|   | Financial Statements as of and for the years ended |
|--------|----------------------------------------------------|

|   | December 31, 2010, 2009 and 2008 |
|--------|---------------------------------------|

|   | and Reports of  Independent Registered Public Accounting Firms |
|--------|---------------------------------------------------------------------|

|   |   |
|--------|--------|

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|                                                                                                     | Page   |
|----------------------------------------------------------------------------------------------------------|--------|
|                                                                                                     |   |
| REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS                                                | 1      |
|                                                                                                     |   |
| FINANCIAL STATEMENTS:                                                                                    |   |
|                                                                                                     |   |
| Statements of Financial Condition as of December 31, 2010 and 2009                                  | 3      |
|                                                                                                     |   |
| Statements of Operations for the years ended December 31, 2010, 2009 and 2008                       | 4      |
|                                                                                                     |   |
| Statements of Changes in Members’ Capital for the years ended December 31, 2010 2009 and 2008 | 5      |
|                                                                                                     |   |
| Financial Data Highlights for the years ended December 31, 2010 2009 and 2008                       | 7      |
|                                                                                                     |   |
| Notes to Financial Statements                                                                            | 10     |

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----

----

|                                                                                                      |   | 2010        |        | 2009        |   |
|-----------------------------------------------------------------------------------------------------------|--------|-------------|-------------|-------------|--------|
| ASSETS:                                                                                                   |   |        |        |        |   |
| Equity in commodity trading accounts:                                                                     |   |        |        |        |   |
| Cash (including restricted cash of $30,894,537 for 2009 and $25,737,325 for 2009)                         |   | $           | 248,920,843 |        | $      | 236,868,172 |   |
| Net unrealized profit on open futures contracts                                                           |   | 9,574,957   |        | 2,439,651   |   |
| Cash and cash equivalents                                                                                 |   | 353,576     |        | 34,980      |   |
| Accrued interest recievable                                                                               |   | 68,936      |        | 22,826      |   |
|                                                                                                      |   |        |        |        |   |
| TOTAL ASSETS                                                                                              |   | $           | 258,918,312 |        | $      | 239,365,629 |   |
|                                                                                                      |   |        |        |        |   |
| LIABILITIES AND MEMBERS’ CAPITAL:                                                                   |   |        |        |        |   |
| LIABILITIES:                                                                                              |   |        |        |        |   |
| Net unrealized loss on open futures contracts                                                             |   | $           | 308,321     |        | $      | 1,293,154 |   |
| Brokerage commissions payable                                                                             |   | —     |        | 68,556      |   |
| Sponsor and Advisory fees payable                                                                         |   | 2,012,779   |        | 381,285     |   |
| Redemptions payable                                                                                       |   | 356,780     |        | 1,523,104   |   |
| Other liabilities                                                                                         |   | 280,632     |        | 198,844     |   |
|                                                                                                      |   |        |        |        |   |
| Total liabilities                                                                                         |   | 2,958,512   |        | 3,464,943   |   |
|                                                                                                      |   |        |        |        |   |
| MEMBERS’ CAPITAL:                                                                                   |   |        |        |        |   |
| Members’ Interest (159,458,717 Units and 171,805,932 Units outstanding, unlimited Units authorized) |   | 255,959,800 |        | 235,900,686 |   |
| Total members’ capital                                                                              |   | 255,959,800 |        | 235,900,686 |   |
|                                                                                                      |   |        |        |        |   |
| TOTAL LIABILITIES AND MEMBERS’ CAPITAL                                                              |   | $           | 258,918,312 |        | $      | 239,365,629 |   |
|                                                                                                      |   |        |        |        |   |
| NET ASSET VALUE PER UNIT:                                                                                 |   |        |        |        |   |
|                                                                                                      |   |        |        |        |   |
| Class A                                                                                              |   | $           | 1.3296      |        | $      | 1.1440 |   |
| Class C                                                                                              |   | $           | 1.2436      |        | $      | 1.0807 |   |
| Class D                                                                                              |   | $           | 1.0733      |        | $      | 0.9097 |   |
| Class I                                                                                              |   | $           | 1.3268      |        | $      | 1.1369 |   |
| Class DS                                                                                             |   | $           | 1.6443      |        | $      | 1.3936 |   |
| Class DT                                                                                             |   | $           | 1.7338      |        | $      | 1.4551 |   |

