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|                                                                                           | Page          |
|------------------------------------------------------------------------------------------------|---------------|
|                                                                                           |          |
| REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                                       | 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 and 2009 and                    |          |
| for the period September 1, 2008 (commencement of operations) to December 31, 2008             | 4             |
|                                                                                           |          |
| Statements of Changes in Member’s Capital for the years ended December 31, 2010 and 2009 |          |
| and for the period September 1, 2008 (commencement of operations) to December 31, 2008         | 5             |
|                                                                                           |          |
| Financial Data Highlights for the years ended December 31, 2010 and 2009                       |          |
| and for the period September 1, 2008 (commencement of operations) to December 31, 2008         |   7 |
|                                                                                           |          |
| Notes to Financial Statements                                                                  | 10            |

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|                                                                                                                                   |   | 2010   |        |   | 2009   |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
| ASSETS:                                                                                                                                |   |   |        |   |   |   |
| Equity in commodity trading accounts:                                                                                                  |   |   |        |   |   |   |
|     Cash (including restricted cash of $27,101,098 for 2010 and $11,700,317 for 2009)                              |   | $      | 263,142,606 |   |   | $      | 90,971,917 |   |
|     Net unrealized profit on open futures contracts                                                                |   |   | 8,372,030   |   |   |   | 728,405 |   |
|     Net unrealized profit on open forwards contracts                                                               |   |   | 6,292,330   |   |   |   | 127,770 |   |
| Cash and cash equivalents                                                                                                              |   |   | 200,000     |   |   |   | 76,198 |   |
| Other assets                                                                                                                           |   |   | 10,600      |   |   |   | 6,080 |   |
|                                                                                                                                   |   |   |        |   |   |   |   |   |
|                 TOTAL ASSETS                           |   | $      | 278,017,566 |   |   | $      | 91,910,370 |   |
|                                                                                                                                   |   |   |        |   |   |   |   |   |
| LIABILITIES AND MEMBERS' CAPITAL:                                                                                                      |   |   |        |   |   |   |   |   |
| LIABILITIES:                                                                                                                           |   |   |        |   |   |   |   |   |
|     Net unrealized loss on open futures contracts                                                                  |   | $      | 780,850     |   |   | $      | 1,307,418 |   |
|     Net unrealized loss on open forwards contracts                                                                 |   |   | 3,230,066   |   |   |   | 434,457 |   |
|     Brokerage commissions payable                                                                                  |   |   | 6,783       |   |   |   | 27,169 |   |
|     Sponsor and Advisory fees payable                                                                              |   |   | 11,174,911  |   |   |   | 1,017,438 |   |
|     Redemptions payable                                                                                            |   |   | 1,259,957   |   |   |   | 33,400 |   |
|     Other liabilities                                                                                              |   |   | 231,051     |   |   |   | 92,289 |   |
|                                                                                                                                   |   |   |        |   |   |   |   |   |
|             Total liabilities                                              |   |   | 16,683,618  |   |   |   | 2,912,171 |   |
|                                                                                                                                   |   |   |        |   |   |   |   |   |
| MEMBERS' CAPITAL:                                                                                                                      |   |   |        |   |   |   |   |   |
|   Members' Interest (199,711,080 and 74,246,182 Units outstanding, unlimited Units authorized)                               |   |   | 261,333,948 |   |   |   | 88,998,199 |   |
|             Total members' capital                                         |   |   | 261,333,948 |   |   |   | 88,998,199 |   |
|                                                                                                                                   |   |   |        |   |   |   |   |   |
|                 TOTAL LIABILITIES AND MEMBERS' CAPITAL |   | $      | 278,017,566 |   |   | $      | 91,910,370 |   |
|                                                                                                                                   |   |   |        |   |   |   |   |   |
| NET ASSET VALUE PER UNIT:                                                                                                              |   |   |        |   |   |   |   |   |
|                                                                                                                                   |   |   |        |   |   |   |   |   |
|      Class A                                                                                                  |   | $      | 1.1785      |   |   | $      | 1.0724 |   |
|      Class C                                                                                                  |   | $      | 1.1639      |   |   | $      | 1.0698 |   |
|      Class D                                                                                                  |   | $      | 1.1993      |   |   | $      | 1.0750 |   |
|      Class I                                                                                                  |   | $      | 1.1904      |   |   | $      | 1.0789 |   |
|      Class DS                                                                                                 |   | $      | 1.4128      |   |   | $      | 1.2665 |   |
|      Class DT                                                                                                 |   | $      | 1.1650      |   |   | $      | - |   |

