----

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

----

----

----

|                                                                                 |   | 2010        |        | 2009        |   |
|--------------------------------------------------------------------------------------|--------|-------------|-------------|-------------|--------|
| ASSETS:                                                                              |   |        |        |        |   |
| Equity in commodity trading accounts:                                                |   |        |        |        |   |
| Cash (including restricted cash of $20,314,172 for 2010 and $30,538,024 for 2009)    |   | $           | 271,790,328 |        | $      | 269,793,907 |   |
| Net unrealized profit on open futures contracts                                      |   | 9,938,607   |        | 3,670,863   |   |
| Net unrealized profit on open forwards contracts                                     |   | 5,847,321   |        | 1,010,082   |   |
| Cash and cash equivalents                                                            |   | 250,000     |        | 1,397,466   |   |
| Other assets                                                                         |   | 528         |        | —     |   |
|                                                                                 |   |        |        |        |   |
| TOTAL ASSETS                                                                         |   | $           | 287,826,784 |        | $      | 275,872,318 |   |
|                                                                                 |   |        |        |        |   |
| LIABILITIES AND MEMBERS’ CAPITAL:                                              |   |        |        |        |   |
| LIABILITIES:                                                                         |   |        |        |        |   |
| Net unrealized loss on open futures contracts                                        |   | $           | 437,612     |        | $      | 3,745,486 |   |
| Net unrealized loss on open forwards contracts                                       |   | 1,499,080   |        | 1,905,933   |   |
| Brokerage commissions payable                                                        |   | 14,619      |        | 84,821      |   |
| Sponsor and Advisory fees payable                                                    |   | 2,747,957   |        | 1,940,265   |   |
| Redemptions payable                                                                  |   | 1,443,136   |        | 2,307,660   |   |
| Other liabilities                                                                    |   | 253,007     |        | 258,991     |   |
|                                                                                 |   |        |        |        |   |
| Total liabilities                                                                    |   | 6,395,411   |        | 10,243,156  |   |
|                                                                                 |   |        |        |        |   |
| MEMBERS’ CAPITAL:                                                              |   |        |        |        |   |
| Sponsor’s Interest (20,647 Units and 20,647 Units)                             |   | 31,632      |        | 27,998      |   |
| Members’ Interest (170,560,543 Units and 183,714,476 Units)                    |   | 281,399,741 |        | 265,601,164 |   |
| Total members’ capital                                                         |   | 281,431,373 |        | 265,629,162 |   |
|                                                                                 |   |        |        |        |   |
| TOTAL LIABILITIES AND MEMBERS’ CAPITAL                                         |   | $           | 287,826,784 |        | $      | 275,872,318 |   |
|                                                                                 |   |        |        |        |   |
| NET ASSET VALUE PER UNIT:                                                            |   |        |        |        |   |
| (Based on 170,581,190 and 183,735,123 Units outstanding, unlimited Units authorized) |   |        |        |        |   |
|                                                                                 |   |        |        |        |   |
| Class A                                                                         |   | $           | 1.5811      |        | $      | 1.3859 |   |
| Class C                                                                         |   | $           | 1.4978      |        | $      | 1.3261 |   |
| Class D                                                                         |   | $           | 1.7531      |        | $      | 1.5138 |   |
| Class I                                                                         |   | $           | 1.6163      |        | $      | 1.4111 |   |
| Class DS                                                                        |   | $           | 1.7456      |        | $      | 1.5073 |   |
| Class DT                                                                        |   | $           | 1.8051      |        | $      | 1.5484 |   |

