               |   | $                                                                                                                                                                                                     | (519,792    | )                     |          |   | (0.05 | )% |
|                                 | Total India options written (Proceeds $726,954)                    |   |                                                                                                                                                                                                  | (519,792    | )                     |          |   | (0.05 | )% |
| United States of America             |                                                               |   |                                                                                                                                                                                                  |        |                  |          |   |   |
| Emerging Market                      |                                                               |   |                                                                                                                                                                                                  | (57,005     | )                     |          |   | (0.01 | )% |
|                                 | Total United States of America options written (Proceeds $311,329) |   |                                                                                                                                                                                                  | (57,005     | )                     |          |   | (0.01 | )% |
|                                 | Total options written (Proceeds $1,038,283)                        |   |                                                                                                                                                                                                  | (576,797    | )                     |          |   | (0.06 | )% |
|                                 | Total investment in securities sold short (Proceeds $1,038,283)    |   | $                                                                                                                                                                                                     | (576,797    | )                     |          |   | (0.06 | )% |

----

|                                                                  |                                        |                                                                                                                                                                                                                                                                                |                                                                       |  Fair Value as a |
|-----------------------------------------------------------------------|---------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------|-----------------------|
|                                                                  |                                        |                                                                                                                                                                                                                                                                                |                                                                       |  Percent of      |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                |                                                                       |  Total Partners' |
| Forward Foreign Currency Contracts ((0.26%) of partners' capital) (a) |                                        |   Fair                                                                                                                                                                                                                                                                         |                                                                       |   Capital        |
|                                                                  | Amount in                                   |                                                                                                                                                                                                                                                                                |                                                                       |                  |   Value |   |   |
|                                                                  | Indian                                      |                                                                                                                                                                                                                                                                                |                                                                       |                  |   |   |  Unrealized |
|                                                                  | Rupees                                      |                                                                                                                                                                                                                                                                                | Description                                                                |                  |  Maturities |   |  Appreciation |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                |                                                                       |                  |  1/6/2012- |   |   |
|  (16,558,753,200)                                                | US Dollar sold in exchange for Indian Rupee |                                                                                                                                                                                                                                                                                |  12/19/2012                                                           |                  |  $2,580,373 |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                |       Net unrealized appreciation on forward |                  |   |   |   |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                |       foreign currency contracts             |                  |   |   |  $2,580,373 |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                |                                                                       |                  |   |   |   |
| Futures Contracts (a)                                                 |                                        |                                                                                                                                                                                                                                                                                |                                                                       |  Unrealized      |
|                                                                  | Number of                                   |                                                                                                                                                                                                                                                                                | Description                                                                |                  |  Maturities |   |  Appreciation |
|                                                                  | Contracts                                   |                                                                                                                                                                                                                                                                                |                                                                       |                  |   |   | (Depreciation) |
|                                                                  | 4                                           |                                                                                                                                                                                                                                                                                | Various                                                                    |                  | Various |   |  $- |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                |                                                                       |                  |   |   |   |
|                                                                  | (a)                                         | Derivative contracts may increase  or  decrease  the  Master  Fund's  economic  exposure  to  individual                                                                                  |
|                                                                  |                                        | issuers,   currencies, industry   or   market   developments   in   addition   to   the   amounts   shown   as |
|                                                                  |                                        | unrealized appreciation/depreciation.                                                                                                                                                                                                                                               |                                                                       |                  |   |   |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                |                                                                       |                  |   |   |   |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                |                                                                       |                  |   |   |   |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                |                                                                       |                  | Fair Value of Long |   |   |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                |                                                                       |                  | Positions as a |   |   |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                |                                                                       |                  |  Percent of |   |   |
| Industry Concentration of Investments in Securities                   |                                        |  Total Partners'                                                                                                                                                                                                                                                               |                                                                       |                  |
| greater than 5% of Total Partners' Capital                            |                                        |  Capital                                                                                                                                                                                                                                                                       |                                                                       |                  |
| Real Estate                                                           |                                        |                                                                                                                                                                                                                                                                                |                                                                       | 27.34%                |   |   |
| Financial Services                                                    |                                        |                                                                                                                                                                                                                                                                                | 10.57%                                                                     |                  |   |
| Automobiles                                                           |                                        |                                                                                                                                                                                                                                                                                | 7.68%                                                                      |                  |   |
| Diversified                                                           |                                        |                                                                                                                                                                                                                                                                                |                                                                       | 5.56%                 |   |   |
| Software                                                              |                                        |                                                                                                                                                                                                                                                                                |                                                                       | 5.40%                 |   |   |
|                                                                  |                                        |                                                                                                                                                                                                                                                                                |                                                                       |                  |   |   |   |
| Country Concentration of Investments in Securities                    |                                        |                                                                                                                                                                                                                                                                                |                                                                       |                  |
| greater than 5% of Total Partners' Capital                            |                                        |                                                                                                                                                                                                                                                                                |                                                                       |                  |
| India                                                                 |                                        |                                                                                                                                                                                                                                                                                |                                                                       |                  | 80.21% |   |   |

