----

|                                                                 |        |
|----------------------------------------------------------------------|-------------|
|                                                                 | Page        |
|                                                                 |        |
| AFFIRMATION OF MILLBURN RIDGEFIELD CORPORATION                       |        |
|                                                                 |        |
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM              | 1           |
|                                                                 |        |
| FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009: |        |
|                                                                 |        |
| Statements of Financial Condition                                    | 2           |
|                                                                 |        |
| Condensed Schedules of Investments                                   | 3–6   |
|                                                                 |        |
| Statements of Operations                                             | 7           |
|                                                                 |        |
| Statements of Changes in Partners’ Capital                     | 8           |
|                                                                 |        |
| Statements of Financial Highlights                                   | 9           |
|                                                                 |        |
| Notes to Financial Statements                                        | 10–20 |

----

----

----

| NESTOR PARTNERS                   |
|-----------------------------------|
|                              |
| STATEMENTS OF FINANCIAL CONDITION |
| AS OF DECEMBER 31, 2010 AND 2009  |

|                                                     |   | 2010   |        |   | 2009   |   |
|----------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
| ASSETS                                                   |   |   |        |   |   |   |
|                                                     |   |   |        |   |   |   |
| EQUITY IN TRADING ACCOUNTS:                              |   |   |        |   |   |   |
| Investments in U.S. Treasury notes — at fair value |   |   |        |   |   |   |
| (amortized cost $26,680,345 and $29,248,896)             |   | $      | 26,694,380  |   |   | $      | 29,270,970 |   |
| Net unrealized appreciation on open futures and forward  |   |   |        |   |   |   |   |   |
| currency contracts                                       |   |   | 6,859,559   |   |   |   | 1,373,232 |   |
| Due from brokers                                         |   |   | 2,628,941   |   |   |   | 1,349,512 |   |
| Cash denominated in foreign currencies (cost $1,575,531  |   |   |        |   |   |   |   |   |
| and $1,783,009)                                          |   |   | 1,606,537   |   |   |   | 1,854,583 |   |
|                                                     |   |   |        |   |   |   |   |   |
| Total equity in trading accounts                         |   |   | 37,789,417  |   |   |   | 33,848,297 |   |
|                                                     |   |   |        |   |   |   |   |   |
| INVESTMENTS IN U.S. TREASURY NOTES — at fair value |   |   |        |   |   |   |   |   |
| (amortized cost $120,315,587 and $108,239,883)           |   |   | 120,375,145 |   |   |   | 108,312,955 |   |
|                                                     |   |   |        |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS                                |   |   | 7,727,993   |   |   |   | 8,697,230 |   |
|                                                     |   |   |        |   |   |   |   |   |
| ACCRUED INTEREST RECEIVABLE                              |   |   | 258,752     |   |   |   | 1,225,102 |   |
|                                                     |   |   |        |   |   |   |   |   |
| TOTAL                                                    |   | $      | 166,151,307 |   |   | $      | 152,083,584 |   |
|                                                     |   |   |        |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                  |   |   |        |   |   |   |   |   |
|                                                     |   |   |        |   |   |   |   |   |
| LIABILITIES:                                             |   |   |        |   |   |   |   |   |
| Capital contributions received in advance                |   | $      | 265,000     |   |   | $      | 35,000 |   |
| Net unrealized depreciation on open futures and forward  |   |   |        |   |   |   |   |   |
| currency contracts                                       |   |   | -           |   |   |   | 2,166,888 |   |
| Accrued brokerage fees                                   |   |   | 276,126     |   |   |   | 261,974 |   |
| Due to brokers                                           |   |   | -           |   |   |   | 1,852,880 |   |
| Cash denominated in foreign currencies (cost $-85,672    |   |   |        |   |   |   |   |   |
| and $-13,463)                                            |   |   | 85,939      |   |   |   | 13,434 |   |
| Accrued expenses                                         |   |   | 252,576     |   |   |   | 165,092 |   |
| Capital withdrawals payable                              |   |   | 2,749,778   |   |   |   | 335,028 |   |
|                                                     |   |   |        |   |   |   |   |   |
| Total liabilities                                        |   |   | 3,629,419   |   |   |   | 4,830,296 |   |
|                                                     |   |   |        |   |   |   |   |   |
| PARTNERS’ CAPITAL                                  |   |   | 162,521,888 |   |   |   | 147,253,288 |   |
|                                                     |   |   |        |   |   |   |   |   |
| TOTAL                                                    |   | $      | 166,151,307 |   |   | $      | 152,083,584 |   |

----

| NESTOR PARTNERS                   |
|-----------------------------------|
|                              |
| CONDENSED SCHEDULE OF INVESTMENTS |
| AS OF DECEMBER 31, 2010           |

