----

----

|   | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |
|--------|---------------------------------------------------------|

----

|                                                                             | 2009                                                                                                                                                           |   | 2008                                                                                                                                                                                               |
|----------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ASSETS                                                                           | $                                                                                                                                                              |   | $                                                                                                                                                                                                  |
|                                                                             |                                                                                                                                                           |   |                                                                                                                                                                                               |
| Trading Equity:                                                                  |                                                                                                                                                           |   |                                                                                                                                                                                               |
|                                                                             |                                                                                                                                                           |   |                                                                                                                                                                                               |
| Unrestricted cash                                                                | 142,332,062                                                                                                                                                    |   | 113,591,970                                                                                                                                                                                        |
| Restricted cash                                                                  |                       1,941,214                       |   |                       9,838,695                                                           |
|                                                                             |                                                                                                                                                           |   |                                                                                                                                                                                               |
| Total cash                                                                       | 144,273,276                                                                                                                                                    |   | 123,430,665                                                                                                                                                                                        |
|                                                                             |                                                                                                                                                           |   |                                                                                                                                                                                               |
| Net unrealized gain on open contracts (MS&Co.)                               | 13,390,097                                                                                                                                                     |   | 5,529,200                                                                                                                                                                                          |
| Net unrealized gain (loss) on open contracts (MSIP)                              | (1,566,285)                                                                                                                                                    |   | 1,855,890                                                                                                                                                                                          |
|                                                                             |                                                                                                                                                           |   |                                                                                                                                                                                               |
| Total net unrealized gain on open contracts                                      | 11,823,812                                                                                                                                                     |   | 7,385,090                                                                                                                                                                                          |
|                                                                             |                                                                                                                                                           |   |                                                                                                                                                                                               |
| Options purchased (premiums paid $5,279,519 and $2,002,078, respectively)        | 5,109,366                                                                                                                                                      |   | 2,622,329                                                                                                                                                                                          |
|                                                                             |                                                                                                                                                           |   |                                                                                                                                                                                               |
|           Total Trading Equity | 161,206,454                                                                                                                                                    |   | 133,438,084                                                                                                                                                                                        |
|                                                                             |                                                                                                                                                           |   |                                                                                                                                                                                               |
| Contributions receivable                                                         |                           893,608 |   |                                 – |
| Expense reimbursements                                                           | 25,702                                                                                                                                                         |   | 20,402                                                                                                                                                                                             |
| Interest receivable (MS&Co.)                                                 | –                                                                                                                                                        |   | 39,255                                                                                                                                                                                             |
|                                                                             |                                                                                                                                                           |   |                                                                                                                                                                                               |
| Total Assets                                                                     | 162,125,764                                                                                                                                                    |   | 133,497,741                                                                                                                                                                                        |
|                                                                             |                                                                                                                                                           |   |                                                                                                                                                                                               |
| LIABILITIES AND MEMBERS’ CAPITAL                                           |                                                                                                                                                           |   |                                                                                                                                                                                               |
|                                                                             |                                                                                                                                                           |   |                                                                                                                                                                                               |
| LIABILITIES                                                                      |                                                                                                                                                           |   |                                                                                                                                                                                               |
|                                                                             |                                                                                                                                                           |   |                                                                                                                                                                                               |
| Options written (premiums received $4,073,020 and $1,299,709, respectively)      | 4,109,332                                                                                                                                                      |   | 2,450,282                                                                                                                                                                                          |
| Withdrawals payable                                                              | 2,950,173                                                                                                                                                      |   | 19,671,490                                                                                                                                                                                         |
| Accrued incentive fee                                                            | 983,089                                                                                                                                                        |   |                      –                                                                   |
| Accrued management fees                                                          | 67,131                                                                                                                                                         |   | 39,656                                                                                                                                                                                             |
| Accrued administrative fees                                                      | 11,748                                                                                                                                                         |   | 6,940                                                                                                                                                                                              |
| Interest payable (MS&Co.)                                                    |                          604           |   |                         –                                                 |
|                                                                             |                                                                                                                                                           |   |                                                                                                                                                                                               |
| Total Liabilities                                                                | 8,122,077                                                                                                                                                      |   | 22,168,368                                                                                                                                                                                         |
|                                                                             |                                                                                                                                                           |   |                                                                                                                                                                                               |
| MEMBERS’ CAPITAL                                                           |                                                                                                                                                           |   |                                                                                                                                                                                               |
|                                                                             |                                                                                                                                                           |   |                                                                                                                                                                                               |
| Non-Managing Members                                                             | 154,003,687                                                                                                                                                    |   | 111,329,373                                                                                                                                                                                        |
|                                                                             |                                                                                                                                                           |   |                                                                                                                                                                                               |
| Total Members’ Capital                                                     | 154,003,687                                                                                                                                                    |   | 111,329,373                                                                                                                                                                                        |
|                                                                             |                                                                                                                                                           |   |                                                                                                                                                                                               |
| Total Liabilities and Members’ Capital                                     | 162,125,764                                                                                                                                                    |   | 133,497,741                                                                                                                                                                                        |

