----

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----

| DELAWARE                                                       |   | Unleveraged Series: 22-2897229              |
|----------------------------------------------------------------|--------|---------------------------------------------|
|                                                           |   | Leveraged Series: 22-3722683                |
|                                                           |   | Commodity L/S Unleveraged Series 20-8806944 |
|                                                           |   | Commodity L/N Unleveraged Series 27-1198002 |
|                                                                |   |                                             |
| (State or other jurisdiction of incorporation or organization) |   | (IRS Employer Identification Number)        |

----

----

----

----

----

----

----

MLM 

| PART I – FINANCIAL INFORMATION                                                                                                                          |   | Page                                                                                                                           |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                          |   |                                                                                                                           |   | Number |
| Item 1                                                                                                                                                        |   | Financial Statements:                                                                                                          |   |   |
|                                                                                                                                                          |   |                                                                                                                           |   |   |
| Condensed Statements of Financial Condition as of September 30, 2010 (unaudited) and December 31, 2009                                                        |   | 3                                                                                                                              |
|                                                                                                                                                          |   |                                                                                                                           |   |   |
| Condensed Schedules of Investments as of September 30, 2010 (unaudited) and December 31, 2009                                                                 |   | 4                                                                                                                              |
|                                                                                                                                                          |   |                                                                                                                           |   |   |
| Unaudited Condensed Statements of Operations for the three months ended September 30, 2010 and 2009 and for the nine months ended September 30, 2010 and 2009 |   | 5                                                                                                                              |
|                                                                                                                                                          |   |                                                                                                                           |   |   |
| Unaudited Condensed Statements of Changes in Investors’ Interest for the nine months ended September 30, 2010                                           |   | 6-8                                                                                                                            |
|                                                                                                                                                          |   |                                                                                                                           |   |   |
| Unaudited Condensed Statements of Changes in Investors’ Interest for the nine months ended September 30, 2009                                           |   | 9                                                                                                                              |
|                                                                                                                                                          |   |                                                                                                                           |
| Unaudited Condensed Statements of Cash Flows for the nine months ended September 30, 2010 and 2009                                                            |   | 10                                                                                                                             |
|                                                                                                                                                          |   |                                                                                                                           |
| Notes to Unaudited Condensed Financial Statements                                                                                                             |   | 11-21                                                                                                                          |
|                                                                                                                                                          |   |                                                                                                                           |   |   |
| Item 2                                                                                                                                                        |   | Management’s Discussion and Analysis of Financial Condition      and Results of Operations |   | 22 |
|                                                                                                                                                          |   |                                                                                                                           |   |   |
| Item 3                                                                                                                                                        |   | Quantitative and Qualitative Disclosures of Market Risk                                                                        |   | 25 |
|                                                                                                                                                          |   |                                                                                                                           |   |   |
| Item 4                                                                                                                                                        |   | Controls and Procedures                                                                                                        |   | 27 |
|                                                                                                                                                          |   |                                                                                                                           |   |   |
| PART II – OTHER INFORMATION                                                                                                                             |   |                                                                                                                           |
|                                                                                                                                                          |   |                                                                                                                           |   |   |
| Item 1                                                                                                                                                        |   | Legal Proceedings                                                                                                              |   | 27 |
|                                                                                                                                                          |   |                                                                                                                           |   |   |
| Item 1A                                                                                                                                                       |   | Risk Factors                                                                                                                   |   | 27 |
|                                                                                                                                                          |   |                                                                                                                           |   |   |
| Item 2                                                                                                                                                        |   | Unregistered Sales of Equity Securities and Use of Proceeds                                                                    |   | 28 |
|                                                                                                                                                          |   |                                                                                                                           |   |   |
| Item 3                                                                                                                                                        |   | Defaults Upon Senior Securities                                                                                                |   | 28 |
|                                                                                                                                                          |   |                                                                                                                           |   |   |
| Item 5                                                                                                                                                        |   | Other Information                                                                                                              |   | 28 |
|                                                                                                                                                          |   |                                                                                                                           |   |   |
| Item 6                                                                                                                                                        |   | Exhibits and Reports on Form 8-K                                                                                               |   | 29 |

----

Index

| Item 1. | Financial Statements. |
|---------|-----------------------|

MLM 

|                                                         |   | September30, |        |   | December 31, |   |
|--------------------------------------------------------------|--------|--------------|-------------|--------|--------------|--------|
|                                                         |   | 2010         |        |   | 2009         |   |
| Assets                                                       |   |         |        |   |         |   |
| Cash and cash equivalents                                    |   | $            | 114,302,848 |   |         | $      | 91,417,211 |   |
| Due from broker                                              |   |         | 12,341,498  |   |         |   | 38,376,426 |   |
| Net unrealized gain on open futures contracts, at fair value |   |         | 5,081,394   |   |         |   | - |   |
| Interest receivable                                          |   |         | 2           |   |         |   | 5,414 |   |
| Other assets                                                 |   |         | 24,477      |   |         |   |   |   |
| Total assets                                                 |   | $            | 131,750,219 |   |         | $      | 129,799,051 |   |
|                                                         |   |         |        |   |         |   |   |   |
| Liabilities and investors’ interest                    |   |         |        |   |         |   |   |   |
| Net unrealized loss on open futures contracts, at fair value |   | $            | -           |   |         | $      | 1,134,488 |   |
| Redemptions payable                                          |   |         | 769,617     |   |         |   | 23,834,370 |   |
| Subscriptions received in advance                            |   |         | 1,335,600   |   |         |   | - |   |
| Brokerage commissions payable                                |   |         | 69,785      |   |         |   | 65,124 |   |
| Management fee payable                                       |   |         | 85,210      |   |         |   | 95,998 |   |
| Accrued expenses                                             |   |         | 31,534      |   |         |   | 90,117 |   |
| Total liabilities                                            |   |         | 2,291,746   |   |         |   | 25,220,097 |   |
|                                                         |   |         |        |   |         |   |   |   |
| Investors’ interest                                    |   |         | 129,458,473 |   |         |   | 104,578,954 |   |
| Total liabilities and investors’ interest              |   | $            | 131,750,219 |   |         | $      | 129,799,051 |   |

----

Index

MLM 

| September 30, 2010 (Unaudited)                               |   |      |   |   | Unrealized     |   |      | Percentage of |   |
|--------------------------------------------------------------|--------|-----------|--------|--------|----------------|--------|-----------|---------------|--------|
|                                                         |   | Number of |   |   | appreciation/  |   |      | investors'    |   |
| Security Description                                         |   | contracts |   |   | (depreciation) |   |      | Interest      |   |
|                                                         |   |      |   |   |           |   |      |          |   |
| Futures                                                      |   |      |   |   |           |   |      |          |   |
| Long futures contracts                                       |   |      |   |   |           |   |      |          |   |
| Financial                                                    |   |      | 773    |   |           | $      | 1,851,803 |          |   |   | 1.43 | % |
| Commodity                                                    |   |      | 1,292  |   |           |   | 4,018,422 |          |   |   | 3.10 |   |
|                                                         |   |      | 2,065  |   |           |   | 5,870,225 |          |   |   | 4.53 | % |
| Short futures contracts                                      |   |      |   |   |           |   |      |          |   |   |   |   |
| Financial                                                    |   |      | 53     |   |           |   | (493,700  | )             |   |   | (0.38 | ) |
| Commodity                                                    |   |      | 280    |   |           |   | (295,131  | )             |   |   | (0.23 | ) |
|                                                         |   |      | 333    |   |           |   | (788,831  | )             |   |   | (0.61 | ) |
|                                                         |   |      |   |   |           |   |      |          |   |   |   |   |
| Net unrealized gain on open futures contracts, at fair value |   |      |   |   |           | $      | 5,081,394 |          |   |   | 3.92 | % |

|                                                         |   |      |   |   | Unrealized     |   |       | Percentage of |   |
|--------------------------------------------------------------|--------|-----------|--------|--------|----------------|--------|------------|---------------|--------|
| December, 31, 2009 (Audited)                                 |   | Number of |   |   | appreciation   |   |       | investors'    |   |
| Security Description                                         |   | contracts |   |   | (depreciation) |   |       | Interest      |   |
|                                                         |   |      |   |   |           |   |       |          |   |
| Futures                                                      |   |      |   |   |           |   |       |          |   |
| Long futures contracts                                       |   |      |   |   |           |   |       |          |   |
| Financial                                                    |   |      | 900    |   |           | $      | (2,233,254 | )             |   |   | (2.14 | )% |
| Commodity                                                    |   |      | 379    |   |           |   | 1,081,653  |          |   |   | 1.03 |   |
|                                                         |   |      | 1,279  |   |           |   | (1,151,601 | )             |   |   | (1.11 | )% |
| Short futures contracts                                      |   |      |   |   |           |   |       |          |   |   |   |   |
| Financial                                                    |   |      | 84     |   |           |   | 120,124    |          |   |   | 0.11 |   |
| Commodity                                                    |   |      | 81     |   |           |   | (103,011   | )             |   |   | (0.10 | ) |
|                                                         |   |      | 165    |   |           |   | 17,113     |          |   |   | 0.01 |   |
|                                                         |   |      |   |   |           |   |       |          |   |   |   |   |
| Net unrealized loss on open futures contracts, at fair value |   |      |   |   |           | $      | (1,134,488 | )             |   |   | (1.10 | )% |

