----

|                                                                                                      |   | 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 2009                        |   | 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 $57,039,642 for 2010 and $53,748,925 for 2009)    |   | $           | 887,636,418 |        | $      | 761,893,194 |   |
| Net unrealized profit on open futures contracts                                      |   | 29,070,679  |        | 5,460,626   |   |
| Cash and cash equivalents                                                            |   | 350,000     |        | 1,102,160   |   |
| Accrued interest receivable                                                          |   | 1,636       |        | —     |   |
|                                                                                 |   |        |        |        |   |
| TOTAL ASSETS                                                                         |   | $           | 917,058,733 |        | $      | 768,455,980 |   |
|                                                                                 |   |        |        |        |   |
| LIABILITIES AND MEMBERS’ CAPITAL:                                              |   |        |        |        |   |
| LIABILITIES:                                                                         |   |        |        |        |   |
| Net unrealized loss on open futures contracts                                        |   | $           | 1,498,718   |        | $      | 2,155,460 |   |
| Brokerage commissions payable                                                        |   | —     |        | 115,138     |   |
| Sponsor and Advisory fees payable                                                    |   | 14,056,344  |        | 3,146,710   |   |
| Redemptions payable                                                                  |   | 3,527,632   |        | 12,610,951  |   |
| Other liabilities                                                                    |   | 505,731     |        | 391,254     |   |
|                                                                                 |   |        |        |        |   |
| Total liabilities                                                                    |   | 19,588,425  |        | 18,419,513  |   |
|                                                                                 |   |        |        |        |   |
| MEMBERS’ CAPITAL:                                                              |   |        |        |        |   |
| Sponsor’s Interest (19,470 Units and 19,470 Units)                             |   | 32,147      |        | 28,686      |   |
| Members’ Interest (543,509,913 Units and 506,821,001 Units)                    |   | 897,438,161 |        | 750,007,781 |   |
| Total members’ capital                                                         |   | 897,470,308 |        | 750,036,467 |   |
|                                                                                 |   |        |        |        |   |
| TOTAL LIABILITIES AND MEMBERS’ CAPITAL                                         |   | $           | 917,058,733 |        | $      | 768,455,980 |   |
|                                                                                 |   |        |        |        |   |
| NET ASSET VALUE PER UNIT                                                             |   |        |        |        |   |
| (Based on 543,529,383 and 506,840,471 Units outstanding, unlimited Units authorized) |   |        |        |        |   |
|                                                                                 |   |        |        |        |   |
| Class A                                                                         |   | $           | 1.6810      |        | $      | 1.5088 |   |
| Class C                                                                         |   | $           | 1.5862      |        | $      | 1.4380 |   |
| Class D                                                                         |   | $           | 1.6924      |        | $      | 1.4964 |   |
| Class I                                                                         |   | $           | 1.7078      |        | $      | 1.5267 |   |
| Class DS                                                                        |   | $           | 1.6903      |        | $      | 1.4946 |   |
| Class DT                                                                        |   | $           | 1.7532      |        | $      | 1.5377 |   |

