|   | AlphaMetrix Aspect Fund — MT0001(A Cayman Islands Exempted LimitedLiability Company) Financial Statements as of and for the Years Ended December 31, 2010 and 2009, and Independent Auditors’ Report |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| ALPHAMETRIX ASPECT FUND — MT0001                           |   |   |       |   |   |   |
|------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| (A Cayman Islands Exempted Limited Liability Company)            |   |
|                                                             |   |   |       |   |   |   |
| STATEMENTS OF FINANCIAL CONDITION                                |   |   |       |   |   |   |
| DECEMBER 31, 2010 and 2009                                       |   |   |       |   |   |   |
| (Expressed in U.S. dollars)                                      |   |   |       |   |   |   |
|                                                             |   |   |       |   |   |   |
| ASSETS                                                           |   | 2010   |       |   | 2009   |   |
| Equity in commodity trading account at clearing broker:          |   |   |       |   |   |   |
| Cash                                                             |   | $      | 62,902,353 |   |   | $      | 62,722,219 |   |
| Investments, at fair value (representing unrealized appeciation  |   |   |       |   |   |   |   |   |
| on open contracts, net)                                          |   |   | 3,649,994  |   |   |   | - |   |
| Cash at bank                                                     |   |   | 2,107,698  |   |   |   | 90,149 |   |
| Total Assets                                                     |   | $      | 68,660,045 |   |   | $      | 62,812,368 |   |
|                                                             |   |   |       |   |   |   |   |   |
|                                                             |   |   |       |   |   |   |   |   |
| LIABILITIES AND SHAREHOLDERS’ EQUITY (NET ASSETS)          |   |   |       |   |   |   |   |   |
| LIABILITIES:                                                     |   |   |       |   |   |   |   |   |
| Equity in commodity trading account at clearing broker:          |   |   |       |   |   |   |   |   |
| Investments, at fair value (representing unrealized depreciation |   |   |       |   |   |   |   |   |
| on open contracts, net)                                          |   | $      | -          |   |   | $      | 287,319 |   |
| Accrued expenses                                                 |   |   | 1,854      |   |   |   | 2,977 |   |
| Redemption payable                                               |   |   | -          |   |   |   | 4,007,306 |   |
| Payable to trading advisor                                       |   |   | 974,920    |   |   |   | - |   |
|                                                             |   |   |       |   |   |   |   |   |
| Total Liabilities                                                |   |   | 976,774    |   |   |   | 4,297,602 |   |
|                                                             |   |   |       |   |   |   |   |   |
| SHAREHOLDERS’ EQUITY (NET ASSETS)                          |   |   | 67,683,271 |   |   |   | 58,514,766 |   |
|                                                             |   |   |       |   |   |   |   |   |
| Total Liabilities and Shareholders' Equity (Net Assets)          |   | $      | 68,660,045 |   |   | $      | 62,812,368 |   |
|                                                             |   |   |       |   |   |   |   |   |
| See notes to financial statements.                               |   |   |       |   |   |   |   |   |