----

|                                           |                     For the Years Ended December 31, |   |     For the Period fromAugust 1, 2007   (commencement                              |
|------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------|
|                                           |                                                                                                                                                     |   |                                                                                                                  |   | of operations) to |
|                                           | 2009                                                                                                                                                     |   | 2008                                                                                                                  |   |  December 31, 2007 |
|                                           | $                                                                                                                                                        |   | $                                                                                                                     |   | $ |
| INVESTMENT INCOME                              |                                                                                                                                                     |   |                                                                                                                  |   |   |
| Interest income (MS&Co.)                   | 22,591                                                                                                                                                   |   | 241,409                                                                                                               |   | 89,805 |
|                                           |                                                                                                                                                     |   |                                                                                                                  |   |   |
| EXPENSES                                       |                                                                                                                                                     |   |                                                                                                                  |   |   |
| Incentive fees                                 | 1,716,583                                                                                                                                                |   | 650,367                                                                                                               |   | 101,108 |
| Management fees                                | 640,839                                                                                                                                                  |   | 373,663                                                                                                               |   | 53,785 |
|  Brokerage, clearing and transaction fees | 458,046                                                                                                                                                  |   | 289,646                                                                                                               |   | 9,281 |
| Administrative fees                            | 112,146                                                                                                                                                  |   | 65,391                                                                                                                |   | 9,412 |
|                                           |                                                                                                                                                     |   |                                                                                                                  |   |   |
| Total Expenses                                 | 2,927,614                                                                                                                                                |   | 1,379,067                                                                                                             |   | 173,586 |
|                                           |                                                                                                                                                     |   |                                                                                                                  |   |   |
| Expense reimbursements                         |                   (350,362)                                         |   |                   (247,297) |   | – |
|                                           |                                                                                                                                                     |   |                                                                                                                  |   |   |
| Net expenses                                   | 2,577,252                                                                                                                                                |   | 1,131,770                                                                                                             |   |                              173,586 |
|                                           |                                                                                                                                                     |   |                                                                                                                  |   |   |
| NET INVESTMENT LOSS                            | (2,554,661)                                                                                                                                              |   | (890,361)                                                                                                             |   | (83,781) |
|                                           |                                                                                                                                                     |   |                                                                                                                  |   |   |
| TRADING RESULTS                                |                                                                                                                                                     |   |                                                                                                                  |   |   |
| Trading profit (loss):                         |                                                                                                                                                     |   |                                                                                                                  |   |   |
| Realized                                       | 44,801,226                                                                                                                                               |   | 10,495,780                                                                                                            |   | (2,000) |
| Net change in unrealized                       | 4,762,579                                                                                                                                                |   | 6,291,114                                                                                                             |   | 563,654 |
|                                           |                                                                                                                                                     |   |                                                                                                                  |   |   |
| Total Trading Results                          | 49,563,805                                                                                                                                               |   | 16,786,894                                                                                                            |   | 561,654 |
|  NET INCOME                               |           47,009,144                                                                                   |   |           15,896,533                                                |   |                    477,873 |
|                                           |                                                                                                                                                     |   |                                                                                                                  |   |   |
| NET INCOME ALLOCATION                          |                                                                                                                                                     |   |                                                                                                                  |   |   |
| Managing Member                                | –                                                                                                                                                  |   | –                                                                                                               |   | 102,373 |
| Non-Managing Members                           | 47,009,144                                                                                                                                               |   | 15,896,533                                                                                                            |   | 375,500 |

