----

----

----

----

| ALPHAMETRIX MANAGED FUTURES LLC (ASPECT SERIES)                                                         |
|---------------------------------------------------------------------------------------------------------|
| Consolidated Statements of Financial Condition                                                          |
|                                                                                                    |   |   |   |   |   |   |
|                                                                                                    |   | December 31, 2009 |   |   | December 31, 2008 |   |
|                                                                                                    |   |   |   |   |   |   |
| Assets                                                                                                  |   |   |   |   |   |   |
| Equity in commodity trading account at clearing broker                                                  |   |   |   |   |   |   |
| Cash                                                                                                    |   | $ | 62,722,219 |   |   | $ | 71,677,315 |   |
| Investments representing unrealized appreciation/(depreciation) on open contracts, net             |   |   | (287,319 | ) |   |   | 2,715,317 |   |
| Net payable related to settled, unexpired contracts                                                     |   |   | - |   |   |   | (9,090 | ) |
|                                                                                                    |   |   | 62,434,900 |   |   |   | 74,383,542 |   |
|                                                                                                    |   |   | . |   |   |   |   |   |
| Cash at bank                                                                                            |   |   | 2,352,489 |   |   |   | 314,724 |   |
| Interest receivable, net                                                                                |   |   | - |   |   |   | 1,933 |   |
| Total assets                                                                                            |   | $ | 64,787,389 |   |   | $ | 74,700,199 |   |
|                                                                                                    |   |   |   |   |   |   |   |   |
| Liabilities and Members' Capital                                                                        |   |   |   |   |   |   |   |   |
| Liabilities                                                                                             |   |   |   |   |   |   |   |   |
| Accrued brokerage commissions                                                                           |   | $ | 5,006 |   |   | $ | 5,627 |   |
| Accrued sales commission                                                                                |   |   | 103,466 |   |   |   | 121,422 |   |
| Accrued sponsor's fee                                                                                   |   |   | 25,866 |   |   |   | 15,178 |   |
| Accrued management fee                                                                                  |   |   | 103,642 |   |   |   | 124,314 |   |
| Accrued performance fee                                                                                 |   |   | - |   |   |   | 1,613,251 |   |
| Accrued operating costs and administrative fee                                                          |   |   | 161,161 |   |   |   | 183,724 |   |
| Subscriptions received in advance                                                                       |   |   | 688,593 |   |   |   | 131,000 |   |
| Redemptions payable                                                                                     |   |   | 2,294,686 |   |   |   | 1,500,154 |   |
| Total liabilities                                                                                       |   |   | 3,382,420 |   |   |   | 3,694,670 |   |
|                                                                                                    |   |   |   |   |   |   |   |   |
| Members’ Capital                                                                                  |   |   |   |   |   |   |   |   |
| Members (52,347.66 and 52,994.33 units outstanding at December 31, 2009 and                             |   |   |   |   |   |   |   |   |
| December 31, 2008, respectively, unlimited units authorized)                                            |   |   | 59,498,830 |   |   |   | 70,994,651 |   |
| Sponsor (8.12 units outstanding at December 31, 2009 and December 31, 2008, unlimited units authorized) |   |   | 9,231 |   |   |   | 10,878 |   |
| Total Aspect Series members' capital                                                                    |   |   | 59,508,061 |   |   |   | 71,005,529 |   |
|                                                                                                    |   |   |   |   |   |   |   |   |
| Noncontrolling interest                                                                                 |   |   | 1,896,908 |   |   |   | - |   |
| Total members’ capital                                                                            |   |   | 61,404,969 |   |   |   | 71,005,529 |   |
|                                                                                                    |   |   |   |   |   |   |   |   |
| Total liabilities and members’ capital                                                            |   | $ | 64,787,389 |   |   | $ | 74,700,199 |   |