|                                                                  |   |                         |   |   |                |   |
|-----------------------------------------------------------------------|--------|------------------------------|--------|--------|---------------------|--------|
|                                                                  |   |                         |   |   |                |   |
|                                                                  |   | Net Unrealized          |   |   |                |   |
|                                                                  |   | Appreciation                 |   |   |                |   |
|                                                                  |   | (Depreciation)               |   |   | Net Unrealized |   |
|                                                                  |   | as a % of     |   |   | Appreciation        |   |
|                                                                  |   | Partners’ Capital |   |   | (Depreciation)      |   |
| FUTURES AND FORWARD CURRENCY CONTRACTS                                |   |                         |   |   |                |   |
|                                                                  |   |                         |   |   |                |   |
| FUTURES CONTRACTS                                                     |   |                         |   |   |                |   |
| Long futures contracts:                                               |   |                         |   |   |                |   |
| Energies                                                              |   |                         | 0.33   | %      |                | $      | 535,871 |   |
| Grains                                                                |   |                         | 0.73   |   |                |   | 1,185,251 |   |
| Interest rates:                                                       |   |                         |   |   |                |   |   |   |
| 2 Year U.S. Treasury Note (313 contracts, settlement date 03/31/2011) |   |                         | (0.03  | )      |                |   | (59,531 | ) |
| Other interest rates                                                  |   |                         | 0.20   |   |                |   | 328,950 |   |
|                                                                  |   |                         |   |   |                |   |   |   |
| Total interest rates                                                  |   |                         | 0.17   |   |                |   | 269,419 |   |
|                                                                  |   |                         |   |   |                |   |   |   |
| Livestock                                                             |   |                         | 0.06   |   |                |   | 102,440 |   |
| Metals                                                                |   |                         | 1.18   |   |                |   | 1,917,417 |   |
| Softs                                                                 |   |                         | 0.32   |   |                |   | 528,094 |   |
| Stock indices                                                         |   |                         | 0.57   |   |                |   | 921,935 |   |
|                                                                  |   |                         |   |   |                |   |   |   |
| Total long futures contracts                                          |   |                         | 3.36   |   |                |   | 5,460,427 |   |
|                                                                  |   |                         |   |   |                |   |   |   |
| Short futures contracts:                                              |   |                         |   |   |                |   |   |   |
| Energies                                                              |   |                         | (0.15  | )      |                |   | (242,600 | ) |
| Grains                                                                |   |                         | (0.08  | )      |                |   | (127,613 | ) |
| Interest rates                                                        |   |                         | (0.01  | )      |                |   | (16,482 | ) |
| Livestock                                                             |   |                         | (0.03  | )      |                |   | (53,150 | ) |
| Metals                                                                |   |                         | (0.13  | )      |                |   | (208,450 | ) |
| Softs                                                                 |   |                         | (0.03  | )      |                |   | (48,384 | ) |
| Stock indices                                                         |   |                         | 0.06   |   |                |   | 90,872 |   |
|                                                                  |   |                         |   |   |                |   |   |   |
| Total short futures contracts                                         |   |                         | (0.37  | )      |                |   | (605,807 | ) |
|                                                                  |   |                         |   |   |                |   |   |   |
| TOTAL INVESTMENTS IN FUTURES CONTRACTS — Net                    |   |                         | 2.99   |   |                |   | 4,854,620 |   |
|                                                                  |   |                         |   |   |                |   |   |   |
| FORWARD CURRENCY CONTRACTS                                            |   |                         |   |   |                |   |   |   |
| Total long forward currency contracts                                 |   |                         | 1.61   |   |                |   | 2,617,508 |   |
| Total short forward currency contracts                                |   |                         | (0.38  | )      |                |   | (612,569 | ) |
|                                                                  |   |                         |   |   |                |   |   |   |
| TOTAL INVESTMENTS IN FORWARD CURRENCY CONTRACTS — Net           |   |                         | 1.23   |   |                |   | 2,004,939 |   |
|                                                                  |   |                         |   |   |                |   |   |   |
| TOTAL                                                                 |   |                         | 4.22   | %      |                | $      | 6,859,559 |   |

----

| NESTOR PARTNERS                   |
|-----------------------------------|
|                              |
| CONDENSED SCHEDULE OF INVESTMENTS |
| AS OF DECEMBER 31, 2010           |

|   |                           |        |                                                                   | Fair Value          |   |   |   |   |
|--------|--------------------------------|-------------|------------------------------------------------------------------------|--------------------------|--------|--------|--------|--------|
|   |                           |        |                                                                   | as a % of |   |   |   |   |
| Face   |                           |        |                                                                   | Partners’          |   |   | Fair   |   |
| Amount |       | Description |                                                                   | Capital                  |   |   | Value  |   |
|   |                           |        |                                                                   |                     |   |   |   |   |
| $      | 36,640,000                     |        | U.S. Treasury notes, 0.875%, 03/31/2011                                |                     |   | 22.58  | %      |   | $ | 36,702,975 |   |
|   | 36,640,000                     |        | U.S. Treasury notes, 0.875%, 05/31/2011                                |                     |   | 22.61  |   |   |   | 36,748,775 |   |
|   | 36,640,000                     |        | U.S. Treasury notes, 1.000%, 08/31/2011                                |                     |   | 22.66  |   |   |   | 36,828,925 |   |
|   | 36,640,000                     |        | U.S. Treasury notes, 0.750%, 11/30/2011                                |                     |   | 22.64  |   |   |   | 36,788,850 |   |
|   |                           |        |                                                                   |                     |   |   |   |   |   |   |   |
|   |                           |        | TOTAL INVESTMENTS IN U.S. TREASURY NOTES (amortized cost $146,995,932) |                     |   | 90.49  | %      |   | $ | 147,069,525 |   |

| See notes to financial statements | (Concluded) |
|-----------------------------------|-------------|

