| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|--------------------------------------------------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------------|

| DELAWARE(State or other jurisdiction ofincorporation or organization) |   | 13-3909977(I.R.S. EmployerIdentification No.) |
|-----------------------------------------------------------------------|--------|-----------------------------------------------|
|                                                                  |   |                                          |

----

|   |   |  Yes   o       No    x |   |
|--------|--------|------------------------------------------------------------------------------------------------------|--------|

|   |   |  Yes   o       No    x |   |
|--------|--------|------------------------------------------------------------------------------------------------------|--------|

|   |   |  Yes   x       No   o |   |
|--------|--------|------------------------------------------------------------------------------------------------|--------|

|   |   |  Yes   x       No   o |   |
|--------|--------|------------------------------------------------------------------------------------------------|--------|

|   |   |  x |   |
|--------|--------|---------|--------|

| Large accelerated filer | o | Accelerated filer               | o |
|-------------------------|---|---------------------------------|---|
| Non-accelerated filer   | o | Smaller reporting company  | x |

|   |   |  Yes   o       No    x |   |
|--------|--------|------------------------------------------------------------------------------------------------------|--------|

----

| Item 1: Business                                                                                                                     | 1      |
|--------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                 |   |
| Item 1A: Risk Factors                                                                                                                | 6      |
|                                                                                                                                 |   |
| Item 1B: Unresolved Staff Comments                                                                                                   | 6      |
|                                                                                                                                 |   |
| Item 2: Properties                                                                                                                   | 6      |
|                                                                                                                                 |   |
| Item 3: Legal Proceedings                                                                                                            | 6      |
|                                                                                                                                 |   |
| Item 4: [Reserved]                                                                                                                   | 6      |
|                                                                                                                                 |   |
| Part II                                                                                                                              |   |
|                                                                                                                                 |   |
| Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters                                                     |   |
|              and Issuer Purchases of Equity Securities              | 7      |
|                                                                                                                                 |   |
| Item 6: Selected Financial Data                                                                                                      | 7      |
|                                                                                                                                 |   |
| Item 7: Management’s Discussion and Analysis of Financial Condition                                                            |   |
|              and Results of Operations                              | 7      |
|                                                                                                                                 |   |
| Item 7A: Quantitative and Qualitative Disclosures About Market Risk                                                                  | 11     |
|                                                                                                                                 |   |
| Item 8: Financial Statements and Supplementary Data                                                                                  | 11     |
|                                                                                                                                 |   |
| Item 9: Changes in and Disagreements with Accountants on Accounting                                                                  |   |
|              and Financial Disclosure                               | 11     |
|                                                                                                                                 |   |
| Item 9A(T): Controls and Procedures                                                                                                  | 11     |
|                                                                                                                                 |   |
| Item 9B: Other Information                                                                                                           | 12     |
|                                                                                                                                 |   |
| Part III                                                                                                                             |   |
|                                                                                                                                 |   |
| Item 10: Directors, Executive Officers and Corporate Governance                                                                      | 13     |
|                                                                                                                                 |   |
| Item 11: Executive Compensation                                                                                                      | 14     |
|                                                                                                                                 |   |
| Item 12: Security Ownership of Certain Beneficial Owners and                                                                         |   |
|                Management and Related Stockholder Matters | 14     |
|                                                                                                                                 |   |
| Item 13: Certain Relationships and Related Transactions, and Director                                                                |   |
|                Independence                               | 15     |
|                                                                                                                                 |   |
| Item 14: Principal Accounting Fees and Services                                                                                      | 16     |
|                                                                                                                                 |   |
| Part IV                                                                                                                              |   |
|                                                                                                                                 |   |
| Item 15: Exhibits, Financial Statement Schedules                                                                                     | 17     |
|                                                                                                                                 |   |

----

| (a)   | General Development of Business |
|-----------------|---------------------------------|

| (b)   | Financial Information About Segments |
|-----------------|--------------------------------------|

| (c)   | Narrative Description of Business |
|-----------------|-----------------------------------|

----

----

----

| (d)   | Partnership Assets and Cash Management Income |
|-----------------|-----------------------------------------------|

| (e)   | Charges |
|-----------------|---------|

| Recipient                 | Nature of Payment       | Amount of Payment                                                                                                                                                                                                                                                                                                                                                                                            |
|---------------------------|-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                      |                    |                                                                                                                                                                                                                                                                                                                                                                                                         |
| Various service providers | Administrative expenses | The Partnership pays its routine legal, accounting and filing fees, operating expenses and other administrative costs as incurred.  These costs are currently estimated at between $200,000 and $250,000 per year, although they may exceed this level.  The Partnership will pay any taxes or extraordinary expenses applicable to it, but these are not expected to be material.  |