----

|                                                                    |   | % of Members’ Capital |       |    | Number of Contracts |   |      | As of December 31, 2009 Net UnrealizedAppreciation /(Depreciation) onOpen Contracts |   |   | % of Members’ Capital |    |   | As ofDecember 31, 2008Net UnrealizedAppreciation /(Depreciation) onOpen Contracts |       |
|-------------------------------------------------------------------------|--------|----------------------------------|------------|---------|---------------------|--------|-----------|-------------------------------------------------------------------------------------|--------|--------|----------------------------------|---------|--------|-----------------------------------------------------------------------------------|------------|
|                                                                    |   |                             |       |    |                |   |      |                                                                                |   |   |                             |    |   |                                                                              |       |
| FUTURES CONTRACTS:                                                      |   |                             |       |    |                |   |      |                                                                                |   |   |                             |    |   |                                                                              |       |
| Long contracts                                                          |   |                             |       |    |                |   |      |                                                                                |   |   |                             |    |   |                                                                              |       |
| Domestic                                                                |   |                             |       |    |                |   |      |                                                                                |   |   |                             |    |   |                                                                              |       |
| Agriculture                                                             |   |                             | 0.82       | %       |                |   | 310       |                                                                                |   | $      | 503,864                          |    |   |                                                                              | 0.00       | % |   | $ | 3,500 |   |
| Energy                                                                  |   |                             | 0.29       |    |                |   | 92        |                                                                                |   |   | 175,913                          |    |   |                                                                              | 0.03       |   |   |   | 20,050 |   |
| Interest Rates                                                          |   |                             | (0.82      | )       |                |   | 474       |                                                                                |   |   | (505,756                         | )       |   |                                                                              | 1.21       |   |   |   | 862,652 |   |
| Metals                                                                  |   |                             | (0.92      | )       |                |   | 91        |                                                                                |   |   | (567.985                         | )       |   |                                                                              | 0.01       |   |   |   | 4,490 |   |
| Indices                                                                 |   |                             | 0.26       |    |                |   | 196       |                                                                                |   |   | 161,414                          |    |   |                                                                              | 0.00       |   |   |   | 1,193 |   |
| Currency                                                                |   |                             | (0.02      | )       |                |   | 2         |                                                                                |   |   | (14,700                          | )       |   |                                                                              | 0.00       |   |   |   | - |   |
| Foreign                                                                 |   |                             |       |    |                |   |      |                                                                                |   |   |                             |    |   |                                                                              |       |   |   |   |   |   |
| Agriculture                                                             |   |                             | 0.14       |    |                |   | 55        |                                                                                |   |   | 87,767                           |    |   |                                                                              | 0.10       |   |   |   | 69,860 |   |
| Indices                                                                 |   |                             | 0.54       |    |                |   | 348       |                                                                                |   |   | 332,218                          |    |   |                                                                              | 0.00       |   |   |   | - |   |
| Interest Rates                                                          |   |                             | (0.83      | )       |                |   | 1,936     |                                                                                |   |   | (508,277                         | )       |   |                                                                              | 2.82       |   |   |   | 2,003,119 |   |
| Metals                                                                  |   |                             |  0.48 |    |                |   |  137 |                                                                                |   |   |  295,887                    |    |   |                                                                              |  0.00 |   |   |   |  - |   |
| Currency                                                                |   |                             | 0.00       |    |                |   | 3         |                                                                                |   |   | 73                               |    |   |                                                                              | 0.00       |   |   |   | - |   |
|                                                                    |   |                             | (0.06      | )       |                |   | 3,644     |                                                                                |   |   | (39,582                          | )       |   |                                                                              | 4.17       |   |   |   | 2,964,864 |   |
| Short contracts                                                         |   |                             |       |    |                |   |      |                                                                                |   |   |                             |    |   |                                                                              |       |   |   |   |   |   |
| Domestic                                                                |   |                             |       |    |                |   |      |                                                                                |   |   |                             |    |   |                                                                              |       |   |   |   |   |   |