----

|                                         |   | 2010        |       | 2009        |   | 2008        |       |
|----------------------------------------------|--------|-------------|------------|-------------|--------|-------------|------------|
| TRADING PROFIT (LOSS):                       |   |        |       |        |   |        |       |
|                                         |   |        |       |        |   |        |       |
| Realized, net                                |   | $           | 41,966,162 |        | $      | (30,087,116 | )          | $ | 58,391,558 |   |
| Change in unrealized, net                    |   | 8,120,139   |       | (5,594,032  | )      | 2,997,703   |       |
| Brokerage commissions                        |   | (1,332,262  | )          | (1,209,739  | )      | (642,724    | )          |
|                                         |   |        |       |        |   |        |       |
| Total trading profit (loss)                  |   | 48,754,039  |       | (36,890,887 | )      | $           | 60,746,537 |   |
|                                         |   |        |       |        |   |        |       |
| INVESTMENT INCOME:                           |   |        |       |        |   |        |       |
| Interest                                     |   | 474         |       | 17,531      |   | 2,502,184   |       |
|                                         |   |        |       |        |   |        |       |
| EXPENSES:                                    |   |        |       |        |   |        |       |
| Management fee                               |   | 4,406,382   |       | 3,904,212   |   | 2,462,288   |       |
| Sponsor fee                                  |   | 471,939     |       | 453,477     |   | 255,504     |       |
| Performance fee                              |   | 1,574,502   |       | 326         |   | 14,415,123  |       |
| Other                                        |   | 671,538     |       | 572,395     |   | 626,258     |       |
| Total expenses                               |   | 7,124,361   |       | 4,930,410   |   | 17,759,173  |       |
|                                         |   |        |       |        |   |        |       |
| NET INVESTMENT LOSS                          |   | (7,123,887  | )          | (4,912,879  | )      | (15,256,989 | )          |
|                                         |   |        |       |        |   |        |       |
| NET INCOME (LOSS)                            |   | $           | 41,630,152 |        | $      | (41,803,766 | )          | $ | 45,489,548 |   |
|                                         |   |        |       |        |   |        |       |
| NET INCOME (LOSS) PER UNIT:                  |   |        |       |        |   |        |       |
|                                         |   |        |       |        |   |        |       |
| Weighted average number of Units outstanding |   |        |       |        |   |        |       |
| Class A                                 |   | 2,802,181   |       | 1,786,054   |   | 638,706     |       |
| Class C                                 |   | 14,561,033  |       | 13,264,190  |   | 7,827,256   |       |
| Class D                                 |   | 2,000,000   |       | 1,152,610   |   | 1,758,848   |       |
| Class I                                 |   | 619,907     |       | 956,805     |   | 735,189     |       |
| Class DS                                |   | 114,968,274 |       | 87,628,053  |   | 39,395,367  |       |
| Class DT                                |   | 35,656,582  |       | 46,262,586  |   | 63,481,706  |       |
|                                         |   |        |       |        |   |        |       |
| Net income (loss) per weighted average Unit  |   |        |       |        |   |        |       |
| Class A                                 |   | $           | 0.2007     |        | $      | (0.2701     | )          | $ | 0.3033 |   |
| Class C                                 |   | $           | 0.1630     |        | $      | (0.2511     | )          | $ | 0.2791 |   |
| Class D                                 |   | $           | 0.1636     |        | $      | (0.2186     | )          | $ | 0.2716 |   |
| Class I                                 |   | $           | 0.2115     |        | $      | (0.2848     | )          | $ | 0.3109 |   |
| Class DS                                |   | $           | 0.2565     |        | $      | (0.2948     | )          | $ | 0.4174 |   |
| Class DT                                |   | $           | 0.2454     |        | $      | (0.2521     | )          | $ | 0.4089 |   |