----

Index

MLM 

|                                                   |   | For the threemonths endedSeptember 30,2010 |       |   | For the threemonths endedSeptember 30,2009 |   |      | For the ninemonths endedSeptember 30,2010 |   |   | For the ninemonths endedSeptember 30,2009 |   |
|--------------------------------------------------------|--------|--------------------------------------------|------------|--------|--------------------------------------------|--------|-----------|-------------------------------------------|--------|--------|-------------------------------------------|--------|
| Investment income                                      |   |                                       |       |   |                                       |   |      |                                      |   |   |                                      |   |
| Interest                                               |   | $                                          | 15,817     |   |                                       | $      | 43,620    |                                      |   | $      | 39,813                                    |   |   | $ | 143,917 |   |
|                                                   |   |                                       |       |   |                                       |   |      |                                      |   |   |                                      |   |   |   |   |   |
| Expenses                                               |   |                                       |       |   |                                       |   |      |                                      |   |   |                                      |   |   |   |   |   |
| Brokerage commissions                                  |   |                                       | 208,382    |   |                                       |   | 222,307   |                                      |   |   | 615,747                                   |   |   |   | 729,067 |   |
| Management fee                                         |   |                                       | 244,670    |   |                                       |   | 265,793   |                                      |   |   | 722,270                                   |   |   |   | 865,917 |   |
| Operating expenses                                     |   |                                       | 130,868    |   |                                       |   | 164,162   |                                      |   |   | 371,097                                   |   |   |   | 507,006 |   |
| Total expenses                                         |   |                                       | 583,920    |   |                                       |   | 652,262   |                                      |   |   | 1,709,114                                 |   |   |   | 2,101,990 |   |
|                                                   |   |                                       |       |   |                                       |   |      |                                      |   |   |                                      |   |   |   |   |   |
| Net investment loss                                    |   |                                       | (568,103   | )      |                                       |   | (608,642  | )                                         |   |   | (1,669,301                                | )      |   |   | (1,958,073 | ) |
|                                                   |   |                                       |       |   |                                       |   |      |                                      |   |   |                                      |   |   |   |   |   |
| Realized and unrealized gain (loss) on investments     |   |                                       |       |   |                                       |   |      |                                      |   |   |                                      |   |   |   |   |   |
| Net realized gain (loss) on investments                |   |                                       | (2,821,205 | )      |                                       |   | 2,551,617 |                                      |   |   | (5,362,048                                | )      |   |   | (5,796,940 | ) |
| Net change in unrealized gain (loss) on investments    |   |                                       | 5,730,668  |   |                                       |   | 5,611,932 |                                      |   |   | 6,354,707                                 |   |   |   | (634,507 | ) |
| Net realized and unrealized gain (loss) on investments |   |                                       | 2,909,463  |   |                                       |   | 8,163,549 |                                      |   |   | 992,659                                   |   |   |   | (6,431,447 | ) |
|                                                   |   |                                       |       |   |                                       |   |      |                                      |   |   |                                      |   |   |   |   |   |
| Net income (loss)                                      |   | $                                          | 2,341,360  |   |                                       | $      | 7,554,907 |                                      |   | $      | (676,642                                  | )      |   | $ | (8,389,520 | ) |

----

Index

MLM 

|                                            |   | Leveraged Series |       |
|-------------------------------------------------|--------|------------------|------------|
|                                            |   |             |       |   |   |   |   |   |   |   |   |   |   | Total |   |
|                                            |   | Class A          |       |   | Class B |   |   | Class C |   |   | Class D |   |   | Leveraged |   |
|                                            |   | Shares           |       |   | Shares |   |   | Shares |   |   | Shares |   |   | Series |   |
| Investors’ interest at December 31, 2009  |   | $                | 4,638,578  |   |   | $ | 11,469,894 |   |   | $ | 1,164 |   |   | $ | 30,186,250 |   |   | $ | 46,295,886 |   |
| Subscriptions                                   |   |             | 19,000     |   |   |   | 474,338 |   |   |   | - |   |   |   | 125,000 |   |   |   | 618,338 |   |
| Redemptions                                     |   |             | (1,970,396 | ) |   |   | (1,386,723 | ) |   |   | - |   |   |   | (7,589,138 | ) |   |   | (10,946,257 | ) |
| Transfers                                       |   |             | (5,000     | ) |   |   | (24,518 | ) |   |   | - |   |   |   | (157,943 | ) |   |   | (187,461 | ) |
| Net income (loss)                               |   |             | (18,799    | ) |   |   | 158,656 |   |   |   | 18 |   |   |   | 403,589 |   |   |   | 543,464 |   |
|                                            |   |             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investors’ interest at September 30, 2010 |   | $                | 2,663,383  |   |   | $ | 10,691,647 |   |   | $ | 1,182 |   |   | $ | 22,967,758 |   |   | $ | 36,323,970 |   |
|                                            |   |             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares at December 31, 2009                     |   |             | 51,127     |   |   |   | 108,685 |   |   |   | 14 |   |   |   | 281,580 |   |   |   |   |   |
| Subscriptions                                   |   |             | 218        |   |   |   | 4,547 |   |   |   | - |   |   |   | 1,180 |   |   |   |   |   |
| Redemptions                                     |   |             | (22,024    | ) |   |   | (13,126 | ) |   |   | - |   |   |   | (71,397 | ) |   |   |   |   |
| Transfers                                       |   |             | (54        | ) |   |   | (231 | ) |   |   | - |   |   |   | (1,496 | ) |   |   |   |   |
|                                            |   |             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares at September 30, 2010                    |   |             | 29,267     |   |   |   | 99,875 |   |   |   | 14 |   |   |   | 209,867 |   |   |   |   |   |
|                                            |   |             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net asset value per share:                      |   |             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| September 30, 2010                              |   | $                | 91.00      |   |   | $ | 107.05 |   |   | $ | 87.54 |   |   | $ | 109.44 |   |   |   |   |   |

----

Index

MLM 

|                                            |   | Unleveraged Series |
|-------------------------------------------------|--------|--------------------|
|                                            |   |               |   |   |   |   |   |   |   |   |   |   |   | Total |
|                                            |   | Class A            |   |   | Class B |   |   | Class C |   |   | Class D |   |   | Unleveraged |
|                                            |   | Shares             |   |   | Shares |   |   | Shares |   |   | Shares |   |   | Series |
| Investors’ interest at December 31, 2009  |   | $                  | 4,636,414 |   |   | $ | 9,124,592 |   |   | $ | 1,262 |   |   | $ | 32,673,423 |   |   | $ | 46,435,691 |   |
| Subscriptions                                   |   |               | 25,000 |   |   |   | 556,210 |   |   |   | - |   |   |   | 10,525,000 |   |   |   | 11,106,210 |   |
| Redemptions                                     |   |               | (664,650 | ) |   |   | (2,326,526 | ) |   |   | - |   |   |   | (7,330,954 | ) |   |   | (10,322,130 | ) |
| Transfers                                       |   |               | 5,000 |   |   |   | 24,518 |   |   |   | - |   |   |   | 157,943 |   |   |   | 187,461 |   |
| Net income (loss)                               |   |               | (34,089 | ) |   |   | 5,161 |   |   |   | - |   |   |   | 371,505 |   |   |   | 342,577 |   |
|                                            |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investors’ interest at September 30, 2010 |   | $                  | 3,967,675 |   |   | $ | 7,383,955 |   |   | $ | 1,262 |   |   | $ | 36,396,917 |   |   | $ | 47,749,809 |   |
|                                            |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares at December 31, 2009                     |   |               | 40,930 |   |   |   | 72,234 |   |   |   | 11 |   |   |   | 288,259 |   |   |   |   |   |
| Subscriptions                                   |   |               | 227 |   |   |   | 4,419 |   |   |   | - |   |   |   | 94,594 |   |   |   |   |   |
| Redemptions                                     |   |               | (5,930 | ) |   |   | (18,423 | ) |   |   | - |   |   |   | (64,395 | ) |   |   |   |   |
| Transfers                                       |   |               | 44 |   |   |   | 194 |   |   |   | - |   |   |   | 1,401 |   |   |   |   |   |
|                                            |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares at September 30, 2010                    |   |               | 35,271 |   |   |   | 58,424 |   |   |   | 11 |   |   |   | 319,859 |   |   |   |   |   |
|                                            |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net asset value per share:                      |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| September 30, 2010                              |   | $                  | 112.49 |   |   | $ | 126.39 |   |   | $ | 111.00 |   |   | $ | 113.79 |   |   |   |   |   |

