|   | AlphaMetrix WC Diversified Fund — MT0041(A Cayman Islands Exempted Limited Liability Company) Financial Statements as of and for theYear Ended December 31, 2010, andIndependent Auditors’ Report |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| ALPHAMETRIX WC DIVERSIFIED FUND — MT0041                                                                                  |   |   |        |
|---------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|
| (A Cayman Islands Exempted Limited Liability Company)                                                                           |   |   |        |
|                                                                                                                            |   |   |        |
| STATEMENT OF FINANCIAL CONDITION                                                                                                |   |   |        |
| DECEMBER 31, 2010                                                                                                               |   |   |        |
| (Expressed in U.S. dollars)                                                                                                     |   |   |        |
|                                                                                                                            |   |   |        |
| ASSETS                                                                                                                          |   |   |        |
|                                                                                                                            |   |   |        |
|      Equity in commodity trading accounts at clearing brokers:                                         |   |   |        |
|           Cash                                                                |   | $      | 60,114,235  |   |
|           Investments, at fair value (representing unrealized appreciation on |   |   |        |   |
|           open contracts, net)                                                |   |   | 14,107,876  |   |
|      Investment in AlphaMosaic SPC - Offshore Platform Cash Account,                                   |   |   |        |   |
|      at fair value (Note 4)                                                                            |   |   | 102,000,867 |   |
|      Cash at bank                                                                                      |   |   | 302,700     |   |
| Total Assets                                                                                                                    |   | $      | 176,525,678 |   |
|                                                                                                                            |   |   |        |   |
|                                                                                                                            |   |   |        |   |
| LIABILITIES AND SHAREHOLDERS' EQUITY (NET ASSETS)                                                                               |   |   |        |   |
|                                                                                                                            |   |   |        |   |
| LIABILITIES                                                                                                                     |   |   |        |   |
|      Equity in commodity trading accounts at clearing brokers:                                         |   |   |        |   |
|          Options on futures, at fair value, net (proceeds: $21,900)                |   | $      | 18,000      |   |
|      Redemptions payable                                                                               |   |   | 4,240,359   |   |
|                                                                                                                            |   |   |        |   |
| Total Liabilities                                                                                                               |   |   | 4,258,359   |   |
|                                                                                                                            |   |   |        |   |
| SHAREHOLDERS' EQUITY (NET ASSETS)                                                                                               |   |   | 172,267,319 |   |
|                                                                                                                            |   |   |        |   |
| Total Liabilities and Shareholders' Equity (Net Assets)                                                                         |   | $      | 176,525,678 |   |
|                                                                                                                            |   |   |        |   |
| See notes to financial statements.                                                                                              |   |   |        |   |