| Agriculture                                                             |   |                             | (0.03      | )       |                |   | 173       |                                                                                |   |   | (20,498                          | )       |   |                                                                              | (0.26      | ) |   |   | (187,016 | ) |
| Energy                                                                  |   |                             | 0.06       |    |                |   | 11        |                                                                                |   |   | 35,290                           |    |   |                                                                              | 0.29       |   |   |   | 210,104 |   |
| Interest Rates                                                          |   |                             | 0.00       |    |                |   | 14        |                                                                                |   |   | 2,731                            |    |   |                                                                              | 0.00       |   |   |   | - |   |
| Indices                                                                 |   |                             | 0.00       |    |                |   | -         |                                                                                |   |   | -                                |    |   |                                                                              | 0.00       |   |   |   | (2,880 | ) |
| Metals                                                                  |   |                             | 0.00       |    |                |   | -         |                                                                                |   |   | -                                |    |   |                                                                              | 0.01       |   |   |   | 6,868 |   |
| Foreign                                                                 |   |                             |       |    |                |   |      |                                                                                |   |   |                             |    |   |                                                                              |       |   |   |   |   |   |
| Agriculture                                                             |   |                             | 0.00       |    |                |   | 36        |                                                                                |   |   | 1,022                            |    |   |                                                                              | 0.00       |   |   |   | 2,548 |   |
| Indices                                                                 |   |                             | 0.00       |    |                |   | -         |                                                                                |   |   | -                                |    |   |                                                                              | (0.06      | ) |   |   | (44,689 | ) |
| Interest Rates                                                          |   |                             | 0.03       |    |                |   | 85        |                                                                                |   |   | 16,133                           |    |   |                                                                              | 0.00       |   |   |   | - |   |
| Metals                                                                  |   |                             | (0.08      | )  |                |   | 10        |                                                                                |   |   | (49,512                          | )  |   |                                                                              | (0.20      | ) |   |   | (145,257 | ) |
|                                                                    |   |                             | (0.02      | )       |                |   | 329       |                                                                                |   |   | (14,833                          | )       |   |                                                                              | (0.22      | ) |   |   | (160,322 | ) |
|                                                                    |   |                             |       |    |                |   |      |                                                                                |   |   |                             |    |   |                                                                              |       |   |   |   |   |   |
| Total futures contracts                                                 |   |                             | (0.08      | )       |                |   | 3,973     |                                                                                |   |   | (54,415                          | )       |   |                                                                              | 3.95       |   |   |   | 2,804,542 |   |
|                                                                    |   |                             |       |    |                |   |      |                                                                                |   |   |                             |    |   |                                                                              |       |   |   |   |   |   |
| FORWARD CURRENCY CONTRACTS:                                             |   |                             |       |    |                |   |      |                                                                                |   |   |                             |    |   |                                                                              |       |   |   |   |   |   |
|    Total forward currency contracts long                 |   |                             | (0.12      | )       |                |   | -         |                                                                                |   |   | (73,476                          | )       |   |                                                                              | 0.44       |   |   |   | 313,524 |   |
|    Total forward currency contracts short                |   |                             | (0.26      | )       |                |   | -         |                                                                                |   |   | (159,428                         | )       |   |                                                                              | (0.57      | ) |   |   | (402,749 | ) |
|                                                                    |   |                             |       |    |                |   |      |                                                                                |   |   |                             |    |   |                                                                              |       |   |   |   |   |   |
| Total forward currency contracts                                        |   |                             | (0.38      | )       |                |   | -         |                                                                                |   |   | (232,904                         | )       |   |                                                                              | (0.13      | ) |   |   | (89,225 | ) |
|                                                                    |   |                             |       |    |                |   |      |                                                                                |   |   |                             |    |   |                                                                              |       |   |   |   |   |   |
| Net unrealized appreciation/(depreciation)  on open contracts |   |                             | (0.46      | ) %     |                |   | -         |                                                                                |   | $      | (287,319                         | )       |   |                                                                              | 3.82       | % |   | $ | 2,715,317 |   |

