| Organized in Maryland | IRS Employer Identification No.:  52-1937296 |
|-----------------------|--------------------------------------------------------|

| [   ] Large accelerated filer | [   ] Accelerated filer |
|----------------------------------------------|----------------------------------------|
| [   ] Non-accelerated filer   | [X] Smaller Reporting Company          |

----

|                                                                          |   | March 31,2011 |       |   | December 31,2010 |   |
|-------------------------------------------------------------------------------|--------|---------------|------------|--------|------------------|--------|
| Assets                                                                        |   |          |       |   |             |   |
| Equity in broker trading accounts                                             |   |          |       |   |             |   |
| Cash                                                                          |   | $             | 14,069,734 |   |             | $      | 21,054,325 |   |
| Net unrealized gain on open futures contracts                                 |   |          | 146,516    |   |             |   | 4,619,366 |   |
| Interest receivable                                                           |   |          | -          |   |             |   | 5,265 |   |
| Total equity in broker trading accounts                                       |   |          | 14,216,250 |   |             |   | 25,678,956 |   |
| Cash and cash equivalents                                                     |   |          | 55,094,654 |   |             |   | 52,810,375 |   |
| General Partner 1% allocation receivable                                      |   |          | 122,395    |   |             |   | - |   |
| Total assets                                                                  |   | $             | 69,433,299 |   |             | $      | 78,489,331 |   |
|                                                                          |   |          |       |   |             |   |   |   |
| Liabilities and Partners’ Capital (Net Asset Value)                     |   |          |       |   |             |   |   |   |
| Liabilities                                                                   |   |          |       |   |             |   |   |   |
| Trading Advisor management fee payable                                        |   | $             | 55,925     |   |             | $      | 64,642 |   |
| Trading Advisor incentive fee payable                                         |   |          | -          |   |             |   | 1,684 |   |
| Commissions and other trading fees payable on open contracts                  |   |          | 11,220     |   |             |   | 16,047 |   |
| General Partner management fee payable                                        |   |          | 61,564     |   |             |   | 70,774 |   |
| General Partner 1% allocation payable                                         |   |          | -          |   |             |   | 56,532 |   |
| Selling Agent fees payable - General Partner                                  |   |          | 167,902    |   |             |   | 193,019 |   |
| Administrative expenses payable - General Partner                             |   |          | 37,251     |   |             |   | 44,012 |   |
| Redemptions payable                                                           |   |          | 765,009    |   |             |   | 424,209 |   |
| Subscriptions received in advance                                             |   |          | 2,072,303  |   |             |   | 1,141,953 |   |
| Total liabilities                                                             |   |          | 3,171,174  |   |             |   | 2,012,872 |   |
| Partners’ Capital (Net Asset Value)                                     |   |          |       |   |             |   |   |   |
| Class A Interests – 28,686.9486 units and 27,991.7912 units outstanding |   |          |       |   |             |   |   |   |
| at March 31, 2011 and December 31, 2010, respectively                         |   |          | 66,262,125 |   |             |   | 76,476,459 |   |
| Total liabilities and partners' capital (net asset value)                     |   | $             | 69,433,299 |   |             | $      | 78,489,331 |   |