----

| ALPHAMETRIX WC DIVERSIFIED FUND — MT0041        |   |                |   |   |       |   |       |
|-------------------------------------------------------|--------|---------------------|--------|--------|------------|--------|------------|
| (A Cayman Islands Exempted Limited Liability Company) |   |                |   |   |       |   |       |
|                                                  |   |                |   |   |       |   |       |   |   |
| CONDENSED SCHEDULE OF INVESTMENTS                     |   |                |   |   |       |   |       |   |   |
| DECEMBER 31, 2010                                     |   |                |   |   |       |   |       |   |   |
| (Expressed in U.S. Dollars)                           |   |                |   |   |       |   |       |   |   |
|                                                  |   |                |   |   |       |   |       |   |   |
|                                                  |   | Number of Contracts |   |   | Fair Value |   |       | Percent of Shareholders' Equity (Net Assets) |   |
|                                                  |   |                |   |   |       |   |       |   |   |
| Long positions:                                       |   |                |   |   |       |   |       |   |   |
| Domestic                                              |   |                |   |   |       |   |       |   |   |
| Options on futures contracts                          |   |                |   |   |       |   |       |   |   |
| Index puts (cost: $25,900)                            |   |                | 40     |   |       | $      | 18,940     |   |   |   | 0.01 | % |
| Futures contracts                                     |   |                |   |   |       |   |       |   |   |   |   |   |
| Agriculture                                           |   |                | 1,286  |   |       |   | 4,294,379  |   |   |   | 2.49 |   |
| Currency                                              |   |                | 1,606  |   |       |   | 4,873,370  |   |   |   | 2.83 |   |
| Energy                                                |   |                | 430    |   |       |   | 934,746    |   |   |   | 0.54 |   |
| Index                                                 |   |                | 1,126  |   |       |   | 635,923    |   |   |   | 0.37 |   |
| Interest                                              |   |                | 232    |   |       |   | 26,996     |   |   |   | 0.02 |   |
| Metals                                                |   |                | 332    |   |       |   | 2,474,318  |   |   |   | 1.44 |   |
| Forward currency contracts                            |   |                |   |   |       |   |       |   |   |   |   |   |
| Forwards                                              |   |                |   |   |       |   | (84,205    | ) |   |   | (0.05 | ) |
| Foreign                                               |   |                |   |   |       |   |       |   |   |   |   |   |
| Futures contracts                                     |   |                |   |   |       |   |       |   |   |   |   |   |
| Agriculture                                           |   |                | 79     |   |       |   | 43,733     |   |   |   | 0.02 |   |
| Index                                                 |   |                | 860    |   |       |   | 441,322    |   |   |   | 0.26 |   |
| Interest                                              |   |                | 1,040  |   |       |   | 79,363     |   |   |   | 0.05 |   |
| Metals                                                |   |                | 356    |   |       |   | 3,377,605  |   |   |   | 1.96 |   |
| Forward currency contracts                            |   |                |   |   |       |   |       |   |   |   |   |   |
| Forwards                                              |   |                |   |   |       |   | 4,931      |   |   |   | 0.00 |   |
|                                                  |   |                |   |   |       |   |       |   |   |   |   |   |
| Total long positions                                  |   |                |   |   |       |   | 17,121,421 |   |   |   | 9.94 |   |
|                                                  |   |                |   |   |       |   |       |   |   |   |   |   |
| Short positions:                                      |   |                |   |   |       |   |       |   |   |   |   |   |
| Domestic                                              |   |                |   |   |       |   |       |   |   |   |   |   |
| Options on futures contracts                          |   |                |   |   |       |   |       |   |   |   |   |   |
| Index puts (proceeds: $47,800)                        |   |                | 40     |   |       |   | (36,940    | ) |   |   | (0.02 | ) |
| Futures contracts                                     |   |                |   |   |       |   |       |   |   |   |   |   |
| Energy                                                |   |                | 120    |   |       |   | (288,770   | ) |   |   | (0.16 | ) |
| Interest                                              |   |                | 504    |   |       |   | (269,321   | ) |   |   | (0.16 | ) |
| Currency                                              |   |                | 312    |   |       |   | (576,444   | ) |   |   | (0.33 | ) |
| Forward currency contracts                            |   |                |   |   |       |   |       |   |   |   |   |   |
| Forwards                                              |   |                |   |   |       |   | 225,575    |   |   |   | 0.13 |   |
| Foreign                                               |   |                |   |   |       |   |       |   |   |   |   |   |
| Futures contracts                                     |   |                |   |   |       |   |       |   |   |   |   |   |
| Index                                                 |   |                | 74     |   |       |   | 37,535     |   |   |   | 0.02 |   |
| Interest                                              |   |                | 696    |   |       |   | (563,601   | ) |   |   | (0.33 | ) |
| Metals                                                |   |                | 155    |   |       |   | (1,632,293 | ) |   |   | (0.95 | ) |
| Currency                                              |   |                | 91     |   |       |   | 16,888     |   |   |   | 0.01 |   |
| Forward currency contracts                            |   |                |   |   |       |   |       |   |   |   |   |   |
| Forwards                                              |   |                |   |   |       |   | 55,826     |   |   |   | 0.03 |   |
| Total short positions                                 |   |                |   |   |       |   | (3,031,545 | ) |   |   | (1.76 | ) |
|                                                  |   |                |   |   |       |   |       |   |   |   |   |   |
| Investments - at fair value                           |   |                |   |   |       | $      | 14,089,876 |   |   |   | 8.18 | % |
|                                                  |   |                |   |   |       |   |       |   |   |   |   |   |
|                                                  |   |                |   |   |       |   |       |   |   | (Continued) |   |