----

| Recipient | Nature of Payment | Amount of Payment |
|-----------|-------------------|-------------------|

| General Partner                                  | Profit Share                               | The General Partner receives an annual Profit Share equal to 20% of any New Trading Profit realized on Series A Interests payable at the end of each calendar year.  New Trading Profit is calculated on a “high water mark” basis with respect to each Limited Partner so that a Limited Partner is charged a Profit Share only on the amount of trading profits allocated to such Limited Partner that exceed the previous high point in trading profit allocated to such limited partner since a Profit Share was last charged.  Because Limited Partners purchase Interests at different times, they may recognize different amounts of New Trading Profit.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--------------------------------------------------|--------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| General Partner                                  | Management Fee                             | Series A Interests pay the  General  Partner a monthly Management  Fee equal to 1/12 of 2% of month-end Net Assets (a 2% annual rate).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| The Commodity Broker and other executing brokers | Brokerage Commissions                      | The Partnership pays to the Commodity Broker brokerage commissions and certain other trading expenses incurred in connection with the Partnership’s futures trading.  The Partnership pays to the Commodity Broker up to $8 per “round turn” trade, which includes all exchange, clearing, give up and NFA fees.  If the Partnership uses an executing broker other than the Commodity Broker it pays up to $1.50 for trade execution.  The Partnership is charged half of these round-turn rates on each purchase and sale of futures options.  When an option is exercised and a futures position is acquired, the full round-turn rate is charged on that position.  There is no charge when an option expires.  The General Partner estimates that the annual brokerage commission expenses will, in the aggregate, range from 0.10% to 1.00% of the Partnership’s average month-end Net Assets, but such expenses may exceed this estimate under certain circumstances.  If the Partnership engages in forward trading, the Partnership would typically be charged a bid/ask spread which is embedded in the price quoted by the forward contract counterparty and is thus unquantifiable.  |
| Selling Agents                                   | Selling AgentAdministrative andService Fee | Series A Interests purchased by Limited Partners that were solicited by selling agents (collectively, the “Selling Agents”) will pay to the respective Selling Agent a Selling Agent Administrative and Service Fee (the “Service Fee”) equal to 1/12 of 2.5% (a 2.5% annual rate) of the month-end Net Asset Value of the Series A Interests sold by them which remain outstanding as of each month-end.  The Selling Agent may pass on a portion of such Service Fees to its investment executives.  The General Partner may also pay a portion of its Management Fee to the Selling Agents as additional sales compensation in respect of the Interests sold by the Selling Agents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Various Selling Agents                           | Upfront selling commissions                | A selling commission of up to 2% of the subscription amount may be deducted from the subscription proceeds and paid to the applicable Selling Agent, if any.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

----

----

| (a)   | Market information |
|-----------------|--------------------|

| (b)   | Holders |
|-----------------|---------|

| (c)   | Dividends |
|-----------------|-----------|

| (d)   | Securities Authorized for Issuance under Equity Compensation Plans |
|-----------------|--------------------------------------------------------------------|

| Month Ended       |   |   | Amount Redeemed |
|-------------------|--------|--------|----------------------|
|              |   |   |
| October 31, 2009  |   | $      | 2,671,957            |
| November 30, 2009 |   |   | 791,088              |
| December 31, 2009 |   |   | 2,012,766            |
| Total             |   | $      |  5,475,811      |

----

----

----

| Sector      | % Gain (Loss)     |
|-------------|-------------------|
| S&P 500 |   3.39% |
| Bonds       |   0.66% |
| Currency    | 11.22%            |
| Energy      |   9.90% |
| Metals      |  28.78%      |
| Grains      | 10.61%            |

| Sector      | % Gain (Loss)     |
|-------------|-------------------|
| S&P 500 | 4.85%             |
| Bonds       |  (8.87)%     |
| Currency    |   9.11% |
| Energy      | (31.95)%          |
| Metals      |  (9.55)%     |
| Grains      | (17.13)%          |

----

----

----

----

|             (ii) |  Identification of Certain Significant Employees |
|-------------------------------------------------------------------------|-------------------------------------------------------|
|                                                                    |                                                  |
|                                                                    | None.                                                 |
|                                                                    |                                                  |
|            (iii)      | Family Relationships                             |
|                                                                    |                                                  |
|                                                                    | None.                                                 |
|                                                                    |                                                  |
|            (iv)       | Business Experience                              |
|                                                                    |                                                  |
|                                                                    | See above.                                            |
|                                                                    |                                                  |
|             (v)  | Involvement in Certain Legal Proceedings.             |
|                                                                    |                                                  |
|                                                                    | None.                                                 |
|                                                                    |                                                  |
|            (vi)       | Promoters and Control Persons                         |
|                                                                    |                                                  |
|                                                                    | Not Applicable.                                       |

| (a)   | Securities authorized for issuance under equity compensation plans |
|-----------------|--------------------------------------------------------------------|

----

| (b)   | Security ownership of certain beneficial owners |
|-----------------|-------------------------------------------------|

| Name and Address                                                             | Value of Interests held | Percentage Ownership |
|------------------------------------------------------------------------------|-------------------------|----------------------|
|                                                                         |                    |                 |
| City of Meridian Police and Fire Fund H142 East Main StreetMeriden, CT 06108 | $5,317,695              | 7.92%                |
| City of Meridian Employees Fund M142 East Main StreetMeriden, CT 06108       | $5,317,695              | 7.92%                |

| (c)   | Security Ownership of Management |
|-----------------|----------------------------------|

| (d)   | Changes in Control |
|-----------------|--------------------|

----

|   | McGladrey & Pullen, LLP FEE CATEGORY | 2009     | 2008    |
|--------|----------------------------------------------------|----------|---------|
|   |                                               |     |    |
|   | Audit Fees(1)                                      | $124,763 | $67,500 |
|   | Audit-Related Fees                                 |  -  | -       |
|   | Tax Fees(2)                                        |  -  | -       |
|   | All Other Fees                                     |  -  | -       |
|   |                                               |     |    |
|   | TOTAL FEES                                         | $124,763 | $67,500 |