----

| NESTOR PARTNERS                   |
|-----------------------------------|
|                              |
| CONDENSED SCHEDULE OF INVESTMENTS |
| AS OF DECEMBER 31, 2009           |

|                                                                  |   | Net Unrealized          |   |   |                |   |
|-----------------------------------------------------------------------|--------|------------------------------|--------|--------|---------------------|--------|
|                                                                  |   | Appreciation                 |   |   |                |   |
|                                                                  |   | (Depreciation)               |   |   | Net Unrealized |   |
|                                                                  |   | as a % of     |   |   | Appreciation        |   |
| FUTURES AND FORWARD CURRENCY CONTRACTS            |   | Partners’ Capital |   |   | (Depreciation)      |   |
|                                                                  |   |                         |   |   |                |   |
| FUTURES CONTRACTS                                                     |   |                         |   |   |                |   |
| Long futures contracts:                                               |   |                         |   |   |                |   |
| Energies                                                              |   |                         | 1.36   | %      |                | $      | 2,008,661 |   |
| Grains                                                                |   |                         | 0.05   |   |                |   | 68,608 |   |
| Interest rates:                                                       |   |                         |   |   |                |   |   |   |
| 2 Year U.S. Treasury Note (199 contracts, settlement date 03/31/2010) |   |                         | (0.16  | )      |                |   | (224,703 | ) |
| 5 Year U.S. Treasury Note (119 contracts, settlement date 03/31/2010) |   |                         | (0.18  | )      |                |   | (266,062 | ) |
| 10 Year U.S. Treasury Note (67 contracts, settlement date 03/31/2010) |   |                         | (0.07  | )      |                |   | (105,422 | ) |
| 30 Year U.S. Treasury Bond (2 contracts, settlement date 03/31/2010)  |   |                         | (0.00  | )      |                |   | (7,188 | ) |
| Other interest rates                                                  |   |                         | (0.84  | )      |                |   | (1,234,803 | ) |
|                                                                  |   |                         |   |   |                |   |   |   |
| Total interest rates                                                  |   |                         | (1.25  | )      |                |   | (1,838,178 | ) |
|                                                                  |   |                         |   |   |                |   |   |   |
| Metals                                                                |   |                         | 0.34   |   |                |   | 507,414 |   |
| Softs                                                                 |   |                         | 0.35   |   |                |   | 515,690 |   |
| Stock indices                                                         |   |                         | 1.29   |   |                |   | 1,894,643 |   |
|                                                                  |   |                         |   |   |                |   |   |   |
| Total long futures contracts                                          |   |                         | 2.14   |   |                |   | 3,156,838 |   |
|                                                                  |   |                         |   |   |                |   |   |   |
| Short futures contracts:                                              |   |                         |   |   |                |   |   |   |
| Energies                                                              |   |                         | (1.16  | )      |                |   | (1,716,056 | ) |
| Grains                                                                |   |                         | (0.06  | )      |                |   | (83,927 | ) |
| Interest rates                                                        |   |                         | 0.01   |   |                |   | 6,642 |   |
| Livestock                                                             |   |                         | (0.03  | )      |                |   | (42,540 | ) |
| Metals                                                                |   |                         | (0.20  | )      |                |   | (291,372 | ) |
| Softs                                                                 |   |                         | (0.02  | )      |                |   | (23,191 | ) |
| Stock indices                                                         |   |                         | (0.03  | )      |                |   | (41,988 | ) |
|                                                                  |   |                         |   |   |                |   |   |   |
| Total short futures contracts                                         |   |                         | (1.49  | )      |                |   | (2,192,432 | ) |
|                                                                  |   |                         |   |   |                |   |   |   |
| TOTAL INVESTMENTS IN FUTURES CONTRACTS — Net                    |   |                         | 0.65   |   |                |   | 964,406 |   |
|                                                                  |   |                         |   |   |                |   |   |   |
| FORWARD CURRENCY CONTRACTS                                            |   |                         |   |   |                |   |   |   |
| Total long forward currency contracts                                 |   |                         | (1.69  | )      |                |   | (2,501,185 | ) |
| Total short forward currency contracts                                |   |                         | 0.50   |   |                |   | 743,123 |   |
|                                                                  |   |                         |   |   |                |   |   |   |
| TOTAL INVESTMENTS IN FORWARD CURRENCY CONTRACTS — Net      |   |                         | (1.19  | )      |                |   | (1,758,062 | ) |
|                                                                  |   |                         |   |   |                |   |   |   |
| TOTAL                                                                 |   |                         | (0.54  | )%     |                | $      | (793,656 | ) |

----

| NESTOR PARTNERS                   |
|-----------------------------------|
|                              |
| CONDENSED SCHEDULE OF INVESTMENTS |
| AS OF DECEMBER 31, 2009           |

|   |                           |        |                                                                   | Fair Value          |   |   |   |   |
|--------|--------------------------------|-------------|------------------------------------------------------------------------|--------------------------|--------|--------|--------|--------|
|   |                           |        |                                                                   | as a % of |   |   |   |   |
| Face   |                           |        |                                                                   | Partners'                |   |   | Fair   |   |
| Amount |       | Description |                                                                   | Capital                  |   |   | Value  |   |
|   |                           |        |                                                                   |                     |   |   |   |   |
| $      | 18,000,000                     |        | U.S. Treasury notes, 1.750%, 03/31/2010                                |                     |   | 12.27  | %      |   | $ | 18,073,125 |   |
|   | 39,100,000                     |        | U.S. Treasury notes, 2.625%, 05/31/2010                                |                     |   | 26.82  |   |   |   | 39,491,000 |   |
|   | 39,040,000                     |        | U.S. Treasury notes, 3.875%, 07/15/2010                                |                     |   | 27.03  |   |   |   | 39,802,500 |   |
|   | 39,040,000                     |        | U.S. Treasury notes, 4.250%, 10/15/2010                                |                     |   | 27.31  |   |   |   | 40,217,300 |   |
|   |                           |        |                                                                   |                     |   |   |   |   |   |   |   |
|   |                           |        | TOTAL INVESTMENTS IN U.S. TREASURY NOTES (amortized cost $137,488,779) |                     |   | 93.43  | %      |   | $ | 137,583,925 |   |

| See notes to financial statements | (Concluded) |
|-----------------------------------|-------------|