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|                                                                                                |   | 2010   |        |   | 2009   |   |         | 2008   |   |
|-----------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|--------------|--------|--------|
| TRADING PROFIT (LOSS):                                                                              |   |   |        |   |   |   |         |   |   |
|                                                                                                |   |   |        |   |   |   |         |   |   |
|         Realized, net                                       |   | $      | 36,984,257  |   |   |   | 6,853,155    |   |   |   | 10,029,274 |   |
|         Change in unrealized, net                           |   |   | 11,539,144  |   |   |   | (1,740,277   | )      |   |   | 854,577 |   |
|         Brokerage commissions                               |   |   | (880,901    | )      |   |   | (230,560     | )      |   |   | (41,658 | ) |
|                                                                                                |   |   |        |   |   |   |         |   |   |   |   |   |
|             Total trading profit (loss) |   |   | 47,642,500  |   |   |   | 4,882,318    |   |   |   | 10,842,193 |   |
|                                                                                                |   |   |        |   |   |   |         |   |   |   |   |   |
| INVESTMENT INCOME (EXPENSE):                                                                        |   |   |        |   |   |   |         |   |   |   |   |   |
|        Interest                                                  |   |   | (3,199      | )      |   |   | 7,933        |   |   |   | 91,446 |   |
|                                                                                                |   |   |        |   |   |   |         |   |   |   |   |   |
| EXPENSES:                                                                                           |   |   |        |   |   |   |         |   |   |   |   |   |
|        Management fee                                            |   |   | 4,237,743   |   |   |   | 1,255,634    |   |   |   | 290,672 |   |
|        Sponsor fee                                               |   |   | 751,285     |   |   |   | 76,798       |   |   |   | - |   |
|        Performance fee                                           |   |   | 10,688,758  |   |   |   | 839,877      |   |   |   | 2,619,030 |   |
|        Other                                                     |   |   | 649,724     |   |   |   | 293,309      |   |   |   | 77,733 |   |
|             Total expenses              |   |   | 16,327,510  |   |   |   | 2,465,618    |   |   |   | 2,987,435 |   |
|                                                                                                |   |   |        |   |   |   |         |   |   |   |   |   |
| NET INVESTMENT LOSS                                                                                 |   |   | (16,330,709 | )      |   |   | (2,457,685   | )      |   |   | (2,895,989 | ) |
|                                                                                                |   |   |        |   |   |   |         |   |   |   |   |   |
| NET INCOME (LOSS)                                                                                   |   | $      | 31,311,791  |   |   | $      | 2,424,633    |   |   | $ | 7,946,204 |   |
|                                                                                                |   |   |        |   |   |   |         |   |   |   |   |   |
| NET INCOME (LOSS) PER UNIT:                                                                         |   |   |        |   |   |   |         |   |   |   |   |   |
|                                                                                                |   |   |        |   |   |   |         |   |   |   |   |   |
| Weighted average number of Units outstanding                                                        |   |   |        |   |   |   |         |   |   |
|      Class A*                                                              |   |   | 3,887,150   |   |   |   | 760,146.00   |   |   |   | - |   |
|      Class C*                                                              |   |   | 21,321,655  |   |   |   | 5,162,237.00 |   |   |   | - |   |
|      Class D*                                                              |   |   | 11,982,305  |   |   |   | 4,405,587.00 |   |   |   | - |   |
|      Class I*                                                              |   |   | 8,081,929   |   |   |   | 2,681,473.00 |   |   |   | - |   |
|      Class DS**                                                            |   |   | 100,133,217 |   |   |   | 46,657,079   |   |   |   | 36,281,167 |   |
|      Class DT***                                                           |   |   | 50,000,660  |   |   |   | -            |   |   |   | - |   |
|                                                                                                |   |   |        |   |   |   |         |   |   |   |   |   |
|      Net income (loss) per weighted average Unit                           |   |   |        |   |   |   |         |   |   |   |   |   |
|      Class A*                                                              |   | $      | 0.1032      |   |   | $      | (0.0174      | )      |   | $ | - |   |
|      Class C*                                                              |   | $      | 0.0968      |   |   | $      | 0.0004       |   |   | $ | - |   |
|      Class D*                                                              |   | $      | 0.1292      |   |   | $      | (0.0561      | )      |   | $ | - |   |
|      Class I*                                                              |   | $      | 0.1243      |   |   | $      | 0.0270       |   |   | $ | - |   |
|      Class DS**                                                            |   | $      | 0.1835      |   |   | $      | 0.0559       |   |   | $ | 0.2190 |   |
|      Class DT***                                                           |   | $      | 0.1584      |   |   | $      | -            |   |   | $ | - |   |
|                                                                                                |   |   |        |   |   |   |         |   |   |   |   |   |
| *Units issued on August 1, 2009.                                                                    |   |   |        |   |   |   |         |   |   |   |   |   |
| **Units issued on September 1, 2008.                                                                |   |   |        |   |   |   |         |   |   |   |   |   |
| ***Units issued on February 1, 2010.                                                                |   |   |        |   |   |   |         |   |   |   |   |   |
|                                                                                                |   |   |        |   |   |   |         |   |   |   |   |   |
| See notes to financial statements.                                                                  |   |   |        |   |   |   |         |   |   |   |   |   |