| (1) | Audit fees consist of fees for professional services rendered for the audit of the Partnership’s financial statements and review of financial statements included in the Partnership’s quarterly reports. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Tax fees consist of fees for the preparation of the Partnership's U.S. federal and required state tax returns. |
|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | Arthur F. Bell, Jr. & Associates, L.L.C. FEE CATEGORY | 2009          | 2008    |
|--------|----------------------------------------------------------------|---------------|---------|
|   |                                                           |          |    |
|   | Audit Fees(1)                                                  | -             | -       |
|   | Audit-Related Fees                                             |  -       | -       |
|   | Tax Fees(2)                                                    |  $16,064 | $15,865 |
|   | All Other Fees                                                 |  -       | -       |
|   |                                                           |          |    |
|   | TOTAL FEES                                                     | $16,064       | $15,865 |

| (1) | Audit fees consist of fees for professional services rendered for the audit of the Partnership’s financial statements and review of financial statements included in the Partnership’s quarterly reports. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Tax fees consist of fees for the preparation of the Partnership's U.S. federal and required state tax returns. |
|-----|-------------------------------------------------------------------------------------------------------------------------------|

----

----

| (a)   | Financial Statements |
|-----------------|----------------------|

| ·   | Statements of Financial Condition at December 31, 2009 and 2008; |
|--------------------|------------------------------------------------------------------|

| ·   | Condensed Schedule of Investments at December 31, 2009; |
|--------------------|---------------------------------------------------------|

| ·   | Condensed Schedule of Investments at December 31, 2008; |
|--------------------|---------------------------------------------------------|

| ·   | Statements of Operations For the Years Ended December 31, 2009 and 2008; and |
|--------------------|------------------------------------------------------------------------------|

| ·   | Statements of Changes in Partners’ Capital (Net Asset Value) For the Years Ended December 31, 2009 and 2008. |
|--------------------|--------------------------------------------------------------------------------------------------------------------|

| (b)   | Exhibits |
|-----------------|----------|

| Exhibit Designation | Description |
|---------------------|-------------|

|  *3.1  |   | Certificate of Formation of AIS Futures Fund IV L.P.                                                             |   |
|-------------|--------|------------------------------------------------------------------------------------------------------------------|--------|
|        |   |                                                                                                             |   |
|  **4.2 |   | Fourth Amended and Restated Limited Partnership Agreement of AIS Futures Fund IV L.P., dated as of March 1, 2008 |
|        |   |                                                                                                             |
| ***10.1     |   | Customer Agreement between Calyon Financial Inc. and AIS Futures Fund IV L.P.                                    |   |
|        |   |                                                                                                             |   |
| 31.01       |   | Rule 13a-14(a)/15d-14(a) Certification                                                                           |   |
|        |   |                                                                                                             |   |
| 32.01       |   | Section 1350 Certification                                                                                       |   |

----

| Dated:  March 31, 2010 | AIS FUTURES FUND IV L.P. By:  AIS FUTURES MANAGEMENT LLC                                                                                                                                                                                                                                                                          |
|----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                             |   By:  /s/ John Hummel                                       Name:  John HummelTitle:  President |

| Dated:  March 31, 2010 |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                             | By:  /s/ John Hummel                                      Name:  John HummelTitle:  Executive Officer, Principal Financial Officer and majority of the board of directors, or equivalent thereof, of AIS Futures Management LLC |

----

| Report of Independent Registered Public Accounting Firm for 2009                                                  | F-2              |
|-------------------------------------------------------------------------------------------------------------------|------------------|
|                                                                                                              |             |
| Report of Independent Registered Public Accounting Firm for 2008                                                  | F-3              |
|                                                                                                              |             |
| Statements of Financial Condition at December 31, 2009 and 2008                                                   | F-4              |
|                                                                                                              |             |
| Condensed Schedule of Investments at December 31, 2009                                                            | F-5              |
|                                                                                                              |             |
| Condensed Schedule of Investments at December 31, 2008                                                            | F-6              |
|                                                                                                              |             |
| Statements of Operations For the Years Ended December 31, 2009 and 2008                                           |   F-7       |
|                                                                                                              |             |
| Statements of Changes in Partners’ Capital (Net Asset Value) For the Years Ended December 31, 2009 and 2008 |   F-8       |
|                                                                                                              |             |
| Notes to Financial Statements                                                                                     | F-9 – F-16 |
|                                                                                                              |             |