----

|                    |   | Managing    |   | Non-Managing                                                                                                                                                                     |   |         |
|-------------------------|--------|-------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|
|                    |   | Member      |   | Members                                                                                                                                                                          |   | Total        |
|                    |   | $           |   | $                                                                                                                                                                                |   | $            |
| Members’ Capital, |   |        |   |                                                                                                                                                                             |   |         |
| Initial Contribution,   |   |        |   |                                                                                                                                                                             |   |         |
| August 1, 2007          |   | 2,980,000   |   | 2,070,794                                                                                                                                                                        |   | 5,050,794    |
|                    |   |        |   |                                                                                                                                                                             |   |         |
| Capital Contributions   |   | –     |   | 3,784,670                                                                                                                                                                        |   | 3,784,670    |
|                    |   |        |   |                                                                                                                                                                             |   |         |
| Net Income              |   | 102,373     |   | 375,500                                                                                                                                                                          |   | 477,873      |
|                    |   |        |   |                                                                                                                                                                             |   |         |
| Capital Withdrawals     |   | (3,082,373) |   |                              – |   | (3,082,373)  |
|                    |   |        |   |                                                                                                                                                                             |   |         |
| Members’ Capital, |   |        |   |                                                                                                                                                                             |   |         |
| December 31, 2007       |   | –     |   | 6,230,964                                                                                                                                                                        |   | 6,230,964    |
|                    |   |        |   |                                                                                                                                                                             |   |         |
| Capital Contributions   |   | –     |   | 118,631,822                                                                                                                                                                      |   | 118,631,822  |
|                    |   |        |   |                                                                                                                                                                             |   |         |
| Net Income              |   | –     |   | 15,896,533                                                                                                                                                                       |   | 15,896,533   |
|                    |   |        |   |                                                                                                                                                                             |   |         |
| Capital Withdrawals     |   | –     |   | (29,429,946)                                                                                                                                                                     |   | (29,429,946) |
|                    |   |        |   |                                                                                                                                                                             |   |         |
| Members’ Capital, |   |        |   |                                                                                                                                                                             |   |         |
| December 31, 2008       |   | –     |   | 111,329,373                                                                                                                                                                      |   | 113,329,373  |
|                    |   |        |   |                                                                                                                                                                             |   |         |
| Capital Contributions   |   | –     |   | 31,912,703                                                                                                                                                                       |   | 31,912,703   |
|                    |   |        |   |                                                                                                                                                                             |   |         |
| Net Income              |   | –     |   | 47,009,144                                                                                                                                                                       |   | 47,009,144   |
|                    |   |        |   |                                                                                                                                                                             |   |         |
| Capital Withdrawals     |   | –     |   | (36,247,533)                                                                                                                                                                     |   | (36,247,533) |
|                    |   |        |   |                                                                                                                                                                             |   |         |
| Members’ Capital, |   |        |   |                                                                                                                                                                             |   |         |
| December 31, 2009       |   | –     |   | 154,003,687                                                                                                                                                                      |   | 154,003,687  |