----

|                                         |   | 2010        |        | 2009        |   | 2008        |   |
|----------------------------------------------|--------|-------------|-------------|-------------|--------|-------------|--------|
| TRADING PROFIT (LOSS):                       |   |        |        |        |   |        |   |
|                                         |   |        |        |        |   |        |   |
| Realized, net                                |   | $           | 106,905,362 |        | $      | (26,823,655 | )      | $ | 168,699,930 |   |
| Change in unrealized, net                    |   | 24,266,795  |        | (11,425,948 | )      | 6,796,965   |   |
| Brokerage commissions                        |   | (985,164    | )           | (772,176    | )      | (1,087,424  | )      |
|                                         |   |        |        |        |   |        |   |
| Total trading profit (loss)                  |   | 130,186,993 |        | (39,021,779 | )      | 174,409,471 |   |
|                                         |   |        |        |        |   |        |   |
| INVESTMENT INCOME (EXPENSE):                 |   |        |        |        |   |        |   |
| Interest                                     |   | (923        | )           | 51,172      |   | 12,915,952  |   |
|                                         |   |        |        |        |   |        |   |
| EXPENSES:                                    |   |        |        |        |   |        |   |
| Management fee                               |   | 16,085,528  |        | 15,244,224  |   | 14,943,538  |   |
| Sponsor fee                                  |   | 9,798,981   |        | 9,536,904   |   | 10,272,451  |   |
| Performance fee                              |   | 11,615,788  |        | 583         |   | 30,491,051  |   |
| Other                                        |   | 1,248,555   |        | 1,349,841   |   | 1,848,834   |   |
| Total expenses                               |   | 38,748,852  |        | 26,131,552  |   | 57,555,874  |   |
|                                         |   |        |        |        |   |        |   |
| NET INVESTMENT LOSS                          |   | (38,749,775 | )           | (26,080,380 | )      | (44,639,922 | )      |
|                                         |   |        |        |        |   |        |   |
| NET INCOME (LOSS)                            |   | $           | 91,437,218  |        | $      | (65,102,159 | )      | $ | 129,769,549 |   |
|                                         |   |        |        |        |   |        |   |
| NET INCOME (LOSS) PER UNIT:                  |   |        |        |        |   |        |   |
|                                         |   |        |        |        |   |        |   |
| Weighted average number of Units outstanding |   |        |        |        |   |        |   |
| Class A                                 |   | 52,895,782  |        | 48,198,593  |   | 45,671,837  |   |
| Class C                                 |   | 207,686,809 |        | 207,735,197 |   | 228,198,956 |   |
| Class D                                 |   | 81,622,728  |        | 77,890,809  |   | 84,449,914  |   |
| Class I                                 |   | 38,169,450  |        | 42,085,476  |   | 41,268,952  |   |
| Class DS                                |   | 106,469,967 |        | 90,918,631  |   | 38,738,811  |   |
| Class DT                                |   | 33,531,508  |        | 48,703,745  |   | 61,195,917  |   |
|                                         |   |        |        |        |   |        |   |
| Net income (loss) per weighted average Unit  |   |        |        |        |   |        |   |
| Class A                                 |   | $           | 0.1780      |        | $      | (0.1384     | )      | $ | 0.2623 |   |
| Class C                                 |   | $           | 0.1501      |        | $      | (0.1465     | )      | $ | 0.2389 |   |
| Class D                                 |   | $           | 0.1991      |        | $      | (0.1125     | )      | $ | 0.2646 |   |
| Class I                                 |   | $           | 0.1835      |        | $      | (0.1324     | )      | $ | 0.2784 |   |
| Class DS                                |   | $           | 0.1964      |        | $      | (0.0921     | )      | $ | 0.2676 |   |
| Class DT                                |   | $           | 0.1992      |        | $      | (0.1096     | )      | $ | 0.3117 |   |