----

----

----

|                                                 | 2009   |       | 2008   |
|------------------------------------------------------|--------|------------|--------|
| ASSETS                                               |   |       |   |   |   |
| Equity in broker trading account                     |   |       |   |   |   |
| Cash                                                 | $      | 5,944,256  |   | $ | 1,564,334 |
| United States government securities, at fair value   |   | 74,460,891 |   |   | 41,470,056 |
| Unrealized gain on open contracts, net               |   | 170,497    |   |   | 5,316,844 |
| Interest receivable                                  |   | 739        |   |   | 2,293 |
|                                                 |   |       |   |   |   |
| Deposits with broker                                 |   | 80,576,383 |   |   | 48,353,527 |
|                                                 |   |       |   |   |   |
| Cash                                                 |   | 390,030    |   |   | 540,030 |
|                                                 |   |       |   |   |   |
| Total assets                                         | $      | 80,966,413 |   | $ | 48,893,557 |
|                                                 |   |       |   |   |   |
|                                                 |   |       |   |   |   |
| LIABILITIES                                          |   |       |   |   |   |
| Accounts payable                                     | $      | 62,710     |   | $ | 58,861 |
| Commissions and other trading fees                   |   |       |   |   |   |
| on open contracts payable                            |   | 22,020     |   |   | 13,434 |
| Management fee payable                               |   | 127,373    |   |   | 69,791 |
| Selling agent administrative and service fee payable |   | 184,320    |   |   | 132,341 |
| Subscriptions received in advance                    |   | 390,000    |   |   | 540,000 |
| Redemptions payable                                  |   | 2,374,478  |   |   | 766,248 |
|                                                 |   |       |   |   |   |
| Total liabilities                                    |   | 3,160,901  |   |   | 1,580,675 |
|                                                 |   |       |   |   |   |
| PARTNERS' CAPITAL (Net Asset Value)                  |   |       |   |   |   |
| General Partner - Series B                           |   | 261,382    |   |   | 152,807 |
| Limited Partners - Series A                          |   | 77,544,130 |   |   | 47,160,075 |
|                                                 |   |       |   |   |   |
| Total partners' capital (Net Asset Value)            |   | 77,805,512 |   |   | 47,312,882 |
|                                                 |   |       |   |   |   |
|                                                 | $      | 80,966,413 |   | $ | 48,893,557 |

----

| UNITED STATES GOVERNMENT SECURITIES *                                                                                                                                                               |       |       |          |                         |                                      |       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|------------|---------------|------------------------------|-------------------------------------------|------------|
|                                                                                                                                                                                                | Face Value |       | Maturity Date | Description                  |                                      | Fair Value |   |   | % of NetAsset Value |   |
|                                                                                                                                                                                                |       |       |          |                         |                                      |       |   |   |   |   |
|                                                                                                                                                                                                | $          | 4,000,000  |          | 01/14/10                     | U.S. Treasury Bills                       |       | $ | 3,999,595 |   |   |   | 5.14 | % |
|                                                                                                                                                                                                |       | 2,000,000  |          | 01/21/10                     | U.S. Treasury Bills                       |       |   | 1,999,694 |   |   |   | 2.57 | % |
|                                                                                                                                                                                                |       | 4,500,000  |          | 01/28/10                     | U.S. Treasury Bills                       |       |   | 4,499,167 |   |   |   | 5.78 | % |
|                                                                                                                                                                                                |       | 4,000,000  |          | 03/11/10                     | U.S. Treasury Bills                       |       |   | 3,998,639 |   |   |   | 5.14 | % |
|                                                                                                                                                                                                |       | 6,500,000  |          | 03/18/10                     | U.S. Treasury Bills                       |       |   | 6,497,566 |   |   |   | 8.35 | % |
|                                                                                                                                                                                                |       | 7,500,000  |          | 04/08/10                     | U.S. Treasury Bills                       |       |   | 7,497,039 |   |   |   | 9.64 | % |
|                                                                                                                                                                                                |       | 6,000,000  |          | 04/22/10                     | U.S. Treasury Bills                       |       |   | 5,997,200 |   |   |   | 7.71 | % |
|                                                                                                                                                                                                |       | 4,000,000  |          | 05/13/10                     | U.S. Treasury Bills                       |       |   | 3,998,227 |   |   |   | 5.14 | % |
|                                                                                                                                                                                                |       | 8,000,000  |          | 06/03/10                     | U.S. Treasury Bills                       |       |   | 7,995,294 |   |   |   | 10.28 | % |
|                                                                                                                                                                                                |       | 13,000,000 |          | 06/10/10                     | U.S. Treasury Bills                       |       |   | 12,991,715 |   |   |   | 16.69 | % |
|                                                                                                                                                                                                |       | 4,000,000  |          | 06/24/10                     | U.S. Treasury Bills                       |       |   | 3,996,597 |   |   |   | 5.14 | % |
|                                                                                                                                                                                                |       | 11,000,000 |          | 07/01/10                     | U.S. Treasury Bills                       |       |   | 10,990,158 |   |   |   | 14.12 | % |
|                                                                                                                                                                                                |       |       |          |                         |                                      |       |   |   |   |   |   |   |   |
|                                                                                                                                                                                                |       |       |          |                         | Total United States government securities |       |   |   |   |   |   |   |   |
|                                                                                                                                                                                                |       |       |          |                         | (cost - $74,437,283)                      |       | $ | 74,460,891 |   |   |   | 95.70 | % |
|                                                                                                                                                                                                |       |       |          |                         |                                      |       |   |   |   |   |   |   |   |
| LONG FUTURES CONTRACTS **                                                                                                                                                                           |       |       |          |                         |                                      |       |   |   |   |
|                                                                                                                                                                                                |       |       |          | Description                  |                                      |       | Fair Value |   |   | % of NetAsset Value |   |
|                                                                                                                                                                                                |       |       |          |                         |                                      |       |   |   |   |   |   |   |   |
|                                                                                                                                                                                                |       |       |          | Agricultural                 |                                      |       | $ | (221,904 | ) |   |   | (0.28 | )% |
|                                                                                                                                                                                                |       |       |          | Currencies                   |                                      |       |   | (417,748 | ) |   |   | (0.54 | )% |
|                                                                                                                                                                                                |       |       |          | Energy                       |                                      |       |   | 2,450,797 |   |   |   | 3.15 | % |
|                                                                                                                                                                                                |       |       |          | Metals                       |                                      |       |   | (3,225,817 |  ) |   |   | (4.15 | )% |
|                                                                                                                                                                                                |       |       |          | Stock Index                  |                                      |       |   | 297,750 |   |   |   | 0.38 | % |
|                                                                                                                                                                                                |       |       |          |                         |                                      |       |   |   |   |   |   |   |   |
|                                                                                                                                                                                                |       |       |          | Total long futures contracts |                                      |       | (1,116,922 | ) |   |   | (1.44 | )% |
|                                                                                                                                                                                                |       |       |          |                         |                                      |       |   |   |   |   |   |   |   |
| SHORT FUTURES CONTRACTS**                                                                                                                                                                           |       |       |          |                         |                                      |       |   |   |   |
|                                                                                                                                                                                                |       |       |          | Description                  |                                      |       |   |   |   |   |   |   |   |
|                                                                                                                                                                                                |       |       |          |                         |                                      |       |   |   |   |   |   |   |   |
|                                                                                                                                                                                                |       |       |          | Interest Rates               |                                      |       | 1,287,419 |   |   |   | 1.66 | % |
|                                                                                                                                                                                                |       |       |          |                         |                                      |       |   |   |   |   |   |   |   |
|                                                                                                                                                                                                |       |       |          | Total futures contracts      |                                      | $          | 170,497 |   |   |   | 0.22 | % |
|                                                                                                                                                                                                |       |       |          |                         |                                      |       |   |   |   |   |   |   |   |
|                                                                                                                                                                                                |       |       |          |                         |                                      |       |   |   |   |   |   |   |   |
| * Pledged as collateral for the trading of futures and options on futures contracts.                                                                                                           |       |       |          |                         |                                      |       |   |   |
| ** No individual futures contract position constituted greater than 5 percent of Net Asset Value. Accordingly, the number of contracts and  expiration dates are not presented. |       |