----

| ALPHAMETRIX MANAGED FUTURES LLC (ASPECT SERIES)                            |
|----------------------------------------------------------------------------|
|  Consolidated Statements of Operations                                |
|                                                                       |   |   |   |   |   |   |
|                                                                       |   | Year Ended |   |   | Year Ended |   |
|                                                                       |   | December 31, 2009 |   |   | December 31, 2008 |   |
|                                                                       |   |   |   |   |   |   |
| Trading gains (losses):                                                    |   |   |   |   |   |   |
| Net realized gain (loss)                                                   |   | $ | (2,890,175 | ) |   | $ | 13,350,008 |   |
| Net change in unrealized                                                   |   |   |   |   |   |   |   |   |
| appreciation (depreciation) on open contracts                              |   |   | (3,000,525 | ) |   |   | 1,937,902 |   |
| Brokerage commission                                                       |   |   | (361,683 | ) |   |   | (224,145 | ) |
| Net trading gains (losses)                                                 |   |   | (6,252,383 | ) |   |   | 15,063,765 |   |
|                                                                       |   |   |   |   |   |   |   |   |
| Investment income:                                                         |   |   |   |   |   |   |   |   |
| Interest income                                                            |   |   | 6,892 |   |   |   | 510,842 |   |
| Total investment income                                                    |   |   | 6,892 |   |   |   | 510,842 |   |
|                                                                       |   |   |   |   |   |   |   |   |
| Expenses:                                                                  |   |   |   |   |   |   |   |   |
| Sales commission                                                           |   |   | 1,240,937 |   |   |   | 944,092 |   |
| Sponsor’s fee                                                        |   |   | 194,773 |   |   |   | 118,012 |   |
| Management fee                                                             |   |   | 1,243,076 |   |   |   | 952,226 |   |
| Performance fee                                                            |   |   | 10,840 |   |   |   | 2,807,721 |   |
| Interest expense                                                           |   |   | 36,097 |   |   |   | - |   |
| Operating costs and administrative fee                                     |   |   | 425,040 |   |   |   | 431,000 |   |
| Total expenses                                                             |   |   | 3,150,763 |   |   |   | 5,253,051 |   |
|                                                                       |   |   |   |   |   |   |   |   |
| Net investment income (loss)                                               |   |   | (3,143,871 | ) |   |   | (4,742,210 | ) |
|                                                                       |   |   |   |   |   |   |   |   |
| Net income (loss)                                                          |   |   | (9,396,254 | ) |   |   | 10,321,555 |   |
|                                                                       |   |   |   |   |   |   |   |   |
| Less:  Net income (loss) attributable to noncontrolling interest |   |   | (103,092 | ) |   |   | - |   |
|                                                                       |   |   |   |   |   |   |   |   |
| Net income (loss) attributable to Aspect Series                            |   |   | (9,293,162 | ) |   |   | 10,321,555 |   |
|                                                                       |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |
| Weighted average number of Aspect Series units outstanding                 |   |   | 49,638.24 |   |   |   | 38,898.95 |   |
| Net income (loss) attributable to Aspect Series                            |   |   |   |   |   |   |   |   |
| per weighted average unit                                                  |   | $ | (187.22 | ) |   | $ | 265.34 |   |