----

| NESTOR PARTNERS                                         |   |   |       |   |   |   |
|---------------------------------------------------------|--------|--------|------------|--------|--------|--------|
|                                                    |   |   |       |   |   |   |
| STATEMENTS OF OPERATIONS                                |   |
| YEARS ENDED DECEMBER 31, 2010 AND 2009                  |
|                                                    |   |   |       |   |   |   |
|                                                    |   | 2010   |       |   | 2009   |   |
|                                                    |   |   |       |   |   |   |
| INVESTMENT INCOME — Interest income               |   | $      | 556,040    |   |   | $      | 1,712,546 |   |
|                                                    |   |   |       |   |   |   |   |   |
| EXPENSES:                                               |   |   |       |   |   |   |   |   |
| Brokerage fees                                          |   |   | 3,290,432  |   |   |   | 3,393,459 |   |
| Administrative expenses                                 |   |   | 381,720    |   |   |   | 383,895 |   |
| Custody fees                                            |   |   | 27,835     |   |   |   | 33,357 |   |
|                                                    |   |   |       |   |   |   |   |   |
| Total expenses                                          |   |   | 3,699,987  |   |   |   | 3,810,711 |   |
|                                                    |   |   |       |   |   |   |   |   |
| NET INVESTMENT LOSS                                     |   |   | (3,143,947 | )      |   |   | (2,098,165 | ) |
|                                                    |   |   |       |   |   |   |   |   |
| NET REALIZED AND UNREALIZED GAINS (LOSSES):             |   |   |       |   |   |   |   |   |
| Net realized gains (losses) on closed positions:        |   |   |       |   |   |   |   |   |
| Futures and forward currency contracts                  |   |   | 16,287,692 |   |   |   | (7,852,497 | ) |
| Foreign exchange translation                            |   |   | 55,308     |   |   |   | 26,572 |   |
| Net change in unrealized:                               |   |   |       |   |   |   |   |   |
| Futures and forward currency contracts                  |   |   | 7,653,215  |   |   |   | (1,573,481 | ) |
| Foreign exchange translation                            |   |   | (40,864    | )      |   |   | 55,185 |   |
| Net gains (losses) from U.S. Treasury notes:            |   |   |       |   |   |   |   |   |
| Realized                                                |   |   | 1,202      |   |   |   | 157,970 |   |
| Net change in unrealized                                |   |   | (21,553    | )      |   |   | (1,276,380 | ) |
|                                                    |   |   |       |   |   |   |   |   |
| Total net realized and unrealized gains (losses)        |   |   | 23,935,000 |   |   |   | (10,462,631 | ) |
|                                                    |   |   |       |   |   |   |   |   |
| NET INCOME (LOSS)                                       |   |   | 20,791,053 |   |   |   | (12,560,796 | ) |
|                                                    |   |   |       |   |   |   |   |   |
| LESS PROFIT SHARE TO GENERAL PARTNER                    |   |   | 625,835    |   |   |   | 4,964 |   |
|                                                    |   |   |       |   |   |   |   |   |
| NET INCOME (LOSS) AFTER PROFIT SHARE TO GENERAL PARTNER |   | $      | 20,165,218 |   |   | $      | (12,565,760 | ) |

----

| NESTOR PARTNERS                                  |
|--------------------------------------------------|
|                                             |
| STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL |
| YEARS ENDED DECEMBER 31, 2010 AND 2009           |

