Exhibit 99.5
 
  To the Limited
    Partners of
    CMF SandRidge Master Fund L.P.
    
  By:
    Walter Davis      Ceres Managed Futures LLC
    212-296-1999




---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM




---



##### 



Report of Independent Auditors




---



##### 



CMF SandRidge
    Master Fund L.P.Statements of Financial Condition
    December 31, 2010 and 2009
  2010


2009Assets:Equity in trading account:Cash (Note 3c)

$
508,243,783


$
691,877,329Cash margin (Note 3c)


71,084,284



22,651,198Options purchased, at fair value (cost $3,846,540 and $1,392,000
    at December 31, 2010 and 2009, respectively)


2,303,244



1,092,800Total assets

$
581,631,311


$
715,621,327Liabilities and Partners Capital:Liabilities:Net unrealized depreciation on open futures and exchange-cleared
    swap contracts

$
52,768,215


$
29,412,753Options premium received, at fair value (premium $45,000 and
    $994,000 at December 31, 2010 and 2009, respectively)


24,250



1,249,600Accrued expenses:Professional fees


103,589



49,481Total liabilities


52,896,054



30,711,834Partners Capital:General Partner, 0.0000 unit equivalents at December 31,
    2010 and 2009






Limited Partners, 293,086.2072 and 311,109.5773 Redeemable Units
    outstanding at December 31, 2010 and 2009, respectively


528,735,257



684,909,493Total liabilities and partners capital

$
581,631,311


$
715,621,327Net asset value per unit

$
1,804.03


$
2,201.51   See accompanying notes to financial statements.




---



##### 



CMF SandRidge
    Master Fund L.P.
 Condensed
    Schedule of Investments
    December 31, 2010
  Number of





% of PartnersContracts


Fair Value


CapitalFutures and Exchange-Cleared Swap Contracts PurchasedEnergyICE Henry Hub Natural Gas Swap Mar. 11  Dec. 14


39,104


$
(34,520,010
)


(6.52
)%NYMEX Henry Hub Natural Gas Swap Mar. 11  Dec. 14


19,716



(65,069,790
)


(12.31
)NYMEX Henry Hub Natural Gas Oct. 11  Apr. 12


1,381



(204,317
)


(0.04
)NYMEX Henry Hub Penultimate Apr. 11


308



216,370



0.04Total futures and exchange-cleared swap contracts purchased






(99,577,747
)


(18.83
)Futures and Exchange-Cleared Swap Contracts SoldEnergyICE Henry Hub Natural Gas Swap Apr. 11


13,080



17,903,400



3.39NYMEX Henry Hub Natural Gas Swap Feb. 11  Dec. 13


14,996



35,275,930



6.67NYMEX Henry Hub Natural Gas Feb. 11  Jan. 12


10,765



(6,369,798
)


(1.21
)Total futures and exchange-cleared swap contracts sold






46,809,532



8.85Options PurchasedPutsEnergy


4,228



2,303,244



0.44Total options purchased






2,303,244



0.44Options Premium ReceivedPutsEnergy


50



(24,250
)


(0.01
)Total options premium received






(24,250
)


(0.01
)Total fair value





$
(50,489,221
)


(9.55
)%   See accompanying notes to financial statements.




---



##### 



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





% of PartnersContracts


Fair Value


CapitalFutures and Exchange-Cleared Swap Contracts PurchasedEnergyICE 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



0.07Total futures and exchange-cleared swap contracts purchased






(24,278,474
)


(3.55
)Futures and Exchange-Cleared Swap Contracts SoldEnergyICE 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



0.84NYMEX 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 PurchasedPutsEnergy


240



1,092,800



0.16Total options purchased






1,092,800



0.16Options Premium ReceivedCallsEnergy


240



(1,249,600
)


(0.18
)Total options premium received






(1,249,600
)


(0.18
)Total fair value





$
(29,569,553
)


(4.32
)%   See accompanying notes to financial statements.




---



##### 



CMF SandRidge
    Master Fund L.P.

