UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549
 Form 10-K
 (X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2009
 OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
 0-26132
 DIVERSIFIED MULTI-ADVISOR FUTURES FUND L.P.
 
  New York
    
    13-3729162(State or other jurisdiction of
    
    (I.R.S. Employerincorporation or organization)
    
    Identification No.)
 c/o Ceres Managed Futures LLC
55 East 59th Street - 10th Floor
New York, New York 10022
 
  (212) 559-2011
 
  None
 Securities registered pursuant to Section 12(g) of the Act:
    
    Redeemable Units of Limited Partnership Interest(Title of Class)
  Yes  No X
  Yes  No X
  Yes X No
  Yes  No
   Large accelerated filer
    
    Accelerated filer
    
    Non-accelerated filer X
    
    Smaller reporting company(Do not check if a smaller reporting company)
  Yes  No X




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PART I
 Item 1. Business
 General Development of Business
  Financial Statements and Supplementary Data
  Managements Discussion and Analysis of Financial Condition and Results of Operations
  2




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3




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Financial Information about Industry Segments Selected Financial
Data
 4




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Narrative Description of Business
    Financial Information about Geographic Areas
 Available Information
 Reports to Security Holders
 Enforceability of Civil Liabilities Against Foreign Persons
 Smaller Reporting Companies
 Item 1A. Risk Factors
 As a result of leverage, small changes in the price of the Partnerships positions may result
in major losses.
  An investor may lose all of their investment.
  The Partnership will pay substantial fees and expenses regardless of profitability.
  An investors ability to redeem or transfer Redeemable Units is limited.
  Conflicts of interest exist.
  1.
    
    The General Partner and commodity broker are affiliates;2.
    
    Each of the Advisors, the commodity broker and their principals and affiliates may trade
in commodity interests for their own accounts; and3.
    
    An investors financial advisor will receive ongoing compensation for providing services
to the investors account.
 Investing in units might not provide the desired diversification of an investors overall
portfolio.
  5




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##### 



Past performance is no assurance of future results.
  An investors tax liability may exceed cash distributions.
  The General Partner may allocate the Partnerships assets to undisclosed advisor.
  Regulatory changes could restrict the Partnerships operations.
  Speculative position and trading limits may reduce profitability.
  Item 2. Properties .
  Item 3. Legal Proceedings .
    Mutual Funds
    6




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FINRA Settlement
  Auction Rate Securities
 and
  Subprime-Mortgage Related Actions
  Credit Crisis Related Matters
    Item 4. [Removed and Reserved]
 7




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##### 



PART II
 Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases
of Equity Securities .
 Market Information
 Holders
 Dividends
 Securities Authorized for Issuance Under Equity Compensation Plans
 Performance Graph
 Recent Sales of Unregistered Securities
 Purchases of Equity Securities by the Issuer and Affiliated Purchasers
  (d) Maximum Number(or Approximate(c) Total Number
    
    
    
Dollar Value) ofof Redeemable Units
    
    
    
Redeemable Units that(a) Total Number
    
    
    
(b) Average
    
    
    
Purchased as Part
    
    
    
May Yet Beof Redeemable
    
    
    
Price Paid per
    
    
    
of Publicly Announced
    
    
    
Purchased Under thePeriod
    
    
Units Purchased*
    
    
    
Redeemable Unit**
    
    
    
Plans or Programs
    
    
    
Plans or ProgramsOctober 1, 2009 
        October 31, 2009
    
    
    
    269.6959
    
    
    
    $
    1,812.75    
    
    
    
    N/A
    
    
    
    
    N/ANovember 1, 2009 
        November 30, 2009
    
    
    
    178.7692
    
    
    
    $
    1,924.48    
    
    
    
    N/A
    
    
    
    
    N/ADecember 1, 2009 
        December 31, 2009
    
    
    
    146.7305
    
    
    
    $
    1,813.17    
    
    
    
    N/A
    
    
    
    
    N/A595.1956
    
    
    
    $
    1,846.41
 
 *
    
    Generally, Limited Partners are permitted to redeem their Redeemable Units as of the end of
each month on 10 days notice to the General Partner. Under certain circumstances, the General
Partner can compel redemption, although to date the General Partner has not exercised this right.
Purchases of Redeemable Units by the Partnership reflected in the chart above were made in the
ordinary course of the Partnerships business in connection with effecting redemptions for Limited
Partners.**
    
    Redemptions of Redeemable Units are effected as of the last day of each month at the Net
Asset Value per Redeemable Unit as of that day. Item 6. Selected Financial Data .
  2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005Net realized and unrealized trading gains
(losses) and investment in Partnerships net of brokerage commissions
(including clearing
fees) of $2,255,697, $2,825,055, $2,859,551, $3,242,379 and
$3,628,002 respectively
    
    $
    (3,780,755
    )
    
    $
    8,910,943
    
    
    $
    1,605,992
    
    
    $
    845,375
    
    
    $
    (5,254,038
    )Interest income
    
    $
    28,372
    
    
    
    509,211
    
    
    
    1,719,005
    
    
    
    2,046,966
    
    
    
    1,422,012$
    (3,752,383
    )
    
    $
    9,420,154
    
    
    $
    3,324,997
    
    
    $
    2,892,341
    
    
    $
    (3,832,026
    )Net income (loss)
    
    $
    (4,717,414
    )
    
    $
    7,453,939
    
    
    $
    2,060,383
    
    
    $
    1,669,918
    
    
    $
    (5,366,044
    )Increase (decrease) in Net Asset Value per Unit
    
    $
    (216.73
    )
    
    $
    288.01
    
    
    $
    79.41
    
    
    $
    51.13
    
    
    $
    (135.01
    )Net Asset Value per Unit
    
    $
    1,813.17
    
    
    $
    2,029.90
    
    
    $
    1,741.89
    
    
    $
    1,662.48
    
    
    $
    1,611.35Total assets
    
    $
    33,760,685
    
    
    $
    49,677,270
    
    
    $
    48,139,797
    
    
    $
    54,342,969
    
    
    $
    59,538,339
 8




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##### 



Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations .
 Overview
    
    
    due diligence examinations of the Advisors;
    
    selection, appointment and termination of the Advisors;
    
    negotiation of the management agreements; and
    
    monitoring the activity of the Advisors.
     Winton Capital Management Limited
         9




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Willowbridge Associates, Inc.
         Graham Capital Management, L.P.
   10




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##### 



Eckhardt Trading Company
  not
 SandRidge Capital, L.P.
   11




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##### 



CMF Willowbridge Argo Master Fund L.P.Currencies
    
    
    23.4
    %Energy
    
    
    17.8
    %Grains
    
    
    8.3
    %Interest Rates Non-U.S.
    
    
    16.6
    %Interest Rates U.S.
    
    
    9.5
    %Livestock
    
    
    0.4
    %Metals
    
    
    18.1
    %Softs
    
    
    5.9
    %
 CMF Winton Master L.P.Currencies
    
    
    26.1
    %Energy
    
    
    4.3
    %Grains
    
    
    5.6
    %Interest Rates Non-U.S.
    
    
    20.5
    %Interest Rates U.S.
    
    
    11.1
    %Livestock
    
    
    0.8
    %Metals
    
    
    9.0
    %Softs
    
    
    3.0
    %Stock Index
    
    
    19.6
    %
 CMF Graham Capital Master Fund L.P.Currencies
    
    
    26.1
    %Energy
    
    
    6.8
    %Grains
    
    
    4.0
    %Interest Rates Non-U.S.
    
    
    16.9
    %Interest Rates U.S.
    
    
    6.3
    %Livestock
    
    
    0.4
    %Metals
    
    
    5.2
    %Softs
    
    
    4.5
    %Stock Index
    
    
    29.8
    %
 CMF Eckhardt Master Fund L.P.Currencies
    
    
    13.4
    %Energy
    
    
    9.5
    %Grains
    
    
    5.8
    %Interest Rates Non-U.S.
    
    
    23.6
    %Interest Rates U.S.
    
    
    14.1
    %Metals
    
    
    12.7
    %Softs
    
    
    7.3
    %Stock Index
    
    
    13.6
    %
 CMF SandRidge Master Fund L.P.Energy
    
    
    100.0
    %
 12




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##### 



Liquidity
   (i)
    
    The Partnership invests its assets in other Funds that invest the assets only in
commodity interests that an Advisor believes are traded in sufficient volume to permit ease
of taking and liquidating positions. Sufficient volume, in this context, refers to a level
of liquidity that the Advisor believes will permit it to enter and exit trades without
noticeably moving the market.(ii)
    
    An Advisor will not initiate additional positions in any commodity interest if these
positions would result in aggregate positions requiring a margin of more than 66 2/3% of the
Partnerships net assets allocated to that Advisor.(iii)
    
    The Partnership/Funds may occasionally accept delivery of a commodity. Unless such
delivery is disposed of promptly by retendering the warehouse receipt representing the
delivery to the appropriate clearinghouse, the physical commodity position is fully hedged.(iv)
    
    The Partnership/Funds will not employ the trading technique commonly known as
pyramiding, in which the speculator uses unrealized profits on existing positions as
margin for the purchases or sale of additional positions in the same or related commodities.(v)
    
    The Partnership/Funds will not utilize borrowings, other than short-term borrowings, if the
Partnership/Funds take delivery of any cash commodities.(vi)
    
    The Advisors may, from time to time, employ trading strategies such as spreads or
straddles on behalf of the Partnership/Funds. The term spread or straddle describes a
commodity futures trading strategy involving the simultaneous buying and selling of futures
contracts on the same commodity but involving different delivery dates or markets and in
which the trader expects to earn a profit from a widening or narrowing of the difference
between the prices of the two contracts.(vii)
    
    The Partnership/Funds will not permit the churning of their
commodity trading accounts. The
term churning refers to the practice of entering and exiting trades with a frequency
unwarranted by legitimate efforts to profit from the trades, driven by the desire to
generate commission income.
 i.e.
   13




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Financial Statements and Supplementary Data
  Capital Resources.
    14




---



##### 



Results of Operations
         15




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##### 



16




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##### 



Off-Balance
Sheet Arrangements
 Contracts
and Obligations
 Operational Risk
    Operational/Settlement Risk
 Technological Risk
 Legal/Documentation Risk
 Financial Control Risk
 Critical Accounting Policies
 Use of Estimates.
 Statement of Cash Flows.
 Partnerships and the Funds Investments.
 Partnerships and the Funds Fair Value Measurements.
  17




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##### 



Futures Contracts.
 Forward Foreign Currency Contracts.
  London Metals Exchange Forward Contracts.
 Options.
 Income Taxes.
  18




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##### 



Subsequent
Events
 Recent Accounting Pronouncements.
   Item 7A. Quantitative and Qualitative Disclosures About Market Risk .
 Introduction
       19




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##### 



Quantifying the Partnerships Trading Value at Risk
       20




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##### 



The Partnerships Trading Value at Risk in Different Market Sectors
   % of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
    488,073
    
    
    
    1.47
    %Energy
    
    
    264,506
    
    
    
    0.80
    %Grains
    
    
    117,037
    
    
    
    0.35
    %Interest Rates U.S.
    
    
    317,080
    
    
    
    0.95
    %Interest Rates Non-U.S.
    
    
    335,946
    
    
    
    1.01
    %Livestock
    
    
    6,083
    
    
    
    0.02
    %Metals
    
    
    347,456
    
    
    
    1.05
    %Softs
    
    
    197,670
    
    
    
    0.59
    %Indices
    
    
    739,496
    
    
    
    2.22
    %Total
    
    $
    2,813,347
    
    
    
    8.46
    %
   % of TotalMarket Sector
    
    Value at Risk
    
    
    CapitalizationCurrencies
    
    $
    378,919
    
    
    
    0.78
    %Energy
    
    
    88,545
    
    
    
    0.18
    %Grains
    
    
    97,399
    
    
    
    0.20
    %Interest Rates U.S.
    
    
    260,521
    
    
    
    0.54
    %Interest Rates Non-U.S.
    
    
    520,269
    
    
    
    1.08
    %Livestock
    
    
    2,927
    
    
    
    0.01
    %Lumber
    
    
    29
    
    
    
    0.00
    %**Metals
    
    
    189,282
    
    
    
    0.39
    %Softs
    
    
    71,142
    
    
    
    0.15
    %Indices
    
    
    75,582
    
    
    
    0.16
    %Total
    
    $
    1,684,615
    
    
    
    3.49
    %
     December 31,
2009
 % of Total
    
    High
    
    Low
    
    AverageMarket Sector
    
    Value at Risk
    

Capitalization
    
    Value at Risk
    
    Value at Risk
    
    Value at Risk*Currencies
    
    $
    5,974,364
    
    
    
    2.58
    %
    
    $
    14,208,480
    
    
    $
    1,008,000
    
    
    $
    7,206,662Energy
    
    
    2,116,000
    
    
    
    0.92
    %
    
    
    13,037,019
    
    
    
    391,000
    
    
    
    5,515,268Grains
    
    
    1,058,000
    
    
    
    0.46
    %
    
    
    5,919,480
    
    
    
    259,875
    
    
    
    2,320,519Interest Rates U.S.
    
    
    1,959,945
    
    
    
    0.85
    %
    
    
    9,939,105
    
    
    
    280,500
    
    
    
    2,836,425Interest Rates Non-U.S.
    
    
    3,403,449
    
    
    
    1.47
    %
    
    
    14,168,324
    
    
    
    455,649
    
    
    
    4,852,602Metals
    
    
    3,968,558
    
    
    
    1.72
    %
    
    
    8,372,754
    
    
    
    1,909,575
    
    
    
    3,799,612Softs
    
    
    2,725,100
    
    
    
    1.18
    %
    
    
    3,202,100
    
    
    
    237,900
    
    
    
    1,531,645Total
    
    $
    21,205,416
    
    
    
    9.18
    %
 
 *
    
    Annual average based on month-end Value at Risk 21




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##### 



December 31,
2008
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    1,945,600
    
    
    
    0.65
    %
    
    $
    11,556,229
    
    
    $
    245,220
    
    
    $
    3,464,607Energy
    
    
    816,000
    
    
    
    0.27
    %
    
    
    15,933,000
    
    
    
    448,000
    
    
    
    4,885,321Grains
    
    
    1,100,800
    
    
    
    0.37
    %
    
    
    5,470,800
    
    
    
    201,000
    
    
    
    2,038,390Interest Rates U.S.
    
    
    2,380,800
    
    
    
    0.80
    %
    
    
    4,367,200
    
    
    
    219,300
    
    
    
    1,272,506Interest Rates Non-U.S.
    
    
    3,571,688
    
    
    
    1.20
    %
    
    
    8,375,150
    
    
    
    387,940
    
    
    
    3,540,377Metals
    
    
    3,110,400
    
    
    
    1.05
    %
    
    
    8,742,000
    
    
    
    764,750
    
    
    
    4,883,083Softs
    
    
    819,200
    
    
    
    0.28
    %
    
    
    2,989,200
    
    
    
    120,600
    
    
    
    1,077,150Total
    
    $
    13,744,488
    
    
    
    4.62
    %
 
 *
    
    Annual average based on month-end Value at Risk  December 31,
2009
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    4,596,005
    
    
    
    0.80
    %
    
    $
    10,700,900
    
    
    $
    3,479,307
    
    
    $
    6,740,750Energy
    
    
    556,296
    
    
    
    0.10
    %
    
    
    2,627,998
    
    
    
    228,335
    
    
    
    1,092,646Grains
    
    
    1,098,663
    
    
    
    0.19
    %
    
    
    1,976,399
    
    
    
    864,083
    
    
    
    1,388,868Interest Rates U.S.
    
    
    1,030,011
    
    
    
    0.18
    %
    
    
    6,518,610
    
    
    
    716,705
    
    
    
    2,896,261Interest Rates Non-U.S.
    
    
    4,507,567
    
    
    
    0.78
    %
    
    
    11,661,822
    
    
    
    2,841,339
    
    
    
    5,786,393Livestock
    
    
    169,800
    
    
    
    0.03
    %
    
    
    425,655
    
    
    
    59,475
    
    
    
    207,937Metals
    
    
    5,057,067
    
    
    
    0.88
    %
    
    
    5,057,067
    
    
    
    849,000
    
    
    
    2,780,563Softs
    
    
    955,200
    
    
    
    0.17
    %
    
    
    1,269,508
    
    
    
    385,375
    
    
    
    791,384Indices
    
    
    16,589,011
    
    
    
    2.89
    %
    
    
    16,589,011
    
    
    
    1,261,608
    
    
    
    6,511,470Total
    
    $
    34,559,620
    
    
    
    6.02
    %
 
 *
    
    Annual average based on month-end Value at Risk  December 31, 2008
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    4,842,125
    
    
    
    0.88
    %
    
    $
    6,844,904
    
    
    $
    2,234,600
    
    
    $
    4,333,162Energy
    
    
    1,417,010
    
    
    
    0.26
    %
    
    
    6,750,850
    
    
    
    581,600
    
    
    
    3,815,788Grains
    
    
    1,912,314
    
    
    
    0.35
    %
    
    
    4,647,430
    
    
    
    41,072
    
    
    
    2,278,577Interest Rates U.S.
    
    
    3,213,000
    
    
    
    0.59
    %
    
    
    4,165,350
    
    
    
    160,797
    
    
    
    2,234,433Interest Rates Non-U.S.
    
    
    6,633,201
    
    
    
    1.21
    %
    
    
    6,862,943
    
    
    
    1,875,349
    
    
    
    4,923,678Livestock
    
    
    87,200
    
    
    
    0.02
    %
    
    
    350,900
    
    
    
    32,205
    
    
    
    165,842Lumber
    
    
    1,100
    
    
    
    0.00
    %**
    
    
    5,400
    
    
    
    1,100
    
    
    
    2,500Metals
    
    
    1,408,458
    
    
    
    0.25
    %
    
    
    4,997,086
    
    
    
    797,395
    
    
    
    2,496,016Softs
    
    
    762,259
    
    
    
    0.14
    %
    
    
    2,273,575
    
    
    
    354,777
    
    
    
    896,692Indices
    
    
    1,768,247
    
    
    
    0.32
    %
    
    
    12,018,105
    
    
    
    1,433,950
    
    
    
    5,538,325Total
    
    $
    22,044,914
    
    
    
    4.02
    %
 
 *
    
    Annual average based on month-end Value at Risk**
    
    Due to Rounding 22




---



##### 



December 31,
2009
 % of Total
    
    High
    
    Low
    
    Average *Market
Sector
    

Value
at Risk
    

Capitalization
    

Value
at Risk
    

Value
at Risk
    

Value
at RiskCurrencies
    
    $
    2,410,532
    
    
    
    1.41
    %
    
    $
    8,136,447
    
    
    $
    833,881
    
    
    $
    4,612,528Energy
    
    
    684,083
    
    
    
    0.40
    %
    
    
    3,017,929
    
    
    
    273,236
    
    
    
    1,214,764Grains
    
    
    549,675
    
    
    
    0.32
    %
    
    
    1,846,996
    
    
    
    96,550
    
    
    
    731,407Interest Rates U.S.
    
    
    142,150
    
    
    
    0.08
    %
    
    
    2,365,808
    
    
    
    87,777
    
    
    
    859,990Interest Rates Non-U.S.
    
    
    1,869,099
    
    
    
    1.09
    %
    
    
    8,320,518
    
    
    
    471,498
    
    
    
    2,867,131Livestock
    
    
    59,200
    
    
    
    0.04
    %
    
    
    160,380
    
    
    
    1,080
    
    
    
    58,409Metals
    
    
    1,222,254
    
    
    
    0.71
    %
    
    
    1,806,942
    
    
    
    297,478
    
    
    
    1,002,985Softs
    
    
    1,131,557
    
    
    
    0.66
    %
    
    
    1,479,945
    
    
    
    190,202
    
    
    
    768,323Indices
    
    
    4,809,915
    
    
    
    2.81
    %
    
    
    12,019,804
    
    
    
    623,680
    
    
    
    5,396,991Total
    
    $
    12,878,465
    
    
    
    7.52
    %
 
 *
    
    Annual average of month-end Value at Risk  December 31, 2008
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    1,855,003
    
    
    
    0.83
    %
    
    $
    35,051,712
    
    
    $
    1,110,258
    
    
    $
    17,137,503Energy
    
    
    446,536
    
    
    
    0.20
    %
    
    
    5,209,200
    
    
    
    310,300
    
    
    
    1,557,045Grains
    
    
    161,000
    
    
    
    0.07
    %
    
    
    1,281,500
    
    
    
    52,500
    
    
    
    498,714Interest Rates U.S.
    
    
    719,400
    
    
    
    0.32
    %
    
    
    2,381,150
    
    
    
    24,412
    
    
    
    619,143Interest Rates Non-U.S.
    
    
    1,293,650
    
    
    
    0.58
    %
    
    
    4,718,751
    
    
    
    461,503
    
    
    
    1,792,563Livestock
    
    
    13,200
    
    
    
    0.01
    %
    
    
    27,600
    
    
    
    800
    
    
    
    15,664Metals
    
    
    680,383
    
    
    
    0.30
    %
    
    
    2,071,925
    
    
    
    31,044
    
    
    
    777,494Softs
    
    
    201,831
    
    
    
    0.09
    %
    
    
    752,387
    
    
    
    14,000
    
    
    
    395,956Indices
    
    
    592,157
    
    
    
    0.26
    %
    
    
    5,407,658
    
    
    
    235,978
    
    
    
    2,482,935Total
    
    $
    5,963,160
    
    
    
    2.66
    %
 
 *
    
    Annual average of month-end Value at Risk  December 31,
2009
 % of Total
    
    High
    
    Low
    
    Average *Market
Sector
    

Value
at Risk
    

Capitalization
    

Value
at Risk
    

Value
at Risk
    

Value
at RiskCurrencies
    
    $
    380,916
    
    
    
    2.20
    %
    
    $
    1,191,210
    
    
    $
    7,200
    
    
    $
    301,705Energy
    
    
    270,400
    
    
    
    1.56
    %
    
    
    644,500
    
    
    
    22,050
    
    
    
    211,624Grains
    
    
    128,975
    
    
    
    0.74
    %
    
    
    362,365
    
    
    
    10,800
    
    
    
    101,491Interest Rates U.S.
    
    
    768,410
    
    
    
    4.44
    %
    
    
    768,410
    
    
    
    14,550
    
    
    
    196,272Interest Rates Non-U.S.
    
    
    213,803
    
    
    
    1.23
    %
    
    
    696,839
    
    
    
    13,213
    
    
    
    221,520Metals
    
    
    284,030
    
    
    
    1.64
    %
    
    
    535,674
    
    
    
    16,196
    
    
    
    234,566Softs
    
    
    150,320
    
    
    
    0.87
    %
    
    
    251,705
    
    
    
    11,784
    
    
    
    115,206Indices
    
    
    635,844
    
    
    
    3.67
    %
    
    
    879,160
    
    
    
    22,367
    
    
    
    304,994Total
    
    $
    2,832,698
    
    
    
    16.35
    %
 
 *
    
    Annual average of month-end Value at Risk 23




---



##### 



December 31, 2008
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies
    
    $
    291,072
    
    
    
    1.42
    %
    
    $
    765,238
    
    
    $
    93,645
    
    
    $
    248,175Interest Rates U.S.
    
    
    178,400
    
    
    
    0.87
    %
    
    
    693,100
    
    
    
    3,300
    
    
    
    171,494Interest Rates Non-U.S.
    
    
    498,525
    
    
    
    2.43
    %
    
    
    818,628
    
    
    
    26,466
    
    
    
    228,987Metals
    
    
    21,510
    
    
    
    0.10
    %
    
    
    142,500
    
    
    
    7,500
    
    
    
    34,890Softs
    
    
    37,872
    
    
    
    0.18
    %
    
    
    146,081
    
    
    
    6,446
    
    
    
    46,542Total
    
    $
    1,027,379
    
    
    
    5.00
    %
 
 *
    
    Annual average of month-end Value at Risk  December 31, 2009
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Energy
    
    $
    19,220,494
    
    
    
    2.81
    %
    
    $
    40,574,022
    
    
    $
    11,157,117
    
    
    $
    24,955,810Total
    
    $
    19,220,494
    
    
    
    2.81
    %
 
 *
    
    Annual average  month-end Value at Risk  December 31,
2008
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk *Currencies
    
    $
    3,826,450
    
    
    
    3.00
    %
    
    $
    6,459,319
    
    
    $
    1,236,850
    
    
    $
    3,885,456Energy
    
    
    141,270
    
    
    
    0.11
    %
    
    
    1,689,425
    
    
    
    5,000
    
    
    
    547,096Interest Rates U.S.
    
    
    295,938
    
    
    
    0.23
    %
    
    
    1,754,540
    
    
    
    126,604
    
    
    
    919,061Interest Rates Non-U.S.
    
    
    1,650,897
    
    
    
    1.30
    %
    
    
    4,744,697
    
    
    
    631,807
    
    
    
    2,018,452Metals
    
    
    238,724
    
    
    
    0.18
    %
    
    
    1,281,336
    
    
    
    47,826
    
    
    
    360,423Indices
    
    
    1,414,857
    
    
    
    1.11
    %
    
    
    8,820,806
    
    
    
    845,740
    
    
    
    4,393,925Total
    
    $
    7,568,136
    
    
    
    5.93
    %
 
 *
    
    Average of month-end Values at Risk Material Limitations on Value at Risk as an Assessment of Market Risk
  Non-Trading Risk
   24




---



##### 



Qualitative Disclosures Regarding Primary Trading Risk Exposures
   Interest Rates e.g.,
 Currencies
 Stock Indices
 Metals
 Softs
 Energy
 Grains
 Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
 Qualitative Disclosures Regarding Means of Managing Risk Exposure.
     25




---



##### 



Item 8. Financial Statements and Supplementary Data .
 DIVERSIFIED MULTI-ADVISOR  FUTURES FUND L.P.
 INDEX TO FINANCIAL STATEMENTS
 PageNumberOath or Affirmation
    
    F-3Managements Report on Internal Control over Financial Reporting
    
    F-4Reports of Independent Registered Public Accounting Firms
    
    F-5  F-7Financial Statements:Statements
of Financial Condition at December 31, 2009 and 2008
    
    F-8Schedules of
Investments at December 31, 2009 and 2008
    
    F-9  F-10Statements
of Income and Expenses for the years ended December 31, 2009, 2008
and 2007
    
    F-11Statements
of Changes in Partners Capital for the years ended December 31, 2009, 2008
and 2007
    
    F-12Notes to Financial Statements
    
    F-13  F-23Selected Unaudited Quarterly Financial Data
    
    F-24Financial Statements of CMF Willowbridge Argo Master Fund L.P.Oath or Affirmation
    
    F-25Reports of Independent Registered Public Accounting Firms
    
    F-26  F-28Statements of Financial Condition at December 31, 2009 and 2008
    
    F-29Condensed Schedules of Investments at December 31, 2009 and 2008
    
    F-30  F-31Statements of Income and Expenses for the year ended December 31, 2009, 2008 and 2007
    
    F-32Statements of Changes in Partners Capital for the year ended December 31, 2009, 2008
and 2007
    
    F-33Notes to Financial Statements
    
    F-34  F-41Selected Unaudited Quarterly Financial Data
    
    F-42Financial Statements of CMF Winton Master L.P.Oath or Affirmation
    
    F-43Reports of Independent Registered Public Accounting Firms
    
    F-44  F-46Statements of Financial Condition at December 31, 2009 and 2008
    
    F-47Condensed Schedules of Investments at December 31, 2009 and 2008
    
    F-48  F-49Statements of Income and Expenses for the year ended December 31, 2009, 2008 and 2007
    
    F-50Statements of Changes in Partners Capital for the year ended December 31, 2009, 2008
and 2007
    
    F-51Notes to Financial Statements
    
    F-52  F-61Selected Unaudited Quarterly Financial Data
    
    F-62
 F-1




---



##### 



DIVERSIFIED MULTI-ADVISOR FUTURES FUND L.P.
 INDEX TO FINANCIAL STATEMENTSCONTINUED
 PageNumberFinancial Statements of CMF Graham Capital Master Fund L.P.Oath of Affirmation
    
    F-63Reports of Independent Registered Public Accounting Firms
    
    F-64  F-66Statements of Financial Condition at December 31, 2009 and 2008
    
    F-67Condensed Schedules of Investments at December 31, 2009 and 2008
    
    F-68  F-69Statements
of Income and Expenses for the year ended December 31, 2009,
2008,   2007
    
    F-70Statements of Changes in Partners Capital for the year ended December 31, 2009,
2008,    2007
    
    F-71Notes to Financial Statements
    
    F-72  F-80Selected Unaudited Quarterly Financial Data
    
    F-81Financial Statements of CMF Eckhardt Master Fund L.P.Oath or Affirmation
    
    F-82Report of Independent Registered Public Accounting Firm
    
    F-83  F-84Statement of
Financial Condition at December 31, 2009 and 2008
    
    F-85Condensed Schedules of Investments at December 31, 2009 and 2008
    
    F-86  F-87Statements
of Income and Expenses for the year ended December 31, 2009 and
April 1, 2008 (commencement of trading operations) to
December 31, 2008
    
    F-88Statements of Changes in Partners Capital for the year ended December 31, 2009
and April 1, 2008 (commencement of trading operations) to
December 31, 2008
    
    F-89Notes to Financial Statements
    
    F-90  F-98Selected Unaudited Quarterly Financial Data
    
    F-99Financial
Statements of the CMF SandRidge Master Fund L.P.Oath or Affirmation
    
    F-100Reports of Independent Registered Public Accounting Firms
    
    F-101  F-103Statements
of Financial Condition at December 31, 2009 and 2008
    
    F-104Condensed Schedules of
Investments at December 31, 2009 and 2008
    
    F-105  F-106Statements
of Income and Expenses for the year ended December 31, 2009, 2008
and 2007
    
    F-107Statements
of Changes in Partners Capital for the year ended December 31, 2009, 2008
and 2007
    
    F-108Notes to Financial Statements
    
    F-109  F-116Selected Unaudited Quarterly Financial Data
    
    F-117
 F-2




---



##### 

TABLE OF CONTENTS



|                                                                                                         |                                                                                                                      |  |  |  |  |  |  | 
|-------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------- |  |  |  |  |  |  | 
|PART I                                                                                                  
|                                                                                                         | Item 1. Business                                                                                                    
|                                                                                                         | Item 1A. Risk Factors                                                                                               
|                                                                                                         | Item 2. Properties                                                                                                  
|                                                                                                         | Item 3. Legal Proceedings                                                                                           
|                                                                                                         | Item 4. Submission of Matters to a Vote of Security Holders                                                         
|PART II                                                                                                 
|                                                                                                         | Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|                                                                                                         | Item 6. Selected Financial Data                                                                                     
|                                                                                                         | Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations                       
|                                                                                                         | Item 7A. Quantitative and Qualitative Disclosures About Market Risk                                                 
|                                                                                                         | Item 8. Financial Statements and Supplementary Data                                                                 
|Managements Report on Internal Control over Financial Reporting                                        
|Statements of Financial Condition                                                                       
|Schedule of Investments                                                                                 
|Schedule of Investments                                                                                 
|Statements of Income and Expenses                                                                       
|Statements of Changes in Partners Capital                                                              
|Notes to Financial Statements                                                                           
|To the Limited Partners of CMF Willowbridge Argo Master Fund L.P.                                       
|CMF Willowbridge Argo Master Fund L.P. Statements of Financial Condition December 31, 2009 and 2008     
|Condensed Schedule of Investments December 31, 2009                                                     
|Condensed Schedule of Investments December 31, 2008                                                     
|Statements of Income and Expenses for the years ended December 31, 2009, 2008 and 2007                  
|Statements of Changes in Partners Capital for the years ended December 31, 2009, 2008 and 2007         
|CMF Willowbridge Argo Master Fund L.P. Notes to Financial Statements December 31, 2009                  
|Statements of Financial Condition                                                                       
|Condensed Schedule of Investments                                                                       
|Condensed Schedule of Investments                                                                       
|Statements of Income and Expenses                                                                       
|Statements of Changes in Partners Capital                                                              
|Notes to Financial Statements December 31, 2009                                                         
|CMF Graham Capital Master Fund L.P.                                                                     
|Statements of Financial Condition                                                                       
|Condensed Schedule of Investments                                                                       
|Condensed Schedule of Investments                                                                       
|Statements of Income and Expenses                                                                       
|Statements of Changes in Partners Capital                                                              
|Notes to Financial Statements                                                                           
|Statements of Financial Condition                                                                       
|Condensed Schedule of Investments                                                                       
|Condensed Schedule of Investments                                                                       
|Statements of Income and Expenses for the year ended December 31, 2009  and for the period April 1, 2008
|Statements of Changes in Partners Capital                                                              
|Notes to Financial Statements December 31, 2009                                                         
|To the Limited Partners of CMF SandRidge Master Fund L.P.                                               
|Statements of Financial Condition                                                                       
|Condensed Schedule of Investments                                                                       
|Condensed Schedule of Investments                                                                       
|Statements of Income and Expenses for the years ended                                                   
|Statements of Changes in Partners Capital                                                              
|Notes to Financial Statements                                                                           
|                                                                                                         | Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                        
|                                                                                                         | Item 9A(T). Controls and Procedures                                                                                 
|                                                                                                         | Item 9B. Other Information                                                                                          
|PART III                                                                                                
|                                                                                                         | Item 10. Directors, Executive Officers and Corporate Governance                                                     
|                                                                                                         | Item 11. Executive Compensation                                                                                     
|                                                                                                         | Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters             
|                                                                                                         | Item 13. Certain Relationship and Related Transactions, and Director Independence                                   
|                                                                                                         | Item 14. Principal Accountant Fees and Services                                                                     
|PART IV                                                                                                 
|                                                                                                         | Item 15. Exhibits, Financial Statement Schedules                                                                    
|SIGNATURES                                                                                              
|EX-10.3.B                                                                                               
|EX-10.4.B                                                                                               
|EX-10.5.B                                                                                               
|EX-10.6.B                                                                                               
|EX-10.7.B                                                                                               
|EX-31.1                                                                                                 
|EX-31.2                                                                                                 
|EX-32.1                                                                                                 
|EX-32.2                                                                                                 



To the Limited
    Partners of
    Diversified Multi-Advisor Futures Fund L.P.













| |     |               
| | --- | --------------
| | By: | Jennifer Magro











Ceres Managed Futures LLC








212-559-2011


F-3



---



##### 





Managements
    Report on Internal Control over
    Financial Reporting








|     |                                                                                                                                                                                                                                                                                                                                                                                                            
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(i)  | pertain to the maintenance of records that, in reasonable
    detail, accurately and fairly reflect the transactions and
    dispositions of the assets of the Partnership;                                                                                                                                                                                                                                
|    
|(ii) | provide reasonable assurance that transactions are recorded as
    necessary to permit preparation of financial statements in
    accordance with accounting principles generally accepted in the
    United States of America, and that receipts and expenditures of
    the Partnership are being made only in accordance with
    authorizations of management and directors of the
    Partnership; and



|      |                                                                                                                                                                                                                                            
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(iii) | provide reasonable assurance regarding prevention or timely
    detection and correction of unauthorized acquisition, use or
    disposition of the Partnerships assets that could have a
    material effect on the financial statements.







