SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                    FORM 10-Q

     [X] Quarterly report pursuant to Section 13 or 15(d) of the Securities
                              Exchange Act of 1934


                  For the quarterly period ended June 30, 2005,


                                       or

     [ ] Transition report pursuant to Section 13 or 15(d) of the Securities
                              Exchange Act of 1934

          For the transition period from ____________ to _____________


                         COMMISSION FILE NUMBER 0-49767


                               MLM INDEX(TM) FUND
           ----------------------------------------------------------
             (Exact name of registrant as specified in its charter)


                                    DELAWARE
           ----------------------------------------------------------
         (State or other jurisdiction of incorporation or organization)


               47 Hulfish Street, Suite 510, Princeton, New Jersey
           ----------------------------------------------------------
                    (Address of principal executive offices)


                         Unleveraged Series: 22-2897229
                          Leveraged Series: 22-3722683
           ----------------------------------------------------------
                      (IRS Employer Identification Number)

                                      08542
           ----------------------------------------------------------
                                   (Zip Code)


                                 (609) 924-8868
           ----------------------------------------------------------
               (Registrant's telephone number including area code)

           ----------------------------------------------------------
             (Former name, former address and former fiscal year, if
                           changed since last report)

     Indicate by check mark whether the registrant (1) has filed all reports
  required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
  1934 during the preceding 12 months, and (2) has been subject to such filing
                       requirements for the past 90 days.

                             Yes X               No
                             ---                 --


                                        1
<PAGE>
<TABLE>
<CAPTION>
                                 MLM INDEX(TM) FUND
                                 INDEX TO FORM 10Q
                                   JUNE 30, 2005

PART I - FINANCIAL INFORMATION
-----------------------------------------------------------------------------------
                                                                             Page
Item 1 Financial Statements:                                                 Number
-----------------------------------------------------------------------------------
<S>                                                                          <C>
  Statements of Financial Condition as of June 30, 2005 (unaudited) and
  December 31, 2004 (audited)                                                     3
-----------------------------------------------------------------------------------
  Condensed Schedules of Investments as of June 30, 2005 (unaudited) and
  December 31, 2004 (audited)                                                     4
-----------------------------------------------------------------------------------
  Unaudited Interim Statements of Operations for the three months ended
  June 30, 2005 and 2004 and for the six months ended June 30, 2005 and
  2004                                                                            5
-----------------------------------------------------------------------------------
  Unaudited Interim Statements of Changes in Investors' Interest for the six
  months ended June 30, 2005 and 2004                                             6
-----------------------------------------------------------------------------------
  Unaudited Interim Statements of Cash Flows for the six months ended
  June 30, 2005 and 2004                                                          9
-----------------------------------------------------------------------------------
Item 2  Management's Discussion and Analysis of Financial Condition
        and Results of Operations                                                17
-----------------------------------------------------------------------------------
Item 3  Quantitative and Qualitative Disclosures of Market Risk                  20
-----------------------------------------------------------------------------------
Item 4  Controls and Procedures                                                  22
-----------------------------------------------------------------------------------

PART II - OTHER INFORMATION
-----------------------------------------------------------------------------------

Item 1     Legal Proceedings                                                     22
-----------------------------------------------------------------------------------

Item 2     Changes in Securities and Use of Proceeds                             22
-----------------------------------------------------------------------------------

Item 3     Defaults Upon Senior Securities                                       22
-----------------------------------------------------------------------------------

Item 4     Submission of Matters to a Vote of Security Holders                   22
-----------------------------------------------------------------------------------

Item 5     Other Information                                                     22
-----------------------------------------------------------------------------------

Item 6     Exhibits and Reports on Form 8-K                                      23
-----------------------------------------------------------------------------------
</TABLE>


                                        2
<PAGE>
<TABLE>
<CAPTION>
MLM Index(TM) Fund
Interim Statements of Financial Condition
As of June 30, 2005 (Unaudited) and December 31, 2004 (Audited)

                                             JUNE 30,    December 31,
                                           ------------  -------------
                                               2005          2004
                                           ---------------------------
<S>                                        <C>           <C>
ASSETS
Cash and cash equivalents                  $354,166,865  $ 347,850,015
Due from broker                              16,146,121     17,275,811
Prepaid expenses                                250,000        219,720
Interest receivable                             635,808         21,711
Other assets                                      1,467          1,477
                                           ---------------------------
Total assets                               $371,200,261  $ 365,368,734
                                           ===========================

LIABILITIES AND INVESTORS' INTEREST
Redemptions payable                        $  7,341,872  $   4,706,201
Brokerage commissions payable                   345,439        402,138
Management fee payable                          462,839        473,458
Subscriptions received in advance                     -        278,500
Accrued expenses                                267,687        643,592
                                           ---------------------------
Total liabilities                             8,417,837      6,503,889

Investors' interest                         362,782,424    358,864,845
                                           ---------------------------
Total liabilities and investors' interest  $371,200,261  $ 365,368,734
                                           ===========================
</TABLE>

See  Notes  to  Financial  Statements


                                        3
<PAGE>
<TABLE>
<CAPTION>
MLM Index(TM) Fund
Interim Condensed Schedules of Investments
June 30, 2005 (Unaudited)

                                              UNREALIZED     PERCENTAGE OF
                                 NUMBER OF   APPRECIATION      INVESTORS'
SECURITY DESCRIPTION             CONTRACTS  (DEPRECIATION)      INTEREST
---------------------------------------------------------------------------
<S>                              <C>        <C>              <C>
Futures
Long Futures Contracts (1)
  Financial                          3,002  $    4,793,873            1.32%
  Commodity                          2,054       2,838,516            0.78
                                            -------------------------------
                                                 7,632,389            2.10

Short Futures Contracts (1)
  Financial                          1,358       5,630,994            1.55
  Commodity                          4,735        (821,830)          (0.22)
                                            -------------------------------
                                                 4,809,164            1.33
Net unrealized appreciation on
  futures contracts                         $   12,441,553            3.43%
                                            ===============================


December 31, 2004 (Audited)
                                             UNREALIZED       PERCENTAGE OF
                                 NUMBER OF   APPRECIATION      INVESTORS'
SECURITY DESCRIPTION             CONTRACTS   (DEPRECIATION)     INTEREST
---------------------------------------------------------------------------
Futures
Long Futures Contracts (1)
  Financial                          4,215  $      609,934            0.17%
  Commodity                          4,089      (4,038,780)          (1.13)
                                            -------------------------------
                                                (3,428,846)          (0.96)

Short Futures Contracts (1)
  Commodity                          3,588       1,287,475            0.36
                                            -------------------------------

Net unrealized depreciation on
  futures contracts                         $   (2,141,371)         (0.60)%
                                            ===============================
</TABLE>

See  Notes  to  Financial  Statements

(1) All such amounts are included, net, in due from brokers on the statements of
financial  condition.