----

|                                         |   | 2010   |        |   | 2009   |   |        | 2008   |   |
|----------------------------------------------|--------|--------|-------------|--------|--------|--------|-------------|--------|--------|
| TRADING PROFIT (LOSS):                       |   |   |        |   |   |   |        |   |   |
|                                         |   |   |        |   |   |   |        |   |   |
| Realized, net                                |   | $      | 33,030,812  |   |   | $      | (15,245,520 | )      |   | $ | 93,209,117 |   |
| Change in unrealized, net                    |   |   | 14,819,710  |   |   |   | (12,836,984 | )      |   |   | 2,497,935 |   |
| Brokerage commissions                        |   |   | (631,326    | )      |   |   | (799,706    | )      |   |   | (787,841 | ) |
|                                         |   |   |        |   |   |   |        |   |   |   |   |   |
| Total trading profit (loss)                  |   |   | 47,219,196  |   |   |   | (28,882,210 | )      |   |   | 94,919,211 |   |
|                                         |   |   |        |   |   |   |        |   |   |   |   |   |
| INVESTMENT INCOME (EXPENSE):                 |   |   |        |   |   |   |        |   |   |   |   |   |
| Interest                                     |   |   | (922        | )      |   |   | 17,255      |   |   |   | 5,306,094 |   |
|                                         |   |   |        |   |   |   |        |   |   |   |   |   |
| EXPENSES:                                    |   |   |        |   |   |   |        |   |   |   |   |   |
| Management fee                               |   |   | 5,133,812   |   |   |   | 5,395,714   |   |   |   | 5,712,987 |   |
| Sponsor fee                                  |   |   | 2,432,882   |   |   |   | 2,675,732   |   |   |   | 3,172,388 |   |
| Performance fee                              |   |   | 2,071,209   |   |   |   | 17,428      |   |   |   | 16,320,740 |   |
| Other                                        |   |   | 560,827     |   |   |   | 715,230     |   |   |   | 743,997 |   |
| Total expenses                               |   |   | 10,198,730  |   |   |   | 8,804,104   |   |   |   | 25,950,112 |   |
|                                         |   |   |        |   |   |   |        |   |   |   |   |   |
| NET INVESTMENT INCOME (LOSS)                 |   |   | (10,199,652 | )      |   |   | (8,786,849  | )      |   |   | (20,644,018 | ) |
|                                         |   |   |        |   |   |   |        |   |   |   |   |   |
| NET INCOME (LOSS)                            |   | $      | 37,019,544  |   |   | $      | (37,669,059 | )      |   | $ | 74,275,193 |   |
|                                         |   |   |        |   |   |   |        |   |   |   |   |   |
| NET INCOME (LOSS) PER UNIT:                  |   |   |        |   |   |   |        |   |   |   |   |   |
|                                         |   |   |        |   |   |   |        |   |   |   |   |   |
| Weighted average number of Units outstanding |   |   |        |   |   |   |        |   |   |   |   |   |
| Class A                                 |   |   | 14,886,961  |   |   |   | 16,838,575  |   |   |   | 18,577,490 |   |
| Class C                                 |   |   | 57,860,218  |   |   |   | 62,733,642  |   |   |   | 76,318,438 |   |
| Class D                                 |   |   | 6,256,747   |   |   |   | 6,696,233   |   |   |   | 10,392,579 |   |
| Class I                                 |   |   | 5,665,788   |   |   |   | 6,609,695   |   |   |   | 10,689,594 |   |
| Class DS                                |   |   | 58,862,878  |   |   |   | 51,048,296  |   |   |   | 31,288,535 |   |
| Class DT                                |   |   | 33,465,757  |   |   |   | 47,031,238  |   |   |   | 61,607,169 |   |
|                                         |   |   |        |   |   |   |        |   |   |   |   |   |
| Net income (loss) per weighted average Unit  |   |   |        |   |   |   |        |   |   |   |   |   |
| Class A                                 |   | $      | 0.1919      |   |   | $      | (0.2111     | )      |   | $ | 0.3475 |   |
| Class C                                 |   | $      | 0.1723      |   |   | $      | (0.2148     | )      |   | $ | 0.3154 |   |
| Class D                                 |   | $      | 0.2393      |   |   | $      | (0.2078     | )      |   | $ | 0.3998 |   |
| Class I                                 |   | $      | 0.2086      |   |   | $      | (0.2031     | )      |   | $ | 0.3644 |   |
| Class DS                                |   | $      | 0.2387      |   |   | $      | (0.1738     | )      |   | $ | 0.3373 |   |
| Class DT                                |   | $      | 0.2230      |   |   | $      | (0.1917     | )      |   | $ | 0.4081 |   |

