----

----

----

|                                                                                                                                       | 2010                                                                                                                                                                                                        |                | 2009                                                                                                                                                                                   |
|--------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ASSETS                                                                                                                                     | $                                                                                                                                                                                                           |                | $                                                                                                                                                                                      |
|                                                                                                                                       |                                                                                                                                                                                                        |                |                                                                                                                                                                                   |
| Trading Equity:                                                                                                                            |                                                                                                                                                                                                        |                |                                                                                                                                                                                   |
|                                                                                                                                       |                                                                                                                                                                                                        |                |                                                                                                                                                                                   |
| Unrestricted cash                                                                                                                          | 158,507,875                                                                                                                                                                                            |                | 142,332,062                                                                                                                                                                       |
| Restricted cash                                                                                                                            |                            1,734,854                                 |                |                         1,941,214                                   |
|                                                                                                                                       |                                                                                                                                                                                                        |                |                                                                                                                                                                                   |
| Total cash                                                                                                                                 | 160,242,729                                                                                                                                                                                            |      | 144,273,276                                                                                                                                                                       |
|                                                                                                                                       |                                                                                                                                                                                                        |                |                                                                                                                                                                                   |
| Net unrealized gain on open contracts (MS&Co.)                                                                                         | 15,322,971                                                                                                                                                                                             |                | 13,390,097                                                                                                                                                                        |
| Net unrealized gain (loss) on open contracts (MSIP)                                                                                        | 3,077,405                                                                                                                                                                                              |                | (1,566,285)                                                                                                                                                                       |
|                                                                                                                                       |                                                                                                                                                                                                        |                |                                                                                                                                                                                   |
| Total net unrealized gain on open contracts                                                                                                | 18,400,376                                                                                                                                                                                             |                | 11,823,812                                                                                                                                                                        |
|                                                                                                                                       |                                                                                                                                                                                                        |                |                                                                                                                                                                                   |
| Options purchased (premiums paid $4,623,417 and           $5,279,519, respectively) | 6,144,949                                                                                                                                                                                              |                | 5,109,366                                                                                                                                                                         |
|                                                                                                                                       |                                                                                                                                                                                                        |                |                                                                                                                                                                                   |
|           Total Trading Equity                                                           | 184,788,054                                                                                                                                                                                            |                | 161,206,454                                                                                                                                                                       |
|                                                                                                                                       |                                                                                                                                                                                                        |                |                                                                                                                                                                                   |
| Contributions receivable                                                                                                                   |                                  31,929,508 |                |                              893,608  |
| Expense reimbursements                                                                                                                     | 13,347                                                                                                                                                                                                 |                | 25,702                                                                                                                                                                       |
| Interest receivable (MSSB)                                                                                                                 | 365                                                                                                                                                                                               |                | –                                                                                                                                                                                |
|                                                                                                                                       |                                                                                                                                                                                                        |                |                                                                                                                                                                                   |
| Total Assets                                                                                                                               | 216,731,274                                                                                                                                                                                                 |                | 162,125,764                                                                                                                                                                       |
|                                                                                                                                       |                                                                                                                                                                                                        |                |                                                                                                                                                                                   |
| LIABILITIES AND MEMBERS’ CAPITAL                                                                                                     |                                                                                                                                                                                                        |                |                                                                                                                                                                                   |
|                                                                                                                                       |                                                                                                                                                                                                        |                |                                                                                                                                                                                   |
| LIABILITIES                                                                                                                                |                                                                                                                                                                                                        |                |                                                                                                                                                                                   |
|                                                                                                                                       |                                                                                                                                                                                                        |                |                                                                                                                                                                                   |
| Options written (premiums received $3,883,588 and        $4,073,020, respectively)                 | 3,209,454                                                                                                                                                                                              |                | 4,109,332                                                                                                                                                                         |
| Accrued incentive fee                                                                                                                      | 2,684,680                                                                                                                                                                                              |                | 983,089                                                                                                                                                                           |
| Withdrawals payable                                                                                                                        | 2,035,496                                                                                                                                                                                              |                | 2,950,173                                                                                                                                                                         |
| Accrued management fees                                                                                                                    | 132,313                                                                                                                                                                                                |                | 67,131                                                                                                                                                                            |
| Accrued administrative fees                                                                                                                | 16,453                                                                                                                                                                                                 |                | 11,748                                                                                                                                                                            |
| Interest payable (MS&Co.)                                                                                                              |            –                                                                                                                                        |                |                             604                 |
|                                                                                                                                       |                                                                                                                                                                                                        |                |                                                                                                                                                                                   |
| Total Liabilities                                                                                                                          | 8,078,396                                                                                                                                                                                              |                | 8,122,077                                                                                                                                                                         |
|                                                                                                                                       |                                                                                                                                                                                                        |                |                                                                                                                                                                                   |
| MEMBERS’ CAPITAL                                                                                                                     |                                                                                                                                                                                                        |                |                                                                                                                                                                                   |
|                                                                                                                                       |                                                                                                                                                                                                        |                |                                                                                                                                                                                   |
| Non-Managing Members                                                                                                                       | 208,652,878                                                                                                                                                                                            |                | 154,003,687                                                                                                                                                                       |
|                                                                                                                                       |                                                                                                                                                                                                        |                |                                                                                                                                                                                   |
| Total Members’ Capital                                                                                                               | 208,652,878                                                                                                                                                                                            |                | 154,003,687                                                                                                                                                                       |
|                                                                                                                                       |                                                                                                                                                                                                        |                |                                                                                                                                                                                   |
| Total Liabilities and Members’ Capital                                                                                               | 216,731,274                                                                                                                                                                                            |                | 162,125,764                                                                                                                                                                            |