----

|                       |   | Members’ CapitalDecember 31, 2007 |   | Subscriptions |   | Redemptions |   | Members’ CapitalDecember 31, 2008 |   | Subscriptions |   | Redemptions |   | Members’ CapitalDecember 31, 2009 |   | Subscriptions |   | Redemptions |   | Members’ CapitalDecember 31, 2010 |   |
|----------------------------|--------|--------------------------------------------------------|--------|---------------|--------|-------------|--------|--------------------------------------------------------|--------|---------------|--------|-------------|--------|--------------------------------------------------------|--------|---------------|--------|-------------|--------|--------------------------------------------------------|--------|
| Class A               |   | 107,731                                                |   | 961,358       |   | (131,633    | )      | 937,456                                                |   | 1,476,622     |   | (142,255    | )      | 2,271,823                                              |   | 1,718,015     |   | (531,812    | )      | 3,458,026                                              |   |
| Class C               |   | 752,226                                                |   | 10,739,116    |   | (1,092,947  | )      | 10,398,395                                             |   | 6,948,101     |   | (2,863,733  | )      | 14,482,763                                             |   | 4,312,661     |   | (3,655,224  | )      | 15,140,200                                             |   |
| Class D               |   | 750,000                                                |   | 2,794,704     |   | (2,565,789  | )      | 978,915                                                |   | 2,000,000     |   | (978,915    | )      | 2,000,000                                              |   | —       |   | —     |   | 2,000,000                                              |   |
| Class I               |   | 590,000                                                |   | 203,514       |   | (13,367     | )      | 780,147                                                |   | 1,335,257     |   | (1,613,404  | )      | 502,000                                                |   | 524,110       |   | (114,693    | )      | 911,417                                                |   |
| Class DS              |   | 13,766,729                                             |   | 56,371,806    |   | (2,852,864  | )      | 67,285,671                                             |   | 41,935,733    |   | —     |   | 109,221,404                                            |   | 14,884,402    |   | (12,437,991 | )      | 111,667,815                                            |   |
| Class DT              |   | 71,713,429                                             |   | 1,498,340     |   | (21,790,239 | )      | 51,421,530                                             |   | 872,634       |   | (8,966,222  | )      | 43,327,942                                             |   | 351,090       |   | (17,397,773 | )      | 26,281,259                                             |   |
|                       |   |                                                   |   |          |   |        |   |                                                   |   |          |   |        |   |                                                   |   |          |   |        |   |                                                   |   |
| Total Members’ Units |   | 87,680,115                                             |   | 72,568,838    |   | (28,446,839 | )      | 131,802,114                                            |   | 54,568,347    |   | (14,564,529 | )      | 171,805,932                                            |   | 21,790,278    |   | (34,137,493 | )      | 159,458,717                                            |   |