                                        4
<PAGE>
<TABLE>
<CAPTION>
MLM Index(TM) Fund
Unaudited Interim Statements of Operations

                                                      FOR THE THREE    FOR THE THREE      FOR THE SIX     FOR THE SIX
                                                       MONTHS ENDED     MONTHS ENDED     MONTHS ENDED    MONTHS ENDED
                                                           JUNE 30,         JUNE 30,         JUNE 30,        JUNE 30,
                                                              2005             2004              2005            2004
                                                     ----------------------------------------------------------------
<S>                                                  <C>              <C>              <C>             <C>
INVESTMENT INCOME
Interest                                             $    2,593,295   $      821,209   $   4,774,383   $   1,547,323

EXPENSES
Brokerage commissions                                     1,044,280        1,220,900       2,104,930       2,254,519
Management fee                                            1,036,542        1,041,975       2,088,704       1,927,865
Operating expenses                                          546,095          565,052       1,119,902       1,135,161
                                                     ----------------------------------------------------------------
Total expenses                                            2,626,917        2,827,927       5,313,536       5,317,545

Net investment loss                                         (33,622)      (2,006,718)       (539,153)     (3,770,222)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Net realized gain or (loss)                             (11,110,143)     (18,626,671)    (20,073,472)     22,928,522

Net change in unrealized appreciation
  (depreciation) on investments                          10,513,510      (25,665,939)     14,372,258     (23,683,324)
                                                     ----------------------------------------------------------------

Net realized and unrealized loss on
  Investments                                              (596,633)     (44,292,610)     (5,701,214)       (754,802)
                                                     ----------------------------------------------------------------

Net loss                                                  ($630,255)    ($46,299,328)    ($6,240,367)    ($4,525,024)
                                                     ================================================================
</TABLE>

See  Notes  to  Financial  Statements


                                        5
<PAGE>
MLM  Index(TM)  Fund
Unaudited Interim Statement of Changes in Investors' Interest
For the six months ended June 30, 2005

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
                                                     LEVERAGED SERIES
------------------------------------------------------------------------------------------------
                            CLASS A        CLASS B        CLASS C       CLASS D       TOTAL

                            SHARES         SHARES         SHARES        SHARES       LEVERAGED
                                                                                      SERIES
------------------------------------------------------------------------------------------------
<S>                     <C>           <C>             <C>           <C>           <C>
------------------------------------------------------------------------------------------------
Investors' interest at  $36,053,534   $ 120,716,973   $ 9,042,749   $20,889,960   $ 186,703,216
December 31, 2004
------------------------------------------------------------------------------------------------
Subscriptions             2,922,006      15,258,005             -     1,601,754      19,781,765

------------------------------------------------------------------------------------------------
Redemptions              (2,467,744)    (14,649,728)            -       (29,169)    (17,146,641)

------------------------------------------------------------------------------------------------
Transfers                   460,412         694,436             -     1,108,693       2,263,541

------------------------------------------------------------------------------------------------
Net loss                 (1,287,810)     (3,390,306)     (240,558)     (501,259)     (5,419,933)

------------------------------------------------------------------------------------------------
Investors' interest at  $35,680,398   $ 118,629,380   $ 8,802,191   $23,069,979   $ 186,181,948
June 30, 2005

------------------------------------------------------------------------------------------------
Shares at December       378,832.53    1,175,292.83    108,672.04    208,899.60    1,871,697.00
31, 2004

------------------------------------------------------------------------------------------------
Subscriptions             31,360.81      151,881.84             -     16,195.58      199,438.23

------------------------------------------------------------------------------------------------
Redemptions              (26,822.13)    (146,664.61)            -       (305.16)    (173,791.90)

------------------------------------------------------------------------------------------------
Transfers                  4,894.64        6,625.73             -     11,321.21       22,841.58

------------------------------------------------------------------------------------------------
Shares at June 30,       388,265.85    1,187,135.79    108,672.04    236,111.23    1,920,184.91
2005

------------------------------------------------------------------------------------------------
Net asset value per
share:

  June 30, 2005         $     91.90   $       99.93   $     81.00   $     97.71




-------------------------------------------------------------------------------------------------------------
                                                              UNLEVERAGED SERIES
-------------------------------------------------------------------------------------------------------------
                           CLASS A        CLASS B        CLASS C    CLASS D         TOTAL            TOTAL

                            SHARES        SHARES         SHARES     SHARES        UNLEVERAGED      INVESTORS'

                                                                                    SERIES         INTEREST
--------------------------------------------------------------------------------------------------------------
<S>                     <C>           <C>            <C>          <C>           <C>             <C>
Investors' interest at  $25,454,828   $ 81,098,538   $  468,278   $65,139,985   $ 172,161,629   $ 358,864,845
December 31, 2004

--------------------------------------------------------------------------------------------------------------
Subscriptions             2,199,655     13,609,606            -    11,828,000      27,637,261      47,419,026

--------------------------------------------------------------------------------------------------------------
Redemptions              (2,962,539)   (12,730,183)     (60,853)   (4,360,864)    (20,114,439)    (37,261,080)

--------------------------------------------------------------------------------------------------------------
Transfers                  (208,021)    (3,101,168)           -     1,045,648      (2,263,541)              -

--------------------------------------------------------------------------------------------------------------
Net loss                   (251,446)      (441,053)      (1,596)     (126,339)       (820,434)     (6,240,367)

--------------------------------------------------------------------------------------------------------------
Investors' interest at  $24,232,477   $ 78,435,740   $  405,829   $73,526,430   $ 176,600,476   $ 362,782,424
June 30, 2005

--------------------------------------------------------------------------------------------------------------
Shares at December       236,937.09     711,557.36     4,682.78    651,399.85    1,604,577.08    3,476,274.08
31, 2004

--------------------------------------------------------------------------------------------------------------
Subscriptions             20,630.44     119,948.55            -    119,257.05      259,836.04      459,274.27

--------------------------------------------------------------------------------------------------------------
Redemptions              (27,758.86)   (112,474.03)     (614.83)   (43,777.11)    (184,624.83)    (358,416.73)

--------------------------------------------------------------------------------------------------------------
Transfers                 (1,949.36)    (27,295.49)           -     10,512.65      (18,732.20)       4,109.38

--------------------------------------------------------------------------------------------------------------
Shares at June 30,       227,859.31     691,736.39     4,067.95    737,392.44    1,661,056.09    3,581,241.00
2005

--------------------------------------------------------------------------------------------------------------
Net asset value per
share:

  June 30, 2005         $    106.35   $     113.39   $    99.76   $     99.71

</TABLE>

See  Notes  to  Financial  Statements


                                        6
<PAGE>
MLM  Index(TM)  Fund
Unaudited Interim Statement of Changes in Investors' Interest
For the six months ended June 30, 2004

<TABLE>
<CAPTION>
                               Leveraged Series


                                                                                                           Total
                              Class A-1           Class A       Class B-1    Class B         Class C       Leveraged
                              Shares              Shares        Shares       Shares          Shares        Series
                              -------------------------------------------------------------------------------------------
<S>                           <C>                 <C>           <C>          <C>             <C>           <C>
Investors' interest at
December 31, 2003             $         112,116   $31,010,253   $1,678,368   $ 110,464,301   $ 8,933,897   $ 152,198,936
Subscriptions                                 -     8,494,429            -      32,761,202             -      41,255,631
Redemptions                                   -    (2,684,179)      (4,349)     (9,042,255)   (1,000,000)    (12,730,783)
Transfers                                     -      (113,625)           -       2,139,567             -       2,025,942
Net income (loss)                          (349)     (830,877)       7,245      (3,223,610)      (45,648)     (4,093,239)
                              -------------------------------------------------------------------------------------------
Investors' interest at
June 30, 2004                 $         111,768   $35,876,001   $1,681,264   $ 133,099,205     7,888,249   $ 178,656,487
                              ===========================================================================================
Shares at December 31, 2003            1,041.75    326,477.19    14,890.59    1,093,941.49    108,085.69    1,544,436.71
Subscriptions                                 -     81,515.61            -      291,553.07             -      373,068.68
Redemptions                                   -    (25,708.43)      (35.37)     (85,433.39)   (12,160.51)    (123,337.70)
Transfers                                     -     (1,204.17)           -       19,823.81             -       18,619.64
                              -------------------------------------------------------------------------------------------
Shares at June 30, 2004                1,041.75    381,080.20    14,855.22    1,319,884.98     95,925.18    1,812,787.33
                              ===========================================================================================
Net asset value per share:
June 30, 2004                 $          107.29   $     94.14   $   113.18   $      100.84   $     82.23
                              ===========================================================================
</TABLE>