Internal
    Control-Integrated Framework




























F-4



---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
  
  Internal Control - Integrated
Framework
        Internal Control  Integrated Framework
 
 F-5




---



##### 



Report of Independent Registered Public Accounting Firm
 
 Internal Control  Integrated Framework
    
 F-6




---



##### 



Report of Independent Registered Public Accounting Firm
 
     
 F-7




---



##### 



Diversified
    Multi-Advisor Futures Fund L.P.
 Statements
    of Financial Condition
    December 31, 2009 and 2008




|                                                                                                                                                               |  |      |            |  |      |   |            | 
|-------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | ---------- |  | ---- | - | ---------- | 
|                                                                                                                                                               |  | 2009 |            |  | 2008 |  
|                                                                                                                                                              
|Assets:                                                                                                                                                        |  |      |            |  |      |   |            | 
|Investment in Partnerships, at fair value (Note 5)                                                                                                             |  | $    | 33,653,350 |  |      | $ | 49,607,769 | 
|Cash (Note 3c)                                                                                                                                                 |  |      | 107,335    |  |      |   | 69,501     | 
|                                                                                                                                                               |  |      |            |  |      |   |            | 
|Total assets                                                                                                                                                   |  | $    | 33,760,685 |  |      | $ | 49,677,270 | 
|                                                                                                                                                               |  |      |            |  |      |   |            | 
|Liabilities and Partners Capital:                                                                                                                             |  |      |            |  |      |   |            | 
|Liabilities:                                                                                                                                                   |  |      |            |  |      |   |            | 
|Accrued expenses:                                                                                                                                              |  |      |            |  |      |   |            | 
|Brokerage commissions (Note 3c)                                                                                                                                |  | $    | 154,737    |  |      | $ | 227,687    | 
|Management fees (Note 3b)                                                                                                                                      |  |      | 51,788     |  |      |   | 76,444     | 
|Incentive fees (Note 3b)                                                                                                                                       |  |      |           |  |      |   | 189,867    | 
|Professional fees                                                                                                                                              |  |      | 42,250     |  |      |   | 26,610     | 
|Other                                                                                                                                                          |  |      | 6,731      |  |      |   | 15,272     | 
|Redemptions payable (Note 6)                                                                                                                                   |  |      | 266,047    |  |      |   | 850,367    | 
|                                                                                                                                                               |  |      |            |  |      |   |            | 
|Total liabilities                                                                                                                                              |  |      | 521,553    |  |      |   | 1,386,247  | 
|                                                                                                                                                               |  |      |            |  |      |   |            | 
|Partners Capital (Notes 1 and 6):                                                                                                                             |  |      |            |  |      |   |            | 
|General Partner, 280.4039 and 835.3289 Unit equivalents
    outstanding at December 31, 2009 and 2008, respectively                                            |  |      | 508,420    |  |      |   | 1,695,634  | 
|Limited Partners, 18,051.6921 and 22,954.4913 Redeemable Units
    of Limited Partnership Interest outstanding at
    December 31, 2009 and 2008, respectively |  |      | 32,730,712 |  |      |   | 46,595,389 | 
|                                                                                                                                                               |  |      |            |  |      |   |            | 
|Total partners capital                                                                                                                                        |  |      | 33,239,132 |  |      |   | 48,291,023 | 
|                                                                                                                                                               |  |      |            |  |      |   |            | 
|Total liabilities and partners capital                                                                                                                        |  | $    | 33,760,685 |  |      | $ | 49,677,270 | 
|                                                                                                                                                               |  |      |            |  |      |   |            | 





See accompanying notes to financial statements.


F-8



---



##### 



Diversified
    Multi-Advisor Futures Fund L.P.

    Schedule of Investments
    December 31, 2009




|                                                |  |            |            |  |                |  |        |  
|----------------------------------------------- |  | ---------- | ---------- |  | -------------- |  | ------ | -
|                                                |  |            |            |  | % of Partners | 
|                                                |  | Fair Value |            |  | Capital        | 
|                                               
|Investment In Partnerships                      |  |            |            |  |                |  |        |  
|CMF Winton Master L.P.                          |  | $          | 9,975,920  |  |                |  | 30.01  | %
|CMF Willowbridge Argo Master Fund L.P.          |  |            | 6,218,731  |  |                |  | 18.71  |  
|CMF Graham Capital Master Fund L.P.             |  |            | 9,193,804  |  |                |  | 27.66  |  
|CMF Eckhardt Master L.P.                        |  |            | 5,395,613  |  |                |  | 16.23  |  
|CMF SandRidge Master Fund L.P.                  |  |            | 2,869,282  |  |                |  | 8.63   |  
|                                                |  |            |            |  |                |  |        |  
|Total investment in Partnerships, at fair value |  | $          | 33,653,350 |  |                |  | 101.24 | %
|                                                |  |            |            |  |                |  |        |  





See accompanying notes to financial statements.


F-9



---



##### 



Diversified
    Multi-Advisor Futures Fund L.P.

    Schedule of Investments
    December 31, 2008




|                                                |  |            |            |  |                |  |        |  
|----------------------------------------------- |  | ---------- | ---------- |  | -------------- |  | ------ | -
|                                                |  |            |            |  | % of Partners | 
|                                                |  | Fair Value |            |  | Capital        | 
|                                               
|Investment In Partnerships                      |  |            |            |  |                |  |        |  
|CMF Winton Master L.P.                          |  | $          | 14,224,843 |  |                |  | 29.46  | %
|CMF Campbell Master Fund L.P.                   |  |            | 7,115,212  |  |                |  | 14.73  |  
|CMF Willowbridge Argo Master Fund L.P.          |  |            | 10,673,321 |  |                |  | 22.10  |  
|CMF Graham Capital Master Fund L.P.             |  |            | 11,227,169 |  |                |  | 23.25  |  
|CMF Eckhardt Master L.P.                        |  |            | 6,367,224  |  |                |  | 13.19  |  
|                                                |  |            |            |  |                |  |        |  
|Total investment in Partnerships, at fair value |  | $          | 49,607,769 |  |                |  | 102.73 | %
|                                                |  |            |            |  |                |  |        |  





See accompanying notes to financial statements.


F-10



---



##### 



Diversified
    Multi-Advisor Futures Fund L.P.
 Statements
    of Income and Expenses
    for the years ended December 31, 2009, 2008 and
    2007




|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|----------------------------------------------------------------------------------------------------------------------------- |  | ---- | ----------- | - | ---- | - | ----------- | ---- |  | - | ----------- | -
|                                                                                                                              |  | 2009 |             |   | 2008 |   |             | 2007 | 
|                                                                                                                             
|Income:                                                                                                                       |  |      |             |   |      |   |             |      |  |   |             |  
|Net gains (losses) on trading of commodity interests and
    investment in Partnerships:                                      |  |      |             |   |      |   |             |      |  |   |             |  
|Net realized gains (losses) on investment in Partnerships                                                                     |  | $    | (1,267,372  | ) |      | $ | 11,791,691  |      |  | $ | 6,013,510   |  
|Change in net unrealized gains (losses) on investment in
    Partnerships                                                     |  |      | (257,686    | ) |      |   | (55,693     | )    |  |   | (1,547,967  | )
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|Gain (loss) from trading, net                                                                                                 |  |      | (1,525,058  | ) |      |   | 11,735,998  |      |  |   | 4,465,543   |  
|Interest income from investment in Partnerships                                                                               |  |      | 28,372      |   |      |   | 509,211     |      |  |   | 1,719,005   |  
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|Total income (loss)                                                                                                           |  |      | (1,496,686  | ) |      |   | 12,245,209  |      |  |   | 6,184,548   |  
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|Expenses:                                                                                                                     |  |      |             |   |      |   |             |      |  |   |             |  
|Brokerage commissions including clearing fees (Note 3c)                                                                       |  |      | 2,255,697   |   |      |   | 2,825,055   |      |  |   | 2,859,551   |  
|Management fees (Note 3b)                                                                                                     |  |      | 732,811     |   |      |   | 916,036     |      |  |   | 911,960     |  
|Incentive fees (Note 3b)                                                                                                      |  |      | 29,522      |   |      |   | 931,991     |      |  |   | 237,947     |  
|Professional fees                                                                                                             |  |      | 154,586     |   |      |   | 76,380      |      |  |   | 56,112      |  
|Other                                                                                                                         |  |      | 48,112      |   |      |   | 41,808      |      |  |   | 58,595      |  
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|Total expenses                                                                                                                |  |      | 3,220,728   |   |      |   | 4,791,270   |      |  |   | 4,124,165   |  
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|Net income (loss)                                                                                                             |  | $    | (4,717,414  | ) |      | $ | 7,453,939   |      |  | $ | 2,060,383   |  
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|Net income (loss) per Redeemable Unit of Limited Partnership
    Interest and General Partner Unit equivalent (Notes 1 and 7) |  | $    | (216.73     | ) |      | $ | 288.01      |      |  | $ | 79.41       |  
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  
|Weighted average units outstanding                                                                                            |  |      | 20,732.8820 |   |      |   | 25,826.7688 |      |  |   | 29,710.8145 |  
|                                                                                                                              |  |      |             |   |      |   |             |      |  |   |             |  





See accompanying notes to financial statements.


F-11



---



##### 



Diversified
    Multi-Advisor Futures Fund L.P.

    Statements of Changes in Partners Capital
    for the years ended December 31, 2009, 2008 and
    2007




|                                                                                                                               |  |          |            |   |         |   |            |       |  |   |             |  
|------------------------------------------------------------------------------------------------------------------------------ |  | -------- | ---------- | - | ------- | - | ---------- | ----- |  | - | ----------- | -
|                                                                                                                               |  | Limited  |            |   | General |   |            |       | 
|                                                                                                                               |  | Partners |            |   | Partner |   |            | Total | 
|                                                                                                                              
|Partners Capital at December 31, 2006                                                                                         |  | $        | 51,273,942 |   |         | $ | 2,122,569  |       |  | $ | 53,396,511  |  
|Net income (loss)                                                                                                              |  |          | 2,198,970  |   |         |   | (138,587   | )*    |  |   | 2,060,383   |  
|Redemption of 3,942.7222 Redeemable Units of Limited Partnership
    Interest and 965.2622 General Partner Unit equivalent     |  |          | (6,617,850 | ) |         |   | (1,441,407 | )     |  |   | (8,059,257  | )
|                                                                                                                               |  |          |            |   |         |   |            |       |  |   |             |  
|Partners Capital at December 31, 2007                                                                                         |  |          | 46,855,062 |   |         |   | 542,575    |       |  |   | 47,397,637  |  
|Net income (loss)                                                                                                              |  |          | 7,300,880  |   |         |   | 153,059    |       |  |   | 7,453,939   |  
|Sale of 523.8427 General Partner Unit equivalent                                                                               |  |          |           |   |         |   | 1,000,000  |       |  |   | 1,000,000   |  
|Redemption of 3,944.5494 Redeemable Units of Limited Partnership
    Interest                                                  |  |          | (7,560,553 | ) |         |   |           |       |  |   | (7,560,553  | )
|                                                                                                                               |  |          |            |   |         |   |            |       |  |   |             |  
|Partners Capital at December 31, 2008                                                                                         |  |          | 46,595,389 |   |         |   | 1,695,634  |       |  |   | 48,291,023  |  
|Net income (loss)                                                                                                              |  |          | (4,567,938 | ) |         |   | (149,476   | )     |  |   | (4,717,414  | )
|Redemption of 4,902.7992 Redeemable Units of Limited
    Partnership Interest and 554.9250 General Partner Unit
    equivalent |  |          | (9,296,739 | ) |         |   | (1,037,738 | )     |  |   | (10,334,477 | )
|                                                                                                                               |  |          |            |   |         |   |            |       |  |   |             |  
|Partners Capital at December 31, 2009                                                                                         |  | $        | 32,730,712 |   |         | $ | 508,420    |       |  | $ | 33,239,132  |  
|                                                                                                                               |  |          |            |   |         |   |            |       |  |   |             |  
|                                                                                                                               |  |          |            |   |         |   |            |       |  |   |             |  
|Net Asset Value per Unit:                                                                                                      |  |          |            |   |         |   |            |       |  |   |             |  



2007:

$
1,741.892008:

$
2,029.902009:

$
1,813.17






|  |  |                                                                                                                                                                           
|- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|* |  | The net loss associated with the General Partners
    allocation at December 31, 2007 is due to the timing of the
    redemption of the General Partner Unit equivalents.



See accompanying notes to financial statements.


F-12



---



##### 





Diversified
    Multi-Advisor Futures Fund L.P.
 Notes to
    Financial Statements
    December 31, 2009




|   |                              
|-- | -----------------------------
|1. | Partnership
    Organization:



non-U.S. interest




















|   |                         
|-- | ------------------------
|2. | Accounting
    Policies:



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. | Use of Estimates.  The preparation of financial
    statements and accompanying notes in conformity with GAAP
    requires management to make estimates and assumptions that
    affect the reported amounts of assets and liabilities, income
    and expenses, and related disclosures of contingent assets and
    liabilities in the financial statements and accompanying notes.
    In making these estimates and assumptions, management has
    considered the effects, if any, of events occurring after the
    date of the Partnerships Statements of Financial Condition
    through the date the financial statements were issued. As a
    result, actual results could differ from these estimates.

F-13



---



##### 





Diversified
    Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2009






| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | b. | Statement of Cash Flows.  The Partnership is
    not required to provide a Statement of Cash Flows as permitted
    by ASC 230, Statement of Cash Flows (formerly,
    FAS No. 102, Statement of Cash Flows Exemption
    of Certain Enterprises and Classification of Cash Flows from
    Certain Securities Acquired for Resale).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|
| | c. | Partnerships and the Funds
    Investments.  All commodity interests (including
    derivative financial instruments and derivative commodity
    instruments), through its investment in other partnerships, are
    held for trading purposes. The commodity interests are recorded
    on trade date and open contracts are recorded at fair value (as
    described below) at the measurement date. Investments in
    commodity interests denominated in foreign currencies are
    translated into U.S. dollars at the exchange rates
    prevailing at the measurement date. Gains or losses are realized
    when contracts are liquidated. Unrealized gains or losses on
    open contracts are included as a component of equity in trading
    account on the Funds Statements of Financial Condition.
    Realized gains or losses and any change in net unrealized gains
    or losses from the preceding period are reported in the
    Funds Statements of Income and Expenses.



Partnerships and the Funds Fair Value
    Measurements.




FAS No. 157-4,






F-14



---



##### 





Diversified
    Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2009








|                           |  |            |            |  |                  |   |   |                   |  |   |                  |  |  |   |   | 
|-------------------------- |  | ---------- | ---------- |  | ---------------- | - | - | ----------------- |  | - | ---------------- |  |  | - | - | 
|                           |  |            |            |  | Quoted Prices in |   |   |                   |  |   |                  | 
|                           |  |            |            |  | Active Markets   |   |   | Significant Other |  |   | Significant      | 
|                           |  |            |            |  | For Identical    |   |   | Observable Inputs |  |   | Unobservable     | 
|                           |  | 12/31/2009 |            |  | Assets (Level 1) |   |   | (Level 2)         |  |   | Inputs (Level 3) | 
|                          
|Assets                     |  |            |            |  |                  |   |   |                   |  |   |                  |  |  |   |   | 
|Investment in Partnerships |  | $          | 33,653,350 |  |                  | $ |  |                   |  | $ | 33,653,350       |  |  | $ |  | 
|                           |  |            |            |  |                  |   |   |                   |  |   |                  |  |  |   |   | 
|Total fair value           |  | $          | 33,653,350 |  |                  | $ |  |                   |  | $ | 33,653,350       |  |  | $ |  | 
|                           |  |            |            |  |                  |   |   |                   |  |   |                  |  |  |   |   | 





|                           |  |            |            |  |                  |   |   |                   |  |   |                  |  |  |   |   | 
|-------------------------- |  | ---------- | ---------- |  | ---------------- | - | - | ----------------- |  | - | ---------------- |  |  | - | - | 
|                           |  |            |            |  | Quoted Prices in |   |   |                   |  |   |                  | 
|                           |  |            |            |  | Active Markets   |   |   | Significant Other |  |   | Significant      | 
|                           |  |            |            |  | For Identical    |   |   | Observable Inputs |  |   | Unobservable     | 
|                           |  | 12/31/2008 |            |  | Assets (Level 1) |   |   | (Level 2)         |  |   | Inputs (Level 3) | 
|                          
|Assets                     |  |            |            |  |                  |   |   |                   |  |   |                  |  |  |   |   | 
|Investment in Partnerships |  | $          | 49,607,769 |  |                  | $ |  |                   |  | $ | 49,607,769       |  |  | $ |  | 
|                           |  |            |            |  |                  |   |   |                   |  |   |                  |  |  |   |   | 
|Total fair value           |  | $          | 49,607,769 |  |                  | $ |  |                   |  | $ | 49,607,769       |  |  | $ |  | 
|                           |  |            |            |  |                  |   |   |                   |  |   |                  |  |  |   |   | 





Futures Contracts.




Forward Foreign Currency Contracts. agreed-upon






F-15



---



##### 





Diversified
    Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2009






London Metals Exchange Forward
    Contracts.




Options. over-the-counter




| |    |                                                                                                                                                                                      
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | d. | Income Taxes.  Income taxes have not been
    provided as each partner is individually liable for the taxes,
    if any, on their share of the Partnerships income and
    expenses.











| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | e. | Subsequent Events.  In 2009, the Partnership
    adopted ASC 855, Subsequent Events (formerly,
    FAS No. 165, Subsequent Events). The
    objective of ASC 855 is to establish general standards of
    accounting for and disclosure of events that occur after the
    balance sheet date but before financial statements are issued or
    available to be issued. Management has determined that there
    were no subsequent events requiring adjustment or disclosure in
    the financial statements.



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | f. | Recent Accounting Pronouncements.  In January
    2010, the FASB issued Accounting Standards Update
    No. 2010-06
    (ASU
    2010-06),
    Improving Disclosures about Fair Value Measurements, which
    , among other things, amends ASC 820 to require entities to
    separately present purchases, sales, issuances, and settlements
    in their reconciliation of Level 3 fair value measurements
    (i.e. to present such items on a gross basis rather than on a
    net basis), and which clarifies existing disclosure requirements
    provided by ASC 820 regarding the level of disaggregation and
    the inputs and valuation techniques used to measure fair value
    for measurements that fall within either

F-16



---



##### 





Diversified
    Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2009




| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Level 2 or Level 3 of the fair value hierarchy. ASU
    2010-06 is
    effective for interim and annual periods beginning after
    December 15, 2009, except for the disclosures about
    purchases, sales, issuances, and settlements in the roll forward
    of activity in Level 3 fair value measurements (which are
    effective for fiscal years beginning after December 15,
    2010, and for interim periods within those fiscal years).
    Management is currently assessing the impact that the adoption
    of ASU
    2010-06 will
    have on the Partnerships financial statements disclosures.



No. 2010-09 2010-09),




| |    |                                                                                                                                                                                                 
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | g. | Certain prior period amounts have been reclassified to conform
    to the current year presentation.                                                                                            
|
| | h. | Net Income (Loss) per Redeemable Unit.  Net
    income (loss) per Redeemable Unit is calculated in accordance
    with investment company guidance. See footnote 7 for Financial
    Highlights.



|   |            
|-- | -----------
|3. | Agreements:



| |    |                               
| | -- | ------------------------------
| | a. | Limited Partnership Agreement:







| |    |                       
| | -- | ----------------------
| | b. | Management Agreements:









F-17



---



##### 





Diversified
    Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2009








| |    |                    
| | -- | -------------------
| | c. | Customer Agreement:



give-up 30-day 3-month 90-day




|   |                        
|-- | -----------------------
|4. | Trading
    Activities:

















F-18



---



##### 





Diversified
    Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2009








|   |                                
|-- | -------------------------------
|5. | Investment in
    Partnerships:





















F-19



---



##### 





Diversified
    Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2009
































|                    |  |                   |               |  |                   |   |            |               |  |   |               | 
|------------------- |  | ----------------- | ------------- |  | ----------------- | - | ---------- | ------------- |  | - | ------------- | 
|                    |  | December 31, 2009 |              
|                    |  | Total Assets      |               |  | Total Liabilities |   |            | Total Capital | 
|                   
|Winton Master       |  | $                 | 574,479,690   |  |                   | $ | 71,377     |               |  | $ | 574,408,313   | 
|Willowbridge Master |  |                   | 231,147,799   |  |                   |   | 42,482     |               |  |   | 231,105,317   | 
|Graham Master       |  |                   | 171,238,199   |  |                   |   | 25,939     |               |  |   | 171,212,260   | 
|Eckhardt Master     |  |                   | 17,383,619    |  |                   |   | 63,160     |               |  |   | 17,320,459    | 
|SandRidge Master    |  |                   | 715,621,327   |  |                   |   | 30,711,834 |               |  |   | 684,909,493   | 
|                    |  |                   |               |  |                   |   |            |               |  |   |               | 
|Total               |  | $                 | 1,709,870,634 |  |                   | $ | 30,914,792 |               |  | $ | 1,678,955,842 | 
|                    |  |                   |               |  |                   |   |            |               |  |   |               | 





F-20



---



##### 





Diversified
    Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2009




|                    |  |                   |               |  |                   |   |         |               |  |   |               | 
|------------------- |  | ----------------- | ------------- |  | ----------------- | - | ------- | ------------- |  | - | ------------- | 
|                    |  | December 31, 2008 |              
|                    |  | Total Assets      |               |  | Total Liabilities |   |         | Total Capital | 
|                   
|Winton Master       |  | $                 | 547,770,185   |  |                   | $ | 18,642  |               |  | $ | 547,751,543   | 
|Campbell Master     |  |                   | 127,587,225   |  |                   |   | 112,263 |               |  |   | 127,474,962   | 
|Willowbridge Master |  |                   | 297,439,763   |  |                   |   | 19,759  |               |  |   | 297,420,004   | 
|Graham Master       |  |                   | 224,787,639   |  |                   |   | 296,697 |               |  |   | 224,490,942   | 
|Eckhardt Master     |  |                   | 20,544,954    |  |                   |   | 15,519  |               |  |   | 20,529,435    | 
|                    |  |                   |               |  |                   |   |         |               |  |   |               | 
|Total               |  | $                 | 1,218,129,766 |  |                   | $ | 462,880 |               |  | $ | 1,217,666,886 | 
|                    |  |                   |               |  |                   |   |         |               |  |   |               | 









|                    |  |                                      |             |   |              |   |             |            |  |   |             |  
|------------------- |  | ------------------------------------ | ----------- | - | ------------ | - | ----------- | ---------- |  | - | ----------- | -
|                    |  | For the Year Ended December 31, 2009 |            
|                    |  | Gain (Loss) from                     |             |   | Total Income |   |             | Net Income | 
|                    |  | Trading, Net                         |             |   | (Loss)       |   |             | (Loss)     | 
|                   
|Winton Master       |  | $                                    | (25,033,464 | ) |              | $ | (24,623,815 | )          |  | $ | (25,021,263 | )
|Willowbridge Master |  |                                      | (42,016,964 | ) |              |   | (41,821,187 | )          |  |   | (42,198,191 | )
|Graham Master       |  |                                      | 12,468,065  |   |              |   | 12,593,321  |            |  |   | 11,932,221  |  
|Eckhardt Master     |  |                                      | (617,648    | ) |              |   | (604,361    | )          |  |   | (743,158    | )
|SandRidge Master    |  |                                      | 99,192,706  |   |              |   | 99,581,610  |            |  |   | 98,747,670  |  
|                    |  |                                      |             |   |              |   |             |            |  |   |             |  
|Total               |  | $                                    | 43,992,695  |   |              | $ | 45,125,568  |            |  | $ | 42,717,279  |  
|                    |  |                                      |             |   |              |   |             |            |  |   |             |  





|                    |  |                                      |             |  |              |   |             |            |  |   |             | 
|------------------- |  | ------------------------------------ | ----------- |  | ------------ | - | ----------- | ---------- |  | - | ----------- | 
|                    |  | For the Year Ended December 31, 2008 |            
|                    |  | Gain (Loss) from                     |             |  | Total Income |   |             | Net Income | 
|                    |  | Trading, Net                         |             |  | (Loss)       |   |             | (Loss)     | 
|                   
|Winton Master       |  | $                                    | 123,848,030 |  |              | $ | 129,757,734 |            |  | $ | 129,243,782 | 
|Campbell Master     |  |                                      | 6,817,650   |  |              |   | 8,716,578   |            |  |   | 8,555,470   | 
|Willowbridge Master |  |                                      | 114,625,338 |  |              |   | 117,584,985 |            |  |   | 117,208,252 | 
|Graham Master       |  |                                      | 63,129,714  |  |              |   | 65,332,335  |            |  |   | 64,361,901  | 
|Eckhardt Master     |  |                                      | 848,562     |  |              |   | 999,083     |            |  |   | 904,735     | 
|                    |  |                                      |             |  |              |   |             |            |  |   |             | 
|Total               |  | $                                    | 309,269,294 |  |              | $ | 322,390,715 |            |  | $ | 320,274,140 | 
|                    |  |                                      |             |  |              |   |             |            |  |   |             | 









|                                     |  |               |       |       |  |        |            |             |  |        |            |            |  |             |        |           |  |   |        |  |  |   |            |   |  |                          |  |        
|------------------------------------ |  | ------------- | ----- | ----- |  | ------ | ---------- | ----------- |  | ------ | ---------- | ---------- |  | ----------- | ------ | --------- |  | - | ------ |  |  | - | ---------- | - |  | ------------------------ |  | -------
|                                     |  | % of          |       |       |  |        |            |             |  |        |            | Net        |  |             |        |          
|                                     |  | Partnerships |       | Fair  |  | Income |            | Expenses    |  | Income |            | Investment |  | Redemptions
|Investment                           |  | Net Assets    |       | Value |  | (Loss) |            | Commissions |  | Other  |            | (Loss)     |  | Objective   |        | Permitted
|                                    
|For the year ended December 31, 2009 |  |               |       |       |  |        |            |             |  |        |            |            |  |             |        |           |  |   |        |  |  |   |            |   |  |                          |  |        
|Winton Master                        |  |               | 30.01 | %     |  | $      | 9,975,920  |             |  | $      | (587,493   | )          |  | $           | 7,362  |           |  | $ | 1,129  |  |  | $ | (595,984   | ) |  | Commodity Portfolio      |  | Monthly
|                                     |  |               |       |       |  |        |            |             |  |        |            |            |  |             |        |           |  |   |        |  |  |   |            |   |  | Financial, Metal         |  | Monthly
|Campbell Master                      |  |               |      |       |  |        |           |             |  |        | (276,892   | )          |  |             | 1,271  |           |  |   | 1,050  |  |  |   | (279,213   | ) |  | & Energy Large Portfolio |  |        
|Willowbridge Master                  |  |               | 18.71 | %     |  |        | 6,218,731  |             |  |        | (1,338,164 | )          |  |             | 9,670  |           |  |   | 1,836  |  |  |   | (1,349,670 | ) |  | Commodity Portfolio      |  | Monthly
|Graham Master                        |  |               | 27.66 | %     |  |        | 9,193,804  |             |  |        | 691,938    |            |  |             | 35,865 |           |  |   | 2,658  |  |  |   | 653,415    |   |  | Commodity Portfolio      |  | Monthly
|Eckhardt Master                      |  |               | 16.23 | %     |  |        | 5,395,613  |             |  |        | (189,439   | )          |  |             | 15,489 |           |  |   | 28,022 |  |  |   | (232,950   | ) |  | Commodity Portfolio      |  | Monthly
|SandRidge Master                     |  |               | 8.63  | %     |  |        | 2,869,282  |             |  |        | 203,364    |            |  |             | 1,554  |           |  |   | 485    |  |  |   | 201,325    |   |  |                          |  |        
|                                     |  |               |       |       |  |        |            |             |  |        |            |            |  |             |        |           |  |   |        |  |  |   |            |   |  |                          |  |        
|Total                                |  |               |       |       |  | $      | 33,653,350 |             |  | $      | (1,496,686 | )          |  | $           | 71,211 |           |  | $ | 35,180 |  |  | $ | (1,603,077 | ) |  |                          |  |        
|                                     |  |               |       |       |  |        |            |             |  |        |            |            |  |             |        |           |  |   |        |  |  |   |            |   |  |                          |  |        