----

|                        |   | Members’ CapitalDecember 31, 2007 |        |   | Subscriptions |   |       | Redemptions |   |   | Members’ CapitalDecember 31, 2008 |   |   | Subscriptions |        |   | Redemptions |   |       | Members’ CapitalDecember 31, 2009 |   |   | Subscriptions |   |   | Redemptions |        |   | Members’ CapitalDecember 31, 2010 |   |
|-----------------------------|--------|--------------------------------------------------------|-------------|--------|---------------|--------|------------|-------------|--------|--------|--------------------------------------------------------|--------|--------|---------------|-------------|--------|-------------|--------|------------|--------------------------------------------------------|--------|--------|---------------|--------|--------|-------------|-------------|--------|--------------------------------------------------------|--------|
| Class A                |   |                                                   | 17,887,996  |   |          |   | 4,471,164  |        |   |   | (3,654,554                                             | )      |   |          | 18,704,606  |   |        |   | 1,907,317  |                                                   |   |   | (5,126,238    | )      |   |        | 15,485,685  |   |                                                   |   | 1,699,375 |   |   |   | (2,666,390 | ) |   |   | 14,518,670 |   |
| Class C                |   |                                                   | 79,170,266  |   |          |   | 14,556,104 |        |   |   | (25,455,625                                            | )      |   |          | 68,270,745  |   |        |   | 5,671,596  |                                                   |   |   | (15,338,827   | )      |   |        | 58,603,514  |   |                                                   |   | 7,450,226 |   |   |   | (6,729,921 | ) |   |   | 59,323,819 |   |
| Class D                |   |                                                   | 16,300,492  |   |          |   | 659,229    |        |   |   | (10,043,745                                            | )      |   |          | 6,915,976   |   |        |   | —    |                                                   |   |   | (659,229      | )      |   |        | 6,256,747   |   |                                                   |   | — |   |   |   | — |   |   |   | 6,256,747 |   |
| Class I                |   |                                                   | 11,363,798  |   |          |   | 3,063,709  |        |   |   | (5,466,260                                             | )      |   |          | 8,961,247   |   |        |   | 499,046    |                                                   |   |   | (3,976,701    | )      |   |        | 5,483,592   |   |                                                   |   | 1,263,905 |   |   |   | (616,861 | ) |   |   | 6,130,636 |   |
| Class DS               |   |                                                   | 13,768,122  |   |          |   | 37,814,013 |        |   |   | (10,038,276                                            | )      |   |          | 41,543,859  |   |        |   | 17,404,773 |                                                   |   |   | (1,782,656    | )      |   |        | 57,165,976  |   |                                                   |   | 6,215,762 |   |   |   | (4,294,422 | ) |   |   | 59,087,316 |   |
| Class DT               |   |                                                   | 69,643,298  |   |          |   | 1,552,098  |        |   |   | (20,570,148                                            | )      |   |          | 50,625,248  |   |        |   | 2,350,570  |                                                   |   |   | (12,256,856   | )      |   |        | 40,718,962  |   |                                                   |   | — |   |   |   | (15,475,607 | ) |   |   | 25,243,355 |   |
|                        |   |                                                   |        |   |          |   |       |        |   |   |                                                   |   |   |          |        |   |        |   |       |                                                   |   |   |          |   |   |        |        |   |                                                   |   |   |   |   |   |   |   |   |   |   |   |
| Total Members’ Units  |   |                                                   | 208,133,972 |   |          |   | 62,116,317 |        |   |   | (75,228,608                                            | )      |   |          | 195,021,681 |   |        |   | 27,833,302 |                                                   |   |   | (39,140,507   | )      |   |        | 183,714,476 |   |                                                   |   | 16,629,268 |   |   |   | (29,783,201 | ) |   |   | 170,560,543 |   |
|                        |   |                                                   |        |   |          |   |       |        |   |   |                                                   |   |   |          |        |   |        |   |       |                                                   |   |   |          |   |   |        |        |   |                                                   |   |   |   |   |   |   |   |   |   |   |   |
| Class A                |   |                                                   | 10,319      |   |          |   | —    |        |   |   | —                                                |   |   |          | 10,319      |   |        |   | —    |                                                   |   |   | —       |   |   |        | 10,319      |   |                                                   |   | — |   |   |   | — |   |   |   | 10,319 |   |
| Class C                |   |                                                   | 10,328      |   |          |   | —    |        |   |   | —                                                |   |   |          | 10,328      |   |        |   | —    |                                                   |   |   | —       |   |   |        | 10,328      |   |                                                   |   | — |   |   |   | — |   |   |   | 10,328 |   |
|                        |   |                                                   |        |   |          |   |       |        |   |   |                                                   |   |   |          |        |   |        |   |       |                                                   |   |   |          |   |   |        |        |   |                                                   |   |   |   |   |   |   |   |   |   |   |   |
| Total Sponsor’s Units |   |                                                   | 20,647      |   |          |   | —    |        |   |   | —                                                |   |   |          | 20,647      |   |        |   | —    |                                                   |   |   | —       |   |   |        | 20,647      |   |                                                   |   | — |   |   |   | — |   |   |   | 20,647 |   |