                                        7
<PAGE>
<TABLE>
<CAPTION>
                               Unleveraged Series
                                                                                                     Total
                                                                                     Total           Investors' Interest
                              Class A-1   Class A       Class B-1    Class B         Unleveraged     ($100 Par
                              Shares      Shares        Shares       Shares          Series          Value/Share)
                              --------------------------------------------------------------------------------------------
<S>                           <C>         <C>           <C>          <C>             <C>             <C>
Investors' interest at
December 31, 2003             $  652,400  $17,751,361   $1,256,307   $ 105,736,154   $ 125,396,222   $        277,595,158
Subscriptions                          -    6,807,639            -      23,489,067      30,296,706             71,552,337
Redemptions                            -   (1,011,039)        (296)     (4,845,506)     (5,856,841)           (18,587,624)
Transfers                              -     (710,764)           -      (1,315,178)     (2,025,942)                     -
Net income (loss)                    885     (152,482)       8,215        (288,403)       (431,785)            (4,525,024)
                              --------------------------------------------------------------------------------------------
Investors' interest at
June 30, 2004                 $  653,285  $22,684,715   $1,264,226   $ 122,776,134   $ 148,378,360   $        326,034,847
                              ============================================================================================
Shares at December 31, 2003     5,898.64   166,108.28    10,778.97      942,036.11    1,124,822.00           2,669,258.71
Subscriptions                          -    62,117.96            -      200,646.80      262,764.76             635,833.44
Redemptions                            -    (9,257.67)       (2.46)     (41,932.17)     (51,192.30)           (164,530.00)
Transfers                              -    (6,506.69)           -      (11,389.29)     (17,895.98)                723.66
                              --------------------------------------------------------------------------------------------
Shares at June 30, 2004         5,898.64   212,461.88    10,776.51    1,089,361.45    1,318,498.48           3,141,285.81
                              ============================================================================================
Net asset value per share:
June 30, 2004                 $   110.75  $    106.77   $   117.31   $      112.70
                              =====================================================
</TABLE>

See  Notes  to  Financial  Statements


                                        8
<PAGE>
<TABLE>
<CAPTION>
MLM  Index(TM)  Fund
Unaudited Interim Statements of Cash Flows


                                                                     FOR THE SIX MONTHS ENDED JUNE 30
                                                                        2005                  2004
                                                                ------------------------------------------
<S>                                                             <C>                   <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                                        $        (6,240,367)  $        (4,525,024)
Adjustments to reconcile net loss to net cash and cash
  equivalents used in operating activities:
    Unrealized appreciation (depreciation) on investments                14,372,258           (23,683,324)
    Net realized gain (loss) on investments                             (20,073,472)           22,928,522
  Net change in operating assets and liabilities:
    Due from broker                                                       6,830,904           (11,435,331)
    Prepaid expenses                                                        (30,280)                    -
    Interest receivable                                                    (614,097)             (232,510)
    Other assets                                                                 10                     -
    Brokerage commissions payable                                           (56,699)               95,702
    Management fee payable                                                  (10,619)              120,303
    Accrued expenses                                                       (375,905)              (82,244)
                                                                ------------------------------------------
Net cash and cash equivalents used in operating activities               (6,198,267)          (16,813,906)
                                                                ------------------------------------------

CASH FLOWS FROM FINANCING ACTIVITIES
Subscriptions received, net of selling commissions                       47,140,526            71,552,337
Redemptions paid                                                        (34,625,409)          (14,194,764)
                                                                ------------------------------------------
Net cash and cash equivalents provided by financing activities           12,515,117            57,357,573
                                                                ------------------------------------------

Net increase in cash and cash equivalents                                 6,316,850            40,543,667

Cash and cash equivalents at beginning of year                          347,850,015           254,185,997
                                                                ------------------------------------------

Cash and cash equivalents at end of year                        $       354,166,865   $       294,729,664
                                                                ==========================================
</TABLE>

See Notes to Financial Statement


                                        9
<PAGE>
                                MLM Index (TM) Fund
                Notes to Unaudited Interim Financial Statements
                                  June 30, 2005


1.   ORGANIZATION

MLM  Index(TM) Fund (the "Trust") was formed under the Business Trust Statute of
the  State  of  Delaware  as  a  business  trust  in December 1997 and commenced
operations  on  January 4, 1999. The Trust was organized for the primary purpose
of seeking capital appreciation through the speculative trading of a diversified
portfolio  of futures contracts traded on U.S. exchanges using the MLM Index(TM)
Trading  Program, which is based upon the MLM Index(TM) (the "Index"). The Index
is  a benchmark of the hypothetical returns available to a futures investor. The
Index  is  comprised  of  a diverse portfolio of futures markets, including both
financial  and  tangible  markets.

2.   SIGNIFICANT  ACCOUNTING  POLICIES

BASIS  OF  PRESENTATION

The accompanying financial statements have been prepared in conformity with U.S.
generally  accepted  accounting  principles.  The  following is a summary of the
significant  accounting  and  reporting policies used in preparing the financial
statements.

CASH  AND  CASH  EQUIVALENTS

Cash  equivalents consist of highly liquid financial instruments with maturities
of  three  months  or  less.  The  Trust's  cash  equivalents  consisted  of
approximately:

<TABLE>
<CAPTION>
                              JUNE 30, 2005   DECEMBER 31, 2004
<S>                          <C>             <C>

    Overnight money markets   $  14,755,000   $      46,281,000
    Money market securities     338,066,000         299,006,000
                             ----------------------------------
    Total                     $ 352,821,000   $     345,287,000
                             ==================================
</TABLE>


                                       10
<PAGE>
                                MLM Index (TM) Fund
          Notes to Unaudited Interim Financial Statements (continued)


2.   SIGNIFICANT  ACCOUNTING  POLICIES  (CONTINUED)

DUE  FROM  BROKERS

The  Trust's trading activities utilize one broker located in the United States.
Due  from  broker  represents  cash  balances held, unrealized profit or loss on
futures  contracts,  and  amounts  receivable  or  payable  for transactions not
settled  at  June  30,  2005  and  December  31,  2004.

VALUATION  OF  TRADING  POSITIONS

The  Trust's  trading  positions  are  valued  at  market value. Market value is
principally  based on listed market prices or broker or dealer price quotations.
Cash  equivalents  are  carried at amortized cost which approximates fair value.
All  positions  including  the  net  unrealized appreciation or depreciation are
included  in  amounts due from broker. The resulting change in unrealized profit
or  loss is reflected in net change in unrealized appreciation (depreciation) on
investments  on  the  statements  of  operations.