|                                                    |   |     |        |   | Special  |   |       | New Profit |   |   |     |   |   |   |       |
|---------------------------------------------------------|--------|----------|-------------|--------|----------|--------|------------|-----------------|--------|--------|----------|--------|--------|--------|------------|
|                                                    |   | Limited  |        |   | Limited  |   |       | Memo            |   |   | General  |   |   |   |       |
|                                                    |   | Partners |        |   | Partners |   |       | Account         |   |   | Partner  |   |   | Total  |       |
|                                                    |   |     |        |   |     |   |       |            |   |   |     |   |   |   |       |
| PARTNERS’ CAPITAL — January 1, 2009         |   | $        | 97,990,719  |   |     | $      | 65,378,126 |            |   | $      | -        |   |   | $      | 3,950,576  |   |   | $ | 167,319,421 |   |
|                                                    |   |     |        |   |     |   |       |            |   |   |     |   |   |   |       |   |   |   |   |   |
| Contributions                                           |   |     | 3,738,022   |   |     |   | 815,686    |            |   |   | -        |   |   |   | -          |   |   |   | 4,553,708 |   |
|                                                    |   |     |        |   |     |   |       |            |   |   |     |   |   |   |       |   |   |   |   |   |
| Withdrawals                                             |   |     | (11,313,834 | )      |     |   | (740,650   | )               |   |   | -        |   |   |   | (4,561     | ) |   |   | (12,059,045 | ) |
|                                                    |   |     |        |   |     |   |       |            |   |   |     |   |   |   |       |   |   |   |   |   |
| Net loss                                                |   |     | (8,577,639  | )      |     |   | (3,764,749 | )               |   |   | (403     | )      |   |   | (218,005   | ) |   |   | (12,560,796 | ) |
|                                                    |   |     |        |   |     |   |       |            |   |   |     |   |   |   |       |   |   |   |   |   |
| General Partner’s allocation — profit share |   |     | (4,964      | )      |     |   | -          |            |   |   | 4,964    |   |   |   | -          |   |   |   | - |   |
|                                                    |   |     |        |   |     |   |       |            |   |   |     |   |   |   |       |   |   |   |   |   |
| Transfer of New Profit Memo Account to General Partner  |   |     | -           |   |     |   | -          |            |   |   | (4,561   | )      |   |   | 4,561      |   |   |   | - |   |
|                                                    |   |     |        |   |     |   |       |            |   |   |     |   |   |   |       |   |   |   |   |   |
| PARTNERS’ CAPITAL — December 31, 2009       |   |     | 81,832,304  |   |     |   | 61,688,413 |            |   |   | -        |   |   |   | 3,732,571  |   |   |   | 147,253,288 |   |
|                                                    |   |     |        |   |     |   |       |            |   |   |     |   |   |   |       |   |   |   |   |   |
| Contributions                                           |   |     | 947,700     |   |     |   | 876,459    |            |   |   | -        |   |   |   | -          |   |   |   | 1,824,159 |   |
|                                                    |   |     |        |   |     |   |       |            |   |   |     |   |   |   |       |   |   |   |   |   |
| Withdrawals                                             |   |     | (4,959,626  | )      |     |   | (1,261,151 | )               |   |   | -        |   |   |   | (1,125,835 | ) |   |   | (7,346,612 | ) |
|                                                    |   |     |        |   |     |   |       |            |   |   |     |   |   |   |       |   |   |   |   |   |
| Net income                                              |   |     | 10,186,658  |   |     |   | 10,011,265 |            |   |   | -        |   |   |   | 593,130    |   |   |   | 20,791,053 |   |
|                                                    |   |     |        |   |     |   |       |            |   |   |     |   |   |   |       |   |   |   |   |   |
| General Partner’s allocation — profit share |   |     | (625,835    | )      |     |   | -          |            |   |   | 625,835  |   |   |   | -          |   |   |   | - |   |
|                                                    |   |     |        |   |     |   |       |            |   |   |     |   |   |   |       |   |   |   |   |   |
| Transfer of New Profit Memo Account to General Partner  |   |     | -           |   |     |   | -          |            |   |   | (625,835 | )      |   |   | 625,835    |   |   |   | - |   |
|                                                    |   |     |        |   |     |   |       |            |   |   |     |   |   |   |       |   |   |   |   |   |
| PARTNERS’ CAPITAL — December 31, 2010       |   | $        | 87,381,201  |   |     | $      | 71,314,986 |            |   | $      | -        |   |   | $      | 3,825,701  |   |   | $ | 162,521,888 |   |

----

| NESTOR PARTNERS                        |
|----------------------------------------|
|                                   |
| STATEMENTS OF FINANCIAL HIGHLIGHTS     |
| YEARS ENDED DECEMBER 31, 2010 AND 2009 |

|                                        |   |                  |   |   |                  |   |   | Special |   |
|---------------------------------------------|--------|-----------------------|--------|--------|-----------------------|--------|--------|---------|--------|
|                                        |   | Limited Partners |   |   | Limited Partners |   |
|                                        |   | 2010                  |   |   | 2009                  |   |   | 2010    |   |   | 2009 |   |
|                                        |   |                  |   |   |                  |   |   |    |   |   |   |   |
| Ratios to average capital —           |   |                  |   |   |                  |   |   |    |   |   |   |   |
| Net investment income (loss)                |   |                  | (3.41  | )%     |                  |   | (2.67  | )%      |   |   | (0.42 | )% |   |   | 0.37 | % |
|                                        |   |                  |   |   |                  |   |   |    |   |   |   |   |   |   |   |   |
| Total expenses                              |   |                  | 3.77   | %      |                  |   | 3.80   | %       |   |   | 0.78 | % |   |   | 0.73 | % |
| Profit share allocation                     |   |                  | 0.75   |   |                  |   | 0.01   |    |   |   | - |   |   |   | - |   |
|                                        |   |                  |   |   |                  |   |   |    |   |   |   |   |   |   |   |   |
| Total expenses and profit share allocation  |   |                  | 4.52   | %      |                  |   | 3.81   | %       |   |   | 0.78 | % |   |   | 0.73 | % |
|                                        |   |                  |   |   |                  |   |   |    |   |   |   |   |   |   |   |   |
| Total return before profit share allocation |   |                  | 12.69  | %      |                  |   | (8.60  | )%      |   |   | 16.11 | % |   |   | (5.77 | )% |
| Profit share allocation                     |   |                  | (0.79  | )      |                  |   | (0.01  | )       |   |   | - |   |   |   | - |   |
|                                        |   |                  |   |   |                  |   |   |    |   |   |   |   |   |   |   |   |
| Total return after profit share allocation  |   |                  | 11.90  | %      |                  |   | (8.61  | )%      |   |   | 16.11 | % |   |   | (5.77 | )% |
|                                        |   |                  |   |   |                  |   |   |    |   |   |   |   |   |   |   |   |
| See notes to financial statements           |   |                  |   |   |