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|                 |   | Initial Offering |       |   | Subscriptions |   |      | Redemptions |   |   | Members' Capital December 31, 2008 |   |   | Subscriptions |       |   | Redemptions |   |       | Members' Capital December 31, 2009 |   |   | Subscriptions |   |   | Redemptions |       |   | Members' Capital December 31, 2010 |   |
|----------------------|--------|------------------|------------|--------|---------------|--------|-----------|-------------|--------|--------|------------------------------------|--------|--------|---------------|------------|--------|-------------|--------|------------|------------------------------------|--------|--------|---------------|--------|--------|-------------|------------|--------|------------------------------------|--------|
|                 |   |             |       |   |          |   |      |        |   |   |                               |   |   |          |       |   |        |   |       |                               |   |   |          |   |   |        |       |   |                               |   |
| Class A*             |   |             | -          |   |          |   | -         |        |   |   | -                                  |   |   |          | -          |   |        |   | 1,510,078  |                               |   |   | -             |   |   |        | 1,510,078  |   |                               |   | 2,843,249 |   |   |   | (87,311 | ) |   |   | 4,266,016 |   |
| Class C*             |   |             | -          |   |          |   | -         |        |   |   | -                                  |   |   |          | -          |   |        |   | 9,756,583  |                               |   |   | (31,221       | )      |   |        | 9,725,362  |   |                               |   | 14,066,831 |   |   |   | (1,331,508 | ) |   |   | 22,460,685 |   |
| Class D*             |   |             | -          |   |          |   | -         |        |   |   | -                                  |   |   |          | -          |   |        |   | 10,234,679 |                               |   |   | -             |   |   |        | 10,234,679 |   |                               |   | 2,050,640 |   |   |   | - |   |   |   | 12,285,319 |   |
| Class I*             |   |             | -          |   |          |   | -         |        |   |   | -                                  |   |   |          | -          |   |        |   | 4,622,411  |                               |   |   | -             |   |   |        | 4,622,411  |   |                               |   | 4,501,388 |   |   |   | (501,768 | ) |   |   | 8,622,031 |   |
| Class DS**           |   |             | 34,615,818 |   |          |   | 5,448,356 |        |   |   | -                                  |   |   |          | 40,064,174 |   |        |   | 10,504,934 |                               |   |   | (2,415,456    | )      |   |        | 48,153,652 |   |                               |   | 67,480,465 |   |   |   | (2,668,473 | ) |   |   | 112,965,644 |   |
| Class DT***          |   |             | -          |   |          |   | -         |        |   |   | -                                  |   |   |          | -          |   |        |   | -          |                               |   |   | -             |   |   |        | -          |   |                               |   | 60,851,604 |   |   |   | (21,740,219 | ) |   |   | 39,111,385 |   |
|                 |   |             |       |   |          |   |      |        |   |   |                               |   |   |          |       |   |        |   |       |                               |   |   |          |   |   |        |       |   |                               |   |   |   |   |   |   |   |   |   |   |   |
| Total Members' Units |   |             | 34,615,818 |   |          |   | 5,448,356 |        |   |   | -                                  |   |   |          | 40,064,174 |   |        |   | 36,628,685 |                               |   |   | (2,446,677    | )      |   |        | 74,246,182 |   |                               |   | 151,794,177 |   |   |   | (26,329,279 | ) |   |   | 199,711,080 |   |

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|                   |   | Initial Offering |       |   | 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*               |   | $                | -          |   |          | $      | -         |        |   | $      | -                |   |   | $                                  | -         |   |          | $      | -          |        |   | $      | 1,632,689        |   |   | $                                  | -          |   |          | $      | (13,209   | )           |   | $      | 1,619,480        |   |   | $                                  | 3,109,070   |   |   | $ | (102,230 | ) |   | $ | 401,308 |   |   | $ | 5,027,628 |   |
| Class C*               |   |             | -          |   |          |   | -         |        |   |   | -                |   |   |                               | -         |   |          |   | -          |        |   |   | 10,435,845       |   |   |                               | (33,400    | )      |          |   | 1,884     |        |   |   | 10,404,329       |   |   |                               | 15,150,516  |   |   |   | (1,476,123 | ) |   |   | 2,064,204 |   |   |   | 26,142,926 |   |
| Class D*               |   |             | -          |   |          |   | -         |        |   |   | -                |   |   |                               | -         |   |          |   | -          |        |   |   | 11,249,487       |   |   |                               | -          |   |          |   | (247,037  | )           |   |   | 11,002,450       |   |   |                               | 2,182,138   |   |   |   | - |   |   |   | 1,548,656 |   |   |   | 14,733,244 |   |
| Class I*               |   |             | -          |   |          |   | -         |        |   |   | -                |   |   |                               | -         |   |          |   | -          |        |   |   | 4,914,625        |   |   |                               | -          |   |          |   | 72,382    |        |   |   | 4,987,007        |   |   |                               | 4,838,269   |   |   |   | (566,183 | ) |   |   | 1,004,560 |   |   |   | 10,263,653 |   |
| Class DS**             |   |             | 34,615,818 |   |          |   | 6,424,836 |        |   |   | -                |   |   |                               | 7,946,204 |   |          |   | 48,986,858 |        |   |   | 12,367,513       |   |   |                               | (2,980,051 | )      |          |   | 2,610,613 |        |   |   | 60,984,933       |   |   |                               | 83,667,256  |   |   |   | (3,423,232 | ) |   |   | 18,370,900 |   |   |   | 159,599,857 |   |
| Class DT***            |   |             | -          |   |          |   | -         |        |   |   | -                |   |   |                               | -         |   |          |   | -          |        |   |   | -                |   |   |                               | -          |   |          |   | -         |        |   |   | -                |   |   |                               | 60,908,672  |   |   |   | (23,264,195 | ) |   |   | 7,922,163 |   |   |   | 45,566,640 |   |
|                   |   |             |       |   |          |   |      |        |   |   |             |   |   |                               |      |   |          |   |       |        |   |   |             |   |   |                               |       |   |          |   |      |        |   |   |             |   |   |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Members' Capital |   | $                | 34,615,818 |   |          | $      | 6,424,836 |        |   | $      | -                |   |   | $                                  | 7,946,204 |   |          | $      | 48,986,858 |        |   | $      | 40,600,159       |   |   | $                                  | (3,013,451 | )      |          | $      | 2,424,633 |        |   | $      | 88,998,199       |   |   | $                                  | 169,855,921 |   |   | $ | (28,831,963 | ) |   | $ | 31,311,791 |   |   | $ | 261,333,948 |   |
|                   |   |             |       |   |          |   |      |        |   |   |             |   |   |                               |      |   |          |   |       |        |   |   |             |   |   |                               |       |   |          |   |      |        |   |   |             |   |   |                               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