INVESTMENT  TRANSACTIONS  AND  INVESTMENT  INCOME

All  investment  transactions  are recorded on a trade date basis. Realized gain
and  loss  is recorded on the specific identification method. Interest income is
recorded  using  the  accrual  basis  of  accounting.

USE  OF  ESTIMATES

The preparation of the accompanying financial statements in conformity with U.S.
generally  accepted  accounting principles requires management to make estimates
and  assumptions  that affect the reported amounts of assets and liabilities and
disclosure  of  contingent  assets  and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses during the reporting
period.  Actual  results  could  differ  from  those  estimates.

INCOME  TAXES

The  Unleveraged  Series  and  the  Leveraged Series each will be classified for
federal  income  tax purposes as separate partnerships. Investors in each Series
will  reflect  their  proportionate  share  of  realized profit or loss on their
separate  tax  returns. Accordingly, no provisions for income taxes are required
for  the  Trust.


3.   INVESTORS'  INTEREST

The  Trust is comprised of two series: the Unleveraged Series, which attempts to
replicate  the  Index  without leverage, and the Leveraged Series (collectively,
the  "Series"),  which  attempts to replicate the Index at three times leverage.
Prior  to  December 2004, each Series had five classes of shares: Class A, Class
A-1,  Class  B,  Class B-1 and Class C. On December 1, 2004, Class D shares were
offered  in  each  Series.  On December 31, 2004, the General Partner elected to
close  Class  A-1 and Class B-1. Class A, Class B, Class C and Class D share are
sold  by  authorized  selling  agents  appointed  by  Mount  Lucas  Management
Corporation  ("the  Manager")  to  accredited  investors  at  a  price  equal


                                       11
<PAGE>
                                MLM Index (TM) Fund
          Notes to Unaudited Interim Financial Statements (continued)


3.   INVESTORS'  INTEREST  (CONTINUED)

to  each Class' net asset value. Shares may be redeemed at net asset value as of
the  last day of any month upon at least ten business days written notice to the
Manager.  Subscriptions  are accepted as of the first day of any calendar month.

The  Manager  allocates profits and losses among the investors of a Series based
on  the  balance  in each investor's capital account as of the beginning of each
month.

The  Manager  paid  all  of the expenses associated with the organization of the
Trust and the offered shares. As a result, each shareholder of Class A and Class
B  shares  pays the Manager an organizational fee in the amount of 0.5% of their
aggregate  investment,  net  of  any  selling  commission.  Class  A and Class B
shareholders  are  not  charged  an organizational fee once their account totals
$1,000,000  or  more.  Class  C  and  Class  D  shareholders  are not charged an
organizational  fee.

The  Class  A  and  Class  C  shares of the Unleveraged and Leveraged Series are
subject to a sales commission of 0% to 4% of the subscription amount, payable to
the  selling agent from the investor's investment for each series. The amount of
the  sales  commission  will  be  determined  by  the  selling  agent.

As  of  June  30,  2005, the Manager of the Trust had contributed $1,000 to each
Series  of  the  Trust.

4.   MARGIN  REQUIREMENTS

The  Trust  had margin requirements of approximately $15,952,000 and $19,750,000
at  June  30,  2005 and December 31, 2004, respectively, which were satisfied by
net  unrealized  profits  and  cash  at  the  broker.


5.  MANAGEMENT  FEE  AND  OTHER  FEES  AND  EXPENSES

The  Trust  pays  the  Manager  a  management  fee  and the introducing broker a
brokerage  fee  as a percentage of net assets, as of the first day of each month
at  the  annualized  rates  as  follows:

<TABLE>
<CAPTION>
                                         LEVERAGED SERIES
           ----------------------------------------------------------------------------
                                                                            TOTAL FEES
           BROKERAGE   MANAGEMENT   ORGANIZATIONAL   OPERATING   SELLING       AND
              FEE          FEE            FEE         EXPENSE    EXPENSE   COMMISSIONS
           ----------------------------------------------------------------------------
<S>        <C>         <C>          <C>              <C>         <C>       <C>
Class A-1       1.35%        1.65%             N/A        0.35%      N/A          3.35%
Class A         1.75%        2.80%            0.50%       0.35%     4.00%         9.40%
Class B-1       1.35%        0.65%             N/A        0.35%      N/A          2.35%
Class B         1.75%        1.30%            0.50%       0.35%      N/A          3.90%
Class C         0.90%        2.05%             N/A        0.35%     4.00%         7.30%
Class D         0.90%        1.30%             N/A        0.35%      N/A          2.55%
</TABLE>


                                       12
<PAGE>
                                MLM Index (TM) Fund
          Notes to Unaudited Interim Financial Statements (continued)


5.   MANAGEMENT  FEE  AND  OTHER  FEES  AND  EXPENSES  (CONTINUED)

<TABLE>
<CAPTION>
                                       UNLEVERAGED SERIES
           ----------------------------------------------------------------------------
                                                                            TOTAL FEES
           BROKERAGE   MANAGEMENT   ORGANIZATIONAL   OPERATING   SELLING       AND
              FEE          FEE            FEE         EXPENSE    EXPENSE   COMMISSIONS
           ----------------------------------------------------------------------------
<S>        <C>         <C>          <C>              <C>         <C>       <C>
Class A-1       0.65%        1.25%             N/A        0.35%      N/A          2.25%
Class A         0.85%        1.50%            0.50%       0.35%     4.00%         7.20%
Class B-1       0.65%        0.25%             N/A        0.35%      N/A          1.25%
Class B         0.85%        0.50%            0.50%       0.35%      N/A          2.20%
Class C         0.40%        1.00%             N/A        0.35%     4.00%         5.75%
Class D         0.40%        0.50%             N/A        0.35%      N/A          1.25%
</TABLE>

The  Trust  pays  0.35% of average net assets for the Trust's legal, accounting,
auditing  and  other  operating expenses and fees.  The Trust also pays the cash
manager,  Credit Suisse Asset Management ("CSAM"), banking fees and State of New
Jersey K-1 filing fees directly, such amounts are included in operating expenses
on  the  statements  of  operations.

6.  DERIVATIVE  FINANCIAL  INSTRUMENTS

Derivatives  are  subject  to  various risks similar to non-derivative financial
instruments  including  market, credit, liquidity and operational risk. The risk
of derivatives should not be viewed in isolation but rather should be considered
on  an  aggregate basis along with the Trust's other trading related activities.

The  Trust purchases and sells futures in financial instruments and commodities.
The  Trust  records  its  derivative  activities  on a mark-to-market basis with
realized and unrealized gains (losses) recognized currently in the statements of
operations  and  in  due  from brokers on the statements of financial condition.

The  following table reflects the fair value of the Trust's derivative financial
instruments.