----

|                               |   |                                                   |        |          |   |        |   |             |         |                                                   |   |          |   |        |        |             |   |                                                   |   |          |        |        |   |             |   |                                                   |        |   |   |       |   |   |        |   |   |       |   |   |        |   |
|------------------------------------|--------|--------------------------------------------------------|-------------|---------------|--------|-------------|--------|------------------|--------------|--------------------------------------------------------|--------|---------------|--------|-------------|-------------|------------------|--------|--------------------------------------------------------|--------|---------------|-------------|-------------|--------|------------------|--------|--------------------------------------------------------|-------------|--------|--------|------------|--------|--------|-------------|--------|--------|------------|--------|--------|-------------|--------|
|                               |   | 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                            |   | $                                                      | 22,428,464  |          | $      | 6,143,861   |   | $                | (5,234,543   | )                                                      | $      | 6,452,930     |   | $           | 29,790,712  |             | $      | 2,784,373                                              |   | $             | (7,558,866  | )           | $      | (3,554,935       | )      | $                                                      | 21,461,284  |   | $      | 2,449,960  |   | $      | (3,810,943  | )      | $      | 2,854,941  |   | $      | 22,955,242  |   |
| Class C                            |   | 96,858,723                                             |        | 19,482,963    |   | (35,319,265 | )      | 24,068,580       |         | 105,091,001                                            |   | 8,101,783     |   | (21,998,892 | )           | (13,478,321      | )      | 77,715,571                                             |   | 10,373,736    |        | (9,201,345  | )      | 9,968,815        |   | 88,856,777                                             |        |
| Class D                            |   | 21,583,979                                             |        | 975,000       |   | (14,864,105 | )      | 4,154,640        |         | 11,849,514                                             |   | —       |   | (989,305    | )           | (1,388,933       | )      | 9,471,276                                              |   | —       |        | —     |   | 1,497,403        |   | 10,968,679                                             |        |
| Class I                            |   | 14,374,152                                             |        | 4,181,986     |   | (7,985,878  | )      | 3,894,853        |         | 14,465,113                                             |   | 748,983       |   | (6,139,822  | )           | (1,336,349       | )      | 7,737,925                                              |   | 1,906,598     |        | (917,372    | )      | 1,181,903        |   | 9,909,054                                              |        |
| Class DS                           |   | 18,235,954                                             |        | 56,116,079    |   | (14,003,395 | )      | 10,554,233       |         | 70,902,871                                             |   | 26,942,476    |   | (2,798,569  | )           | (8,880,305       | )      | 86,166,473                                             |   | 9,795,842     |        | (6,868,573  | )      | 14,049,609       |   | 103,143,351                                            |        |
| Class DT                           |   | 92,508,126                                             |        | 2,229,235     |   | (31,578,299 | )      | 25,143,202       |         | 88,302,264                                             |   | 3,561,720     |   | (19,789,466 | )           | (9,025,883       | )      | 63,048,635                                             |   | —       |        | (24,945,236 | )      | 7,463,239        |   | 45,566,638                                             |        |
|                               |   |                                                   |        |          |   |        |   |             |         |                                                   |   |          |   |        |        |             |   |                                                   |   |          |        |        |   |             |   |                                                   |        |
| Total  Members’Interest |   | $                                                      | 265,989,398 |          | $      | 89,129,124  |   | $                | (108,985,485 | )                                                      | $      | 74,268,438    |   | $           | 320,401,475 |             | $      | 42,139,335                                             |   | $             | (59,274,920 | )           | $      | (37,664,726      | )      | $                                                      | 265,601,164 |   | $      | 24,526,136 |   | $      | (45,743,469 | )      | $      | 37,015,910 |   | $      | 281,399,741 |   |
|                               |   |                                                   |        |          |   |        |   |             |         |                                                   |   |          |   |        |        |             |   |                                                   |   |          |        |        |   |             |   |                                                   |        |
| Class A                            |   | $                                                      | 12,940      |          | $      | —     |   | $                | —      |                                                   | $      | 3,495         |   | $           | 16,435      |             | $      | —                                                |   | $             | —     |        | $      | (2,132           | )      | $                                                      | 14,303      |   | $      | —    |   | $      | —     |   | $      | 1,883      |   | $      | 16,186      |   |
| Class C                            |   | 12,636                                                 |        | —       |   | —     |   | 3,260            |         | 15,896                                                 |   | —       |   | —     |        | (2,201           | )      | 13,695                                                 |   | —       |        | —     |   | 1,751            |   | 15,446                                                 |        |
|                               |   |                                                   |        |          |   |        |   |             |         |                                                   |   |          |   |        |        |             |   |                                                   |   |          |        |        |   |             |   |                                                   |        |
| Total Sponsor’s Interest     |   | $                                                      | 25,576      |          | $      | —     |   | $                | —      |                                                   | $      | 6,755         |   | $           | 32,331      |             | $      | —                                                |   | $             | —     |        | $      | (4,333           | )      | $                                                      | 27,998      |   | $      | —    |   | $      | —     |   | $      | 3,634      |   | $      | 31,632      |   |
|                               |   |                                                   |        |          |   |        |   |             |         |                                                   |   |          |   |        |        |             |   |                                                   |   |          |        |        |   |             |   |                                                   |        |
| TotalMembers’ Capital        |   | $                                                      | 266,014,974 |          | $      | 89,129,124  |   | $                | (108,985,485 | )                                                      | $      | 74,275,193    |   | $           | 320,433,806 |             | $      | 42,139,335                                             |   | $             | (59,274,920 | )           | $      | (37,669,059      | )      | $                                                      | 265,629,162 |   | $      | 24,526,136 |   | $      | (45,743,469 | )      | $      | 37,019,544 |   | $      | 281,431,373 |   |