----

|                            | Description                                                                          |   | Fair Value |       |   | % of Partners’ Capital (Net Asset Value) |   |
|---------------------------------|--------------------------------------------------------------------------------------|--------|------------|------------|--------|------------------------------------------------|--------|
| Long U.S. Futures Contracts     |                                                                                 |   |       |       |   |                                           |   |
|                            | Agricultural                                                                         |   | $          | 262,634    |   |                                           |   | 0.40 | % |
|                            | Currency                                                                             |   |       | 130,370    |   |                                           |   | 0.20 | % |
|                            | Energy                                                                               |   |       | 305,284    |   |                                           |   | 0.46 | % |
|                            | Interest rate                                                                        |   |       | (113,206   | )      |                                           |   | (0.17 | )% |
|                            | Metal                                                                                |   |       | (56,982    | )      |                                           |   | (0.09 | )% |
|                            | Stock index                                                                          |   |       | 270,586    |   |                                           |   | 0.41 | % |
|                            | Net unrealized gain on open long U.S. futures contracts                              |   |       | 798,686    |   |                                           |   | 1.21 | % |
|                            |                                                                                 |   |       |       |   |                                           |   |   |   |
| Short U.S. Futures Contracts    |                                                                                 |   |       |       |   |                                           |   |   |   |
|                            | Agricultural                                                                         |   |       | (254,521   | )      |                                           |   | (0.38 | )% |
|                            | Currency                                                                             |   |       | (35,204    | )      |                                           |   | (0.05 | )% |
|                            | Energy                                                                               |   |       | (154,083   | )      |                                           |   | (0.23 | )% |
|                            | Interest rate                                                                        |   |       | (40,453    | )      |                                           |   | (0.06 | )% |
|                            | Metal (1)                                                                            |   |       | (683,867   | )      |                                           |   | (1.03 | )% |
|                            | Stock index                                                                          |   |       | (47,700    | )      |                                           |   | (0.07 | )% |
|                            | Net unrealized loss on open short U.S. futures contracts                             |   |       | (1,215,828 | )      |                                           |   | (1.82 | )% |
|                            |                                                                                 |   |       |       |   |                                           |   |   |   |
|                            | Total U.S. Futures ContractsNet unrealized loss on open U.S. futures contracts       |   |       | (417,142   | )      |                                           |   | (0.61 | )% |
|                            |                                                                                 |   |       |       |   |                                           |   |   |   |
| Long Foreign Futures Contracts  |                                                                                 |   |       |       |   |                                           |   |   |   |
|                            | Agricultural                                                                         |   |       | (43,856    | )      |                                           |   | (0.07 | )% |
|                            | Currency                                                                             |   |       | 418,764    |   |                                           |   | 0.63 | % |
|                            | Energy                                                                               |   |       | 131,754    |   |                                           |   | 0.20 | % |
|                            | Interest rate                                                                        |   |       | (77,790    | )      |                                           |   | (0.12 | )% |
|                            | Metal                                                                                |   |       | 42,667     |   |                                           |   | 0.06 | % |
|                            | Stock index                                                                          |   |       | 104,931    |   |                                           |   | 0.16 | % |
|                            | Net unrealized gain on open long foreign futures contracts                           |   |       | 576,470    |   |                                           |   | 0.86 | % |
|                            |                                                                                 |   |       |       |   |                                           |   |   |   |
| Short Foreign Futures Contracts |                                                                                 |   |       |       |   |                                           |   |   |   |
|                            | Agricultural                                                                         |   |       | (20,365    | )      |                                           |   | (0.03 | )% |
|                            | Currency                                                                             |   |       | 316,944    |   |                                           |   | 0.48 | % |
|                            | Interest rate                                                                        |   |       | 297,734    |   |                                           |   | 0.45 | % |
|                            | Metal                                                                                |   |       | (20,985    | )      |                                           |   | (0.03 | )% |
|                            | Stock index                                                                          |   |       | (586,140   | )      |                                           |   | (0.88 | )% |
|                            | Net unrealized loss on open short foreign futures contracts                          |   |       | (12,812    | )      |                                           |   | (0.01 | )% |
|                            |                                                                                 |   |       |       |   |                                           |   |   |   |
|                            | Total Foreign Futures ContractsNet unrealized gain on open foreign futures contracts |   |       | 563,658    |   |                                           |   | 0.85 | % |
|                            |                                                                                 |   |       |       |   |                                           |   |   |   |
|                            | Net unrealized gain on openfutures contracts                                         |   | $          | 146,516    |   |                                           |   | 0.24 | % |