----

|                        |   | Members’ Capital |   |          |   |         |   | Members’ Capital |   |          |   |        |   | Members’ Capital |   |          |   |        |   | Members’ Capital |   |
|-----------------------------|--------|-----------------------------|--------|---------------|--------|--------------|--------|-----------------------------|--------|---------------|--------|-------------|--------|-----------------------------|--------|---------------|--------|-------------|--------|-----------------------------|--------|
|                        |   | December 31, 2007 |   | Subscriptions |   | Redemptions  |   | December 31, 2008 |   | Subscriptions |   | Redemptions |   | December 31, 2009 |   | Subscriptions |   | Redemptions |   | December 31, 2010 |   |
| Class A                |   | 40,108,055                  |   | 17,386,886    |   | (11,645,525  | )      | 45,849,416                  |   | 11,525,953    |   | (10,168,031 | )      | 47,207,338                  |   | 25,122,531    |   | (7,003,935  | )      | 65,325,934                  |   |
| Class C                |   | 213,642,396                 |   | 60,897,518    |   | (59,370,841  | )      | 215,169,073                 |   | 35,352,821    |   | (51,685,753 | )      | 198,836,141                 |   | 50,080,364    |   | (26,401,860 | )      | 222,514,645                 |   |
| Class D                |   | 77,864,803                  |   | 23,739,729    |   | (28,552,965  | )      | 73,051,567                  |   | 8,842,395     |   | (5,412,438  | )      | 76,481,524                  |   | 8,639,361     |   | (3,580,423  | )      | 81,540,462                  |   |
| Class I                |   | 37,718,572                  |   | 12,586,459    |   | (7,231,204   | )      | 43,073,827                  |   | 8,544,937     |   | (14,463,262 | )      | 37,155,502                  |   | 6,964,353     |   | (3,791,061  | )      | 40,328,794                  |   |
| Class DS               |   | 13,447,784                  |   | 58,487,988    |   | (2,749,330   | )      | 69,186,442                  |   | 36,951,720    |   | —     |   | 106,138,162                 |   | 6,873,724     |   | (5,202,017  | )      | 107,809,869                 |   |
| Class DT               |   | 69,259,318                  |   | —       |   | (15,500,533  | )      | 53,758,785                  |   | 459,179       |   | (13,215,630 | )      | 41,002,334                  |   | —       |   | (15,012,125 | )      | 25,990,209                  |   |
|                        |   |                        |   |          |   |         |   |                        |   |          |   |        |   |                        |   |          |   |        |   |                        |   |
| Total Members’ Units  |   | 452,040,928                 |   | 173,098,580   |   | (125,050,398 | )      | 500,089,110                 |   | 101,677,005   |   | (94,945,114 | )      | 506,821,001                 |   | 97,680,333    |   | (60,991,421 | )      | 543,509,913                 |   |
|                        |   |                        |   |          |   |         |   |                        |   |          |   |        |   |                        |   |          |   |        |   |                        |   |
| Class A                |   | 9,713                       |   | —       |   | —      |   | 9,713                       |   | —       |   | —     |   | 9,713                       |   | —       |   | —     |   | 9,713                       |   |
| Class C                |   | 9,757                       |   | —       |   | —      |   | 9,757                       |   | —       |   | —     |   | 9,757                       |   | —       |   | —     |   | 9,757                       |   |
|                        |   |                        |   |          |   |         |   |                        |   |          |   |        |   |                        |   |          |   |        |   |                        |   |
| Total Sponsor’s Units |   | 19,470                      |   | —       |   | —      |   | 19,470                      |   | —       |   | —     |   | 19,470                      |   | —       |   | —     |   | 19,470                      |   |