----

|                         |   |                                                         |        |          |   |        |   |                        |        |                                                         |   |          |   |        |        |                        |   |                                                         |   |          |        |        |   |                        |   |                                                         |        |   |   |       |   |   |        |   |   |       |   |   |        |   |
|------------------------------|--------|--------------------------------------------------------------|-------------|---------------|--------|-------------|--------|-----------------------------|-------------|--------------------------------------------------------------|--------|---------------|--------|-------------|-------------|-----------------------------|--------|--------------------------------------------------------------|--------|---------------|-------------|-------------|--------|-----------------------------|--------|--------------------------------------------------------------|-------------|--------|--------|------------|--------|--------|-------------|--------|--------|------------|--------|--------|-------------|--------|
|                         |   | Members’ Capital December 31, 2007 |        | Subscriptions |   | Redemptions |   | Net Income (Loss) |        | Members’ Capital December 31, 2008 |   | Subscriptions |   | Redemptions |        | Net Income (Loss) |   | Members’ Capital December 31, 2009 |   | Subscriptions |        | Redemptions |   | Net Income (Loss) |   | Members’ Capital December 31, 2010 |        |
| Class A                 |   | $                                                            | 118,484     |          | $      | 1,151,996   |   | $                           | (166,535    | )                                                            | $      | 193,721       |   | $           | 1,297,666   |                        | $      | 1,957,694                                                    |   | $             | (174,096    | )           | $      | (482,333                    | )      | $                                                            | 2,598,931   |   | $      | 2,073,078  |   | $      | (636,492    | )      | $      | 562,392    |   | $      | 4,597,909   |   |
| Class C                 |   | 797,979                                                      |        | 12,097,536    |   | (1,345,352  | )      | 2,184,634                   |        | 13,734,797                                                   |   | 8,754,398     |   | (3,506,260  | )           | (3,331,361                  | )      | 15,651,574                                                   |   | 4,825,507     |        | (4,022,391  | )      | 2,373,126                   |   | 18,827,816                                                   |        |
| Class D                 |   | 701,576                                                      |        | 2,724,999     |   | (2,699,332  | )      | 477,767                     |        | 1,205,010                                                    |   | 2,000,000     |   | (1,133,727  | )           | (251,902                    | )      | 1,819,381                                                    |   | —       |        | —     |   | 327,240                     |   | 2,146,621                                                    |        |
| Class I                 |   | 625,944                                                      |        | 231,056       |   | (16,232     | )      | 228,547                     |        | 1,069,315                                                    |   | 1,768,505     |   | (1,994,556  | )           | (272,480                    | )      | 570,784                                                      |   | 635,539       |        | (128,109    | )      | 131,084                     |   | 1,209,298                                                    |        |
| Class DS                |   | 17,927,148                                                   |        | 81,391,656    |   | (4,000,000  | )      | 16,445,572                  |        | 111,764,376                                                  |   | 66,276,040    |   | —     |        | (25,829,034                 | )      | 152,211,382                                                  |   | 20,606,244    |        | (18,693,691 | )      | 29,487,583                  |   | 183,611,518                                                  |        |
| Class DT                |   | 92,485,147                                                   |        | 2,130,197     |   | (32,310,691 | )      | 25,959,307                  |        | 88,263,960                                                   |   | 1,392,375     |   | (14,971,045 | )           | (11,636,656                 | )      | 63,048,634                                                   |   | 516,790       |        | (26,747,513 | )      | 8,748,727                   |   | 45,566,638                                                   |        |
|                         |   |                                                         |        |          |   |        |   |                        |        |                                                         |   |          |   |        |        |                        |   |                                                         |   |          |        |        |   |                        |   |                                                         |        |
| Total Members’ Capital |   | $                                                            | 112,656,278 |          | $      | 99,727,440  |   | $                           | (40,538,142 | )                                                            | $      | 45,489,548    |   | $           | 217,335,124 |                        | $      | 82,149,012                                                   |   | $             | (21,779,684 | )           | $      | (41,803,766                 | )      | $                                                            | 235,900,686 |   | $      | 28,657,158 |   | $      | (50,228,196 | )      | $      | 41,630,152 |   | $      | 255,959,800 |   |
|                         |   |                                                         |        |          |   |        |   |                        |        |                                                         |   |          |   |        |        |                        |   |                                                         |   |          |        |        |   |                        |   |                                                         |        |   |   |       |   |   |        |   |   |       |   |   |        |   |

----

| Per Unit Operating Performance:                  |   | Class A |   | Class C |   | Class D |   | Class I |   | Class DS |   | Class DT |   |
|-----------------------------------------------------------------|--------|--------------|--------|--------------|--------|--------------|--------|--------------|--------|---------------|--------|---------------|--------|
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net asset value, beginning of year                              |   | $            | 1.1440 |         | $      | 1.0807       |   | $            | 0.9097 |          | $      | 1.1369        |   | $ | 1.3936 |   | $ | 1.4551 |   |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net realized and net change in unrealized trading profit (loss) |   | 0.2458       |   | 0.2307       |   | 0.1973       |   | 0.2449       |   | 0.3023        |   | 0.3177        |   |
| Brokerage commissions                                           |   | (0.0065      | )      | (0.0061      | )      | (0.0052      | )      | (0.0064      | )      | (0.0079       | )      | (0.0083       | )      |
| Interest income                                                 |   | 0.0000       |   | 0.0000       |   | 0.0000       |   | 0.0000       |   | 0.0000        |   | 0.0000        |   |
| Expenses                                                        |   | (0.0537      | )      | (0.0617      | )      | (0.0285      | )      | (0.0486      | )      | (0.0437       | )      | (0.0307       | )      |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net asset value, end of year                                    |   | $            | 1.3296 |         | $      | 1.2436       |   | $            | 1.0733 |          | $      | 1.3268        |   | $ | 1.6443 |   | $ | 1.7338 |   |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Total Return: (a)                                               |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Total return before Performance fees                            |   | 16.94        | %      | 15.77        | %      | 18.71        | %      | 17.41        | %      | 18.71         | %      | 19.90         | %      |
| Performance fees                                                |   | -0.64        | %      | -0.64        | %      | -0.64        | %      | -0.64        | %      | -0.64         | %      | -0.66         | %      |
| Total return after Performance fees                             |   | 16.30        | %      | 15.13        | %      | 18.07        | %      | 16.77        | %      | 18.07         | %      | 19.24         | %      |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Ratios to Average Members’ Capital:                       |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Expenses (excluding Performance fees)                           |   | 3.80         | %      | 4.81         | %      | 2.29         | %      | 3.40         | %      | 2.29          | %      | 1.28          | %      |
| Performance fees                                                |   | 0.62         | %      | 0.62         | %      | 0.62         | %      | 0.62         | %      | 0.62          | %      | 0.64          | %      |
| Expenses (including Performance fees)                           |   | 4.42         | %      | 5.43         | %      | 2.91         | %      | 4.02         | %      | 2.91          | %      | 1.92          | %      |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net investment income (loss)                                    |   | -4.43        | %      | -5.44        | %      | -2.91        | %      | -4.02        | %      | -2.91         | %      | -1.93         | %      |