----

|                            | Description                                                                                |   | Fair Value |       |   | % of Partners’ Capital (Net Asset Value) |   |
|---------------------------------|--------------------------------------------------------------------------------------------|--------|------------|------------|--------|------------------------------------------------|--------|
| Long U.S. Futures Contracts     |                                                                                       |   |       |       |   |                                           |   |
|                            | Agricultural (1)                                                                           |   | $          | 1,268,992  |   |                                           |   | 1.66 | % |
|                            | Currency                                                                                   |   |       | 458,322    |   |                                           |   | 0.60 | % |
|                            | Energy                                                                                     |   |       | 608,067    |   |                                           |   | 0.80 | % |
|                            | Interest rate                                                                              |   |       | 188,147    |   |                                           |   | 0.25 | % |
|                            | Metal                                                                                      |   |       |       |   |                                           |   |   |   |
|                            | LME Copper U.S. (54 contracts, Jan 2011 – Apr 2011)                                  |   |       | 1,121,063  |   |                                           |   | 1.47 | % |
|                            | Other (1)                                                                                  |   |       | 1,659,779  |   |                                           |   | 2.17 | % |
|                            | Stock index                                                                                |   |       | 12,632     |   |                                           |   | 0.02 | % |
|                            | Net unrealized gain on open long U.S. futures contracts                                    |   |       | 5,317,002  |   |                                           |   | 6.97 | % |
|                            |                                                                                       |   |       |       |   |                                           |   |   |   |
| Short U.S. Futures Contracts    |                                                                                       |   |       |       |   |                                           |   |   |   |
|                            | Agricultural                                                                               |   |       | (183,030   | )      |                                           |   | (0.24 | )% |
|                            | Currency                                                                                   |   |       | (281,316   | )      |                                           |   | (0.37 | )% |
|                            | Energy (1)                                                                                 |   |       | (1,150,945 | )      |                                           |   | (1.50 | )% |
|                            | Interest rate                                                                              |   |       | (59,969    | )      |                                           |   | (0.08 | )% |
|                            | Metal                                                                                      |   |       |       |   |                                           |   |   |   |
|                            | LME Zinc U.S. (122 contracts, Jan 2011 – Apr 2011)                                   |   |       | (898,888   | )      |                                           |   | (1.18 | )% |
|                            | Other (1)                                                                                  |   |       | (1,849,621 | )      |                                           |   | (2.42 | )% |
|                            | Stock index                                                                                |   |       | 1,800      |   |                                           |   | 0.00 | % |
|                            | Net unrealized loss on open short U.S. futures contracts                                   |   |       | (4,421,969 | )      |                                           |   | (5.79 | )% |
|                            |                                                                                       |   |       |       |   |                                           |   |   |   |
|                            | Total U.S. Futures Contracts  Net unrealized gain on open U.S. futures contracts |   |       | 895,033    |   |                                           |   | 1.18 | % |
|                            |                                                                                       |   |       |       |   |                                           |   |   |   |
| Long Foreign Futures Contracts  |                                                                                       |   |       |       |   |                                           |   |   |   |
|                            | Agricultural                                                                               |   |       | 384,170    |   |                                           |   | 0.50 | % |
|                            | Currency                                                                                   |   |       | 158,179    |   |                                           |   | 0.21 | % |
|                            | Energy                                                                                     |   |       | 311,379    |   |                                           |   | 0.41 | % |
|                            | Interest rate                                                                              |   |       | 27,862     |   |                                           |   | 0.04 | % |
|                            | Metal                                                                                      |   |       | 96,460     |   |                                           |   | 0.13 | % |
|                            | Stock index                                                                                |   |       | (48,932    | )      |                                           |   | (0.06 | )% |
|                            | Net unrealized gain on open long foreign futures contracts                                 |   |       | 929,118    |   |                                           |   | 1.23 | % |
|                            |                                                                                       |   |       |       |   |                                           |   |   |   |
| Short Foreign Futures Contracts |                                                                                       |   |       |       |   |                                           |   |   |   |
|                            | Agricultural                                                                               |   |       | (65,886    | )      |                                           |   | (0.09 | )% |
|                            | Currency (1)                                                                               |   |       | 3,036,326  |   |                                           |   | 3.97 | % |
|                            | Interest rate                                                                              |   |       | (225,376   | )      |                                           |   | (0.29 | )% |
|                            | Stock index                                                                                |   |       | 50,151     |   |                                           |   | 0.07 | % |
|                            | Net unrealized gain on open short foreign futures contracts                                |   |       | 2,795,215  |   |                                           |   | 3.66 | % |
|                            |                                                                                       |   |       |       |   |                                           |   |   |   |
|                            | Total Foreign Futures ContractsNet unrealized gain on open foreign futures contracts       |   |       | 3,724,333  |   |                                           |   | 4.89 | % |
|                            |                                                                                       |   |       |       |   |                                           |   |   |   |
|                            | Net unrealized gain on openfutures contracts                                               |   | $          | 4,619,366  |   |                                           |   | 6.07 | % |