F-21



---



##### 





Diversified
    Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2009




|                                     |  |               |       |       |  |        |            |             |  |        |            |            |  |             |        |           |  |   |        |  |  |   |            |  |  |                          |  |        
|------------------------------------ |  | ------------- | ----- | ----- |  | ------ | ---------- | ----------- |  | ------ | ---------- | ---------- |  | ----------- | ------ | --------- |  | - | ------ |  |  | - | ---------- |  |  | ------------------------ |  | -------
|                                     |  | % of          |       |       |  |        |            |             |  |        |            | Net        |  |             |        |          
|                                     |  | Partnerships |       | Fair  |  | Income |            | Expenses    |  | Income |            | Investment |  | Redemptions
|Investment                           |  | Net Assets    |       | Value |  | (Loss) |            | Commissions |  | Other  |            | (Loss)     |  | Objective   |        | Permitted
|                                    
|For the year ended December 31, 2008 |  |               |       |       |  |        |            |             |  |        |            |            |  |             |        |           |  |   |        |  |  |   |            |  |  |                          |  |        
|Winton Master                        |  |               | 29.46 | %     |  | $      | 14,224,843 |             |  | $      | 3,903,834  |            |  | $           | 14,144 |           |  | $ | 1,023  |  |  | $ | 3,888,667  |  |  | Commodity  Portfolio     |  | Monthly
|                                     |  |               |       |       |  |        |            |             |  |        |            |            |  |             |        |           |  |   |        |  |  |   |            |  |  | Financial, Metal         |  | Monthly
|Campbell Master                      |  |               | 14.73 | %     |  |        | 7,115,212  |             |  |        | 376,063    |            |  |             | 5,806  |           |  |   | 2,421  |  |  |   | 367,836    |  |  | & Energy Large Portfolio |  |        
|Willowbridge Master                  |  |               | 22.10 | %     |  |        | 10,673,321 |             |  |        | 4,444,290  |            |  |             | 13,238 |           |  |   | 1,365  |  |  |   | 4,429,687  |  |  | Commodity Portfolio      |  | Monthly
|Graham Master                        |  |               | 23.25 | %     |  |        | 11,227,169 |             |  |        | 3,224,877  |            |  |             | 45,813 |           |  |   | 1,469  |  |  |   | 3,177,595  |  |  | Commodity Portfolio      |  | Monthly
|Eckhardt Master                      |  |               | 13.19 | %     |  |        | 6,367,224  |             |  |        | 296,145    |            |  |             | 7,005  |           |  |   | 21,206 |  |  |   | 267,934    |  |  | Commodity Portfolio      |  | Monthly
|                                     |  |               |       |       |  |        |            |             |  |        |            |            |  |             |        |           |  |   |        |  |  |   |            |  |  |                          |  |        
|Total                                |  |               |       |       |  | $      | 49,607,769 |             |  | $      | 12,245,209 |            |  | $           | 86,006 |           |  | $ | 27,484 |  |  | $ | 12,131,719 |  |  |                          |  |        
|                                     |  |               |       |       |  |        |            |             |  |        |            |            |  |             |        |           |  |   |        |  |  |   |            |  |  |                          |  |        





|   |                                   
|-- | ----------------------------------
|6. | Distributions and
    Redemptions:







|   |                          
|-- | -------------------------
|7. | Financial
    Highlights:







|                                                       |  |      |          |   |      |   |          |      |  |   |          |  
|------------------------------------------------------ |  | ---- | -------- | - | ---- | - | -------- | ---- |  | - | -------- | -
|                                                       |  | 2009 |          |   | 2008 |   |          | 2007 | 
|                                                      
|Net realized and unrealized gains (losses)*            |  | $    | (171.43  | ) |      | $ | 344.25   |      |  | $ | 64.64    |  
|Interest income                                        |  |      | 1.35     |   |      |   | 19.36    |      |  |   | 57.60    |  
|Expenses**                                             |  |      | (46.65   | ) |      |   | (75.60   | )    |  |   | (42.83   | )
|                                                       |  |      |          |   |      |   |          |      |  |   |          |  
|Increase (decrease) for the year                       |  |      | (216.73  | ) |      |   | 288.01   |      |  |   | 79.41    |  
|Net Asset Value per Redeemable Unit, beginning of year |  |      | 2,029.90 |   |      |   | 1,741.89 |      |  |   | 1,662.48 |  
|                                                       |  |      |          |   |      |   |          |      |  |   |          |  
|Net Asset Value per Redeemable Unit, end of year       |  | $    | 1,813.17 |   |      | $ | 2,029.90 |      |  | $ | 1,741.89 |  
|                                                       |  |      |          |   |      |   |          |      |  |   |          |  





|   |  |                                
|-- |  | -------------------------------
|*  |  | Includes brokerage commissions.
|  
|** |  | Excludes brokerage commissions.



|                                                      |  |      |       |    |      |  |      |      |  |  |      |   
|----------------------------------------------------- |  | ---- | ----- | -- | ---- |  | ---- | ---- |  |  | ---- | --
|                                                      |  | 2009 |       |    | 2008 |  |      | 2007 | 
|                                                     
|Ratios to average net assets:                         |  |      |       |    |      |  |      |      |  |  |      |   
|Net investment income (loss) before incentive fees*** |  |      | (8.1  | )% |      |  | (6.8 | )%   |  |  | (4.5 | )%
|                                                      |  |      |       |    |      |  |      |      |  |  |      |   
|Operating expenses                                    |  |      | 8.2   | %  |      |  | 7.9  | %    |  |  | 8.0  | % 
|Incentive fees                                        |  |      | 0.1   | %  |      |  | 1.9  | %    |  |  | 0.5  | % 
|                                                      |  |      |       |    |      |  |      |      |  |  |      |   
|Total expenses                                        |  |      | 8.3   | %  |      |  | 9.8  | %    |  |  | 8.5  | % 
|                                                      |  |      |       |    |      |  |      |      |  |  |      |   
|Total return:                                         |  |      |       |    |      |  |      |      |  |  |      |   
|Total return before incentive fees                    |  |      | (10.6 | )% |      |  | 18.8 | %    |  |  | 5.3  | % 
|Incentive fees                                        |  |      | (0.1  | )% |      |  | (2.3 | )%   |  |  | (0.5 | )%
|                                                      |  |      |       |    |      |  |      |      |  |  |      |   
|Total return after incentive fees                     |  |      | (10.7 | )% |      |  | 16.5 | %    |  |  | 4.8  | % 
|                                                      |  |      |       |    |      |  |      |      |  |  |      |   





|    |  |                                     
|--- |  | ------------------------------------
|*** |  | Interest income less total expenses.

F-22



---



##### 





Diversified
    Multi-Advisor Futures Fund L.P.
    Notes to Financial Statements
    December 31, 2009










|   |                                
|-- | -------------------------------
|8. | Financial
    Instrument Risks:



over-the-counter






















F-23



---



##### 



For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1, 2009 to
    
    July 1, 2009 to
    
    April 1, 2009 to
    
    January 1, 2009 toDecember 31, 2009
    
    September 30, 2009
    
    June 30, 2009
    
    March 31, 2009Net realized and unrealized trading gains
(losses) net of brokerage commissions and
clearing fees including interest income
    
    $
    (1,083,616
    )
    
    $
    261,141
    
    
    $
    (865,012
    )
    
    $
    (2,064,896
    )Net Income (loss)
    
    $
    (1,299,220
    )
    
    $
    35,873
    
    
    $
    (1,140,223
    )
    
    $
    (2,313,844
    )Increase (decrease) in Net Asset Value per Unit
    
    $
    (69.68
    )
    
    $
    3.66
    
    
    $
    (50.72
    )
    
    $
    (99.99
    )For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1, 2008 to
    
    July 1, 2008 to
    
    April 1, 2008 to
    
    January 1, 2008 toDecember 31, 2008
    
    September 30, 2008
    
    June 30, 2008
    
    March 31, 2008Net realized and unrealized trading gains
(losses) net of brokerage commissions and
clearing fees including interest income
    
    $
    3,784,999
    
    
    $
    (2,497,801
    )
    
    $
    4,653,487
    
    
    $
    3,479,469Net Income (loss)
    
    $
    3,348,009
    
    
    $
    (2,780,027
    )
    
    $
    4,014,067
    
    
    $
    2,871,890Increase (decrease) in Net Asset Value per Unit
    
    $
    134.23
    
    
    $
    (106.63
    )
    
    $
    153.69
    
    
    $
    106.72
 F-24




---



##### 








To the Limited
    Partners of
    CMF Willowbridge Argo Master Fund L.P.













| |     |               
| | --- | --------------
| | By: | Jennifer Magro











Ceres Managed Futures LLC








212-559-2011


F-25



---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    
 F-26




---



##### 



Report of Independent Auditors
 
   
 F-27




---



##### 



Report of Independent Registered Public Accounting Firm
 
     
 F-28




---



##### 





CMF Willowbridge
    Argo Master Fund L.P.
    Statements of Financial Condition
    December 31, 2009 and 2008




|                                                                                                                                                                             |  |      |             |  |      |   |             | 
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | ----------- |  | ---- | - | ----------- | 
|                                                                                                                                                                             |  | 2009 |             |  | 2008 |  
|                                                                                                                                                                            
|Assets:                                                                                                                                                                      |  |      |             |  |      |   |             | 
|Equity in trading account:                                                                                                                                                   |  |      |             |  |      |   |             | 
|Cash (Note 3c)                                                                                                                                                               |  | $    | 198,540,524 |  |      | $ | 275,579,764 | 
|Cash margin (Note 3c)                                                                                                                                                        |  |      | 27,540,310  |  |      |   | 17,345,935  | 
|Net unrealized appreciation on open futures contracts                                                                                                                        |  |      | 5,066,965   |  |      |   | 4,514,064   | 
|                                                                                                                                                                             |  |      |             |  |      |   |             | 
|Total assets                                                                                                                                                                 |  | $    | 231,147,799 |  |      | $ | 297,439,763 | 
|                                                                                                                                                                             |  |      |             |  |      |   |             | 
|Liabilities and Partners Capital:                                                                                                                                           |  |      |             |  |      |   |             | 
|Liabilities:                                                                                                                                                                 |  |      |             |  |      |   |             | 
|Accrued expenses:                                                                                                                                                            |  |      |             |  |      |   |             | 
|Professional fees                                                                                                                                                            |  | $    | 42,482      |  |      | $ | 19,759      | 
|                                                                                                                                                                             |  |      |             |  |      |   |             | 
|Total liabilities                                                                                                                                                            |  |      | 42,482      |  |      |   | 19,759      | 
|                                                                                                                                                                             |  |      |             |  |      |   |             | 
|Partners Capital:                                                                                                                                                           |  |      |             |  |      |   |             | 
|General Partner, 0.0000 Unit equivalents at December 31,
    2009 and 2008                                                                                                   |  |      |            |  |      |   |            | 
|Limited Partners Capital, 127,352.9656 and 137,871.4938
    Redeemable Units of Limited Partnership Interest outstanding at
    December 31, in 2009 and 2008, respectively |  |      | 231,105,317 |  |      |   | 297,420,004 | 
|                                                                                                                                                                             |  |      |             |  |      |   |             | 
|Total liabilities and partners capital                                                                                                                                      |  | $    | 231,147,799 |  |      | $ | 297,439,763 | 
|                                                                                                                                                                             |  |      |             |  |      |   |             | 





See accompanying notes to financial statements.


F-29



---



##### 



CMF Willowbridge
    Argo Master Fund L.P.

    Condensed Schedule of Investments
    December 31, 2009




|                                  |  |           |       |  |            |   |           |               |  |  |       |   
|--------------------------------- |  | --------- | ----- |  | ---------- | - | --------- | ------------- |  |  | ----- | --
|                                  |  | No of     |       |  |            |   |           | % of Partners | 
|                                  |  | Contracts |       |  | Fair Value |   |           | Capital       | 
|                                 
|Futures Contracts Purchased       |  |           |       |  |            |   |           |               |  |  |       |   
|Currencies                        |  |           | 1,058 |  |            | $ | (796,145  | )             |  |  | (0.35 | )%
|Energy                            |  |           | 529   |  |            |   | 339,318   |               |  |  | 0.14  |   
|Grains                            |  |           | 1,058 |  |            |   | 710,221   |               |  |  | 0.31  |   
|Interest Rates U.S.               |  |           | 529   |  |            |   | 385,800   |               |  |  | 0.17  |   
|Interest Rates
    Non-U.S.       |  |           | 1,190 |  |            |   | 362,833   |               |  |  | 0.16  |   
|Metals                            |  |           | 1,058 |  |            |   | 2,163     |               |  |  | 0.00  | * 
|Softs                             |  |           | 794   |  |            |   | 1,702,259 |               |  |  | 0.74  |   
|                                  |  |           |       |  |            |   |           |               |  |  |       |   
|Total futures contracts purchased |  |           |       |  |            |   | 2,706,449 |               |  |  | 1.17  |   
|                                  |  |           |       |  |            |   |           |               |  |  |       |   
|Futures Contracts Sold            |  |           |       |  |            |   |           |               |  |  |       |   
|Currencies                        |  |           | 2,116 |  |            |   | 946,561   |               |  |  | 0.41  |   
|Interest Rates U.S.               |  |           | 1,058 |  |            |   | 1,250,420 |               |  |  | 0.54  |   
|Interest Rates
    Non-U.S.       |  |           | 529   |  |            |   | 89,416    |               |  |  | 0.04  |   
|Softs                             |  |           | 529   |  |            |   | 74,119    |               |  |  | 0.03  |   
|                                  |  |           |       |  |            |   |           |               |  |  |       |   
|Total futures contracts sold      |  |           |       |  |            |   | 2,360,516 |               |  |  | 1.02  |   
|                                  |  |           |       |  |            |   |           |               |  |  |       |   
|Total fair value                  |  |           |       |  |            | $ | 5,066,965 |               |  |  | 2.19  | % 
|                                  |  |           |       |  |            |   |           |               |  |  |       |   









|  |  |                
|- |  | ---------------
|* |  | Due to rounding



See accompanying notes to financial statements.


F-30



---



##### 



CMF Willowbridge
    Argo Master Fund L.P.

    Condensed Schedule of Investments
    December 31, 2008




|                                  |  |           |       |  |            |   |           |                |  |  |       |  
|--------------------------------- |  | --------- | ----- |  | ---------- | - | --------- | -------------- |  |  | ----- | -
|                                  |  | No of     |       |  |            |   |           | % of Partners | 
|                                  |  | Contracts |       |  | Fair Value |   |           | Capital        | 
|                                 
|Futures Contracts Purchased       |  |           |       |  |            |   |           |                |  |  |       |  
|Currencies                        |  |           | 512   |  |            | $ | 521,823   |                |  |  | 0.17  | %
|Grains                            |  |           | 640   |  |            |   | 496,363   |                |  |  | 0.17  |  
|Interest Rates U.S.               |  |           | 1,280 |  |            |   | 1,365,961 |                |  |  | 0.46  |  
|Interest Rates
    Non-U.S.       |  |           | 1,088 |  |            |   | 1,847,392 |                |  |  | 0.62  |  
|Metals                            |  |           | 256   |  |            |   | 711,975   |                |  |  | 0.24  |  
|Softs                             |  |           | 384   |  |            |   | (99,463   | )              |  |  | (0.03 | )
|                                  |  |           |       |  |            |   |           |                |  |  |       |  
|Total futures contracts purchased |  |           |       |  |            |   | 4,844,051 |                |  |  | 1.63  |  
|                                  |  |           |       |  |            |   |           |                |  |  |       |  
|Futures Contracts Sold            |  |           |       |  |            |   |           |                |  |  |       |  
|Energy                            |  |           | 128   |  |            |   | 694,880   |                |  |  | 0.23  |  
|Grains                            |  |           | 384   |  |            |   | (294,592  | )              |  |  | (0.10 | )
|Metals                            |  |           | 256   |  |            |   | (730,275  | )              |  |  | (0.24 | )
|                                  |  |           |       |  |            |   |           |                |  |  |       |  
|Total futures contracts sold      |  |           |       |  |            |   | (329,987  | )              |  |  | (0.11 | )
|                                  |  |           |       |  |            |   |           |                |  |  |       |  
|Total fair value                  |  |           |       |  |            | $ | 4,514,064 |                |  |  | 1.52  | %
|                                  |  |           |       |  |            |   |           |                |  |  |       |  





See accompanying notes to financial statements.


F-31



---



##### 



CMF Willowbridge
    Argo Master Fund L.P.

    Statements of Income and Expenses
    for the years ended December 31, 2009, 2008 and
    2007




|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|----------------------------------------------------------------------------------------- |  | ---- | ------------ | - | ---- | - | ------------ | ---- |  | - | ------------ | -
|                                                                                          |  | 2009 |              |   | 2008 |   |              | 2007 | 
|                                                                                         
|Income:                                                                                   |  |      |              |   |      |   |              |      |  |   |              |  
|Net gains (losses) on trading of commodity interests:                                     |  |      |              |   |      |   |              |      |  |   |              |  
|Net realized gains (losses) on closed contracts                                           |  | $    | (42,569,865  | ) |      | $ | 120,270,941  |      |  | $ | 45,753,249   |  
|Change in net unrealized gains (losses) on open contracts                                 |  |      | 552,901      |   |      |   | (5,645,603   | )    |  |   | (875,016     | )
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Gain (loss) from trading, net                                                             |  |      | (42,016,964  | ) |      |   | 114,625,338  |      |  |   | 44,878,233   |  
|Interest income                                                                           |  |      | 195,777      |   |      |   | 2,959,647    |      |  |   | 6,365,854    |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Total income (loss)                                                                       |  |      | (41,821,187  | ) |      |   | 117,584,985  |      |  |   | 51,244,087   |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Expenses:                                                                                 |  |      |              |   |      |   |              |      |  |   |              |  
|Clearing fees                                                                             |  |      | 316,442      |   |      |   | 340,947      |      |  |   | 437,674      |  
|Professional fees                                                                         |  |      | 60,562       |   |      |   | 35,786       |      |  |   | 29,863       |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Total expenses                                                                            |  |      | 377,004      |   |      |   | 376,733      |      |  |   | 467,537      |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Net income (loss)                                                                         |  | $    | (42,198,191  | ) |      | $ | 117,208,252  |      |  | $ | 50,776,550   |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Net income (loss) per Redeemable Unit of Limited Partnership
    Interest (Notes 1 and 6) |  | $    | (340.95      | ) |      | $ | 771.84       |      |  | $ | 352.58       |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Weighted average units outstanding                                                        |  |      | 126,508.0368 |   |      |   | 156,458.0988 |      |  |   | 153,606.6990 |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  





See accompanying notes to financial statements.


F-32



---



##### 



CMF Willowbridge
    Argo Master Fund L.P.

    Statements of Changes in Partners Capital
    for the years ended December 31, 2009, 2008 and
    2007




|                                                                               |  |           |              |  
|------------------------------------------------------------------------------ |  | --------- | ------------ | -
|                                                                               |  | Partners |             
|                                                                               |  | Capital   |             
|                                                                              
|Partners Capital at December 31, 2006                                         |  | $         | 183,568,130  |  
|Net income (loss)                                                              |  |           | 50,776,550   |  
|Sale of 27,402.5153 Redeemable Units of Limited Partnership
    Interest       |  |           | 30,563,510   |  
|Redemption of 43,441.2969 Redeemable Units of Limited
    Partnership Interest |  |           | (45,487,314  | )
|Distribution of interest income to feeder funds                                |  |           | (6,365,854   | )
|                                                                               |  |           |              |  
|Partners Capital at December 31, 2007                                         |  |           | 213,055,022  |  
|Net income (loss)                                                              |  |           | 117,208,252  |  
|Sale of 60,036.9500 Redeemable Units of Limited Partnership
    Interest       |  |           | 106,466,700  |  
|Redemption of 73,835.2095 Redeemable Units of Limited
    Partnership Interest |  |           | (136,350,323 | )
|Distribution of interest income to feeder funds                                |  |           | (2,959,647   | )
|                                                                               |  |           |              |  
|Partners Capital at December 31, 2008                                         |  |           | 297,420,004  |  
|Net income (loss)                                                              |  |           | (42,198,191  | )
|Sale of 28,958.2689 Redeemable Units of Limited Partnership
    Interest       |  |           | 55,363,938   |  
|Redemption of 39,476.7971 Redeemable Units of Limited
    Partnership Interest |  |           | (79,284,657  | )
|Distribution of interest income to feeder funds                                |  |           | (195,777     | )
|                                                                               |  |           |              |  
|Partners Capital at December 31, 2009                                         |  | $         | 231,105,317  |  
|                                                                               |  |           |              |  









2007:

$
1,404.732008:

$
2,157.232009:

$
1,814.68






See accompanying notes to financial statements.


F-33



---



##### 





CMF Willowbridge
    Argo Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009




|   |                              
|-- | -----------------------------
|1. | Partnership
    Organization:

























F-34



---



##### 





CMF Willowbridge
    Argo Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009








|   |                         
|-- | ------------------------
|2. | Accounting
    Policies:



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. | Use of Estimates.  The preparation of financial
    statements and accompanying notes in conformity with GAAP
    requires management to make estimates and assumptions that
    affect the reported amounts of assets and liabilities, income
    and expenses, and related disclosures of contingent assets and
    liabilities in the financial statements and accompanying notes.
    In making these estimates and assumptions, management has
    considered the effects, if any, of events occurring after the
    date of the Masters Statements of Financial Condition
    through the date the financial statements were issued. As a
    result, actual results could differ from these estimates.                                                                                                                                                                                                         
|
| | b. | Statement of Cash Flows.  The Master is not
    required to provide a Statement of Cash Flows as permitted by
    ASC 230, Statement of Cash Flows (formerly,
    FAS No. 102, Statement of Cash Flows Exemption
    of Certain Enterprises and Classification of Cash Flows from
    Certain Securities Acquired for Resale).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|
| | c. | Masters Investments.  All commodity
    interests of the Master (including derivative financial
    instruments and derivative commodity instruments) are held for
    trading purposes. The commodity interests are recorded on trade
    date and open contracts are recorded at fair value (as described
    below) at the measurement date. Investments in commodity
    interests denominated in foreign currencies are translated into
    U.S. dollars at the exchange rates prevailing at the
    measurement date. Gains or losses are realized when contracts
    are liquidated. Unrealized gains or losses on open contracts are
    included as a component of equity in trading account on the
    Statements of Financial Condition. Realized gains or losses and
    any change in net unrealized gains or losses from the preceding
    period are reported in the Statements of Income and Expenses.



Masters Fair Value Measurements.




FAS No. 157-4,


F-35



---



##### 





CMF Willowbridge
    Argo Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009












|                 |  |            |           |  |                  |   |           |                   |  |   |                  |  |  |   |   | 
|---------------- |  | ---------- | --------- |  | ---------------- | - | --------- | ----------------- |  | - | ---------------- |  |  | - | - | 
|                 |  |            |           |  | Quoted Prices in |   |           |                   |  |   |                  | 
|                 |  |            |           |  | Active Markets   |   |           | Significant Other |  |   | Significant      | 
|                 |  |            |           |  | for Identical    |   |           | Observable Inputs |  |   | Unobservable     | 
|                 |  | 12/31/2009 |           |  | Assets (Level 1) |   |           | (Level 2)         |  |   | Inputs (Level 3) | 
|                
|Assets           |  |            |           |  |                  |   |           |                   |  |   |                  |  |  |   |   | 
|Futures          |  | $          | 5,066,965 |  |                  | $ | 5,066,965 |                   |  | $ |                 |  |  | $ |  | 
|                 |  |            |           |  |                  |   |           |                   |  |   |                  |  |  |   |   | 
|Total assets     |  |            | 5,066,965 |  |                  |   | 5,066,965 |                   |  |   |                 |  |  |   |  | 
|                 |  |            |           |  |                  |   |           |                   |  |   |                  |  |  |   |   | 
|Total fair value |  | $          | 5,066,965 |  |                  | $ | 5,066,965 |                   |  | $ |                 |  |  | $ |  | 
|                 |  |            |           |  |                  |   |           |                   |  |   |                  |  |  |   |   | 





|                 |  |            |           |  |                  |   |           |                   |  |   |                  |  |  |   |   | 
|---------------- |  | ---------- | --------- |  | ---------------- | - | --------- | ----------------- |  | - | ---------------- |  |  | - | - | 
|                 |  |            |           |  | Quoted Prices in |   |           |                   |  |   |                  | 
|                 |  |            |           |  | Active Markets   |   |           | Significant Other |  |   | Significant      | 
|                 |  |            |           |  | for Identical    |   |           | Observable Inputs |  |   | Unobservable     | 
|                 |  | 12/31/2008 |           |  | Assets (Level 1) |   |           | (Level 2)         |  |   | Inputs (Level 3) | 
|                
|Assets           |  |            |           |  |                  |   |           |                   |  |   |                  |  |  |   |   | 
|Futures          |  | $          | 4,514,064 |  |                  | $ | 4,514,064 |                   |  | $ |                 |  |  | $ |  | 
|                 |  |            |           |  |                  |   |           |                   |  |   |                  |  |  |   |   | 
|Total assets     |  |            | 4,514,064 |  |                  |   | 4,514,064 |                   |  |   |                 |  |  |   |  | 
|                 |  |            |           |  |                  |   |           |                   |  |   |                  |  |  |   |   | 
|Total fair value |  | $          | 4,514,064 |  |                  | $ | 4,514,064 |                   |  | $ |                 |  |  | $ |  | 
|                 |  |            |           |  |                  |   |           |                   |  |   |                  |  |  |   |   | 





| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | d. | Futures Contracts.  The Master trades futures
    contracts. A futures contract is a firm commitment to buy or
    sell a specified quantity of investments, currency or a
    standardized amount of a deliverable grade commodity, at a
    specified price on a specified future date, unless the contract
    is closed before the delivery date or if the delivery quantity
    is something where physical delivery can not occur (such as the
    S&P 500 Index), whereby such contract is settled in cash.
    Payments (variation margin) may be made or received
    by the Master each business day, depending on the daily
    fluctuations in the value of the underlying contracts, and are
    recorded as unrealized gains or losses by the Master. When the
    contract is closed, the Master records a realized gain or loss
    equal to the difference between the value of the contract at the
    time it was opened and the value at the time it was closed.
    Because transactions in futures contracts require participants
    to make both initial margin deposits of cash or other assets and
    variation margin deposits, through the futures broker, directly
    with the exchange on which the contracts are traded, credit
    exposure is limited. Realized gains (losses) and changes in
    unrealized gains (losses) on futures contracts are included in
    the Statements of Income and Expenses.

F-36



---



##### 





CMF Willowbridge
    Argo Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009






| |    |                                                                                                                                                                                                                                                                               
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | e. | Income and Expenses Recognition.  All of the
    income and expenses and realized and unrealized gains and losses
    on trading of commodity interests are determined on each
    valuation day and allocated pro rata among the Funds at the time
    of such determination.
|
| | f. | Income Taxes.  Income taxes have not been
    provided as each partner is individually liable for the taxes,
    if any, on their share of the Masters income and expenses.                                                                                                  











| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | g. | Subsequent Events.  In 2009, the Master adopted
    ASC 855, Subsequent Events (formerly, FAS No. 165,
    Subsequent Events). The objective of ASC 855 is to
    establish general standards of accounting for and disclosure of
    events that occur after the balance sheet date but before
    financial statements are issued or available to be issued.
    Management has determined that there were no subsequent events
    requiring adjustment or disclosure in the financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|
| | h. | Recent Accounting Pronouncements.  In January
    2010, the FASB issued Accounting Standards Update
    No. 2010-06
    (ASU
    2010-06),
    Improving Disclosures about Fair Value Measurements,
    which, among other things, amends ASC 820 to require entities to
    separately present purchases, sales, issuances, and settlements
    in their reconciliation of Level 3 fair value measurements
    (i.e. to present such items on a gross basis rather than on a
    net basis), and which clarifies existing disclosure requirements
    provided by ASC 820 regarding the level of disaggregation and
    the inputs and valuation techniques used to measure fair value
    for measurements that fall within either Level 2 or
    Level 3 of the fair value hierarchy. ASU
    2010-06 is
    effective for interim and annual periods beginning after
    December 15, 2009, except for the disclosures about
    purchases, sales, issuances, and settlements in the roll forward
    of activity in Level 3 fair value measurements (which are
    effective for fiscal years beginning after December 15,
    2010, and for interim periods within those fiscal years).
    Management is currently assessing the impact that the adoption
    of
    ASU 2010-06
    will have on the Masters financial statements disclosures.



No. 2010-09 2010-09),




| |    |                                                                                                                                                                                                 
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | i. | Certain prior period amounts have been reclassified to conform
    to current period presentation.                                                                                              
|
| | j. | Net Income (Loss) per Redeemable Unit.  Net
    income (loss) per Redeemable Unit is calculated in accordance
    with investment company guidance. See footnote 6 for Financial
    Highlights.