----

Index

|                                            |   | Commodity L/S |       |   | Commodity L/N |   |       |             |   |
|-------------------------------------------------|--------|---------------|------------|--------|---------------|--------|------------|------------------|--------|
|                                            |   | Unleveraged   |       |   | Unleveraged   |   |       |             |   |
|                                            |   |          |       |   |          |   |       | Total            |   |
|                                            |   | Class D       |       |   | Class D       |   |       | Investors’ |   |
|                                            |   | Shares        |       |   | Shares        |   |       | Interest         |   |
| Investors’ interest at December 31, 2009  |   | $             | 3,246,160  |   |          | $      | 8,601,217  |             |   | $ | 104,578,954 |   |
| Subscriptions                                   |   |          | 10,500,000 |   |          |   | 24,600,000 |             |   |   | 46,824,548 |   |
| Redemptions                                     |   |          | -          |   |          |   | -          |             |   |   | (21,268,387 | ) |
| Transfers                                       |   |          | -          |   |          |   | -          |             |   |   | - |   |
| Net loss                                        |   |          | (1,519,971 | )      |          |   | (42,712    | )                |   |   | (676,642 | ) |
|                                            |   |          |       |   |          |   |       |             |   |   |   |   |
| Investors’ interest at September 30, 2010 |   | $             | 12,226,189 |   |          | $      | 33,158,505 |             |   | $ | 129,458,473 |   |
|                                            |   |          |       |   |          |   |       |             |   |   |   |   |
| Shares at December 31, 2009                     |   |          | 30,009     |   |          |   | 84,322     |             |   |   |   |   |
| Subscriptions                                   |   |          | 93,622     |   |          |   | 254,692    |             |   |   |   |   |
| Redemptions                                     |   |          | -          |   |          |   | -          |             |   |   |   |   |
| Transfers                                       |   |          | -          |   |          |   | -          |             |   |   |   |   |
|                                            |   |          |       |   |          |   |       |             |   |   |   |   |
| Shares at September 30, 2010                    |   |          | 123,631    |   |          |   | 339,014    |             |   |   |   |   |
|                                            |   |          |       |   |          |   |       |             |   |   |   |   |
| Net asset value per share:                      |   |          |       |   |          |   |       |             |   |   |   |   |
| September 30, 2010                              |   | $             | 98.89      |   |          | $      | 97.80      |             |   |   |   |   |

----

Index

|                                                        |   | Leveraged Series |       |   | Unleveraged Series |   |       | Commodity Unleveraged Series |   |   |          |   |
|-------------------------------------------------------------|--------|------------------|------------|--------|--------------------|--------|------------|------------------------------|--------|--------|---------------|--------|
|                                                        |   | Class AShares    |       |   | Class BShares      |   |       | Class CShares                |   |   | Class DShares |   |   | TotalLeveraged Series |   |   | Class AShares |   |   | Class BShares |   |   | Class CShares |   |   | Class DShares |   |   | TotalUnleveraged Series |   |   | Class DShares |   |   | TotalInvestors’ Interest |   |
|                                                        |   |             |       |   |               |   |       |                         |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investors’ interest at December 31, 2008         |   | $                | 6,903,329  |   |               | $      | 13,796,085 |                         |   | $      | 1,327         |   |   | $ | 31,281,480 |   |   | $ | 51,982,221 |   |   | $ | 4,293,290 |   |   | $ | 12,404,908 |   |   | $ | 1,320 |   |   | $ | 67,514,995 |   |   | $ | 84,214,513 |   |   | $ | - |   |   | $ | 136,196,734 |   |
| Subscriptions                                               |   |             | 55,000     |   |               |   | 576,405    |                         |   |   | -             |   |   |   | 5,685,000 |   |   |   | 6,316,405 |   |   |   | - |   |   |   | 433,050 |   |   |   | - |   |   |   | 3,240,000 |   |   |   | 3,673,050 |   |   |   | 3,000,000 |   |   |   | 12,989,455 |   |
| Redemptions                                                 |   |             | (1,089,631 | )      |               |   | (1,267,744 | )                            |   |   | -             |   |   |   | (3,422,845 | ) |   |   | (5,780,220 | ) |   |   | (35,000 | ) |   |   | (3,497,102 | ) |   |   | - |   |   |   | (12,086,090 | ) |   |   | (15,618,192 | ) |   |   | - |   |   |   | (21,398,412 | ) |
| Transfers                                                   |   |             | -          |   |               |   | (5,055     | )                            |   |   | -             |   |   |   | 536,934 |   |   |   | 531,879 |   |   |   | - |   |   |   | 5,055 |   |   |   | - |   |   |   | (536,934 | ) |   |   | (531,879 | ) |   |   | - |   |   |   | - |   |
| Net loss                                                    |   |             | (769,174   | )      |               |   | (1,525,902 | )                            |   |   | (147          | )      |   |   | (3,371,707 | ) |   |   | (5,666,930 | ) |   |   | (193,759 | ) |   |   | (404,604 | ) |   |   | (50 | ) |   |   | (2,331,237 | ) |   |   | (2,929,650 | ) |   |   | 207,060 |   |   |   | (8,389,520 | ) |
|                                                        |   |             |       |   |               |   |       |                         |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Investors’ interest at Septemeber 30, 2009 |   | $                | 5,099,524  |   |               | $      | 11,573,789 |                         |   | $      | 1,180         |   |   | $ | 30,708,862 |   |   | $ | 47,383,355 |   |   | $ | 4,064,531 |   |   | $ | 8,941,307 |   |   | $ | 1,270 |   |   | $ | 55,800,734 |   |   | $ | 68,807,842 |   |   | $ | 3,207,060 |   |   | $ | 119,398,257 |   |
|                                                        |   |             |       |   |               |   |       |                         |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares at December 31, 2008                                 |   |             | 65,670     |   |               |   | 114,555    |                         |   |   | 14            |   |   |   | 257,908 |   |   |   |   |   |   |   | 35,898 |   |   |   | 93,951 |   |   |   | 11 |   |   |   | 572,449 |   |   |   |   |   |   |   | - |   |   |   |   |   |
| Subscriptions                                               |   |             | 663        |   |               |   | 5,272      |                         |   |   |          |   |   |   | 50,305 |   |   |   |   |   |   |   | - |   |   |   | 3,381 |   |   |   | - |   |   |   | 28,514 |   |   |   |   |   |   |   | 30,000 |   |   |   |   |   |
| Redemptions                                                 |   |             | (11,116    | )      |               |   | (11,639    | )                            |   |   | -             |   |   |   | (30,651 | ) |   |   |   |   |   |   | (318 | ) |   |   | (27,007 | ) |   |   | - |   |   |   | (106,140 | ) |   |   |   |   |   |   | - |   |   |   |   |   |
| Transfers                                                   |   |             | -          |   |               |   | (43        | )                            |   |   | -             |   |   |   | 5,513 |   |   |   |   |   |   |   | - |   |   |   | 39 |   |   |   | - |   |   |   | (4,885 | ) |   |   |   |   |   |   | - |   |   |   |   |   |
|                                                        |   |             |       |   |               |   |       |                         |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares at September 30, 2009                           |   |             | 55,217     |   |               |   | 108,145    |                         |   |   | 14            |   |   |   | 283,075 |   |   |   |   |   |   |   | 35,580 |   |   |   | 70,363 |   |   |   | 11 |   |   |   | 489,938 |   |   |   |   |   |   |   | 30,000 |   |   |   |   |   |
| Net asset value per share:                                  |   |             |       |   |               |   |       |                         |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| September 30, 2009                                     |   | $                | 92.35      |   |               | $      | 107.02     |                         |   | $      | 87.43         |   |   | $ | 108.48 |   |   |   |   |   |   | $ | 114.24 |   |   | $ | 127.07 |   |   | $ | 115.45 |   |   | $ | 113.89 |   |   |   |   |   |   | $ | 106.90 |   |   |   |   |   |