----

----

| Per Unit Operating Performance:                  |   | Class A |   | Class C |   | Class D |   | Class I |   | Class DS |   | Class DT |   |
|-----------------------------------------------------------------|--------|--------------|--------|--------------|--------|--------------|--------|--------------|--------|---------------|--------|---------------|--------|
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net asset value, beginning of year                              |   | $            | 1.3842 |         | $      | 1.3209       |   | $            | 1.2310 |          | $      | 1.3707        |   | $ | 1.6610 |   | $ | 1.7165 |   |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net realized and net change in unrealized trading profit (loss) |   | (0.1849      | )      | (0.1752      | )      | (0.1347      | )      | (0.1835      | )      | (0.2242       | )      | (0.2333       | )      |
| Brokerage commissions                                           |   | (0.0066      | )      | (0.0063      | )      | (0.0052      | )      | (0.0066      | )      | (0.0080       | )      | (0.0083       | )      |
| Interest income                                                 |   | 0.0001       |   | 0.0001       |   | 0.0001       |   | 0.0001       |   | 0.0001        |   | 0.0001        |   |
| Expenses                                                        |   | (0.0488      | )      | (0.0588      | )      | (0.1815      | )      | (0.0438      | )      | (0.0353       | )      | (0.0199       | )      |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net asset value, end of year                                    |   | $            | 1.1440 |         | $      | 1.0807       |   | $            | 0.9097 |          | $      | 1.1369        |   | $ | 1.3936 |   | $ | 1.4551 |   |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Total Return: (a)                                               |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Total return before Performance fees                            |   | -17.36       | %      | -18.18       | %      | -14.43       | %      | -17.02       | %      | -16.11        | %      | -15.26        | %      |
| Performance fees                                                |   | -0.01        | %      | -0.01        | %      | 0.00         | %      | -0.05        | %      | 0.00          | %      | 0.00          | %      |
| Total return after Performance fees                             |   | -17.37       | %      | -18.19       | %      | -14.43       | %      | -17.07       | %      | -16.11        | %      | -15.26        | %      |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Ratios to Average Members’ Capital:                       |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Expenses (excluding Performance fees)                           |   | 3.74         | %      | 4.73         | %      | 2.05         | %      | 3.34         | %      | 2.24          | %      | 1.25          | %      |
| Performance fees                                                |   | 0.01         | %      | 0.01         | %      | 0.00         | %      | 0.05         | %      | 0.00          | %      | -0.01         | %      |
| Expenses (including Performance fees)                           |   | 3.75         | %      | 4.74         | %      | 2.05         | %      | 3.39         | %      | 2.24          | %      | 1.24          | %      |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net investment income (loss)                                    |   | -3.73        | %      | -4.73        | %      | -2.05        | %      | -3.38        | %      | -2.24         | %      | -1.23         | %      |