----

|                           |   |                                                   |        |          |   |        |   |             |         |                                                   |   |          |   |        |        |             |   |                                                   |   |          |         |        |   |             |   |                                                   |        |   |   |        |   |   |        |   |   |       |   |   |        |   |
|--------------------------------|--------|--------------------------------------------------------|-------------|---------------|--------|-------------|--------|------------------|--------------|--------------------------------------------------------|--------|---------------|--------|-------------|-------------|------------------|--------|--------------------------------------------------------|--------|---------------|--------------|-------------|--------|------------------|--------|--------------------------------------------------------|-------------|--------|--------|-------------|--------|--------|-------------|--------|--------|------------|--------|--------|-------------|--------|
|                           |   | Members’ CapitalDecember 31, 2007 |        | Subscriptions |   | Redemptions |   | NetIncome/(Loss) |         | Members’ CapitalDecember 31, 2008 |   | Subscriptions |   | Redemptions |        | NetIncome/(Loss) |   | Members’ CapitalDecember 31, 2009 |   | Subscriptions |         | Redemptions |   | NetIncome/(Loss) |   | Members’ CapitalDecember 31, 2010 |        |
| Class A                   |   | $                                                      | 55,236,501  |          | $      | 26,212,557  |   | $                | (18,049,428  | )                                                      | $      | 11,977,663    |   | $           | 75,377,293  |             | $      | 18,170,302                                             |   | $             | (15,664,489  | )           | $      | (6,655,829       | )      | $                                                      | 71,227,277  |   | $      | 40,291,567  |   | $      | (11,118,835 | )      | $      | 9,414,960  |   | $      | 109,814,969 |   |
| Class C                   |   | 286,078,081                                            |        | 89,405,799    |   | (89,455,971 | )      | 54,514,349       |         | 340,542,258                                            |   | 53,081,427    |   | (77,293,306 | )           | (30,400,821      | )      | 285,929,558                                            |   | 75,033,965    |         | (39,187,216 | )      | 31,172,465       |   | 352,948,772                                            |        |
| Class D                   |   | 103,236,597                                            |        | 35,615,932    |   | (43,832,109 | )      | 22,345,631       |         | 117,366,051                                            |   | 13,863,515    |   | (8,015,389  | )           | (8,766,828       | )      | 114,447,349                                            |   | 12,968,317    |         | (5,664,410  | )      | 16,249,291       |   | 138,000,547                                            |        |
| Class I                   |   | 52,132,196                                             |        | 19,076,750    |   | (11,340,105 | )      | 11,488,381       |         | 71,357,222                                             |   | 13,603,227    |   | (22,682,367 | )           | (5,553,866       | )      | 56,724,216                                             |   | 11,143,099    |         | (5,999,638  | )      | 7,003,880        |   | 68,871,557                                             |        |
| Class DS                  |   | 17,829,738                                             |        | 86,822,929    |   | (4,000,000  | )      | 10,365,432       |         | 111,018,099                                            |   | 55,991,904    |   | —     |        | (8,379,258       | )      | 158,630,745                                            |   | 10,923,671    |         | (8,232,407  | )      | 20,913,669       |   | 182,235,678                                            |        |
| Class DT                  |   | 92,508,127                                             |        | —       |   | (23,285,032 | )      | 19,073,127       |         | 88,296,222                                             |   | 714,029       |   | (20,618,787 | )           | (5,342,828       | )      | 63,048,636                                             |   | —       |         | (24,161,490 | )      | 6,679,492        |   | 45,566,638                                             |        |
|                           |   |                                                   |        |          |   |        |   |             |         |                                                   |   |          |   |        |        |             |   |                                                   |   |          |         |        |   |             |   |                                                   |        |
| Total Members’ Interest  |   | $                                                      | 607,021,240 |          | $      | 257,133,967 |   | $                | (189,962,645 | )                                                      | $      | 129,764,583   |   | $           | 803,957,145 |             | $      | 155,424,404                                            |   | $             | (144,274,338 | )           | $      | (65,099,430      | )      | $                                                      | 750,007,781 |   | $      | 150,360,619 |   | $      | (94,363,996 | )      | $      | 91,433,757 |   | $      | 897,438,161 |   |
|                           |   |                                                   |        |          |   |        |   |             |         |                                                   |   |          |   |        |        |             |   |                                                   |   |          |         |        |   |             |   |                                                   |        |
| Class A                   |   | $                                                      | 13,381      |          | $      | —     |   | $                | —      |                                                   | $      | 2,590         |   | $           | 15,971      |             | $      | —                                                |   | $             | —      |        | $      | (1,316           | )      | $                                                      | 14,655      |   | $      | —     |   | $      | —     |   | $      | 1,947      |   | $      | 16,602      |   |
| Class C                   |   | 13,068                                                 |        | —       |   | —     |   | 2,376            |         | 15,444                                                 |   | —       |   | —     |        | (1,413           | )      | 14,031                                                 |   | —       |         | —     |   | 1,514            |   | 15,545                                                 |        |
|                           |   |                                                   |        |          |   |        |   |             |         |                                                   |   |          |   |        |        |             |   |                                                   |   |          |         |        |   |             |   |                                                   |        |
| Total Sponsor’s Interest |   | $                                                      | 26,449      |          | $      | —     |   | $                | —      |                                                   | $      | 4,966         |   | $           | 31,415      |             | $      | —                                                |   | $             | —      |        | $      | (2,729           | )      | $                                                      | 28,686      |   | $      | —     |   | $      | —     |   | $      | 3,461      |   | $      | 32,147      |   |
|                           |   |                                                   |        |          |   |        |   |             |         |                                                   |   |          |   |        |        |             |   |                                                   |   |          |         |        |   |             |   |                                                   |        |
| Total Members’ Capital   |   | $                                                      | 607,047,689 |          | $      | 257,133,967 |   | $                | (189,962,645 | )                                                      | $      | 129,769,549   |   | $           | 803,988,560 |             | $      | 155,424,404                                            |   | $             | (144,274,338 | )           | $      | (65,102,159      | )      | $                                                      | 750,036,467 |   | $      | 150,360,619 |   | $      | (94,363,996 | )      | $      | 91,437,218 |   | $      | 897,470,308 |   |