----

| ALPHAMETRIX WC DIVERSIFIED FUND — MT0041        |   |   |   |   |   |   |
|-------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| (A Cayman Islands Exempted Limited Liability Company) |   |   |   |   |   |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| CONDENSED SCHEDULE OF INVESTMENTS                     |   |   |   |   |   |   |
| DECEMBER 31, 2010                                     |   |   |   |   |   |   |   |   |   |   |   |
| (Expressed in U.S. Dollars)                           |   |   |   |   |   |   |   |   |   |   |   |

|                                                          |   | Fair Value |        |   | Percent of Shareholders' Equity (Net Assets) |   |   | % Ownershipof Fund |   | Redemptions Permitted | Investment Objective |
|---------------------------------------------------------------|--------|------------|-------------|--------|----------------------------------------------|--------|--------|--------------------|--------|-----------------------|----------------------|
|                                                          |   |       |        |   |                                         |   |   |               |   |                  |                 |
| Investment inAlphaMosaic SPC - Offshore Platform Cash Account |   | $          | 102,000,867 |   |                                         |   | 59.21  | %                  |   |                  | 17.49%               |   | daily | short-termliquidinvestments |
|                                                          |   |       |        |   |                                         |   |   |               |   |                  |                 |   |   |   |
|                                                          |   |       |        |   |                                         |   |   |               |   |                  |                 |   |   | (Concluded) |
|                                                          |   |       |        |   |                                         |   |   |               |   |                  |                 |   |   |   |
| See notes to financial statements.                            |   |       |        |   |                                         |   |   |               |   |                  |                 |

----

| ALPHAMETRIX WC DIVERSIFIED FUND — MT0041                                                                                      |   |   |       |
|-------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|
| (A Cayman Islands Exempted Limited Liability Company)                                                                               |   |   |       |
|                                                                                                                                |   |   |       |
| STATEMENT OF OPERATIONS                                                                                                             |   |   |       |
| FOR THE YEAR ENDED DECEMBER 31, 2010                                                                                                |   |   |       |
| (Expressed in U.S. dollars)                                                                                                         |   |   |       |
|                                                                                                                                |   |   |       |
| INVESTMENT INCOME                                                                                                                   |   |   |       |
|      Interest income                                                                                       |   | $      | 99,969     |   |
|      Interest income - AlphaMosaic SPC - Offshore Platform Cash Account (Note 4)                           |   |   | 253,234    |   |
|                                                                                                                                |   |   |       |   |
|           Total income                                                            |   |   | 353,203    |   |
|                                                                                                                                |   |   |       |   |
| EXPENSES:                                                                                                                           |   |   |       |   |
|      Trading costs                                                                                         |   |   | 415,073    |   |
|      Cash Manager fee - AlphaMosaic SPC - Offshore Platform Cash Account (Note 4)                          |   |   | 19,951     |   |
|      Sponsor fee - AlphaMosaic SPC - Offshore Platform Cash Account (Note 4)                               |   |   | 89,294     |   |
|      Bank fees                                                                                             |   |   | 396        |   |
|                                                                                                                                |   |   |       |   |
|           Total expenses                                                          |   |   | 524,714    |   |
|                                                                                                                                |   |   |       |   |
| NET INVESTMENT INCOME/(LOSS)                                                                                                        |   |   | (171,511   | ) |
|                                                                                                                                |   |   |       |   |
| REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:                                                            |   |
|                                                                                                                                |   |   |       |   |
|      Net realized gain/(loss) from:                                                                        |   |   |       |   |
|           Investments                                                             |   |   | 44,400,224 |   |
|           Foreign currency transactions                                           |   |   | (611,303   | ) |
|                                                                                                                                |   |   | 43,788,921 |   |
|      Net increase/(decrease) in unrealized appreciation/(depreciation) on:                                 |   |   |       |   |
|           Investments                                                             |   |   | 12,360,580 |   |
|           Investment in AlphaMosaic SPC - Offshore Platform Cash Account (Note 4) |   |   | (143,122   | ) |
|           Translation of assets and liabilities denominated in foreign currencies |   |   | 174,060    |   |
|                                                                                                                                |   |   | 12,391,518 |   |
|      Net realized and unrealized gain/(loss) on investments and foreign                                    |   |   |       |   |
|      currency                                                                                              |   |   | 56,180,439 |   |
|                                                                                                                                |   |   |       |   |
| Net increase/(decrease) in net assets resulting from operations                                                                     |   | $      | 56,008,928 |   |
|                                                                                                                                |   |   |       |   |
| See notes to financial statements.                                                                                                  |   |   |       |   |