----

| NVH I LP                                                                         |   |
|----------------------------------------------------------------------------------|--------|
| (a Cayman Islands exempted limited partnership)                                  |   |
| Consolidated Statement of Operations                                             |   |
|  For the Period July 1, 2011 through December 31, 2011                      |   |   |   |
|                                                                             |   |   |   |
| (in U.S. dollars)                                                                |   |   |   |
|                                                                             |   |   |   |
| Investment income                                                                |   |   |   |
| Dividends (net of withholding taxes of $18,371)                                  |   | $ | 5,642,768 |   |
| Interest                                                                         |   |   | 7,566 |   |
| Total investment income                                                          |   |   | 5,650,334 |   |
|                                                                             |   |   |   |   |
| Expenses                                                                         |   |   |   |   |
| Management fees                                                                  |   |   | 7,326,527 |   |
| Professional fees                                                                |   |   | 1,075,098 |   |
| Other                                                                            |   |   | 106,858 |   |
| Total expenses                                                                   |   |   | 8,508,483 |   |
| Net investment loss                                                              |   |   | (2,858,149 | ) |
|                                                                             |   |   |   |   |
| Realized and unrealized gain (loss) on investments                               |   |   |   |   |
| Net realized gain (loss) on                                                      |   |   |   |   |
| Investments in securities                                                        |   |   | (64,724,321 | ) |
| Investments in securities sold short                                             |   |   | (668,958 | ) |
| Derivative transactions (including equity access products and futures contracts) |   |   | (16,312,374 | ) |
| Foreign currency transactions (including forward foreign currency contracts)     |   |   | 1,032,709 |   |
| Net realized loss                                                                |   |   | (80,672,944 | ) |
| Net change in unrealized appreciation (depreciation) on                          |   |   |   |   |
| Investments in securities                                                        |   |   | (266,145,838 | ) |
| Investments in securities sold short                                             |   |   | 121,246 |   |
| Derivative transactions (including equity access products and futures contracts) |   |   | (7,178,141 | ) |
| Foreign currency transactions (including forward foreign currency contracts)     |   |   | 1,421,541 |   |
| Net change in unrealized depreciation                                            |   |   | (271,781,192 | ) |
| Net realized loss and change in unrealized depreciation on investments           |   |   | (352,454,136 | ) |
| Net decrease in partners' capital resulting from operations                      |   | $ | (355,312,285 | ) |

----

| NVH I LP                                               |   |
|--------------------------------------------------------|--------|
| (a Cayman Islands exempted limited partnership)        |   |
| Consolidated Statement of Changes in Partners' Capital |   |
| For the Period July 1, 2011 through December 31, 2011  |   |   |   |   |
|                                                   |   |   |   |   |   |   |   |   |   |
| (in U.S. dollars)                                      |   |   |   |   |   |   |   |   |   |
|                                                   |   |   |   |   |   |   |   |   |   |
|                                                   |   | General |   |   | Limited |   |   |   |   |
|                                                   |   | Partner |   |   | Partners |   |   | Total |   |
| Partners' capital, July 1, 2011                        |   | $ | 1,000 |   |   | $ | 1,555,340,121 |   |   | $ | 1,555,341,121 |   |
| Capital contributions                                  |   |   | - |   |   |   | 5,100,000 |   |   |   | 5,100,000 |   |
| Capital withdrawals                                    |   |   | - |   |   |   | (199,241,710 | ) |   |   | (199,241,710 | ) |
| Deemed distributions                                   |   |   | - |   |   |   | (6,162,487 | ) |   |   | (6,162,487 | ) |
| Pro-rata allocation of net decrease in partners'       |   |   |   |   |   |   |   |   |   |   |   |   |
| capital resulting from operations                      |   |   | - |   |   |   | (355,312,285 | ) |   |   | (355,312,285 | ) |
| Partners' capital, December 31, 2011                   |   | $ | 1,000 |   |   | $ | 999,723,639 |   |   | $ | 999,724,639 |   |