----

|                                            |   | Three Months Ended March 31, |        |
|-------------------------------------------------|--------|------------------------------|-------------|
|                                            |   | 2011                         |        |   | 2010 |   |
| Trading Gain (Loss)                             |   |                         |        |   |   |   |
| Net realized gain (loss)                        |   | $                            | (6,726,654  | ) |   | $ | 1,707,435 |   |
| Net change in unrealized gain (loss)            |   |                         | (4,472,850  | ) |   |   | 720,631 |   |
| Brokerage commissions and trading expenses      |   |                         | (74,903     | ) |   |   | (31,496 | ) |
| Net gain (loss) from trading                    |   |                         | (11,274,407 | ) |   |   | 2,396,570 |   |
|                                            |   |                         |        |   |   |   |   |   |
| Income                                          |   |                         |        |   |   |   |   |   |
| Interest income                                 |   |                         | 64,482      |   |   |   | 27,942 |   |
| Expenses                                        |   |                         |        |   |   |   |   |   |
| Trading Advisor management fee                  |   |                         | 176,179     |   |   |   | 183,795 |   |
| Selling Agent fees – General Partner      |   |                         | 527,725     |   |   |   | 551,452 |   |
| Administrative expenses – General Partner |   |                         | 300,735     |   |   |   | 251,755 |   |
| General Partner management fee                  |   |                         | 193,499     |   |   |   | 202,199 |   |
| General Partner 1% allocation                   |   |                         | (122,395    | ) |   |   | 13,489 |   |
| Total expenses                                  |   |                         | 1,075,743   |   |   |   | 1,202,690 |   |
| Administrative expenses waived                  |   |                         | (168,515    | ) |   |   | (113,627 | ) |
| Net total expenses                              |   |                         | 907,228     |   |   |   | 1,089,063 |   |
| Net investment loss                             |   |                         | (842,746    | ) |   |   | (1,061,121 | ) |
| Net Income (Loss)                               |   | $                            | (12,117,153 | ) |   | $ | 1,335,449 |   |

|                                                                      |   | Three Months Ended March 31, |        |
|---------------------------------------------------------------------------|--------|------------------------------|-------------|
|                                                                      |   | 2011                         |        |   | 2010 |   |
| Increase (decrease) in net asset value per Unit                           |   | $                            | (422.26     | ) |   | $ | 45.19 |   |
|                                                                      |   |                         |        |   |   |   |   |   |
| Net income (loss) per Unit                                                |   | $                            | (428.33     | ) |   | $ | 46.25 |   |
| (based on weighted average number of units outstanding during the period) |   |                         |        |   |   |   |   |   |
|                                                                      |   |                         |        |   |   |   |   |   |
| Weighted average number of Units outstanding                              |   |                         | 28,289.4984 |   |   |   | 28,876.1688 |   |

