Financial Highlights (Note E)

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements

Financial Highlights (Note E)

NOTE E – FINANCIAL HIGHLIGHTS

Financial highlights for the Fund are shown below. All income and expense percentages are based on total income or expense for the year for each class and are calculated using the weighted average invested capital by class of unit. Ratios for Class E units reflect the fact that Class E units incur no management or incentive fees. An individual investor’s ratios may vary from these ratios due to the timing of investments and withdrawals and market volatility.

Financial highlights were as follows for the year ended December 31, 2011:

Per Unit Activity	Class A			Class B			Class C			Class E
Beginning net unit value at December 31, 2010	$	115.78		$	131.86		$	102.89		$	142.91
Net realized and unrealized loss on investments		(9.14	)		(10.54	)		(8.25	)		(11.52	)
Interest income		0.00			0.00			0.00			0.00
Total investment loss		(9.14	)		(10.54	)		(8.25	)		(11.52	)
Management and incentive fees		(1.11	)		(1.28	)		(0.75	)		-0-
Administrative and other expenses		(4.92	)		(3.12	)		(2.16	)		(3.40	)
Total operating expenses		(6.03	)		(4.40	)		(2.91	)		(3.40	)
Ending unit value December 31, 2011	$	100.61		$	116.92		$	91.73		$	127.99
	Class A			Class B			Class C			Class E
Net investment loss		(8.78%	)		(7.53%	)		(23.98%	)		(6.48%	)
Operating expenses, before incentive fees		(5.23%	)		(3.46%	)		(4.98%	)		(2.40%	)
Operating expenses, after incentive fees		(5.23%	)		(3.46%	)		(4.98%	)		(2.40%	)
Decrease in net assets		(14.01%	)		(10.98%	)		(28.96%	)		(8.89%	)
Total return		(13.10%	)		(11.34%	)		(10.85%	)		(10.44%	)
Earnings per unit	$	(15.81	)	$	(14.24	)	$	(28.31	)	$	(12.57	)

The portfolio turnover rate for the year ended December 31, 2011 was 34.98%.

Financial highlights were as follows for the year ended December 31, 2010:

Per Unit Activity	Class A			Class B			Class C			Class E
Beginning net unit value at December 31, 2009	$	109.66		$	122.50		$	95.03		$	131.49
Net realized and unrealized gain on investments		11.14			12.64			9.85			13.67
Interest income		0.00			0.00			0.00			0.00
Total investment gain		11.14			12.64			9.85			13.67
Management and incentive fees		(1.09	)		(1.23	)		(0.72	)		-0-
Administrative and other expenses		(3.93	)		(2.05	)		(1.27	)		(2.25	)
Total operating expenses		(5.02	)		(3.28	)		(1.99	)		(2.25	)
Ending unit value December 31, 2010	$	115.78		$	131.86		$	102.89		$	142.91
	Class A			Class B			Class C			Class E
Net investment income		12.33%			10.12%			9.42%			9.32%
Operating expenses, before incentive fees		(4.89%	)		(2.64%	)		(2.04%	)		(1.55%	)
Operating expenses, after incentive fees		(4.89%	)		(2.64%	)		(2.04%	)		(1.55%	)
Increase  in net assets		7.44%			7.47%			7.39%			7.77%
Total return		5.58%			7.64%			8.27%			8.69%
Earnings per unit	$	8.07		$	9.11		$	12.64		$	10.20

The portfolio turnover rate for the year ended December 31, 2010 was 72.75%.

Financial highlights were as follows for the year ended December 31, 2009:

Per Unit Activity	Class A			Class B			Class C			Class E
Beginning net unit value at December 31, 2008	$	121.94		$	133.53		$	102.93		$	141.90
Net realized and unrealized loss on investments		(7.64	)		(8.42	)		(6.51	)		(8.98	)
Interest income		0.00			0.00			0.00			0.00
Total investment loss		(7.64	)		(8.42	)		(6.51	)		(8.98	)
Management and incentive fees		(1.15	)		(1.27	)		(0.74	)		-0-
Administrative and other expenses		(3.49	)		(1.34	)		(0.65	)		(1.43	)
Total operating expenses		(4.64	)		(2.61	)		(1.39	)		(1.43	)
Ending unit value December 31, 2009	$	109.66		$	122.50		$	95.03		$	131.49
	Class A			Class B			Class C			Class E
Net investment loss		(6.55%	)		(6.53%	)		(5.88%	)		(6.44%	)
Operating expenses, before incentive fees		(4.05%	)		(2.06%	)		(1.21%	)		(1.02%	)
Operating expenses, after incentive fees		(4.05%	)		(2.06%	)		(1.21%	)		(1.02%	)
Decrease in net assets		(10.60%	)		(8.58%	)		(7.10%	)		(7.46%	)
Total return		(10.07%	)		(8.26%	)		(7.68%	)		(7.34%	)
Losses per unit	$	(12.28	)	$	(10.97	)	$	(13.03	)	$	(10.19	)

The portfolio turnover rate for the year ended December 31, 2009 was 39.56%.