----

|                                                 |     For the Years Ended December 31,                                                                                                                                     |            For the Period from             August 1, 2007(commencement of                operations) to |
|------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                 |                          2009                                        |                                                                                                                                                                                                                                                                                                            |          2008 |   | December 31, 2007 |
|                                                 |                                 $ |                                                                                                                                                                                                                                                                                                            | $ |   | $ |
| CASH FLOWS FROM OPERATING ACTIVITIES                 |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                 |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                            |   |   |   |
| Net income                                           | 47,009,144                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                            | 15,896,533 |   | 477,873 |
| Noncash item included in net income:                 |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                            |   |   |   |
| Net change in unrealized                             | (4,762,579)                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                            | (6,291,114) |   | (563,654) |
|                                                 |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                            |   |   |   |
| (Increase) decrease in operating assets:             |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                            |   |   |   |
| Restricted cash                                      | 7,897,481                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                            | (9,717,889) |   | (120,806) |
| Net premiums paid for options purchased              | (3,277,441)                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                            | (1,990,481) |   | (11,597) |
| Expense reimbursements                               | (5,300)                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                            | (20,402) |   | – |
| Interest receivable (MS&Co.)                     | 39,255                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                            | (20,278) |   | (18,977) |
|                                                 |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                            |   |   |   |
| Increase (decrease) in operating liabilities:        |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                            |   |   |   |
| Net premiums received for options written            | 2,773,311                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                            | 1,296,626 |   | 3,083 |
| Accrued incentive fees                               | 983,089                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                            | (47,635) |   | 47,635 |
| Accrued management fees                              | 27,475                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                            | 27,580 |   | 12,076 |
| Accrued administrative fees                          | 4,808                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                            | 4,827 |   | 2,113 |
| Interest payable (MS&Co.)                        | 604                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                            | – |   | – |
|                                                 |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                            |   |   |   |
| Net cash provided by (used for) operating activities | 50,689,847                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                            | (862,233) |   | (172,254) |
|                                                 |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                            |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                 |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                 |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                            |   |   |   |
| Initial contributions                                |                –                                                                                                 |                                                                                                                                                                                                                                                                                                            |                – |   | 5,050,794 |
| Capital contributions                                | 31,019,095                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                            | 118,631,822 |   | 3,784,670 |
| Capital withdrawals                                  | (52,968,850)                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                            | (11,215,829) |   | (1,625,000) |
|                                                 |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                            |   |   |   |
| Net cash provided by (used for) financing activities | (21,949,755)                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                            | 107,415,993 |   | 7,210,464 |
|                                                 |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                            |   |   |   |
| Net increase in unrestricted cash                    | 28,740,092                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                            | 106,553,760 |   | 7,038,210 |
|                                                 |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                            |   |   |   |
| Unrestricted cash at beginning of period             | 113,591,970                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                            | 7,038,210 |   | – |
|                                                 |                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                            |   |   |   |
| Unrestricted cash at end of period                   |               142,332,062                                                                                              |                                                                                                                                                                                                                                                                                                            |     113,591,970 |   |                   7,038,210 |