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|                                                                     |   |    |    |   |    |   |    |    |   |   |    |   |   |     |    |   |      |   |
|--------------------------------------------------------------------------|--------|---------|---------|--------|---------|--------|---------|---------|--------|--------|---------|--------|--------|----------|---------|--------|-----------|--------|
| Per Unit Operating Performance:                                          |   | Class A |    |   | Class C |   |    | Class D |   |   | Class I |   |   | Class DS |    |   | Class DT* |   |
|                                                                     |   |    |    |   |    |   |    |    |   |   |    |   |   |     |    |   |      |   |
| Net asset value or offering price, beginning of year or at time of offer |   | $       | 1.0724  |   |    | $      | 1.0698  |    |   | $      | 1.0750  |   |   | $        | 1.0789  |   |      | $      | 1.2665 |   |   | $ | 1.0000 |   |
|                                                                     |   |    |    |   |    |   |    |    |   |   |    |   |   |     |    |   |      |   |   |   |   |   |   |   |
| Net realized and net change in unrealized trading profit                 |   |    | 0.2009  |   |    |   | 0.1992  |    |   |   | 0.2032  |   |   |     | 0.2026  |   |      |   | 0.2394 |   |   |   | 0.2317 |   |
| Brokerage commissions                                                    |   |    | (0.0041 | )      |    |   | (0.0040 | )       |   |   | (0.0041 | )      |   |     | (0.0041 | )      |      |   | (0.0049 | ) |   |   | (0.0039 | ) |
| Interest income                                                          |   |    | (0.0000 | )      |    |   | (0.0000 | )       |   |   | (0.0000 | )      |   |     | (0.0000 | )      |      |   | (0.0000 | ) |   |   | (0.0000 | ) |
| Expenses                                                                 |   |    | (0.0907 | )      |    |   | (0.1011 | )       |   |   | (0.0748 | )      |   |     | (0.0870 | )      |      |   | (0.0882 | ) |   |   | (0.0628 | ) |
|                                                                     |   |    |    |   |    |   |    |    |   |   |    |   |   |     |    |   |      |   | - |   |   |   |   |   |
| Net asset value, end of year                                             |   | $       | 1.1785  |   |    | $      | 1.1639  |    |   | $      | 1.1993  |   |   | $        | 1.1904  |   |      | $      | 1.4128 |   |   | $ | 1.1650 |   |
|                                                                     |   |    |    |   |    |   |    |    |   |   |    |   |   |     |    |   |      |   |   |   |   |   |   |   |
| Total Return: (b)                                                        |   |    |    |   |    |   |    |    |   |   |    |   |   |     |    |   |      |   |   |   |   |   |   |   |
|                                                                     |   |    |    |   |    |   |    |    |   |   |    |   |   |     |    |   |      |   |   |   |   |   |   |   |
| Total return before Performance fees                                     |   |    | 14.37   | %      |    |   | 13.24   | %       |   |   | 16.10   | %      |   |     | 14.83   | %      |      |   | 16.10 | % |   |   | 21.53 | % |
| Performance fees                                                         |   |    | -4.60   | %      |    |   | -4.60   | %       |   |   | -4.60   | %      |   |     | -4.60   | %      |      |   | -4.60 | % |   |   | -4.83 | % |
| Total return after Performance fees                                      |   |    | 9.77    | %      |    |   | 8.64    | %       |   |   | 11.50   | %      |   |     | 10.23   | %      |      |   | 11.50 | % |   |   | 16.70 | % |
|                                                                     |   |    |    |   |    |   |    |    |   |   |    |   |   |     |    |   |      |   |   |   |   |   |   |   |
| Ratios to Average Member's Capital: (a)                                  |   |    |    |   |    |   |    |    |   |   |    |   |   |     |    |   |      |   |   |   |   |   |   |   |
|                                                                     |   |    |    |   |    |   |    |    |   |   |    |   |   |     |    |   |      |   |   |   |   |   |   |   |
| Expenses (excluding Performance fees)                                    |   |    | 3.85    | %      |    |   | 4.85    | %       |   |   | 2.34    | %      |   |     | 3.44    | %      |      |   | 2.34 | % |   |   | 1.19 | % |
| Performance fees                                                         |   |    | 4.35    | %      |    |   | 4.35    | %       |   |   | 4.35    | %      |   |     | 4.35    | %      |      |   | 4.35 | % |   |   | 4.58 | % |
| Expenses (including Performance fees)                                    |   |    | 8.20    | %      |    |   | 9.20    | %       |   |   | 6.69    | %      |   |     | 7.79    | %      |      |   | 6.69 | % |   |   | 5.77 | % |
|                                                                     |   |    |    |   |    |   |    |    |   |   |    |   |   |     |    |   |      |   |   |   |   |   |   |   |
| Net investment income (loss)                                             |   |    | 8.20    | %      |    |   | 9.21    | %       |   |   | 6.69    | %      |   |     | 7.80    | %      |      |   | 6.69 | % |   |   | 5.78 | % |
|                                                                     |   |    |    |   |    |   |    |    |   |   |    |   |   |     |    |   |      |   |   |   |   |   |   |   |