F-37



---



##### 





CMF Willowbridge
    Argo Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009






|   |            
|-- | -----------
|3. | Agreements:



| |    |                               
| | -- | ------------------------------
| | a. | Limited Partnership Agreement:







| |    |                      
| | -- | ---------------------
| | b. | Management Agreement:







| |    |                    
| | -- | -------------------
| | c. | Customer Agreement:



give-up,




|   |                        
|-- | -----------------------
|4. | Trading
    Activities:

















F-38



---



##### 





CMF Willowbridge
    Argo Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009








|                                                        |  |                   |            |  
|------------------------------------------------------- |  | ----------------- | ---------- | -
|Assets                                                  |  | December 31, 2009 |           
|                                                       
|Futures Contracts                                       |  |                   |            |  
|Currencies                                              |  | $                 | 3,436,175  |  
|Energy                                                  |  |                   | 339,318    |  
|Grains                                                  |  |                   | 768,108    |  
|Interest Rates U.S.                                     |  |                   | 1,640,270  |  
|Interest Rates
    Non-U.S.                             |  |                   | 603,534    |  
|Softs                                                   |  |                   | 1,776,378  |  
|Metals                                                  |  |                   | 2,786,063  |  
|                                                        |  |                   |            |  
|Total unrealized appreciation on open futures contracts |  | $                 | 11,349,846 |  
|                                                        |  |                   |            |  
|Liabilities                                             |  |                   |            |  
|Futures Contracts                                       |  |                   |            |  
|Currencies                                              |  | $                 | (3,285,759 | )
|Grains                                                  |  |                   | (57,887    | )
|Interest Rates U.S.                                     |  |                   | (4,050     | )
|Interest Rates
    Non-U.S.                             |  |                   | (151,285   | )
|Metals                                                  |  |                   | (2,783,900 | )
|                                                        |  |                   |            |  
|Total unrealized depreciation on open futures contracts |  | $                 | (6,282,881 | )
|                                                        |  |                   |            |  
|Net unrealized depreciation on open futures contracts   |  | $                 | 5,066,965  | *
|                                                        |  |                   |            |  







| |  |                                                                                                                         
| |  | ------------------------------------------------------------------------------------------------------------------------
| |  | *This amount is in Net unrealized appreciation on open
    futures contracts on the Statements of Financial Condition.







|                |  |                          |             |    
|--------------- |  | ------------------------ | ----------- | ---
|                |  | December 31, 2009        |            
|Sector          |  | Gain (Loss) from Trading |            
|               
|Currencies      |  | $                        | (1,870,971  | )  
|Energy          |  |                          | (28,874,531 | )  
|Grains          |  |                          | (8,605,911  | )  
|INT Rate US     |  |                          | (10,397,322 | )  
|INT Rate Non-US |  |                          | (7,737,846  | )  
|Livestock       |  |                          | (1,213,180  | )  
|Metals          |  |                          | 19,790,113  |    
|Softs           |  |                          | (3,107,316  | )  
|                |  |                          |             |    
|Total           |  | $                        | (42,016,964 | )**
|                |  |                          |             |    







| |  |                                                                                                  
| |  | -------------------------------------------------------------------------------------------------
| |  | **This amount is in Gain (loss) from trading, net on
    the Statements of Income and Expenses.



|   |                                                  
|-- | -------------------------------------------------
|5. | Subscriptions,
    Distributions and Redemptions:





F-39



---



##### 





CMF Willowbridge
    Argo Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009








|   |                          
|-- | -------------------------
|6. | Financial
    Highlights:







|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  
|------------------------------------------------------------------------------------------ |  | ---- | -------- | - | ---- | - | -------- | ---- |  | - | -------- | -
|                                                                                           |  | 2009 |          |   | 2008 |   |          | 2007 | 
|                                                                                          
|Net realized and change in unrealized gains (losses)*                                      |  | $    | (342.04  | ) |      | $ | 752.74   |      |  | $ | 310.35   |  
|Interest income                                                                            |  |      | 1.60     |   |      |   | 19.34    |      |  |   | 42.42    |  
|Expenses**                                                                                 |  |      | (0.51    | ) |      |   | (0.24    | )    |  |   | (0.19    | )
|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  
|Increase (decrease) for the year                                                           |  |      | (340.95  | ) |      |   | 771.84   |      |  |   | 352.58   |  
|Distribution of interest income to feeder funds                                            |  |      | (1.60    | ) |      |   | (19.34   | )    |  |   | (42.42   | )
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, beginning of year |  |      | 2,157.23 |   |      |   | 1,404.73 |      |  |   | 1,094.57 |  
|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, end of year       |  | $    | 1,814.68 |   |      | $ | 2,157.23 |      |  | $ | 1,404.73 |  
|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  







|   |  |                        
|-- |  | -----------------------
|*  |  | Includes clearing fees.
|  
|** |  | Excludes clearing fees.



|                                |  |      |       |      |  |      |      |   |  |  |      |  
|------------------------------- |  | ---- | ----- | ---- |  | ---- | ---- | - |  |  | ---- | -
|                                |  | 2009 |       | 2008 |  | 2007
|                               
|Ratios to average net assets:   |  |      |       |      |  |      |      |   |  |  |      |  
|Net investment income (loss)*** |  |      | (0.1  | )%   |  |      | 1.0  | % |  |  | 3.5  | %
|                                |  |      |       |      |  |      |      |   |  |  |      |  
|Operating expenses              |  |      | 0.2   | %    |  |      | 0.1  | % |  |  | 0.3  | %
|                                |  |      |       |      |  |      |      |   |  |  |      |  
|Total return                    |  |      | (15.8 | )%   |  |      | 54.9 | % |  |  | 32.2 | %
|                                |  |      |       |      |  |      |      |   |  |  |      |  







|    |  |                                     
|--- |  | ------------------------------------
|*** |  | Interest income less total expenses.







|   |                                
|-- | -------------------------------
|7. | Financial
    Instrument Risks:



over-the-counter


F-40



---



##### 





CMF Willowbridge
    Argo Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009




















F-41



---



##### 



For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1, 2009 to
    
    July 1, 2009 to
    
    April 1, 2009 to
    
    January 1, 2009 toDecember 31, 2009
    
    September 30, 2009
    
    June 30, 2009
    
    March 31, 2009Net realized and unrealized
trading gains (losses) net
of brokerage commissions
and clearing fees including
interest income
    
    $
    (18,281,605
    )
    
    $
    (20,120,888
    )
    
    $
    32,038,173
    
    
    $
    (35,773,309
    )Net income (loss)
    
    $
    (18,302,561
    )
    
    $
    (20,139,642
    )
    
    $
    32,025,897
    
    
    $
    (35,781,885
    )Increase (decrease) in Net
Asset Value per Redeemable
Unit
    
    $
    (150.43
    )
    
    $
    (172.65
    )
    
    $
    266.37
    
    
    $
    (284.24
    )
 For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1, 2008 to
    
    July 1, 2008 to
    
    April 1, 2008 to
    
    January 1, 2008 toDecember 31, 2008
    
    September 30, 2008
    
    June 30, 2008
    
    March 31, 2008Net realized and unrealized
trading gains (losses) net
of brokerage commissions
and clearing fees including
interest income
    
    $
    27,126,788
    
    
    $
    9,695,635
    
    
    $
    61,112,070
    
    
    $
    19,309,545Net income (loss)
    
    $
    27,118,311
    
    
    $
    9,686,363
    
    
    $
    61,102,423
    
    
    $
    19,301,155Increase (decrease) in Net
Asset Value per Redeemable
Unit
    
    $
    190.01
    
    
    $
    68.64
    
    
    $
    389.12
    
    
    $
    124.07
 F-42




---



##### 





To the Limited
    Partners of
    CMF Winton Master L.P.













| |     |                                                        
| | --- | -------------------------------------------------------
| | By: | Jennifer Magro
    Chief Financial Officer and Director









Ceres Managed Futures LLC








212-559-2011


F-43



---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    
 F-44




---



##### 



Report of Independent Auditors
 
   
 F-45




---



##### 



Report of Independent Registered Public Accounting Firm
 
     
 F-46




---



##### 



CMF Winton Master
    L.P.
 Statements
    of Financial Condition
    December 31, 2009 and 2008




|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | ----------- |  | ---- | - | ----------- | 
|                                                                                                                                                                          |  | 2009 |             |  | 2008 |  
|                                                                                                                                                                         
|Assets:                                                                                                                                                                   |  |      |             |  |      |   |             | 
|Equity in trading account:                                                                                                                                                |  |      |             |  |      |   |             | 
|Cash (Note 3c)                                                                                                                                                            |  | $    | 533,704,028 |  |      | $ | 512,248,576 | 
|Cash margin (Note 3c)                                                                                                                                                     |  |      | 38,915,256  |  |      |   | 26,405,684  | 
|Net unrealized appreciation on open futures contracts                                                                                                                     |  |      | 144,283     |  |      |   | 6,936,356   | 
|Net unrealized appreciation on open forward contracts                                                                                                                     |  |      | 1,698,400   |  |      |   | 2,179,569   | 
|Options owned, at fair value (cost $34,613 at December 31,
    2009)                                                                                                      |  |      | 17,723      |  |      |   |            | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Total assets                                                                                                                                                              |  | $    | 574,479,690 |  |      | $ | 547,770,185 | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Liabilities and Partners Capital:                                                                                                                                        |  |      |             |  |      |   |             | 
|Liabilities:                                                                                                                                                              |  |      |             |  |      |   |             | 
|Options written, at fair value (premium $77,101 at December 31,
    2009)                                                                                                 |  | $    | 40,733      |  |      | $ |            | 
|Accrued expenses:                                                                                                                                                         |  |      |             |  |      |   |             | 
|Professional fees                                                                                                                                                         |  |      | 30,644      |  |      |   | 18,642      | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Total liabilities                                                                                                                                                         |  |      | 71,377      |  |      |   | 18,642      | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Partners Capital:                                                                                                                                                        |  |      |             |  |      |   |             | 
|General Partner, 0.0000 Unit equivalents at December 31,
    2009 and 2008                                                                                                |  |      |            |  |      |   |            | 
|Limited Partners Capital, 298,540.2381 and 270,994.4921
    Redeemable Units of Limited Partnership Interest outstanding at
    December 31, 2009 and 2008, respectively |  |      | 574,408,313 |  |      |   | 547,751,543 | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Total liabilities and partners capital                                                                                                                                   |  | $    | 574,479,690 |  |      | $ | 547,770,185 | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 





See accompanying notes to financial statements.


F-47



---



##### 



CMF Winton Master
    L.P.
 Condensed
    Schedule of Investments
    December 31, 2009






|                                                        |  |           |       |  |            |   |            |                |  |  |       |   
|------------------------------------------------------- |  | --------- | ----- |  | ---------- | - | ---------- | -------------- |  |  | ----- | --
|                                                        |  | Number of |       |  |            |   |            | % of Partners | 
|                                                        |  | Contracts |       |  | Fair Value |   |            | Capital        | 
|                                                       
|Futures Contracts Purchased                             |  |           |       |  |            |   |            |                |  |  |       |   
|Currencies                                              |  |           | 2,173 |  |            | $ | (1,932,735 | )              |  |  | (0.34 | )%
|Energy                                                  |  |           | 81    |  |            |   | 105,489    |                |  |  | 0.02  |   
|Grains                                                  |  |           | 396   |  |            |   | 285,441    |                |  |  | 0.05  |   
|Indices                                                 |  |           | 3,920 |  |            |   | 2,883,282  |                |  |  | 0.50  |   
|Interest Rates U.S.                                     |  |           | 1,552 |  |            |   | (374,223   | )              |  |  | (0.06 | ) 
|Interest Rates
    Non-U.S.                             |  |           | 4,180 |  |            |   | (115,797   | )              |  |  | (0.02 | ) 
|Livestock                                               |  |           | 76    |  |            |   | 38,000     |                |  |  | 0.01  |   
|Metals                                                  |  |           | 664   |  |            |   | (417,248   | )              |  |  | (0.07 | ) 
|Softs                                                   |  |           | 356   |  |            |   | 476,861    |                |  |  | 0.08  |   
|                                                        |  |           |       |  |            |   |            |                |  |  |       |   
|Total futures contracts purchased                       |  |           |       |  |            |   | 949,070    |                |  |  | 0.17  |   
|                                                        |  |           |       |  |            |   |            |                |  |  |       |   
|Futures Contracts Sold                                  |  |           |       |  |            |   |            |                |  |  |       |   
|Currencies                                              |  |           | 227   |  |            |   | (127,300   | )              |  |  | (0.02 | ) 
|Energy                                                  |  |           | 192   |  |            |   | (494,271   | )              |  |  | (0.09 | ) 
|Grains                                                  |  |           | 501   |  |            |   | (17,304    | )              |  |  | (0.00 | )*
|Indices                                                 |  |           | 12    |  |            |   | (10,333    | )              |  |  | (0.00 | )*
|Interest Rates U.S.                                     |  |           | 180   |  |            |   | 44,187     |                |  |  | 0.01  |   
|Interest Rates
    Non-U.S.                             |  |           | 166   |  |            |   | (31,275    | )              |  |  | (0.01 | ) 
|Livestock                                               |  |           | 111   |  |            |   | (56,000    | )              |  |  | (0.01 | ) 
|Softs                                                   |  |           | 129   |  |            |   | (112,491   | )              |  |  | (0.02 | ) 
|                                                        |  |           |       |  |            |   |            |                |  |  |       |   
|Total futures contracts sold                            |  |           |       |  |            |   | (804,787   | )              |  |  | (0.14 | ) 
|                                                        |  |           |       |  |            |   |            |                |  |  |       |   
|Unrealized Appreciation on Open Forward Contracts       |  |           |       |  |            |   |            |                |  |  |       |   
|Metals                                                  |  |           | 310   |  |            |   | 2,433,189  |                |  |  | 0.43  |   
|                                                        |  |           |       |  |            |   |            |                |  |  |       |   
|Total unrealized appreciation on open forward contracts |  |           |       |  |            |   | 2,433,189  |                |  |  | 0.43  |   
|                                                        |  |           |       |  |            |   |            |                |  |  |       |   
|Unrealized Depreciation on Open Forward Contracts       |  |           |       |  |            |   |            |                |  |  |       |   
|Metals                                                  |  |           | 163   |  |            |   | (734,789   | )              |  |  | (0.13 | ) 
|                                                        |  |           |       |  |            |   |            |                |  |  |       |   
|Total unrealized depreciation on open forward contracts |  |           |       |  |            |   | (734,789   | )              |  |  | (0.13 | ) 
|                                                        |  |           |       |  |            |   |            |                |  |  |       |   
|Options Owned                                           |  |           |       |  |            |   |            |                |  |  |       |   
|Puts                                                    |  |           |       |  |            |   |            |                |  |  |       |   
|Indices                                                 |  |           | 65    |  |            |   | 17,723     |                |  |  | 0.00  | * 
|                                                        |  |           |       |  |            |   |            |                |  |  |       |   
|Total options owned                                     |  |           |       |  |            |   | 17,723     |                |  |  | 0.00  |   
|                                                        |  |           |       |  |            |   |            |                |  |  |       |   
|Options Written                                         |  |           |       |  |            |   |            |                |  |  |       |   
|Puts                                                    |  |           |       |  |            |   |            |                |  |  |       |   
|Indices                                                 |  |           | 65    |  |            |   | (40,733    | )              |  |  | (0.01 | ) 
|                                                        |  |           |       |  |            |   |            |                |  |  |       |   
|Total options written                                   |  |           |       |  |            |   | (40,733    | )              |  |  | (0.01 | ) 
|                                                        |  |           |       |  |            |   |            |                |  |  |       |   
|Total fair value                                        |  |           |       |  |            | $ | 1,819,673  |                |  |  | 0.32  | % 
|                                                        |  |           |       |  |            |   |            |                |  |  |       |   









See accompanying notes to financial statements.


F-48



---



##### 



CMF Winton Master
    L.P.
 Condensed
    Schedule of Investments
    December 31, 2008




|                                                        |  |           |       |  |            |   |            |               |  |  |       |   
|------------------------------------------------------- |  | --------- | ----- |  | ---------- | - | ---------- | ------------- |  |  | ----- | --
|                                                        |  | Number of |       |  |            |   |            | % of Partners | 
|                                                        |  | Contracts |       |  | Fair Value |   |            | Capital       | 
|                                                       
|Futures Contracts Purchased                             |  |           |       |  |            |   |            |               |  |  |       |   
|Currencies                                              |  |           | 496   |  |            | $ | 928,233    |               |  |  | 0.17  | % 
|Indices                                                 |  |           | 5     |  |            |   | 1,935      |               |  |  | 0.00  | * 
|Interest Rates U.S.                                     |  |           | 2,417 |  |            |   | 4,977,464  |               |  |  | 0.91  |   
|Interest Rates
    Non-U.S.                             |  |           | 4,453 |  |            |   | 6,479,517  |               |  |  | 1.18  |   
|Livestock                                               |  |           | 30    |  |            |   | 30,960     |               |  |  | 0.01  |   
|Softs                                                   |  |           | 97    |  |            |   | 218,297    |               |  |  | 0.04  |   
|                                                        |  |           |       |  |            |   |            |               |  |  |       |   
|Total futures contracts purchased                       |  |           |       |  |            |   | 12,636,406 |               |  |  | 2.31  |   
|                                                        |  |           |       |  |            |   |            |               |  |  |       |   
|Futures Contracts Sold                                  |  |           |       |  |            |   |            |               |  |  |       |   
|Currencies                                              |  |           | 896   |  |            |   | (3,144,184 | )             |  |  | (0.57 | ) 
|Energy                                                  |  |           | 208   |  |            |   | 727,901    |               |  |  | 0.13  |   
|Grains                                                  |  |           | 891   |  |            |   | (2,623,430 | )             |  |  | (0.48 | ) 
|Indices                                                 |  |           | 252   |  |            |   | (239,475   | )             |  |  | (0.05 | ) 
|Interest Rates U.S.                                     |  |           | 58    |  |            |   | (13,766    | )             |  |  | (0.00 | )*
|Livestock                                               |  |           | 71    |  |            |   | 86,500     |               |  |  | 0.02  |   
|Lumber                                                  |  |           | 1     |  |            |   | 3,806      |               |  |  | 0.00  | * 
|Metals                                                  |  |           | 90    |  |            |   | (478,272   | )             |  |  | (0.09 | ) 
|Softs                                                   |  |           | 426   |  |            |   | (19,130    | )             |  |  | (0.00 | )*
|                                                        |  |           |       |  |            |   |            |               |  |  |       |   
|Total futures contracts sold                            |  |           |       |  |            |   | (5,700,050 | )             |  |  | (1.04 | ) 
|                                                        |  |           |       |  |            |   |            |               |  |  |       |   
|Unrealized Appreciation on Open Forward Contracts       |  |           |       |  |            |   |            |               |  |  |       |   
|Metals                                                  |  |           | 276   |  |            |   | 2,996,261  |               |  |  | 0.55  |   
|                                                        |  |           |       |  |            |   |            |               |  |  |       |   
|Total unrealized appreciation on open forward contracts |  |           |       |  |            |   | 2,996,261  |               |  |  | 0.55  |   
|                                                        |  |           |       |  |            |   |            |               |  |  |       |   
|Unrealized Depreciation on Open Forward Contracts       |  |           |       |  |            |   |            |               |  |  |       |   
|Metals                                                  |  |           | 138   |  |            |   | (816,692   | )             |  |  | (0.15 | ) 
|                                                        |  |           |       |  |            |   |            |               |  |  |       |   
|Total unrealized depreciation on open forward contracts |  |           |       |  |            |   | (816,692   | )             |  |  | (0.15 | ) 
|                                                        |  |           |       |  |            |   |            |               |  |  |       |   
|Total fair value                                        |  |           |       |  |            | $ | 9,115,925  |               |  |  | 1.67  | % 
|                                                        |  |           |       |  |            |   |            |               |  |  |       |   









See accompanying notes to financial statements.


F-49



---



##### 



CMF Winton Master
    L.P.
 Statements
    of Income and Expenses
    for the years ended
    December 31, 2009, 2008 and 2007




|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|----------------------------------------------------------------------------------------- |  | ---- | ------------ | - | ---- | - | ------------ | ---- |  | - | ------------ | -
|                                                                                          |  | 2009 |              |   | 2008 |   |              | 2007 | 
|                                                                                         
|Income:                                                                                   |  |      |              |   |      |   |              |      |  |   |              |  
|Net gains (losses) on trading of commodity interests:                                     |  |      |              |   |      |   |              |      |  |   |              |  
|Net realized gains (losses) on closed contracts                                           |  | $    | (17,779,700  | ) |      | $ | 121,322,866  |      |  | $ | 67,378,983   |  
|Change in net unrealized gains (losses) on open contracts                                 |  |      | (7,253,764   | ) |      |   | 2,525,164    |      |  |   | (3,420,940   | )
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Gain (loss) from trading, net                                                             |  |      | (25,033,464  | ) |      |   | 123,848,030  |      |  |   | 63,958,043   |  
|Interest income                                                                           |  |      | 409,649      |   |      |   | 5,909,704    |      |  |   | 14,456,282   |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Total income (loss)                                                                       |  |      | (24,623,815  | ) |      |   | 129,757,734  |      |  |   | 78,414,325   |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Expenses:                                                                                 |  |      |              |   |      |   |              |      |  |   |              |  
|Clearing fees                                                                             |  |      | 341,844      |   |      |   | 478,086      |      |  |   | 861,888      |  
|Professional fees                                                                         |  |      | 55,604       |   |      |   | 35,866       |      |  |   | 33,468       |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Total expenses                                                                            |  |      | 397,448      |   |      |   | 513,952      |      |  |   | 895,356      |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Net income (loss)                                                                         |  | $    | (25,021,263  | ) |      | $ | 129,243,782  |      |  | $ | 77,518,969   |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Net income (loss) per Redeemable Unit of Limited Partnership
    Interest (Notes 1 and 6) |  | $    | (95.69       | ) |      | $ | 453.53       |      |  | $ | 276.81       |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  
|Weighted average units outstanding                                                        |  |      | 282,761.8879 |   |      |   | 291,655.3789 |      |  |   | 262,984.3411 |  
|                                                                                          |  |      |              |   |      |   |              |      |  |   |              |  





See accompanying notes to financial statements.


F-50



---



##### 



CMF Winton Master
    L.P.

    Statements of Changes in Partners Capital
    for the years ended
    December 31, 2009, 2008 and 2007




|                                                                                |  |           |              |  
|------------------------------------------------------------------------------- |  | --------- | ------------ | -
|                                                                                |  | Partners |             
|                                                                                |  | Capital   |             
|                                                                               
|Partners Capital at December 31, 2006                                          |  | $         | 272,883,158  |  
|Net income (loss)                                                               |  |           | 77,518,969   |  
|Sale of 123,458.3915 Redeemable Units of Limited Partnership
    Interest       |  |           | 172,636,530  |  
|Redemption of 35,253.7082 Redeemable Units of Limited
    Partnership Interest  |  |           | (51,537,242  | )
|Distribution of interest income to feeder funds                                 |  |           | (14,456,282  | )
|                                                                                |  |           |              |  
|Partners Capital at December 31, 2007                                          |  |           | 457,045,133  |  
|Net income (loss)                                                               |  |           | 129,243,782  |  
|Sale of 85,029.5477 Redeemable Units of Limited Partnership
    Interest        |  |           | 154,723,207  |  
|Redemption of 101,798.8498 Redeemable Units of Limited
    Partnership Interest |  |           | (187,350,875 | )
|Distribution of interest income to feeder funds                                 |  |           | (5,909,704   | )
|                                                                                |  |           |              |  
|Partners Capital at December 31, 2008                                          |  |           | 547,751,543  |  
|Net income (loss)                                                               |  |           | (25,021,263  | )
|Sale of 144,987.2822 Redeemable Units of Limited Partnership
    Interest       |  |           | 282,055,852  |  
|Redemption of 117,441.5362 Redeemable Units of Limited
    Partnership Interest |  |           | (229,968,170 | )
|Distribution of interest income to feeder funds                                 |  |           | (409,649     | )
|                                                                                |  |           |              |  
|Partners Capital at December 31, 2009                                          |  | $         | 574,408,313  |  
|                                                                                |  |           |              |  
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest:        |  |           |              |  





2007:

$
1,588.262008:

$
2,021.262009:

$
1,924.06






See accompanying notes to financial statements.


F-51



---



##### 





CMF Winton Master
    L.P.

    Notes to Financial Statements
    December 31, 2009




|   |                              
|-- | -----------------------------
|1. | Partnership
    Organization:













F-52



---



##### 





CMF Winton Master
    L.P.
    Notes to Financial Statements
    December 31, 2009




















|   |                         
|-- | ------------------------
|2. | Accounting
    Policies:



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. | Use of Estimates.  The preparation of financial
    statements and accompanying notes in conformity with GAAP
    requires management to make estimates and assumptions that
    affect the reported amounts of assets and liabilities, income
    and expenses, and related disclosures of contingent assets and
    liabilities in the financial statements and accompanying notes.
    In making these estimates and assumptions, management has
    considered the effects, if any, of events occurring after the
    date of the Masters Statements of Financial Condition
    through the date the financial statements were issued. As a
    result, actual results could differ from these estimates.                                                                                                                                                                                                         
|
| | b. | Statement of Cash Flows.  The Master is not
    required to provide a Statement of Cash Flows as permitted by
    ASC 230, Statement of Cash Flows (formerly,
    FAS No. 102, Statement of Cash Flows Exemption
    of Certain Enterprises and Classification of Cash Flows from
    Certain Securities Acquired for Resale).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|
| | c. | Masters Investments.  All commodity
    interests of the Master (including derivative financial
    instruments and derivative commodity instruments) are held for
    trading purposes. The commodity interests are recorded on trade
    date and open contracts are recorded at fair value (as described
    below) at the measurement date. Investments in commodity
    interests denominated in foreign currencies are translated into
    U.S. dollars at the exchange rates prevailing at the
    measurement date. Gains or losses are realized when contracts
    are liquidated. Unrealized gains or losses on open contracts are
    included as a component of equity in trading account on the
    Statements of Financial Condition. Realized gains or losses and
    any change in net unrealized gains or losses from the preceding
    period are reported in the Statements of Income and Expenses.



Masters Fair Value Measurements.


F-53



---



##### 





CMF Winton Master
    L.P.
    Notes to Financial Statements
    December 31, 2009








FAS No. 157-4,








|                  |  |            |           |  |                  |   |           |             |  |   |              |  |  |   |   | 
|----------------- |  | ---------- | --------- |  | ---------------- | - | --------- | ----------- |  | - | ------------ |  |  | - | - | 
|                  |  |            |           |  | Quoted Prices    |   |           | Significant |  |   |              | 
|                  |  |            |           |  | in Active        |   |           | Other       |  |   | Significant  | 
|                  |  |            |           |  | Markets for      |   |           | Observable  |  |   | Unobservable | 
|                  |  |            |           |  | Identical Assets |   |           | Inputs      |  |   | Inputs       | 
|                  |  | 12/31/2009 |           |  | (Level 1)        |   |           | (Level 2)   |  |   | (Level 3)    | 
|                 
|Assets            |  |            |           |  |                  |   |           |             |  |   |              |  |  |   |   | 
|Futures           |  | $          | 144,283   |  |                  | $ | 144,283   |             |  | $ |             |  |  | $ |  | 
|Forwards          |  |            | 1,698,400 |  |                  |   | 1,698,400 |             |  |   |             |  |  |   |  | 
|Options owned     |  |            | 17,723    |  |                  |   | 17,723    |             |  |   |             |  |  |   |  | 
|                  |  |            |           |  |                  |   |           |             |  |   |              |  |  |   |   | 
|Total Assets      |  |            | 1,860,406 |  |                  |   | 1,860,406 |             |  |   |             |  |  |   |  | 
|                  |  |            |           |  |                  |   |           |             |  |   |              |  |  |   |   | 
|Liabilities       |  |            |           |  |                  |   |           |             |  |   |              |  |  |   |   | 
|Options written   |  |            | 40,733    |  |                  |   | 40,733    |             |  |   |             |  |  |   |  | 
|                  |  |            |           |  |                  |   |           |             |  |   |              |  |  |   |   | 
|Total Liabilities |  |            | 40,733    |  |                  |   | 40,733    |             |  |   |             |  |  |   |  | 
|                  |  |            |           |  |                  |   |           |             |  |   |              |  |  |   |   | 
|Total fair value  |  | $          | 1,819,673 |  |                  | $ | 1,819,673 |             |  | $ |             |  |  | $ |  | 
|                  |  |            |           |  |                  |   |           |             |  |   |              |  |  |   |   | 





F-54



---



##### 





CMF Winton Master
    L.P.
    Notes to Financial Statements
    December 31, 2009




|                 |  |            |           |  |                  |   |           |             |  |   |              |  |  |   |   | 
|---------------- |  | ---------- | --------- |  | ---------------- | - | --------- | ----------- |  | - | ------------ |  |  | - | - | 
|                 |  |            |           |  | Quoted Prices    |   |           | Significant |  |   |              | 
|                 |  |            |           |  | in Active        |   |           | Other       |  |   | Significant  | 
|                 |  |            |           |  | Markets for      |   |           | Observable  |  |   | Unobservable | 
|                 |  |            |           |  | Identical Assets |   |           | Inputs      |  |   | Inputs       | 
|                 |  | 12/31/2008 |           |  | (Level 1)        |   |           | (Level 2)   |  |   | (Level 3)    | 
|                
|Assets           |  |            |           |  |                  |   |           |             |  |   |              |  |  |   |   | 
|Futures          |  | $          | 6,936,356 |  |                  | $ | 6,936,356 |             |  | $ |             |  |  | $ |  | 
|Forwards         |  |            | 2,179,569 |  |                  |   | 2,179,569 |             |  |   |             |  |  |   |  | 
|                 |  |            |           |  |                  |   |           |             |  |   |              |  |  |   |   | 
|Total Assets     |  |            | 9,115,925 |  |                  |   | 9,115,925 |             |  |   |             |  |  |   |  | 
|                 |  |            |           |  |                  |   |           |             |  |   |              |  |  |   |   | 
|Total fair value |  | $          | 9,115,925 |  |                  | $ | 9,115,925 |             |  | $ |             |  |  | $ |  | 
|                 |  |            |           |  |                  |   |           |             |  |   |              |  |  |   |   | 





| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | d. | Futures Contracts.  The Master trades futures
    contracts. A futures contract is a firm commitment to buy or
    sell a specified quantity of investments, currency or a
    standardized amount of a deliverable grade commodity, at a
    specified price on a specified future date, unless the contract
    is closed before the delivery date or if the delivery quantity
    is something where physical delivery can not occur (such as the
    S&P 500 Index), whereby such contract is settled in cash.
    Payments (variation margin) may be made or received
    by the Master each business day, depending on the daily
    fluctuations in the value of the underlying contracts, and are
    recorded as unrealized gains or losses by the Master. When the
    contract is closed, the Master records a realized gain or loss
    equal to the difference between the value of the contract at the
    time it was opened and the value at the time it was closed.
    Because transactions in futures contracts require participants
    to make both initial margin deposits of cash or other assets and
    variation margin deposits, through the futures broker, directly
    with the exchange on which the contracts are traded, credit
    exposure is limited. Realized gains (losses) and changes in
    unrealized gains (losses) on futures contracts are included in
    the Statements of Income and Expenses.
|
| | e. | Options.  The Master may purchase and write
    (sell) both exchange listed and
    over-the-counter
    options on commodities or financial instruments. An option is a
    contract allowing, but not requiring, its holder to buy (call)
    or sell (put) a specific or standard commodity or financial
    instrument at a specified price during a specified time period.
    The option premium is the total price paid or received for the
    option contract. When the Master writes an option, the premium
    received is recorded as a liability in the Statements of
    Financial Condition and marked to market daily. When the Master
    purchases an option, the premium paid is recorded as an asset in
    the Statements of Financial Condition and marked to market
    daily. Realized gains (losses) and changes in unrealized gains
    (losses) on options contracts are included in the Statements of
    Income and Expenses.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | f. | London Metals Exchange Forward
    Contracts.  Metal contracts traded on the London
    Metals Exchange (LME) represent a firm commitment to
    buy or sell a specified quantity of aluminum, copper, lead,
    nickel, tin or zinc. LME contracts traded by the Master are cash
    settled based on prompt dates published by the LME. Payments
    (variation margin) may be made or received by the
    Master each business day, depending on the daily fluctuations in
    the value of the underlying contracts, and are recorded as
    unrealized gains or losses by the Master. A contract is
    considered offset when all long positions have been matched with
    short positions. When the contract is closed at the prompt date,
    the Master records a realized gain or loss equal to the
    difference between the value of the contract at the time it was
    opened and the value at the time it was closed. Because
    transactions in LME contracts require participants to make both
    initial margin deposits of cash or other assets and variation
    margin deposits, through the broker, directly with the LME,
    credit exposure is limited. Realized gains (losses) and changes
    in unrealized gains (losses) on metal contracts are included in
    the Statements of Income and Expenses.