----

|                                           | 2010                                                                                                             |   | 2009                                                                                                                   |   |  2008                                                                                                                                                                         |
|------------------------------------------------|------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                           | $                                                                                                                |   | $                                                                                                                      |   | $                                                                                                                                                                                  |
| INVESTMENT INCOME (LOSS)                       |                                                                                                             |   |                                                                                                                   |   |                                                                                                                                                                               |
| Interest income (MSSB and MS&Co.)          | (8,738)                                                                                                     |   | 22,591                                                                                                            |   | 241,409                                                                                                                                                                            |
|                                           |                                                                                                             |   |                                                                                                                   |   |                                                                                                                                                                               |
| EXPENSES                                       |                                                                                                             |   |                                                                                                                   |   |                                                                                                                                                                               |
| Incentive fees                                 | 2,919,946                                                                                                   |   | 1,716,583                                                                                                         |   | 650,367                                                                                                                                                                            |
| Management fees                                | 995,671                                                                                                     |   | 640,839                                                                                                           |   | 373,663                                                                                                                                                                            |
|  Brokerage, clearing and transaction fees | 409,435                                                                                                     |   | 458,046                                                                                                           |   | 289,646                                                                                                                                                                            |
| Administrative fees                            | 166,341                                                                                                     |   | 112,146                                                                                                      |   | 65,391                                                                                                                                                                             |
|                                           |                                                                                                             |   |                                                                                                                   |   |                                                                                                                                                                               |
| Total Expenses                                 | 4,491,393                                                                                                   |   | 2,927,614                                                                                                         |   | 1,379,067                                                                                                                                                                          |
|                                           |                                                                                                             |   |                                                                                                                   |   |                                                                                                                                                                               |
| Expense reimbursements                         |                   (262,117) |   |                   (350,362)  |   |                              (247,297) |
|                                           |                                                                                                             |   |                                                                                                                   |   |                                                                                                                                                                               |
| Net expenses                                   | 4,229,276                                                                                                   |   | 2,577,252                                                                                                         |   | 1,131,770                                                                                                                                                                          |
|                                           |                                                                                                             |   |                                                                                                                   |   |                                                                                                                                                                               |
| NET INVESTMENT LOSS                            | (4,238,014)                                                                                                 |   | (2,554,661)                                                                                                       |   | (890,361)                                                                                                                                                                          |
|                                           |                                                                                                             |   |                                                                                                                   |   |                                                                                                                                                                               |
| TRADING RESULTS                                |                                                                                                             |   |                                                                                                                   |   |                                                                                                                                                                               |
| Trading profit:                                |                                                                                                             |   |                                                                                                                   |   |                                                                                                                                                                               |
| Realized                                       | 25,108,664                                                                                                  |   | 44,801,226                                                                                                        |   | 10,495,780                                                                                                                                                                         |
| Net change in unrealized                       | 8,978,695                                                                                                   |   | 4,762,579                                                                                                         |   | 6,291,114                                                                                                                                                                          |
|                                           |                                                                                                             |   |                                                                                                                   |   |                                                                                                                                                                               |
| Total Trading Results                          | 34,087,359                                                                                                  |   |  49,563,805                                                                                             |   | 16,786,894                                                                                                                                                                         |
|  NET INCOME                               |           29,849,345                                      |   |           47,009,144                                       |   |           15,896,533                                                                                                             |
|                                           |                                                                                                             |   |                                                                                                                   |   |                                                                                                                                                                               |
| NET INCOME ALLOCATION                          |                                                                                                             |   |                                                                                                                   |   |                                                                                                                                                                               |
| Non-Managing Members                           | 29,849,345                                                                                                  |   | 47,009,144                                                                                                        |   | 15,896,533                                                                                                                                                                         |