----

----

|                                                                     |   |     |    |   |     |   |    |     |   |   |     |   |   |     |    |
|--------------------------------------------------------------------------|--------|----------|---------|--------|----------|--------|---------|----------|--------|--------|----------|--------|--------|----------|---------|
| Per Unit Operating Performance:                                          |   | Class A* |    |   | Class C* |   |    | Class D* |   |   | Class I* |   |   | Class DS |    |
|                                                                     |   |     |    |   |     |   |    |     |   |   |     |   |   |     |    |
| Net asset value or offering price, beginning of year or at time of offer |   | $        | 1.0000  |   |     | $      | 1.0000  |     |   | $      | 1.0000   |   |   | $        | 1.0000  |   |   | $ | 1.2227 |   |
|                                                                     |   |     |    |   |     |   |    |     |   |   |     |   |   |     |    |   |   |   |   |   |
| Net realized and net change in unrealized trading profit                 |   |     | 0.1577  |   |     |   | 0.1576  |     |   |   | 0.1580   |   |   |     | 0.1580  |   |   |   | 0.0891 |   |
| Brokerage commissions                                                    |   |     | (0.0019 | )      |     |   | (0.0019 | )        |   |   | (0.0019  | )      |   |     | (0.0019 | ) |   |   | (0.0043 | ) |
| Interest income                                                          |   |     | 0.0000  |   |     |   | 0.0000  |     |   |   | 0.0000   |   |   |     | 0.0000  |   |   |   | 0.0002 |   |
| Expenses                                                                 |   |     | (0.0834 | )      |     |   | (0.0859 | )        |   |   | (0.0811  | )      |   |     | (0.0772 | ) |   |   | (0.0412 | ) |
|                                                                     |   |     |    |   |     |   |    |     |   |   |     |   |   |     |    |   |   |   | - |   |
| Net asset value, end of year                                             |   | $        | 1.0724  |   |     | $      | 1.0698  |     |   | $      | 1.0750   |   |   | $        | 1.0789  |   |   | $ | 1.2665 |   |
|                                                                     |   |     |    |   |     |   |    |     |   |   |     |   |   |     |    |   |   |   |   |   |
| Total Return: (b)                                                        |   |     |    |   |     |   |    |     |   |   |     |   |   |     |    |   |   |   |   |   |
|                                                                     |   |     |    |   |     |   |    |     |   |   |     |   |   |     |    |   |   |   |   |   |
| Total return before Performance fees                                     |   |     | 9.67    | %      |     |   | 9.21    | %        |   |   | 10.38    | %      |   |     | 9.85    | % |   |   | 4.40 | % |
| Performance fees                                                         |   |     | -2.44   | %      |     |   | -2.28   | %        |   |   | -2.82    | %      |   |     | -2.04   | % |   |   | -1.11 | % |
| Total return after Performance fees                                      |   |     | 7.23    | %      |     |   | 6.93    | %        |   |   | 7.56     | %      |   |     | 7.81    | % |   |   | 3.29 | % |
|                                                                     |   |     |    |   |     |   |    |     |   |   |     |   |   |     |    |   |   |   |   |   |
| Ratios to Average Member's Capital: (a)                                  |   |     |    |   |     |   |    |     |   |   |     |   |   |     |    |   |   |   |   |   |
|                                                                     |   |     |    |   |     |   |    |     |   |   |     |   |   |     |    |   |   |   |   |   |
| Expenses (excluding Performance fees)                                    |   |     | 1.75    | %      |     |   | 2.17    | %        |   |   | 1.12     | %      |   |     | 1.58    | % |   |   | 2.48 | % |
| Performance fees                                                         |   |     | 2.35    | %      |     |   | 2.18    | %        |   |   | 2.75     | %      |   |     | 1.92    | % |   |   | 0.95 | % |
| Expenses (including Performance fees)                                    |   |     | 4.10    | %      |     |   | 4.35    | %        |   |   | 3.87     | %      |   |     | 3.50    | % |   |   | 3.43 | % |
|                                                                     |   |     |    |   |     |   |    |     |   |   |     |   |   |     |    |   |   |   |   |   |
| Net investment income (loss)                                             |   |     | 4.10    | %      |     |   | 4.35    | %        |   |   | 3.86     | %      |   |     | 3.51    | % |   |   | 3.42 | % |
|                                                                     |   |     |    |   |     |   |    |     |   |   |     |   |   |     |    |   |   |   |   |   |