----

| ALPHAMETRIX ASPECT FUND — MT0001                     |   |                |   |   |       |   |      |                                            |   |
|------------------------------------------------------------|--------|---------------------|--------|--------|------------|--------|-----------|-------------------------------------------------|--------|
| (A Cayman Islands Exempted Limited Liability Company)      |   |                |   |   |       |   |      |
|                                                       |   |                |   |   |       |   |      |                                            |   |
| CONDENSED SCHEDULE OF INVESTMENTS                          |   |                |   |   |       |   |      |                                            |   |
| DECEMBER 31, 2010                                          |   |                |   |   |       |   |      |                                            |   |
| (Expressed in U.S. dollars)                                |   |                |   |   |       |   |      |                                            |   |
|                                                       |   |                |   |   |       |   |      |                                            |   |
|                                                       |   | Number of Contracts |   |   | Fair Value |   |      | Percentage of Shareholders' Equity (Net Assets) |   |
| FUTURES CONTRACTS:                                         |   |                |   |   |       |   |      |                                            |   |
| Long contracts:                                            |   |                |   |   |       |   |      |                                            |   |
| Domestic                                                   |   |                |   |   |       |   |      |                                            |   |
| Agriculture                                                |   |                | 326    |   |       | $      | 1,043,200 |                                            |   |   | 1.54 | % |
| Energy                                                     |   |                | 167    |   |       |   | 334,546   |                                            |   |   | 0.49 |   |
| Interest                                                   |   |                | 112    |   |       |   | (39,769   | )                                               |   |   | (0.05 | ) |
| Metals                                                     |   |                | 99     |   |       |   | 764,353   |                                            |   |   | 1.13 |   |
| Indices                                                    |   |                | 166    |   |       |   | 160,295   |                                            |   |   | 0.24 |   |
| Currency                                                   |   |                | 1      |   |       |   | 3,163     |                                            |   |   | 0.00 |   |
| Foreign                                                    |   |                |   |   |       |   |      |                                            |   |   |   |   |
| Agriculture                                                |   |                | 69     |   |       |   | 22,836    |                                            |   |   | 0.03 |   |
| Indices                                                    |   |                | 296    |   |       |   | 2,266     |                                            |   |   | 0.00 |   |
| Interest                                                   |   |                | 632    |   |       |   | 40,829    |                                            |   |   | 0.06 |   |
| Metals                                                     |   |                | 71     |   |       |   | 412,506   |                                            |   |   | 0.61 |   |
|                                                       |   |                |   |   |       |   | 2,744,225 |                                            |   |   | 4.05 |   |
| Short contracts:                                           |   |                |   |   |       |   |      |                                            |   |   |   |   |
| Domestic                                                   |   |                |   |   |       |   |      |                                            |   |   |   |   |
| Agriculture                                                |   |                | 7      |   |       |   | (9,920    | )                                               |   |   | (0.01 | ) |
| Energy                                                     |   |                | 49     |   |       |   | (98,910   | )                                               |   |   | (0.14 | ) |
| Interest                                                   |   |                | 8      |   |       |   | (7,406    | )                                               |   |   | (0.01 | ) |
| Foreign                                                    |   |                |   |   |       |   |      |                                            |   |   |   |   |
| Indices                                                    |   |                | 4      |   |       |   | 14,577    |                                            |   |   | 0.02 |   |
| Interest                                                   |   |                | 220    |   |       |   | (59,988   | )                                               |   |   | (0.09 | ) |
| Metals                                                     |   |                | 15     |   |       |   | (79,048   | )                                               |   |   | (0.12 | ) |
|                                                       |   |                |   |   |       |   | (240,695  | )                                               |   |   | (0.35 | ) |
| Total futures contracts                                    |   |                |   |   |       |   | 2,503,530 |                                            |   |   | 3.70 |   |
|                                                       |   |                |   |   |       |   |      |                                            |   |   |   |   |
| FORWARD CURRENCY CONTRACTS:                                |   |                |   |   |       |   |      |                                            |   |   |   |   |
|    Total forward currency contracts - long  |   |                |   |   |       |   | 356,662   |                                            |   |   | 0.53 |   |
|    Total forward currency contracts - short |   |                |   |   |       |   | 789,802   |                                            |   |   | 1.16 |   |
|                                                       |   |                |   |   |       |   |      |                                            |   |   |   |   |
| Total forward currency contracts                           |   |                |   |   |       |   | 1,146,464 |                                            |   |   | 1.69 |   |
|                                                       |   |                |   |   |       |   |      |                                            |   |   |   |   |
| Investments - at fair value                                |   |                |   |   |       | $      | 3,649,994 |                                            |   |   | 5.39 | % |
|                                                       |   |                |   |   |       |   |      |                                            |   |   |   |   |
| See notes to financial statements.                         |   |                |   |   |       |   |      |                                            |   |   |   |   |