----

| NOTES TO FINANCIAL STATEMENTSYEARS ENDED DECEMBER 31, 2010 AND 2009 |
|---------------------------------------------------------------------|

| 1. | ORGANIZATION |
|----|--------------|

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

----

----

----

| Financial Assets at Fair Value as of December 31, 2010 |   |    |        |   |    |   |      |
|--------------------------------------------------------|--------|---------|-------------|--------|---------|--------|-----------|
|                                                   |   | Level 1 |        |   | Level 2 |   |      | Total |   |
|                                                   |   |    |        |   |    |   |      |   |   |
| U.S. Treasury Notes                                    |   | $       | 147,069,525 |   |    | $      | -         |   |   | $ | 147,069,525 |   |
| Short-Term Money Market Fund                           |   |    | 7,567,993   |   |    |   | -         |   |   |   | 7,567,993 |   |
| Exchange-Traded Futures Contracts                      |   |    |        |   |    |   |      |   |   |   |   |   |
| Energies                                               |   |    | 293,271     |   |    |   | -         |   |   |   | 293,271 |   |
| Grains                                                 |   |    | 1,057,638   |   |    |   | -         |   |   |   | 1,057,638 |   |
| Interest rates                                         |   |    | 252,937     |   |    |   | -         |   |   |   | 252,937 |   |
| Livestock                                              |   |    | 49,290      |   |    |   | -         |   |   |   | 49,290 |   |
| Metals                                                 |   |    | 1,708,967   |   |    |   | -         |   |   |   | 1,708,967 |   |
| Softs                                                  |   |    | 479,710     |   |    |   | -         |   |   |   | 479,710 |   |
| Stock indices                                          |   |    | 1,012,807   |   |    |   | -         |   |   |   | 1,012,807 |   |
|                                                   |   |    |        |   |    |   |      |   |   |   |   |   |
| Total exchange-traded future contracts                 |   |    | 4,854,620   |   |    |   | -         |   |   |   | 4,854,620 |   |
|                                                   |   |    |        |   |    |   |      |   |   |   |   |   |
| Over-the-Counter Forward Currency Contracts            |   |    | -           |   |    |   | 2,004,939 |   |   |   | 2,004,939 |   |
|                                                   |   |    |        |   |    |   |      |   |   |   |   |   |
| Total financial assets at fair value                   |   | $       | 159,492,138 |   |    | $      | 2,004,939 |   |   | $ | 161,497,077 |   |

| Financial Assets at Fair Value as of December 31, 2009 |   |    |        |   |    |   |       |
|--------------------------------------------------------|--------|---------|-------------|--------|---------|--------|------------|
|                                                   |   | Level 1 |        |   | Level 2 |   |       | Total |   |
|                                                   |   |    |        |   |    |   |       |   |   |
| U.S. Treasury Notes                                    |   | $       | 137,583,925 |   |    | $      | -          |   |   | $ | 137,583,925 |   |
| Short-Term Money Market Fund                           |   |    | 8,497,230   |   |    |   | -          |   |   |   | 8,497,230 |   |
| Exchange-Traded Futures Contracts                      |   |    | 964,406     |   |    |   | -          |   |   |   | 964,406 |   |
| Over-the-Counter Forward Currency Contracts            |   |    | -           |   |    |   | (1,758,062 | ) |   |   | (1,758,062 | ) |
|                                                   |   |    |        |   |    |   |       |   |   |   |   |   |
| Total financial assets at fair value                   |   | $       | 147,045,561 |   |    | $      | (1,758,062 | ) |   | $ | 145,287,499 |   |

| 3. | PROFIT SHARE ALLOCATION |
|----|-------------------------|

----

| 4. | DUE FROM/TO BROKERS |
|----|---------------------|

| 5. | TRADING ACTIVITIES |
|----|--------------------|

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

----

----

|               |   | December 31, |      |
|--------------------|--------|-------------------|-----------|
|               |   | 2010              |      |   | 2009 |   |
|               |   | Total Net    |      |   |   |   |   | Total Net |   |   |   |   |
|               |   | Unrealized        |      |   |   |   |   | Unrealized |   |   |   |   |
|               |   | Appreciation      |      |   | Percent of |   |   | Appreciation |   |   | Percent of |   |
| Currency type |   | (Depreciation)    |      |   | Total |   |   | (Depreciation) |   |   | Total |   |
|               |   |              |      |   |   |   |   |   |   |   |   |   |
| Australian dollar  |   | $                 | 302,465   |   |   |   | 4.41 | % |   | $ | 244,832 |   |   |   | (30.85 | )% |
| British pound      |   |              | 175,361   |   |   |   | 2.56 |   |   |   | (113,176 | ) |   |   | 14.26 |   |
| Canadian dollar    |   |              | 243,022   |   |   |   | 3.54 |   |   |   | (435,758 | ) |   |   | 54.91 |   |
| Czech koruna       |   |              | (6,446    | ) |   |   | (0.09 | ) |   |   | - |   |   |   | - |   |
| Euro               |   |              | 126,010   |   |   |   | 1.84 |   |   |   | (47,039 | ) |   |   | 5.93 |   |
| Hong Kong dollar   |   |              | 55,285    |   |   |   | 0.81 |   |   |   | 141,211 |   |   |   | (17.79 | ) |
| Hungarian forint   |   |              | (8,628    | ) |   |   | (0.13 | ) |   |   | (19,880 | ) |   |   | 2.50 |   |
| Japanese yen       |   |              | (198,322  | ) |   |   | (2.89 | ) |   |   | (70,110 | ) |   |   | 8.83 |   |
| Korean won         |   |              | 352,173   |   |   |   | 5.13 |   |   |   | 132,003 |   |   |   | (16.63 | ) |
| Mexican peso       |   |              | 8,922     |   |   |   | 0.13 |   |   |   | 3,590 |   |   |   | (0.45 | ) |
| New Zealand dollar |   |              | (88,763   | ) |   |   | (1.29 | ) |   |   | 133,099 |   |   |   | (16.77 | ) |
| Norwegian krone    |   |              | 288,604   |   |   |   | 4.21 |   |   |   | 100,443 |   |   |   | (12.66 | ) |
| Polish zloty       |   |              | 33,193    |   |   |   | 0.48 |   |   |   | (82,788 | ) |   |   | 10.43 |   |
| Romanian leu       |   |              | 1,217     |   |   |   | 0.02 |   |   |   | - |   |   |   | - |   |
| Singapore dollar   |   |              | 32,162    |   |   |   | 0.47 |   |   |   | 82,896 |   |   |   | (10.44 | ) |
| South African rand |   |              | 70,154    |   |   |   | 1.02 |   |   |   | 133,148 |   |   |   | (16.78 | ) |
| Swedish krona      |   |              | 142,891   |   |   |   | 2.08 |   |   |   | 265,773 |   |   |   | (33.49 | ) |
| Swiss franc        |   |              | (97,770   | ) |   |   | (1.42 | ) |   |   | 65,930 |   |   |   | (8.31 | ) |
| Taiwan dollar      |   |              | 124,402   |   |   |   | 1.81 |   |   |   | 181,213 |   |   |   | (22.83 | ) |
| Thai baht          |   |              | 2,980     |   |   |   | 0.04 |   |   |   | 429 |   |   |   | (0.05 | ) |
| Turkish lira       |   |              | (246,723  | ) |   |   | (3.60 | ) |   |   | 44,440 |   |   |   | (5.60 | ) |
| U.S. dollar        |   |              | 5,547,370 |   |   |   | 80.87 |   |   |   | (1,553,912 | ) |   |   | 195.79 |   |
|               |   |              |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total              |   | $                 | 6,859,559 |   |   |   | 100.00 | % |   | $ | (793,656 | ) |   |   | 100.00 | % |