----

----

|                                                     |   |     |    |
|----------------------------------------------------------|--------|----------|---------|
| Per Unit Operating Performance:                          |   | Class DS |    |
|                                                     |   |     |    |
| Net asset value at time of offer                         |   | $        | 1.0000  |   |
|                                                     |   |     |    |   |
| Net realized and net change in unrealized trading profit |   |     | 0.3047  |   |
| Brokerage commissions                                    |   |     | (0.0011 | ) |
| Interest income                                          |   |     | 0.0026  |   |
| Expenses                                                 |   |     | (0.0835 | ) |
|                                                     |   |     | -       |   |
| Net asset value, end of year                             |   | $        | 1.2227  |   |
|                                                     |   |     |    |   |
| Total Return: (b)                                        |   |     |    |   |
|                                                     |   |     |    |   |
| Total return before Performance fees                     |   |     | 30.29   | % |
| Performance fees                                         |   |     | -6.68   | % |
| Total return after Performance fees                      |   |     | 22.27   | % |
|                                                     |   |     |    |   |
| Ratios to Average Member's Capital: (a)                  |   |     |    |   |
|                                                     |   |     |    |   |
| Expenses (excluding Performance fees)                    |   |     | 2.70    | % |
| Performance fees                                         |   |     | 6.62    | % |
| Expenses (including Performance fees)                    |   |     | 9.32    | % |
|                                                     |   |     |    |   |
| Net investment income (loss)                             |   |     | -8.58   | % |
|                                                     |   |     |    |   |

----

----

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

----

----

----

----

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

|                     |   |               |          |   |                    |   |       |                       |   |   |               |   |   |                    |           |   |                       |   |       |                           |   |   |                       |   |   |           |
|--------------------------|--------|--------------------|---------------|--------|-------------------------|--------|------------|----------------------------|--------|--------|--------------------|--------|--------|-------------------------|----------------|--------|----------------------------|--------|------------|--------------------------------|--------|--------|----------------------------|--------|--------|----------------|
| December 31, 2010        |   |               |          |   |                    |   |       |                       |   |   |               |   |   |                    |           |   |                       |   |       |                           |   |   |                       |   |   |           |
|                     |   | Long Positions     |          |   | Short Positions         |   |       | Net Unrealized             |   |   |               |   |   |                    |
| Commodity IndustrySector |   | Number ofContracts |          |   | UnrealizedProfit (Loss) |   |       | Percent ofMembers' Capital |   |   | Number ofContracts |   |   | UnrealizedProfit (Loss) |           |   | Percent ofMembers' Capital |   |       | Profit (Loss)on Open Positions |   |   | Percent ofMembers' Capital |   |   | Maturity Dates |
|                     |   |               |          |   |                    |   |       |                       |   |   |               |   |   |                    |           |   |                       |   |       |                           |   |   |                       |   |   |           |
|                     |   |               |          |   |                    |   |       |                       |   |   |               |   |   |                    |           |   |                       |   |       |                           |   |   |                       |   |   |           |
| Agriculture              |   |               | 330           |   |                    | $      | 586,527    |                       |   |   | 0.22               | %      |   |                    | -              |   |                       | $      | -          |                           |   |   | 0.00                       | %      |   | $              | 586,527 |   |   |   | 0.22 | % |   | March 11 |
| Currencies               |   |               | 2,852,187,119 |   |                    |   | 6,292,330  |                       |   |   | 2.41               | %      |   |                    | (1,929,042,262 | )      |                       |   | (3,230,067 | )                              |   |   | -1.24                      | %      |   |           | 3,062,263 |   |   |   | 1.17 | % |   | March 11 |
| Energy                   |   |               | 1,501         |   |                    |   | 4,746,214  |                       |   |   | 1.82               | %      |   |                    | -              |   |                       |   | -          |                           |   |   | 0.00                       | %      |   |           | 4,746,214 |   |   |   | 1.82 | % |   | January 11 - April 11 |
| Interest rates           |   |               | 3,883         |   |                    |   | 382,086    |                       |   |   | 0.15               | %      |   |                    | (600           | )      |                       |   | (37,834    | )                              |   |   | -0.01                      | %      |   |           | 344,252 |   |   |   | 0.14 | % |   | March 11 - June 13 |
| Metals                   |   |               | 525           |   |                    |   | 5,470,493  |                       |   |   | 2.09               | %      |   |                    | (279           | )      |                       |   | (3,554,866 | )                              |   |   | -1.36                      | %      |   |           | 1,915,627 |   |   |   | 0.73 | % |   | January 11 - April 11 |
| Stock indices            |   |               | 3,492         |   |                    |   | (1,439     | )                          |   |   | 0.00               | %      |   |                    | -              |   |                       |   | -          |                           |   |   | 0.00                       | %      |   |           | (1,439 | ) |   |   | 0.00 | % |   | January 11 - March 11 |
|                     |   |               |          |   |                    |   |       |                       |   |   |               |   |   |                    |           |   |                       |   |       |                           |   |   |                       |   |   |           |   |   |   |   |   |   |   |   |
| Total                    |   |               |          |   |                    | $      | 17,476,211 |                       |   |   | 6.69               | %      |   |                    |           |   |                       | $      | (6,822,767 | )                              |   |   | -2.61                      | %      |   | $              | 10,653,444 |   |   |   | 4.08 | % |   |   |
|                     |   |               |          |   |                    |   |       |                       |   |   |               |   |   |                    |           |   |                       |   |       |                           |   |   |                       |   |   |           |   |   |   |   |   |   |   |   |