----

| ALPHAMETRIX ASPECT FUND — MT0001                     |   |                |   |   |       |   |     |                               |   |
|------------------------------------------------------------|--------|---------------------|--------|--------|------------|--------|----------|------------------------------------|--------|
| (A Cayman Islands Exempted Limited Liability Company)      |   |                |   |   |       |   |     |
|                                                       |   |                |   |   |       |   |     |                               |   |
| CONDENSED SCHEDULE OF INVESTMENTS                          |   |                |   |   |       |   |     |                               |   |
| DECEMBER 31, 2009                                          |   |                |   |   |       |   |     |                               |   |
| (Expressed in U.S. dollars)                                |   |                |   |   |       |   |     |                               |   |
|                                                       |   |                |   |   |       |   |     |                               |   |
|                                                       |   | Number of Contracts |   |   | Fair Value |   |     | Percentage of Shareholders' Equity |   |
| FUTURES CONTRACTS:                                         |   |                |   |   |       |   |     |                               |   |
| Long contracts:                                            |   |                |   |   |       |   |     |                               |   |
| Domestic                                                   |   |                |   |   |       |   |     |                               |   |
| Agriculture                                                |   |                | 310    |   |       | $      | 503,864  |                               |   |   | 0.86 | % |
| Energy                                                     |   |                | 92     |   |       |   | 175,913  |                               |   |   | 0.30 |   |
| Interest                                                   |   |                | 474    |   |       |   | (505,756 | )                                  |   |   | (0.86 | ) |
| Metals                                                     |   |                | 91     |   |       |   | (567,985 | )                                  |   |   | (0.97 | ) |
| Indices                                                    |   |                | 196    |   |       |   | 161,414  |                               |   |   | 0.28 |   |
| Currency                                                   |   |                | 2      |   |       |   | (14,700  | )                                  |   |   | (0.03 | ) |
| Foreign                                                    |   |                |   |   |       |   |     |                               |   |   |   |   |
| Agriculture                                                |   |                | 55     |   |       |   | 87,767   |                               |   |   | 0.15 |   |
| Indices                                                    |   |                | 348    |   |       |   | 332,218  |                               |   |   | 0.57 |   |
| Interest                                                   |   |                | 1,936  |   |       |   | (508,277 | )                                  |   |   | (0.88 | ) |
| Metals                                                     |   |                | 137    |   |       |   | 295,887  |                               |   |   | 0.51 |   |
| Currency                                                   |   |                | 3      |   |       |   | 73       |                               |   |   | 0.00 |   |
|                                                       |   |                |   |   |       |   | (39,582  | )                                  |   |   | (0.07 | ) |
| Short contracts:                                           |   |                |   |   |       |   |     |                               |   |   |   |   |
| Domestic                                                   |   |                |   |   |       |   |     |                               |   |   |   |   |
| Agriculture                                                |   |                | 173    |   |       |   | (20,498  | )                                  |   |   | (0.04 | ) |
| Energy                                                     |   |                | 11     |   |       |   | 35,290   |                               |   |   | 0.06 |   |
| Interest                                                   |   |                | 14     |   |       |   | 2,732    |                               |   |   | 0.00 |   |
| Foreign                                                    |   |                |   |   |       |   |     |                               |   |   |   |   |
| Agriculture                                                |   |                | 36     |   |       |   | 1,022    |                               |   |   | 0.00 |   |
| Interest                                                   |   |                | 85     |   |       |   | 16,133   |                               |   |   | 0.04 |   |
| Metals                                                     |   |                | 10     |   |       |   | (49,512  | )                                  |   |   | (0.08 | ) |
|                                                       |   |                |   |   |       |   | (14,833  | )                                  |   |   | (0.02 | ) |
|                                                       |   |                |   |   |       |   |     |                               |   |   |   |   |
| Total futures contracts                                    |   |                |   |   |       |   | (54,415  | )                                  |   |   | (0.09 | ) |
|                                                       |   |                |   |   |       |   |     |                               |   |   |   |   |
| FORWARD CURRENCY CONTRACTS:                                |   |                |   |   |       |   |     |                               |   |   |   |   |
|    Total forward currency contracts - long  |   |                |   |   |       |   | (73,476  | )                                  |   |   | (0.13 | ) |
|    Total forward currency contracts - short |   |                |   |   |       |   | (159,428 | )                                  |   |   | (0.27 | ) |
|                                                       |   |                |   |   |       |   |     |                               |   |   |   |   |
| Total forward currency contracts                           |   |                |   |   |       |   | (232,904 | )                                  |   |   | (0.40 | ) |
|                                                       |   |                |   |   |       |   |     |                               |   |   |   |   |
| Investments - at fair value                                |   |                |   |   |       | $      | (287,319 | )                                  |   |   | (0.49 | ) % |
|                                                       |   |                |   |   |       |   |     |                               |   |   |   |   |
| See notes to financial statements.                         |   |                |   |   |       |   |     |                               |   |   |   |   |