----

| ALPHAMETRIX WC DIVERSIFIED FUND — MT0041                                                                  |   |   |        |
|-----------------------------------------------------------------------------------------------------------------|--------|--------|-------------|
| (A Cayman Islands Exempted Limited Liability Company)                                                           |   |   |        |
|                                                                                                            |   |   |        |
| STATEMENT OF CHANGES IN NET ASSETS                                                                              |   |   |        |
| FOR THE YEAR ENDED DECEMBER 31, 2010                                                                            |   |   |        |
| (Expressed in U.S. dollars)                                                                                     |   |   |        |
|                                                                                                            |   |   |        |
| Changes in net assets from operations:                                                                          |   |   |        |
|   Net investment income/(loss)                                                                        |   | $      | (171,511    | ) |
|   Net realized gain/(loss) from investments and foreign currency transactions                         |   |   | 43,788,921  |   |
|   Net increase/(decrease) in unrealized appreciation/(depreciation) on                                |   |   |        |   |
|     investments and translation of assets and liabilities denominated in foreign currencies |   |   | 12,391,518  |   |
|                                                                                                            |   |   |        |   |
|   Net increase/(decrease) in net assets resulting from operations                                     |   |   | 56,008,928  |   |
|                                                                                                            |   |   |        |   |
| Changes in net assets from capital transactions:                                                                |   |   |        |   |
|   Proceeds from issuance of shares to investors                                                       |   |   | 66,393,182  |   |
|   Redemptions of shares by investors                                                                  |   |   | (81,196,524 | ) |
|                                                                                                            |   |   |        |   |
|    Net increase/(decrease) in net assets resulting from capital transactions                     |   |   | (14,803,342 | ) |
|                                                                                                            |   |   |        |   |
| Increase/(decrease) in net assets                                                                               |   |   | 41,205,586  |   |
|                                                                                                            |   |   |        |   |
| NET ASSETS — January 1, 2010                                                                              |   |   | 131,061,733 |   |
|                                                                                                            |   |   |        |   |
| NET ASSETS — December 31, 2010                                                                            |   | $      | 172,267,319 |   |
|                                                                                                            |   |   |        |   |
| See notes to financial statements.                                                                              |   |   |        |   |

----

| 1. | ORGANIZATION AND STRUCTURE |
|----|----------------------------|

----

----

| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|----|--------------------------------------------|