    Statements of Income and Expenses
    for the years ended
    December 31, 2010, 2009 and 2008
  2010


2009


2008Income:Net gains (losses) on trading of commodity interests:Net realized gains (losses) on closed contracts

$
(108,429,533
)

$
18,484,633


$
209,086,188Change in net unrealized gains (losses) on open contracts


(24,323,208
)


80,708,073



(109,479,479
)Gain (loss) from trading, net


(132,752,741
)


99,192,706



99,606,709Interest income


569,344



388,904



4,119,717Total income (loss)


(132,183,397
)


99,581,610



103,726,426Expenses:Clearing fees


1,277,117



623,298



390,792Professional fees


378,018



210,642



269,306Total expenses


1,655,135



833,940



660,098Net income (loss)

$
(133,838,532
)

$
98,747,670


$
103,066,328Net income (loss) per unit (Note 6)

$
(395.76
)

$
388.51


$
468.42Weighted average units outstanding


335,607.0115



275,661.9324



241,781.3550   See accompanying notes to financial statements.




---



##### 



CMF SandRidge
    Master Fund L.P.

    Statements of Changes in Partners Capital
    for the years ended
    December 31, 2010, 2009 and 2008
  PartnersCapitalPartners Capital at December 31, 2007

$
312,531,725Net income (loss)


103,066,328Subscriptions of 80,081.4747 Redeemable Units


141,534,374Redemptions of 61,402.1561 Redeemable Units


(103,294,264
)Distribution of interest income to feeder funds


(4,119,717
)Partners Capital at December 31, 2008


449,718,446Net income (loss)


98,747,670Subscriptions of 127,771.5856 Redeemable Units


270,602,300Redemptions of 64,512.0418 Redeemable Units


(133,770,019
)Distribution of interest income to feeder funds


(388,904
)Partners Capital at December 31, 2009


684,909,493Net income (loss)


(133,838,532
)Subscriptions of 93,708.5149 Redeemable Units


199,373,500Redemptions of 111,731.8850 Redeemable Units


(221,139,860
)Distribution of interest income to feeder funds


(569,344
)Partners Capital at December 31, 2010

$
528,735,257     2008:

$
1,814.482009:

$
2,201.512010:

$
1,804.03
   See accompanying notes to financial statements.




---



##### 



CMF SandRidge
    Master Fund L.P.
 Notes to
    Financial Statements
    December 31, 2010
  1.
    Partnership
    Organization:




---



##### 



CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
    2.
    Accounting
    Policies:  a.
    Use of Estimates.  The preparation of financial
    statements and accompanying notes in conformity with accounting
    principles generally accepted in the United States of America
    (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. 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.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.




---



##### 



CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
    Quoted Prices in





SignificantActive Markets for


Significant Other


UnobservableIdentical Sets


Observable Inputs


Inputs12/31/2010


(Level 1)


(Level 2)


(Level 3)AssetsOptions purchased

$
2,303,244


$
2,303,244


$



$
Total assets


2,303,244



2,303,244







LiabilitiesFutures and Exchange-Cleared Swaps

$
52,768,215


$
52,768,215


$



$
Options premium received


24,250



24,250







Total liabilities


52,792,465



52,792,465







Total fair value

$
(50,489,221
)

$
(50,489,221
)

$



$
   Quoted Prices in





SignificantActive Markets for


Significant Other


UnobservableIdentical Sets


Observable Inputs


Inputs12/31/2009


(Level 1)


(Level 2)


(Level 3)AssetsOptions purchased

$
1,092,800


$
1,092,800


$



$
Total assets

$
1,092,800


$
1,092,800


$



$
LiabilitiesFutures and Exchange-Cleared Swaps

$
29,412,753


$
29,412,753


$



$
Options premium received


1,249,600



1,249,600







Total liabilities


30,662,353



30,662,353







Total fair value

$
(29,569,553
)

$
(29,569,553
)

$



$
   d.
    Futures Contracts.  The Master trades futures
    contracts and exchange-cleared swaps. Exchange-cleared swaps 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.
    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. 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
    (OTC), 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