----

| Futures and Forward Contracts                          | Long UnrealizedGain/(Loss)  | PercentageofMembers’Capital                                | Short  UnrealizedGain/(Loss)                           | Percentage ofMembers’ Capital                                          |       NetUnrealized  Gain |
|--------------------------------------------------------|-----------------------------|------------------------------------------------------------------|------------------------------------------------------------------|------------------------------------------------------------------------------|-------------------------------------------------------------------|
|                                                   | $                           | %                                                                | $                                                                | %                                                                            |          $           |
| December 31, 2009, Members’ Capital:$154,003,687 |                        |                                                             |                                                             |                                                                         |                                                              |
| Commodity                                              | 13,188,382                  |     8.56*                                    | (5,430,976)                                                      | (3.52)                                                                       |   7,757,406                                             |
| Equity                                                 | 20,790                      |   0.01                                                 | –                                                          | –                                                                      |        20,790                       |
| Foreign currency                                       | 64,622                      | 0.04                                    | 14,289                                                           | 0.01                                                                         |        78,911                  |
| Interest rate                                          |    (137,073) |    (0.09)                                         |           3,626,264 |             2.36 |       3,489,191                          |
|      Grand Total:             |  13,136,721            |     8.52       |   (1,790,423)                                          |      (1.15)                                         | 11,346,298                                                        |
|                                                   |                        |                                                             |                                                             |                                                                         |                                                              |
|      Unrealized Currency Gain |                        |                                                             |                                                             |       0.31                                     |  477,514                                                     |
|                                                   |                        |                                                             |                                                             |                                                                         |                                                              |
| Total Net Unrealized Gain on Open Contracts            |                        |                                                             |                                                             |                                                                         | 11,823,812                                                        |

| Option Contracts                       |                  Fair Value                      | Percentage ofMembers’ Capital |
|----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|
|                                   |                       $ | %                                   |
| Options purchased on Futures Contracts |                 5,109,366                        | 3.32                                |
| Options purchased on Forward Contracts | –                                                                                                                          | –                             |
| Options written on Futures Contracts   | (4,109,332)                                                                                                                      | (2.67)                              |
| Options written on Forward Contracts   | –                                                                                                                          | –                             |

|   Futures and Forward Contracts                           | Long UnrealizedGain/(Loss) | PercentageofMembers’ Capital                                               | Short  UnrealizedGain/(Loss)                                       | Percentage ofMembers’ Capital                            |       NetUnrealizedGain/(Loss) |
|---------------------------------------------------------------------|----------------------------|----------------------------------------------------------------------------------|------------------------------------------------------------------------------|---------------------------------------------------------------------|--------------------------------------------------------------|
|                                                                | $                          | %                                                                                | $                                                                            | %                                                                   |         $            |
|   December 31, 2008, Members’ Capital: $111,329,373 |                       |                                                                             |                                                                         |                                                                |                                                         |
| Commodity                                                           | (2,034,724)                | (1.83)                                                                           | 5,606,951                                                                    | 5.04*                                                               |  3,572,227                                              |
| Equity                                                              | 3,628                      |              – | –                                                                      | –                                                             |         3,628             |
| Foreign currency                                                    | (911,827)                  | (0.82)                                                                           | 352,630                                                                      | 0.31                                                                |   (559,197)                                        |
| Interest rate                                                       |   5,884,920      |            5.29*               |             (739,021) |            (0.66) |  5,   145,899                                 |
|      Grand Total:                          |   2,941,997      |     2.64                                                     |    5,220,560                                                  |       4.69                            |  8,162,557                                              |
|                                                                |                       |                                                                             |                                                                         |                                                                |                                                         |
|      Unrealized Currency Loss              |                       |                                                                             |                                                                         |       (0.70)                          |   (777,467)                                        |
|                                                                |                       |                                                                             |                                                                         |                                                                |                                                         |
| Total Net Unrealized Gain on Open Contracts                         |                       |                                                                             |                                                                         |                                                                |  7,385,090                                              |

| Option Contracts                       |                       Fair Value                      | Percentage ofMembers’ Capital |
|----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|
|                                   |                            $ | %                                   |
| Options purchased on Futures Contracts |                 2,622,329                                                      | 2.36                                |
| Options purchased on Forward Contracts |                     –                                     | –                             |
| Options written on Futures Contracts   | (2,450,282)                                                                                                                                                    | (2.20)                              |
| Options written on Forward Contracts   |     –                                                                                                                                     | –                             |

----

----

----

----

----

----

|   | (2) | The written consent of the Members holding not less than a majority interest in capital with or without cause; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (3) | The occurrence of any other event that causes the dissolution of the limited liability company under the Act. |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