----

| For the twelve months ended December 31, 2009 |   |    |        |   |    |   |       |                    |   |   |      |   |   |   |   |   |   |   |
|-----------------------------------------------|--------|---------|-------------|--------|---------|--------|------------|-------------------------|--------|--------|-----------|--------|--------|--------|--------|--------|--------|--------|
|                                          |   | Members |        |   | Sponsor |   |       | Noncontrolling Interest |   |   | Total     |   |
|                                          |   | Amount  |        |   | Units   |   |       | Amount                  |   |   | Units     |   |   | Amount |   |   | Amount |   |   | Units |   |
| Members’ capital at January 1, 2009     |   | $       | 70,994,651  |   |    |   | 52,994.33  |                    |   | $      | 10,878    |   |   |   | 8.12   |   |   | $      | - |   |   | $ | 71,005,529 |   |   |   | 53,002.45 |   |
| Members’ subscriptions                  |   |    | 26,018,438  |   |    |   | 22,372.53  |                    |   |   | -         |   |   |   | -      |   |   |   | - |   |   |   | 26,018,438 |   |   |   | 22,372.53 |   |
| Members’ redemptions                    |   |    | (28,222,744 | )      |    |   | (23,019.20 | )                       |   |   | -         |   |   |   | -      |   |   |   | - |   |   |   | (28,222,744 | ) |   |   | (23,019.20 | ) |
| Noncontrolling interest                       |   |    | -           |   |    |   | -          |                    |   |   | -         |   |   |   | -      |   |   |   | 2,000,000 |   |   |   | 2,000,000 |   |   |   | - |   |
| Net income (loss)                             |   |    | (9,291,515  | )      |    |   | -          |                    |   |   | (1,647    | )      |   |   | -      |   |   |   | (103,092 | ) |   |   | (9,396,254 | ) |   |   | - |   |
| Members’ capital at December 31, 2009   |   | $       | 59,498,830  |   |    |   | 52,347.66  |                    |   | $      | 9,231     |   |   |   | 8.12   |   |   | $      | 1,896,908 |   |   | $ | 61,404,969 |   |   |   | 52,355.78 |   |
|                                          |   |    |        |   |    |   |       |                    |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net asset value per unit at January 1, 2009   |   | $       | 1,339.665   |   |    |   |       |                    |   | $      | 1,339.665 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Change in net asset value per unit            |   |    | (203.056    | )      |    |   |       |                    |   |   | (203.056  | )      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net asset value per unit at December 31, 2009 |   | $       | 1,136.609   |   |    |   |       |                    |   | $      | 1,136.609 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   |    |        |   |    |   |       |                    |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   |    |        |   |    |   |       |                    |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| For the twelve months ended December 31, 2008 |   |    |        |   |    |   |       |                    |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   | Members |        |   | Sponsor |   |       | Noncontrolling Interest |   | Total  |      |
|                                          |   | Amount  |        |   | Units   |   |       | Amount                  |   |   | Units     |   |   | Amount |   |   | Amount |   |   | Units |   |
| Members’ capital at January 1, 2008     |   | $       | 15,747,164  |   |    |   | 14,690.08  |                    |   | $      | 10,657    |   |   |   | 9.94   |   |   | $      | - |   |   | $ | 15,757,821 |   |   |   | 14,700.02 |   |
| Members’ subscriptions                  |   |    | 49,831,444  |   |    |   | 42,208.34  |                    |   |   | 10,000    |   |   |   | 8.12   |   |   |   | - |   |   |   | 49,841,445 |   |   |   | 42,216.46 |   |
| Members’ redemptions                    |   |    | (4,903,048  | )      |    |   | (3,904.09  | )                       |   |   | (12,244   | )      |   |   | (9.94  | )      |   |   | - |   |   |   | (4,915,292 | ) |   |   | (3,914.03 | ) |
| Net income (loss)                             |   |    | 10,319,091  |   |    |   | -          |                    |   |   | 2,465     |   |   |   | -      |   |   |   | - |   |   |   | 10,321,555 |   |   |   | - |   |
| Members’ capital at December 31, 2008   |   | $       | 70,994,651  |   |    |   | 52,994.33  |                    |   | $      | 10,878    |   |   |   | 8.12   |   |   | $      | - |   |   | $ | 71,005,529 |   |   |   | 53,002.45 |   |
|                                          |   |    |        |   |    |   |       |                    |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net asset value per unit at January 1, 2008   |   | $       | 1,071.959   |   |    |   |       |                    |   | $      | 1,071.959 |   |   |   |   |   |   |   |   |   |   | $ | 1,071.959 |   |   |   |   |   |
| Change in net asset value per unit            |   |    | 267.706     |   |    |   |       |                    |   |   | 267.706   |   |   |   |   |   |   |   |   |   |   |   | 267.706 |   |   |   |   |   |
| Net asset value per unit at December 31, 2008 |   | $       | 1,339.665   |   |    |   |       |                    |   | $      | 1,339.665 |   |   |   |   |   |   |   |   |   |   | $ | 1,339.665 |   |   |   |   |   |
|                                          |   |    |        |   |    |   |       |                    |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

----

| (1) | Organization |
|-----|--------------|

----

| (2)   | Summary of Significant Accounting Policies |
|-----------------|--------------------------------------------|