----

----

| Per Unit Operating Performance:                  |   | Class A |   | Class C |   | Class D |   | Class I |   | Class DS |   | Class DT |   |
|-----------------------------------------------------------------|--------|--------------|--------|--------------|--------|--------------|--------|--------------|--------|---------------|--------|---------------|--------|
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net asset value, beginning of year                              |   | $            | 1.0998 |         | $      | 1.0608       |   | $            | 0.9354 |          | $      | 1.0609        |   | $ | 1.3022 |   | $ | 1.2896 |   |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net realized and net change in unrealized trading profit (loss) |   | 0.4412       |   | 0.4233       |   | 0.3864       |   | 0.4338       |   | 0.5275        |   | 0.5367        |   |
| Brokerage commissions                                           |   | (0.0048      | )      | (0.0046      | )      | (0.0042      | )      | (0.0047      | )      | (0.0058       | )      | (0.0058       | )      |
| Interest income                                                 |   | 0.0198       |   | 0.0190       |   | 0.0172       |   | 0.0194       |   | 0.0237        |   | 0.0238        |   |
| Expenses                                                        |   | (0.1718      | )      | (0.1776      | )      | (0.1038      | )      | (0.1387      | )      | (0.1866       | )      | (0.1278       | )      |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net asset value, end of year                                    |   | $            | 1.3842 |         | $      | 1.3209       |   | $            | 1.2310 |          | $      | 1.3707        |   | $ | 1.6610 |   | $ | 1.7165 |   |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Total Return: (a)                                               |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Total return before Performance fees                            |   | 38.77        | %      | 37.45        | %      | 41.02        | %      | 39.45        | %      | 40.89         | %      | 42.47         | %      |
| Performance fees                                                |   | -9.96        | %      | -10.04       | %      | -7.25        | %      | -7.94        | %      | -10.11        | %      | -7.16         | %      |
| Total return after Performance fees                             |   | 25.83        | %      | 24.48        | %      | 31.59        | %      | 29.19        | %      | 27.54         | %      | 33.10         | %      |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Ratios to Average Members’ Capital:                       |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Expenses (excluding Performance fees)                           |   | 3.96         | %      | 4.97         | %      | 2.43         | %      | 3.55         | %      | 2.43          | %      | 1.39          | %      |
| Performance fees                                                |   | 10.13        | %      | 10.24        | %      | 7.21         | %      | 7.95         | %      | 10.30         | %      | 7.11          | %      |
| Expenses (including Performance fees)                           |   | 14.09        | %      | 15.21        | %      | 9.64         | %      | 11.50        | %      | 12.73         | %      | 8.50          | %      |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net investment income (loss)                                    |   | -12.39       | %      | -13.51       | %      | -7.95        | %      | -9.79        | %      | -11.03        | %      | -6.79         | %      |

----

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| 1. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|----|--------------------------------------------|