----

| NVH I LP                                                                                          |   |
|---------------------------------------------------------------------------------------------------|--------|
| (a Cayman Islands exempted limited partnership)                                                   |   |
| Consolidated Statement of Cash Flows                                                              |   |
|  For the Period July 1, 2011 through December 31, 2011                                       |   |   |   |
|                                                                                              |   |   |   |
| (in U.S.dollars)                                                                                  |   |   |   |
|                                                                                              |   |   |   |
| Cash flows from operating activities                                                              |   |   |   |
| Net decrease in partners' capital resulting from operations                                       |   | $ | (355,312,285 | ) |
| Adjustments to reconcile net decrease in partners' capital resulting from operations to net       |   |   |   |   |
| cash provided by operating activities:                                                            |   |   |   |   |
| Purchase of securities and equity access products                                                 |   |   | (666,296,944 | ) |
| Payments to cover securities sold short                                                           |   |   | (19,421,705 | ) |
| Proceeds from sales of securities and equity access products                                      |   |   | 834,107,443 |   |
| Proceeds from securities sold short                                                               |   |   | 26,575,936 |   |
| Payments from closeouts of future contracts                                                       |   |   | (7,912,197 | ) |
| Payments on forward foreign currency contracts                                                    |   |   | 1,032,709 |   |
| Change in operating assets:                                                                       |   |   |   |   |
| Due from broker                                                                                   |   |   | 26,333,179 |   |
| Dividends receivable                                                                              |   |   | 3,446,509 |   |
| Investment paid in advance                                                                        |   |   | (4,152,773 | ) |
| Increase in operating liabilities:                                                                |   |   |   |   |
| Accounts payable and accrued expenses                                                             |   |   | (117,208 | ) |
| Net change in unrealized depreciation on investments in securities and derivative transactions    |   |   | 273,323,979 |   |
| Net change in unrealized appreciation on investments in securities sold short                     |   |   | (121,246 | ) |
| Net change in unrealized appreciation on foreign currency                                         |   |   |   |   |
|  (including forward foreign currency contracts)                                              |   |   | (2,779,767 | ) |
| Net realized loss on investments in securities and derivative transactions                        |   |   | 81,036,695 |   |
| Net realized loss on investments in securities sold short                                         |   |   | 668,958 |   |
| Net realized gain on foreign currency transactions (including forward foreign currency contracts) |   |   | (1,032,709 | ) |
| Net cash provided by operating activities                                                         |   |   | 189,378,574 |   |
| Cash flows from financing activities                                                              |   |   |   |   |
| Capital contributions, net of change in capital contributions received in advance                 |   |   | 2,475,000 |   |
| Capital withdrawals, net of change in capital withdrawals payable                                 |   |   | (15,728,330 | ) |
| Deemed distributions                                                                              |   |   | (6,162,487 | ) |
| Net cash used by financing activities                                                             |   |   | (19,415,817 | ) |
| Net increase in cash and cash equivalents                                                         |   |   | 169,962,757 |   |
| Cash and cash equivalents (including foreign cash)                                                |   |   |   |   |
| Beginning of period                                                                               |   |   | 178,217,001 |   |
| End of period                                                                                     |   | $ | 348,179,758 |   |

