Net Assets (Note C)

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements

Net Assets

NOTE C – NET ASSETS

The Fund maintains separate capital accounts for its members. Net profits, net losses, and expenses attributable to each class are allocated to the members holding units of each class in proportion to their respective unit ownership percentages.

Each member may withdraw all or any portion of his/her capital account as of the end of each calendar month, provided that the withdrawing member gives at least 10 days prior written notice.

The Fund admits members only on the first day of each month. At December 31, 2011 and 2010, the Fund had received capital contributions of $3,164,000 and $521,391, respectively that were credited to the member’s capital accounts on the first day of the following month or in a future admission period. These amounts have been recorded as capital contributions received in advance of admission date. 

The Fund may be dissolved at any time by the determination of the managing member to dissolve and liquidate the Fund. 

During the years ended December 31, 2009, 2010 and 2011, net assets changed as follows:

	Class A			Class B			Class C			Class E			Total
Net asset value at December 31, 2008	$	7,656,205		$	84,376,645		$	6,063,330		$	17,780,575		$	115,876,755
Issuance of units		2,650,160			19,198,544			400,000			219,972			22,468,676
Redemption of units		(1,904,431	)		(19,157,755	)		(4,252,747	)		(3,395,689	)		(28,710,622	)
Net decrease from operations		(820,757	)		(6,842,014	)		(379,933	)		(1,249,120	)		(9,291,824	)
Net asset value at December 31, 2009	$	7,581,177		$	77,575,420		$	1,830,650		$	13,355,738		$	100,342,985
Issuance of units		7,269,842			19,482,471			1,000			193,540			26,946,853
Redemption of units		(1,030,323	)		(27,435,632	)		(1,940,936	)		(5,035,613	)		(35,442,504	)
Net decrease from operations		941,859			5,779,914			110,341			994,946			7,827,060
Net asset value at December 31, 2010	$	14,762,555		$	75,402,173		$	1,055		$	9,508,611		$	99,674,394
Issuance of units		1,964,268			15,597,632			5,521,000			330,600			23,413,500
Redemption of units		(5,977,113	)		(19,852,268	)		(70,876	)		(2,371,332	)		(28,271,589	)
Net decrease from operations		(2,068,771	)		(7,942,526	)		(314,158	)		(777,688	)		(11,103,143	)
Net asset value at December 31, 2011	$	8,680,939		$	63,205,011		$	5,137,021		$	6,690,191		$	83,713,162

Unit transactions for the year ended December 31, 2009, 2010 and 2011 were as follows:

	Class A			Class B			Class C			Class E			Total
Units outstanding at December 31, 2008		62,787			631,907			58,904			125,305			878,903
Units issued		23,042			150,104			4,133			1,612			178,891
Units redeemed		(16,697	)		(148,754	)		(43,771	)		(25,341	)		(234,563	)
Units outstanding at December 31, 2009		69,132			633,257			19,266			101,576			823,231
Net asset value per unit at December 31, 2009	$	109.66		$	122.50		$	95.03		$	131.49
Units outstanding at December 31, 2009		69,132			633,257			19,266			101,576			823,231
Units issued		67,795			157,755			10			1,477			227,037
Units redeemed		(9,418	)		(219,198	)		(19,266	)		(36,516	)		(284,398	)
Units outstanding at December 31, 2010		127,509			571,814			10			66,537			765,870
Net asset value per unit at December 31, 2010	$	115.78		$	131.86		$	102.89		$	142.91
Units outstanding at December 31, 2010		127,509			571,814			10			66,537			765,870
Units issued		16,999			123,970			56,773			2,377			200,119
Units redeemed		(58,226	)		(155,178	)		(774	)		(16,641	)		(230,819	)
Units outstanding at December 31, 2011		86,282			540,606			56,009			52,273			735,170
Net asset value per unit at December 31, 2011	$	100.61		$	116.92		$	91.72		$	127.99