| December 31, 2009        |   |               |       |   |                    |   |       |                       |   |   |               |   |   |                    |        |   |                       |   |     |                           |   |   |                       |   |   |           |
|--------------------------|--------|--------------------|------------|--------|-------------------------|--------|------------|----------------------------|--------|--------|--------------------|--------|--------|-------------------------|-------------|--------|----------------------------|--------|----------|--------------------------------|--------|--------|----------------------------|--------|--------|----------------|
|                     |   | Long Positions     |       |   | Short Positions         |   |       | Net Unrealized             |   |   |               |   |   |                    |
| Commodity IndustrySector |   | Number ofContracts |       |   | UnrealizedProfit (Loss) |   |       | Percent ofMembers' Capital |   |   | Number ofContracts |   |   | UnrealizedProfit (Loss) |        |   | Percent ofMembers' Capital |   |     | Profit (Loss)on Open Positions |   |   | Percent ofMembers' Capital |   |   | Maturity Dates |
|                     |   |               |       |   |                    |   |       |                       |   |   |               |   |   |                    |        |   |                       |   |     |                           |   |   |                       |   |   |           |
|                     |   |               |       |   |                    |   |       |                       |   |   |               |   |   |                    |        |   |                       |   |     |                           |   |   |                       |   |   |           |
| Agriculture              |   |               | 37         |   |                    | $      | 18,635     |                       |   |   | 0.02               | %      |   |                    | (44         | )      |                       | $      | (17,718  | )                              |   |   | -0.02                      | %      |   | $              | 917 |   |   |   | 0.00 | % |   | March 10 |
| Currencies               |   |               | 47,800,234 |   |                    |   | (66,336    | )                          |   |   | -0.07              | %      |   |                    | (42,482,119 | )      |                       |   | (240,350 | )                              |   |   | -0.27                      | %      |   |           | (306,686 | ) |   |   | -0.34 | % |   | March 10 |
| Energy                   |   |               | 379        |   |                    |   | 481,139    |                       |   |   | 0.54               | %      |   |                    | -           |   |                       |   | -        |                           |   |   | 0.00                       | %      |   |           | 481,139 |   |   |   | 0.54 | % |   | January 10 - April 10 |
| Interest rates           |   |               | 3,437      |   |                    |   | (2,232,094 | )                          |   |   | -2.51              | %      |   |                    | -           |   |                       |   | -        |                           |   |   | 0.00                       | %      |   |           | (2,232,094 | ) |   |   | -2.51 | % |   | March 10 - December 10 |
| Metals                   |   |               | 89         |   |                    |   | 73,051     |                       |   |   | 0.08               | %      |   |                    | (24         | )      |                       |   | (163,255 | )                              |   |   | -0.18                      | %      |   |           | (90,204 | ) |   |   | -0.10 | % |   | January 10 - March 10 |
| Stock indices            |   |               | 1,249      |   |                    |   | 1,261,228  |                       |   |   | 1.42               | %      |   |                    | -           |   |                       |   |     |                           |   |   | 0.00                       | %      |   |           | 1,261,228 |   |   |   | 1.42 | % |   | January 10 - March 10 |
|                     |   |               |       |   |                    |   |       |                       |   |   |               |   |   |                    |        |   |                       |   |     |                           |   |   |                       |   |   |           |   |   |   |   |   |   |   |   |
| Total                    |   |               |       |   |                    | $      | (464,377   | )                          |   |   | -0.52              | %      |   |                    |        |   |                       | $      | (421,323 | )                              |   |   | -0.47                      | %      |   | $              | (885,700 | ) |   |   | -0.99 | % |   |   |