----

----

| Fair Value of Futures and Forward Currency Contracts at December 31, 2010 |   |                        |      |   |
|---------------------------------------------------------------------------|--------|-----------------------------|-----------|--------|
|                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   | Net Unrealized |   |
|                                                                      |   | Fair Value - Long Positions |      |   | Fair Value - Short Positions |   |   | Gain (Loss) on |   |
| Sector                                                                    |   | Gains                       |      |   | Losses |   |   | Gains |   |   | Losses |   |   | Open Positions |   |
|                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |
| Futures contracts:                                                        |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |
| Energies                                                                  |   | $                           | 648,021   |   |   | $ | (112,150 | ) |   | $ | - |   |   | $ | (242,600 | ) |   | $ | 293,271 |   |
| Grains                                                                    |   |                        | 1,185,251 |   |   |   | - |   |   |   | - |   |   |   | (127,613 | ) |   |   | 1,057,638 |   |
| Interest rates                                                            |   |                        | 350,149   |   |   |   | (80,730 | ) |   |   | 16,584 |   |   |   | (33,066 | ) |   |   | 252,937 |   |
| Livestock                                                                 |   |                        | 102,440   |   |   |   | - |   |   |   | - |   |   |   | (53,150 | ) |   |   | 49,290 |   |
| Metals                                                                    |   |                        | 1,917,417 |   |   |   | - |   |   |   | - |   |   |   | (208,450 | ) |   |   | 1,708,967 |   |
| Softs                                                                     |   |                        | 529,281   |   |   |   | (1,187 | ) |   |   | 3,046 |   |   |   | (51,430 | ) |   |   | 479,710 |   |
| Stock indices                                                             |   |                        | 1,116,187 |   |   |   | (194,252 | ) |   |   | 91,892 |   |   |   | (1,020 | ) |   |   | 1,012,807 |   |
|                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total futures contracts                                                   |   |                        | 5,848,746 |   |   |   | (388,319 | ) |   |   | 111,522 |   |   |   | (717,329 | ) |   |   | 4,854,620 |   |
|                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Forward currency contracts                                                |   |                        | 3,159,489 |   |   |   | (541,981 | ) |   |   | 896,617 |   |   |   | (1,509,186 | ) |   |   | 2,004,939 |   |
|                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total futures and forward currency contracts                              |   | $                           | 9,008,235 |   |   | $ | (930,300 | ) |   | $ | 1,008,139 |   |   | $ | (2,226,515 | ) |   | $ | 6,859,559 |   |
|                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fair Value of Futures and Forward Currency Contracts at December 31, 2009 |   |                        |      |   |   |
|                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Net Unrealized |   |
|                                                                      |   | Fair Value - Long Positions |      |   | Fair Value - Short Positions |   |   | Gain (Loss) on |   |
| Sector                                                                    |   | Gains                       |      |   | Losses |   |   | Gains |   |   | Losses |   |   | Open Positions |   |
|                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Futures contracts:                                                        |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Energies                                                                  |   | $                           | 2,078,011 |   |   | $ | (69,350 | ) |   | $ | 39,100 |   |   | $ | (1,755,156 | ) |   | $ | 292,605 |   |
| Grains                                                                    |   |                        | 68,608    |   |   |   | - |   |   |   | 18,238 |   |   |   | (102,165 | ) |   |   | (15,319 | ) |
| Interest rates                                                            |   |                        | 16,678    |   |   |   | (1,854,856 | ) |   |   | 16,764 |   |   |   | (10,122 | ) |   |   | (1,831,536 | ) |
| Livestock                                                                 |   |                        | -         |   |   |   | - |   |   |   | - |   |   |   | (42,540 | ) |   |   | (42,540 | ) |
| Metals                                                                    |   |                        | 672,035   |   |   |   | (164,621 | ) |   |   | 7,338 |   |   |   | (298,710 | ) |   |   | 216,042 |   |
| Softs                                                                     |   |                        | 515,690   |   |   |   | - |   |   |   | 1,707 |   |   |   | (24,898 | ) |   |   | 492,499 |   |
| Stock indices                                                             |   |                        | 1,972,536 |   |   |   | (77,893 | ) |   |   | - |   |   |   | (41,988 | ) |   |   | 1,852,655 |   |
|                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total futures contracts                                                   |   |                        | 5,323,558 |   |   |   | (2,166,720 | ) |   |   | 83,147 |   |   |   | (2,275,579 | ) |   |   | 964,406 |   |
|                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Forward currency contracts                                                |   |                        | 755,530   |   |   |   | (3,256,715 | ) |   |   | 1,218,522 |   |   |   | (475,399 | ) |   |   | (1,758,062 | ) |
|                                                                      |   |                        |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total futures and forward currency contracts                              |   | $                           | 6,079,088 |   |   | $ | (5,423,435 | ) |   | $ | 1,301,669 |   |   | $ | (2,750,978 | ) |   | $ | (793,656 | ) |