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| ALPHAMETRIX ASPECT FUND — MT0001                                                                                              |   |   |       |   |   |   |
|-------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| (A Cayman Islands Exempted Limited Liability Company)                                                                               |   |   |       |   |
|                                                                                                                                |   |   |       |   |   |   |
| STATEMENTS OF OPERATIONS                                                                                                            |   |   |       |   |   |   |
| FOR THE YEARS ENDED DECEMBER 31, 2010 and 2009                                                                                      |   |   |       |   |   |   |
| (Expressed in U.S. dollars)                                                                                                         |   |   |       |   |   |   |
|                                                                                                                                |   |   |       |   |   |   |
|                                                                                                                                |   | 2010   |       |   | 2009   |   |
| INVESTMENT INCOME:                                                                                                                  |   |   |       |   |   |   |
|      Interest income                                                                                       |   | $      | 209        |   |   | $      | 5,322 |   |
|                                                                                                                                |   |   |       |   |   |   |   |   |
| EXPENSES:                                                                                                                           |   |   |       |   |   |   |   |   |
|      Trading costs                                                                                         |   |   | 112,421    |   |   |   | 361,683 |   |
|      Interest expense                                                                                      |   |   | 19,292     |   |   |   | 37,470 |   |
|      Bank fees                                                                                             |   |   | 302        |   |   |   | 1,577 |   |
|                                                                                                                                |   |   |       |   |   |   |   |   |
|           Total Expenses                                                          |   |   | 132,015    |   |   |   | 400,730 |   |
|                                                                                                                                |   |   |       |   |   |   |   |   |
| NET INVESTMENT LOSS                                                                                                                 |   |   | (131,806   | )      |   |   | (395,408 | ) |
|                                                                                                                                |   |   |       |   |   |   |   |   |
| REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:                                                            |   |   |       |   |   |
|                                                                                                                                |   |   |       |   |   |   |   |   |
|      Net realized gain/(loss) from:                                                                        |   |   |       |   |   |   |   |   |
|           Investments                                                             |   |   | 8,392,837  |   |   |   | (2,810,472 | ) |
|           Foreign currency transactions                                           |   |   | (35,391    | )      |   |   | (79,703 | ) |
|                                                                                                                                |   |   | 8,357,446  |   |   |   | (2,890,175 | ) |
|      Net increase/(decrease) in unrealized appreciation/(depreciation) on:                                 |   |   |       |   |   |   |   |   |
|           Investments                                                             |   |   | 3,937,313  |   |   |   | (3,002,636 | ) |
|           Translation of assets and liabilities denominated in foreign currencies |   |   | (1,004     | )      |   |   | 2,111 |   |
|                                                                                                                                |   |   | 3,936,309  |   |   |   | (3,000,525 | ) |
|      Net realized and unrealized gain/(loss) on investments and foreign                                    |   |   |       |   |   |   |   |   |
|      currency                                                                                              |   |   | 12,293,755 |   |   |   | (5,890,700 | ) |
|                                                                                                                                |   |   |       |   |   |   |   |   |
| Net increase/(decrease) in net assets resulting from operations                                                                     |   | $      | 12,161,949 |   |   | $      | (6,286,108 | ) |
|                                                                                                                                |   |   |       |   |   |   |   |   |
| See notes to financial statements.                                                                                                  |   |   |       |   |   |   |   |   |