<TABLE>
<CAPTION>
                                        FAIR VALUE AT
                           JUNE 30, 2005             December 31, 2004
                   ------------------------------------------------------
                     ASSETS      LIABILITIES      Assets     Liabilities
                   ------------------------------------------------------
<S>                <C>          <C>            <C>           <C>
Financial Futures  $ 5,743,566  $ (3,726,880)  $   609,934   $  1,287,475
Commodity Futures   10,424,867             -    (4,038,780)             -
                   ------------------------------------------------------
  Total            $16,168,433  $ (3,726,880)  $(3,428,846)  $  1,287,475
                   ======================================================
</TABLE>


                                       13
<PAGE>


                                       14
<PAGE>
                                MLM Index (TM) Fund
          Notes to Unaudited Interim Financial Statements (continued)


6.  FINANCIAL HIGHLIGHTS

The  following  represents  the  per  share  operating performance and ratios to
average  investors'  interest  and  other  supplemental  information for the six
months  ended  June  30,  2005:

<TABLE>
<CAPTION>
                                                                 Leveraged Series                     Unleveraged Series

                                                     Class A  Class B    Class C  Class D    Class A   Class B  Class C   Class D

                                                     Shares    Shares    Shares    Shares    Shares    Shares    Shares    Shares
                                                    ------------------------------------------------------------------------------
<S>                                                 <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>
Per share operating performance:
  Net asset value per share at  December 31, 2004   $ 95.17   $102.71   $ 83.21   $100.00   $107.43   $113.97   $100.00   $100.00
  Income from investment operations:
    Net investment income (loss)                      (0.37)     0.36     (0.02)     0.35      0.26      0.78      0.57      0.85
    Net realized and unrealized los on investment
    transactionss                                     (2.90)    (3.14)    (2.19)    (2.64)    (1.34)    (1.36)    (0.81)    (1.14)
                                                    ------------------------------------------------------------------------------
    Total from investment operations                  (3.27)    (2.78)    (2.21)    (2.29)    (1.08)    (0.58)    (0.24)    (0.29)
                                                    ------------------------------------------------------------------------------
  Net asset value per share at  June 30, 2005       $ 91.90   $ 99.93   $ 81.00   $ 97.71   $106.35   $113.39   $ 99.76   $ 99.71
                                                    ==============================================================================

Total Return:                                        (3.44)%   (2.71)%   (2.66)%   (2.29)%   (1.01)%   (0.51)%   (0.24)%   (0.29)%
                                                    ==============================================================================

Ratio to Average Investors' Interest:
  Net investment income (loss)                       (0.40)%     0.36%   (0.02)%     0.36%     0.24%     0.68%     0.57%     0.85%
  Expenses                                           (1.71)%   (0.96)%   (1.33)%   (0.95)%   (1.06)%   (0.56)%   (0.81)%   (0.56)%
</TABLE>

Total return is calculated as the change in the net asset value per share for
the six months ended June 30, 2005. The per share operating performance and
ratios are computed based upon the weighted average shares outstanding and
weighted average investors' interest, respectively, for each class, for the six
months ended June 30, 2005.


                                       15
<PAGE>
                                MLM Index (TM) Fund
          Notes to Unaudited Interim Financial Statements (continued)


6.  FINANCIAL  HIGHLIGHTS  (CONTINUED)

The  following  represents the per share operating performance ratios to average
limited  partners' capital and other supplemental information for the six months
ended  June  30,  2004:

<TABLE>
<CAPTION>
                                                  Leveraged Series                            Unleveraged Series
                                                  ----------------                            ------------------
                       Class A-1    Class A    Class B-1    Class B    Class C    Class A-1    Class A    Class B-1    Class B
                        Shares      Shares      Shares      Shares     Shares      Shares      Shares      Shares      Shares
                      ---------------------------------------------------------  ----------------------------------------------
<S>                   <C>          <C>        <C>          <C>        <C>        <C>          <C>        <C>          <C>
Per share operating
performance:
  Net asset
value per
share,
December 31, 2003     $   107.63   $  94.98   $   112.71   $ 100.98   $  82.66   $   110.60   $ 106.87   $   116.55   $  112.24
Income from
investment
operations:
  Net investment
income (loss)              (1.06)     (0.46)       (0.18)     (0.03)     (0.77)       (0.58)     (0.08)        0.06        0.24
  Net realized
and unrealized
gain (loss)
on Investment
transactions                0.72      (0.38)        0.64      (0.11)      0.35         0.73      (0.02)        0.70        0.22
                      ---------------------------------------------------------  ----------------------------------------------
  Total from
investment
operations                 (0.34)     (0.84)        0.46      (0.14)     (0.42)        0.15      (0.10)        0.76        0.46
                      ---------------------------------------------------------  ----------------------------------------------
  Net asset value
per share,
June 30, 2004         $   107.29   $  94.14   $   113.17   $ 100.84   $  82.24   $   110.75   $ 106.77   $   117.31   $  112.70
                      =========================================================  ==============================================
Total Return:             (0.31%)    (0.89%)        0.41%    (0.14%)    (0.51%)        0.14%    (0.09%)        0.65%     0.41%%

Ratio to Average
Net Assets:
  Net investment
income (loss)             (0.47%)    (0.67%)      (0.08%)    (0.27%)    (0.44%)      (0.25%)    (0.33%)        0.06%    (0.06%)
  Expenses                (0.72%)    (0.92%)      (0.33%)    (0.52%)    (0.69%)      (0.50%)    (0.59%)      (0.24%)    (0.32%)
</TABLE>

Total  return  is  calculated as the change in the net asset value per share for
the  six  months  ending  June 30, 2004. The per share operating performance and
ratios  are  computed  based  upon  the  weighted average shares outstanding and
weighted  average  net  assets, respectively, for each class, for the six months
ended  June  30,  2004.


                                       16
<PAGE>
ITEM  2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF  OPERATIONS

GENERAL

     The  MLM  Index(TM)  Fund (the "Trust") is a business trust organized under
the  laws of Delaware. The Trust engages primarily in the speculative trading of
a  diversified  portfolio  of  futures contracts using the MLM Index(TM) Trading
Program  (the  "Trading  Program"). Futures contracts are standardized contracts
made  on  or  through  a  commodity  exchange and provide for future delivery of
commodities,  precious  metals, foreign currencies or financial instruments and,
in  the  case  of  certain  contracts  such as stock index futures contracts and
Eurodollar futures contracts, provide for cash settlement. The Trust's objective
is  the  appreciation of its assets through speculative trading. The Trust began
trading  on  January  4,  1999.

     Mount Lucas Management Corporation (the "Manager"), a Delaware corporation,
acts  as the manager and trading advisor of the Trust. The Manager was formed in
1986  to  act  as  an investment manager. As part of a planned merger in October
1999,  the  Manager  combined  operations  with  Mount  Lucas  Index  Management
Corporation  (the  former  manager  of  the Trust), CA Partners, Inc. and Little
Brook Corporation of New Jersey. The purpose of the merger was to streamline and
consolidate  the operations of the affiliated entities. As of June 30, 2005, the
Manager had approximately $1.572 billion of assets under advisement. The Manager
is a registered investment adviser under the Investment Advisers Act of 1940 and
is  a  registered commodity trading advisor and commodity pool operator with the
Commodity  Futures  Trading Commission (the "CFTC") and a member of the National
Futures Association (the "NFA"). The Manager may from time to time operate other
investment  vehicles.

     The  Trust  and  the Manager maintain their principal business office at 47
Hulfish  Street,  Suite  510,  Princeton,  New  Jersey 08542 and their telephone
number  is  (609)  924-8868.