----

|                    |   | Managing |   |                  Non-Managing |   |               |
|-------------------------|--------|----------|--------|---------------------------------------------------------------------------------------------------------------|--------|--------------------|
|                    |   | Member   |   |             Members                                    |   | Total              |
|                    |   | $        |   | $                                                                                                             |   | $                  |
| 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                                                                                                   |   | 111,329,373   |
|                    |   |     |   |                                                                                                          |   |               |
| 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   |
|                    |   |     |   |                                                                                                          |   |               |
| Capital Contributions   |   | –  |   | 65,608,578                                                                                                    |   | 65,608,578    |
|                    |   |     |   |                                                                                                          |   |               |
| Net Income              |   | –  |   | 29,849,345                                                                                                    |   | 29,849,345    |
|                    |   |     |   |                                                                                                          |   |               |
| Capital Withdrawals     |   | –  |   | (40,808,732)                                                                                                  |   | (40,808,732)       |
|                    |   |     |   |                                                                                                          |   |               |
| Members’ Capital, |   |     |   |                                                                                                          |   |               |
| December 31, 2010       |   | –  |   | 208,652,878                                                                                                   |   | 208,652,878   |

----

| Futures and Forward Contracts                          | Long UnrealizedGain                                                                                            | PercentageofMembers’Capital                                         | Short  UnrealizedGain/(Loss)                                                 | Percentage ofMembers’ Capital                                                 |       Net  Unrealized   Gain/(Loss) |
|--------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|----------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|
|                                                   | $                                                                                                              | %                                                                         | $                                                                                      | %                                                                                   |          $                          |
| December 31, 2010, Members’ Capital:$208,652,878 |                                                                                                           |                                                                      |                                                                                   |                                                                                |                                                                             |
|  Commodity                                        | 22,721,930                                                                                                     | 10.89*                                                                    | (4,367,221)                                                                  | (2.10)                                                                              |    18,354,709                                                          |
|  Equity                                           | 3,128                                                                                                          |            – | –                                                                                | –                                                                             |             3,128         |
|  Foreign currency                                 | 374,853                                                                                                        | 0.18                              |           (148,064)                       | (0.07)                                                                              |         226,789                               |
|  Interest rate                                    |                   185,208 |       0.09                                       |              368,241  |               0.18 |             553,449       |
|      Grand Total:             |  23,285,119                                                                                               |    11.16                |   (4,147,044)                                                      |      (1.99)                                                |    19,138,075                                                          |
|                                                   |                                                                                                           |                                                                      |                                                                                   |                                                                                |                                                                             |
|      Unrealized Currency Loss |                                                                                                           |                                                                      |                                                                                   |      (0.35)                                                |    (737,699)                                                      |
|                                                   |                                                                                                           |                                                                      |                                                                                   |                                                                                |                                                                             |
| Total Net Unrealized Gain on Open Contracts            |                                                                                                           |                                                                      |                                                                                   |                                                                                |     18,400,376                                                    |

| Option Contracts                       | Fair Value                                                      | Percentage ofMembers’ Capital   |
|----------------------------------------|-----------------------------------------------------------------|---------------------------------------|
|                                   | $                                                               | %                                     |
| Options purchased on Futures Contracts | 6,144,949          | 2.95                                  |
| Options purchased on Forward Contracts |      –                           |      – |
| Options written on Futures Contracts   | (3,209,454)             | (1.54)                                |
| Options written on Forward Contracts   |      –                           |      – |

|      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   | –                                                                                                                                                   | –                             |