----

| ALPHAMETRIX ASPECT FUND — MT0001                                                    |   |   |       |   |   |   |
|-------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| (A Cayman Islands Exempted Limited Liability Company)                                     |   |   |       |   |
|                                                                                      |   |   |       |   |   |   |
| STATEMENTS OF CHANGES IN NET ASSETS                                                       |   |   |       |   |   |   |
| FOR THE YEARS ENDED DECEMBER 31, 2010 and 2009                                            |   |   |       |   |   |   |
| (Expressed in U.S. dollars)                                                               |   |   |       |   |   |   |
|                                                                                      |   |   |       |   |   |   |
|                                                                                      |   | 2010   |       |   | 2009   |   |
| Changes in net assets from operations:                                                    |   |   |       |   |   |   |
|   Net investment loss                                                           |   | $      | (131,806   | )      |   | $      | (395,408 | ) |
|   Net realized gain/(loss) from investments and foreign currency transactions   |   |   | 8,357,446  |   |   |   | (2,890,175 | ) |
|   Net increase/(decrease) in unrealized appreciation/(depreciation) on          |   |   |       |   |   |   |   |   |
|     investments and translation of assets and liabilities denominated |   |   |       |   |   |   |   |   |
|     in foreign currencies                                             |   |   | 3,936,309  |   |   |   | (3,000,525 | ) |
|                                                                                      |   |   |       |   |   |   |   |   |
|   Net increase/(decrease) in net assets resulting from operations               |   |   | 12,161,949 |   |   |   | (6,286,108 | ) |
|                                                                                      |   |   |       |   |   |   |   |   |
| Changes in net assets from capital transactions:                                          |   |   |       |   |   |   |   |   |
|   Proceeds from issuance of shares to investors                                 |   |   | 6,265,600  |   |   |   | 16,256,893 |   |
|   Redemptions of shares by investors                                            |   |   | (9,259,044 | )      |   |   | (25,971,026 | ) |
|                                                                                      |   |   |       |   |   |   |   |   |
|   Net increase/(decrease) in net assets resulting from capital transactions     |   |   | (2,993,444 | )      |   |   | (9,714,133 | ) |
|                                                                                      |   |   |       |   |   |   |   |   |
| Increase/(decrease) in net assets                                                         |   |   | 9,168,505  |   |   |   | (16,000,241 | ) |
|                                                                                      |   |   |       |   |   |   |   |   |
| NET ASSETS — Beginning of Year                                                      |   |   | 58,514,766 |   |   |   | 74,515,007 |   |
|                                                                                      |   |   |       |   |   |   |   |   |
| NET ASSETS — End of Year                                                            |   | $      | 67,683,271 |   |   | $      | 58,514,766 |   |
|                                                                                      |   |   |       |   |   |   |   |   |
| See notes to financial statements.                                                        |   |   |       |   |   |   |   |   |

----

----

| 1. | ORGANIZATION AND STRUCTURE |
|----|----------------------------|

----

| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|----|--------------------------------------------|

----

----

| 3. | FAIR VALUE MEASUREMENTS AND DISCLOSURES |
|----|-----------------------------------------|

----

----

|                                     |   |                           |      |   | Fair Value Measurements at Reporting Date Using                  |   |
|------------------------------------------|--------|--------------------------------|-----------|--------|------------------------------------------------------------------|--------|
|                                     |   |                           |      |   |                                                             |   |   |   |   |   |   |   |
| Description                              |   | Fair Value atDecember 31, 2010 |      |   | Quoted Prices inActive Markets forIdentical Investments(Level 1) |   |   | Significant OtherObservable Inputs(Level 2) |   |   | SignificantUnobservable Inputs(Level 3) |   |
|                                     |   |                           |      |   |                                                             |   |   |   |   |   |   |   |
| Assets                                   |   |                           |      |   |                                                             |   |   |   |   |   |   |   |
|   Futures contracts            |   |                           |      |   |                                                             |   |   |   |   |   |   |   |
|    Agriculture            |   | $                              | 1,067,720 |   |                                                             | $      | 1,067,720 |   |   | $ | - |   |   | $ | - |   |
|    Currency               |   |                           | 3,163     |   |                                                             |   | 3,163 |   |   |   | - |   |   |   | - |   |
|    Energy                 |   |                           | 354,771   |   |                                                             |   | 354,771 |   |   |   | - |   |   |   | - |   |
|    Indices                |   |                           | 257,640   |   |                                                             |   | 257,640 |   |   |   | - |   |   |   | - |   |
|    Interest               |   |                           | 85,564    |   |                                                             |   | 85,564 |   |   |   | - |   |   |   | - |   |
|    Metals                 |   |                           | 1,176,858 |   |                                                             |   | 1,176,858 |   |   |   | - |   |   |   | - |   |
|                                     |   |                           |      |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |
|   Forward currency             |   |                           |      |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |
|   contracts                    |   |                           | 1,395,526 |   |                                                             |   | - |   |   |   | 1,395,526 |   |   |   | - |   |
|                                     |   |                           |      |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Total investment assets                  |   |                           |      |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |
|     at fair value    |   |                           | 4,341,242 |   |                                                             |   | 2,945,716 |   |   |   | 1,395,526 |   |   |   | - |   |
|                                     |   |                           |      |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities                              |   |                           |      |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |
|   Futures contracts            |   |                           |      |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |
|    Agriculture            |   |                           | (11,604   | )      |                                                             |   | (11,604 | ) |   |   | - |   |   |   | - |   |
|    Currency               |   |                           | -         |   |                                                             |   | - |   |   |   | - |   |   |   | - |   |
|    Energy                 |   |                           | (119,135  | )      |                                                             |   | (119,135 | ) |   |   | - |   |   |   | - |   |
|    Indices                |   |                           | (80,502   | )      |                                                             |   | (80,502 | ) |   |   | - |   |   |   | - |   |
|    Interest               |   |                           | (151,898  | )      |                                                             |   | (151,898 | ) |   |   | - |   |   |   | - |   |
|    Metals                 |   |                           | (79,047   | )      |                                                             |   | (79,047 | ) |   |   | - |   |   |   | - |   |
|                                     |   |                           |      |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |
|   Forward currency             |   |                           |      |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |
|   contracts                    |   |                           | (249,062  | )      |                                                             |   | - |   |   |   | (249,062 | ) |   |   | - |   |
|                                     |   |                           |      |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Total investment liabilities             |   |                           |      |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |
|     at fair value    |   |                           | (691,248  | )      |                                                             |   | (442,186 | ) |   |   | (249,062 | ) |   |   | - |   |
|                                     |   |                           |      |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Total investment assets at               |   |                           |      |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |
|     fair value - net |   | $                              | 3,649,994 |   |                                                             | $      | 2,503,530 |   |   | $ | 1,146,464 |   |   | $ | - |   |