----

|                                                            |   | Class A |   | Class C |   | Class D |   | Class I |   | Class DS |   | Class DT |   |
|-----------------------------------------------------------------|--------|--------------|--------|--------------|--------|--------------|--------|--------------|--------|---------------|--------|---------------|--------|
| Per Unit Operating Performance:                                 |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net asset value, beginning of year                              |   | $            | 1.3859 |         | $      | 1.3261       |   | $            | 1.5138 |          | $      | 1.4111        |   | $ | 1.5073 |   | $ | 1.5484 |   |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net realized and net change in unrealized trading profit (loss) |   | 0.2649       |   | 0.2520       |   | 0.2920       |   | 0.2704       |   | 0.2907        |   | 0.2995        |   |
| Brokerage commissions                                           |   | (0.0034      | )      | (0.0033      | )      | (0.0038      | )      | (0.0035      | )      | (0.0038       | )      | (0.0039       | )      |
| Interest income                                                 |   | (0.0000      | )      | (0.0000      | )      | (0.0000      | )      | (0.0000      | )      | (0.0000       | )      | (0.0000       | )      |
| Expenses                                                        |   | (0.0663      | )      | (0.0770      | )      | (0.0489      | )      | (0.0617      | )      | (0.0486       | )      | (0.0389       | )      |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net asset value, end of year                                    |   | $            | 1.5811 |         | $      | 1.4978       |   | $            | 1.7531 |          | $      | 1.6163        |   | $ | 1.7456 |   | $ | 1.8051 |   |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Total Return: (a)                                               |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Total return before Performance fees                            |   | 14.92        | %      | 13.78        | %      | 16.66        | %      | 15.38        | %      | 16.66         | %      | 17.24         | %      |
| Performance fees                                                |   | -0.82        | %      | -0.82        | %      | -0.82        | %      | -0.82        | %      | -0.82         | %      | -0.64         | %      |
| Total return after Performance fees                             |   | 14.10        | %      | 12.96        | %      | 15.84        | %      | 14.56        | %      | 15.84         | %      | 16.60         | %      |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Ratios to Average Members’ Capital:                       |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Expenses (excluding Performance fees)                           |   | 3.74         | %      | 4.75         | %      | 2.23         | %      | 3.34         | %      | 2.23          | %      | 1.72          | %      |
| Performance fees                                                |   | 0.78         | %      | 0.78         | %      | 0.78         | %      | 0.78         | %      | 0.78          | %      | 0.61          | %      |
| Expenses (including Performance fees)                           |   | 4.52         | %      | 5.53         | %      | 3.01         | %      | 4.12         | %      | 3.01          | %      | 2.33          | %      |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net investment income (loss)                                    |   | -4.52        | %      | -5.53        | %      | -3.00        | %      | -4.11        | %      | -3.00         | %      | -2.33         | %      |