----

----

----

----

----

----

|   | (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) | a) One or more underlyings and b) notional amounts or payment provisions or both; |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (2) | Requires no initial net investment or a smaller initial net investment than would be required for other types of contracts that would be expected to have a similar response relative to changes in market factors; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Net Unrealized Gains on Open Contracts | Longest Maturities        |
|--------|----------------------------------------|---------------------------|
| Year   | Exchange-Traded                        | Off-Exchange-Traded       | Total | Exchange-Traded |  Off-Exchange-Traded |
|   | $                                      | $                         | $ |   |   |
| 2010   | 18,185,249                             |    215,127 | 18,400,376 | Dec. 2013 |  Nov. 2011 |
| 2009   | 11,754,820                             | 68,992                    | 11,823,812 | Dec. 2013 | Dec. 2010      |

----

----

|      Futures and Forward Contracts |     Long Unrealized  Gain |     Long Unrealized  Loss |         Short Unrealized   Gain |      Short UnrealizedLoss |      Net   Unrealized Gain/(Loss) |   Average number of contracts outstanding for the year (absolute quantity)                             |
|-------------------------------------------------------------|----------------------------------------------------|----------------------------------------------------|----------------------------------------------------------------------------------------|----------------------------------------------------|--------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------|
|                                                        | $                                                  | $                                                  | $                                                                                      | $                                                  | $                                                                              |                                                                                                             |
|                                                        |                                               |                                               |                                                                                   |                                               |                                                                           |                                                                                                             |
| Commodity                                                   | 27,015,590                                         | (4,293,660)                                        | 2,332,149                                                                              | (6,699,370)                                        | 18,354,709                                                                     | 2,653                                                                                                            |
| Equity                                                      | 3,128                                              | –                                            | –                                                                                | –                                            | 3,128                                                                          | 25                                                                                                               |
| Foreign currency                                            | 380,069                                            | (5,216)                                            | –                                                                                | (148,064)                                          | 226,789                                                                        |                    446 |
| Interest rate                                               |      206,346              |     (21,138)                   |     697,388                                                        |       (329,147)      |      553,449                                          | 1,112                                                                                                            |
| Total                                                       | 27,605,133                                         |  (4,320,014)                                  |      3,029,537                                                     |     (7,176,581)                |   19,138,075                                                         |                                                                                                             |
|                                                        |                                               |                                               |                                                                                   |                                               |                                                                           |                                                                                                             |
| Unrealized currency loss                                    |                                               |                                               |                                                                                   |                                               |       (737,699)                                  |                                                                                                             |
| Total net unrealized gain on open contracts                 |                                               |                                               |                                                                                   |                                               |    18,400,376                                                   |                                                                                                             |

----

|                           |                                                                                                        | Average number of contracts outstanding for the year (absolute quantity |
|--------------------------------|-------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------|
| Option Contracts at Fair Value | $                                                                                                           |                                                                    |
|                           |                                                                                                        |                                                                    |
| Options purchased              |                 6,144,949   | 1,791                                                                   |
| Options written                |                 (3,209,454) | 1,275                                                                   |

|      Futures and Forward Contracts |    Long UnrealizedGain                       |    Long UnrealizedLoss |        Short UnrealizedGain |     Short UnrealizedLoss       |    Net   Unrealized Gain | *Average number of contracts outstanding for the year (absolute quantity) |
|-------------------------------------------------------------|-------------------------------------------------------------|---------------------------------------|----------------------------------------------------------------|----------------------------------------------------|-------------------------------------------------------------|---------------------------------------------------------------------------|
|                                                        | $                                                           | $                                     | $                                                              | $                                                  | $                                                           |                                                                      |
|                                                        |                                                        |                                  |                                                           |                                               |                                                        |                                                                      |
|  Commodity                                             | 19,114,386                                                  | (5,926,004)                           | 5,606,408                                                 | (11,037,384)                                  | 7,757,406                                              | 3,827                                                                     |
|  Equity                                                | 20,790                                                      | –                               | –                                                        | –                                            | 20,790                                                 | 18                                                                        |
|  Foreign currency                                      | 96,802                                                      | (32,180)                              | 32,637                                                    | (18,348)                                      | 78,911                                                 | 325                                                                       |
|  Interest rate                                         |          5,923 |   (142,996)                 |  3,684,651                                           |       (58,387)  |      3,489,191                |       539                                   |
| 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                          |                                                                      |