----

|                                                           |   | Class A |   | Class C |   | Class D |   | Class I |   | Class DS |   | Class DT |   |
|----------------------------------------------------------------|--------|--------------|--------|--------------|--------|--------------|--------|--------------|--------|---------------|--------|---------------|--------|
| Per Unit Operating Performance:                                |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                           |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net asset value, beginning of year                             |   | $            | 1.5088 |         | $      | 1.4380       |   | $            | 1.4964 |          | $      | 1.5267        |   | $ | 1.4946 |   | $ | 1.5377 |   |
|                                                           |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net realized and net change in unrealized trading profit(loss) |   | 0.2551       |   | 0.2418       |   | 0.2550       |   | 0.2587       |   | 0.2547        |   | 0.2628        |   |
| Brokerage commissions                                          |   | (0.0019      | )      | (0.0018      | )      | (0.0019      | )      | (0.0020      | )      | (0.0019       | )      | (0.0020       | )      |
| Interest income                                                |   | (0.0000      | )      | (0.0000      | )      | (0.0000      | )      | (0.0000      | )      | (0.0000       | )      | (0.0000       | )      |
| Expenses                                                       |   | (0.0810      | )      | (0.0918      | )      | (0.0571      | )      | (0.0756      | )      | (0.0571       | )      | (0.0453       | )      |
|                                                           |   |         |   |         |   |         |   |         |   | —       |   |          |   |
| Net asset value, end of year                                   |   | $            | 1.6810 |         | $      | 1.5862       |   | $            | 1.6924 |          | $      | 1.7078        |   | $ | 1.6903 |   | $ | 1.7532 |   |
|                                                           |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Total Return: (a)                                         |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                           |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Total return before Performance fees                           |   | 12.92        | %      | 11.80        | %      | 14.63        | %      | 13.37        | %      | 14.63         | %      | 15.20         | %      |
| Performance fees                                               |   | -1.42        | %      | -1.42        | %      | -1.42        | %      | -1.42        | %      | -1.42         | %      | -1.10         | %      |
| Total return after Performance fees                            |   | 11.50        | %      | 10.38        | %      | 13.21        | %      | 11.95        | %      | 13.21         | %      | 14.10         | %      |
|                                                           |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Ratios to Average Members’ Capital:                      |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                           |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Expenses (excluding Performance fees)                          |   | 3.68         | %      | 4.69         | %      | 2.17         | %      | 3.28         | %      | 2.17          | %      | 1.67          | %      |
| Performance fees                                               |   | 1.38         | %      | 1.39         | %      | 1.38         | %      | 1.38         | %      | 1.38          | %      | 1.07          | %      |
| Expenses (including Performance fees)                          |   | 5.06         | %      | 6.08         | %      | 3.55         | %      | 4.66         | %      | 3.55          | %      | 2.74          | %      |
|                                                           |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net investment income (loss)                                   |   | -5.07        | %      | -6.08        | %      | -3.56        | %      | -4.66        | %      | -3.56         | %      | -2.73         | %      |