----

----

|                                                            |   | Class A |   | Class C |   | Class D |   | Class I |   | Class DS |   | Class DT |   |
|-----------------------------------------------------------------|--------|--------------|--------|--------------|--------|--------------|--------|--------------|--------|---------------|--------|---------------|--------|
| Per Unit Operating Performance:                                 |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net asset value, beginning of year                              |   | $            | 1.5927 |         | $      | 1.5393       |   | $            | 1.7134 |          | $      | 1.6142        |   | $ | 1.7067 |   | $ | 1.7442 |   |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net realized and net change in unrealized trading profit (loss) |   | (0.1483      | )      | (0.1430      | )      | (0.1602      | )      | (0.1506      | )      | (0.1595       | )      | (0.1633       | )      |
| Brokerage commissions                                           |   | (0.0040      | )      | (0.0039      | )      | (0.0044      | )      | (0.0041      | )      | (0.0044       | )      | (0.0045       | )      |
| Interest income                                                 |   | 0.0001       |   | 0.0001       |   | 0.0001       |   | 0.0001       |   | 0.0001        |   | 0.0001        |   |
| Expenses                                                        |   | (0.0546      | )      | (0.0664      | )      | (0.0351      | )      | (0.0485      | )      | (0.0356       | )      | (0.0281       | )      |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net asset value, end of year                                    |   | $            | 1.3859 |         | $      | 1.3261       |   | $            | 1.5138 |          | $      | 1.4111        |   | $ | 1.5073 |   | $ | 1.5484 |   |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Total Return: (a)                                               |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Total return before Performance fees                            |   | -12.99       | %      | -13.86       | %      | -11.67       | %      | -12.64       | %      | -11.67        | %      | -11.23        | %      |
| Performance fees                                                |   | 0.00         | %      | 0.00         | %      | -0.01        | %      | 0.01         | %      | -0.02         | %      | 0.00          | %      |
| Total return after Performance fees                             |   | -12.99       | %      | -13.86       | %      | -11.68       | %      | -12.63       | %      | -11.69        | %      | -11.23        | %      |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Ratios to Average Members’ Capital:                       |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Expenses (excluding Performance fees)                           |   | 3.73         | %      | 4.73         | %      | 2.24         | %      | 3.33         | %      | 2.24          | %      | 1.74          | %      |
| Performance fees                                                |   | -0.01        | %      | -0.01        | %      | 0.00         | %      | -0.02        | %      | 0.01          | %      | -0.01         | %      |
| Expenses (including Performance fees)                           |   | 3.72         | %      | 4.72         | %      | 2.24         | %      | 3.31         | %      | 2.25          | %      | 1.73          | %      |
|                                                            |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net investment income (loss)                                    |   | -3.72        | %      | -4.72        | %      | -2.23        | %      | -3.31        | %      | -2.24         | %      | -1.73         | %      |

----

----

|                                                           |   | Class A |   | Class C |   | Class D |   | Class I |   | Class DS |   | Class DT |   |
|----------------------------------------------------------------|--------|--------------|--------|--------------|--------|--------------|--------|--------------|--------|---------------|--------|---------------|--------|
| Per Unit Operating Performance:                                |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                           |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net asset value, beginning of period                           |   | $            | 1.2538 |         | $      | 1.2234       |   | $            | 1.3241 |          | $      | 1.2649        |   | $ | 1.3245 |   | $ | 1.3283 |   |
|                                                           |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net realized and net change in unrealized trading profit(loss) |   | 0.4553       |   | 0.4427       |   | 0.4925       |   | 0.4616       |   | 0.4811        |   | 0.4891        |   |
| Brokerage commissions                                          |   | (0.0037      | )      | (0.0036      | )      | (0.0039      | )      | (0.0037      | )      | (0.0039       | )      | (0.0039       | )      |
| Interest income                                                |   | 0.0247       |   | 0.0241       |   | 0.0265       |   | 0.0250       |   | 0.0261        |   | 0.0264        |   |
| Expenses                                                       |   | (0.1374      | )      | (0.1473      | )      | (0.1258      | )      | (0.1336      | )      | (0.1211       | )      | (0.0957       | )      |
|                                                           |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net asset value, end of period                                 |   | $            | 1.5927 |         | $      | 1.5393       |   | $            | 1.7134 |          | $      | 1.6142        |   | $ | 1.7067 |   | $ | 1.7442 |   |
|                                                           |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Total Return: (a)                                              |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                           |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Total return before Performance fees                           |   | 34.07        | %      | 32.81        | %      | 36.67        | %      | 34.69        | %      | 35.82         | %      | 36.81         | %      |
| Performance fees                                               |   | -6.22        | %      | -6.24        | %      | -6.32        | %      | -6.24        | %      | -6.04         | %      | -4.76         | %      |
| Total return after Performance fees                            |   | 27.03        | %      | 25.82        | %      | 29.41        | %      | 27.61        | %      | 28.86         | %      | 31.31         | %      |
|                                                           |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Ratios to Average Members’ Capital:                      |   |         |   |         |   |         |   |         |   |          |   |          |   |
|                                                           |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Expenses (excluding Performance fees)                          |   | 3.84         | %      | 4.86         | %      | 2.36         | %      | 3.45         | %      | 2.30          | %      | 1.80          | %      |
| Performance fees                                               |   | 5.90         | %      | 5.91         | %      | 5.98         | %      | 5.91         | %      | 5.74          | %      | 4.48          | %      |
| Expenses (including Performance fees)                          |   | 9.74         | %      | 10.77        | %      | 8.34         | %      | 9.36         | %      | 8.04          | %      | 6.28          | %      |
|                                                           |   |         |   |         |   |         |   |         |   |          |   |          |   |
| Net investment income (loss)                                   |   | -7.93        | %      | -8.96        | %      | -6.51        | %      | -7.54        | %      | -6.24         | %      | -4.48         | %      |