----

| UNITED STATES GOVERNMENT SECURITIES *                                                                                                                                                         |       |       |          |                         |                                      |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|------------|---------------|------------------------------|-------------------------------------------|
|                                                                                                                                                                                          | Face Value |       | Maturity Date | Description                  |                                      | Fair Value |   |   | % of Net Asset Value |
|                                                                                                                                                                                          |       |       |          |                         |                                      |   |   |   |   |
|                                                                                                                                                                                          | $          | 10,500,000 |          | 01/02/09                     | U.S. Treasury Bills                       |   | $ | 10,498,827 |   |   |   | 22.19 | % |
|                                                                                                                                                                                          |       | 500,000    |          | 01/08/09                     | U.S. Treasury Bills                       |   |   | 499,786 |   |   |   | 1.06 | % |
|                                                                                                                                                                                          |       | 1,000,000  |          | 02/19/09                     | U.S. Treasury Bills                       |   |   | 997,395 |   |   |   | 2.11 | % |
|                                                                                                                                                                                          |       | 500,000    |          | 02/26/09                     | U.S. Treasury Bills                       |   |   | 498,503 |   |   |   | 1.05 | % |
|                                                                                                                                                                                          |       | 6,500,000  |          | 06/04/09                     | U.S. Treasury Bills                       |   |   | 6,491,897 |   |   |   | 13.72 | % |
|                                                                                                                                                                                          |       | 10,500,000 |          | 06/11/09                     | U.S. Treasury Bills                       |   |   | 10,492,440 |   |   |   | 22.18 | % |
|                                                                                                                                                                                          |       | 12,000,000 |          | 06/25/09                     | U.S. Treasury Bills                       |   |   | 11,991,208 |   |   |   | 25.34 | % |
|                                                                                                                                                                                          |       |       |          |                         |                                      |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                          |       |       |          |                         | Total United States government securities |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                          |       |       |          |                         | (cost - $41,347,804)                      |   | $ | 41,470,056 |   |   |   | 87.65 | % |
|                                                                                                                                                                                          |       |       |          |                         |                                      |   |   |   |   |   |   |   |   |   |
| LONG FUTURES CONTRACTS **                                                                                                                                                                     |       |       |          |                         |                                      |   |   |   |   |   |
|                                                                                                                                                                                          |       |       |          | Description                  |                                      |   | Fair Value |   |   | % of Net Asset Value |
|                                                                                                                                                                                          |       |       |          |                         |                                      |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                          |       |       |          | Agricultural                 |                                      |   | $ | 2,480,686 |   |   |   | 5.24 | % |
|                                                                                                                                                                                          |       |       |          | Currencies                   |                                      |   |   | 1,469,813 |   |   |   | 3.11 | % |
|                                                                                                                                                                                          |       |       |          | Energy                       |                                      |   |   | (33,947 | ) |   |   | (0.07 | )% |
|                                                                                                                                                                                          |       |       |          | Metals                       |                                      |   |   | 1,400,292 |   |   |   | 2.96 | % |
|                                                                                                                                                                                          |       |       |          |                         |                                      |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                          |       |       |          | Total long futures contracts |                                      | $ | 5,316,844 |   |   |   | 11.24 | % |
|                                                                                                                                                                                          |       |       |          |                         |                                      |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                          |       |       |          |                         |                                      |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                          |       |       |          |                         |                                      |   |   |   |   |   |   |   |   |   |
| * Pledged as collateral for the trading of futures and options on futures contracts.                                                                                                     |       |       |          |                         |                                      |   |   |   |   |
| ** No individual futures contract position constituted greater than 5 percent of Net Asset Value. Accordingly, the number of contracts and expiration dates are not presented. |       |       |
|                                                                                                                                                                                          |       |       |          |                         |                                      |   |   |   |   |   |   |   |   |   |