----

----

|                                                           |   | Class A |   | Class C |   | Class D |   | Class I |   | Class DS |   | Class DT |   |
|----------------------------------------------------------------|--------|--------------|--------|--------------|--------|--------------|--------|--------------|--------|---------------|--------|---------------|--------|
| Per Unit Operating Performance:                                |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                           |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net asset value, beginning of year                             |   | $            | 1.6440 |         | $      | 1.5827       |   | $            | 1.6066 |          | $      | 1.6566        |   | $ | 1.6046 |   | $ | 1.6425 |   |
|                                                           |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net realized and net change in unrealized trading profit(loss) |   | (0.0771      | )      | (0.0741      | )      | (0.0754      | )      | (0.0777      | )      | (0.0753       | )      | (0.0772       | )      |
| Brokerage commissions                                          |   | (0.0015      | )      | (0.0015      | )      | (0.0015      | )      | (0.0015      | )      | (0.0015       | )      | (0.0015       | )      |
| Interest income                                                |   | 0.0001       |   | 0.0001       |   | 0.0001       |   | 0.0001       |   | 0.0001        |   | 0.0001        |   |
| Expenses                                                       |   | (0.0567      | )      | (0.0692      | )      | (0.0334      | )      | (0.0508      | )      | (0.0333       | )      | (0.0262       | )      |
|                                                           |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net asset value, end of year                                   |   | $            | 1.5088 |         | $      | 1.4380       |   | $            | 1.4964 |          | $      | 1.5267        |   | $ | 1.4946 |   | $ | 1.5377 |   |
|                                                           |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Total Return: (a)                                         |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                           |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Total return before Performance fees                           |   | -8.24        | %      | -9.16        | %      | -6.85        | %      | -7.87        | %      | -6.85         | %      | -6.38         | %      |
| Performance fees                                               |   | 0.00         | %      | 0.00         | %      | -0.01        | %      | 0.00         | %      | -0.01         | %      | 0.00          | %      |
| Total return after Performance fees                            |   | -8.24        | %      | -9.16        | %      | -6.86        | %      | -7.87        | %      | -6.86         | %      | -6.38         | %      |
|                                                           |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Ratios to Average Members’ Capital:                      |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                           |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Expenses (excluding Performance fees)                          |   | 3.68         | %      | 4.68         | %      | 2.18         | %      | 3.28         | %      | 2.17          | %      | 1.67          | %      |
| Performance fees                                               |   | 0.00         | %      | 0.00         | %      | 0.00         | %      | 0.00         | %      | 0.01          | %      | -0.01         | %      |
| Expenses (including Performance fees)                          |   | 3.68         | %      | 4.68         | %      | 2.18         | %      | 3.28         | %      | 2.18          | %      | 1.66          | %      |
|                                                           |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net investment income (loss)                                   |   | -3.67        | %      | -4.67        | %      | -2.18        | %      | -3.27        | %      | -2.18         | %      | -1.66         | %      |

----

----

|                                                     |   | Class A |   | Class C |   | Class D |   | Class I |   | Class DS |   | Class DT |   |
|----------------------------------------------------------|--------|--------------|--------|--------------|--------|--------------|--------|--------------|--------|---------------|--------|---------------|--------|
| Per Unit Operating Performance:                          |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                     |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net asset value, beginning of year                       |   | $            | 1.3772 |         | $      | 1.3391       |   | $            | 1.3258 |          | $      | 1.3821        |   | $ | 1.3258 |   | $ | 1.3357 |   |
|                                                     |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net realized and net change in unrealized trading profit |   | 0.3662       |   | 0.3547       |   | 0.3547       |   | 0.3682       |   | 0.3521        |   | 0.3589        |   |
| Brokerage commissions                                    |   | (0.0023      | )      | (0.0022      | )      | (0.0022      | )      | (0.0023      | )      | (0.0022       | )      | (0.0022       | )      |
| Interest income                                          |   | 0.0271       |   | 0.0263       |   | 0.0262       |   | 0.0273       |   | 0.0260        |   | 0.0265        |   |
| Expenses                                                 |   | (0.1242      | )      | (0.1352      | )      | (0.0979      | )      | (0.1187      | )      | (0.0971       | )      | (0.0764       | )      |
|                                                     |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net asset value, end of year                             |   | $            | 1.6440 |         | $      | 1.5827       |   | $            | 1.6066 |          | $      | 1.6566        |   | $ | 1.6046 |   | $ | 1.6425 |   |
|                                                     |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Total Return: (a)                                   |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                     |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Total return before Performance fees                     |   | 24.39        | %      | 23.18        | %      | 26.27        | %      | 24.89        | %      | 26.09         | %      | 26.91         | %      |
| Performance fees                                         |   | -4.48        | %      | -4.48        | %      | -4.48        | %      | -4.48        | %      | -4.45         | %      | -3.45         | %      |
| Total return after Performance fees                      |   | 19.36        | %      | 18.19        | %      | 21.18        | %      | 19.85        | %      | 21.03         | %      | 22.97         | %      |
|                                                     |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Ratios to Average Members’ Capital:                |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                     |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Expenses (excluding Performance fees)                    |   | 3.82         | %      | 4.84         | %      | 2.31         | %      | 3.42         | %      | 2.29          | %      | 1.79          | %      |
| Performance fees                                         |   | 4.35         | %      | 4.35         | %      | 4.35         | %      | 4.35         | %      | 4.32          | %      | 3.33          | %      |
| Expenses (including Performance fees)                    |   | 8.17         | %      | 9.19         | %      | 6.66         | %      | 7.77         | %      | 6.61          | %      | 5.12          | %      |
|                                                     |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net investment income (loss)                             |   | -6.37        | %      | -7.38        | %      | -4.85        | %      | -5.96        | %      | -4.82         | %      | -3.32         | %      |