----

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

----

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

----

----

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|                                                      |   | Level 1 |        |   | Level 2 |   |      | Level 3 |   |   | Total       |   |
|-----------------------------------------------------------|--------|---------|-------------|--------|---------|--------|-----------|---------|--------|--------|-------------|--------|
|                                                      |   |    |        |   |    |   |      |    |   |   |        |   |
| Investments in securities:                                |   |    |        |   |    |   |      |    |   |   |        |   |
| Listed common stocks                                      |   | $       | 477,108,579 |   |    | $      | -         |    |   | $      | -           |   |   | $ | 477,108,579 |   |
| Options purchased                                         |   |    | 2,157,825   |   |    |   | 359,901   |    |   |   | -           |   |   |   | 2,517,726 |   |
| Debt securities                                           |   |    | -           |   |    |   | 6,546,921 |    |   |   | -           |   |   |   | 6,546,921 |   |
| Private investments:                                      |   |    |        |   |    |   |      |    |   |   |        |   |   |   |   |   |
| Non-listed common stocks                                  |   |    | -           |   |    |   | -         |    |   |   | 70,259,799  |   |   |   | 70,259,799 |   |
| Listed common stocks                                      |   |    | 8,439,891   |   |    |   | -         |    |   |   | -           |   |   |   | 8,439,891 |   |
| Real estate                                               |   |    | -           |   |    |   | -         |    |   |   | 249,564,798 |   |   |   | 249,564,798 |   |
| Investment funds                                          |   |    | -           |   |    |   | -         |    |   |   | 8,582,996   |   |   |   | 8,582,996 |   |
|                                                      |   |    | 487,706,295 |   |    |   | 6,906,822 |    |   |   | 328,407,593 |   |   |   | 823,020,710 |   |
| Investments sold short:                                   |   |    |        |   |    |   |      |    |   |   |        |   |   |   |   |   |
| Options written                                           |   |    | (519,792    | )      |    |   | (57,005   | )       |   |   | -           |   |   |   | (576,797 | ) |
|                                                      |   |    |        |   |    |   |      |    |   |   |        |   |   |   |   |   |
| Net unrealized appreciation on forward currency contracts |   |    | -           |   |    |   | 2,580,373 |    |   |   | -           |   |   |   | 2,580,373 |   |
| Total                                                     |   | $       | 487,186,503 |   |    | $      | 9,430,190 |    |   | $      | 328,407,593 |   |   | $ | 825,024,286 |   |
|                                                      |   |    |        |   |    |   |      |    |   |   |        |   |   |   |   |   |

|                                                                                       |   | Investments in Securities |        |
|--------------------------------------------------------------------------------------------|--------|---------------------------|-------------|
|                                                                                       |   | Private Investments       |        |
|                                                                                       |   | Non-Listed Common Stocks  |        |   | Real Estate |   |   | Investment Funds |   |   | Totals |   |
|                                                                                       |   |                      |        |   |   |   |   |   |   |   |   |   |
| Balance, beginning of period                                                               |   | $                         | 86,379,304  |   |   | $ | 283,973,682 |   |   | $ | 9,369,746 |   |   | $ | 379,722,732 |   |
| Purchases                                                                                  |   |                      | -           |   |   |   | 25,000 |   |   |   | - |   |   |   | 25,000 |   |
| Dispositions/distributions                                                                 |   |                      | -           |   |   |   | - |   |   |   | (660,000 | ) |   |   | (660,000 | ) |
| Net realized losses on investments in securities                                           |   |                      | -           |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Net change in unrealized depreciation on investments in securities                         |   |                      | (16,119,505 | ) |   |   | (34,433,884 | ) |   |   | (126,750 | ) |   |   | (50,680,139 | ) |
| Transfers in (a)                                                                           |   |                      | -           |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Transfers out (a)                                                                          |   |                      | -           |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Balance, end of period                                                                     |   | $                         | 70,259,799  |   |   | $ | 249,564,798 |   |   | $ | 8,582,996 |   |   | $ | 328,407,593 |   |
|                                                                                       |   |                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net change in unrealized depreciation from investments still held at the end of the period |   | $                         | (16,119,505 | ) |   | $ | (34,433,884 | ) |   | $ | (126,750 | ) |   | $ | (50,680,139 | ) |
|                                                                                       |   |                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

----

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|   | 3.Derivative Contracts |
|--------|------------------------|