----

----

----

----

| 2. | CONDENSED SCHEDULE OF INVESTMENTS |
|----|-----------------------------------|

|                    |   | Long Positions |   | Short Positions |       | Net Unrealized         |   |           |   |               |   |
|-------------------------|--------|---------------------|--------|----------------------|------------|-----------------------------|--------|----------------|--------|--------------------|--------|
| Commodity Industry |   | Number of      |   | Unrealized           |       | Percent of             |   | Number of |   | Unrealized         |   | Percent of |   | Profit (Loss) |   | Percent of |   |   |   |
| Sector                  |   | Contracts           |   | Profit (Loss)   |       | Members’ Capital |   | Contracts      |   | Profit (Loss) |   | Members’ Capital |   | on Open Positions |   | Members’ Capital |   | Maturity Dates |   |
|                    |   |                |   |                 |       |                        |   |           |   |               |   |   |   |   |   |   |   |   |   |
| Agriculture             |   | 1,833               |   | $                    | 2,141,844  |                        | 0.84   | %              | (103   | )                  | $      | (88,116 | ) | -0.03 | % | $ | 2,053,728 |   | 0.81 | % | February 11 - February 12 |   |
| Currencies              |   | 1,694               |   | 2,107,599            |       | 0.82                        | %      | (1,210         | )      | 2,412,863          |   | 0.94 | % | 4,520,462 |   | 1.76 | % | March 11 |   |
| Energy                  |   | 657                 |   | 1,274,637            |       | 0.50                        | %      | (396           | )      | (1,182,550         | )      | -0.46 | % | 92,087 |   | 0.04 | % | January 11 - November 11 |   |
| Interest rates          |   | 2,190               |   | 174,275              |       | 0.07                        | %      | (1,729         | )      | (474,801           | )      | -0.19 | % | (300,526 | ) | -0.12 | % | January 11 - December 13 |   |
| Metals                  |   | 667                 |   | 5,050,247            |       | 1.97                        | %      | (271           | )      | (2,467,106         | )      | -0.96 | % | 2,583,141 |   | 1.01 | % | January 11 - October 11 |   |
| Stock indices           |   | 2,533               |   | 189,573              |       | 0.07                        | %      | (128           | )      | 128,171            |   | 0.05 | % | 317,744 |   | 0.12 | % | January 11 - May 11 |   |
|                    |   |                |   |                 |       |                        |   |           |   |               |   |   |   |   |   |   |   |   |   |
| Total                   |   |                |   | $                    | 10,938,175 |                        | 4.27   | %              |   |               | $      | (1,671,539 | ) | -0.65 | % | $ | 9,266,636 |   | 3.62 | % |   |   |

|                    |   | Long Positions |   | Short Positions |      | Net Unrealized         |   |           |   |               |   |
|-------------------------|--------|---------------------|--------|----------------------|-----------|-----------------------------|--------|----------------|--------|--------------------|--------|
| Commodity Industry |   | Number of      |   | Unrealized           |      | Percent of             |   | Number of |   | Unrealized         |   | Percent of |   | Profit (Loss) |   | Percent of |   |   |   |
| Sector                  |   | Contracts           |   | Profit (Loss)   |      | Members’ Capital |   | Contracts      |   | Profit (Loss) |   | Members’ Capital |   | on Open Positions |   | Members’ Capital |   | Maturity Dates |   |
|                    |   |                |   |                 |      |                        |   |           |   |               |   |   |   |   |   |   |   |   |   |
| Agriculture             |   | 675                 |   | $                    | 512,058   |                        | 0.22   | %              | (292   | )                  | $      | (132,212 | ) | -0.06 | % | $ | 379,846 |   | 0.16 | % | February 10 - December 10 |   |
| Currencies              |   | 1,308               |   | (670,422             | )         | -0.28                       | %      | (854           | )      | 1,521,277          |   | 0.64 | % | 850,855 |   | 0.36 | % | April 10 |   |
| Energy                  |   | 494                 |   | (135,491             | )         | -0.06                       | %      | (67            | )      | (277,177           | )      | -0.12 | % | (412,668 | ) | -0.18 | % | February 10 - December 10 |   |
| Interest rates          |   | 4,183               |   | (1,938,988           | )         | -0.82                       | %      | (1,837         | )      | 429,159            |   | 0.18 | % | (1,509,829 | ) | -0.64 | % | March 10 - December 12 |   |
| Metals                  |   | 759                 |   | 3,324,393            |      | 1.41                        | %      | (376           | )      | (3,024,951         | )      | -1.28 | % | 299,442 |   | 0.13 | % | January 10 - April 10 |   |
| Stock indices           |   | 2,214               |   | 1,538,851            |      | 0.65                        | %      | —        |   | —            |   | 0.00 | % | 1,538,851 |   | 0.65 | % | January 10 - March 10 |   |
|                    |   |                |   |                 |      |                        |   |           |   |               |   |   |   |   |   |   |   |   |   |
| Total                   |   |                |   | $                    | 2,630,401 |                        | 1.12   | %              |   |               | $      | (1,483,904 | ) | -0.63 | % | $ | 1,146,497 |   | 0.49 | % |   |   |