|                           |                                                                                                      | *Average number of outstandingcontracts (absolute quantity |
|--------------------------------|-----------------------------------------------------------------------------------------------------------|------------------------------------------------------------|
| Option Contracts at Fair Value | $                                                                                                         |                                                       |
|                           |                                                                                                      |                                                       |
| Options purchased              |                 5,109,366 | 1,584                                                      |
| Options written                | (4,109,332)                                                                                               | 1,448                                                      |

----

|                     |                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Type of Instrument       |                                                                     $ |
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Commodity                | 38,142,459                                                                                                                                                                                                                                                                                                                                                                                                           |
| Equity                   | 464,096                                                                                                                                                                                                                                                                                                                                                                                                              |
| Foreign currency         | 1,965,064                                                                                                                                                                                                                                                                                                                                                                                                            |
| Interest rate            | (5,269,047)                                                                                                                                                                                                                                                                                                                                                                                                          |
| Unrealized currency loss |    (1,215,213)                                                                                                                                                                                                                                                                                                                                                                                        |
| Total                    |     34,087,359                                                                                                                                                                                                                                                                                                                                                                                   |

|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Trading Results          |                                                                        $ |
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Realized                 | 25,108,664                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Net change in unrealized |     8,978,695                                                                                                                                                                                                                                                                                                                                                                                                      |
| Total Trading Results    |   34,087,359                                                                                                                                                                                                                                                                                                                                                                                                                 |

|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Type of Instrument       |                                                                          $ |
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Commodity                | 39,508,583                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Foreign currency         | (336,641)                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Equity                   | 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            |

----

| December 31, 2010                          | UnadjustedQuoted Prices in Active Markets for Identical Assets(Level 1)                                                                                                                             | Significant Other Observable Inputs(Level 2)                                                                                                                                            | Significant Unobservable Inputs(Level 3) |   | Total                                                            |
|--------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|--------|------------------------------------------------------------------|
|                                       | $                                                                                                                                                                                                   | $                                                                                                                                                                                       | $                                        |   | $                                                                |
| Assets                                     |                                                                                                                                                                                                |                                                                                                                                                                                    |                                     |   |                                                             |
|  Futures                              |      30,296,863                                                                                                                                                            |                      –                               | n/a                                      |   |  30,296,863                                                 |
|  Forwards                             |                            –       | 337,807                                                                                                                                                                                 | n/a                                      |   |      337,807                            |
|      Options Purchased |     6,144,949                                                                                                                                                                   |                       –                         | n/a             |   |           6,144,949 |
|                                       |                                                                                                                                                                                                |                                                                                                                                                                                    |                                     |   |                                                             |
|      Total Assets      |       36,441,812                                                                                                                                                      |     337,807                                                                                                            | n/a             |   | 36,779,619                                   |
|                                       |                                                                                                                                                                                                |                                                                                                                                                                                    |                                     |   |                                                             |
|      Liabilities       |                                                                                                                                                                                                |                                                                                                                                                                                    |                                     |   |                                                             |
|  Futures                              |        11,373,915                                                                                                                                                |                          –       | n/a                                      |   | 11,373,915                                                       |
|  Forwards                             |                            –       | 122,680                                                                                                                                                                                 | n/a                                      |   |     122,680                                       |
|      Options Written   |                  3,209,454                                                                                |                          –       | n/a             |   |   3,209,454                        |
|                                       |                                                                                                                                                                                                |                                                                                                                                                                                    |                                     |   |                                                             |
|      Total Liabilities |       14,583,369                                                                                                                                                           |     122,680                                                                                                                 | n/a        |   | 14,706,049                                   |
|                                       |                                                                                                                                                                                                |                                                                                                                                                                                    |                                     |   |                                                             |
|  Unrealized currency loss             |                                                                                                                                                                                                |                                                                                                                                                                                    |                                     |   |    (737,699)                  |
|                                       |                                                                                                                                                                                                |                                                                                                                                                                                    |                                     |   |                                                             |
|   *  Net fair value         |    21,858,443                                                                                                                                                                        |     215,127                                                                                                                      | n/a                  |   | 21,335,871                                        |