----

----

|                                     |   |               |       |   | Fair Value Measurements at Reporting Date Using |   |
|------------------------------------------|--------|--------------------|------------|--------|-------------------------------------------------|--------|
|                                     |   |               |       |   |                                            |   |   |   |   |   |   |   |
|                                     |   |               |       |   | Quoted Prices in                                |   |   |   |   |   |   |   |
|                                     |   |               |       |   | Active Markets for                              |   |   | Significant Other |   |   | Significant |   |
|                                     |   | Fair Value at      |       |   | Identical Investments                           |   |   | Observable Inputs |   |   | Unobservable Inputs |   |
| Description                              |   | December 31, 2009* |       |   | (Level 1)                                       |   |   | (Level 2) |   |   | (Level 3) |   |
| Assets                                   |   |               |       |   |                                            |   |   |   |   |   |   |   |
|   Futures contracts            |   |               |       |   |                                            |   |   |   |   |   |   |   |
|    Agriculture            |   | $                  | 712,178    |   |                                            | $      | 712,178 |   |   | $ | - |   |   | $ | - |   |
|    Currency               |   |               | 97         |   |                                            |   | 97 |   |   |   | - |   |   |   | - |   |
|    Energy                 |   |               | 218,571    |   |                                            |   | 218,571 |   |   |   | - |   |   |   | - |   |
|    Indices                |   |               | 519,159    |   |                                            |   | 519,159 |   |   |   | - |   |   |   | - |   |
|    Interest               |   |               | 357,059    |   |                                            |   | 357,059 |   |   |   | - |   |   |   | - |   |
|    Metals                 |   |               | 389,697    |   |                                            |   | 389,697 |   |   |   | - |   |   |   | - |   |
|                                     |   |               |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
|   Forward currency             |   |               |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
|   contracts                    |   |               | 449,173    |   |                                            |   | - |   |   |   | 449,173 |   |   |   | - |   |
|                                     |   |               |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Total investment assets                  |   |               |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
|     at fair value    |   |               | 2,645,934  |   |                                            |   | 2,196,761 |   |   |   | 449,173 |   |   |   | - |   |
|                                     |   |               |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities                              |   |               |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
|   Futures contracts            |   |               |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
|    Agriculture            |   |               | (140,023   | )      |                                            |   | (140,023 | ) |   |   | - |   |   |   | - |   |
|    Currency               |   |               | (14,724    | )      |                                            |   | (14,724 | ) |   |   | - |   |   |   | - |   |
|    Energy                 |   |               | (7,368     | )      |                                            |   | (7,368 | ) |   |   | - |   |   |   | - |   |
|    Indices                |   |               | (25,527    | )      |                                            |   | (25,527 | ) |   |   | - |   |   |   | - |   |
|    Interest               |   |               | (1,352,227 | )      |                                            |   | (1,352,227 | ) |   |   | - |   |   |   | - |   |
|    Metals                 |   |               | (711,307   | )      |                                            |   | (711,307 | ) |   |   | - |   |   |   | - |   |
|                                     |   |               |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
|   Forward currency             |   |               |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
|   contracts                    |   |               | (682,077   | )      |                                            |   | - |   |   |   | (682,077 | ) |   |   | - |   |
|                                     |   |               |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Total investment liabilities             |   |               |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
|     at fair value    |   |               | (2,933,253 | )      |                                            |   | (2,251,176 | ) |   |   | (682,077 | ) |   |   | - |   |
|                                     |   |               |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Total investment assets at               |   |               |       |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
|     fair value - net |   | $                  | (287,319   | )      |                                            | $      | (54,415 | ) |   | $ | (232,904 | ) |   | $ | - |   |

----

|                                               |   |                           |       |   | Fair Value Measurements at Reporting Date Using                 |   |
|----------------------------------------------------|--------|--------------------------------|------------|--------|-----------------------------------------------------------------|--------|
| Description                                        |   | Fair Value atDecember 31, 2008 |       |   | Quoted Prices inActive Markets forIdentical Investmens(Level 1) |   |   | Significant OtherObservable Inputs(Level 2) |   |   | SignificantUnobservable Inputs(Level 3) |   |
|                                               |   |                           |       |   |                                                            |   |   |   |   |   |   |   |
| Futures contracts                                  |   | $                              | 2,804,542  |   |                                                            | $      | 2,804,542 |   |   | $ | 0 |   |   | $ | 0 |   |
|                                               |   |                           |       |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |
| Forward currency contracts                         |   | $                              | (89,225    | )      |                                                            | $      | (89,225 | ) |   | $ | 0 |   |   | $ | 0 |   |
|                                               |   |                           |       |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |
| Net unrealized appreciation on open contracts |   | $                              | (2,715,317 | )      |                                                            | $      | (2,715,317 | ) |   | $ | 0 |   |   | $ | 0 |   |