----

----

| 3. | FAIR VALUE MEASUREMENTS |
|----|-------------------------|

----

----

|                                                           |   |              |        |   | Fair Value Measurements at Reporting Date Using |   |
|----------------------------------------------------------------|--------|-------------------|-------------|--------|-------------------------------------------------|--------|
|                                                           |   |              |        |   |                                            |   |   |   |   |   |   |   |
|                                                           |   |              |        |   | Quoted Prices in                                |   |   |   |   |   |   |   |
|                                                           |   |              |        |   | Active Markets for                              |   |   | Significant Other |   |   | Significant |   |
|                                                           |   | Fair Value at     |        |   | Identical Investments                           |   |   | Observable Inputs |   |   | Unobservable Inputs |   |
| Description                                                    |   | December 31, 2010 |        |   | (Level 1)                                       |   |   | (Level 2) |   |   | (Level 3) |   |
| Assets                                                         |   |              |        |   |                                            |   |   |   |   |   |   |   |
|                                                           |   |              |        |   |                                            |   |   |   |   |   |   |   |
| Investment In AlphaMosaic SPC - Offshore Platform Cash Account |   | $                 | 102,000,867 |   |                                            | $      | - |   |   | $ | 102,000,867 |   |   | $ | - |   |
|                                                           |   |              |        |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Options on futures contracts                                   |   |              |        |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Index                                                          |   |              | 18,940      |   |                                            |   | 18,940 |   |   |   | - |   |   |   | - |   |
| Futures contracts                                              |   |              |        |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Agriculture                                                    |   |              | 4,338,112   |   |                                            |   | 4,338,112 |   |   |   | - |   |   |   | - |   |
| Currency                                                       |   |              | 4,890,258   |   |                                            |   | 4,890,258 |   |   |   | - |   |   |   | - |   |
| Energy                                                         |   |              | 950,721     |   |                                            |   | 950,721 |   |   |   | - |   |   |   | - |   |
| Index                                                          |   |              | 1,566,934   |   |                                            |   | 1,566,934 |   |   |   | - |   |   |   | - |   |
| Interest                                                       |   |              | 148,865     |   |                                            |   | 148,865 |   |   |   | - |   |   |   | - |   |
| Metals                                                         |   |              | 5,866,024   |   |                                            |   | 5,866,024 |   |   |   | - |   |   |   | - |   |
|                                                           |   |              |        |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Forward currency                                               |   |              |        |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| contracts                                                      |   |              | 329,962     |   |                                            |   | - |   |   |   | 329,962 |   |   |   | - |   |
|                                                           |   |              |        |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Total investment assets                                        |   |              |        |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| at fair value                                                  |   |              | 120,110,683 |   |                                            |   | 17,779,854 |   |   |   | 102,330,829 |   |   |   | - |   |
|                                                           |   |              |        |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities                                                    |   |              |        |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Options on futures contracts                                   |   |              |        |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Index                                                          |   |              | (36,940     | )      |                                            |   | (36,940 | ) |   |   | - |   |   |   | - |   |
| Futures contracts                                              |   |              |        |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Agriculture                                                    |   |              | -           |   |                                            |   | - |   |   |   | - |   |   |   | - |   |
| Currency                                                       |   |              | (576,444    | )      |                                            |   | (576,444 | ) |   |   | - |   |   |   | - |   |
| Energy                                                         |   |              | (304,745    | )      |                                            |   | (304,745 | ) |   |   | - |   |   |   | - |   |
| Index                                                          |   |              | (452,154    | )      |                                            |   | (452,154 | ) |   |   | - |   |   |   | - |   |
| Interest                                                       |   |              | (875,428    | )      |                                            |   | (875,428 | ) |   |   | - |   |   |   | - |   |
| Metals                                                         |   |              | (1,646,394  | )      |                                            |   | (1,646,394 | ) |   |   | - |   |   |   | - |   |
|                                                           |   |              |        |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Forward currency                                               |   |              |        |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| contracts                                                      |   |              | (127,835    | )      |                                            |   | - |   |   |   | (127,835 | ) |   |   | - |   |
|                                                           |   |              |        |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Total investment liabilities                                   |   |              |        |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
|     at fair value                          |   |              | (4,019,940  | )      |                                            |   | (3,892,105 | ) |   |   | (127,835 | ) |   |   | - |   |
|                                                           |   |              |        |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Total investment assets at                                     |   |              |        |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
|     fair value - net                       |   | $                 | 116,090,743 |   |                                            | $      | 13,887,749 |   |   | $ | 102,202,994 |   |   | $ | - |   |

----

----

| Contracts                                                                                                          |   | Asset Derivatives Fair Value* |                                                                                              |   | Liability Derivatives Fair Value* |
|--------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|---------------------------------------------------------------------------------------------------|--------|-----------------------------------|
|                                                                                                               |   |                          |                                                                                              |   |                              |   |   |
| Options on futures contracts                                                                                       |   |                          |                                                                                              |   |                              |   |
| Index                                                                                                              |   | $                             | 18,940                                                                                            |   |                              | $  | (36,940) |
| Futures contracts                                                                                                  |   |                          |                                                                                              |   |                              |   |   |
| Agriculture                                                                                                        |   |                          |             4,338,112                 |   |                              |   | - |
| Currency                                                                                                           |   |                          |             4,890,258                 |   |                              |   | (576,444) |
| Energy                                                                                                             |   |                          |                950,721 |   |                              |   | (304,745) |
| Index                                                                                                              |   |                          |             1,566,934                 |   |                              |   | (452,154) |
| Interest                                                                                                           |   |                          |                148,865 |   |                              |   | (875,428) |
| Metals                                                                                                             |   |                          |             5,866,024                 |   |                              |   | (1,646,394) |
| Forward currency                                                                                                   |   |                          |                329,962 |   |                              |   | (127,835) |
|                                                                                                               |   |                          |                                                                                              |   |                              |   |   |
| Total derivatives not designated as                                                                                |   |                          |                                                                                              |   |                              |   |
| hedging instruments under ASC 815                                                                                  | $      | 18,109,816                    |                                                                                              |   | $                            | (4,019,940) |
|                                                                                                               |   |                          |                                                                                              |   |                              |   |   |
| *Located in unrealized appreciation/(depreciation) on open contracts, net in the Statement of Financial Condition. |
|                                                                                                               |   |                          |                                                                                              |   |                              |   |   |