----

|                                                                                              |   | Three Months Ended March 31, |        |
|---------------------------------------------------------------------------------------------------|--------|------------------------------|-------------|
|                                                                                              |   | 2011                         |        |   | 2010 |   |
| Cash flows from operating activities                                                              |   |                         |        |   |   |   |
| Net income (loss)                                                                                 |   | $                            | (12,117,153 | ) |   | $ | 1,335,449 |   |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |                         |        |   |   |   |   |   |
| Net change in unrealized (gain) loss                                                              |   |                         | 4,472,850   |   |   |   | (720,631 | ) |
| Changes in                                                                                        |   |                         |        |   |   |   |   |   |
| Interest receivable                                                                               |   |                         | 5,265       |   |   |   | (2,880 | ) |
| Government sponsored enterprise notes                                                             |   |                         | -           |   |   |   | 8,075,134 |   |
| Trading Advisor management fee payable                                                            |   |                         | (8,717      | ) |   |   | 336 |   |
| Trading Advisor incentive fee payable                                                             |   |                         | (1,684      | ) |   |   | - |   |
| Commissions and other trading fees payable on open contracts                                      |   |                         | (4,827      | ) |   |   | 1,271 |   |
| General Partner management fee payable                                                            |   |                         | (9,210      | ) |   |   | 2,193 |   |
| General Partner 1% allocation receivable/payable                                                  |   |                         | (178,927    | ) |   |   | 95,153 |   |
| Selling Agent fees payable – General Partner                                                |   |                         | (25,117     | ) |   |   | 5,983 |   |
| Administrative expenses payable – General Partner                                           |   |                         | (6,761      | ) |   |   | (127 | ) |
| Net cash provided by (used in) operating activities                                               |   |                         | (7,874,281  | ) |   |   | 8,791,881 |   |
|                                                                                              |   |                         |        |   |   |   |   |   |
| Cash flows from financing activities                                                              |   |                         |        |   |   |   |   |   |
| Subscriptions                                                                                     |   |                         | 2,292,864   |   |   |   | 1,425,477 |   |
| Subscriptions received in advance                                                                 |   |                         | 2,072,303   |   |   |   | 183,019 |   |
| Redemptions                                                                                       |   |                         | (1,191,198  | ) |   |   | (1,194,754 | ) |
| Net cash provided by financing activities                                                         |   |                         | 3,173,969   |   |   |   | 413,742 |   |
|                                                                                              |   |                         |        |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                              |   |                         | (4,700,312  | ) |   |   | 9,205,623 |   |
| Cash and cash equivalents, beginning of period                                                    |   |                         | 73,864,700  |   |   |   | 62,332,730 |   |
| Cash and cash equivalents, end of period                                                          |   | $                            | 69,164,388  |   |   | $ | 71,538,353 |   |
|                                                                                              |   |                         |        |   |   |   |   |   |
| End of period cash and cash equivalents consists of                                               |   |                         |        |   |   |   |   |   |
| Cash in broker trading accounts                                                                   |   | $                            | 14,069,734  |   |   | $ | 16,988,951 |   |
| Cash and cash equivalents                                                                         |   |                         | 55,094,654  |   |   |   | 54,549,402 |   |
| Total end of period cash and cash equivalents                                                     |   | $                            | 69,164,388  |   |   | $ | 71,538,353 |   |
|                                                                                              |   |                         |        |   |   |   |   |   |
|  Supplemental disclosure of cash flow information                                            |   |                         |        |   |   |   |   |   |
|         Prior period redemptions paid                     |   | $                            | 424,209     |   |   | $ | 199,956 |   |
|         Prior period subscriptions received in advance    |   | $                            | 1,141,953   |   |   | $ | 767,147 |   |
|                                                                                              |   |                         |        |   |   |   |   |   |
|  Supplemental schedule of non-cash financing activities                                      |   |                         |        |   |   |   |   |   |
|         Redemptions payable                               |   | $                            | 765,009     |   |   | $ | 1,109,247 |   |

----

|                              |   | Units  |        |   | Amount |   |
|-----------------------------------|--------|--------|-------------|--------|--------|--------|
| Three Months Ended March 31, 2011 |   |   |        |   |   |   |
| Balance at December 31, 2010      |   |   | 27,991.7912 |   |   | $      | 76,476,459 |   |
| Net loss                          |   |   |        |   |   |   | (12,117,153 | ) |
| Subscriptions                     |   |   | 1,329.6685  |   |   |   | 3,434,817 |   |
| Redemptions                       |   |   | (634.5111   | )      |   |   | (1,531,998 | ) |
| Balance at March 31, 2011         |   |   | 28,686.9486 |   |   | $      | 66,262,125 |   |
|                              |   |   |        |   |   |   |   |   |
| Three Months Ended March 31, 2010 |   |   |        |   |   |   |   |   |
| Balance at December 31, 2009      |   |   | 28,805.7820 |   |   | $      | 73,049,616 |   |
| Net income                        |   |   |        |   |   |   | 1,335,449 |   |
| Subscriptions                     |   |   | 877.8792    |   |   |   | 2,192,624 |   |
| Redemptions                       |   |   | (830.5567   | )      |   |   | (2,104,045 | ) |
| Balance at March 31, 2010         |   |   | 28,853.1045 |   |   | $      | 74,473,644 |   |