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|                           |   | 2009   |       |   | 2008   |   |
|--------------------------------|--------|--------|------------|--------|--------|--------|
| TRADING GAINS (LOSSES)         |   |   |       |   |   |   |
| Trading gains (losses)         |   |   |       |   |   |   |
| Realized                       |   | $      | 39,173,736 |   |   | $      | (60,437,484 | ) |
| Change in unrealized           |   |   | (5,146,347 | )      |   |   | (1,451,881 | ) |
| Brokerage commissions          |   |   | (128,483   | )      |   |   | (145,223 | ) |
|                           |   |   |       |   |   |   |   |   |
| Total trading gains (losses)   |   |   | 33,898,906 |   |   |   | (62,034,588 | ) |
|                           |   |   |       |   |   |   |   |   |
| NET INVESTMENT INCOME (LOSS)   |   |   |       |   |   |   |   |   |
| Income                         |   |   |       |   |   |   |   |   |
| Interest income                |   |   | 130,650    |   |   |   | 2,627,131 |   |
|                           |   |   |       |   |   |   |   |   |
| Expenses                       |   |   |       |   |   |   |   |   |
| Selling agent administrative   |   |   |       |   |   |   |   |   |
| and service fee                |   |   | 1,582,995  |   |   |   | 2,677,876 |   |
| Management fees                |   |   | 1,117,262  |   |   |   | 1,840,216 |   |
| Operating expenses             |   |   | 228,040    |   |   |   | 211,030 |   |
|                           |   |   |       |   |   |   |   |   |
| Total expenses                 |   |   | 2,928,297  |   |   |   | 4,729,122 |   |
|                           |   |   |       |   |   |   |   |   |
| Net investment income (loss)   |   |   | (2,797,647 | )      |   |   | (2,101,991 | ) |
|                           |   |   |       |   |   |   |   |   |
| NET INCOME (LOSS)              |   |   | 31,101,259 |   |   |   | (64,136,579 | ) |
| Less: General Partner          |   |   |       |   |   |   |   |   |
| Profit Share allocation        |   |   | 406,628    |   |   |   | 769,386 |   |
|                           |   |   |       |   |   |   |   |   |
| Net income (loss) for pro rata |   |   |       |   |   |   |   |   |
| allocation to all partners     |   | $      | 30,694,631 |   |   | $      | (64,905,965 | ) |
|                           |   |   |       |   |   |   |   |   |
|                           |   |   |       |   |   |   |   |   |

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|                                    |   | Partners' Capital |      |
|-----------------------------------------|--------|-------------------|-----------|
|                                    |   |              | Series B- |   |   | Series A- |   |   |   |
|                                    |   |              | General   |   |   | Limited |   |   |   |
|                                    |   |              | Partner   |   |   | Partners |   |   | Total |
|                                    |   |              |      |   |   |   |   |   |   |
|                                    |   |              |      |   |   |   |   |   |   |
| Balances at December 31, 2007           |   | $                 | 313,793   |   | $ | 77,617,731 |   | $ | 77,931,524 |
|                                    |   |              |      |   |   |   |   |   |   |
| Net income (loss) for the year ended    |   |              |      |   |   |   |   |   |   |
| December 31, 2008:                      |   |              |      |   |   |   |   |   |   |
| General Partner Profit Share allocation |   | 769,386           |      |   | 0 |   |   | 769,386 |
| Pro rata allocation to all partners     |   |              | (160,986) |   |   | (64,744,979) |   |   | (64,905,965) |
|                                    |   |              |      |   |   |   |   |   |   |
| Subscriptions                           |   |              | 0         |   |   | 56,526,470 |   |   | 56,526,470 |
|                                    |   |              |      |   |   |   |   |   |   |
| Redemptions                             |   |              | (769,386) |   |   | (22,239,147) |   |   | (23,008,533) |
|                                    |   |              |      |   |   |   |   |   |   |
|                                    |   |              |      |   |   |   |   |   |   |
| Balances at December 31, 2008           |   |              | 152,807   |   |   | 47,160,075 |   |   | 47,312,882 |
|                                    |   |              |      |   |   |   |   |   |   |
| Net income for the year ended           |   |              |      |   |   |   |   |   |   |
| December 31, 2009:                      |   |              |      |   |   |   |   |   |   |
| General Partner Profit Share allocation |   | 406,628           |      |   | 0 |   |   | 406,628 |
| Pro rata allocation to all partners     |   |              | 108,575   |   |   | 30,586,056 |   |   | 30,694,631 |
|                                    |   |              |      |   |   |   |   |   |   |
| Subscriptions                           |   |              | 0         |   |   | 9,981,105 |   |   | 9,981,105 |
|                                    |   |              |      |   |   |   |   |   |   |
| Redemptions                             |   |              | (406,628) |   |   | (10,183,106) |   |   | (10,589,734) |
|                                    |   |              |      |   |   |   |   |   |   |
|                                    |   |              |      |   |   |   |   |   |   |
| Balances at December 31, 2009           |   | $                 | 261,382   |   | $ | 77,544,130 |   | $ | 77,805,512 |