F-55



---



##### 





CMF Winton Master
    L.P.
    Notes to Financial Statements
    December 31, 2009






| |    |                                                                                                                                                                                                                                                                               
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | g. | Income and Expenses Recognition.  All of the
    income and expenses and realized and unrealized gains and losses
    on trading of commodity interests are determined on each
    valuation day and allocated pro rata among the Funds at the time
    of such determination.
|
| | h. | Income Taxes.  Income taxes have not been
    provided as each partner is individually liable for the taxes,
    if any, on their share of the Masters income and expenses.                                                                                                  











| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | i. | Subsequent Events.  In 2009, the Master adopted
    ASC 855, Subsequent Events (formerly, FAS No. 165,
    Subsequent Events). The objective of ASC 855 is to
    establish general standards of accounting for and disclosure of
    events that occur after the balance sheet date but before
    financial statements are issued or available to be issued.
    Management has determined that there were no subsequent events
    requiring adjustment or disclosure in the financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|
| | j. | Recent Accounting Pronouncements.  In January
    2010, the FASB issued Accounting Standards Update
    No. 2010-06
    (ASU
    2010-06),
    Improving Disclosures about Fair Value Measurements, which
    , among other things, amends ASC 820 to require entities to
    separately present purchases, sales, issuances, and settlements
    in their reconciliation of Level 3 fair value measurements
    (i.e. to present such items on a gross basis rather than on a
    net basis), and which clarifies existing disclosure requirements
    provided by ASC 820 regarding the level of disaggregation and
    the inputs and valuation techniques used to measure fair value
    for measurements that fall within either Level 2 or
    Level 3 of the fair value hierarchy. ASU
    2010-06 is
    effective for interim and annual periods beginning after
    December 15, 2009, except for the disclosures about
    purchases, sales, issuances, and settlements in the roll forward
    of activity in Level 3 fair value measurements (which are
    effective for fiscal years beginning after December 15,
    2010, and for interim periods within those fiscal years).
    Management is currently assessing the impact that the adoption
    of ASU
    2010-06 will
    have on the Masters financial statements disclosures.



No. 2010-09 2010-09),




| |    |                                                                                                   
| | -- | --------------------------------------------------------------------------------------------------
| | k. | Certain prior period amounts have been reclassified to conform
    to current period presentation.



| |    |                                                                                                                                                                                                 
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | l. | Net Income (Loss) per Redeemable Unit.  Net
    income (loss) per Redeemable Unit is calculated in accordance
    with investment company guidance. See footnote 6 for Financial
    Highlights.

F-56



---



##### 





CMF Winton Master
    L.P.
    Notes to Financial Statements
    December 31, 2009






|   |            
|-- | -----------
|3. | Agreements:



| |    |                               
| | -- | ------------------------------
| | a. | Limited Partnership Agreement:







| |    |                      
| | -- | ---------------------
| | b. | Management Agreement:







| |    |                    
| | -- | -------------------
| | c. | Customer Agreement:



give-up,




|   |                        
|-- | -----------------------
|4. | Trading
    Activities:

















F-57



---



##### 





CMF Winton Master
    L.P.
    Notes to Financial Statements
    December 31, 2009




|                                                        |  |              |            |   |  |                                       |              |   |           |      
|------------------------------------------------------- |  | ------------ | ---------- | - |  | ------------------------------------- | ------------ | - | --------- | -----
|                                                        |  | December 31, |            |   |  |                                       | December 31, |  
|                                                        |  | 2009         |            |   |  |                                       | 2009         |  
|                                                       
|Assets                                                  |  |              |            |   |  | Assets                                |              |   |           |      
|Futures Contracts                                       |  |              |            |   |  | Forward Contracts                     |              |   |           |      
|Currencies                                              |  | $            | 410,679    |   |  | Metals                                |              | $ | 2,433,189 |      
|                                                        |  |              |            |   |  |                                       |              |   |           |      
|Energy                                                  |  |              | 128,203    |   |  | Total unrealized appreciation on open |              |   |           |      
|Grains                                                  |  |              | 629,534    |   |  | forward contracts                     |              | $ | 2,433,189 |      
|                                                        |  |              |            |   |  |                                       |              |   |           |      
|Indices                                                 |  |              | 3,222,389  |   |  | Liabilities                           |              |   |           |      
|Interest Rates U.S.                                     |  |              | 639,524    |   |  | Forward Contracts                     |              |   |           |      
|Interest Rates
    Non-U.S.                             |  |              | 1,473,596  |   |  | Metals                                |              | $ | (734,789  | )    
|                                                        |  |              |            |   |  |                                       |              |   |           |      
|Livestock                                               |  |              | 53,810     |   |  | Total unrealized depreciation on open |              |   |           |      
|Metals                                                  |  |              | 771,738    |   |  | forward contracts                     |              | $ | (734,789  | )    
|                                                        |  |              |            |   |  |                                       |              |   |           |      
|Softs                                                   |  |              | 598,000    |   |  | Net unrealized appreciation on open   |              |   |           |      
|                                                        |  |              |            |   |  |                                       |              |   |           |      
|                                                        |  |              |            |   |  | forward contracts                     |              | $ | 1,698,400 | **   
|                                                        |  |              |            |   |  |                                       |              |   |           |      
|Total unrealized appreciation on open futures contracts |  | $            | 7,927,473  |   |  |                                       |              |   |           |      
|                                                        |  |              |            |   |  |                                       |              |   |           |      
|Liabilities                                             |  |              |            |   |  | Assets                                |              |   |           |      
|Futures Contracts                                       |  |              |            |   |  | Options Owned                         |              |   |           |      
|Currencies                                              |  | $            | (2,470,714 | ) |  | Indices                               |              | $ | 17,723    |      
|                                                        |  |              |            |   |  |                                       |              |   |           |      
|Energy                                                  |  |              | (516,987   | ) |  | Total options owned                   |              | $ | 17,723    | ***  
|                                                        |  |              |            |   |  |                                       |              |   |           |      
|Grains                                                  |  |              | (361,398   | ) |  |                                       |              |   |           |      
|Indices                                                 |  |              | (349,439   | ) |  |                                       |              |   |           |      
|Interest Rates U.S.                                     |  |              | (969,559   | ) |  | Liabilities                           |              |   |           |      
|Interest Rates
    Non-U.S.                             |  |              | (1,620,668 | ) |  | Options Written                       |              |   |           |      
|Livestock                                               |  |              | (71,810    | ) |  | Indices                               |              | $ | (40,733   | )    
|                                                        |  |              |            |   |  |                                       |              |   |           |      
|Metals                                                  |  |              | (1,188,985 | ) |  | Total options written                 |              | $ | (40,733   | )****
|                                                        |  |              |            |   |  |                                       |              |   |           |      
|Softs                                                   |  |              | (233,630   | ) |  |                                       |              |   |           |      
|                                                        |  |              |            |   |  |                                       |              |   |           |      
|Total unrealized depreciation on open futures contracts |  | $            | (7,783,190 | ) |  |                                       |              |   |           |      
|                                                        |  |              |            |   |  |                                       |              |   |           |      
|Net unrealized appreciation on open futures contracts   |  | $            | 144,283    | * |  |                                       |              |   |           |      
|                                                        |  |              |            |   |  |                                       |              |   |           |      





|     |  |                                                                                                                        
|---- |  | -----------------------------------------------------------------------------------------------------------------------
|*    |  | This amount is in Net unrealized appreciation on open
    futures contracts on the Statements of Financial Condition.
|    
|**   |  | This amount is in Net unrealized appreciation on open
    forward contracts on the Statements of Financial Condition.
|    
|***  |  | This amount is in Options owned, at fair value on
    the Statements of Financial Condition.                         
|    
|**** |  | This amount is in Options written, at fair value on
    the Statements of Financial Condition.                       

F-58



---



##### 





CMF Winton Master
    L.P.
    Notes to Financial Statements
    December 31, 2009










|                            |  |                          |             |       
|--------------------------- |  | ------------------------ | ----------- | ------
|                            |  | December 31, 2009        |            
|Sector                      |  | Gain (Loss) from Trading |            
|                           
|Currencies                  |  | $                        | (3,376,768  | )     
|Energy                      |  |                          | (8,697,471  | )     
|Grains                      |  |                          | 1,313,879   |       
|Indices                     |  |                          | (11,148,536 | )     
|Interest Rates U.S.         |  |                          | (3,881,924  | )     
|Interest Rates
    Non-U.S. |  |                          | (1,931,326  | )     
|Livestock                   |  |                          | 1,189,446   |       
|Softs                       |  |                          | (1,068,956  | )     
|Lumber                      |  |                          | (4,378      | )     
|Metals                      |  |                          | 2,572,570   |       
|                            |  |                          |             |       
|Total                       |  | $                        | (25,033,464 | )*****
|                            |  |                          |             |       





|      |  |                                                                                                
|----- |  | -----------------------------------------------------------------------------------------------
|***** |  | This amount is in Gain (loss) from trading, net on
    the Statements of Income and Expenses.



|   |                                                  
|-- | -------------------------------------------------
|5. | Subscriptions,
    Distributions and Redemptions:







|   |                          
|-- | -------------------------
|6. | Financial
    Highlights:







|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  
|------------------------------------------------------------------------------------------ |  | ---- | -------- | - | ---- | - | -------- | ---- |  | - | -------- | -
|                                                                                           |  | 2009 |          |   | 2008 |   |          | 2007 | 
|                                                                                          
|Net realized and unrealized gains (losses)*                                                |  | $    | (97.03   | ) |      | $ | 433.13   |      |  | $ | 220.96   |  
|Interest income                                                                            |  |      | 1.51     |   |      |   | 20.53    |      |  |   | 55.98    |  
|Expenses**                                                                                 |  |      | (0.17    | ) |      |   | (0.13    | )    |  |   | (0.13    | )
|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  
|Increase (decrease) for the year                                                           |  |      | (95.69   | ) |      |   | 453.53   |      |  |   | 276.81   |  
|Distribution of interest income to feeder funds                                            |  |      | (1.51    | ) |      |   | (20.53   | )    |  |   | (55.98   | )
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, beginning of year |  |      | 2,021.26 |   |      |   | 1,588.26 |      |  |   | 1,367.43 |  
|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, end of year       |  | $    | 1,924.06 |   |      | $ | 2,021.26 |      |  | $ | 1,588.26 |  
|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  





|   |  |                        
|-- |  | -----------------------
|*  |  | Includes clearing fees.
|  
|** |  | Excludes clearing fees.

F-59



---



##### 





CMF Winton Master
    L.P.
    Notes to Financial Statements
    December 31, 2009






|                                |  |      |      |       |      |  |      |      |  |  |      |  
|------------------------------- |  | ---- | ---- | ----- | ---- |  | ---- | ---- |  |  | ---- | -
|                                |  | 2009 |      |       | 2008 |  |      | 2007 | 
|Ratios to average net assets:   |  |      |      |       |      |  |      |      |  |  |      |  
|Net investment income (loss)*** |  |      | 0.0  | %**** |      |  | 1.0  | %    |  |  | 3.7  | %
|                                |  |      |      |       |      |  |      |      |  |  |      |  
|Operating expenses              |  |      | 0.1  | %     |      |  | 0.1  | %    |  |  | 0.2  | %
|                                |  |      |      |       |      |  |      |      |  |  |      |  
|Total return                    |  |      | (4.7 | )%    |      |  | 28.6 | %    |  |  | 20.2 | %
|                                |  |      |      |       |      |  |      |      |  |  |      |  





|     |  |                                     
|---- |  | ------------------------------------
|***  |  | Interest income less total expenses.
|**** |  | Due to rounding.                    







|   |                                
|-- | -------------------------------
|7. | Financial
    Instrument Risks:



over-the-counter














F-60



---



##### 





CMF Winton Master
    L.P.
    Notes to Financial Statements
    December 31, 2009














F-61



---



##### 



For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1, 2009 to
    
    July 1, 2009 to
    
    April 1, 2009 to
    
    January 1, 2009 toDecember 31, 2009
    
    September 30, 2009
    
    June 30, 2009
    
    March 31, 2009Net realized and
unrealized trading gains
(losses) net of brokerage
commissions and clearing
fees including interest
income
    
    $
    4,223,995
    
    
    $
    7,348,002
    
    
    $
    (31,808,843
    )
    
    $
    (4,728,813
    )Net income (loss)
    
    $
    4,195,801
    
    
    $
    7,339,274
    
    
    $
    (31,818,295
    )
    
    $
    (4,738,043
    )Increase (decrease) in
Net Asset Value per
Redeemable Unit
    
    $
    16.77
    
    
    $
    26.25
    
    
    $
    (120.99
    )
    
    $
    (17.72
    )
 For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1, 2008 to
    
    July 1, 2008 to
    
    April 1, 2008 to
    
    January 1, 2008 toDecember 31, 2008
    
    September 30, 2008
    
    June 30, 2008
    
    March 31, 2008Net realized and
unrealized trading gains
(losses) net of brokerage
commissions and clearing
fees including interest
income
    
    $
    64,847,978
    
    
    $
    (37,683,528
    )
    
    $
    38,151,732
    
    
    $
    63,963,466Net income (loss)
    
    $
    64,838,710
    
    
    $
    (37,692,795
    )
    
    $
    38,142,296
    
    
    $
    63,955,571Increase (decrease) in
Net Asset Value per
Redeemable Unit
    
    $
    241.14
    
    
    $
    (136.12
    )
    
    $
    129.68
    
    
    $
    218.83
 F-62




---



##### 





To the Limited
    Partners of
 CMF
    Graham Capital Master Fund L.P.















| |     |                                                                                                                                                   
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------
| | By: | Jennifer Magro
    Chief Financial Officer and Director
    Ceres Managed Futures LLC
    General Partner,
    CMF Graham Capital Master Fund L.P.



Ceres Managed Futures LLC    212-559-2011


F-63



---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    
 F-64




---



##### 



Report of Independent Auditors
 
   
 F-65




---



##### 



Report of Independent Registered Public Accounting Firm
 
     
 F-66




---



##### 



CMF Graham
    Capital Master Fund L.P.
 Statements
    of Financial Condition
    December 31, 2009 and 2008




|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | ----------- |  | ---- | - | ----------- | 
|                                                                                                                                                                          |  | 2009 |             |  | 2008 |  
|                                                                                                                                                                         
|Assets:                                                                                                                                                                   |  |      |             |  |      |   |             | 
|Equity in commodity futures trading account:                                                                                                                              |  |      |             |  |      |   |             | 
|Cash (Note 3c)                                                                                                                                                            |  | $    | 153,765,196 |  |      | $ | 214,551,266 | 
|Cash margin (Note 3c)                                                                                                                                                     |  |      | 15,503,558  |  |      |   | 9,073,580   | 
|Net unrealized appreciation on open futures contracts                                                                                                                     |  |      | 406,652     |  |      |   | 1,162,793   | 
|Net unrealized appreciation on open forward contracts                                                                                                                     |  |      | 1,562,793   |  |      |   |            | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Total assets                                                                                                                                                              |  | $    | 171,238,199 |  |      | $ | 224,787,639 | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Liabilities and Partners Capital:                                                                                                                                        |  |      |             |  |      |   |             | 
|Liabilities:                                                                                                                                                              |  |      |             |  |      |   |             | 
|Net unrealized depreciation on open forward contracts                                                                                                                     |  | $    |            |  |      | $ | 279,957     | 
|Accrued expenses:                                                                                                                                                         |  |      |             |  |      |   |             | 
|Professional fees                                                                                                                                                         |  |      | 25,939      |  |      |   | 16,740      | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Total liabilities                                                                                                                                                         |  |      | 25,939      |  |      |   | 296,697     | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Partners Capital:                                                                                                                                                        |  |      |             |  |      |   |             | 
|General Partner, 0.0000 Unit equivalents at December 31,
    2009 and 2008                                                                                                |  |      |            |  |      |   |            | 
|Limited Partners Capital, 104,371.4673 and 146,784.8652
    Redeemable Units of Limited Partnership Interest outstanding at
    December 31, 2009 and 2008, respectively |  |      | 171,212,260 |  |      |   | 224,490,942 | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Total liabilities and partners capital                                                                                                                                   |  | $    | 171,238,199 |  |      | $ | 224,787,639 | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 





See accompanying notes to financial statements.


F-67



---



##### 



CMF Graham
    Capital Master Fund L.P.
 Condensed
    Schedule of Investments
    December 31, 2009




|                                                        |  |               |             |  |            |   |            |                |  |  |       |   
|------------------------------------------------------- |  | ------------- | ----------- |  | ---------- | - | ---------- | -------------- |  |  | ----- | --
|                                                        |  | Notional ($)/ |             |  |            |   |            |                | 
|                                                        |  | Number of     |             |  |            |   |            | % of Partners | 
|                                                        |  | Contracts     |             |  | Fair Value |   |            | Capital        | 
|                                                       
|Futures Contracts Purchased                             |  |               |             |  |            |   |            |                |  |  |       |   
|Currencies                                              |  |               | 2           |  |            | $ | 360        |                |  |  | 0.00  | %*
|Energy                                                  |  |               | 449         |  |            |   | 242,192    |                |  |  | 0.14  |   
|Grains                                                  |  |               | 286         |  |            |   | 34,342     |                |  |  | 0.02  |   
|Indices                                                 |  |               | 1,065       |  |            |   | 633,603    |                |  |  | 0.37  |   
|Interest Rates U.S.                                     |  |               | 233         |  |            |   | (94,262    | )              |  |  | (0.06 | ) 
|Interest Rates
    Non-U.S.                             |  |               | 1,523       |  |            |   | (996,822   | )              |  |  | (0.58 | ) 
|Livestock                                               |  |               | 74          |  |            |   | 20,482     |                |  |  | 0.01  |   
|Metals                                                  |  |               | 78          |  |            |   | (100,473   | )              |  |  | (0.06 | ) 
|Softs                                                   |  |               | 589         |  |            |   | 556,321    |                |  |  | 0.33  |   
|                                                        |  |               |             |  |            |   |            |                |  |  |       |   
|Total futures contracts purchased                       |  |               |             |  |            |   | 295,743    |                |  |  | 0.17  |   
|                                                        |  |               |             |  |            |   |            |                |  |  |       |   
|Futures Contracts Sold                                  |  |               |             |  |            |   |            |                |  |  |       |   
|Currencies                                              |  |               | 69          |  |            |   | 11,480     |                |  |  | 0.01  |   
|Energy                                                  |  |               | 308         |  |            |   | (40,301    | )              |  |  | (0.02 | ) 
|Grains                                                  |  |               | 275         |  |            |   | 57,491     |                |  |  | 0.03  |   
|Indices                                                 |  |               | 7           |  |            |   | 6,437      |                |  |  | 0.00  | * 
|Interest Rates U.S.                                     |  |               | 50          |  |            |   | (406       | )              |  |  | (0.00 | )*
|Interest Rates
    Non-U.S.                             |  |               | 451         |  |            |   | 57,808     |                |  |  | 0.03  |   
|Metals                                                  |  |               | 10          |  |            |   | 18,400     |                |  |  | 0.01  |   
|                                                        |  |               |             |  |            |   |            |                |  |  |       |   
|Total futures contracts sold                            |  |               |             |  |            |   | 110,909    |                |  |  | 0.06  |   
|                                                        |  |               |             |  |            |   |            |                |  |  |       |   
|Unrealized Appreciation on Open Forward Contracts       |  |               |             |  |            |   |            |                |  |  |       |   
|Currencies                                              |  | $             | 550,199,867 |  |            |   | 7,739,782  |                |  |  | 4.52  |   
|Metals                                                  |  |               | 429         |  |            |   | 2,324,147  |                |  |  | 1.36  |   
|                                                        |  |               |             |  |            |   |            |                |  |  |       |   
|Total unrealized appreciation on open forward contracts |  |               |             |  |            |   | 10,063,929 |                |  |  | 5.88  |   
|                                                        |  |               |             |  |            |   |            |                |  |  |       |   
|Unrealized Depreciation on Open Forward Contracts       |  |               |             |  |            |   |            |                |  |  |       |   
|Currencies                                              |  | $             | 551,949,465 |  |            |   | (7,486,471 | )              |  |  | (4.37 | ) 
|Metals                                                  |  |               | 285         |  |            |   | (1,014,665 | )              |  |  | (0.59 | ) 
|                                                        |  |               |             |  |            |   |            |                |  |  |       |   
|Total unrealized depreciation on open forward contracts |  |               |             |  |            |   | (8,501,136 | )              |  |  | (4.96 | ) 
|                                                        |  |               |             |  |            |   |            |                |  |  |       |   
|Total fair value                                        |  |               |             |  |            | $ | 1,969,445  |                |  |  | 1.15  | % 
|                                                        |  |               |             |  |            |   |            |                |  |  |       |   









See accompanying notes to financial statements.


F-68



---



##### 



CMF Graham
    Capital Master Fund L.P.
 Condensed
    Schedule of Investments
    December 31, 2008




|                                                        |  |               |            |  |            |   |            |                |  |  |       |   
|------------------------------------------------------- |  | ------------- | ---------- |  | ---------- | - | ---------- | -------------- |  |  | ----- | --
|                                                        |  | Notional ($)/ |            |  |            |   |            |                | 
|                                                        |  | Number of     |            |  |            |   |            | % of Partners | 
|                                                        |  | Contracts     |            |  | Fair Value |   |            | Capital        | 
|                                                       
|Futures Contracts Purchased                             |  |               |            |  |            |   |            |                |  |  |       |   
|Currencies                                              |  |               | 14         |  |            | $ | 1,840      |                |  |  | 0.00  | %*
|Energy                                                  |  |               | 96         |  |            |   | 325,615    |                |  |  | 0.15  |   
|Grains                                                  |  |               | 52         |  |            |   | 13,370     |                |  |  | 0.01  |   
|Indices                                                 |  |               | 5          |  |            |   | (19,645    | )              |  |  | (0.01 | ) 
|Interest Rates
    Non-U.S.                             |  |               | 1,235      |  |            |   | 947,609    |                |  |  | 0.42  |   
|Interest Rates U.S.                                     |  |               | 564        |  |            |   | 507,653    |                |  |  | 0.23  |   
|Metals                                                  |  |               | 52         |  |            |   | 33,132     |                |  |  | 0.01  |   
|Softs                                                   |  |               | 13         |  |            |   | 3,251      |                |  |  | 0.00  | * 
|                                                        |  |               |            |  |            |   |            |                |  |  |       |   
|Total futures contracts purchased                       |  |               |            |  |            |   | 1,812,825  |                |  |  | 0.81  |   
|                                                        |  |               |            |  |            |   |            |                |  |  |       |   
|Futures Contracts Sold                                  |  |               |            |  |            |   |            |                |  |  |       |   
|Currencies                                              |  |               | 14         |  |            |   | 8,038      |                |  |  | 0.00  | * 
|Energy                                                  |  |               | 159        |  |            |   | (266,237   | )              |  |  | (0.12 | ) 
|Grains                                                  |  |               | 53         |  |            |   | (207,227   | )              |  |  | (0.09 | ) 
|Indices                                                 |  |               | 87         |  |            |   | (86,831    | )              |  |  | (0.04 | ) 
|Interest Rates
    Non-U.S.                             |  |               | 17         |  |            |   | (9,163     | )              |  |  | (0.00 | )*
|Livestock                                               |  |               | 11         |  |            |   | 25,220     |                |  |  | 0.01  |   
|Metals                                                  |  |               | 16         |  |            |   | (35,970    | )              |  |  | (0.02 | ) 
|Softs                                                   |  |               | 99         |  |            |   | (77,862    | )              |  |  | (0.03 | ) 
|                                                        |  |               |            |  |            |   |            |                |  |  |       |   
|Total futures contracts sold                            |  |               |            |  |            |   | (650,032   | )              |  |  | (0.29 | ) 
|                                                        |  |               |            |  |            |   |            |                |  |  |       |   
|Unrealized Appreciation on Open Forward Contracts       |  |               |            |  |            |   |            |                |  |  |       |   
|Currencies                                              |  | $             | 87,112,212 |  |            |   | 2,398,640  |                |  |  | 1.07  |   
|Metals                                                  |  |               | 59         |  |            |   | 297,268    |                |  |  | 0.13  |   
|                                                        |  |               |            |  |            |   |            |                |  |  |       |   
|Total unrealized appreciation on open forward contracts |  |               |            |  |            |   | 2,695,908  |                |  |  | 1.20  |   
|                                                        |  |               |            |  |            |   |            |                |  |  |       |   
|Unrealized Depreciation on Open Forward Contracts       |  |               |            |  |            |   |            |                |  |  |       |   
|Currencies                                              |  | $             | 86,429,816 |  |            |   | (2,764,819 | )              |  |  | (1.23 | ) 
|Metals                                                  |  |               | 96         |  |            |   | (211,046   | )              |  |  | (0.10 | ) 
|                                                        |  |               |            |  |            |   |            |                |  |  |       |   
|Total unrealized depreciation on open forward contracts |  |               |            |  |            |   | (2,975,865 | )              |  |  | (1.33 | ) 
|                                                        |  |               |            |  |            |   |            |                |  |  |       |   
|Total fair value                                        |  |               |            |  |            | $ | 882,836    |                |  |  | 0.39  | % 
|                                                        |  |               |            |  |            |   |            |                |  |  |       |   









See accompanying notes to financial statements.


F-69



---



##### 



CMF Graham
    Capital Master Fund L.P.
 Statements
    of Income and Expenses
    for the years ended
    December 31, 2009, 2008 and 2007




|                                                                                          |  |      |              |  |      |   |              |      |  |   |              |  
|----------------------------------------------------------------------------------------- |  | ---- | ------------ |  | ---- | - | ------------ | ---- |  | - | ------------ | -
|                                                                                          |  | 2009 |              |  | 2008 |   |              | 2007 | 
|                                                                                         
|Income:                                                                                   |  |      |              |  |      |   |              |      |  |   |              |  
|Net gains (loss) on trading of commodity interests:                                       |  |      |              |  |      |   |              |      |  |   |              |  
|Net realized gains (losses) on closed contracts                                           |  | $    | 11,381,456   |  |      | $ | 61,878,532   |      |  | $ | 37,612,230   |  
|Change in net unrealized gains (losses) on open contracts                                 |  |      | 1,086,609    |  |      |   | 1,251,182    |      |  |   | (7,303,599   | )
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              |  
|Gain (loss) from trading, net                                                             |  |      | 12,468,065   |  |      |   | 63,129,714   |      |  |   | 30,308,631   |  
|Interest income                                                                           |  |      | 125,256      |  |      |   | 2,202,621    |      |  |   | 7,463,020    |  
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              |  
|Total income (loss)                                                                       |  |      | 12,593,321   |  |      |   | 65,332,335   |      |  |   | 37,771,651   |  
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              |  
|Expenses:                                                                                 |  |      |              |  |      |   |              |      |  |   |              |  
|Clearing fees                                                                             |  |      | 614,452      |  |      |   | 940,378      |      |  |   | 857,460      |  
|Professional fees                                                                         |  |      | 46,648       |  |      |   | 30,056       |      |  |   | 29,466       |  
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              |  
|Total expenses                                                                            |  |      | 661,100      |  |      |   | 970,434      |      |  |   | 886,926      |  
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              |  
|Net income (loss)                                                                         |  |      | 11,932,221   |  |      | $ | 64,361,901   |      |  | $ | 36,884,725   |  
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              |  
|Net income (loss) per Redeemable Unit of Limited Partnership
    Interest (Notes 1 and 6) |  | $    | 112.10       |  |      | $ | 396.07       |      |  | $ | 187.22       |  
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              |  
|Weighted average units outstanding                                                        |  |      | 118,814.5765 |  |      |   | 167,979.9211 |      |  |   | 208,730.7408 |  
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              |  





See accompanying notes to financial statements.


F-70



---



##### 



CMF Graham
    Capital Master Fund L.P.

    Statements of Changes in Partners Capital
    for the years ended
    December 31, 2009, 2008 and 2007




|                                                                               |  |           |             |  
|------------------------------------------------------------------------------ |  | --------- | ----------- | -
|                                                                               |  | Partners |            
|                                                                               |  | Capital   |            
|                                                                              
|Partners Capital at December 31, 2006                                         |  | $         | 226,673,516 |  
|Net income (loss)                                                              |  |           | 36,884,725  |  
|Sale of 20,875.4865 Redeemable Units of Limited Partnership
    Interest       |  |           | 21,067,811  |  
|Redemption of 62,214.7369 Redeemable Units of Limited
    Partnership Interest |  |           | (63,568,645 | )
|Distribution of interest income to feeder funds                                |  |           | (7,463,020  | )
|                                                                               |  |           |             |  
|Partners Capital at December 31, 2007                                         |  |           | 213,594,387 |  
|Net income (loss)                                                              |  |           | 64,361,901  |  
|Sale of 3,998.1810 Redeemable Units of Limited Partnership
    Interest        |  |           | 5,096,496   |  
|Redemption of 43,548.1379 Redeemable Units of Limited
    Partnership Interest |  |           | (56,359,221 | )
|Distribution of interest income to feeder funds                                |  |           | (2,202,621  | )
|                                                                               |  |           |             |  
|Partners Capital at December 31, 2008                                         |  |           | 224,490,942 |  
|Net income (loss)                                                              |  |           | 11,932,221  |  
|Sale of 7,455.9216 Redeemable Units of Limited Partnership
    Interest        |  |           | 11,912,177  |  
|Redemption of 49,869.3195 Redeemable Units of Limited
    Partnership Interest |  |           | (76,997,824 | )
|Distribution of interest income to feeder funds                                |  |           | (125,256    | )
|                                                                               |  |           |             |  
|Partners Capital at December 31, 2009                                         |  | $         | 171,212,260 |  
|                                                                               |  |           |             |  
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest:       |  |           |             |  





2007:

$
1,146.292008:

$
1,529.392009:

$
1,640.41






See accompanying notes to financial statements.