----

----

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

----

----

----

| 2. | CONDENSED SCHEDULES 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             |   | 2,770               |   | $                    | 9,362,389  |                        | 1.04   | %              | — |               | $      | — |   | 0.00 | % | $ | 9,362,389 |   | 1.04 | % | January 11 - May 11 |   |
| Currencies              |   | 3,269               |   | 9,911,888            |       | 1.10                        | %      | (635           | )       | (1,163,106         | )      | -0.13 | % | 8,748,782 |   | 0.97 | % | March 11 |   |
| Energy                  |   | 874                 |   | 1,810,141            |       | 0.20                        | %      | (242           | )       | (588,535           | )      | -0.07 | % | 1,221,606 |   | 0.13 | % | January 11 - April 11 |   |
| Interest rates          |   | 2,590               |   | 262,053              |       | 0.03                        | %      | (2,439         | )       | (1,599,666         | )      | -0.18 | % | (1,337,613 | ) | -0.15 | % | January 11 - March 13 |   |
| Metals                  |   | 1,431               |   | 12,256,554           |       | 1.37                        | %      | (342           | )       | (3,589,079         | )      | -0.40 | % | 8,667,475 |   | 0.97 | % | January 11 - November 11 |   |
| Stock indices           |   | 3,909               |   | 817,965              |       | 0.09                        | %      | (227           | )       | 91,357             |   | 0.01 | % | 909,322 |   | 0.10 | % | January 11 - March 11 |   |
|                    |   |                |   |                 |       |                        |   |           |    |               |   |   |   |   |   |   |   |   |   |
| Total                   |   |                |   | $                    | 34,420,990 |                        | 3.83   | %              |    |               | $      | (6,849,029 | ) | -0.77 | % | $ | 27,571,961 |   | 3.06 | % |   |   |

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

|                    |   | 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             |   | 1,102               |   | $                    | 1,087,413 |                        | 0.14   | %              | (989   | )                  | $      | (286,832 | ) | -0.04 | % | $ | 800,581 |   | 0.10 | % | January 10 - November 10 |   |
| Currencies              |   | 2,892               |   | (2,562,251           | )         | -0.34                       | %      | (302           | )      | (169,839           | )      | -0.02 | % | (2,732,090 | ) | -0.36 | % | March 10 |   |
| Energy                  |   | 106                 |   | 134,142              |      | 0.02                        | %      | (255           | )      | (642,428           | )      | -0.09 | % | (508,286 | ) | -0.07 | % | January 10 - December 10 |   |
| Interest rates          |   | 7,633               |   | (179,602             | )         | -0.03                       | %      | (460           | )      | 17,539             |   | 0.00 | % | (162,063 | ) | -0.03 | % | January 10 - June 10 |   |
| Metals                  |   | 1,420               |   | 3,027,127            |      | 0.40                        | %      | (106           | )      | (880,988           | )      | -0.13 | % | 2,146,139 |   | 0.27 | % | January 10 - April 10 |   |
| Stock indices           |   | 5,218               |   | 3,774,920            |      | 0.50                        | %      | (16            | )      | (14,035            | )      | 0.00 | % | 3,760,885 |   | 0.50 | % | January 10 - March 10 |   |
|                    |   |                |   |                 |      |                        |   |           |   |               |   |   |   |   |   |   |   |   |   |
| Total                   |   |                |   | $                    | 5,281,749 |                        | 0.69   | %              |   |               | $      | (1,976,583 | ) | -0.28 | % | $ | 3,305,166 |   | 0.41 | % |   |   |