---



##### 



CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
    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.  Management of the Master
    evaluates events that occur after the balance sheet date but
    before financial statements are filed. Management has assessed
    the subsequent events through the date of filing and determined
    that there were no subsequent events requiring adjustment of or
    disclosure in the financial statements.i.
    Net Income (Loss) per Unit.  Net income (loss)
    per unit is calculated in accordance with investment company
    guidance. See Note 6, Financial Highlights.  3.
    Agreements:  a.
    Limited Partnership Agreement:    b.
    Management Agreement:




---



##### 



CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
   c.
    Customer Agreement:  give-up,
  4.
    Trading
    Activities:




---



##### 



CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
    December 31, 2010AssetsFutures and Exchange-Cleared Swap ContractsEnergy

$
69,685,031Total unrealized appreciation on open futures and
    exchange-cleared swap contracts

$
69,685,031LiabilitiesFutures and Exchange-Cleared Swap ContractsEnergy

$
(122,453,246
)Total unrealized depreciation on open futures and
    exchange-cleared swap contracts

$
(122,453,246
)Net unrealized depreciation on open futures and exchange-cleared
    swap contracts

$
(52,768,215
)*AssetsOptions PurchasedEnergy

$
2,303,244Options purchased

$
2,303,244
**LiabilitiesOptions Premium ReceivedEnergy

$
(24,250
)Options premium received

$
(24,250
)***     *
    
    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 purchased, at fair value
    on the Statements of Financial Condition.***
    
    This amount is in Options premium received, at fair
    value on the Statements of Financial Condition.




---



##### 



CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  December 31, 2009AssetsFutures and Exchange-Cleared Swap ContractsEnergy

$
37,079,802Total unrealized appreciation on open futures and
    exchange-cleared swap contracts

$
37,079,802LiabilitiesFutures and Exchange-Cleared Swap ContractsEnergy

$
(66,492,555
)Total unrealized depreciation on open futures and
    exchange-cleared swap contracts

$
(66,492,555
)Net unrealized depreciation on open futures and exchange-cleared
    swap contracts

$
(29,412,753
)*AssetsOptions PurchasedEnergy

$
1,092,800Options purchased

$
1,092,800
**LiabilitiesOptions Premium ReceivedEnergy

$
(1,249,600
)Options premium received

$
(1,249,600
)***     *
    
    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 purchased, at fair value
    on the Statements of Financial Condition.***
    
    This amount is in Options premium received, at fair
    value on the Statements of Financial Condition.    December 31, 2010

December 31, 2009Sector

Gain (loss) from trading

Gain (loss) from tradingEnergy

$
(132,752,741
)

$
99,192,706Total

$
(132,752,741
)****

$
99,192,706
****  ****
    
    This amount is in Gain(loss) from trading, net  on
    the Statements of Income and Expenses.  5.
    Subscriptions,
    Distributions and Redemptions:




---



##### 



CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  6.
    Financial
    Highlights:    2010


2009


2008Net realized and unrealized gains (losses)*

$
(396.32
)

$
387.81


$
451.86Interest income


1.72



1.48



17.69Expenses**


(1.16
)


(0.78
)


(1.13
)Increase (decrease) for the year


(395.76
)


388.51



468.42Distribution of interest income to feeder funds


(1.72
)


(1.48
)


(17.69
)Net asset value per unit, beginning of year


2,201.51



1,814.48



1,363.75Net asset value per unit, end of year

$
1,804.03


$
2,201.51


$
1,814.48   *
    
    Includes clearing fees.**
    
    Excludes clearing fees.  2010


2009


2008Ratios to average net assets:Net investment income (loss)***


(0.2
)%


(0.1
)%


0.9
%Operating expenses


0.3
%


0.1
%


0.2
%Total return


(18.1
)%


21.3
%


34.3
%    ***
    
    Interest income less total expenses.    7.
    Financial
    Instrument Risks:




---



##### 



CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010