F-71



---



##### 





CMF Graham
    Capital Master Fund L.P.
 Notes to
    Financial Statements
    December 31, 2009




|   |                              
|-- | -----------------------------
|1. | Partnership
    Organization:

















F-72



---



##### 





CMF Graham
    Capital Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009












|   |                         
|-- | ------------------------
|2. | Accounting
    Policies:



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. | Use of Estimates.The preparation of financial
    statements and accompanying notes in conformity with GAAP
    requires management to make estimates and assumptions that
    affect the reported amounts of assets and liabilities, income
    and expenses, and related disclosures of contingent assets and
    liabilities in the financial statements and accompanying notes.
    In making these estimates and assumptions, management has
    considered the effects, if any, of events occurring after the
    date of the Masters Statements of Financial Condition
    through the date the financial statements were issued. As a
    result, actual results could differ from these estimates.                                                                                                                                                                                                        
|
| | b. | Statement of Cash Flows.The Master is not
    required to provide a Statement of Cash Flows as permitted by
    ASC 230, Statement of Cash Flows (formerly,
    FAS No. 102, Statement of Cash Flows Exemption
    of Certain Enterprises and Classification of Cash Flows from
    Certain Securities Acquired for Resale).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|
| | c. | Masters Investments.All commodity
    interests of the Master (including derivative financial
    instruments and derivative commodity instruments) are held for
    trading purposes. The commodity interests are recorded on trade
    date and open contracts are recorded at fair value (as described
    below) at the measurement date. Investments in commodity
    interests denominated in foreign currencies are translated into
    U.S. dollars at the exchange rates prevailing at the
    measurement date. Gains or losses are realized when contracts
    are liquidated. Unrealized gains or losses on open contracts are
    included as a component of equity in trading account on the
    Statements of Financial Condition Realized gains or losses and
    any change in net unrealized gains or losses from the preceding
    period are reported in the Statements of Income and Expenses.



Masters Fair Value Measurements. )


F-73



---



##### 





CMF Graham
    Capital Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009




FAS No. 157-4,








|                 |  |            |           |  |                    |   |           |                   |  |   |                     |  |  |   |   | 
|---------------- |  | ---------- | --------- |  | ------------------ | - | --------- | ----------------- |  | - | ------------------- |  |  | - | - | 
|                 |  |            |           |  | Quoted Prices in   |   |           |                   |  |   |                     | 
|                 |  |            |           |  | Active Markets for |   |           | Significant Other |  |   | Significant         | 
|                 |  |            |           |  | Identical Assets   |   |           | Observable Inputs |  |   | Unobservable Inputs | 
|                 |  | 12/31/2009 |           |  | (Level 1)          |   |           | (Level 2)         |  |   | (Level 3)           | 
|                
|Assets           |  |            |           |  |                    |   |           |                   |  |   |                     |  |  |   |   | 
|Futures          |  | $          | 406,652   |  |                    | $ | 406,652   |                   |  | $ |                    |  |  | $ |  | 
|Forwards         |  |            | 1,562,793 |  |                    |   | 1,309,482 |                   |  |   | 253,311             |  |  |   |  | 
|                 |  |            |           |  |                    |   |           |                   |  |   |                     |  |  |   |   | 
|Total assets     |  |            | 1,969,445 |  |                    |   | 1,716,134 |                   |  |   | 253,311             |  |  |   |  | 
|                 |  |            |           |  |                    |   |           |                   |  |   |                     |  |  |   |   | 
|Total fair value |  | $          | 1,969,445 |  |                    | $ | 1,716,134 |                   |  | $ | 253,311             |  |  | $ |  | 
|                 |  |            |           |  |                    |   |           |                   |  |   |                     |  |  |   |   | 





|                  |  |            |           |  |                    |   |           |                   |  |   |                     |   |  |   |   | 
|----------------- |  | ---------- | --------- |  | ------------------ | - | --------- | ----------------- |  | - | ------------------- | - |  | - | - | 
|                  |  |            |           |  | Quoted Prices in   |   |           |                   |  |   |                     |  
|                  |  |            |           |  | Active Markets for |   |           | Significant Other |  |   | Significant         |  
|                  |  |            |           |  | Identical Assets   |   |           | Observable Inputs |  |   | Unobservable Inputs |  
|                  |  | 12/31/2008 |           |  | (Level 1)          |   |           | (Level 2)         |  |   | (Level 3)           |  
|                 
|Assets            |  |            |           |  |                    |   |           |                   |  |   |                     |   |  |   |   | 
|Futures           |  | $          | 1,162,793 |  |                    | $ | 1,162,793 |                   |  | $ |                    |   |  | $ |  | 
|Forwards          |  |            | 86,222    |  |                    |   | 86,222    |                   |  |   |                    |   |  |   |  | 
|                  |  |            |           |  |                    |   |           |                   |  |   |                     |   |  |   |   | 
|Total assets      |  |            | 1,249,015 |  |                    |   | 1,249,015 |                   |  |   |                    |   |  |   |  | 
|                  |  |            |           |  |                    |   |           |                   |  |   |                     |   |  |   |   | 
|Liabilities       |  |            |           |  |                    |   |           |                   |  |   |                     |   |  |   |   | 
|Forwards          |  | $          | 366,179   |  |                    | $ |          |                   |  | $ | 366,179             |   |  | $ |  | 
|                  |  |            |           |  |                    |   |           |                   |  |   |                     |   |  |   |   | 
|Total liabilities |  |            | 366,179   |  |                    |   |          |                   |  |   | 366,179             |   |  |   |  | 
|                  |  |            |           |  |                    |   |           |                   |  |   |                     |   |  |   |   | 
|Total fair value  |  | $          | 882,836   |  |                    | $ | 1,249,015 |                   |  | $ | (366,179            | ) |  | $ |  | 
|                  |  |            |           |  |                    |   |           |                   |  |   |                     |   |  |   |   | 





| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | d. | Futures Contracts.The Master trades futures
    contracts. A futures contract is a firm commitment to buy or
    sell a specified quantity of investments, currency or a
    standardized amount of a deliverable grade commodity, at a
    specified price on a specified future date, unless the contract
    is closed before the delivery date or if the delivery quantity
    is something where physical delivery cannot occur (such as the
    S&P 500 Index), whereby such contract is settled in cash.
    Payments (variation margin) may be made or received
    by the Master each business day, depending on the

F-74



---



##### 





CMF Graham
    Capital Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009




| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | daily fluctuations in the value of the underlying contracts, and
    are recorded as unrealized gains or losses by the Master. When
    the contract is closed, the Master records a realized gain or
    loss equal to the difference between the value of the contract
    at the time it was opened and the value at the time it was
    closed. Because transactions in futures contracts require
    participants to make both initial margin deposits of cash or
    other assets and variation margin deposits, through the futures
    broker, directly with the exchange on which the contracts are
    traded, credit exposure is limited. Realized gains (losses) and
    changes in unrealized gains (losses) on futures contracts are
    included in the Statements of Income and Expenses.



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | e. | Forward Foreign Currency Contracts.Foreign
    currency contracts are those contracts where the Master agrees
    to receive or deliver a fixed quantity of foreign currency for
    an
    agreed-upon
    price on an agreed future date. Foreign currency contracts are
    valued daily, and the Masters net equity therein,
    representing unrealized gain or loss on the contracts as
    measured by the difference between the forward foreign exchange
    rates at the dates of entry into the contracts and the forward
    rates at the reporting date, is included in the Statements of
    Financial Condition. Realized gains (losses) and changes in
    unrealized gains (losses) on foreign currency contracts are
    recognized in the period in which the contract is closed or the
    changes occur, respectively, and are included in the Statements
    of Income and Expenses.







| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | f. | London Metals Exchange Forward
    Contracts.Metal contracts traded on the London
    Metals Exchange (LME) represent a firm commitment to
    buy or sell a specified quantity of aluminum, copper, lead,
    nickel, tin or zinc. LME contracts traded by the Master are cash
    settled based on prompt dates published by the LME. Payments
    (variation margin) may be made or received by the
    Master each business day, depending on the daily fluctuations in
    the value of the underlying contracts, and are recorded as
    unrealized gains or losses by the Master. A contract is
    considered offset when all long positions have been matched with
    short positions. When the contract is closed at the prompt date,
    the Master records a realized gain or loss equal to the
    difference between the value of the contract at the time it was
    opened and the value at the time it was closed. Because
    transactions in LME contracts require participants to make both
    initial margin deposits of cash or other assets and variation
    margin deposits, through the broker, directly with the LME,
    credit exposure is limited. Realized gains (losses) and changes
    in unrealized gains (losses) on metal contracts are included in
    the Statements of Income and Expenses.
|
| | g. | Income and Expenses Recognition.All of the
    income and expenses and realized and unrealized gains and losses
    on trading of commodity interests are determined on each
    valuation day and allocated pro rata among the Funds at the time
    of such determination.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|
| | h. | Income Taxes.Income taxes have not been
    provided as each partner is individually liable for the taxes,
    if any, on their share of the Masters income and expenses.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               





F-75



---



##### 





CMF Graham
    Capital Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009








| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | i. | Subsequent Events.  In 2009, the Master adopted ASC
    855, Subsequent Events (formerly, FAS No. 165,
    Subsequent Events). The objective of ASC 855 is to
    establish general standards of accounting for and disclosure of
    events that occur after the balance sheet date but before
    financial statements are issued or available to be issued.
    Management has determined that there were no subsequent events
    requiring adjustment or disclosure in the financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|
| | j. | Recent Accounting Pronouncements.In January
    2010, the FASB issued Accounting Standards Update
    No. 2010-06
    (ASU
    2010-06),
    Improving Disclosures about Fair Value Measurements,
    which, among other things, amends ASC 820 to require entities to
    separately present purchases, sales, issuances, and settlements
    in their reconciliation of Level 3 fair value measurements
    (i.e. to present such items on a gross basis rather than on a
    net basis), and which clarifies existing disclosure requirements
    provided by ASC 820 regarding the level of disaggregation and
    the inputs and valuation techniques used to measure fair value
    for measurements that fall within either Level 2 or
    Level 3 of the fair value hierarchy. ASU
    2010-06 is
    effective for interim and annual periods beginning after
    December 15, 2009, except for the disclosures about
    purchases, sales, issuances, and settlements in the roll forward
    of activity in Level 3 fair value measurements (which are
    effective for fiscal years beginning after December 15,
    2010, and for interim periods within those fiscal years).
    Management is currently assessing the impact that the adoption
    of ASU
    2010-06 will
    have on the Masters financial statements disclosures.



No. 2010-09 2010-09),




| |    |                                                                                                                                                                                                 
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | k. | Certain prior period amounts have been reclassified to conform
    to current year presentation.                                                                                                
|
| | l. | Net Income (Loss) per Redeemable Unit.  Net
    income (loss) per Redeemable Unit is calculated in accordance
    with investment company guidance. See footnote 6 for Financial
    Highlights.



|   |            
|-- | -----------
|3. | Agreements:



| |    |                               
| | -- | ------------------------------
| | a. | Limited Partnership Agreement:







| |    |                      
| | -- | ---------------------
| | b. | Management Agreement:





F-76



---



##### 





CMF Graham
    Capital Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009






| |    |                    
| | -- | -------------------
| | c. | Customer Agreement:



give-up,




|   |                        
|-- | -----------------------
|4. | Trading
    Activities:



















F-77



---



##### 





CMF Graham
    Capital Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009




|                                                        |  |                   |            |   
|------------------------------------------------------- |  | ----------------- | ---------- | --
|                                                        |  | December 31, 2009 |           
|                                                       
|Assets                                                  |  |                   |            |   
|Futures Contracts                                       |  |                   |            |   
|Currencies                                              |  | $                 | 29,498     |   
|Energy                                                  |  |                   | 357,695    |   
|Grains                                                  |  |                   | 223,296    |   
|Indices                                                 |  |                   | 871,966    |   
|Interest Rates U.S.                                     |  |                   | 10,273     |   
|Interest Rates
    Non-U.S.                             |  |                   | 169,828    |   
|Livestock                                               |  |                   | 20,482     |   
|Metals                                                  |  |                   | 93,687     |   
|Softs                                                   |  |                   | 810,673    |   
|                                                        |  |                   |            |   
|Total unrealized appreciation on open futures contracts |  | $                 | 2,587,398  |   
|                                                        |  |                   |            |   
|                                                        |  |                   |            |   
|Liabilities                                             |  |                   |            |   
|Futures Contracts                                       |  |                   |            |   
|Currencies                                              |  | $                 | (17,658    | ) 
|Energy                                                  |  |                   | (155,804   | ) 
|Grains                                                  |  |                   | (131,463   | ) 
|Indices                                                 |  |                   | (231,926   | ) 
|Interest Rates U.S.                                     |  |                   | (104,941   | ) 
|Interest Rates
    Non-U.S.                             |  |                   | (1,108,842 | ) 
|Metals                                                  |  |                   | (175,760   | ) 
|Softs                                                   |  |                   | (254,352   | ) 
|                                                        |  |                   |            |   
|Total unrealized depreciation on open futures contracts |  | $                 | (2,180,746 | ) 
|                                                        |  |                   |            |   
|Net unrealized appreciation on open futures contracts   |  | $                 | 406,652    | * 
|                                                        |  |                   |            |   
|                                                        |  |                   |            |   
|Assets                                                  |  |                   |            |   
|Forward Contracts                                       |  |                   |            |   
|Currencies                                              |  | $                 | 7,739,782  |   
|Metals                                                  |  |                   | 2,324,147  |   
|                                                        |  |                   |            |   
|Total unrealized appreciation on open forward contracts |  | $                 | 10,063,929 |   
|                                                        |  |                   |            |   
|                                                        |  |                   |            |   
|Liabilities                                             |  |                   |            |   
|Forward Contracts                                       |  |                   |            |   
|Currencies                                              |  | $                 | (7,486,471 | ) 
|Metals                                                  |  |                   | (1,014,665 | ) 
|                                                        |  |                   |            |   
|Total unrealized depreciation on open forward contracts |  | $                 | (8,501,136 | ) 
|                                                        |  |                   |            |   
|Net unrealized appreciation on open forward contracts   |  | $                 | 1,562,793  | **
|                                                        |  |                   |            |   







|   |  |                                                                                                                        
|-- |  | -----------------------------------------------------------------------------------------------------------------------
|*  |  | This amount is in Net unrealized appreciation on open
    futures contracts on the Statements of Financial Condition.
|  
|** |  | This amount is in Net unrealized appreciation on open
    forward contracts on the Statements of Financial Condition.

F-78



---



##### 





CMF Graham
    Capital Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009










|                            |  |                          |            |     |  |  |  | 
|--------------------------- |  | ------------------------ | ---------- | --- |  |  |  | 
|                            |  | December 31, 2009        |            |     |  | 
|Sector                      |  | Gain (loss) from Trading |            |     |  | 
|                           
|Currencies                  |  | $                        | 3,111,674  |     |  |  |  | 
|Energy                      |  |                          | (3,297,102 | )   |  |  |  | 
|Grains                      |  |                          | (1,460,464 | )   |  |  |  | 
|Indices                     |  |                          | 15,480,005 |     |  |  |  | 
|Interest Rates U.S.         |  |                          | (3,698,764 | )   |  |  |  | 
|Interest Rates
    Non-U.S. |  |                          | (2,767,757 | )   |  |  |  | 
|Livestock                   |  |                          | 21,968     |     |  |  |  | 
|Softs                       |  |                          | 1,832,133  |     |  |  |  | 
|Metals                      |  |                          | 3,246,372  |     |  |  |  | 
|                            |  |                          |            |     |  |  |  | 
|Total                       |  | $                        | 12,468,065 | *** |  |  |  | 
|                            |  |                          |            |     |  |  |  | 





|    |  |                                                                                                
|--- |  | -----------------------------------------------------------------------------------------------
|*** |  | This amount is in Gain (loss) from trading, net on
    the Statements of Income and Expenses.



|   |                                                  
|-- | -------------------------------------------------
|5. | Subscriptions,
    Distributions and Redemptions:







|   |                          
|-- | -------------------------
|6. | Financial
    Highlights:







|                                                       |  |      |          |    |      |   |          |      |  |   |          |  
|------------------------------------------------------ |  | ---- | -------- | -- | ---- | - | -------- | ---- |  | - | -------- | -
|                                                       |  | 2009 |          |    | 2008 |   |          | 2007 | 
|                                                      
|Net realized and unrealized gains (losses)*            |  | $    | 111.45   |    |      | $ | 383.27   |      |  | $ | 150.83   |  
|Interest income                                        |  |      | 1.08     |    |      |   | 12.97    |      |  |   | 36.54    |  
|Expenses**                                             |  |      | (0.43    | )  |      |   | (0.17    | )    |  |   | (0.15    | )
|                                                       |  |      |          |    |      |   |          |      |  |   |          |  
|Increase (decrease) for the period                     |  |      | 112.10   |    |      |   | 396.07   |      |  |   | 187.22   |  
|Distribution of interest income to feeder funds        |  |      | (1.08    | )  |      |   | (12.97   | )    |  |   | (36.54   | )
|Net Asset Value per Redeemable Unit, beginning of year |  |      | 1,529.39 |    |      |   | 1,146.29 |      |  |   | 995.61   |  
|                                                       |  |      |          |    |      |   |          |      |  |   |          |  
|Net Asset Value per Redeemable Unit, end of year       |  | $    | 1,640.41 |    |      | $ | 1,529.39 |      |  | $ | 1,146.29 |  
|                                                       |  |      |          |    |      |   |          |      |  |   |          |  
|Ratios to Average Net Assets:                          |  |      |          |    |      |   |          |      |  |   |          |  
|Net investment income (loss)***                        |  |      | (0.3     | )% |      |   | 0.6      | %    |  |   | 3.0      | %
|                                                       |  |      |          |    |      |   |          |      |  |   |          |  
|Operating expenses                                     |  |      | 0.4      | %  |      |   | 0.4      | %    |  |   | 0.4      | %
|                                                       |  |      |          |    |      |   |          |      |  |   |          |  
|Total return                                           |  |      | 7.3      | %  |      |   | 34.6     | %    |  |   | 18.8     | %
|                                                       |  |      |          |    |      |   |          |      |  |   |          |  







|    |  |                                     
|--- |  | ------------------------------------
|*   |  | Includes clearing fees.             
|   
|**  |  | Excludes clearing fees.             
|   
|*** |  | Interest income less total expenses.

F-79



---



##### 





CMF Graham
    Capital Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009










|   |                                
|-- | -------------------------------
|7. | Financial
    Instrument Risks:



over-the-counter


















F-80



---



##### 



For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1, 2009 to
    
    July 1, 2009 to
    
    April 1, 2009 to
    
    January 1, 2009 toDecember 31, 2009
    
    September 30, 2009
    
    June 30, 2009
    
    March 31, 2009Net realized and
unrealized trading gains
(losses) net of brokerage
commissions and clearing
fees including interest
income
    
    $
    1,522,383
    
    
    $
    14,250,196
    
    
    $
    (2,335,820
    )
    
    $
    (1,457,890
    )Net income (loss)
    
    $
    1,502,514
    
    
    $
    14,240,193
    
    
    $
    (2,344,541
    )
    
    $
    (1,465,945
    )Increase (decrease) in
Net Asset Value per
Redeemable Unit
    
    $
    13.91
    
    
    $
    135.03
    
    
    $
    (21.43
    )
    
    $
    (15.41
    )For the period
    
    For the period
    
    For the period
    
    For the periodfrom October 1,
    
    from July 1, 2008
    
    from April 1,
    
    from January 1,2008 to December 31,
    
    September 30,
    
    2008 to June 30,
    
    2008 to March 31,2008
    
    2008
    
    2008
    
    2008Net realized and
unrealized trading gains
(losses) net of brokerage
commissions and clearing
fees including interest
income
    
    $
    34,035,718
    
    
    $
    (8,466,890
    )
    
    $
    18,680,824
    
    
    $
    20,142,305Net income (loss)
    
    $
    34,029,127
    
    
    $
    (8,473,481
    )
    
    $
    18,672,387
    
    
    $
    20,133,868Increase (decrease) in
Net Asset Value per
Redeemable Unit
    
    $
    224.58
    
    
    $
    (52.04
    )
    
    $
    112.99
    
    
    $
    110.54
 F-81




---



##### 



To the Limited
    Partners of
    CMF Eckhardt Master Fund L.P.













| |     |               
| | --- | --------------
| | By: | Jennifer Magro











Ceres Managed Futures LLC    212-559-2011


F-82



---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
     
 F-83




---



##### 



Report of Independent Auditors
 
   
 F-84




---



##### 



CMF Eckhardt
    Master Fund L.P.Statements of Financial ConditionDecember 31, 2009 and 2008




|                                                                                                                                                          |  |      |            |  |      |   |            | 
|--------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | ---------- |  | ---- | - | ---------- | 
|                                                                                                                                                          |  | 2009 |            |  | 2008 |  
|                                                                                                                                                         
|Assets:                                                                                                                                                   |  |      |            |  |      |   |            | 
|Equity in trading account:                                                                                                                                |  |      |            |  |      |   |            | 
|Cash (Note 3c)                                                                                                                                            |  | $    | 13,288,028 |  |      | $ | 19,322,653 | 
|Cash margin (Note 3c)                                                                                                                                     |  |      | 3,204,078  |  |      |   | 1,194,988  | 
|Net unrealized appreciation on open futures contracts                                                                                                     |  |      | 600,831    |  |      |   | 27,313     | 
|Net unrealized appreciation on open forward contracts                                                                                                     |  |      | 290,682    |  |      |   |           | 
|                                                                                                                                                          |  |      |            |  |      |   |            | 
|Total assets                                                                                                                                              |  | $    | 17,383,619 |  |      | $ | 20,544,954 | 
|                                                                                                                                                          |  |      |            |  |      |   |            | 
|Liabilities and Partners Capital:                                                                                                                        |  |      |            |  |      |   |            | 
|Liabilities:                                                                                                                                              |  |      |            |  |      |   |            | 
|Accrued expenses:                                                                                                                                         |  |      |            |  |      |   |            | 
|Professional fees                                                                                                                                         |  | $    | 63,160     |  |      | $ | 15,519     | 
|                                                                                                                                                          |  |      |            |  |      |   |            | 
|Total liabilities                                                                                                                                         |  |      | 63,160     |  |      |   | 15,519     | 
|                                                                                                                                                          |  |      |            |  |      |   |            | 
|Partners Capital:                                                                                                                                        |  |      |            |  |      |   |            | 
|General Partner, 0.0000 Unit equivalents at December 31,
    2009 and 2008                                                                                |  |      |           |  |      |   |           | 
|Limited Partners Capital, 17,448.6548 and
    19,854.0401 Redeemable Units of Limited Partnership
    Interest outstanding at December 31, 2009 and 2008 |  |      | 17,320,459 |  |      |   | 20,529,435 | 
|                                                                                                                                                          |  |      |            |  |      |   |            | 
|Total liabilities and partners capital                                                                                                                   |  | $    | 17,383,619 |  |      | $ | 20,544,954 | 
|                                                                                                                                                          |  |      |            |  |      |   |            | 





See accompanying notes to financial statements.


F-85



---



##### 



CMF Eckhardt
    Master Fund L.P.Condensed Schedule of InvestmentsDecember 31, 2009




|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|------------------------------------------------------- |  | --------- | --- |  | ---------- | - | ------- | -------------- |  |  | ----- | --
|                                                        |  | Number of |     |  |            |   |         | % of Partners | 
|                                                        |  | Contracts |     |  | Fair Value |   |         | Capital        | 
|                                                       
|Futures Contracts Purchased                             |  |           |     |  |            |   |         |                |  |  |       |   
|Currencies                                              |  |           | 78  |  |            | $ | 58,547  |                |  |  | 0.34  | % 
|Energy                                                  |  |           | 67  |  |            |   | 158,876 |                |  |  | 0.92  |   
|Grains                                                  |  |           | 37  |  |            |   | 16,280  |                |  |  | 0.09  |   
|Indices                                                 |  |           | 120 |  |            |   | 195,792 |                |  |  | 1.13  |   
|Interest Rates U.S.                                     |  |           | 6   |  |            |   | (4,425  | )              |  |  | (0.03 | ) 
|Interest Rates
    Non-U.S.                             |  |           | 14  |  |            |   | 12,150  |                |  |  | 0.07  |   
|Metals                                                  |  |           | 17  |  |            |   | 21,710  |                |  |  | 0.13  |   
|Softs                                                   |  |           | 59  |  |            |   | 169,950 |                |  |  | 0.98  |   
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|Total futures contracts purchased                       |  |           |     |  |            |   | 628,880 |                |  |  | 3.63  |   
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|Futures Contracts Sold                                  |  |           |     |  |            |   |         |                |  |  |       |   
|Currencies                                              |  |           | 77  |  |            |   | 44,809  |                |  |  | 0.26  |   
|Energy                                                  |  |           | 8   |  |            |   | (480    | )              |  |  | (0.00 | )*
|Grains                                                  |  |           | 68  |  |            |   | (32,075 | )              |  |  | (0.18 | ) 
|Interest Rates U.S.                                     |  |           | 684 |  |            |   | (26,821 | )              |  |  | (0.16 | ) 
|Interest Rates
    Non-U.S.                             |  |           | 195 |  |            |   | (8,802  | )              |  |  | (0.05 | ) 
|Softs                                                   |  |           | 24  |  |            |   | (4,680  | )              |  |  | (0.03 | ) 
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|Total futures contracts sold                            |  |           |     |  |            |   | (28,049 | )              |  |  | (0.16 | ) 
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|Unrealized Appreciation on Open Forward Contracts       |  |           |     |  |            |   |         |                |  |  |       |   
|Metals                                                  |  |           | 43  |  |            |   | 341,017 |                |  |  | 1.97  |   
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|Total unrealized appreciation on open forward contracts |  |           |     |  |            |   | 341,017 |                |  |  | 1.97  |   
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|Unrealized Depreciation on Open Forward Contracts       |  |           |     |  |            |   |         |                |  |  |       |   
|Metals                                                  |  |           | 11  |  |            |   | (50,335 | )              |  |  | (0.29 | ) 
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|Total unrealized depreciation on open forward contracts |  |           |     |  |            |   | (50,335 | )              |  |  | (0.29 | ) 
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   
|Total fair value                                        |  |           |     |  |            | $ | 891,513 |                |  |  | 5.15  | % 
|                                                        |  |           |     |  |            |   |         |                |  |  |       |   





|  |  |                 
|- |  | ----------------
|* |  | Due to rounding.



See accompanying notes to financial statements.


F-86



---



##### 



CMF Eckhardt
    Master Fund L.P.Condensed Schedule of InvestmentsDecember 31, 2008




|                                  |  |           |     |  |            |   |         |                |  |  |       |   
|--------------------------------- |  | --------- | --- |  | ---------- | - | ------- | -------------- |  |  | ----- | --
|                                  |  | Number of |     |  |            |   |         | % of Partners | 
|                                  |  | Contracts |     |  | Fair Value |   |         | Capital        | 
|                                 
|Futures Contracts Purchased       |  |           |     |  |            |   |         |                |  |  |       |   
|Currencies                        |  |           | 22  |  |            | $ | (30,425 | )              |  |  | (0.15 | )%
|Interest Rates U.S.               |  |           | 115 |  |            |   | (90,041 | )              |  |  | (0.44 | ) 
|Interest Rates Non-U.S.           |  |           | 210 |  |            |   | 117,578 |                |  |  | 0.57  |   
|Metals                            |  |           | 5   |  |            |   | 3,730   |                |  |  | 0.02  |   
|Softs                             |  |           | 7   |  |            |   | 31,088  |                |  |  | 0.15  |   
|                                  |  |           |     |  |            |   |         |                |  |  |       |   
|Total futures contracts purchased |  |           |     |  |            |   | 31,930  |                |  |  | 0.15  |   
|                                  |  |           |     |  |            |   |         |                |  |  |       |   
|Futures Contracts Sold            |  |           |     |  |            |   |         |                |  |  |       |   
|Currencies                        |  |           | 16  |  |            |   | (9,807  | )              |  |  | (0.05 | ) 
|Softs                             |  |           | 16  |  |            |   | 5,190   |                |  |  | 0.03  |   
|                                  |  |           |     |  |            |   |         |                |  |  |       |   
|Total futures contracts sold      |  |           |     |  |            |   | (4,617  | )              |  |  | (0.02 | ) 
|                                  |  |           |     |  |            |   |         |                |  |  |       |   
|Total fair value                  |  |           |     |  |            | $ | 27,313  |                |  |  | 0.13  | % 
|                                  |  |           |     |  |            |   |         |                |  |  |       |   





See accompanying notes to financial statements.


F-87



---



##### 



CMF Eckhardt
    Master Fund L.P.Statements of Income and Expenses
    for the year ended December 31, 2009
    and for the period April 1, 2008(commencement of trading operations)
    to December 31, 2008




|                                                                                          |  |      |             |   |      |   |             | 
|----------------------------------------------------------------------------------------- |  | ---- | ----------- | - | ---- | - | ----------- | 
|                                                                                          |  | 2009 |             |   | 2008 |  
|                                                                                         
|Income:                                                                                   |  |      |             |   |      |   |             | 
|Net gains (losses) on trading of commodity interests:                                     |  |      |             |   |      |   |             | 
|Net realized gains (losses) on closed contracts                                           |  | $    | (1,481,848  | ) |      | $ | 821,249     | 
|Change in net unrealized gains (losses) on open contracts                                 |  |      | 864,200     |   |      |   | 27,313      | 
|                                                                                          |  |      |             |   |      |   |             | 
|Gain (loss) from trading, net                                                             |  |      | (617,648    | ) |      |   | 848,562     | 
|Interest income                                                                           |  |      | 13,287      |   |      |   | 150,521     | 
|                                                                                          |  |      |             |   |      |   |             | 
|Total income (loss)                                                                       |  |      | (604,361    | ) |      |   | 999,083     | 
|                                                                                          |  |      |             |   |      |   |             | 
|Expenses:                                                                                 |  |      |             |   |      |   |             | 
|Clearing fees                                                                             |  |      | 49,325      |   |      |   | 23,298      | 
|Professional fees                                                                         |  |      | 89,472      |   |      |   | 71,050      | 
|                                                                                          |  |      |             |   |      |   |             | 
|Total expenses                                                                            |  |      | 138,797     |   |      |   | 94,348      | 
|                                                                                          |  |      |             |   |      |   |             | 
|Net income (loss)                                                                         |  | $    | (743,158    | ) |      | $ | 904,735     | 
|                                                                                          |  |      |             |   |      |   |             | 
|Net income (loss) per Redeemable Unit of Limited Partnership
    Interest (Notes 1 and 6) |  | $    | (40.67      | ) |      | $ | 40.34       | 
|                                                                                          |  |      |             |   |      |   |             | 
|Weighted average units outstanding                                                        |  |      | 18,748.0136 |   |      |   | 23,511.0343 | 
|                                                                                          |  |      |             |   |      |   |             | 





See accompanying notes to financial statements.