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

----

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

----

| Net unrealized profit (loss)  |   |   |       |         |       |          |       |           |      |
|---------------------------------------------------|--------|--------|------------|--------------|------------|---------------|------------|----------------|-----------|
| on open contracts                       |   | Total  |       | Level I |       | Level II |       | Level III |      |
|                                              |   |   |       |         |       |          |       |           |      |
| Futures                                           |   |   |       |         |       |          |       |           |      |
| Long                                              |   | $      | 34,420,990 |         | $          | 27,372,293    |       | $              | 7,048,697 |   | $ | — |   |
| Short                                             |   | $      | (6,849,029 | )            | (3,259,950 | )             | (3,589,079 | )              | —   |   |
|                                              |   | $      | 27,571,961 |         | $          | 24,112,343    |       | $              | 3,459,618 |   | $ | — |   |
|                                              |   |   |       |         |       |          |       |           |      |
| Forwards                                          |   |   |       |         |       |          |       |           |      |
| Long                                              |   | $      | —    |         | $          | —       |       | $              | —   |   | $ | — |   |
| Short                                             |   | $      | —    |         | —    |          | —    |           | —   |   |
|                                              |   | $      | —    |         | $          | —       |       | $              | —   |   | $ | — |   |
|                                              |   |   |       |         |       |          |       |           |      |
| December 31, 2010                            |   | $      | 27,571,961 |         | $          | 24,112,343    |       | $              | 3,459,618 |   | $ | — |   |

----

| Net unrealized profit (loss)  |   |   |       |         |       |          |     |           |      |
|---------------------------------------------------|--------|--------|------------|--------------|------------|---------------|----------|----------------|-----------|
| on open contracts                       |   | Total  |       | Level I |       | Level II |     | Level III |      |
|                                              |   |   |       |         |       |          |     |           |      |
| Futures                                           |   |   |       |         |       |          |     |           |      |
| Long                                              |   | $      | 5,281,749  |         | $          | 2,081,900     |     | $              | 3,199,849 |   | $ | — |   |
| Short                                             |   | $      | (1,976,583 | )            | (1,095,596 | )             | (880,987 | )              | —   |   |
|                                              |   | $      | 3,305,166  |         | $          | 986,304       |     | $              | 2,318,862 |   | $ | — |   |
|                                              |   |   |       |         |       |          |     |           |      |
| Forwards                                          |   |   |       |         |       |          |     |           |      |
| Long                                              |   | $      | —    |         | $          | —       |     | $              | —   |   | $ | — |   |
| Short                                             |   | $      | —    |         | —    |          | —  |           | —   |   |
|                                              |   | $      | —    |         | $          | —       |     | $              | —   |   | $ | — |   |
|                                              |   |   |       |         |       |          |     |           |      |
| December 31, 2009                            |   | $      | 3,305,166  |         | $          | 986,304       |     | $              | 2,318,862 |   | $ | — |   |

|                                |   | December 31, 2010             |        | December 31, 2009             |   |
|-------------------------------------|--------|-----------------------------------------|-------------|-----------------------------------------|--------|
| Commodity Industry Sector |   | Gain (loss) from trading |        | Gain (loss) from trading |   |
|                                |   |                                    |        |                                    |   |
| Agriculture                         |   | $                                       | 16,790,365  |                                    | $      | 2,114,401 |   |
| Currencies                          |   | 33,042,299                              |        | (12,121,842                             | )      |
| Energy                              |   | (14,713,799                             | )           | (12,677,833                             | )      |
| Interest rates                      |   | 72,264,248                              |        | (8,522,945                              | )      |
| Metals                              |   | 27,841,363                              |        | 3,421,909                               |   |
| Stock indices                       |   | (4,052,319                              | )           | (10,463,293                             | )      |
|                                |   |                                    |        |                                    |   |
| Total                               |   | $                                       | 131,172,157 |                                    | $      | (38,249,603 | ) |

----

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

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

----

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

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

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

----

| 9.  | SUBSEQUENT EVENTS |
|----------|-------------------|

----

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

----