|              |   | Net Asset Value Per Unit |     |
|-------------------|--------|--------------------------|----------|
|              |   |                     |     |
| March 31, 2011    |   | $                        | 2,309.84 |   |
| December 31, 2010 |   | $                        | 2,732.10 |   |
| March 31, 2010    |   | $                        | 2,581.13 |   |
| December 31, 2009 |   | $                        | 2,535.94 |   |

----

| 1. | Organization and Summary of Significant Accounting Policies |
|----|-------------------------------------------------------------|

----

----

| 2. | Fair Value Disclosures |
|----|------------------------|

| At March 31, 2011                                                      |   |    |    |
|------------------------------------------------------------------------|--------|---------|---------|
|                                                                   |   | Level 1 |    |
| Equity in broker trading accounts:                                     |   |    |    |
|     Net unrealized gain on open futures contracts* |   | $       | 146,516 |   |
| Cash and cash equivalents:                                             |   |    |    |   |
|     Money market fund                              |   |    | 8,672   |   |
| Total                                                                  |   | $       | 155,188 |   |

| At December 31, 2010                                                   |   |    |      |
|------------------------------------------------------------------------|--------|---------|-----------|
|                                                                   |   | Level 1 |      |
| Equity in broker trading accounts:                                     |   |    |      |
|     Net unrealized gain on open futures contracts* |   | $       | 4,619,366 |   |
| Cash and cash equivalents:                                             |   |    |      |   |
|     Money market fund                              |   |    | 8,669     |   |
| Total                                                                  |   | $       | 4,628,035 |   |

| 3. | Derivative Instruments Disclosures |
|----|------------------------------------|

| March 31, 2011                                |   | Derivative Assets and Liabilities, at fair value |      |
|-----------------------------------------------|--------|--------------------------------------------------|-----------|
| Statements of Financial Condition Location    |   | Assets                                           |      |   | Liabilities |   |   | Net |   |
| Net unrealized gain on open futures contracts |   |                                             |      |   |   |   |   |   |   |
| Agricultural                                  |   | $                                                | 542,203   |   |   | $ | (598,311 | ) |   | $ | (56,108 | ) |
| Currency                                      |   |                                             | 1,346,735 |   |   |   | (515,861 | ) |   |   | 830,874 |   |
| Energy                                        |   |                                             | 464,435   |   |   |   | (181,480 | ) |   |   | 282,955 |   |
| Interest rate                                 |   |                                             | 445,661   |   |   |   | (379,376 | ) |   |   | 66,285 |   |
| Metal                                         |   |                                             | 1,578,012 |   |   |   | (2,297,179 | ) |   |   | (719,167 | ) |
| Stock index                                   |   |                                             | 389,108   |   |   |   | (647,431 | ) |   |   | (258,323 | ) |
| Net unrealized gain on open futures contracts |   | $                                                | 4,766,154 |   |   | $ | (4,619,638 | ) |   | $ | 146,516 |   |