F-88



---



##### 



CMF Eckhardt
    Master Fund L.P.Statements of Changes in Partners
    Capitalfor the year ended December 31, 2009
    and for the period April 1, 2008
    (commencement of trading operations)
    to December 31, 2008




|                                                                                                                                                      |  |           |            |  
|----------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------- | ---------- | -
|                                                                                                                                                      |  | Partners |           
|                                                                                                                                                      |  | Capital   |           
|                                                                                                                                                     
|Initial capital contribution from Limited Partners at
    April 1, 2008 representing 24,000.0000 Redeemable Units of
    Limited Partnership Interest |  | $         | 24,000,000 |  
|Net income (loss)                                                                                                                                     |  |           | 904,735    |  
|Sale of 964.0322 Redeemable Units of Limited Partnership Interest                                                                                     |  |           | 1,000,000  |  
|Redemption of 5,109.9921 Redeemable Units of Limited Partnership
    Interest                                                                         |  |           | (5,224,779 | )
|Distribution of interest income to feeder funds                                                                                                       |  |           | (150,521   | )
|                                                                                                                                                      |  |           |            |  
|Partners Capital at December 31, 2008                                                                                                                |  |           | 20,529,435 |  
|Net income (loss)                                                                                                                                     |  |           | (743,158   | )
|Redemption of 2,405.3853 Redeemable Units of Limited Partnership
    Interest                                                                         |  |           | (2,452,531 | )
|Distribution of interest income to feeder funds                                                                                                       |  |           | (13,287    | )
|                                                                                                                                                      |  |           |            |  
|Partners Capital at December 31, 2009                                                                                                                |  | $         | 17,320,459 |  
|                                                                                                                                                      |  |           |            |  









2008:

$
1,034.022009:

$
992.65






See accompanying notes to financial statements.


F-89



---



##### 





CMF Eckhardt
    Master Fund L.P.

    Notes to Financial Statements
    December 31, 2009




|   |                              
|-- | -----------------------------
|1. | Partnership
    Organization:



non-U.S. interest






















F-90



---



##### 





CMF Eckhardt
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009






|   |                         
|-- | ------------------------
|2. | Accounting
    Policies:



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. | Use of Estimates.The preparation of financial
    statements and accompanying notes in conformity with GAAP
    requires management to make estimates and assumptions that
    affect the reported amounts of assets and liabilities, income
    and expenses, and related disclosures of contingent assets and
    liabilities in the financial statements and accompanying notes.
    In making these estimates and assumptions, management has
    considered the effects, if any, of events occurring after the
    date of the Masters Statements of Financial Condition
    through the date the financial statements were issued. As a
    result, actual results could differ from these estimates.                                                                                                                                                                                                         
|
| | b. | Statement of Cash Flows.The Master is not
    required to provide a Statement of Cash Flows as permitted by
    ASC 230, Statement of Cash Flows (formerly, FAS
    No. 102 Statement of Cash Flows-Exemption of Certain
    Enterprises and Classification of Cash Flows from Certain
    Securities Acquired for Resale).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|
| | c. | Masters Investments.All commodity
    interests of the Master (including derivative financial
    instruments and derivative commodity instruments) are held for
    trading purposes. The commodity interests are recorded on trade
    date and open contracts are recorded at fair value (as described
    below) at the measurement date. Investments in commodity
    interests denominated in foreign currencies are translated into
    U.S. dollars at the exchange rates prevailing at the
    measurement date. Gains or losses are realized when contracts
    are liquidated. Unrealized gains or losses on open contracts are
    included as a component of equity in trading account on the
    Statements of Financial Condition. Realized gains or losses and
    any change in net unrealized gains or losses from the preceding
    period are reported in the Statements of Income and Expenses.



Masters Fair Value Measurements.




FAS No. 157-4,






F-91



---



##### 





CMF Eckhardt
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009








|                 |  |            |         |  |                      |   |         |                   |  |   |              |  |  |   |   | 
|---------------- |  | ---------- | ------- |  | -------------------- | - | ------- | ----------------- |  | - | ------------ |  |  | - | - | 
|                 |  |            |         |  | Quoted Prices in     |   |         | Significant Other |  |   | Significant  | 
|                 |  |            |         |  | Active Markets       |   |         | Observable        |  |   | Unobservable | 
|                 |  |            |         |  | for Identical Assets |   |         | Inputs            |  |   | Inputs       | 
|                 |  | 12/31/2009 |         |  | (Level 1)            |   |         | (Level 2)         |  |   | (Level 3)    | 
|                
|Assets           |  |            |         |  |                      |   |         |                   |  |   |              |  |  |   |   | 
|Futures          |  | $          | 600,831 |  |                      | $ | 600,831 |                   |  | $ |             |  |  | $ |  | 
|Forwards         |  |            | 290,682 |  |                      |   | 290,682 |                   |  |   |             |  |  |   |  | 
|                 |  |            |         |  |                      |   |         |                   |  |   |              |  |  |   |   | 
|Total fair value |  | $          | 891,513 |  |                      | $ | 891,513 |                   |  | $ |             |  |  | $ |  | 
|                 |  |            |         |  |                      |   |         |                   |  |   |              |  |  |   |   | 





|             |  |            |        |  |                      |   |        |                   |  |   |              |  |  |   |   | 
|------------ |  | ---------- | ------ |  | -------------------- | - | ------ | ----------------- |  | - | ------------ |  |  | - | - | 
|             |  |            |        |  | Quoted Prices in     |   |        | Significant Other |  |   | Significant  | 
|             |  |            |        |  | Active Markets       |   |        | Observable        |  |   | Unobservable | 
|             |  |            |        |  | for Identical Assets |   |        | Inputs            |  |   | Inputs       | 
|             |  | 12/31/2008 |        |  | (Level 1)            |   |        | (Level 2)         |  |   | (Level 3)    | 
|            
|Assets       |  |            |        |  |                      |   |        |                   |  |   |              |  |  |   |   | 
|Futures      |  | $          | 27,313 |  |                      | $ | 27,313 |                   |  | $ |             |  |  | $ |  | 
|             |  |            |        |  |                      |   |        |                   |  |   |              |  |  |   |   | 
|Total assets |  | $          | 27,313 |  |                      | $ | 27,313 |                   |  | $ |             |  |  | $ |  | 
|             |  |            |        |  |                      |   |        |                   |  |   |              |  |  |   |   | 





| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | d. | Futures Contracts.The Master trades futures
    contracts. A futures contract is a firm commitment to buy or
    sell a specified quantity of investments, currency or a
    standardized amount of a deliverable grade commodity, at a
    specified price on a specified future date, unless the contract
    is closed before the delivery date or if the delivery quantity
    is something where physical delivery can not occur (such as the
    S&P 500 Index), whereby such contract is settled in cash.
    Payments (variation margin) may be made or received
    by the Master each business day, depending on the daily
    fluctuations in the value of the underlying contracts, and are
    recorded as unrealized gains or losses by the Master. When the
    contract is closed, the Master records a realized gain or loss
    equal to the difference between the value of the contract at the
    time it was opened and the value at the time it was closed.
    Because transactions in futures contracts require participants
    to make both initial margin deposits of cash or other assets and
    variation margin deposits, through the futures broker, directly
    with the exchange on which the contracts are traded, credit
    exposure is limited. Realized gains (losses) and changes in
    unrealized gains (losses) on futures contracts are included in
    the Statements of Income and Expenses.



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | e. | London Metals Exchange Forward
    Contracts.Metal contracts traded on the London
    Metals Exchange (LME) represent a firm commitment to
    buy or sell a specified quantity of aluminum, copper, lead,
    nickel, tin or zinc. LME contracts traded by the Master are cash
    settled based on prompt dates published by the LME. Payments
    (variation margin) may be made or received by the
    Master each business day, depending on the daily fluctuations in
    the value of the underlying contracts, and are recorded as
    unrealized gains or losses by the Master. A contract is
    considered offset when all long positions have been matched with
    short positions. When the contract is closed at the prompt date,
    the Master records a realized gain or loss equal to the
    difference between the value of the contract at the time it was
    opened and the value at the time it was closed. Because
    transactions in LME contracts require participants to make both
    initial margin deposits of cash or other assets and variation
    margin deposits, through the broker, directly with the LME,
    credit

F-92



---



##### 





CMF Eckhardt
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009




| |  |                                                                                                                                                                        
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | exposure is limited. Realized gains (losses) and changes in
    unrealized gains (losses) on metal contracts are included in the
    Statements of Income and Expenses.



| |    |                                                                                                                                                                                                                                                                             
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | f. | Income and Expenses Recognition.All of the
    income and expenses and realized and unrealized gains and losses
    on trading of commodity interests are determined on each
    valuation day and allocated pro rata among the Funds at the time
    of such determination.



| |    |                                                                                                                                                                           
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | g. | Income Taxes.Income taxes have not been
    provided as each partner is individually liable for the taxes,
    if any, on their share of the Masters income and expenses.



| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | In 2008, the Master adopted ASC 740, Income Taxes (formerly, FAS
    No. 48, Accounting for Uncertainty in Income
    Taxes). ASC 740 provides guidance for how uncertain tax
    positions should be recognized, measured, presented and
    disclosed in the financial statements. ASC 740 requires the
    evaluation of tax positions taken or expected to be taken in the
    course of preparing the Masters financial statements to
    determine whether the tax positions are
    more-likely-than-not to be sustained by the
    applicable tax authority. Tax positions with respect to tax at
    the Master level not deemed to meet the
    more-likely-than-not threshold would be recorded as
    a tax benefit or expense in the current year. The General
    Partner has concluded that no provision for income tax is
    required in the Masters financial statements.







| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | h. | Subsequent Events.  In 2009, the Master adopted
    ASC 855, Subsequent Events (formerly, FAS No. 165,
    Subsequent Events). The objective of ASC 855 is to
    establish general standards of accounting for and disclosure of
    events that occur after the balance sheet date but before
    financial statements are issued or available to be issued.
    Management has determined that there were no subsequent events
    requiring adjustment or disclosure in the financial statements.



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | i. | Recent Accounting Pronouncements.  In January
    2010, the FASB issued Accounting Standards Update
    No. 2010-06
    (ASU
    2010-06),
    Improving Disclosures about Fair Value Measurements,
    which , among other things, amends ASC 820 to require entities
    to separately present purchases, sales, issuances, and
    settlements in their reconciliation of Level 3 fair value
    measurements (i.e. to present such items on a gross basis rather
    than on a net basis), and which clarifies existing disclosure
    requirements provided by ASC 820 regarding the level of
    disaggregation and the inputs and valuation techniques used to
    measure fair value for measurements that fall within either
    Level 2 or Level 3 of the fair value hierarchy. ASU
    2010-06 is
    effective for interim and annual periods beginning after
    December 15, 2009, except for the disclosures about
    purchases, sales, issuances, and settlements in the roll forward
    of activity in Level 3 fair value measurements (which are
    effective for fiscal years beginning after December 15,
    2010, and for interim periods within those fiscal years).
    Management is currently assessing the impact that the adoption
    of ASU
    2010-06 will
    have on the Masters financial statements disclosures.



No. 2010-09 (ASU 2010-09),




| |    |                                                                                                  
| | -- | -------------------------------------------------------------------------------------------------
| | j. | Certain prior period amounts have been reclassified to conform
    to current years presentation.



| |    |                                                                                                                                                                                                 
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | k. | Net Income (Loss) per Redeemable Unit.  Net
    income (loss) per Redeemable Unit is calculated in accordance
    with investment company guidance. See footnote 6 for Financial
    Highlights.

F-93



---



##### 





CMF Eckhardt
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009






|   |            
|-- | -----------
|3. | Agreements:



| |    |                               
| | -- | ------------------------------
| | a. | Limited Partnership Agreement:







| |    |                      
| | -- | ---------------------
| | b. | Management Agreement:







| |    |                    
| | -- | -------------------
| | c. | Customer Agreement:



give-up,




|   |                        
|-- | -----------------------
|4. | Trading
    Activities:

















F-94



---



##### 





CMF Eckhardt
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009








|                                                        |  |                   |          |   
|------------------------------------------------------- |  | ----------------- | -------- | --
|                                                        |  | December 31, 2009 |         
|                                                       
|Assets                                                  |  |                   |          |   
|Futures Contracts                                       |  |                   |          |   
|Currencies                                              |  | $                 | 137,351  |   
|Energy                                                  |  |                   | 159,874  |   
|Grains                                                  |  |                   | 26,855   |   
|Indices                                                 |  |                   | 195,792  |   
|Interest Rates U.S.                                     |  |                   | 19,352   |   
|Interest Rates
    Non-U.S.                             |  |                   | 28,140   |   
|Metals                                                  |  |                   | 44,650   |   
|Softs                                                   |  |                   | 178,261  |   
|                                                        |  |                   |          |   
|Total unrealized appreciation on open futures contracts |  | $                 | 790,275  |   
|                                                        |  |                   |          |   
|Liabilities                                             |  |                   |          |   
|Futures Contracts                                       |  |                   |          |   
|Currencies                                              |  | $                 | (33,995  | ) 
|Energy                                                  |  |                   | (1,478   | ) 
|Grains                                                  |  |                   | (42,650  | ) 
|Interest Rates U.S.                                     |  |                   | (50,597  | ) 
|Interest Rates
    Non-U.S.                             |  |                   | (24,793  | ) 
|Metals                                                  |  |                   | (22,940  | ) 
|Softs                                                   |  |                   | (12,991  | ) 
|                                                        |  |                   |          |   
|Total unrealized depreciation on open futures contracts |  | $                 | (189,444 | ) 
|                                                        |  |                   |          |   
|Net unrealized depreciation on open futures contracts   |  | $                 | 600,831  | * 
|                                                        |  |                   |          |   
|Assets                                                  |  |                   |          |   
|Forward Contracts                                       |  |                   |          |   
|Metals                                                  |  | $                 | 341,017  |   
|                                                        |  |                   |          |   
|Total unrealized appreciation on open forward contracts |  | $                 | 341,017  |   
|                                                        |  |                   |          |   
|Liabilities                                             |  |                   |          |   
|Forward Contracts                                       |  |                   |          |   
|Metals                                                  |  | $                 | (50,335  | ) 
|                                                        |  |                   |          |   
|Total unrealized depreciation on open forward contracts |  | $                 | (50,335  | ) 
|                                                        |  |                   |          |   
|Net unrealized appreciation on open forward contracts   |  | $                 | 290,682  | **
|                                                        |  |                   |          |   





|   |  |                                                                                                                        
|-- |  | -----------------------------------------------------------------------------------------------------------------------
|*  |  | This amount is in Net unrealized appreciation on open
    futures contracts on the Statements of Financial Condition.
|  
|** |  | This amount is in Net unrealized appreciation on open
    forward contracts on the Statements of Financial Condition.

F-95



---



##### 





CMF Eckhardt
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009










|                            |  |                          |            |     
|--------------------------- |  | ------------------------ | ---------- | ----
|                            |  | December 31, 2009        |           
|Sector                      |  | Gain (Loss) from trading |           
|                           
|Currencies                  |  | $                        | (933,134   | )   
|Energy                      |  |                          | (1,166,899 | )   
|Grains                      |  |                          | (500,805   | )   
|Indices                     |  |                          | 248,635    |     
|Interest Rates U.S.         |  |                          | (299,085   | )   
|Interest Rates
    Non-U.S. |  |                          | 110,249    |     
|Metals                      |  |                          | 1,358,927  |     
|Softs                       |  |                          | 564,464    |     
|                            |  |                          |            |     
|Total                       |  | $                        | (617,648   | )***
|                            |  |                          |            |     





|    |  |                                                                                                
|--- |  | -----------------------------------------------------------------------------------------------
|*** |  | This amount is in Gain (loss) from trading, net on
    the Statements of Income and Expenses.



|   |                                                  
|-- | -------------------------------------------------
|5. | Subscriptions,
    Distributions and Redemptions:







6.  Financial
    Highlights:








|                                                                                                  |  |      |          |   |      |   |          |  
|------------------------------------------------------------------------------------------------- |  | ---- | -------- | - | ---- | - | -------- | -
|                                                                                                  |  | 2009 |          |   | 2008 |  
|                                                                                                 
|Net realized and unrealized gains (losses)*                                                       |  | $    | (36.49   | ) |      | $ | 37.11    |  
|Interest income                                                                                   |  |      | 0.70     |   |      |   | 6.32     |  
|Expenses**                                                                                        |  |      | (4.88    | ) |      |   | (3.09    | )
|                                                                                                  |  |      |          |   |      |   |          |  
|Increase (decrease) for the year/period                                                           |  |      | (40.67   | ) |      |   | 40.34    |  
|Distribution of interest income to feeder funds                                                   |  |      | (0.70    | ) |      |   | (6.32    | )
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, beginning of year/period |  |      | 1,034.02 |   |      |   | 1,000.00 |  
|                                                                                                  |  |      |          |   |      |   |          |  
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, end of year/period       |  | $    | 992.65   |   |      | $ | 1,034.02 |  
|                                                                                                  |  |      |          |   |      |   |          |  





|   |  |                        
|-- |  | -----------------------
|*  |  | Includes clearing fees.
|  
|** |  | Excludes clearing fees.

F-96



---



##### 





CMF Eckhardt
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009






|                              |  |      |      |    |      |  |     |      
|----------------------------- |  | ---- | ---- | -- | ---- |  | --- | -----
|                              |  | 2009 |      |    | 2008 | 
|                             
|Ratios to Average Net Assets: |  |      |      |    |      |  |     |      
|Net investment income***      |  |      | (0.7 | )% |      |  | 0.3 | %****
|                              |  |      |      |    |      |  |     |      
|                              |  |      |      |    |      |  |     |      
|Operating expenses            |  |      | 0.7  | %  |      |  | 0.4 | %****
|                              |  |      |      |    |      |  |     |      
|                              |  |      |      |    |      |  |     |      
|Total return                  |  |      | (4.0 | )% |      |  | 4.0 | %    
|                              |  |      |      |    |      |  |     |      





|     |  |                                     
|---- |  | ------------------------------------
|***  |  | Interest income less total expenses.
|    
|**** |  | Annualized.                         







|   |                                
|-- | -------------------------------
|7. | Financial
    Instrument Risks:













F-97



---



##### 





CMF Eckhardt
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009










F-98



---



##### 



For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1, 2009 to
    
    July 1, 2009 to
    
    April 1, 2009 to
    
    January 1, 2009 toDecember 31, 2009
    
    September 30, 2009
    
    June 30, 2009
    
    March 31, 2009Net realized and
unrealized trading
gains (losses) net
of brokerage
commissions and
clearing fees
including interest
income
    
    $
    (750,993
    )
    
    $
    879,516
    
    
    $
    (688,673
    )
    
    $
    (93,536
    )Net income (loss)
    
    $
    (781,496
    )
    
    $
    858,478
    
    
    $
    (708,340
    )
    
    $
    (111,800
    )Increase (decrease)
in Net Asset Value
per Redeemable Unit
    
    $
    (44.58
    )
    
    $
    47.42
    
    
    $
    (37.98
    )
    
    $
    (5.53
    )For the period fromApril 1, 2008For the period from
    
    For the period from
    
    (commencement ofOctober 1, 2008 to
    
    July 1, 2008 to
    
    trading
operations) toDecember 31, 2008
    

September 30, 2008
    

June 30, 2008Net realized and
unrealized trading
gains (losses) net of
brokerage
commissions and
clearing fees
including interest
income
    
    $
    421,041
    
    
    $
    (1,628,764
    )
    
    $
    2,183,508Net income (loss)
    
    $
    404,056
    
    
    $
    (1,641,549
    )
    
    $
    2,142,228Increase
(decrease) in Net
Asset Value per
Redeemable Unit
    
    $
    19.88
    
    
    $
    (68.62
    )
    
    $
    89.08
 F-99




---



##### 





To the Limited
    Partners of
    CMF SandRidge Master Fund L.P.













| |     |               
| | --- | --------------
| | By: | Jennifer Magro











Ceres Managed Futures LLC








212-559-2011


F-100



---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


F-101



---



##### 



Report of Independent Auditors
 
   
 F-102




---



##### 



Report of Independent Registered Public Accounting Firm
 
     
 F-103




---



##### 



CMF SandRidge
    Master Fund L.P.Statements of Financial Condition
    December 31, 2009 and 2008




|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | ----------- |  | ---- | - | ----------- | 
|                                                                                                                                                                          |  | 2009 |             |  | 2008 |  
|                                                                                                                                                                         
|Assets:                                                                                                                                                                   |  |      |             |  |      |   |             | 
|Equity in trading account:                                                                                                                                                |  |      |             |  |      |   |             | 
|Cash (Note 3c)                                                                                                                                                            |  | $    | 691,877,329 |  |      | $ | 530,398,527 | 
|Cash margin (Note 3c)                                                                                                                                                     |  |      | 22,651,198  |  |      |   | 29,705,022  | 
|Options owned, at fair value (cost $1,392,000 and $3,510,375 at
    December 31, 2009 and 2008, respectively)                                                             |  |      | 1,092,800   |  |      |   | 4,987,535   | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Total assets                                                                                                                                                              |  | $    | 715,621,327 |  |      | $ | 565,091,084 | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Liabilities and Partners Capital:                                                                                                                                        |  |      |             |  |      |   |             | 
|Liabilities:                                                                                                                                                              |  |      |             |  |      |   |             | 
|Net unrealized depreciation on open futures and exchange cleared
    swap contracts                                                                                       |  | $    | 29,412,753  |  |      | $ | 110,973,333 | 
|Options written, at fair value (premium $994,000 and $3,103,510
    at December 31, 2009 and 2008, respectively)                                                          |  |      | 1,249,600   |  |      |   | 4,282,963   | 
|Accrued expenses:                                                                                                                                                         |  |      |             |  |      |   |             | 
|Professional fees                                                                                                                                                         |  |      | 49,481      |  |      |   | 116,342     | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Total liabilities                                                                                                                                                         |  |      | 30,711,834  |  |      |   | 115,372,638 | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Partners Capital:                                                                                                                                                        |  |      |             |  |      |   |             | 
|General Partner, 0.0000 Unit equivalents at December 31,
    2009 and 2008                                                                                                |  |      |            |  |      |   |            | 
|Limited Partners Capital, 311,109.5773 and 247,850.0335
    Redeemable Units of Limited Partnership Interest outstanding at
    December 31, 2009 and 2008, respectively |  |      | 684,909,493 |  |      |   | 449,718,446 | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 
|Total liabilities and partners capital                                                                                                                                   |  | $    | 715,621,327 |  |      | $ | 565,091,084 | 
|                                                                                                                                                                          |  |      |             |  |      |   |             | 





See accompanying notes to financial statements.


F-104



---



##### 



CMF SandRidge
    Master Fund L.P.
 Condensed
    Schedule of Investments
    December 31, 2009




|                                                            |  |           |        |  |            |   |             |                |  |  |       |   
|----------------------------------------------------------- |  | --------- | ------ |  | ---------- | - | ----------- | -------------- |  |  | ----- | --
|                                                            |  | Number of |        |  |            |   |             | % of Partners | 
|                                                            |  | Contracts |        |  | Fair Value |   |             | Capital        | 
|                                                           
|Futures and Exchange Cleared Swap Contracts Purchased       |  |           |        |  |            |   |             |                |  |  |       |   
|Energy                                                      |  |           |        |  |            |   |             |                |  |  |       |   
|ICE Henry Hub Natural Gas Swap Apr. 10  Dec. 14            |  |           | 33,801 |  |            | $ | (11,509,797 | )              |  |  | (1.68 | )%
|NYMEX Henry Hub Natural Gas Swap Mar. 10  Dec. 14          |  |           | 14,452 |  |            |   | (7,309,750  | )              |  |  | (1.07 | ) 
|NYMEX Henry Hub Natural Gas May 10  May 11                 |  |           | 4,825  |  |            |   | (5,954,147  | )              |  |  | (0.87 | ) 
|NYMEX Henry Hub Penultimate Mar. 10                         |  |           | 524    |  |            |   | 495,220     |                |  |  | 0.07  |   
|                                                            |  |           |        |  |            |   |             |                |  |  |       |   
|Total futures and exchange cleared swap contracts purchased |  |           |        |  |            |   | (24,278,474 | )              |  |  | (3.55 | ) 
|                                                            |  |           |        |  |            |   |             |                |  |  |       |   
|Futures and Exchange Cleared Swap Contracts Sold            |  |           |        |  |            |   |             |                |  |  |       |   
|Energy                                                      |  |           |        |  |            |   |             |                |  |  |       |   
|ICE Henry Hub Natural Gas Swap Mar. 10  March 11           |  |           | 22,040 |  |            |   | (6,466,193  | )              |  |  | (0.94 | ) 
|NYMEX Henry Hub Natural Gas Swap May 10  Dec. 13           |  |           | 10,108 |  |            |   | 5,801,850   |                |  |  | 0.84  |   
|NYMEX Henry Hub Natural Gas Mar. 10  Sept. 10              |  |           | 6,621  |  |            |   | (4,469,936  | )              |  |  | (0.65 | ) 
|                                                            |  |           |        |  |            |   |             |                |  |  |       |   
|Total futures and exchange cleared swap contracts sold      |  |           |        |  |            |   | (5,134,279  | )              |  |  | (0.75 | ) 
|                                                            |  |           |        |  |            |   |             |                |  |  |       |   
|Options Owned                                               |  |           |        |  |            |   |             |                |  |  |       |   
|Puts                                                        |  |           |        |  |            |   |             |                |  |  |       |   
|Energy                                                      |  |           | 240    |  |            |   | 1,092,800   |                |  |  | 0.16  |   
|                                                            |  |           |        |  |            |   |             |                |  |  |       |   
|Total options owned                                         |  |           |        |  |            |   | 1,092,800   |                |  |  | 0.16  |   
|                                                            |  |           |        |  |            |   |             |                |  |  |       |   
|Options Written                                             |  |           |        |  |            |   |             |                |  |  |       |   
|Calls                                                       |  |           |        |  |            |   |             |                |  |  |       |   
|Energy                                                      |  |           | 240    |  |            |   | (1,249,600  | )              |  |  | (0.18 | ) 
|                                                            |  |           |        |  |            |   |             |                |  |  |       |   
|Total options written                                       |  |           |        |  |            |   | (1,249,600  | )              |  |  | (0.18 | ) 
|                                                            |  |           |        |  |            |   |             |                |  |  |       |   
|Total fair value                                            |  |           |        |  |            | $ | (29,569,553 | )              |  |  | (4.32 | )%
|                                                            |  |           |        |  |            |   |             |                |  |  |       |   





See accompanying notes to financial statements.


F-105



---



##### 



CMF SandRidge
    Master Fund L.P.
 Condensed
    Schedule of Investments
    December 31, 2008




|                                                            |  |           |        |  |            |   |              |                |  |  |        |   
|----------------------------------------------------------- |  | --------- | ------ |  | ---------- | - | ------------ | -------------- |  |  | ------ | --
|                                                            |  | Number of |        |  |            |   |              | % of Partners | 
|                                                            |  | Contracts |        |  | Fair Value |   |              | Capital        | 
|                                                           
|Futures and Exchange Cleared Swap Contracts Purchased       |  |           |        |  |            |   |              |                |  |  |        |   
|Energy                                                      |  |           |        |  |            |   |              |                |  |  |        |   
|ICE Henry Hub Natural Gas Swap April 09  Dec. 14           |  |           | 30,555 |  |            | $ | (72,012,250  | )              |  |  | (16.01 | )%
|NYMEX Natural Gas Swap Oct. 09  Dec. 14                    |  |           | 10,464 |  |            |   | (43,628,900  | )              |  |  | (9.70  | ) 
|NYMEX Natural Gas Aug. 09  Oct. 10                         |  |           | 6,052  |  |            |   | (113,269,862 | )              |  |  | (25.19 | ) 
|                                                            |  |           |        |  |            |   |              |                |  |  |        |   
|Total futures and exchange cleared swap contracts purchased |  |           |        |  |            |   | (228,911,012 | )              |  |  | (50.90 | ) 
|                                                            |  |           |        |  |            |   |              |                |  |  |        |   
|Futures and Exchange Cleared Swap Contracts Sold            |  |           |        |  |            |   |              |                |  |  |        |   
|Energy                                                      |  |           |        |  |            |   |              |                |  |  |        |   
|ICE Henry Hub Natural Gas Swap Feb. 09  Oct. 10            |  |           | 25,108 |  |            |   | 34,592,590   |                |  |  | 7.69   |   
|NYMEX Henry Hub Natural Gas Feb. 09  Dec. 12               |  |           | 10,624 |  |            |   | 42,565,560   |                |  |  | 9.46   |   
|NYMEX Natural Gas Feb. 09  Sep. 09                         |  |           | 6,572  |  |            |   | 40,779,529   |                |  |  | 9.07   |   
|                                                            |  |           |        |  |            |   |              |                |  |  |        |   
|Total futures and exchange cleared swap contracts sold      |  |           |        |  |            |   | 117,937,679  |                |  |  | 26.22  |   
|                                                            |  |           |        |  |            |   |              |                |  |  |        |   
|Options Owned                                               |  |           |        |  |            |   |              |                |  |  |        |   
|Puts                                                        |  |           |        |  |            |   |              |                |  |  |        |   
|Energy                                                      |  |           | 730    |  |            |   | 4,987,535    |                |  |  | 1.11   |   
|                                                            |  |           |        |  |            |   |              |                |  |  |        |   
|Total options owned                                         |  |           |        |  |            |   | 4,987,535    |                |  |  | 1.11   |   
|                                                            |  |           |        |  |            |   |              |                |  |  |        |   
|Options Written                                             |  |           |        |  |            |   |              |                |  |  |        |   
|Calls                                                       |  |           |        |  |            |   |              |                |  |  |        |   
|Energy                                                      |  |           | 15     |  |            |   | (4,380       | )              |  |  | (0.00  | )*
|Puts                                                        |  |           |        |  |            |   |              |                |  |  |        |   
|Energy                                                      |  |           | 1,675  |  |            |   | (4,278,583   | )              |  |  | (0.95  | ) 
|                                                            |  |           |        |  |            |   |              |                |  |  |        |   
|Total options written                                       |  |           |        |  |            |   | (4,282,963   | )              |  |  | (0.95  | ) 
|                                                            |  |           |        |  |            |   |              |                |  |  |        |   
|Total fair value                                            |  |           |        |  |            | $ | (110,268,761 | )              |  |  | (24.52 | )%
|                                                            |  |           |        |  |            |   |              |                |  |  |        |   





|  |  |                
|- |  | ---------------
|* |  | Due to rounding



See accompanying notes to financial statements.