----

|                                     |   |                           |       |   |                                                             |   |       |                                        |   |   |                                    |   |
|------------------------------------------|--------|--------------------------------|------------|--------|------------------------------------------------------------------|--------|------------|---------------------------------------------|--------|--------|-----------------------------------------|--------|
|                                     |   |                           |       |   | Fair Value Measurements at Reporting Date Using                  |   |
| Description                              |   | Fair Value atDecember 31, 2009 |       |   | Quoted Prices inActive Markets forIdentical Investments(Level 1) |   |       | Significant OtherObservable Inputs(Level 2) |   |   | SignificantUnobservable Inputs(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                                | )      |   | $ | - |   |

----

----

| 2010                                                                                                 |   | Asset Derivatives Fair Value* |      |   | Liability Derivatives Fair Value* |   |
|------------------------------------------------------------------------------------------------------|--------|-------------------------------|-----------|--------|-----------------------------------|--------|
|                                                                                                 |   |                          |      |   |                              |   |
| Agriculture                                                                                          |   | $                             | 1,067,720 |   |                              | $      | (11,604 | ) |
| Currency                                                                                             |   |                          | 3,163     |   |                              |   | - |   |
| Energy                                                                                               |   |                          | 354,771   |   |                              |   | (119,135 | ) |
| Indices                                                                                              |   |                          | 257,640   |   |                              |   | (80,502 | ) |
| Interest                                                                                             |   |                          | 85,564    |   |                              |   | (151,898 | ) |
| Metals                                                                                               |   |                          | 1,176,858 |   |                              |   | (79,047 | ) |
| Forward currency                                                                                     |   |                          | 1,395,526 |   |                              |   | (249,062 | ) |
|                                                                                                 |   |                          |      |   |                              |   |   |   |
| Total derivatives not designated as                                                                  |   |                          |      |   |                              |   |   |   |
| hedging instruments under ASC 815                                                                    |   | $                             | 4,341,242 |   |                              | $      | (691,248 | ) |
|                                                                                                 |   |                          |      |   |                              |   |   |   |
| *Located in unrealized appreciation on open contracts, net in the Statements of Financial Condition. |   |
|                                                                                                 |   |                          |      |   |                              |   |   |   |

----

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

|                                                                                            |   | Net Trading Gain/(Loss)* |       |
|-------------------------------------------------------------------------------------------------|--------|--------------------------|------------|
|                                                                                            |   | year ended 12/31/10      |       |
| Futures contracts:                                                                              |   |                     |       |
| Agriculture                                                                                     |   | $                        | 2,090,964  |   |
| Currencies                                                                                      |   |                     | 3,406      |   |
| Energy                                                                                          |   |                     | (2,017,435 | ) |
| Indices                                                                                         |   |                     | (1,345,885 | ) |
| Interest                                                                                        |   |                     | 8,845,391  |   |
| Metals                                                                                          |   |                     | 1,578,101  |   |
| Total futures contracts:                                                                        |   |                     | 9,154,542  |   |
|                                                                                            |   |                     |       |   |
| Forward currency contracts:                                                                     |   |                     | 3,175,609  |   |
|                                                                                            |   |                     |       |   |
| Total net trading gain/(loss)                                                                   |   | $                        | 12,330,151 |   |
|                                                                                            |   |                     |       |   |
| * Includes both realized of $8,392,837 and unrealized of $3,937,314 gains/(losses)              |   |
| and is located in Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency   |   |
| in the Statements of Operations. Amounts exclude foreign currency transactions and translation. |   |