----

Index

MLM 

|                                                                                                                         |   | For the ninemonths endedSeptember 30,2010 |        |   | For the ninemonths endedSeptember 30,2009 |   |
|------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|-------------|--------|-------------------------------------------|--------|
|                                                                                                                         |   |                                      |        |   |                                      |   |
| Cash flows from operating activities                                                                                         |   |                                      |        |   |                                      |   |
| Net loss                                                                                                                     |   | $                                         | (676,642    | )      |                                      | $      | (8,389,520 | ) |
| Adjustments to reconcile net loss to net cash and cash equivalents provided by (used in) operating and investing activities: |   |                                      |        |   |                                      |   |   |   |
| Net change in operating assets and liabilities:                                                                              |   |                                      |        |   |                                      |   |   |   |
| Due from broker                                                                                                              |   |                                      | 26,034,928  |   |                                      |   | 6,762,627 |   |
| Net unrealized (gain) loss on open futures contracts                                                                         |   |                                      | (6,215,882  | )      |                                      |   | 667,236 |   |
| Interest receivable                                                                                                          |   |                                      | 5,412       |   |                                      |   | 50,296 |   |
| Other assets                                                                                                                 |   |                                      | (24,477     | )      |                                      |   | 28 |   |
| Brokerage commissions payable                                                                                                |   |                                      | 4,661       |   |                                      |   | (15,015 | ) |
| Management fee payable                                                                                                       |   |                                      | (10,788     | )      |                                      |   | (11,876 | ) |
| Accrued expenses                                                                                                             |   |                                      | (58,583     | )      |                                      |   | (269,288 | ) |
| Net cash and cash equivalents provided by (used in) operating and investing activities                                  |   |                                      | 19,058,629  |   |                                      |   | (1,205,512 | ) |
|                                                                                                                         |   |                                      |        |   |                                      |   |   |   |
| Cash flows from financing activities                                                                                         |   |                                      |        |   |                                      |   |   |   |
| Subscriptions received, net of selling commissions, including subscriptions received in advance                              |   |                                      | 48,158,930  |   |                                      |   | 12,989,455 |   |
| Net redemptions, including payments of redemptions payable                                                                   |   |                                      | (44,331,922 | )      |                                      |   | (23,169,328 | ) |
| Net cash and cash equivalents provided by (used in) financing activities                                                     |   |                                      | 3,827,008   |   |                                      |   | (10,179,873 | ) |
|                                                                                                                         |   |                                      |        |   |                                      |   |   |   |
| Net increase in cash and cash equivalents                                                                                    |   |                                      | 22,885,637  |   |                                      |   | (11,385,385 | ) |
| Cash and cash equivalents at beginning of period                                                                             |   |                                      | 91,417,211  |   |                                      |   | 98,799,819 |   |
| Cash and cash equivalents at end of period                                                                                   |   | $                                         | 114,302,848 |   |                                      | $      | 87,414,434 |   |
|                                                                                                                         |   |                                      |        |   |                                      |   |   |   |
| Supplemental disclosures of non-cash financing activities:                                                                   |   |                                      |        |   |                                      |   |   |   |
| Redemptions payable                                                                                                          |   | $                                         | 769,617     |   |                                      | $      | 1,110,180 |   |

----

Index

MLM 

----

Index

|   | a) | Quoted prices for similar assets or liabilities in active markets (for example, restricted stock); |
|--------|----|----------------------------------------------------------------------------------------------------|

|   | b) | Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently); |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including interest rate and currency swaps); and |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d) | Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability (for example, certain mortgage loans). |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

|                              |   | September 30,2010 |        |   | December 31,2009 |   |
|-----------------------------------|--------|-------------------|-------------|--------|------------------|--------|
|                              |   |              |        |   |             |   |
| Overnight money markets           |   | $                 | 1,984,000   |   |             | $      | 10,001,000 |   |
| U.S. government agency securities |   |              | 87,835,885  |   |             |   | 81,011,771 |   |
| Cash                              |   |              | 24,406,304  |   |             |   | - |   |
| Government money market           |   |              | 70,000      |   |             |   | - |   |
| Cash in checking account          |   |              | 6,659       |   |             |   | 404,440 |   |
|                              |   |              |        |   |             |   |   |   |
| Total                             |   | $                 | 114,302,848 |   |             | $      | 91,417,211 |   |

----

Index

----

Index

|    |   | Leveraged Series |   |
|---------|--------|------------------|--------|
|    |   | Brokerage Fee    |   |   | Management Fee |   |   | Organizational Fee |   |   | Operating Expense |   |   | Selling Expense |   |   | Total Fees and Commissions |   |
| Class A |   |             | 1.75   | % |   |   | 2.80 | % |   |   | N/A | * |   |   | 0.35 | % |   |   | 4.00 | % |   |   | 8.90 | % |
| Class B |   |             | 1.75   | % |   |   | 1.30 | % |   |   | N/A | * |   |   | 0.35 | % |   |   | N/A |   |   |   | 3.40 | % |
| Class C |   |             | 0.90   | % |   |   | 2.05 | % |   |   | N/A |   |   |   | 0.35 | % |   |   | 4.00 | % |   |   | 7.30 | % |
| Class D |   |             | 0.90   | % |   |   | 1.30 | % |   |   | N/A |   |   |   | 0.35 | % |   |   | N/A |   |   |   | 2.55 | % |

|    |   | Unleveraged Series, Commodity L/S Unleveraged Series, and Commodity L/N Unleveraged Series |   |
|---------|--------|--------------------------------------------------------------------------------------------|--------|
|    |   | Brokerage Fee                                                                              |   |   | Management Fee |   |   | Organizational Fee |   |   | Operating Expense |   |   | Selling Expense |   |   | Total Fees and Commissions |   |
| Class A |   |                                                                                       | 0.85   | % |   |   | 1.50 | % |   |   | .50 |   |   |   | 0.35 | % |   |   | 4.00 | % |   |   | 7.20 | % |
| Class B |   |                                                                                       | 0.85   | % |   |   | 0.50 | % |   |   | .50 |   |   |   | 0.35 | % |   |   | N/A |   |   |   | 2.20 | % |
| Class C |   |                                                                                       | 0.40   | % |   |   | 1.00 | % |   |   | N/A |   |   |   | 0.35 | % |   |   | 4.00 | % |   |   | 5.75 | % |
| Class D |   |                                                                                       | 0.40   | % |   |   | 0.50 | % |   |   | N/A |   |   |   | 0.35 | % |   |   | N/A |   |   |   | 1.25 | % |

|              |   | Fair Value at      |      |
|-------------------|--------|--------------------|-----------|
|              |   | September 30, 2010 |      |   | December 31, 2009 |   |
|              |   | Assets             |      |   | Liabilities |   |   | Assets |   |   | Liabilities |   |
| Financial futures |   | $                  | 1,881,060 |   |   | $ | (522,957 | ) |   | $ | 187,104 |   |   | $ | (2,300,234 | ) |
| Commodity futures |   |               | 4,631,678 |   |   |   | (908,387 | ) |   |   | 1,626,318 |   |   |   | (647,676 | ) |
|              |   |               |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total             |   | $                  | 6,512,738 |   |   | $ | (1,431,344 | ) |   | $ | 1,813,422 |   |   | $ | (2,947,910 | ) |

----

Index

|              |   | September 30, 2010 – 3 months |       |
|-------------------|--------|-------------------------------------|------------|
|              |   |                                |       |   | Change in |   |   |   |   |
|              |   | Realized P&L*                   |       |   | Unrealized* |   |   | Total |   |
| Financial futures |   | $                                   | 1,666,819  |   |   | $ | 1,079,708 |   |   | $ | 2,746,527 |   |
| Commodity futures |   |                                | (4,518,962 | ) |   |   | 4,503,054 |   |   |   | (15,908 | ) |
|              |   |                                |       |   |   |   |   |   |   |   |   |   |
| Total             |   | $                                   | (2,852,143 | ) |   | $ | 5,582,762 |   |   | $ | 2,730,619 |   |

|              |   | September 30, 2009 – 3 months |       |
|-------------------|--------|-------------------------------------|------------|
|              |   |                                |       |   | Change in |   |   |   |   |
|              |   | Realized P&L*                   |       |   | Unrealized* |   |   | Total |   |
| Financial futures |   | $                                   | 106,822    |   |   | $ | 3,096,947 |   |   | $ | 3,203,769 |   |
| Commodity futures |   |                                | (2,682,561 | ) |   |   | 2,448,249 |   |   |   | (234,312 | ) |
|              |   |                                |       |   |   |   |   |   |   |   |   |   |
| Total             |   | $                                   | (2,575,739 | ) |   | $ | 5,545,196 |   |   | $ | 2,969,457 |   |

|              |   | September 30, 2010 – 9 months |       |
|-------------------|--------|-------------------------------------|------------|
|              |   |                                |       |   | Change in |   |   |   |   |
|              |   | Realized P&L*                   |       |   | Unrealized* |   |   | Total |   |
| Financial futures |   | $                                   | 1,652,279  |   |   | $ | 3,471,233 |   |   | $ | 5,123,512 |   |
| Commodity futures |   |                                | (7,023,131 | ) |   |   | 2,744,649 |   |   |   | (4,278,482 | ) |
|              |   |                                |       |   |   |   |   |   |   |   |   |   |
| Total             |   | $                                   | (5,370,852 | ) |   | $ | 6,215,882 |   |   | $ | 845,030 |   |

|              |   | September 30, 2009 – 9 months |       |
|-------------------|--------|-------------------------------------|------------|
|              |   |                                |       |   | Change in |   |   |   |   |
|              |   | Realized P&L*                   |       |   | Unrealized* |   |   | Total |   |
| Financial futures |   | $                                   | (2,929,037 | ) |   | $ | 867,611 |   |   | $ | (2,061,426 | ) |
| Commodity futures |   |                                | (2,867,443 | ) |   |   | (1,534,847 | ) |   |   | (4,402,290 | ) |
|              |   |                                |       |   |   |   |   |   |   |   |   |   |
| Total             |   | $                                   | (5,796,480 | ) |   | $ | (667,236 | ) |   | $ | (6,463,716 | ) |