----

----

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

----

----

|   | (a)  | Bankruptcy, dissolution, withdrawal or other termination of the trading advisor of this Fund. |
|--------|-----------|-----------------------------------------------------------------------------------------------|

|   | (b)  | Any event which would make unlawful the continued existence of this Fund. |
|--------|-----------|---------------------------------------------------------------------------|

|   | (c)  | Determination by MLAI to liquidate or withdraw from the Fund. |
|--------|-----------|---------------------------------------------------------------|

----

| 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             |   | 1,481               |   | $                    | 4,028,204  |                        | 1.43   | %              | (28    | )                  | $      | (43,410 | ) | -0.02 | % | $ | 3,984,794 |   | 1.41 | % | February 2011 - March 2011 |   |
| Currencies              |   | 4,389,809,925       |   | 5,856,246            |       | 2.08                        | %      | (940,119,865   | )      | (1,499,079         | )      | -0.53 | % | 4,357,167 |   | 1.55 | % | March 2011 |   |
| Energy                  |   | 629                 |   | 1,272,913            |       | 0.45                        | %      | (182           | )      | (371,550           | )      | -0.13 | % | 901,363 |   | 0.32 | % | February 2011 |   |
| Interest rates          |   | 2,781               |   | 24,462               |       | 0.01                        | %      | (847           | )      | (263,739           | )      | -0.09 | % | (239,277 | ) | -0.08 | % | March 2011 - June 2013 |   |
| Metals                  |   | 631                 |   | 4,435,389            |       | 1.58                        | %      | (51            | )      | (267,468           | )      | -0.10 | % | 4,167,921 |   | 1.48 | % | February 2011 - April 2011 |   |
| Stock indices           |   | 1,743               |   | 627,674              |       | 0.22                        | %      | (15            | )      | 49,594             |   | 0.02 | % | 677,268 |   | 0.24 | % | January 2011 - March 2011 |   |
|                    |   |                |   |                 |       |                        |   |           |   |               |   |   |   |   |   |   |   |   |   |
| Total                   |   |                |   | $                    | 16,244,888 |                        | 5.77   | %              |   |               | $      | (2,395,652 | ) | -0.85 | % | $ | 13,849,236 |   | 4.92 | % |   |   |

|                    |   | 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             |   | 1,523               |   | $                    | 2,546,812 |                        | 0.96   | %              | (856   | )                  | $      | (68,607 | ) | -0.03 | % | $ | 2,478,205 |   | 0.93 | % | January 2010 - March 2010 |   |
| Currencies              |   | 70,150,008          |   | (354,360             | )         | -0.13                       | %      | (177,950,000   | )      | (600,291           | )      | -0.23 | % | (954,651 | ) | -0.36 | % | January 2010 |   |
| Energy                  |   | 380                 |   | 738,906              |      | 0.27                        | %      | (46            | )      | 146,890            |   | 0.06 | % | 885,796 |   | 0.33 | % | February 2010 |   |
| Interest rates          |   | 10,072              |   | (4,193,429           | )         | -1.58                       | %      | (413           | )      | 82,065             |   | 0.03 | % | (4,111,364 | ) | -1.55 | % | March 2010 - June 2010 |   |
| Metals                  |   | 940                 |   | (1,151,067           | )         | -0.43                       | %      | (28            | )      | (161,195           | )      | -0.06 | % | (1,312,262 | ) | -0.49 | % | February 2010 - April 2010 |   |
| Stock indices           |   | 2,275               |   | 2,052,362            |      | 0.77                        | %      | (23            | )      | (8,560             | )      | 0.00 | % | 2,043,802 |   | 0.77 | % | January 2010 - March 2010 |   |
|                    |   |                |   |                 |      |                        |   |           |   |               |   |   |   |   |   |   |   |   |   |
| Total                   |   |                |   | $                    | (360,776  | )                           | -0.14  | %              |   |               | $      | (609,698 | ) | -0.23 | % | $ | (970,474 | ) | -0.37 | % |   |   |