----

|                                                                                             |   | Net Trading Gain/(Loss)* |       |
|--------------------------------------------------------------------------------------------------|--------|--------------------------|------------|
|                                                                                             |   | year ended 12/31/09      |       |
| Futures contracts:                                                                               |   |                     |       |
| Currencies                                                                                       |   | $                        | (7,784     | ) |
| Energy                                                                                           |   |                     | (2,877,832 | ) |
| Agriculture                                                                                      |   |                     | 74,991     |   |
| Interest                                                                                         |   |                     | (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 | ) |
|                                                                                             |   |                     |       |   |
| * Includes both realized of $2,810,472 and unrealized of $3,002,636 gains/(losses)               |   |
| and is located in Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency    |   |
| in the Statements of Operations. Amounts exclude foreign currency transactions and translations. |   |

| 4. | ALLOCATION OF MASTER FUND’S INCOME AND GAINS AND LOSSES |
|----|---------------------------------------------------------------|

| 5.   | DERIVATIVE FINANCIAL INSTRUMENTS |
|----------------|----------------------------------|

----

| 6. | RELATED PARTIES |
|----|-----------------|

| 7. | ADMINISTRATION |
|----|----------------|

----

| 8. | CAPITAL STRUCTURE |
|----|-------------------|

|                                         |   | 2010   |   |   | 2009   |   |
|----------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                         |   |   |   |   |   |   |
| Shares outstanding — Beginning of Year |   |   | 65,697 |   |   |   | 74,515 |   |
|                                         |   |   |   |   |   |   |   |   |
| Shares subscribed                            |   |   | 6,409  |   |   |   | 18,264 |   |
| Shares redeemed                              |   |   | (9,628 | )      |   |   | (27,082 | ) |
|                                         |   |   |   |   |   |   |   |   |
| Shares outstanding — End of Year       |   |   | 62,478 |   |   |   | 65,697 |   |

| 9. | FINANCIAL HIGHLIGHTS |
|----|----------------------|

|   | · | Per share operating performance is computed based upon either actual number of shares outstanding at the beginning and end of the year or the weighted-average net shares for the years ended December 31, 2010 and 2009. Weighted average shares are computed using the month-end shares outstanding. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Total return is calculated as the change in the net asset value per share for the years ended December 31, 2010 and 2009. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------|

|   | · | The net investment loss and total expense ratios are computed based upon the weighted average net assets for the years ended December 31, 2010 and 2009. Weighted average net assets are computed using the average of month-end net assets. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                               |   | 2010   |     |   | 2009   |   |
|----------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Net asset value — Beginning of Year                                                          |   | $      | 890.67   |   |   | $      | 1,000.00 |   |
|                                                                                               |   |   |     |   |   |   |   |   |
|   Per share data (for a share outstanding throughout the year):                          |   |   |     |   |   |   |   |   |
|     Net investment loss                                                        |   |   | (2.03    | )      |   |   | (5.96 | ) |
|     Total realized and unrealized gain/(loss) on investments                   |   |   | 194.67   |   |   |   | (103.37 | ) |
|                                                                                               |   |   |     |   |   |   |   |   |
|            Total from investment operations |   |   | 192.64   |   |   |   | (109.33 | ) |
|                                                                                               |   |   |     |   |   |   |   |   |
| Net asset value — End of Year                                                                |   | $      | 1,083.31 |   |   | $      | 890.67 |   |
|                                                                                               |   |   |     |   |   |   |   |   |
| Ratio to average net assets:                                                                       |   |   |     |   |   |   |   |   |
|   Net investment loss                                                                    |   |   | (0.21    | )%     |   |   | (0.64 | )% |
|   Total expenses                                                                         |   |   | 0.21     | %      |   |   | 0.65 | % |
|                                                                                               |   |   |     |   |   |   |   |   |
| Total return                                                                                       |   |   | 21.63    | %      |   |   | (10.93 | )% |

| 10. | SUBSEQUENT EVENTS |
|-----|-------------------|

----

----

----