----

|                                                                              |   | Notional or Contractual Amount |         |   | Fair Value |   |
|-----------------------------------------------------------------------------------|--------|--------------------------------|--------------|--------|------------|--------|
| Investments in securities:                                                        |   |                           |         |   |       |   |
| Options purchased:                                                                |   |                           |         |   |       |   |
| Index contracts                                                                   |   | $                              | 101,000,000  |   |       | $      | 2,157,825 |   |
| Equity contracts                                                                  |   |                           | 16,000,000   |   |       |   | 188,555 |   |
| Currency contracts                                                                |   |                           | 100,000,000  |   |       |   | 171,346 |   |
|                                                                              |   |                           |         |   |       |   | 2,517,726 |   |
| Futures purchased:Equity contracts                                                |   |                           | 2,000,000    |   |       |   | - |   |
| Net unrealized depreciation on forward                                            |   |                           |         |   |       |   |   |   |
| foreign currency contracts:                                                       |   |                           |         |   |       |   |   |   |
| Forward foreign currency contracts                                                |   |                           | (305,000,000 | )      |       |   | 2,580,373 |   |
| Investments sold short:                                                           |   |                           |         |   |       |   |   |   |
| Options written:                                                                  |   |                           |         |   |       |   |   |   |
|            Index contracts |   |                           | (84,000,000  | )      |       |   | (519,792 | ) |
|       Equity contracts                              |   |                           | (16,000,000  | )      |       |   | (57,005 | ) |
|                                                                              |   |                           |         |   |       |   | (576,797 | ) |
| Net derivatives                                                                   |   |                           |         |   |       | $      | 4,521,302 |   |
|                                                                              |   |                           |         |   |       |   |   |   |

|                                                       | Risk Exposure | Net Realized Gain (Loss)                                                 | Net Change in Unrealized Appreciation (Depreciation)                                     |
|------------------------------------------------------------|---------------|--------------------------------------------------------------------------|------------------------------------------------------------------------------------------|
|                                                       |          |                                                                     |                                                                                     |
| Net realized gain (loss) on derivative transactions:       |          |                                                                     |                                                                                     |
| Options purchased:                                         |          |                                                                     |                                                                                     |
| Equity contracts                                           | Market        | $          (1,381,325) | $             (385,880) |
| Index contracts                                            | Market        | (11,748,394)                                                             | 270,056                                                                                  |
| Currency contracts                                         | Currency      | (1,070,715)                                                              | (297,642)                                                                                |
| Commodity contracts                                        | Commodity     | (834,150)                                                                | 436,580                                                                                  |
| Futures contracts:                                         |          |                                                                     |                                                                                     |
| Equity contracts                                           | Market        | (7,834,827)                                                              | -                                                                                        |
| Equity access products                                     | Market        | 5,719,889                                                                | (7,322,501)                                                                              |
| Options written:                                           |          |                                                                     |                                                                                     |
| Equity contracts                                           | Market        | 1,010,819                                                                | 254,324                                                                                  |
| Index contracts                                            | Market        | 1,136,864                                                                | 207,163                                                                                  |
| Currency contracts                                         | Currency      | (1,642,535)                                                              | (20,691)                                                                                 |
| Commodity contracts                                        | Commodity     | 332,000                                                                  | (319,550)                                                                                |
|                                                       |          |        (16,312,374)                   |          (7,178,141)                        |
| Net realized gain (loss) on foreign currency transactions: |          |                                                                     |                                                                                     |
| Forward foreign exchange contracts                         |          | 5,659,402                                                                | 2,779,767                                                                                |
|                                                       |          | $        (10,652,972)            | $         (4,398,374)                       |

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|   | 4.Related Party Transactions |
|--------|------------------------------|

|   | 5.Management Fees |
|--------|-------------------|

|   | 6.Incentive Allocation |
|--------|------------------------|

|   | 7.Administrator |
|--------|-----------------|

|   | 8.Partners’ Capital |
|--------|---------------------------|

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|   | 9.Risks |
|--------|---------|

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|   | 10.Commitments and Contingencies |
|--------|----------------------------------|

|   | 11.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 (0.41)% and 1.22%, respectively.  These ratios are calculated based on average limited partners’ capital. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 12.Subsequent Events |
|--------|----------------------|

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