----

----

----

----

|   | (1) | One or more underlying notional amounts or payment provisions; |
|--------|-----|----------------------------------------------------------------|

|   | (2) | Requires no initial net investment or a smaller initial net investment than would be required relative to changes in market factors; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | Net Unrealized Gains/(Losses) on Open Contracts | Longest Maturities           |
|--------|-------------------------------------------------|------------------------------|
| Year   | Exchange-Traded                                 | Off-Exchange-Traded          | Total | Exchange-Traded |  Off-Exchange-Traded |
|   | $                                               | $                            | $ |   |   |
| 2009   | 11,754,820                                      | 68,992                       | 11,823,812 | Dec. 2013 | Dec. 2010      |
| 2008   | 8,319,704                                       | (934,614)     |  7,385,090 | Dec. 2012 | Sep. 2009      |

----

----

|      Futures and Forward Contracts |    Long UnrealizedGain                       |    Long UnrealizedLoss                                                                          |        Short UnrealizedGain                         |     Short UnrealizedLoss                                                                   |    Net   Unrealized Gain | Total number of outstandingcontracts (absolute quantity) |
|-------------------------------------------------------------|-------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------|----------------------------------------------------------|
|                                                        | $                                                           | $                                                                                                              | $                                                                                      | $                                                                                                              | $                                                           |                                                     |
|                                                        |                                                        |                                                                                                           |                                                                                   |                                                                                                           |                                                        |                                                     |
| Commodity                                                   | 19,114,386                                                  | (5,926,004)                                                                                                    | 5,606,408                                                                              | (11,037,384)                                                                                                   | 7,757,406                                                   | 5,668                                                    |
| Equity                                                      | 20,790                                                      |                   – |               – |                   – | 20,790                                                      | 21                                                       |
| Foreign currency                                            | 96,802                                                      | (32,180)                                                                                                       | 32,637                                                                                 | (18,348)                                                                                                       | 78,911                                                      | 108                                                      |
| Interest rate                                               |          5,923 |   (142,996)                                                                                          |  3,684,651                                                                        |       (58,387)                                                                   |      3,489,191                     |        2,041          |
| Total                                                       | 19,237,901                                                  |  (6,101,180)                                                                                              |    9,323,696                                                            |  (11,114,119)                                                                                             |   11,346,298                                      |                                                     |
|                                                        |                                                        |                                                                                                           |                                                                                   |                                                                                                           |                                                        |                                                     |
| Unrealized currency gain                                    |                                                        |                                                                                                           |                                                                                   |                                                                                                           |        477,514           |                                                     |
| Total net unrealized gain on open contracts                 |                                                        |                                                                                                           |                                                                                   |                                                                                                           |     11,823,812                          |                                                     |

----

| Option Contracts at Fair Value |                                           $ |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                           |                                                                                                                                                                                                                                                     |
| Options purchased              |                 5,109,366                                                                                                                                                |
| Options written                | (4,109,332)                                                                                                                                                                                                                                              |

|                     |                                                                                                                                                                                                                                                                                                                                                                             |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Type of Instrument       |                                                               $ |
|                     |                                                                                                                                                                                                                                                                                                                                                                             |
| Commodity                | 39,508,583                                                                                                                                                                                                                                                                                                                                                                       |
| Equity                   | (336,641)                                                                                                                                                                                                                                                                                                                                                                        |
| Foreign currency         | 834,168                                                                                                                                                                                                                                                                                                                                                                          |
| Interest rate            | 8,302,714                                                                                                                                                                                                                                                                                                                                                                        |
| Unrealized currency gain |     1,254,981                                                                                                                                                                                                                                                                                                                                                |
| Total                    |   49,563,805                                                                                                                                                                                                                                                                                                                                                           |

|                     |                                                                                                                                                                                                                                                                                                                                                     |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Trading Results          |                                                           $ |
|                     |                                                                                                                                                                                                                                                                                                                                                     |
| Realized                 | 44,801,226                                                                                                                                                                                                                                                                                                                                               |
| Net change in unrealized |     4,762,579                                                                                                                                                                                                                                                                                                                        |
| Total Trading Results    |   49,563,805                                                                                                                                                                                                                                                                                                                                   |