| December 31, 2009 **                       | UnadjustedQuoted Prices in Active Markets for Identical Assets(Level 1)                                                                                                                       | Significant Other Observable Inputs(Level 2)                                                                                                                                      | Significant Unobservable Inputs(Level 3) |   | Total                                                                                                                        |
|--------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------|
|                                       | $                                                                                                                                                                                             | $                                                                                                                                                                                 | $                                        |   | $                                                                                                                            |
|  Assets                               |                                                                                                                                                                                          |                                                                                                                                                                              |                                     |   |                                                                                                                         |
|  Futures                              | 28,453,671                                                                                                                                                                                    |                         –       |    n/a                    |   |  28,453,671                                                                                                             |
|  Forwards                             |                           –       | 107,926                                                                                                                                                                           |    n/a                    |   |      107,926                                                                                        |
|     Options Purchased       |  5,109,366                                                                                                                                                                               |                         –       | n/a             |   |                     5,109,366 |
|                                       |                                                                                                                                                                                          |                                                                                                                                                                              |                                     |   |                                                                                                                         |
|     Total Assets            |  33,563,037                                                                                                                                                                              |     107,926                                                                                                                                                   | n/a                  |   |  33,670,963                                                                                                             |
|                                       |                                                                                                                                                                                          |                                                                                                                                                                              |                                     |   |                                                                                                                         |
|      Liabilities            |                                                                                                                                                                                          |                                                                                                                                                                              |                                     |   |                                                                                                                         |
|  Futures                              |   17,176,365                                                                                                                                                                        |                         –       |   n/a                          |   |  17,176,365                                                                                                             |
|  Forwards                             |                          –             | 38,934                                                                                                                                                                            |   n/a                          |   |        38,934                                                                             |
|      Options Written   |       4,109,332                                                                                                                                            |                         –       | n/a             |   |                4,109,332                               |
|                                       |                                                                                                                                                                                          |                                                                                                                                                                              |                                     |   |                                                                                                                         |
|      Total Liabilities | 21,285,697                                                                                                                                                                                    |        38,934                                                                                                                                  | n/a             |   |              21,324,631                                          |
|                                       |                                                                                                                                                                                          |                                                                                                                                                                              |                                     |   |                                                                                                                         |
|   Unrealized currency gain            |                                                                                                                                                                                          |                                                                                                                                                                              |                                     |   |                  477,514                     |
|                                       |                                                                                                                                                                                          |                                                                                                                                                                              |                                     |   |                                                                                                                         |
|    *Net fair value               |    12,277,340                                                                                                                                                                  |     68,992                                                                                                                                                    | n/a                  |   |        12,823,846                                                                              |

----

|                                                | 2010                          | 2009              | 2008              |
|-----------------------------------------------------|-------------------------------|-------------------|-------------------|
|  RATIOS TO AVERAGE MEMBERS’ CAPITAL: (1) |                          |              |              |
| Net Investment Loss                                 |    (3.10)%     |  (1.89)%     |  (0.70)%     |
| Expenses before Incentive Fees                      |     0.96% |   0.64% |   0.38% |
| Expenses after Incentive Fees                       |     3.09% |   1.91% |   0.88% |
| Net Income                                          |   21.81%            | 34.79%            | 12.43%            |
|                                                |                          |              |              |
| TOTAL RETURN BEFORE INCENTIVE FEES                  |   23.09%            | 41.99%            |  18.12%      |
| TOTAL RETURN AFTER INCENTIVE FEES                   |   20.96%            | 40.35%            |  17.52%      |
|                                                |                          |              |              |
| INCEPTION-TO-DATE RETURN                            | 111.90%                       |              |              |
| COMPOUND ANNUALIZED RETURN                          |   24.56%            |              |              |

|   (1) | The calculation is based on non-managing Members’ allocated income and expenses and average non-managing Members’ Capital. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------|