----

| Sector                                       |   | 2010   |       |   | 2009   |   |
|----------------------------------------------|--------|--------|------------|--------|--------|--------|
|                                         |   |   |       |   |   |   |
| Futures contracts:                           |   |   |       |   |   |   |
| Currencies                                   |   | $      | -          |   |   | $      | 2,563 |   |
| Energies                                     |   |   | (378,306   | )      |   |   | (3,339,716 | ) |
| Grains                                       |   |   | 2,620,758  |   |   |   | (1,120,412 | ) |
| Interest rates                               |   |   | 13,303,526 |   |   |   | (3,200,905 | ) |
| Livestock                                    |   |   | (74,760    | )      |   |   | 318,170 |   |
| Metals                                       |   |   | 2,405,205  |   |   |   | (1,924,741 | ) |
| Softs                                        |   |   | 1,426,988  |   |   |   | (29,933 | ) |
| Stock indices                                |   |   | 52,790     |   |   |   | 1,338,439 |   |
|                                         |   |   |       |   |   |   |   |   |
| Total futures contracts                      |   |   | 19,356,201 |   |   |   | (7,956,535 | ) |
|                                         |   |   |       |   |   |   |   |   |
| Forward currency contracts                   |   |   | 4,584,706  |   |   |   | (1,469,443 | ) |
|                                         |   |   |       |   |   |   |   |   |
| Total futures and forward currency contracts |   | $      | 23,940,907 |   |   | $      | (9,425,978 | ) |

|                       |   | 2010           |        |   | 2009            |   |
|----------------------------|--------|----------------|-------------|--------|-----------------|--------|
| Sector                     |   | Long Positions |        |   | Short Positions |   |   | Long Positions |   |   | Short Positions |   |
|                       |   |           |        |   |            |   |   |   |   |   |   |   |
| Futures contracts:         |   |           |        |   |            |   |   |   |   |   |   |   |
| Currencies                 |   | $              | -           |   |            | $      | - |   |   | $ | - |   |   | $ | 498,113 |   |
| Energies                   |   |           | 32,190,501  |   |            |   | 20,365,648 |   |   |   | 17,975,714 |   |   |   | 18,437,117 |   |
| Grains                     |   |           | 10,361,819  |   |            |   | 7,035,001 |   |   |   | 3,605,812 |   |   |   | 8,547,755 |   |
| Interest rates             |   |           | 223,472,191 |   |            |   | 8,256,160 |   |   |   | 152,835,252 |   |   |   | 6,276,989 |   |
| Livestock                  |   |           | 2,919,060   |   |            |   | 898,394 |   |   |   | - |   |   |   | 4,222,300 |   |
| Metals                     |   |           | 20,337,887  |   |            |   | 1,960,006 |   |   |   | 8,720,446 |   |   |   | 6,262,552 |   |
| Softs                      |   |           | 5,133,305   |   |            |   | 1,253,533 |   |   |   | 3,326,462 |   |   |   | 2,171,276 |   |
| Stock indices              |   |           | 84,065,157  |   |            |   | 2,568,160 |   |   |   | 56,753,772 |   |   |   | 13,713,258 |   |
|                       |   |           |        |   |            |   |   |   |   |   |   |   |   |   |   |   |
| Total futures contracts    |   |           | 378,479,920 |   |            |   | 42,336,902 |   |   |   | 243,217,458 |   |   |   | 60,129,360 |   |
|                       |   |           |        |   |            |   |   |   |   |   |   |   |   |   |   |   |
| Forward currency contracts |   |           | 150,976,563 |   |            |   | 61,567,798 |   |   |   | 77,258,937 |   |   |   | 32,340,691 |   |
|                       |   |           |        |   |            |   |   |   |   |   |   |   |   |   |   |   |
| Total average notional     |   | $              | 529,456,483 |   |            | $      | 103,904,700 |   |   | $ | 320,476,395 |   |   | $ | 92,470,051 |   |

----

| 7. | FINANCIAL HIGHLIGHTS |
|----|----------------------|

| 8. | REDEMPTION PAYABLE TO GENERAL PARTNER |
|----|---------------------------------------|

| 9. | SUBSEQUENT EVENTS |
|----|-------------------|

----