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|   | The General Partner has paid all organizational and offering costs and will not be reimbursed therefor. |
|--------|---------------------------------------------------------------------------------------------------------|

|   | Certain Series A Limited Partners that were solicited by Selling Agents are charged a Selling Agent Administrative and Service Fee (the Service Fee) equal to 1/12 of 2.5% (2.5% annually) of each Series A Limited Partner’s month-end Net Assets, as defined, sold by them which remain outstanding as of each month-end.  The Selling Agents may pass on a portion of the Service Fee to its investment executives.  In the event the Service Fee is no longer payable to a Selling Agent, the relevant Limited Partner who was solicited by such Selling Agent will no longer be charged the Service Fee.  For the years ended December 31, 2009 and 2008, certain Limited Partners were not subject to the Service Fee.  The Service Fee is accrued and expensed as incurred. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | For investment executives associated with the sale of Series A Limited Partnership Interests in excess of $500,000, the investment executive’s firm will receive an additional 1.5% per annum Service Fee with respect to such Series A Limited Partnership Interests in excess of $500,000, for the first twelve months following the sale of such Series A Limited Partnership Interests.  The additional Service Fee is paid by the Partnership, however, the General Partner reduces their Management Fee (see Note 2.) related to the Series A Limited Partner’s Interest.  Accordingly, this additional Service Fee does not affect the total fees charged to the Series A Limited Partner. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The Partnership is not required to make distributions, but may do so at the sole discretion of the General Partner.  A Limited Partner may request and receive partial or full redemption of their capital account as of the close of business on the last business day of any month, subject to restrictions in the Limited Partnership Agreement. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | Fair value, as defined in the Fair Value Measurements and Disclosures Topic of the Codification, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  The fair value hierarchy, as set forth in the Fair Value Measurements and Disclosures Topic of the Codification, prioritizes the inputs to valuation techniques used to measure fair value into three broad levels:  quoted market prices in active markets for identical assets or liabilities (Level 1); inputs other than quoted market prices that are observable for the asset or liability, either directly or indirectly (Level 2); and unobservable inputs for an asset or liability (Level 3).  If the inputs used to measure a financial instrument fall within different levels of the fair value hierarchy, the categorization is based on the lowest level input that is significant to the measurement of that financial instrument. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Financial assets and liabilities recorded on the statements of financial condition at December 31, 2009 and 2008 and are categorized as Level 1 and Level 2 based on the inputs to valuation techniques.  Level 1 denotes fair value is based on unadjusted quoted prices for identical assets or liabilities in an active market that the Partnership has the ability to access.  Level 2 denotes fair value is based on inputs other than quoted market prices that the Partnership has the ability to access.  The Partnership had no level 3 assets or liabilities during the years ended December 31, 2009 or 2008. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market.  A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The following tables summarize the Partnership’s assets accounted for at fair value at December 31, 2009 and 2008 using the fair value hierarchy: |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|                |   |
|---------------------|--------|
|                |   | December 31, 2009 |   |
| Description         |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Futures contracts   |   | $ | 170,497 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 170,497 |   |
| U.S. Treasury bills |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                |   |   | 0 |   |   |   | 74,460,891 |   |   |   | 0 |   |   |   | 74,460,891 |   |
| Total               |   | $ | 170,497 |   |   | $ | 74,460,891 |   |   | $ | 0 |   |   | $ | 74,631,388 |   |
|                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                |   |
|---------------------|--------|
|                |   | December 31, 2008 |   |
| Description         |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Futures contracts   |   | $ | 5,316,844 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 5,316,844 |   |
| U.S. Treasury bills |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                |   |   | 0 |   |   |   | 41,470,056 |   |   |   | 0 |   |   |   | 41,470,056 |   |
| Total               |   | $ | 5,316,844 |   |   | $ | 41,470,056 |   |   | $ | 0 |   |   | $ | 46,786,900 |   |
|                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|   | The fair value of futures contracts is based on exchange settlement prices and the fair value of U.S. Treasury bills is based on cost plus accrued interest, which approximates fair value. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                  |   | December 31, 2009 |      |
|---------------------------------------|--------|-------------------|-----------|
| Futures Contracts                     |   | Assets            |      |   | Liabilities |   |   | Net |   |
| Agricultural                          |   | $                 | 347,471   |   |   | $ | (569,375 | ) |   | $ | (221,904 | ) |
| Currencies                            |   |              | 134,062   |   |   |   | (551,810 | ) |   |   | (417,748 | ) |
| Energy                                |   |              | 2,585,858 |   |   |   | (135,061 | ) |   |   | 2,450,797 |   |
| Interest rates                        |   |              | 1,287,731 |   |   |   | (312 | ) |   |   | 1,287,419 |   |
| Metals                                |   |              | 321,200   |   |   |   | (3,547,017 | ) |   |   | (3,225,817 | ) |
| Stock index                           |   |              | 297,750   |   |   |   | 0 |   |   |   | 297,750 |   |
| Total gross fair value of derivatives |   | $                 | 4,974,072 |   |   | $ | (4,803,575 | ) |   | $ | 170,497 |   |
|                                  |   |              |      |   |   |   |   |   |   |   |   |   |