----

Index

|                                                               |   | Leveraged Series |   |   | Unleveraged Series |   |   | Commodity L/S Unleveraged Series |   |   | Commodity L/N Unleveraged Series |   |
|--------------------------------------------------------------------|--------|------------------|--------|--------|--------------------|--------|--------|----------------------------------|--------|--------|----------------------------------|--------|
|                                                               |   | Class A          |   |   | Class B            |   |   | Class C                          |   |   | Class D                          |   |   | Class A |   |   | Class B |   |   | Class C |   |   | Class D |   |   | Class D |   |   | Class D |   |
|                                                               | Shares |             |   | Shares |               |   | Shares |                             |   | Shares |                             |   | Shares |   |   | Shares |   |   | Shares |   |   | Shares |   |   | Shares |   |   | Shares |   |
|                                                               |   |             |   |   |               |   |   |                             |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Per share operating performance:                                   |   |             |   |   |               |   |   |                             |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net asset value per share at  December 31, 2009          |   | $                | 90.73  |   |               | $      | 105.53 |                             |   | $      | 86.24                            |   |   | $ | 107.20 |   |   | $ | 113.28 |   |   | $ | 126.32 |   |   | $ | 110.99 |   |   | $ | 113.35 |   |   | $ | 108.17 |   |   | $ | 102.00 |   |
| Loss from investment operations:                                   |   |             | (2.17  | )      |               |   | (1.35  | )                                |   |   | (1.59                            | )      |   |   | (1.37 | ) |   |   | (1.61 | ) |   |   | (0.86 | ) |   |   | (1.17 | ) |   |   | (0.77 | ) |   |   | (0.69 | ) |   |   | (0.63 | ) |
| Net investment expense                                             |   |             |   |   |               |   |   |                             |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net realized and unrealized gain (loss) on investment transactions |   |             | 2.44   |   |               |   | 2.87   |                             |   |   | 2.89                             |   |   |   | 3.61 |   |   |   | 0.82 |   |   |   | 0.92 |   |   |   | 1.18 |   |   |   | 1.21 |   |   |   | (8.59 | ) |   |   | (3.57 | ) |
| Total from investment operations                                   |   |             | 0.27   |   |               |   | 1.52   |                             |   |   | 1.30                             |   |   |   | 2.24 |   |   |   | (0.79 | ) |   |   | 0.06 |   |   |   | 0.01 |   |   |   | 0.44 |   |   |   | (9.28 | ) |   |   | (4.20 | ) |
|                                                               |   |             |   |   |               |   |   |                             |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net asset value per share at September 30, 2010                    |   | $                | 91.00  |   |               | $      | 107.05 |                             |   | $      | 87.54                            |   |   | $ | 109.44 |   |   | $ | 112.49 |   |   | $ | 126.38 |   |   | $ | 111.00 |   |   | $ | 113.79 |   |   | $ | 98.89 |   |   | $ | 97.80 |   |
|                                                               |   |             |   |   |               |   |   |                             |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Return:                                                      |   |             | 0.30   | %      |               |   | 1.44   | %                                |   |   | 1.51                             | %      |   |   | 2.09 | % |   |   | (0.70 | )% |   |   | 0.05 | % |   |   | 0.01 | % |   |   | 0.39 | % |   |   | (8.58 | )% |   |   | (4.11 | )% |
|                                                               |   |             |   |   |               |   |   |                             |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio to Average Investors’ Interest:                        |   |             |   |   |               |   |   |                             |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net investment expense                                             |   |             | (2.57  | )%     |               |   | (1.29  | )%                               |   |   | (1.84                            | )%     |   |   | (1.31 | )% |   |   | (1.46 | )% |   |   | (0.70 | )% |   |   | (1.05 | )% |   |   | (0.64 | )% |   |   | (0.61 | )% |   |   | (0.53 | )% |
| Expenses                                                           |   |             | (2.61  | )%     |               |   | (1.33  | )%                               |   |   | (1.87                            | )%     |   |   | (1.34 | )% |   |   | (1.52 | )% |   |   | (0.76 | )% |   |   | (1.11 | )% |   |   | (0.70 | )% |   |   | (0.61 | )% |   |   | (0.53 | )% |

----

Index

|                                                        |   | Leveraged Series |   |   | Unleveraged Series |   |   | Commodity Unleveraged Series |   |
|-------------------------------------------------------------|--------|------------------|--------|--------|--------------------|--------|--------|------------------------------|--------|
|                                                        |   | Class A          |   |   | Class B            |   |   | Class C                      |   |   | Class D |   |   | Class A |   |   | Class B |   |   | Class C |   |   | Class D |   |   | Class D |   |
|                                                        | Shares |             |   | Shares |               |   | Shares |                         |   | Shares |   |   | Shares |   |   | Shares |   |   | Shares |   |   | Shares |   |   | Shares |   |
|                                                        |   |             |   |   |               |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Per share operating performance:                            |   |             |   |   |               |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net asset value per share at December 31, 2008/issuance     |   | $                | 105.12 |   |               | $      | 120.43 |                         |   | $ | 98.31 |   |   | $ | 121.29 |   |   | $ | 119.60 |   |   | $ | 132.04 |   |   | $ | 116.06 |   |   | $ | 117.94 |   |   | $ | 100.00 |   |
| Income from investment operations:                          |   |             |   |   |               |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net investment income (expense)                             |   |             | (2.32  | )      |               |   | (1.42  | )                            |   |   | (1.67 | ) |   |   | (1.44 | ) |   |   | (1.62 | ) |   |   | (0.84 | ) |   |   | (1.16 | ) |   |   | (0.75 | ) |   |   | (0.16 | ) |
| Net realized and unrealized gain on investment transactions |   |             | (10.45 | )      |               |   | (11.99 | )                            |   |   | (9.21 | ) |   |   | (11.37 | ) |   |   | (3.73 | ) |   |   | (4.13 | ) |   |   | (3.25 | ) |   |   | (3.30 | ) |   |   | 7.06 |   |
| Total from investment operations                            |   |             | (12.77 | )      |               |   | (13.41 | )                            |   |   | (10.88 | ) |   |   | (12.81 | ) |   |   | (5.35 | ) |   |   | (4.97 | ) |   |   | (4.41 | ) |   |   | (4.05 | ) |   |   | 6.90 |   |
|                                                        |   |             |   |   |               |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net asset value per share at September 30, 2009        |   | $                | 92.35  |   |               | $      | 107.02 |                         |   | $ | 87.43 |   |   | $ | 108.48 |   |   | $ | 114.25 |   |   | $ | 127.07 |   |   | $ | 111.65 |   |   | $ | 113.89 |   |   | $ | 106.90 |   |
|                                                        |   |             |   |   |               |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Return:                                               |   |             | (12.15 | )%     |               |   | (11.14 | )%                           |   |   | (11.07 | )% |   |   | (10.56 | )% |   |   | (4.47 | )% |   |   | (3.76 | )% |   |   | (3.80 | )% |   |   | (3.43 | )% |   |   | 6.90 | % |
|                                                        |   |             |   |   |               |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio to Average Investors’ Interest:                 |   |             |   |   |               |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net investment income                                       |   |             | (2.50  | )%     |               |   | (1.31  | )%                           |   |   | (1.86 | )% |   |   | (1.28 | )% |   |   | (1.41 | )% |   |   | (0.67 | )% |   |   | (1.03 | )% |   |   | (0.67 | )% |   |   | (0.23 | )% |
| Expenses                                                    |   |             | (2.60  | )%     |               |   | (1.40  | )%                           |   |   | (1.96 | )% |   |   | (1.38 | )% |   |   | (1.54 | )% |   |   | (0.81 | )% |   |   | (1.16 | )% |   |   | (0.80 | )% |   |   | (0.23 | )% |