----

|                          |   |  Net Trading Gain/(Loss)*                                                                                                  |
|-------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------|
|                          |   |                                                                                                                            |   |   |
| Futures option contracts:     |   |                                                                                                                            |   |
| Index                         |   | $                                                                                                                               | 134,425 |   |
| Energy                        |   |                                                                                                                            |                         1,500 |   |
| Futures contracts:            |   |                                                                                                                            |   |   |
| Agriculture                   |   |                                                                                                                            |                  7,782,832 |   |
| Currency                      |   |                                                                                                                            |                13,549,409 |   |
| Energy                        |   |                                                                                                                            |                (6,356,046) |   |
| Index                         |   |                                                                                                                            |                (1,198,220) |   |
| Interest                      |   |                                                                                                                            |                30,329,977 |   |
| Metals                        |   |                                                                                                                            |                12,338,889 |   |
| Total futures contracts:      | $      | 56,582,766                                                                                                                      |   |
|                          |   |                                                                                                                            |   |   |
| Forward currency contracts:   |   |                     178,038 |   |
|                          |   |                                                                                                                            |   |   |
| Total net trading gain/(loss) | $      | 56,760,804                                                                                                                      |   |
|                          |   |                                                                                                                            |   |   |

| 4. | INVESTMENT IN ALPHAMOSAIC SPC - OFFSHORE PLATFORM CASH ACCOUNT |
|----|----------------------------------------------------------------|

----

|                                  |   | % of OPCA  |   |
|---------------------------------------|--------|------------|--------|
| Types of Investments                  |   | Net Assets |   |
| Corporate Bonds                       |   |       | 4.50   | % |
| U.S. Government Sponsored Enterprises |   |       | 13.63  |   |
| Short-Term Commerical Paper           |   |       | 86.13  |   |
|                                  |   |       |   |   |
| Total                                 |   |       | 104.26 | % |

| 5. | ALLOCATION OF MASTER FUND’S INCOME AND GAINS AND LOSSES |
|----|---------------------------------------------------------------|

| 6. | DERIVATIVE FINANCIAL INSTRUMENTS |
|----|----------------------------------|

----

| 7. | RELATED PARTIES |
|----|-----------------|

----

| 8. | ADMINISTRATION |
|----|----------------|

| 9. | CAPITAL STRUCTURE |
|----|-------------------|

|                                               |   |   | 2010          |    |
|----------------------------------------------------|--------|--------|---------------|---------|
|                                               |   |   |          |    |
| Share outstanding — Beginning of Year   |   |   | 95,584        |    |
|                                               |   |   |          |    |
| Shares subscribed                                  |   |   | 40,562        |    |
| Shares redeemed                                    |   |   |  (52,860 | )  |
|                                               |   |   |          |    |
| Shares outstanding   — End of Year |   |   |  83,286  |    |

| 10. | FINANCIAL HIGHLIGHTS |
|-----|----------------------|

|   | • | Per share operating performance is computed based upon either actual number of shares outstanding at the beginning and end of the year or the weighted-average net shares for the year ended December 31, 2010. Weighted average shares are computed using the month-end and mid-month shares outstanding. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Total return is calculated as the change in the net asset value per share for the year ended December 31, 2010. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------|

----

|   | • | The net investment loss and total expense ratios are computed based upon the weighted average net assets for the year ended December 31, 2010. Weighted average net assets are computed using the average of month-end and mid-month net assets. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Net asset value — Beginning of Year                                                          |   | $      | 1,371.17 |   |
|----------------------------------------------------------------------------------------------------|--------|--------|----------|--------|
|                                                                                               |   |   |     |   |
|   Per share data (for a share outstanding throughout the year):                          |   |   |     |   |
|     Net investment loss                                                        |   |   | (2.19    | )      |
|     Total realized and unrealized gain on investments                          |   |   | 699.40   |   |
|                                                                                               |   |   |     |   |
|            Total from investment operations |   |   | 697.21   |   |
|                                                                                               |   |   |     |   |
| Net asset value — End of Year                                                                |   | $      | 2,068.38 |   |
|                                                                                               |   |   |     |   |
| Ratio to average net assets:                                                                       |   |   |     |   |
|   Net investment loss                                                                    |   |   | (0.13    | )%     |
|   Total expenses                                                                         |   |   | 0.40     | %      |
|                                                                                               |   |   |     |   |
| Total return                                                                                       |   |   | 50.85    | %      |

| 11. | SUBSEQUENT EVENTS |
|-----|-------------------|

----

----

----