Financial Highlights

9 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Financial Highlights

NOTE E – FINANCIAL HIGHLIGHTS

Financial highlights were as follows for the nine months ended September 30, 2011:

Per unit activity:	Class A Units			Class B Units			Class C Units			Class D Units †		Class E Units
Beginning net unit value at December 31, 2010	$	115.78		$	131.86		$	102.89			N/A	$	142.91
Net loss from investments in investment funds		(3.97	)		(4.57	)		(3.57	)		N/A		(5.00	)
Interest income		0.00			0.00			0.00			N/A		0.00
Total investment loss		(3.97	)		(4.57	)		(3.57	)		N/A		(5.00	)
Management & incentive fees		(0.85	)		(0.98	)		(0.57	)		N/A		0.00
Administrative fees		(0.30	)		(0.34	)		(0.08	)		N/A		(0.37	)
Other expenses		(3.66	)		(2.27	)		(1.75	)		N/A		(2.47	)
Total operating expenses		(4.81	)		(3.59	)		(2.40	)		N/A		(2.84	)
Ending unit value at September 30, 2011	$	107.00		$	123.70		$	96.92			N/A	$	135.07

^† Class D units had not yet been issued as of September 30, 2011.

These amounts were calculated based on the weighted average of monthly units outstanding by class.

	Class A Units			Class B Units			Class C Units			Class D Units		Class E Units
Net investment loss		(3.98%	)		(2.82%	)		(4.30%	)		N/A		(2.46%	)
Operating expenses		(4.20%	)		(2.77%	)		(4.03%	)		N/A		(1.99%	)
Net loss		(8.17%	)		(5.60%	)		(8.33%	)		N/A		(4.44%	)
Total return		(7.59%	)		(6.19%	)		(5.81%	)		N/A		(5.48%	)

The portfolio turnover rate for the nine months ended September 30, 2011 was 30.95%.

Financial highlights were as follows for the nine months ended September 30, 2010:

Per unit activity:	Class A Units			Class B Units			Class C Units			Class D Units †		Class E Units
Beginning net unit value at December 31, 2009	$	109.66		$	122.50		$	95.02			N/A	$	131.49
Net income from investments in investment funds		4.15			4.70			3.66			N/A		5.08
Interest income		0.00			0.00			0.00			N/A		0.00
Total investment income		4.15			4.70			3.66			N/A		5.08
Management & incentive fees		(0.81	)		(0.91	)		(0.53	)		N/A		0.00
Administrative fees		(0.28	)		(0.32	)		(0.04	)		N/A		(0.34	)
Other expenses		(2.33	)		(0.85	)		(0.62	)		N/A		(0.95	)
Total operating expenses		(3.42	)		(2.08	)		(1.19	)		N/A		(1.29	)
Ending unit value at September 31, 2010	$	110.39		$	125.12		$	97.49			N/A	$	135.28

^† Class D Units had not yet been issued as of September 30, 2010.

These amounts were calculated based on the weighted average of monthly units outstanding by class.

	Class A Units			Class B Units			Class C Units			Class D Units		Class E Units
Net investment income		5.42%			3.72%			3.13%			N/A		3.70%
Operating expenses		(3.73%	)		(1.71%	)		(1.23%	)		N/A		(0.98%	)
Net income		2.05%			2.02%			1.90%			N/A		2.72%
Total return		0.66%			2.14%			2.60%			N/A		2.88%

The portfolio turnover rate for the nine months ended September 30, 2010 was 54.96%.