----

Index

| September 30, 2010 Assets                                                |   | Leveraged Series |       |   | Unleveraged Series |   |       | Commodity L/S Unleveraged Series |   |   | Commodity L/N Unleveraged Series |   |   | Trust Total |       |
|-------------------------------------------------------------------------------|--------|------------------|------------|--------|--------------------|--------|------------|----------------------------------|--------|--------|----------------------------------|--------|--------|-------------|------------|
| Cash and cash equivalents                                                     |   | $                | 28,321,337 |   |               | $      | 45,467,974 |                             |   | $      | 10,608,960                       |   |   | $           | 29,904,577 |   |   | $ | 114,302,848 |   |
| Due from broker                                                               |   |             | 6,453,358  |   |               |   | 3,032,413  |                             |   |   | 1,085,154                        |   |   |        | 1,770,573  |   |   |   | 12,341,498 |   |
| Net unrealized gain on open futures   contracts, at fair value |   |             | 2,122,732  |   |               |   | 910,484    |                             |   |   | 540,887                          |   |   |        | 1,507,291  |   |   |   | 5,081,394 |   |
| Interest receivable                                                           |   |             | -          |   |               |   | -          |                             |   |   | -                                |   |   |        | 2          |   |   |   | 2 |   |
| Other assets                                                                  |   |             | 6,975      |   |               |   | 17,432     |                             |   |   | 42                               |   |   |        | 28         |   |   |   | 24,477 |   |
| Total assets                                                                  |   |             | 36,904,402 |   |               |   | 49,428,303 |                             |   |   | 12,235,043                       |   |   |        | 33,182,471 |   |   |   | 131,750,219 |   |
|                                                                          |   |             |       |   |               |   |       |                             |   |   |                             |   |   |        |       |   |   |   |   |   |
| Liabilities and investors’ interest                                     |   |             |       |   |               |   |       |                             |   |   |                             |   |   |        | -          |   |   |   |   |   |
| Redemptions payable                                                           |   |             | 413,581    |   |               |   | 356,036    |                             |   |   | -                                |   |   |        |       |   |   |   | 769,617 |   |
| Subscription received in advance                                              |   |             | 74,550     |   |               |   | 1,261,050  |                             |   |   | -                                |   |   |        |       |   |   |   | 1,335,600 |   |
| Brokerage commissions payable                                                 |   |             | 35,729     |   |               |   | 19,781     |                             |   |   | 3,709                            |   |   |        | 10,566     |   |   |   | 69,785 |   |
| Management fee payable                                                        |   |             | 43,345     |   |               |   | 23,320     |                             |   |   | 5,146                            |   |   |        | 13,399     |   |   |   | 85,210 |   |
| Accrued expenses                                                              |   |             | 13,227     |   |               |   | 18,307     |                             |   |   | -                                |   |   |        |       |   |   |   | 31,534 |   |
| Total liabilities                                                             |   |             | 580,432    |   |               |   | 1,678,494  |                             |   |   | 8,855                            |   |   |        | 23,965     |   |   |   | 2,291,746 |   |
|                                                                          |   |             |       |   |               |   |       |                             |   |   |                             |   |   |        |       |   |   |   |   |   |
| Investors’ interest                                                     |   | $                | 36,323,970 |   |               | $      | 47,749,809 |                             |   | $      | 12,226,188                       |   |   | $           | 33,158,506 |   |   |   | 129,458,473 |   |
| Total liabilities and investors’ interest                               |   | $                | 36,904,402 |   |               | $      | 49,428,303 |                             |   | $      | 12,235,043                       |   |   | $           | 33,182,471 |   |   | $ | 131,750,219 |   |

| December 31, 2009 Assets                                |   | Leveraged Series |       |   | UnleveragedSeries |   |       | Commodity L/S Unleveraged Series |   |   | Commodity L/N Unleveraged Series |   |   | Trust Total |      |
|--------------------------------------------------------------|--------|------------------|------------|--------|-------------------|--------|------------|----------------------------------|--------|--------|----------------------------------|--------|--------|-------------|-----------|
| Cash and cash equivalents                                    |   | $                | 27,107,971 |   |              | $      | 56,122,787 |                             |   | $      | 186,896                          |   |   | $           | 7,999,557 |   |   | $ | 91,417,211 |   |
| Due from broker                                              |   |             | 20,992,597 |   |              |   | 13,875,228 |                             |   |   | 3,004,023                        |   |   |        | 504,578   |   |   |   | 38,376,426 |   |
| Net unrealized gain on open futures contracts, at fair value |   |             | -          |   |              |   | -          |                             |   |   | 57,043                           |   |   |        | 100,833   |   |   |   | 157,876 |   |
| Interest receivable                                          |   |             | 1,773      |   |              |   | 3,641      |                             |   |   | -                                |   |   |        | -         |   |   |   | 5,414 |   |
| Total assets                                                 |   |             | 48,102,341 |   |              |   | 70,001,656 |                             |   |   | 3,247,962                        |   |   |        | 8,604,968 |   |   |   | 129,956,927 |   |
|                                                         |   |             |       |   |              |   |       |                             |   |   |                             |   |   |        |      |   |   |   |   |   |
| Liabilities and investors’ interest                    |   |             |       |   |              |   |       |                             |   |   |                             |   |   |        |      |   |   |   |   |   |
| Redemptions payable                                          |   |             | 684,794    |   |              |   | 23,149,576 |                             |   |   | -                                |   |   |        | -         |   |   |   | 23,834,370 |   |
| Net unrealized loss on open futures contracts, at fair value |   |             | 976,564    |   |              |   | 315,800    |                             |   |   | -                                |   |   |        | -         |   |   |   | 1,292,364 |   |
| Brokerage commissions payable                                |   |             | 39,138     |   |              |   | 24,319     |                             |   |   | -                                |   |   |        | 1,667     |   |   |   | 65,124 |   |
| Management fee payable                                       |   |             | 59,315     |   |              |   | 33,265     |                             |   |   | 1,334                            |   |   |        | 2,084     |   |   |   | 95,998 |   |
| Accrued expenses                                             |   |             | 46,644     |   |              |   | 43,005     |                             |   |   | 468                              |   |   |        | -         |   |   |   | 90,117 |   |
| Total liabilities                                            |   |             | 1,806,455  |   |              |   | 23,565,965 |                             |   |   | 1,802                            |   |   |        | 3,751     |   |   |   | 25,377,973 |   |
|                                                         |   |             |       |   |              |   |       |                             |   |   |                             |   |   |        |      |   |   |   |   |   |
| Investors’ interest                                    |   |             | 46,295,886 |   |              |   | 46,435,691 |                             |   |   | 3,246,160                        |   |   |        | 8,601,217 |   |   |   | 104,578,954 |   |
| Total liabilities and investors’ interest              |   | $                | 48,102,341 |   |              | $      | 70,001,656 |                             |   | $      | 3,247,962                        |   |   | $           | 8,604,968 |   |   | $ | 129,956,927 |   |