F-106



---



##### 



CMF SandRidge
    Master Fund L.P.Statements of Income and Expenses
    for the years ended
    December 31, 2009, 2008 and 2007




|                                                                                          |  |      |              |  |      |   |              |      |  |   |              | 
|----------------------------------------------------------------------------------------- |  | ---- | ------------ |  | ---- | - | ------------ | ---- |  | - | ------------ | 
|                                                                                          |  | 2009 |              |  | 2008 |   |              | 2007 | 
|                                                                                         
|Income:                                                                                   |  |      |              |  |      |   |              |      |  |   |              | 
|Net gains (losses) on trading of commodity interests:                                     |  |      |              |  |      |   |              |      |  |   |              | 
|Net realized gains (losses) on closed contracts                                           |  | $    | 18,484,633   |  |      | $ | 209,086,188  |      |  | $ | 40,099,593   | 
|Change in net unrealized gains (losses) on open contracts                                 |  |      | 80,708,073   |  |      |   | (109,479,479 | )    |  |   | 634,796      | 
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              | 
|Gain (loss) from trading, net                                                             |  |      | 99,192,706   |  |      |   | 99,606,709   |      |  |   | 40,734,389   | 
|Interest Income                                                                           |  |      | 388,904      |  |      |   | 4,119,717    |      |  |   | 9,737,038    | 
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              | 
|Total income (loss)                                                                       |  |      | 99,581,610   |  |      |   | 103,726,426  |      |  |   | 50,471,427   | 
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              | 
|Expenses:                                                                                 |  |      |              |  |      |   |              |      |  |   |              | 
|Clearing fees                                                                             |  |      | 623,298      |  |      |   | 390,792      |      |  |   | 677,706      | 
|Professional fees                                                                         |  |      | 210,642      |  |      |   | 269,306      |      |  |   | 261,470      | 
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              | 
|Total expenses                                                                            |  |      | 833,940      |  |      |   | 660,098      |      |  |   | 939,176      | 
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              | 
|Net income (loss)                                                                         |  | $    | 98,747,670   |  |      | $ | 103,066,328  |      |  | $ | 49,532,251   | 
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              | 
|Net income (loss) per Redeemable Unit of Limited Partnership
    interest (Notes 1 and 6) |  | $    | 388.51       |  |      | $ | 468.42       |      |  | $ | 242.28       | 
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              | 
|Weighted average units outstanding                                                        |  |      | 275,661.9324 |  |      |   | 241,781.3550 |      |  |   | 212,935.2422 | 
|                                                                                          |  |      |              |  |      |   |              |      |  |   |              | 





See accompanying notes to financial statements.


F-107



---



##### 



CMF SandRidge
    Master Fund L.P.

    Statements of Changes in Partners Capital
    for the years ended
    December 31, 2009, 2008 and 2007




|                                                                               |  |           |              |  
|------------------------------------------------------------------------------ |  | --------- | ------------ | -
|                                                                               |  | Partners |             
|                                                                               |  | Capital   |             
|                                                                              
|Partners Capital at December 31, 2006                                         |  | $         | 215,065,486  |  
|Net income (loss)                                                              |  |           | 49,532,251   |  
|Sale of 69,725.8292 Redeemable Units of Limited Partnership
    Interest       |  |           | 89,474,602   |  
|Redemption of 24,714.6195 Redeemable Units of Limited
    Partnership Interest |  |           | (31,803,576  | )
|Distribution of interest income to feeder funds                                |  |           | (9,737,038   | )
|                                                                               |  |           |              |  
|Partners Capital at December 31, 2007                                         |  |           | 312,531,725  |  
|Net income (loss)                                                              |  |           | 103,066,328  |  
|Sale of 80,081.4747 Redeemable Units of Limited Partnership
    Interest       |  |           | 141,534,374  |  
|Redemption of 61,402.1561 Redeemable Units of Limited
    Partnership Interest |  |           | (103,294,264 | )
|Distribution of interest income to feeder funds                                |  |           | (4,119,717   | )
|                                                                               |  |           |              |  
|Partners Capital at December 31, 2008                                         |  |           | 449,718,446  |  
|Net income (loss)                                                              |  |           | 98,747,670   |  
|Sale of 127,771.5856 Redeemable Units of Limited Partnership
    Interest      |  |           | 270,602,300  |  
|Redemption of 64,512.0418 Redeemable Units of Limited
    Partnership Interest |  |           | (133,770,019 | )
|Distribution of interest income to feeder funds                                |  |           | (388,904     | )
|                                                                               |  |           |              |  
|Partners Capital at December 31, 2009                                         |  | $         | 684,909,493  |  
|                                                                               |  |           |              |  









2007:

$
1,363.752008:

$
1,814.482009:

$
2,201.51






See accompanying notes to financial statements.


F-108



---



##### 





CMF SandRidge
    Master Fund L.P.
 Notes to
    Financial Statements
    December 31, 2009




|   |                              
|-- | -----------------------------
|1. | Partnership
    Organization:

















F-109



---



##### 





CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009












|   |                         
|-- | ------------------------
|2. | Accounting
    Policies:



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. | Use of Estimates.  The preparation of financial
    statements and accompanying notes in conformity with GAAP
    requires management to make estimates and assumptions that
    affect the reported amounts of assets and liabilities, income
    and expenses, and related disclosures of contingent assets and
    liabilities in the financial statements and accompanying notes.
    In making these estimates and assumptions, management has
    considered the effects, if any, of events occurring after the
    date of the Masters Statements of Financial Condition
    through the date the financial statements were issued. As a
    result, actual results could differ from these estimates.                                                                                                                                                                                                         
|
| | b. | Statement of Cash Flows.  The Master is not
    required to provide a Statement of Cash Flows as permitted by
    ASC 230, Statement of Cash Flows (formerly, FAS No. 102
    Statement of Cash Flows-Exemption of Certain Enterprises
    and Classification of Cash Flows from Certain Securities
    Acquired for Resale).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|
| | c. | Masters Investments.  All commodity
    interests of the Master (including derivative financial
    instruments and derivative commodity instruments) are held for
    trading purposes. The commodity interests are recorded on trade
    date and open contracts are recorded at fair value (as described
    below) at the measurement date. Investments in commodity
    interests denominated in foreign currencies are translated into
    U.S. dollars at the exchange rates prevailing at the
    measurement date. Gains or losses are realized when contracts
    are liquidated. Unrealized gains or losses on open contracts are
    included as a component of equity in trading account on the
    Statements of Financial Condition. Realized gains or losses and
    any change in net unrealized gains or losses from the preceding
    period are reported in the Statements of Income and Expenses.



Masters Fair Value Measurements.


F-110



---



##### 





CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009




FAS No. 157-4.








|                                   |  |            |             |   |                    |   |             |                   |  |   |              |  |  |   |   | 
|---------------------------------- |  | ---------- | ----------- | - | ------------------ | - | ----------- | ----------------- |  | - | ------------ |  |  | - | - | 
|                                   |  |            |             |   | Quoted Prices in   |   |             |                   |  |   | Significant  | 
|                                   |  |            |             |   | Active Markets for |   |             | Significant Other |  |   | Unobservable | 
|                                   |  |            |             |   | Identical Sets     |   |             | Observable Inputs |  |   | Inputs       | 
|                                   |  | 12/31/2009 |             |   | (Level 1)          |   |             | (Level 2)         |  |   | (Level 3)    | 
|                                  
|Assets                             |  |            |             |   |                    |   |             |                   |  |   |              |  |  |   |   | 
|Options owned                      |  | $          | 1,092,800   |   |                    | $ | 1,092,800   |                   |  | $ |             |  |  | $ |  | 
|                                   |  |            |             |   |                    |   |             |                   |  |   |              |  |  |   |   | 
|Total assets                       |  | $          | 1,092,800   |   |                    | $ | 1,092,800   |                   |  | $ |             |  |  | $ |  | 
|                                   |  |            |             |   |                    |   |             |                   |  |   |              |  |  |   |   | 
|Liabilities                        |  |            |             |   |                    |   |             |                   |  |   |              |  |  |   |   | 
|Futures and Exchange Cleared Swaps |  | $          | 29,412,753  |   |                    | $ | 29,412,753  |                   |  | $ |             |  |  | $ |  | 
|Options written                    |  |            | 1,249,600   |   |                    |   | 1,249,600   |                   |  |   |             |  |  |   |  | 
|                                   |  |            |             |   |                    |   |             |                   |  |   |              |  |  |   |   | 
|Total liabilities                  |  |            | 30,662,353  |   |                    |   | 30,662,353  |                   |  |   |             |  |  |   |  | 
|                                   |  |            |             |   |                    |   |             |                   |  |   |              |  |  |   |   | 
|Total fair value                   |  | $          | (29,569,553 | ) |                    | $ | (29,569,553 | )                 |  | $ |             |  |  | $ |  | 
|                                   |  |            |             |   |                    |   |             |                   |  |   |              |  |  |   |   | 





|                                   |  |            |              |   |                    |   |              |                   |  |   |              |  |  |   |   | 
|---------------------------------- |  | ---------- | ------------ | - | ------------------ | - | ------------ | ----------------- |  | - | ------------ |  |  | - | - | 
|                                   |  |            |              |   | Quoted Prices in   |   |              |                   |  |   | Significant  | 
|                                   |  |            |              |   | Active Markets for |   |              | Significant Other |  |   | Unobservable | 
|                                   |  |            |              |   | Identical Assets   |   |              | Observable Inputs |  |   | Inputs       | 
|                                   |  | 12/31/2008 |              |   | (Level 1)          |   |              | (Level 2)         |  |   | (Level 3)    | 
|                                  
|Assets                             |  |            |              |   |                    |   |              |                   |  |   |              |  |  |   |   | 
|Options owned                      |  | $          | 4,987,535    |   |                    | $ | 4,987,535    |                   |  | $ |             |  |  | $ |  | 
|                                   |  |            |              |   |                    |   |              |                   |  |   |              |  |  |   |   | 
|Total assets                       |  | $          | 4,987,535    |   |                    | $ | 4,987,535    |                   |  | $ |             |  |  | $ |  | 
|                                   |  |            |              |   |                    |   |              |                   |  |   |              |  |  |   |   | 
|Liabilities                        |  |            |              |   |                    |   |              |                   |  |   |              |  |  |   |   | 
|Futures and Exchange Cleared Swaps |  | $          | 110,973,333  |   |                    | $ | 110,973,333  |                   |  | $ |             |  |  | $ |  | 
|Options written                    |  |            | 4,282,963    |   |                    |   | 4,282,963    |                   |  |   |             |  |  |   |  | 
|                                   |  |            |              |   |                    |   |              |                   |  |   |              |  |  |   |   | 
|Total liabilities                  |  |            | 115,256,296  |   |                    |   | 115,256,296  |                   |  |   |             |  |  |   |  | 
|                                   |  |            |              |   |                    |   |              |                   |  |   |              |  |  |   |   | 
|Total fair value                   |  | $          | (110,268,761 | ) |                    | $ | (110,268,761 | )                 |  | $ |             |  |  | $ |  | 
|                                   |  |            |              |   |                    |   |              |                   |  |   |              |  |  |   |   | 



F-111



---



##### 





CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009






| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | d. | Futures Contracts.  The Master trades futures
    contracts. Exchange cleared swaps included in futures and
    exchange cleared swaps are swaps that are traded as futures. A
    futures contract is a firm commitment to buy or sell a specified
    quantity of investments, currency or a standardized amount of a
    deliverable grade commodity, at a specified price on a specified
    future date, unless the contract is closed before the delivery
    date or if the delivery quantity is something where physical
    delivery cannot occur (such as the S&P 500 Index),
    whereby such contract is settled in cash. Payments
    (variation margin) may be made or received by the
    Master each business day, depending on the daily fluctuations in
    the value of the underlying contracts, and are recorded as
    unrealized gains or losses by the Master. When the contract is
    closed, the Master records a realized gain or loss equal to the
    difference between the value of the contract at the time it was
    opened and the value at the time it was closed. Because
    transactions in futures contracts require participants to make
    both initial margin deposits of cash or other assets and
    variation margin deposits, through the futures broker,  directly
    with the exchange on which the contracts are traded, credit
    exposure is limited. Realized gains (losses) and changes in
    unrealized gains (losses) on futures contracts are included in
    the Statements of Income and Expenses.
|
| | e. | Options.  The Master may purchase and write
    (sell), both exchange listed and
    over-the-counter,
    options on commodities or financial instruments. An option is a
    contract allowing, but not requiring, its holder to buy (call)
    or sell (put) a specific or standard commodity or financial
    instrument at a specified price during a specified time period.
    The option premium is the total price paid or received for the
    option contract. When the Master writes an option, the premium
    received is recorded as a liability in the Statements of
    Financial Condition and marked to market daily. When the Master
    purchases an option, the premium paid is recorded as an asset in
    the Statements of Financial Condition and marked to market
    daily. Realized gains (losses) and changes in unrealized gains
    (losses) on options contracts are included in the Statements of
    Income and Expenses.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        



| |    |                                                                                                                                                                                                                                                                               
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | f. | Income and Expenses Recognition.  All of the
    income and expenses and realized and unrealized gains and losses
    on trading of commodity interests are determined on each
    valuation day and allocated pro rata among the Funds at the time
    of such determination.



| |    |                                                                                                                                                                             
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | g. | Income Taxes.  Income taxes have not been
    provided as each partner is individually liable for the taxes,
    if any, on their share of the Masters income and expenses.











| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | h. | Subsequent Events.  In 2009, the Master adopted
    ASC 855, Subsequent Events (formerly, FAS No. 165,
    Subsequent Events). The objective of ASC 855 is to
    establish general standards of accounting for and disclosure of
    events that occur after the balance sheet date but before
    financial statements are issued or available to be issued.
    Management has determined that there were no subsequent events
    requiring adjustment or disclosure in the financial statements.



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                             
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | i. | Recent Accounting Pronouncements.  In January
    2010, the FASB issued Accounting Standards Update
    No. 2010-06
    (ASU
    2010-06),
    Improving Disclosures about Fair Value Measurements,
    which, among other things, amends ASC 820 to require entities to
    separately present purchases, sales, issuances, and settlements
    in their reconciliation of Level 3 fair value measurements
    (i.e. to

F-112



---



##### 





CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009




| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | present such items on a gross basis rather than on a net basis),
    and which clarifies existing disclosure requirements provided by
    ASC 820 regarding the level of disaggregation and the inputs and
    valuation techniques used to measure fair value for measurements
    that fall within either Level 2 or Level 3 of the fair
    value hierarchy. ASU
    2010-06 is
    effective for interim and annual periods beginning after
    December 15, 2009, except for the disclosures about
    purchases, sales, issuances, and settlements in the roll forward
    of activity in Level 3 fair value measurements (which are
    effective for fiscal years beginning after December 15,
    2010, and for interim periods within those fiscal years).
    Management is currently assessing the impact that the adoption
    of ASU
    2010-06 will
    have on the Masters financial statements disclosures.



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    | In February 2010, the FASB issued Accounting Standards Update
    No. 2010-09
    (ASU
    2010-09),
    Subsequent Events (Topic 855): Amendments to Certain
    Recognition and Disclosure Requirements, which among other
    things amended ASC 855 to remove the requirement for an SEC
    filer to disclose the date through which subsequent events have
    been evaluated. This change alleviates potential conflicts
    between ASC 855 and the SECs requirements. All of the
    amendments in this update are effective upon issuance of this
    update. Management has included the provisions of these
    amendments in the financial statements.
|
| | j. | Certain prior period amounts have been reclassified to conform
    to current year presentation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|
| | k. | Net Income (Loss) per Redeemable Unit.  Net
    income (loss) per Redeemable Unit is calculated in accordance
    with investment company guidance. See footnote 6 for Financial
    Highlights.                                                                                                                                                                                                                                                                                                                                                                                                                                                                        



|   |            
|-- | -----------
|3. | Agreements:



| |    |                               
| | -- | ------------------------------
| | a. | Limited Partnership Agreement:







| |    |                      
| | -- | ---------------------
| | b. | Management Agreement:







| |    |                    
| | -- | -------------------
| | c. | Customer Agreement:



give-up,




|   |                        
|-- | -----------------------
|4. | Trading
    Activities:





F-113



---



##### 





CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009




















|                                                                                      |  |                   |             |    |  |                 |                   |   |            |     
|------------------------------------------------------------------------------------- |  | ----------------- | ----------- | -- |  | --------------- | ----------------- | - | ---------- | ----
|                                                                                      |  | December 31, 2009 |             |    |  |                 | December 31, 2009 |  
|                                                                                     
|Assets                                                                                |  |                   |             |    |  | Assets          |                   |   |            |     
|Futures and Exchange Cleared Swap Contracts                                           |  |                   |             |    |  | Options Owned   |                   |   |            |     
|Energy                                                                                |  | $                 | 37,079,802  |    |  | Energy          |                   | $ | 1,092,800  |     
|                                                                                      |  |                   |             |    |  |                 |                   |   |            |     
|Total unrealized appreciation on open futures and exchange
    cleared swap contracts |  | $                 | 37,079,802  |    |  | Options owned   |                   | $ | 1,092,800  | **  
|                                                                                      |  |                   |             |    |  |                 |                   |   |            |     
|Liabilities                                                                           |  |                   |             |    |  | Liabilities     |                   |   |            |     
|Futures and Exchange Cleared Swap Contracts                                           |  |                   |             |    |  | Options Written |                   |   |            |     
|Energy                                                                                |  | $                 | (66,492,555 | )  |  | Energy          |                   | $ | (1,249,600 | )   
|                                                                                      |  |                   |             |    |  |                 |                   |   |            |     
|Total unrealized depreciation on open futures and exchange
    cleared swap contracts |  | $                 | (66,492,555 | )  |  | Options written |                   | $ | (1,249,600 | )***
|                                                                                      |  |                   |             |    |  |                 |                   |   |            |     
|Net unrealized depreciation on open futures contracts                                 |  | $                 | (29,412,753 | )* |  |                 |                   |   |            |     
|                                                                                      |  |                   |             |    |  |                 |                   |   |            |     









|    |  |                                                                                                                                                      
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------
|*   |  | This amount is in Net unrealized depreciation on open
    futures and exchange cleared swap contracts on the
    Statements of Financial Condition.
|   
|**  |  | This amount is in Options owned at fair value on the
    Statements of Financial Condition.                                                        
|   
|*** |  | This amount is in Options written at fair value on
    the Statements of Financial Condition.                                                      







|       |  |                          |            |     
|------ |  | ------------------------ | ---------- | ----
|       |  | December 31, 2009        |           
|Sector |  | Gain (loss) from trading |           
|      
|Energy |  | $                        | 99,192,706 |     
|       |  |                          |            |     
|Total  |  | $                        | 99,192,706 | ****
|       |  |                          |            |     



|     |  |                                                                                                
|---- |  | -----------------------------------------------------------------------------------------------
|**** |  | This amount is in Gain(loss) from trading, net  on
    the Statements of Income and Expenses.

F-114



---



##### 





CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009




|   |                                                  
|-- | -------------------------------------------------
|5. | Subscriptions,
    Distributions and Redemptions:







|   |                          
|-- | -------------------------
|6. | Financial
    Highlights:







|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  
|------------------------------------------------------------------------------------------ |  | ---- | -------- | - | ---- | - | -------- | ---- |  | - | -------- | -
|                                                                                           |  | 2009 |          |   | 2008 |   |          | 2007 | 
|                                                                                          
|Net realized and unrealized gains (losses)*                                                |  | $    | 387.81   |   |      | $ | 451.86   |      |  | $ | 197.11   |  
|Interest income                                                                            |  |      | 1.48     |   |      |   | 17.69    |      |  |   | 46.35    |  
|Expenses**                                                                                 |  |      | (0.78    | ) |      |   | (1.13    | )    |  |   | (1.18    | )
|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  
|Increase (decrease) for the year                                                           |  |      | 388.51   |   |      |   | 468.42   |      |  |   | 242.28   |  
|Distribution of interest income to feeder funds                                            |  |      | (1.48    | ) |      |   | (17.69   | )    |  |   | (46.35   | )
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, beginning of year |  |      | 1,814.48 |   |      |   | 1,363.75 |      |  |   | 1,167.82 |  
|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  
|Net Asset Value per Redeemable Unit of Limited Partnership
    Interest, end of year       |  | $    | 2,201.51 |   |      | $ | 1,814.48 |      |  | $ | 1,363.75 |  
|                                                                                           |  |      |          |   |      |   |          |      |  |   |          |  





|   |  |                        
|-- |  | -----------------------
|*  |  | Includes clearing fees.
|  
|  
|** |  | Excludes clearing fees.



|                                |  |      |      |    |      |  |      |      |  |  |      |  
|------------------------------- |  | ---- | ---- | -- | ---- |  | ---- | ---- |  |  | ---- | -
|                                |  | 2009 |      |    | 2008 |  |      | 2007 | 
|                               
|Ratios to average net assets:   |  |      |      |    |      |  |      |      |  |  |      |  
|Net investment income (loss)*** |  |      | (0.1 | )% |      |  | 0.9  | %    |  |  | 3.3  | %
|                                |  |      |      |    |      |  |      |      |  |  |      |  
|Operating expenses              |  |      | 0.1  | %  |      |  | 0.2  | %    |  |  | 0.3  | %
|                                |  |      |      |    |      |  |      |      |  |  |      |  
|Total return                    |  |      | 21.3 | %  |      |  | 34.3 | %    |  |  | 20.8 | %
|                                |  |      |      |    |      |  |      |      |  |  |      |  







|    |  |                                     
|--- |  | ------------------------------------
|*** |  | Interest income less total expenses.







|   |                                
|-- | -------------------------------
|7. | Financial
    Instrument Risks:





F-115



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##### 





CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2009






























F-116



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##### 



For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1, 2009 to
    
    July 1, 2009 to
    
    April 1, 2009 to
    
    January 1, 2009 toDecember 31, 2009
    
    September 30, 2009
    
    June 30, 2009
    
    March 31, 2009Net realized and
unrealized trading gains
(losses) net of brokerage
commissions and clearing
fees including interest
income
    
    $
    (7,776,936
    )
    
    $
    34,084,889
    
    
    $
    31,810,672
    
    
    $
    40,839,687Net income (loss)
    
    $
    (7,833,376
    )
    
    $
    34,047,914
    
    
    $
    31,760,955
    
    
    $
    40,772,177Increase (decrease) in Net
Asset Value per Redeemable
Unit
    
    $
    (21.17
    )
    
    $
    125.50
    
    
    $
    122.39
    
    
    $
    161.79
 For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1, 2008 to
    
    July 1, 2008 to
    
    April 1, 2008 to
    
    January 1, 2008 toDecember 31, 2008
    
    September 30, 2008
    
    June 30, 2008
    
    March 31, 2008Net realized and
unrealized trading gains
(losses) net of brokerage
commissions and clearing
fees including interest
income
    
    $
    10,020,345
    
    
    $
    (31,305,268
    )
    
    $
    66,997,344
    
    
    $
    57,623,213Net income (loss)
    
    $
    9,955,370
    
    
    $
    (31,370,244
    )
    
    $
    66,929,871
    
    
    $
    57,551,331Increase (decrease) in Net
Asset Value per Redeemable
Unit
    
    $
    39.67
    
    
    $
    (131.21
    )
    
    $
    297.96
    
    
    $
    262.00
 F-117




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##### 



Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure .
    Item 9A(T). Controls and Procedures .
    internal control over financial reporting
 
    
    pertain to the maintenance of records that in reasonable detail accurately and fairly
reflect the transactions and dispositions of the assets of the Partnership;
    
    provide reasonable assurance that (i) transactions are recorded as necessary to permit
preparation of financial statements in accordance with GAAP, and (ii) the Partnerships
receipts are handled and expenditures are made only pursuant to authorizations of the
General Partner; and
    
    provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the Partnerships assets that could have a material
effect on the financial statements.
 Financial Statements and Supplementary Data
  Item 9B. Other Information .
  26




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##### 



PART III
 Item 10. Directors, Executive Officers and Corporate Governance .
       27




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##### 



Item 11. Executive Compensation .
 Business
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters .
 Security ownership of certain beneficial owners
 Security ownership of management
 Principles
of the General Partner who own Redeemable Units
 Changes in control
 Item 13. Certain Relationship and Related Transactions, and Director Independence .
 Business Executive
Compensation Financial Statements and Supplementary Data
 Item 14. Principal Accountant Fees and Services .
 Audit Fees
 Deloitte
    
    $
    62,216PwC
    
    $
    49,578KPMG
    
    $
    4,940
 Audit-Related Fees
 Tax Fees
 2009
    
    $
    20,0002008
    
    $
    22,200
 All Other Fees
   28




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##### 



PART IV
 Item 15. Exhibits, Financial Statement Schedules .
 (a) (1)
    
    Financial Statements:Statements of Financial Condition
at December 31, 2009 and 2008.Schedules of Investments at
December 31, 2009 and 2008.Statements of Income and Expenses
for the years ended December 31, 2009, 2008 and 2007.Statements of Changes in
Partners Capital for the years ended December 31, 2009,
2008 and 2007.Notes to Financial Statements.
 (2)
    
    Exhibits:
 3.1
    
    Limited Partnership Agreement (filed as Exhibit 3.1 to the Registration Statement on Form S-1
filed on February 9, 1994).3.2(a)
    
    Certificate of Limited Partnership of the Partnership as filed in the office of the
Secretary of State of the State of New York on October 13, 1993 (filed as Exhibit 3.2 to the
Registration Statement on Form S-1 filed on February 9, 1994).(b)
    
    Certificate of Amendment of the Certificate of Limited Partnership of the Partnership as
filed in the office of the Secretary of State of the State of New York, dated October 1,
1999 (filed as Exhibit 3.2(b) to the Form 10-Q filed on November 16, 2009).(c)
    
    Certificate of Amendment of the Certificate of Limited Partnership of the Partnership as
filed in the office of the Secretary of State of the State of New York, dated May 21, 2003
(filed as Exhibit 3.2(c) to the Form 10-Q filed on November 16, 2009).(d)
    
    Certificate of Amendment of the Certificate of Limited Partnership of the Partnership as
filed in the office of the Secretary of State of the State of New York, dated September 21,
2005 (filed as Exhibit 3.2(d) to the Form 10-Q filed on November 16, 2009).(e)
    
    Certificate of Amendment of the Certificate of Limited Partnership of the Partnership as
filed in the office of the Secretary of State of the State of New York, dated September 19,
2008 (filed as Exhibit 3.2(e) to the Form 10-Q filed on November 16, 2009).(f)
    
    Certificate of Amendment of the Certificate of Limited Partnership of the Partnership as
filed in the office of the Secretary of State of the State of New York, dated September 28,
2009 (filed as an exhibit to the Form 8-K filed on September 30, 2009).10.1
    
    Customer Agreement between the Partnership and Smith Barney Shearson Inc. (filed as Exhibit
10.1 to the Registration Statement on Form S-1 filed on February 9, 1994).10.2
    
    Escrow Instructions relating to escrow of subscription funds (filed as Exhibit 10.3 to the
Registration Statement on Form S-1 filed on February 9, 1994).10.3(a)
    
    Management Agreement among the Partnership, the General Partner and Willowbridge
Associates, Inc. (filed as an exhibit to the Form 10-K filed on March 29, 2000).(b)
    
    Letter extending Management Agreement with Willowbridge Associates, Inc. for 2009 (filed
herein).10.4(a)
    
    Management Agreement among the Partnership, the General Partner and Winton Capital
Management Limited (filed as an exhibit to the Form 10-K filed on March 27, 2002).(b)
    
    Letter extending Management Agreement with Winton Capital Management Limited for 2009
(filed herein).10.5(a)
    
    Management Agreement among the Partnership, the General Partner and Graham Capital
Management L.P. (filed as an exhibit to the Form 10-K filed on March 27, 2002).(b)
    
    Letter extending Management Agreement with Graham Capital Management L.P. for 2009 (filed
herein).10.6(a)
    
    Management Agreement among the Partnership, the General Partner and Eckhardt Trading
Company (filed as an exhibit to the Form 10-Q filed on August 14, 2008).(b)
    
    Letter extending Management Agreement with Eckhardt Trading Company for 2009 (filed
herein).
 10.7(a)
    
    Management Agreement among the Partnership, the General Partner and SandRidge Capital LP
(filed as Exhibit 10.1 to the Form 8-K filed on June 2, 2009).(b)
    
    Letter extending Management Agreement with SandRidge Capital LP for 2009 (filed
herein).10.8
    
    Joinder Agreement among the Partnership, Citigroup Managed Futures LLC, Citigroup Global
Markets Inc. and Morgan Stanley Smith Barney LLC (filed as Exhibit 10 to the Form 10-Q filed
on August 14, 2009).16.1
    
    Letter dated July 23, 2009 from PricewaterhouseCoopers LLP regarding Change in Certifying
Accountant (filed as Exhibit 16.1 to the Form 8-K filed on July 24, 2009).16.2
    
    Letter dated June 26, 2008 from KPMG LLP regarding Change in Certifying Accountant (filed as
Exhibit 16.1 to the Form 8-K filed on July 1, 2008).
  31.1
    
    
    Rule 13a-14(a)/15d-14(a)
    Certification (Certification of President and Director). (filed
herein)31.2
    
    
    Rule 13a-14(a)/15d-14(a)
    Certification (Certification of Chief Financial Officer and
    Director). (filed
herein)32.1
    
    
    Section 1350 Certification
    (Certification of President and Director). (filed
herein)32.2
    
    
    Section 1350 Certification
    (Certification of Chief Financial Officer and Director). (filed
herein)
 29




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##### 



SIGNATURES
   By:
    
    Ceres Managed Futures LLC(General Partner)By:
    
    /s/ Jerry PascucciJerry Pascucci, President and Director
  /s/ Jerry Pascucci
    
    
    
    /s/ Daryl DewbreyJerry Pascucci
    
    
    
    Daryl DewbreyPresident
and DirectorCeres Managed Futures LLC
    
    
    
    DirectorCeres Managed Futures LLC/s/ Jennifer MagroJennifer MagroChief Financial Officer and Director(Principal
Accounting Officer)Ceres Managed Futures LLC/s/ Raymond NolteRaymond NolteDirectorCeres Managed Futures LLC/s/ Shelley Deavitt Ullman

Shelley Deavitt UllmanDirectorCeres Managed Futures LLC
    30