----

| As of December 31, 2009                                                                                                         |   | Asset Derivatives Fair Value* |      |   | Liabilitiy Derivatives Fair Value* |   |
|---------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|-----------|--------|------------------------------------|--------|
|                                                                                                                            |   |                          |      |   |                               |   |
| Agriculture contracts                                                                                                           |   | $                             | 712,178   |   |                               | $      | (140,023 | ) |
| Currency contracts                                                                                                              |   |                          | 97        |   |                               |   | (14,724 | ) |
| Energy contracts                                                                                                                |   |                          | 218,571   |   |                               |   | (7,368 | ) |
| Indices contracts                                                                                                               |   |                          | 519,159   |   |                               |   | (25,527 | ) |
| Forward currency contracts                                                                                                      |   |                          | 449,173   |   |                               |   | (682,077 | ) |
| Interest Rate contracts                                                                                                         |   |                          | 357,059   |   |                               |   | (1,352,227 | ) |
| Metal contracts                                                                                                                 |   |                          | 389,697   |   |                               |   | (711,307 | ) |
|                                                                                                                            |   |                          |      |   |                               |   |   |   |
| Total derivatives not designated as                                                                                             |   |                          |      |   |                               |   |   |   |
| hedging instruments under ASC 815                                                                                               |   | $                             | 2,645,934 |   |                               | $      | (2,933,253 | ) |
|                                                                                                                            |   |                          |      |   |                               |   |   |   |
| *Located in unrealized appreciation/(depreciation) on open contracts, net in the Consolidated Statements of Financial Condition |   |
|                                                                                                                            |   |                          |      |   |                               |   |   |   |

----

|                          |   | Net Trading Gain/(Loss)*     |       |
|-------------------------------|--------|------------------------------|------------|
|                          |   | year ended December 31, 2009 |       |
| Futures contracts:            |   |                         |       |
| Currencies                    |   | $                            | (7,784     | ) |
| Energy                        |   |                         | (2,877,832 | ) |
| Agriculture                   |   |                         | 74,991     |   |
| Interest Rates                |   |                         | (1,917,327 | ) |
| Indices                       |   |                         | 768,075    |   |
| Metals                        |   |                         | 309,664    |   |
| Total Futures contracts:      |   |                         | (3,650,213 | ) |
|                          |   |                         |       |   |
| Forward currency contracts:   |   |                         | (2,162,895 | ) |
|                          |   |                         |       |   |
| Total Net Trading Gain/(Loss) |   | $                            | (5,813,108 | ) |