----

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|                                  | UnadjustedQuoted Prices in Active Markets for Identical Assets(Level 1) | Significant Other Observable Inputs(Level 2)                                                                                                 | Significant Unobservable Inputs(Level 3) |   | Total      |
|---------------------------------------|-------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|--------|------------|
|                                  | $                                                                       | $                                                                                                                                            | $                                        |   | $          |
| Assets                                |                                                                    |                                                                                                                                         |                                     |   |       |
| Net unrealized gain on open contracts | 11,754,820                                                              |     68,992                                                                                                                    | n/a                                      |   | 11,823,812 |
| Options purchased                     | 5,109,366                                                               |                        — | n/a                                      |   | 5,109,366  |
|                                  |                                                                    |                                                                                                                                         |                                     |   |       |
| Liabilities                           |                                                                    |                                                                                                                                         |                                     |   |       |
| Options written                       | 4,109,332                                                               |                       —       | n/a                                      |   | 4,109,332  |

|                                         | UnadjustedQuoted Prices in Active Markets for Identical Assets(Level 1) | Significant Other Observable Inputs(Level 2) | Significant Unobservable Inputs(Level 3) | Total                 |
|----------------------------------------------|-------------------------------------------------------------------------|----------------------------------------------|------------------------------------------|-----------------------|
|                                         | $                                                                       | $                                            | $                                        | $                     |
| Assets                                       |                                                                    |                                         |                                     |                  |
| Net unrealized gain (loss) on open contracts | 8,319,704                                                               |     (934,614)            | n/a                                      |   7,385,090 |
| Options purchased                            | 2,622,329                                                               | —                                      | n/a                                      | 2,622,329             |
|                                         |                                                                    |                                         |                                     |                  |
| Liabilities                                  |                                                                    |                                         |                                     |                  |
| Options written                              | 2,450,282                                                               | —                                      | n/a                                      | 2,450,282             |

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|                                                |    For the Years EndedDecember 31, |              |  For  the Period from August 1, 2007 (commencement of operations) to                                                                         |
|-----------------------------------------------------|---------------------------------------------------|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                | 2009                                              | 2008              | December 31, 2007                                                                                                                                           |
|  RATIOS TO AVERAGE MEMBERS’ CAPITAL: (2) |                                              |              |                                                                                                                                                        |
| Net Investment Loss                                 |  (1.89)%                                     |  (0.70)%     |                          (1.53)%(1) |
| Expenses before  Incentive Fees           |   0.64%                                 |   0.38% |      2.89%(1)                                                                                                                           |
| Expenses after Incentive Fees                       |   1.91%                                 |   0.88% | 4.82%(1)                                                                                                                                                    |
| Net Income                                          | 34.79%                                            | 12.43%            |  9.61%                                                                                                                                                 |
|                                                |                                              |              |                                                                                                                                                        |
| TOTAL RETURN BEFORE INCENTIVE FEES                  | 41.99%                                            |  18.12%      |    7.91%(3)                                                                                                                                  |
| TOTAL RETURN AFTER INCENTIVE FEES                   | 40.35%                                            |  17.52%      |    6.21%(3)                                                                                                                                  |
|                                                |                                              |              |                                                                                                                                                        |
| INCEPTION-TO-DATE RETURN                            | 75.18%                                            |              |                                                                                                                                                        |
| COMPOUND ANNUALIZED RETURN                          | 26.08%                                            |              |                                                                                                                                                        |

|                (2) | The calculation is based on non-managing Members’ allocated income and expenses and average non-managing Members’ Capital. |
|-----------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Total return has not been annualized. |
|--------|-----|---------------------------------------|

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