|   | The following presents the trading results of the Partnership’s derivative trading and information related to the volume of the Partnership’s derivative activity for the year ended December 31, 2009.  The below captions of “Realized” and “Change in unrealized” correspond to the captions in the statements of operations. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                  |   | Year Ended December 31, 2009 |       |
|-----------------------------------------------------------------------|--------|------------------------------|------------|
|                                                                  |   | Gain (loss) from trading     |       |   |   |   |
|                                                                  |   | Realized                     |       |   | Change inUnrealized |   |   | Number ofContracts Closed |   |
| Futures Contracts                                                     |   |                         |       |   |   |   |   |   |   |
| Agricultural                                                          |   | $                            | 8,033,424  |   |   | $ | (2,702,590 | ) |   |   | 6,343 |   |
| Currencies                                                            |   |                         | 7,471,336  |   |   |   | (1,887,561 | ) |   |   | 1,694 |   |
| Energy                                                                |   |                         | 3,623,623  |   |   |   | 2,484,744 |   |   |   | 7,663 |   |
| Interest rates                                                        |   |                         | (581,282   | ) |   |   | 1,287,419 |   |   |   | 229 |   |
| Metals                                                                |   |                         | 18,716,716 |   |   |   | (4,626,109 | ) |   |   | 2,510 |   |
| Stock index                                                           |   |                         | 1,909,919  |   |   |   | 297,750 |   |   |   | 277 |   |
| Total gain (loss) from derivatives tradingper statement of operations |   | $                            | 39,173,736 |   |   | $ | (5,146,347 | ) |   |   |   |   |
|                                                                  |   |                         |       |   |   |   |   |   |   |   |   |   |

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|   | The Partnership deposits funds with Newedge USA, LLC, subject to Commodity Futures Trading Commission regulations and various exchange and broker requirements.  Margin requirements are satisfied by the deposit of U.S. Treasury bills and cash with such broker.  Accordingly, assets used to meet margin and other broker or regulatory requirements are partially restricted.  The Partnership earns interest income on its assets deposited with the broker. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Purchase and sale of futures and options on futures contracts requires margin deposits with the broker. Additional deposits may be necessary for any loss on contract fair value.  The Commodity Exchange Act requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities.  A customer’s cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements.  In the event of a broker’s insolvency, recovery may be limited to a pro rata share of segregated funds available.  It is possible that the recovered amount could be less than total cash and other property deposited.  As the Partnership deposits substantially all of its assets with the broker, Newedge USA, LLC, the Partnership has a significant concentration of credit risk with the broker. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | For futures contracts, risks arise from changes in the fair value of the contracts.  Theoretically, the Partnership is exposed to a market risk equal to the notional contract value of futures contracts purchased and unlimited liability on such contracts sold short. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The Partnership maintains its cash in bank deposit accounts at Wachovia Bank, N.A., Greenwich, Connecticut.  Such accounts may, at times, exceed federally insured limits.  The Partnership has not experienced any losses in such accounts.  The General Partner believes the Partnership is not exposed to any significant credit risk on cash. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | In the normal course of business, the Partnership enters into contracts and agreements that contain a variety of representations and warranties, both of which provide general indemnifications.  The Partnership’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Partnership that have not yet occurred.  The Partnership expects the risk of any future obligation under these indemnifications to be remote. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | The General Partner has evaluated subsequent events through the date the financial statements were issued, and has determined there are no subsequent events that require disclosure. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The following information presents the financial highlights for Series A Limited Partners of the Partnership for the years ended December 31, 2009 and 2008.  This information has been derived from information presented in the financial statements. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                             |   | 2009   |   |   | 2008   |   |
|--------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Total return for Series A Limited Partners taken as a whole                                      |   |   |   |   |   |   |
|                                                                                             |   |   |   |   |   |   |
| Total return before General Partner Profit Share allocation                                      |   |   | 63.67  | %      |   |   | (53.42 | )% |
| General Partner Profit Share allocation                                                          |   |   | (0.89  | )%     |   |   | (0.01 | )% |
|                                                                                             |   |   |   |   |   |   |   |   |
| Total return after General Partner Profit Share allocation                                       |   |   | 62.78  | %      |   |   | (53.43 | )% |
|                                                                                             |   |   |   |   |   |   |   |   |
| Supplemental Data for Series A Limited Partners                                                  |   |   |   |   |   |   |   |   |
|                                                                                             |   |   |   |   |   |   |   |   |
| Ratios to average net asset value:(1)Expenses, excluding General Partner Profit Share allocation |   |   | 5.01   | %      |   |   | 4.44 | % |
| General Partner Profit Share allocation                                                          |   |   | 0.70   | %      |   |   | 0.72 | % |
|                                                                                             |   |   |   |   |   |   |   |   |
| Total expenses                                                                                   |   |   | 5.71   | %      |   |   | 5.16 | % |
|                                                                                             |   |   |   |   |   |   |   |   |
| Net investment (loss)(2)                                                                         |   |   | (4.78  | )%     |   |   | (1.98 | )% |

|   | The total returns and ratios are presented for Series A Limited Partners taken as a whole based on the Partnership’s standard Management Fee, Service Fee and General Partner Profit Share allocation arrangements.  An individual limited partner’s total returns and ratios may vary from the above total returns and ratios based on the timing of their subscriptions and redemptions and given potentially different fee arrangements for a Series A Limited Partner. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The total returns and ratios exclude the effects of any 2% upfront selling commissions charged by Selling Agents. |
|--------|-------------------------------------------------------------------------------------------------------------------|

|   | (1) | The ratio of expenses and net investment (loss) to average net asset value do not include brokerage commissions. |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (2) | The net investment (loss) is comprised of interest income less total expenses, excluding brokerage commissions and the General Partner Profit Share allocation. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

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