     The  purpose of the Trust is to replicate the results of the MLM Index(TM),
an  index  designed  to  measure  the risk premium available to futures traders.
Designed as such, the results of the Trust depend on two factors, the results of
the  MLM Index(TM) itself, and the Manager's ability to replicate that Index. It
is  important  to  note  that the Manager also calculates the results of the MLM
Index(TM).  Thus,  their  role  is twofold - to calculate the results of the MLM
Index(TM),  and to replicate the results of the MLM Index(TM) for the Trust. Any
changes  made  to  the  composition  of  the  MLM Index(TM) by the MLM Index(TM)
Committee  of the Manager will effect the trading of the Trust, since the object
of  the  Trust  is  to  replicate  the  MLM  Index(TM)  as  published.

RESULTS  OF  THE  MLM  INDEX(TM)

     The  MLM  Index(TM)  is  calculated  from  the  prices of 22 liquid futures
markets.  These  markets  are traded on domestic and foreign exchanges. For each
market,  the  MLM  Index(TM)  generally  uses  the price of 4 different delivery
months  each  year.  For  example,  in  the Japanese Yen futures market, the MLM
Index(TM)  uses  the March, June, September and December delivery months. On the
day  before  trading day, the MLM Index(TM) determines whether to hold a long or
short position in each constituent contract based on the calculation methodology
of the MLM Index(TM). Once established, that position is held for the subsequent
period,  at  which  time  it  is  re-evaluated.  The  monthly  results  of  each
constituent  market  are  then  used  to calculate the MLM Index(TM) return. The
objective  of  the  Trust  is  to  replicate  this  monthly  return.

     Clearly, the volatility of the constituent markets in the MLM Index(TM) can
affect  the  results  of the Trust. The influences on this volatility are varied
and  unpredictable.  However,  since the object of the Trust is to replicate the
MLM  Index(TM), the Manager takes no unusual action to mitigate this volatility.
The  role  of  the  Manager  is  to  buy  or


                                       17
<PAGE>
sell the appropriate number of futures contracts in each constituent market such
that  the  aggregate return of those positions replicates as closely as possible
the  results  of  the  MLM  Index(TM).

     In  order  to  accomplish  this  objective,  the Manager must calculate the
number  of  contracts based on both the assets in the Trust and the distribution
of  the  assets between the Unleveraged and Leveraged Series of the Trust. Since
the MLM Index(TM) rebalances positions each month, at that time the Manager must
ascertain the asset level and execute orders to achieve the desired allocations.
This is achieved by adding the performance results of the Trust for the month to
the  assets  at the beginning of the month, and adding additions of capital from
new  subscriptions  and  subtracting redemptions in order to determine the asset
level  at  the  end  of  the  period.

SUMMARY  OF  CRITICAL  ACCOUNTING  POLICIES

     The  preparation  of financial statements in conformity with U.S. generally
accepted  accounting  principles  requires  management  to  make  estimates  and
assumptions  that  affect  the  amounts reported in the financial statements and
accompanying notes. Management believes that the estimates utilized in preparing
the  financial  statements  are  reasonable and prudent; however, actual results
could  differ  from those estimates. The Trust's significant accounting policies
are  described  in  detail in Note 2 of the Notes to Unaudited Interim Financial
Statements.

     The  Trust  records  all  investments  at  market  value  in  its financial
statements, with changes in market value reported as a component of realized and
unrealized  gain  (loss)  on  investments  in  the  statements  of  operations.
Generally,  market  values  are  based  on  market  prices;  however, in certain
circumstances,  significant  judgments and estimates by the Manager are involved
in  determining  fair  value  in  the absence of an active market closing price.

FINANCIAL  CONDITION

     To replicate the results of the MLM Index(TM), the Trust must effect trades
on domestic or foreign futures exchanges. Since the beginning of operations, the
Trust  has  used  Refco,  LLC  ("Refco") as its futures commission merchant. The
Manager  deposits  a  percentage  of  the  assets  of  the Trust in two separate
accounts  at  Refco,  one  for  the Unleveraged Series and one for the Leveraged
Series. The amount deposited is determined by the margin requirement established
by  the  exchanges  to  hold  the positions in the Trust. The margin requirement
varies,  but  is  generally  about 4.5% of assets for the Unleveraged Series and
13.5%  of  assets  for  the  Leveraged  Series.

     The  balance  of  the assets of the Trust is held in two separate custodial
accounts  at  Investors  Bank and Trust (the "Bank").   The Trust has contracted
with Credit Suisse Asset Management (CSAM) to manage the money in these accounts
so  as  to  maximize  the  interest  income  which  accrues  to the Trust, while
maintaining strict credit controls as determined by the Commodities Exchange Act
("CE  Act"). When Refco requires additional assets to maintain the positions for
the  Trust, the Bank makes a wire transfer to Refco. If Refco has surplus assets
in  the  accounts,  Refco  makes  a  wire  transfer to the accounts at the Bank.

     The  Trust  owns  no  capital  assets  and does not borrow money. Since the
objective  of  the  Trust  is to replicate the results of the MLM Index(TM), its
entire  asset base participates in the speculative trading of futures contracts.
As  such,  all  the assets of the Trust are at risk. The level of assets will be
determined  by  the  results of the Trust, and the effect of addition of capital
and the redemption of Trust interests. These variables are impossible to predict
with  any  certainty.


                                       18
<PAGE>
LIQUIDITY

     The  majority  of the Trust's assets are held in liquid short term interest
rate instruments. The Trust takes substantial exposure in futures markets, which
require  relatively  small  deposits,  called  margin, to hold the positions. In
general,  the Trust will have about 10% of its assets on deposit with brokers as
margin,  with  the  balance held in accounts with a major financial institution.

     Upon  10  days  written notice to the Manager, a holder of interests in the
Trust  may liquidate that holding at the end of any month at the net asset value
of  the  interests.  While  the  Manager  generally  must honor all requests for
redemption  if presented in proper form, the Manager may temporarily suspend any
redemption if the effect of such redemption, either alone or in conjunction with
other  redemptions,  would impair the relevant Series' ability to operate if the
impairment would be caused by a third party other than the Manager. Further, the
right  to obtain redemption is contingent upon the relevant Series having assets
sufficient to discharge its liabilities on the date of redemption. Under certain
circumstances,  the  Manager  may  find  it advisable to establish a reserve for
contingent  liabilities.  In  such  event,  the amount receivable by a redeeming
holder  of  interests will be reduced by his proportionate share of the reserve.
There  is  no  secondary  market  for  interests  in  the  Trust,  and  none  is
anticipated.  There  are  restrictions  for  transfer  of  interests.

     Although the Trust trades in futures contracts which are in general liquid,
the  exchanges  impose daily trading limits, which act to suspend trading when a
particular market or contract trades up or down to a pre-determined price level.
Should  this  happen,  and  the  Trust  was attempting to execute trades in that
situation,  the Trust may not be able to accurately replicate the results of the
MLM  Index(TM).  These  rules have not had a material impact on the operation of
the  Trust  to  date.

MARKET  AND  CREDIT  RISKS

     The  nature of the Trust is such that it undertakes substantial market risk
in  following  its  mandate to replicate the MLM Index(TM). Although the Manager
monitors  the  intraday  and  daily valuation of the portfolio, no extraordinary
measures  are  taken  to reduce market risk. Specifically, the Manager maintains
positions  required  to  match,  as  closely  as possible, the return of the MLM
Index. One could imagine certain circumstances where the Manager might be called
upon to make a change to this policy, such as the closing of an exchange or some
other  emergency situation. In such case, the Manager would use its best efforts
to  respond  to  such circumstances with the interests of the investors in mind.