----

| December 31, 2010                             |   | Derivative Assets and Liabilities, at fair value |      |
|-----------------------------------------------|--------|--------------------------------------------------|-----------|
| Statements of Financial Condition Location    |   | Assets                                           |      |   | Liabilities |   |   | Net |   |
| Net unrealized gain on open futures contracts |   |                                             |      |   |   |   |   |   |   |
| Agricultural                                  |   | $                                                | 1,692,012 |   |   | $ | (287,766 | ) |   | $ | 1,404,246 |   |
| Currency                                      |   |                                             | 3,856,198 |   |   |   | (484,687 | ) |   |   | 3,371,511 |   |
| Energy                                        |   |                                             | 948,198   |   |   |   | (1,179,697 | ) |   |   | (231,499 | ) |
| Interest rate                                 |   |                                             | 376,551   |   |   |   | (445,887 | ) |   |   | (69,336 | ) |
| Metal                                         |   |                                             | 2,923,850 |   |   |   | (2,795,057 | ) |   |   | 128,793 |   |
| Stock index                                   |   |                                             | 174,685   |   |   |   | (159,034 | ) |   |   | 15,651 |   |
| Net unrealized gain on open futures contracts |   | $                                                | 9,971,494 |   |   | $ | (5,352,128 | ) |   | $ | 4,619,366 |   |

|                    |   | 2011                     |       |   | 2010                               |   |
|-------------------------|--------|--------------------------|------------|--------|------------------------------------|--------|
| Types of Exposure       |   | Net realized gain (loss) |       |   | Net changein unrealizedgain (loss) |   |   | Net realized gain (loss) |   |   | Net changein unrealizedgain (loss) |   |
| Futures contracts       |   |                     |       |   |                               |   |   |   |   |   |   |   |
| Agricultural            |   | $                        | 621,966    |   |                               | $      | (1,460,354 | ) |   | $ | 109,522 |   |   | $ | (42,398 | ) |
| Currency                |   |                     | (4,353,919 | )      |                               |   | (2,540,637 | ) |   |   | 1,761,195 |   |   |   | (228,569 | ) |
| Energy                  |   |                     | (417,824   | )      |                               |   | 514,454 |   |   |   | (1,396,281 | ) |   |   | 2,066,965 |   |
| Interest rate           |   |                     | (453,410   | )      |                               |   | 135,621 |   |   |   | 572,878 |   |   |   | 428,435 |   |
| Metal                   |   |                     | (699,678   | )      |                               |   | (847,960 | ) |   |   | 725,405 |   |   |   | (1,334,442 | ) |
| Stock index             |   |                     | (1,400,137 | )      |                               |   | (273,974 | ) |   |   | (62,224 | ) |   |   | (169,360 | ) |
| Total futures contracts |   | $                        | (6,703,002 | )      |                               | $      | (4,472,850 | ) |   | $ | 1,710,495 |   |   | $ | 720,631 |   |

| 4. | General Partner |
|----|-----------------|

| 5. | Trading Advisor |
|----|-----------------|

----

| 6.  | Deposits with Brokers |
|----------|-----------------------|

| 7. | Administrative Expenses |
|----|-------------------------|

| 8. | Subscriptions, Distributions and Redemptions |
|----|----------------------------------------------|

| 9. | Trading Activities and Related Risks |
|----|--------------------------------------|

----

| 10. | Indemnifications |
|-----|------------------|

| 11.  | Interim Financial Statements |
|-----------|------------------------------|

----

| 12.  | Financial Highlights |
|-----------|----------------------|

|                                                        |   | 2011   |     |   | 2010   |   |
|-------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Per Unit Operating Performance                              |   |   |     |   |   |   |
| Net asset value per Unit at beginning of period             |   | $      | 2,732.10 |   |   | $      | 2,535.94 |   |
| Income (loss) from operations                               |   |   |     |   |   |   |   |   |
| Gain (loss) from trading (1)                                |   |   | (392.47  | )      |   |   | 81.94 |   |
| Net investment loss (1)                                     |   |   | (29.79   | )      |   |   | (36.75 | ) |
| Total income (loss) from operations                         |   |   | (422.26  | )      |   |   | 45.19 |   |
|                                                        |   |   |     |   |   |   |   |   |
| Net asset value per Unit at end of period                   |   | $      | 2,309.84 |   |   | $      | 2,581.13 |   |
|                                                        |   |   |     |   |   |   |   |   |
| Total return (5)                                            |   |   | (15.46   | )%     |   |   | 1.78 | % |
|                                                        |   |   |     |   |   |   |   |   |
| Other Financial Ratios                                      |   |   |     |   |   |   |   |   |
| Ratios to average net asset value                           |   |   |     |   |   |   |   |   |
| Expenses prior to General Partner 1% allocation (2) (3) (4) |   |   | 5.77     | %      |   |   | 5.92 | % |
| General Partner 1% allocation (5)                           |   |   | (0.17    | )%     |   |   | 0.02 | % |
| Total expenses                                              |   |   | 5.60     | %      |   |   | 5.94 | % |
|                                                        |   |   |     |   |   |   |   |   |
| Net investment loss (2) (3) (4) (6)                         |   |   | (5.41    | )%     |   |   | (5.76 | )% |