----

| 3. | FAIR VALUE OF INVESTMENTS |
|----|---------------------------|

----

| Net unrealized profit (loss)  |   |   |       |         |    |          |       |           |      |
|---------------------------------------------------|--------|--------|------------|--------------|---------|---------------|------------|----------------|-----------|
| on open contracts                       |   | Total  |       | Level I |    | Level II |       | Level III |      |
|                                              |   |   |       |         |    |          |       |           |      |
| Futures                                           |   |   |       |         |    |          |       |           |      |
| Long                                              |   | $      | 10,938,175 |         | $       | 7,228,490     |       | $              | 3,709,685 |   | $ | — |   |
| Short                                             |   | $      | (1,671,539 | )            | 795,567 |          | (2,467,106 | )              |      |   |
|                                              |   | $      | 9,266,636  |         | $       | 8,024,057     |       | $              | 1,242,579 |   | $ | — |   |
|                                              |   |   |       |         |    |          |       |           |      |
| Forwards                                          |   |   |       |         |    |          |       |           |      |
| Long                                              |   | $      | —    |         | $       | —       |       | $              | —   |   | $ | — |   |
| Short                                             |   | $      | —    |         | — |          | —    |           | —   |   |
|                                              |   | $      | —    |         | $       | —       |       | $              | —   |   | $ | — |   |
|                                              |   |   |       |         |    |          |       |           |      |
| December 31, 2010                            |   | $      | 9,266,636  |         | $       | 8,024,057     |       | $              | 1,242,579 |   | $ | — |   |

----

| Net unrealized profit (loss)  |   |   |       |         |       |          |    |           |    |
|---------------------------------------------------|--------|--------|------------|--------------|------------|---------------|---------|----------------|---------|
| on open contracts                       |   | Total  |       | Level I |       | Level II |    | Level III |    |
|                                              |   |   |       |         |       |          |    |           |    |
| Futures                                           |   |   |       |         |       |          |    |           |    |
| Long                                              |   | $      | 2,630,401  |         | $          | 2,630,401     |    | $              | — |   | $ | — |   |
| Short                                             |   | $      | (1,483,904 | )            | (1,483,904 | )             | — |           | — |   |
|                                              |   | $      | 1,146,497  |         | $          | 1,146,497     |    | $              | — |   | $ | — |   |
|                                              |   |   |       |         |       |          |    |           |    |
| Forwards                                          |   |   |       |         |       |          |    |           |    |
| Long                                              |   | $      | —    |         | $          | —       |    | $              | — |   | $ | — |   |
| Short                                             |   | $      | —    |         | —    |          | — |           | — |   |
|                                              |   | $      | —    |         | $          | —       |    | $              | — |   | $ | — |   |
|                                              |   |   |       |         |       |          |    |           |    |
| December 31, 2009                            |   | $      | 1,146,497  |         | $          | 1,146,497     |    | $              | — |   | $ | — |   |

|                                |   | December 31, 2010             |       | December 31, 2009             |   |
|-------------------------------------|--------|-----------------------------------------|------------|-----------------------------------------|--------|
| Commodity Industry Sector |   | Gain (loss) from trading |       | Gain (loss) from trading |   |
|                                |   |                                    |       |                                    |   |
| Agriculture                         |   | $                                       | 1,791,226  |                                    | $      | (1,089,234 | ) |
| Currencies                          |   | 8,588,176                               |       | (2,785,506                              | )      |
| Energy                              |   | 2,100,729                               |       | (22,155,899                             | )      |
| Interest rates                      |   | 26,649,777                              |       | (13,716,230                             | )      |
| Metals                              |   | 13,431,814                              |       | 1,294,047                               |   |
| Stock indices                       |   | (2,475,421                              | )          | 2,771,674                               |   |
|                                |   |                                    |       |                                    |   |
| Total                               |   | $                                       | 50,086,301 |                                    | $      | (35,681,148 | ) |

----

| 4. | RELATED PARTY TRANSACTIONS |
|----|----------------------------|

| 5. | ADVISORY AGREEMENT |
|----|--------------------|

----

| 6. | WEIGHTED AVERAGE UNITS |
|----|------------------------|

| 7. | RECENT ACCOUNTING PRONOUNCEMENTS |
|----|----------------------------------|

| 8. | MARKET AND CREDIT RISK |
|----|------------------------|

----

| 9. | SUBSEQUENT EVENT |
|----|------------------|

----

|   | /s/ Barbra E. Kocsis |   |
|--------|----------------------|--------|
|   | Barbra E. Kocsis     |   |

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