     The  MLM  Index(TM) is designed to capture returns from sustained trends in
the constituent futures markets.  When these trends exist in a market or sector,
the  MLM  Index(TM)  tends  to  exhibit  positive  performance in that market or
sector.  Conversely,  if  a  market  or  sector  is  trendless and volatile, the
performance  for the market of sector is likely to be negative.  The lack of any
significant trend is generally an indication of poor results. During the quarter
ended  June  30,  2005, no one sector was significantly more profitable than any
other  sector.

     The  MLM  Index(TM)  is  not  designed to predict which market will exhibit
positive  performance  in  any  given  year.  The  manager  does  not select the
constituent  markets  based  on  expectations  of  future  performance.  The MLM
Index(TM)  is  designed to represent participation in a diverse basket of future
contracts using a trend-following algorithm.  The MLM Index(TM) is a diversified
Index  producing  different levels of return in the various sectors from year to
year.

     The  Trust  incurs various kinds of credit risk in its operations. In order
to  facilitate the trading of the Trust, assets must be placed with both Futures
Commission Merchants and Broker/Dealers. Management of the Trust deals only with
established  registered  firms  in both capacities, and monitors their financial
condition  on  an  ongoing  basis.


                                       19
<PAGE>
In  addition,  if  the  Trust  were to enter into over the counter transactions,
additional  counterparty  risk would be incurred. There were no OTC transactions
for  the  six  months  end  June  30,  2005.

RESULTS  OF  OPERATIONS

     At  June  30, 2005, the Trust had assets of $371,200,261 and liabilities of
$8,417,837 compared with assets of $365,368,734 and liabilities of $6,503,889 at
December  31,  2004.  Changes  in  the net assets of the Trust are the result of
subscriptions  and  redemptions  to  the  Trust,  and the net income (loss) from
operations,  including  the  results  from futures trading, interest income, and
fees  and expenses. For the six-month period ending June 30, 2005, subscriptions
to  the  Trust totaled $47,419,026 and redemptions totaled $(37,261,080). During
the  six-month  period  ending  June  30,  2005,  the  Trust  had  a net loss of
$(6,240,367)  compared  with  a  net loss of $(4,525,024) for the same period in
2004.  During  both  periods, expenses increased. Some expenses of the Trust are
based on a percentage of net assets, and therefore increase as the net assets of
the  Trust  increase.

     The  Trust's  net  income is directly related to the performance of the MLM
Index(TM),  which  the  Trust is designed to replicate. For the six months ended
June  30,  2005,  MLM  Index(TM)  performance  was +0.56%, lower than the +1.25%
recorded  in  the  same  period  ended June 30, 2004. Trust's performance may be
negative  in  years  when  the  MLM  Index(TM)  is positive due to the timing of
subscriptions  and  redemptions,  the fees charged, and the allocation of assets
between  the  Unleveraged  and Leveraged Series of the Trust. Since inception of
the  Trust, the correlation of monthly results between the Unleveraged Series of
the  Trust  and  the  MLM  Index(TM)  adjusted for fees is 0.99. The correlation
between  the  Leveraged  Series  of the Trust and the MLM Index(TM) adjusted for
leverage  and  fees  is  0.99.

     The  components  of  the  return of the MLM Index(TM) are the capital gains
earned from the changes in futures market prices, and the interest income earned
on  cash  balances  less  expenses  incurred. The mechanics and rules of futures
markets  allow the Trust to earn interest on approximately 100% of the assets in
the  Trust.  The  interest  income  takes  two  forms, directly from the Trust's
futures broker paid on the margin deposits held by them, and excess cash. During
2001,  management  altered  the  method  of earning interest on the excess cash.
Previously,  excess  cash was placed in a money market mutual fund. Larger asset
size permitted the Trust to retain the services of a professional money manager,
CSAM,  to  invest  the  Trust's cash assets without the expenses associated with
money  market  mutual  funds.

ITEM 3.  QUANTITATIVE  AND  QUALITATIVE  DISCLOSURES  ABOUT  MARKET  RISK

     The  following is a discussion of the quantification of market risk for the
Trust.  Such  calculations  are  often referred to as Value-at-Risk, or VAR. The
method  used  here  may  or  may  not  differ  from  other  methods used for VAR
calculations  by  other  firms. There is no one fixed method of VAR calculation,
and  this  method  may  not  be  comparable  to  other  methods.

     The market risk, or VAR of the Trust is directly related to the composition
of  the  MLM  Index(TM).  Each  month,  the position of the MLM Index(TM) can be
either  long  or  short  based  on a 252 business day moving average rule. Since
positions  can  be  offset  inside of sectors (one contract long in a particular
commodity  and  one contract short in a related commodity), specific sector risk
is less relevant than the historical risk of the MLM Index(TM) as a whole. Since
the  object  of the Trust is to replicate the MLM Index(TM), it is reasonable to
use  the  historic  values  of  that  Index  to  estimate  market  risk.

     The  VAR  of  the  Fund  is  calculated  as  follows:

                                       20
<PAGE>
     1.   The  Manager  calculates  the  standard  deviation  of  the historical
          returns  of  the  MLM  Index(TM)  over  two  time periods, using daily
          returns  over  the preceding 1 year ending at the date of this report,
          and  using  monthly returns over the preceding 10 years. Those results
          for  the period ended June 30, 2005 are 0.46% and 1.85%, respectively.
          It  is  important  to  note  that  this  calculation  is  made  on the
          historical  data  of  the MLM Index(TM). It is not based on the actual
          trading  of  the  Trust and does not include any operational risk. The
          standard deviation is used to measure the dispersion of the returns of
          the  MLM  Index(TM).

     2.   For  the  purposes of VAR, one attempts to estimate the size of a loss
          that  may  occur with some small probability. It does not estimate the
          possibility of some total loss, only the probability of a loss of some
          magnitude.  The  calculation  is  complicated  by  the  fact  that the
          standard  deviation of the distribution assumes a normal distribution,
          which  may  or  may not be a good estimate of the actual distribution.
          For the purposes of this estimate, the Manager has chosen to calculate
          the  size  of  a  daily  and  monthly  loss  that  might  occur with a
          probability  of  1%  (1  chance  in  100).  To  do  this, the standard
          deviation  is  multiplied  by  2.35  to  the  standard  99% confidence
          interval,  and  by  1.5  to adjust for the possibility of a non-normal
          distribution.  For  daily returns, this estimate is a loss of 1.6215%.
          For  monthly  returns  the  estimate  is  loss  of  6.52125%.

     3.   To  ascertain  a  dollar  loss amount for the Trust, the assets of the
          Trust  as  of June 30, 2005 are multiplied by the estimate of the risk
          calculated  in  step  2  above.  The  risk  estimate  is  based on the
          Unleveraged  MLM  Index(TM),  so Trust assets must be adjusted for the
          distribution  of  assets among the Unleveraged and Leveraged Series of
          the  Trust,  with  the leveraged assets having three times the risk of
          the Unleveraged assets. Based on the asset levels as of June 30, 2005,
          the  Manager estimates that the Trust could expect to lose $11,793,094
          in  any  given  day  and  $47,972,234  in  any  given  month.