----

Index

| Nine month period ended September 30, 2010             |   | Leveraged Series |       |   | Unleveraged Series |   |      | Commodity L/S Unleveraged Series |   |   | Commodity L/N Unleveraged Series |   |   | Trust Total |       |
|--------------------------------------------------------|--------|------------------|------------|--------|--------------------|--------|-----------|----------------------------------|--------|--------|----------------------------------|--------|--------|-------------|------------|
| Investment income                                      |   |             |       |   |               |   |      |                             |   |   |                             |   |   |        |       |
| Interest                                               |   | $                | 14,029     |   |               | $      | 25,641    |                             |   | $      | 40                               |   |   | $           | 103        |   |   | $ | 39,813 |   |
|                                                   |   |             |       |   |               |   |      |                             |   |   |                             |   |   |        |       |   |   |   |   |   |
| Expenses                                               |   |             |       |   |               |   |      |                             |   |   |                             |   |   |        |       |   |   |   |   |   |
| Brokerage commissions                                  |   |             | 358,107    |   |               |   | 175,175   |                             |   |   | 29,022                           |   |   |        | 53,443     |   |   |   | 615,747 |   |
| Management fee                                         |   |             | 421,869    |   |               |   | 197,320   |                             |   |   | 36,278                           |   |   |        | 66,803     |   |   |   | 722,270 |   |
| Operating expenses                                     |   |             | 135,389    |   |               |   | 161,046   |                             |   |   | 26,610                           |   |   |        | 48,052     |   |   |   | 371,097 |   |
| Total expenses                                         |   |             | 915,365    |   |               |   | 533,541   |                             |   |   | 91,910                           |   |   |        | 168,298    |   |   |   | 1,709,114 |   |
|                                                   |   |             |       |   |               |   |      |                             |   |   |                             |   |   |        |       |   |   |   |   |   |
| Net investment loss                                    |   |             | (901,336   | )      |               |   | (507,900  | )                                |   |   | (91,870                          | )      |   |        | (168,195   | ) |   |   | (1,669,301 | ) |
|                                                   |   |             |       |   |               |   |      |                             |   |   |                             |   |   |        |       |   |   |   |   |   |
| Realized and unrealized gain (loss) on investments     |   |             |       |   |               |   |      |                             |   |   |                             |   |   |        |       |   |   |   |   |   |
| Net realized loss                                      |   |             | (1,757,633 | )      |               |   | (412,160  | )                                |   |   | (1,911,320                       | )      |   |        | (1,280,935 | ) |   |   | (5,362,048 | ) |
| Net change in unrealized gain on investments           |   |             | 3,202,433  |   |               |   | 1,262,637 |                             |   |   | 483,219                          |   |   |        | 1,406,418  |   |   |   | 6,354,707 |   |
| Net realized and unrealized gain (loss) on investments |   |             | 1,444,800  |   |               |   | 850,477   |                             |   |   | (1,428,101                       | )      |   |        | 125,483    |   |   |   | 992,659 |   |
|                                                   |   |             |       |   |               |   |      |                             |   |   |                             |   |   |        |       |   |   |   |   |   |
| Net (loss) gain                                        |   | $                | 543,464    |   |               | $      | 342,577   |                             |   | $      | (1,519,971                       | )      |   | $           | (42,712    | ) |   | $ | (676,642 | ) |

| Three month period ended September 30, 2010            |   | Leveraged Series |       |   | Unleveraged Series |   |     | Commodity L/S Unleveraged Series |   |   | Commodity L/N Unleveraged Series |   |   | Trust Total |      |
|--------------------------------------------------------|--------|------------------|------------|--------|--------------------|--------|----------|----------------------------------|--------|--------|----------------------------------|--------|--------|-------------|-----------|
| Investment income                                      |   |             |       |   |               |   |     |                             |   |   |                             |   |   |        |      |
| Interest                                               |   | $                | 5,490      |   |               | $      | 10,230   |                             |   | $      | 25                               |   |   | $           | 72        |   |   | $ | 15,817 |   |
|                                                   |   |             |       |   |               |   |     |                             |   |   |                             |   |   |        |      |   |   |   |   |   |
| Expenses                                               |   |             |       |   |               |   |     |                             |   |   |                             |   |   |        |      |   |   |   |   |   |
| Brokerage commissions                                  |   |             | 109,918    |   |               |   | 57,813   |                             |   |   | 12,308                           |   |   |        | 28,343    |   |   |   | 208,382 |   |
| Management fee                                         |   |             | 128,167    |   |               |   | 65,688   |                             |   |   | 15,386                           |   |   |        | 35,429    |   |   |   | 244,670 |   |
| Operating expenses                                     |   |             | 40,843     |   |               |   | 53,458   |                             |   |   | 11,426                           |   |   |        | 25,321    |   |   |   | 130,868 |   |
| Total expenses                                         |   |             | 278,928    |   |               |   | 176,959  |                             |   |   | 38,940                           |   |   |        | 89,093    |   |   |   | 583,920 |   |
|                                                   |   |             |       |   |               |   |     |                             |   |   |                             |   |   |        |      |   |   |   |   |   |
| Net investment loss                                    |   |             | (273,438   | )      |               |   | (166,729 | )                                |   |   | (38,915                          | )      |   |        | (89,021   | ) |   |   | (568,103 | ) |
|                                                   |   |             |       |   |               |   |     |                             |   |   |                             |   |   |        |      |   |   |   |   |   |
| Realized and unrealized gain (loss) on investments     |   |             |       |   |               |   |     |                             |   |   |                             |   |   |        |      |   |   |   |   |   |
| Net realized loss                                      |   |             | (1,278,796 | )      |               |   | (357,400 | )                                |   |   | (1,149,712                       | )      |   |        | (35,297   | ) |   |   | (2,821,205 | ) |
| Net change in unrealized gain on investments           |   |             | 2,393,527  |   |               |   | 998,041  |                             |   |   | 709,338                          |   |   |        | 1,629,762 |   |   |   | 5,730,668 |   |
| Net realized and unrealized gain (loss) on investments |   |             | 1,114,731  |   |               |   | 640,641  |                             |   |   | (440,374                         | )      |   |        | 1,594,465 |   |   |   | 2,909,463 |   |
|                                                   |   |             |       |   |               |   |     |                             |   |   |                             |   |   |        |      |   |   |   |   |   |
| Net (loss) gain                                        |   | $                | 841,293    |   |               | $      | 473,912  |                             |   | $      | (479,289                         | )      |   | $           | 1,505,444 |   |   | $ | 2,341,360 |   |

----

Index

| Nine month period ended September 30, 2009      |   | Leveraged Series |       |   | Unleveraged Series |   |       | Commodity L/S Unleveraged Series |   |   | Trust Total |   |
|-------------------------------------------------|--------|------------------|------------|--------|--------------------|--------|------------|----------------------------------|--------|--------|-------------|--------|
| Investment income                               |   |             |       |   |               |   |       |                             |   |   |        |   |
| Interest                                        |   | $                | 45,985     |   |               | $      | 97,932     |                             |   | $      | 0           |   |   | $ | 143,917 |   |
|                                            |   |             |       |   |               |   |       |                             |   |   |        |   |   |   |   |   |
| Expenses                                        |   |             |       |   |               |   |       |                             |   |   |        |   |   |   |   |   |
| Brokerage commissions                           |   |             | 449,387    |   |               |   | 277,595    |                             |   |   | 2,085       |   |   |   | 729,067 |   |
| Management fee                                  |   |             | 546,715    |   |               |   | 316,595    |                             |   |   | 2,607       |   |   |   | 865,917 |   |
| Operating expenses                              |   |             | 197,817    |   |               |   | 307,053    |                             |   |   | 2,136       |   |   |   | 507,006 |   |
| Total expenses                                  |   |             | 1,193,919  |   |               |   | 901,243    |                             |   |   | 6,828       |   |   |   | 2,101,990 |   |
|                                            |   |             |       |   |               |   |       |                             |   |   |        |   |   |   |   |   |
| Net investment loss                             |   |             | (1,147,934 | )      |               |   | (803,311   | )                                |   |   | (6,828      | )      |   |   | (1,958,073 | ) |
|                                            |   |             |       |   |               |   |       |                             |   |   |        |   |   |   |   |   |
| Realized and unrealized loss on investments     |   |             |       |   |               |   |       |                             |   |   |        |   |   |   |   |   |
| Net realized loss                               |   |             | (4,231,203 | )      |               |   | (1,710,644 | )                                |   |   | 144,907     |   |   |   | (5,796,940 | ) |
| Net change in unrealized loss on investments    |   |             | (287,793   | )      |               |   | (415,696   | )                                |   |   | 68,982      |   |   |   | (634,507 | ) |
| Net realized and unrealized loss on investments |   |             | (4,518,996 | )      |               |   | (2,126,340 | )                                |   |   | 213,889     |   |   |   | (6,431,447 | ) |
|                                            |   |             |       |   |               |   |       |                             |   |   |        |   |   |   |   |   |
| Net loss                                        |   | $                | (5,666,930 | )      |               | $      | (2,929,651 | )                                |   | $      | 207,061     |   |   | $ | (8,389,520 | ) |