----

----

----

|                             |   | January |     |   | February |   |     | March  |   |   | Total    |   |
|----------------------------------|--------|---------|----------|--------|----------|--------|----------|--------|--------|--------|----------|--------|
|                             |   |    |     |   |     |   |     |   |   |   |     |   |
| Units redeemed                   |   |    | 143.9412 |   |     |   | 159.3735 |   |   |   | 331.1964 |   |   |   | 634.5111 |   |
| Average net asset value per Unit |   | $       | 2,539.80 |   |     | $      | 2,518.66 |   |   | $      | 2,309.84 |   |   | $ | 2,414.46 |   |

| Exhibit No. | Description of Exhibit                                                                                                                              |
|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
|        |                                                                                                                                                |
| 1.1*        | Form of Selling Agreement.                                                                                                                          |
|        |                                                                                                                                                |
| 3.1*        | Certificate of Limited Partnership of Sage Fund Limited Partnership.                                                                                |
|        |                                                                                                                                                |
| 3.2*        | Second Amended and Restated Limited Partnership Agreement of Sage Fund Limited Partnership.                                                         |
|        |                                                                                                                                                |
| 10.1*       | Form of Subscription Agreement.                                                                                                                     |
|        |                                                                                                                                                |
| 10.2**      | Advisory Agreement by and among the Fund, the General Partner and Altis Partners (Jersey) Limited dated August 8, 2007.                             |
|        |                                                                                                                                                |
| 10.3*       | Amendment to Advisory Agreement by and among the Fund, the General Partner and Altis Partners (Jersey) Limited dated August 27, 2007.               |
|        |                                                                                                                                                |
| 10.4*       | Futures Account Agreement dated January 21, 2001 by and among the Fund, the General Partner and Carr Futures Inc. (subsequently, Newedge USA, LLC). |

----

| 10.5*  | Corporate Cash Account Management Agreement dated September 25, 2007 by and among the Fund, the General Partner and UBS Financial Services, Inc. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                             |
| 31.01  | Certification of Chief Executive Officer of the General Partner in accordance with Section 302 of the Sarbanes-Oxley Act of 2002                 |
|   |                                                                                                                                             |
| 31.02  | Certification of Chief Financial Officer of the General Partner in accordance with Section 302 of the Sarbanes-Oxley Act of 2002                 |
|   |                                                                                                                                             |
| 32.01  | Certification of Chief Executive Officer of the General Partner in accordance with Section 906 of the Sarbanes-Oxley Act of 2002                 |
|   |                                                                                                                                             |
| 32.02  | Certification of Chief Financial Officer of the General Partner in accordance with Section 906 of the Sarbanes-Oxley Act of 2002                 |

----

| Dated May 13, 2011 | Sage Fund Limited Partnership |
|--------------------|-------------------------------|
|               |                          |   |
|               |                          |   |
|               | By:                           | Steben & Company, Inc. |
|               |                          | General Partner |
|               |                          |   |
|               | By:                           | /s/ Kenneth E. Steben |
|               | Name:                         | Kenneth E. Steben |
|               | Title:                        | President, Chief Executive Officer and Director of the General Partner |
|               |                          | (Principal Executive Officer) |
|               |                          |   |
|               | By:                           | /s/ Carl A. Serger |
|               | Name:                         | Carl A. Serger |
|               | Title:                        | Chief Financial Officer and Director of the General Partner |
|               |                          | (Principal Financial and Accounting Officer) |

----