     The  estimate above, though reasonable, should not be taken as an assurance
that  losses  in  the  Trust  could  not be greater than these amounts.  This is
simply  a  quantitative  estimate based on the historical performance of the MLM
Index(TM).  The  loss  that  occurs  with small probability may be substantially
greater  than  the  loss  indicted  above.  Also, market conditions could change
dramatically  from  the  conditions  that  prevailed  over  the  period  used to
calculate  the  estimate,  affecting  the  realized  volatility  of  the market.
Furthermore,  other  factors  could  effect  trading,  such  as the inability to
execute  orders  in  a  particular  market,  due  to  operational  or regulatory
restrictions  that  may alter the pattern of the Trust's returns.  Specifically,
the  Manager  advises  other funds in addition to the Trust.  In certain markets
there  is  a  limit  to  the  size  of  a  position  that one entity can control
(speculative  limits).  Since  positions  cannot  exceed speculative limits, the
Manager may have to allocate positions across accounts and funds, resulting in a
less  than  complete replication of the MLM Index(TM).    It is best to remember
the  fact  that,  as outlined in the offering for the Trust, that all the assets
invested  are  at  risk  of  loss.

     Since  the  calculation of the VAR does not look at the specific instrument
risks,  but rather the results of the MLM Index(TM) as a whole, risks related to
actual execution are not included in the calculation. For example, counter-party
risks  from  OTC  transactions  are  not  factored  into  the  calculation.

     Additional  market  risk  may  be attributed to the actual execution of the
orders  for the Trust. The Trust executes the majority of its orders on the last
day  of  each  month. As assets of the Trust grow, large orders may be placed in
periods of reduced liquidity. Such orders may move the markets in which they are
executed,  adversely  affecting  the performance of the Trust. The Manager makes
every  effort to execute all orders efficiently, but general levels of liquidity
are beyond the control of management. In certain circumstances, markets may move
to  the  daily  trading  limits  imposed  by the exchanges, and the Trust may be
unable to execute the necessary orders to replicate the MLM Index(TM), causing a
divergence  of performance between the Fund and the MLM Index(TM), also known as
"slippage".


                                       21
<PAGE>
ITEM 4.  CONTROLS  AND  PROCEDURES

     The  President and the Chief Operating Officer of the Manager evaluated the
effectiveness of the design and operation of the Trust's disclosure controls and
procedures,  which  are  designed to ensure that the Trust's records, processes,
summarizes and reports in a timely and effective manner the information required
to  be  disclosed  in  the reports filed with or submitted to the Securities and
Exchange Commission. Based upon this evaluation, they concluded that, as of June
30,  2005,  the  Trust's  disclosure  controls are effective. There have been no
significant  changes in the Trust's internal control over financial reporting in
the  quarter  ended  June 30, 2005 that has materially affected or is reasonably
likely  to  materially  affect  the  Trust's  internal  control  over  financial
reporting.


                           PART II. OTHER INFORMATION

     ITEM 1.  LEGAL PROCEEDINGS.

     The  Manager  is not aware of any proceedings threatened or pending against
     the  Trust  and its affiliates which, if determined adversely, would have a
     material adverse effect on the financial condition or results of operations
     of  the  Trust.

     ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS:

<TABLE>
<CAPTION>
                                      Leveraged Series                        Unleveraged Series

-------------------------------------------------------------------------------------------------------------
                         Class A    Class B    Class C   Class D   Class A    Class B    Class C    Class D
<S>                      <C>       <C>         <C>       <C>       <C>       <C>         <C>       <C>
-----------------------------------------------------------------  ------------------------------------------
Apr-05 Subscriptions $   $142,376  $1,742,641  $      -  $      -  $447,376  $1,812,474  $      -  $        -
-----------------------------------------------------------------  ------------------------------------------
  Subscriptions Units       1,583      17,864         -         -     4,241      16,140         -           -
-----------------------------------------------------------------  ------------------------------------------
  # of Purchasers               6          36         -         -         5          39         -           -
-----------------------------------------------------------------  ------------------------------------------
  Unit Price             $  89.93  $    97.55  $  79.34  $  95.25  $ 105.50  $   112.30  $  98.73  $    98.68
-----------------------------------------------------------------  ------------------------------------------

-----------------------------------------------------------------  ------------------------------------------
May-05 Subscriptions $   $811,731  $3,203,677  $      -  $100,000  $401,640  $2,065,643  $      -  $2,000,000
-----------------------------------------------------------------  ------------------------------------------
  Subscriptions Units       5,676      32,716         -     1,045     3,802      18,355         -      20,217
-----------------------------------------------------------------  ------------------------------------------
  # of Purchasers              12          52         -         1        10          44         -           1
-----------------------------------------------------------------  ------------------------------------------
  Unit Price             $  90.16  $    97.92  $  79.65  $  95.68  $ 105.64  $   112.54  $  98.98  $    98.92
-----------------------------------------------------------------  ------------------------------------------

-----------------------------------------------------------------  ------------------------------------------
Jun-054 Subscriptions $  $627,311  $  977,082  $      -  $      -  $ 88,550  $1,334,886  $      -  $        -
-----------------------------------------------------------------  ------------------------------------------
  Subscriptions Units       6,826       9,778         -         -       833      11,773         -           -
-----------------------------------------------------------------  ------------------------------------------
  # of Purchasers               8          17         -         -         2          29         -           -
-----------------------------------------------------------------  ------------------------------------------
  Unit Price             $  91.90  $    99.93  $  81.00  $  97.71  $ 106.35  $   113.39  $  99.76  $    99.71
-------------------------------------------------------------------------------------------------------------
</TABLE>

     ITEM 3.  DEFAULTS UPON SENIOR SECURITIES.

          None.

     ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS.

          None.


                                       22
<PAGE>
     ITEM 5. OTHER INFORMATION.

          None.


                                       23
<PAGE>
     ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

          (a)  Exhibits

          3.7  Amendment  No. 5 to the Amended and Restated Declaration of Trust
               and  Trust  Agreement  of  MLM  Index(TM)  Fund

          14.1 Code  of  Ethics

          31.1 Certification  of  President  of  the  Manager  Pursuant  to Rule
               13A-14(a)  and Rule 15D-14(a), of the Securities Exchange Act, as
               amended.

          31.2 Certification  of Chief Operating Officer of the Manager Pursuant
               to  Rule 13A-14(a) and Rule 15D-14(a), of the Securities Exchange
               Act,  as  amended.

          32.1 Certification  of  President of the Manager Pursuant to 18 U.S.C.
               Section  1350,  as  adopted  Pursuant  to  Section  906  of  the
               Sarbanes-Oxley  Act  of  2002

          32.2 Certification  of Chief Operating Officer of the Manager Pursuant
               to  18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of
               the  Sarbanes-Oxley  Act  of  2002

          (b)  Reports  on  Form  8-K

The  Trust did not file any reports on Form 8-K during the six months ended June
30,  2005.


                                       24
<PAGE>
     SIGNATURES

Pursuant  to  the  requirements  of  the  Securities  Exchange  Act of 1934, the
registrant  has  duly  caused  this  report  to  be  signed on its behalf by the
undersigned  thereunto  duly  authorized.

     MLM  INDEX(TM)  FUND

     By:  Mount  Lucas  Management  Corporation
     Its:  Manager

     By: /s/ Timothy J. Rudderow
     ---------------------------
     Timothy J. Rudderow, President




Date: August 15, 2005


                                       25