----

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

----

|                                                                         |   |   |       |         |     |          |       |           |      |
|------------------------------------------------------------------------------|--------|--------|------------|--------------|----------|---------------|------------|----------------|-----------|
| 2010                                                                         |   | Total  |       | Level I |     | Level II |       | Level III |      |
|                                                                         |   |   |       |         |     |          |       |           |      |
| Net unrealized profit (loss) on open contracts |   |   |       |         |     |          |       |           |      |
|                                                                         |   |   |       |         |     |          |       |           |      |
| Futures                                                                      |   |   |       |         |     |          |       |           |      |
| Long                                                                         |   | $      | 10,397,568 |         | $        | 8,906,023     |       | $              | 1,491,545 |   | $ | — |   |
| Short                                                                        |   | $      | (896,573   | )            | (629,105 | )             | (267,468   | )              | —   |   |
|                                                                         |   | $      | 9,500,995  |         | $        | 8,276,918     |       | $              | 1,224,077 |   | $ | — |   |
|                                                                         |   |   |       |         |     |          |       |           |      |
| Forwards                                                                     |   |   |       |         |     |          |       |           |      |
| Long                                                                         |   | $      | 5,847,320  |         | $        | —       |       | $              | 5,847,320 |   | $ | — |   |
| Short                                                                        |   | $      | (1,499,079 | )            | —  |          | (1,499,079 | )              | —   |   |
|                                                                         |   | $      | 4,348,241  |         | $        | —       |       | $              | 4,348,241 |   | $ | — |   |
|                                                                         |   |   |       |         |     |          |       |           |      |
| December 31, 2010                                                       |   | $      | 13,849,236 |         | $        | 8,276,918     |       | $              | 5,572,318 |   | $ | — |   |

----

|                                                                         |   |   |     |         |    |          |     |           |     |
|------------------------------------------------------------------------------|--------|--------|----------|--------------|---------|---------------|----------|----------------|----------|
| 2009                                                                         |   | Total  |     | Level I |    | Level II |     | Level III |     |
|                                                                         |   |   |     |         |    |          |     |           |     |
| Net unrealized profit (loss) on open contracts |   |   |     |         |    |          |     |           |     |
|                                                                         |   |   |     |         |    |          |     |           |     |
| Futures                                                                      |   |   |     |         |    |          |     |           |     |
| Long                                                                         |   | $      | (65,216  | )            | $       | (94,122       | )        | $              | 28,906   |   | $ | — |   |
| Short                                                                        |   | $      | (9,408   | )            | (9,408  | )             |     |           | —  |   |
|                                                                         |   | $      | (74,624  | )            | $       | (103,530      | )        | $              | 28,906   |   | $ | — |   |
|                                                                         |   |   |     |         |    |          |     |           |     |
| Forwards                                                                     |   |   |     |         |    |          |     |           |     |
| Long                                                                         |   | $      | (295,560 | )            | $       | —       |     | $              | (295,560 | ) | $ | — |   |
| Short                                                                        |   | $      | (600,290 | )            | — |          | (600,290 | )              | —  |   |
|                                                                         |   | $      | (895,850 | )            | $       | —       |     | $              | (895,850 | ) | $ | — |   |
|                                                                         |   |   |     |         |    |          |     |           |     |
| December 31, 2009                                                       |   | $      | (970,474 | )            | $       | (103,530      | )        | $              | (866,944 | ) | $ | — |   |

| Commodity Industry |   | December 31, 2010             |       | December 31, 2009             |   |
|-------------------------|--------|-----------------------------------------|------------|-----------------------------------------|--------|
| Sector                  |   | Gain (loss) from trading |       | Gain (loss) from trading |   |
|                    |   |                                    |       |                                    |   |
| Agriculture             |   | $                                       | 7,006,075  |                                    | $      | 838,187 |   |
| Currencies              |   | 12,209,555                              |       | (9,924,173                              | )      |
| Energy                  |   | (8,362,667                              | )          | (14,163,622                             | )      |
| Interest rates          |   | 37,860,194                              |       | (9,441,502                              | )      |
| Metals                  |   | 5,265,584                               |       | 909,155                                 |   |
| Stock indices           |   | (6,128,219                              | )          | 3,699,451                               |   |
|                    |   |                                    |       |                                    |   |
| Total                   |   | $                                       | 47,850,522 |                                    | $      | (28,082,504 | ) |

----

| 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                      |   |
|--------|-------------------------------------------|--------|
|   | Chief Financial Officer                   |   |
|   | Merrill Lynch Alternative Investments LLC |   |
|   | Sponsor of                                |   |
|   | ML Aspect FuturesAccess LLC               |   |

----