----

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

----

| 2010                          |   |   |       |   |    |   |      |     |   |   |       |   |
|-------------------------------|--------|--------|------------|--------|---------|--------|-----------|----------|--------|--------|------------|--------|
| Net unrealized profit (loss)  |   |   |       |   |    |   |      |     |   |   |       |   |
| on open contracts             |   | Total  |       |   | Level I |   |      | Level II |   |   | Level III  |   |
|                          |   |   |       |   |    |   |      |     |   |   |       |   |
| Futures                       |   |   |       |   |    |   |      |     |   |   |       |   |
|     Long  |   | $      | 11,183,881 |   |    | $      | 7,332,217 |     |   | $      | 3,851,664  |   |   | $ | - |   |
|     Short |   | $      | (3,592,701 | )      |    |   | (37,835   | )        |   |   | (3,554,866 | )      |   |   | - |   |
|                          |   | $      | 7,591,180  |   |    | $      | 7,294,382 |     |   | $      | 296,798    |   |   | $ | - |   |
|                          |   |   |       |   |    |   |      |     |   |   |       |   |   |   |   |   |
| Forwards                      |   |   |       |   |    |   |      |     |   |   |       |   |   |   |   |   |
|     Long  |   | $      | 6,292,330  |   |    | $      | -         |     |   | $      | 6,292,330  |   |   | $ | - |   |
|     Short |   | $      | (3,230,066 | )      |    |   | -         |     |   |   | (3,230,066 | )      |   |   | - |   |
|                          |   | $      | 3,062,264  |   |    | $      | -         |     |   | $      | 3,062,264  |   |   | $ | - |   |
|                          |   |   |       |   |    |   |      |     |   |   |       |   |   |   |   |   |
| December 31, 2010             |   | $      | 10,653,444 |   |    | $      | 7,294,382 |     |   | $      | 3,359,062  |   |   | $ | - |   |
|                          |   |   |       |   |    |   |      |     |   |   |       |   |   |   |   |   |

----

| 2009                          |   |   |     |   |    |   |     |     |   |   |      |   |
|-------------------------------|--------|--------|----------|--------|---------|--------|----------|----------|--------|--------|-----------|--------|
| Net unrealized profit (loss)  |   |   |     |   |    |   |     |     |   |   |      |   |
| on open contracts             |   | Total  |     |   | Level I |   |     | Level II |   |   | Level III |   |
|                          |   |   |     |   |    |   |     |     |   |   |      |   |
| Futures                       |   |   |     |   |    |   |     |     |   |   |      |   |
|     Long  |   | $      | (398,041 | )      |    | $      | (669,113 | )        |   | $      | 271,072   |   |   | $ | - |   |
|     Short |   | $      | (180,972 | )      |    |   | (17,717  | )        |   |   | (163,255  | )      |   |   | - |   |
|                          |   | $      | (579,013 | )      |    | $      | (686,830 | )        |   | $      | 107,817   |   |   | $ | - |   |
|                          |   |   |     |   |    |   |     |     |   |   |      |   |   |   |   |   |
| Forwards                      |   |   |     |   |    |   |     |     |   |   |      |   |   |   |   |   |
|     Long  |   | $      | (66,336  | )      |    | $      | -        |     |   | $      | (66,336   | )      |   | $ | - |   |
|     Short |   | $      | (240,351 | )      |    |   | -        |     |   |   | (240,351  | )      |   |   | - |   |
|                          |   | $      | (306,687 | )      |    | $      | -        |     |   | $      | (306,687  | )      |   | $ | - |   |
|                          |   |   |     |   |    |   |     |     |   |   |      |   |   |   |   |   |
| December 31, 2009             |   | $      | (885,700 | )      |    | $      | (686,830 | )        |   | $      | (198,870  | )      |   | $ | - |   |

|                      |   | December 31, 2010        |       |   | December 31, 2009        |   |
|---------------------------|--------|--------------------------|------------|--------|--------------------------|--------|
| Commodity Industry Sector |   | Gain (loss) from trading |       |   | Gain (loss) from trading |   |
|                      |   |                     |       |   |                     |   |
| Agriculture               |   | $                        | 645,680    |   |                     | $      | (259,796 | ) |
| Currencies                |   |                     | 4,109,014  |   |                     |   | (1,372,119 | ) |
| Energy                    |   |                     | (898,266   | )      |                     |   | (1,594,326 | ) |
| Interest rates            |   |                     | 33,274,797 |   |                     |   | 1,464,617 |   |
| Metals                    |   |                     | 4,175,627  |   |                     |   | 41,606 |   |
| Stock indices             |   |                     | 7,216,549  |   |                     |   | 6,832,896 |   |
|                      |   |                     |       |   |                     |   |   |   |
| Total                     |   | $                        | 48,523,401 |   |                     | $      | 5,112,878 |   |
|                      |   |                     |       |   |                     |   |   |   |

----

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

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

----

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

| 7.  | RECENT ACCOUNTING PRONOUNCEMENT |
|----------|---------------------------------|

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

----

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

----

----