| Three month period ended September 30, 2009        |   | Leveraged Series |      |   | Unleveraged Series |   |      | Commodity L/S Unleveraged Series |   |   | Trust Total |   |
|----------------------------------------------------|--------|------------------|-----------|--------|--------------------|--------|-----------|----------------------------------|--------|--------|-------------|--------|
| Investment income                                  |   |             |      |   |               |   |      |                             |   |   |        |   |
| Interest                                           |   | $                | 14,112    |   |               | $      | 29,508    |                             |   | $      | 0           |   |   | $ | 43,620 |   |
|                                               |   |             |      |   |               |   |      |                             |   |   |        |   |   |   |   |   |
| Expenses                                           |   |             |      |   |               |   |      |                             |   |   |        |   |   |   |   |   |
| Brokerage commissions                              |   |             | 137,583   |   |               |   | 82,638    |                             |   |   | 2,086       |   |   |   | 223,307 |   |
| Management fee                                     |   |             | 168,284   |   |               |   | 94,902    |                             |   |   | 2,607       |   |   |   | 265,793 |   |
| Operating expenses                                 |   |             | 66,767    |   |               |   | 95,259    |                             |   |   | 2,136       |   |   |   | 164,162 |   |
| Total expenses                                     |   |             | 372,634   |   |               |   | 272,799   |                             |   |   | 6,829       |   |   |   | 652,262 |   |
|                                               |   |             |      |   |               |   |      |                             |   |   |        |   |   |   |   |   |
| Net investment loss                                |   |             | (358,522  | )      |               |   | (243,291  | )                                |   |   | (6,829      | )      |   |   | (608,642 | ) |
|                                               |   |             |      |   |               |   |      |                             |   |   |        |   |   |   |   |   |
| Realized and unrealized gain (loss) on investments |   |             |      |   |               |   |      |                             |   |   |        |   |   |   |   |   |
| Net realized gain                                  |   |             | 1,621,078 |   |               |   | 785,633   |                             |   |   | 144,906     |   |   |   | 2,551,617 |   |
| Net change in unrealized gain on investments       |   |             | 3,703,461 |   |               |   | 1,839,490 |                             |   |   | 68,981      |   |   |   | 5,611,932 |   |
| Net realized and unrealized gain on investments    |   |             | 5,324,539 |   |               |   | 2,625,123 |                             |   |   | 213,887     |   |   |   | 8,163,549 |   |
|                                               |   |             |      |   |               |   |      |                             |   |   |        |   |   |   |   |   |
| Net gain                                           |   | $                | 4,966,017 |   |               | $      | 2,381,832 |                             |   | $      | 207,058     |   |   | $ | 7,554,907 |   |

----

Index

| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations. |
|---------|----------------------------------------------------------------------------------------|

----

Index

----

Index

----

Index

|          |   | Leveraged Series |   |   | Unleveraged Series |   |   | Commodity L/S Unleveraged Series |   |   | Commodity L/N Unleveraged Series |   |
|---------------|--------|------------------|--------|--------|--------------------|--------|--------|----------------------------------|--------|--------|----------------------------------|--------|
|          |   | Class A          |   |   | Class B            |   |   | Class C                          |   |   | Class D                          |   |   | Class A |   |   | Class B |   |   | Class C |   |   | Class D |   |   | Class D |   |   | Class D |   |
|          |   | Shares           |   |   | Shares             |   |   | Shares                           |   |   | Shares                           |   |   | Shares |   |   | Shares |   |   | Shares |   |   | Shares |   |   | Shares |   |   | Shares |   |
|          |   |             |   |   |               |   |   |                             |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Return: |   |             | 0.30   | %      |               |   | 1.44   | %                                |   |   | 1.51                             | %      |   |   | 2.09 | % |   |   | (0.70 | )% |   |   | 0.05 | % |   |   | 0.01 | % |   |   | 0.39 | % |   |   | (8.58 | )% |   |   | (4.11 | )% |

|          |   | Leveraged Series |   |   | Unleveraged Series |   |   | Commodity Unleveraged Series |   |
|---------------|--------|------------------|--------|--------|--------------------|--------|--------|------------------------------|--------|
|          |   | Class A          |   |   | Class B            |   |   | Class C                      |   |   | Class D |   |   | Class A |   |   | Class B |   |   | Class C |   |   | Class D |   |   | Class D |   |
|          |   | Shares           |   |   | Shares             |   |   | Shares                       |   |   | Shares |   |   | Shares |   |   | Shares |   |   | Shares |   |   | Shares |   |   | Shares |   |
|          |   |             |   |   |               |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Return: |   |             | (12.15 | )%     |               |   | (11.14 | )%                           |   |   | (11.07 | )% |   |   | (10.56 | )% |   |   | (4.47 | )% |   |   | (3.76 | )% |   |   | (3.80 | )% |   |   | (3.43 | )% |   |   | 6.90 | % |

| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk. |
|---------------|-------------------------------------------------------------|

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Index

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Index

| Item 4.  | Controls and Procedures. |
|---------------|--------------------------|

Item 

Item 

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Index

Item 2

|                 |   | Leveraged Series |   |   | Unleveraged Series |   |    | Commodity L/S Unleveraged Series |   |   | Commodity L/N Unleveraged Series |   |
|----------------------|--------|------------------|--------|--------|--------------------|--------|---------|----------------------------------|--------|--------|----------------------------------|--------|
|                 |   | Class A          |   |   | Class B            |   |    | Class C                          |   |   | Class D                          |   |   | Class A |   |   | Class B |   |   | Class C |   |   | Class D |   |   | Class D |   |   | Class D |   |
| Jul-10 Subscriptions |   | $                | 19,000 |   |               | $      | 111,482 |                             |   | $      | -                                |   |   | $ | 25,000 |   |   | $ | 25,000 |   |   | $ | 56,065 |   |   | $ |   |   |   | $ | 9,225,000 |   |   | $ | - |   |   | $ | 6,500,000 |   |
| Subscriptions Units  |   |             | 218    |   |               |   | 1,125   |                             |   |   | -                                |   |   |   | 247 |   |   |   | 227 |   |   |   | 455 |   |   |   |   |   |   |   | 83,168 |   |   |   | - |   |   |   | 69,073 |   |
| # of Purchasers      |   |             | 2      |   |               |   | 5       |                             |   |   | -                                |   |   |   | 1 |   |   |   | 1 |   |   |   | 4 |   |   |   |   |   |   |   | 3 |   |   |   | - |   |   |   | 1 |   |
| Unit Price           |   | $                | 84.45  |   |               | $      | 99.11   |                             |   | $      | -                                |   |   | $ | 101.18 |   |   | $ | 109.91 |   |   | $ | 123.29 |   |   | $ |   |   |   | $ | 110.92 |   |   | $ | - |   |   | $ | 94.10 |   |
|                 |   |             |   |   |               |   |    |                             |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Aug-10 Subscriptions |   | $                | -      |   |               | $      | 34,899  |                             |   | $      | -                                |   |   | $ | 50,000 |   |   | $ | - |   |   | $ | 37,449 |   |   | $ |   |   |   | $ | 25,000 |   |   | $ | - |   |   | $ | 2,100,000 |   |
| Subscriptions Units  |   |             | -      |   |               |   | 328     |                             |   |   | -                                |   |   |   | 459 |   |   |   | - |   |   |   | 297 |   |   |   |   |   |   |   | 220 |   |   |   | - |   |   |   | 22,139 |   |
| # of Purchasers      |   |             | -      |   |               |   | 2       |                             |   |   | -                                |   |   |   | 1 |   |   |   | - |   |   |   | 2 |   |   |   |   |   |   |   | 1 |   |   |   | - |   |   |   | 1 |   |
| Unit Price           |   | $                | -      |   |               | $      | 106.52  |                             |   | $      | -                                |   |   | $ | 108.82 |   |   | $ | - |   |   | $ | 126.23 |   |   | $ |   |   |   | $ | 113.61 |   |   | $ | - |   |   | $ | 94.85 |   |
|                 |   |             |   |   |               |   |    |                             |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sep-10 Subscriptions |   | $                | -      |   |               | $      | 74,550  |                             |   | $      | -                                |   |   | $ | - |   |   | $ | - |   |   | $ | 61,050 |   |   | $ |   |   |   | $ | 2,599,938 |   |   | $ | - |   |   | $ | - |   |
| Subscriptions Units  |   |             | -      |   |               |   | 696     |                             |   |   | -                                |   |   |   | - |   |   |   | - |   |   |   | 483 |   |   |   |   |   |   |   | 22,849 |   |   |   | - |   |   |   | - |   |
| # of Purchasers      |   |             | -      |   |               |   | 2       |                             |   |   | -                                |   |   |   | - |   |   |   | - |   |   |   | 1 |   |   |   |   |   |   |   | 4 |   |   |   | - |   |   |   | - |   |
| Unit Price           |   | $                | -      |   |               | $      | 107.05  |                             |   | $      | -                                |   |   | $ | - |   |   | $ | - |   |   | $ | 126.39 |   |   | $ |   |   |   | $ | 113.79 |   |   | $ | - |   |   | $ | - |   |

Item 

Item 

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Index

Item 

|   | (a) Reports on Form 8-K |
|--------|-------------------------|

|   | (b) Exhibits |
|--------|--------------|

|   | 31.1 | Certification of President of the Manager Pursuant to Rule 13A-14(a) and Rule 15D-14(a), of the Securities Exchange Act, as amended. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | 31.2 | Certification of Chief Operating Officer of the Manager Pursuant to Rule 13A-14(a) and Rule 15D-14(a), of the Securities Exchange Act, as amended. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.1 | Certification of President of the Manager Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.2 | Certification of Chief Operating Officer of the Manager Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Index

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