----

| (3)  | Related Party Transactions |
|-----------|----------------------------|

----

|                                                                                                                |   | Net Asset Value    |       |   |                |   |       | Net Asset Value per Unit |   |
|---------------------------------------------------------------------------------------------------------------------|--------|--------------------|------------|--------|---------------------|--------|------------|--------------------------|--------|
|                                                                                                                |   | All Other Purposes |       |   | Financial Reporting |   |       | Number of Units          |   |   | All Other Purposes |   |   | Financial Reporting |   |
| Price at Commencement*                                                                                              |   |               |       |   |                |   |       |                     |   |   |   | 1,000.000 |   |   |   | 1,000.000 |   |
| March 31, 2007                                                                                                      |   |               | 7,805,411  |   |                |   | 7,479,686  |                     |   |   | 7,760.62 |   |   |   | 1,005.772 |   |   |   | 963.801 |   |
| June 30, 2007                                                                                                       |   |               | 13,409,546 |   |                |   | 13,100,248 |                     |   |   | 11,988.08 |   |   |   | 1,118.573 |   |   |   | 1,092.773 |   |
| September 30, 2007                                                                                                  |   |               | 18,932,687 |   |                |   | 18,639,817 |                     |   |   | 18,241.85 |   |   |   | 1,037.871 |   |   |   | 1,021.816 |   |
| December 31, 2007                                                                                                   |   |               | 16,034,264 |   |                |   | 15,757,821 |                     |   |   | 14,700.02 |   |   |   | 1,090.765 |   |   |   | 1,071.959 |   |
| March 31, 2008                                                                                                      |   |               | 20,507,363 |   |                |   | 20,247,348 |                     |   |   | 17,025.49 |   |   |   | 1,204.509 |   |   |   | 1,189.237 |   |
| June 30, 2008                                                                                                       |   |               | 50,168,558 |   |                |   | 49,924,971 |                     |   |   | 40,063.82 |   |   |   | 1,252.216 |   |   |   | 1,246.136 |   |
| September 30, 2008                                                                                                  |   |               | 59,013,279 |   |                |   | 58,786,119 |                     |   |   | 52,463.77 |   |   |   | 1,124.839 |   |   |   | 1,120.509 |   |
| December 31, 2008                                                                                                   |   |               | 71,216,262 |   |                |   | 71,005,529 |                     |   |   | 53,002.45 |   |   |   | 1,343.641 |   |   |   | 1,339.665 |   |
| March 31, 2009                                                                                                      |   |               | 66,062,490 |   |                |   | 65,868,185 |                     |   |   | 50,663.64 |   |   |   | 1,303.950 |   |   |   | 1,300.108 |   |
| June 30, 2009                                                                                                       |   |               | 48,597,098 |   |                |   | 48,419,221 |                     |   |   | 43,344.52 |   |   |   | 1,121.182 |   |   |   | 1,117.074 |   |
| September 30, 2009                                                                                                  |   |               | 65,446,804 |   |                |   | 65,285,354 |                     |   |   | 55,797.55 |   |   |   | 1,172.933 |   |   |   | 1,170.040 |   |
| December 31, 2009                                                                                                   |   |               | 59,653,082 |   |                |   | 59,508,061 |                     |   |   | 52,355.78 |   |   |   | 1,139.379 |   |   |   | 1,136.609 |   |
|                                                                                                                |   |               |       |   |                |   |       |                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Total return after performance fee, from the commencement of operations through the period ended December 31, 2009. |   |               |       | 13.94  | %                   |   |       | 13.66                    | %      |
|                                                                                                                |   |               |       |   |                |   |       |                     |   |   |   |   |   |   |   |   |   |   |   |   |
| * Commencement of operations of the Series was March 16, 2007.                                                      |   |               |       |   |                |   |       |                     |   |

----

----

|                                                                 |   |              |     |   |              |   |
|----------------------------------------------------------------------|--------|-------------------|----------|--------|-------------------|--------|
|                                                                 |   | Year Ended        |     |   | Year Ended        |   |
|                                                                 |   | December 31, 2009 |     |   | December 31, 2008 |   |
| Members’ capital per Unit at beginning of the year             |   | $                 | 1,339.67 |   |              | $      | 1,071.96 |   |
|                                                                 |   |              |     |   |              |   |   |   |
| Income from operations:                                              |   |              |     |   |              |   |   |   |
|    Net trading gains/(loss)                           |   |              | (132.45  | )      |              |   | 389.61 |   |
|    Net investment loss                                |   |              | (70.61   | )      |              |   | (121.91 | ) |
| Net change in Members’ capital per Unit from operations        |   |              | (203.06  | )      |              |   | 267.710 |   |
|                                                                 |   |              |     |   |              |   |   |   |
| Members’ capital per Unit at end of the year                   |   | $                 | 1,136.61 |   |              | $      | 1,339.67 |   |
|                                                                 |   |              |     |   |              |   |   |   |
| Total return:                                                        |   |              |     |   |              |   |   |   |
|    Total return before performance fee                |   |              | (15.14   | %)     |              |   | 29.92 | % |
|    Performance fee                                    |   |              | (0.02    | %)     |              |   | (4.95 | %) |
|    Total return after performance fee                 |   |              | (15.16   | %)     |              |   | 24.97 | % |
|                                                                 |   |              |     |   |              |   |   |   |
| Ratios to average Members’ capital                             |   |              |     |   |              |   |   |   |
|    Net investment loss                                |   |              | (5.80    | %)     |              |   | (10.31 | %) |
|                                                                 |   |              |     |   |              |   |   |   |
|    Expenses:                                          |   |              |     |   |              |   |   |   |
|       Expenses                         |   |              | 5.80     | %      |              |   | 5.31 | % |
|       Performance fee                  |   |              | 0.02     | %      |              |   | 6.10 | % |
|          Total expenses |   |              | 5.82     | %      |              |   | 11.41 | % |

----