**Exhibit 13.02**

 

***MLASPECT FUTURESACCESS LLC***

***(ADelaware Limited Liability Company)***

 

Financial Statements asof and for the years ended

December 31, 2009,2008 and 2007

andReport of Independent Registered Public Accounting Firms

 

 

 

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ML ASPECTFUTURESACCESS LLC

(A DelawareLimited Liability Company)

 

TABLE OF CONTENTS

 
| ** **                                                                                                | ** ** | **Page** |
|-----------------------------------------------------------------------------------------------------------|------------|----------|
| REPORT OF INDEPENDENT  REGISTERED PUBLIC ACCOUNTING FIRMS                                                 |       | 1        |
|                                                                                                      |       |     |
| FINANCIAL STATEMENTS:                                                                                     |       |     |
|                                                                                                      |       |     |
| Statements of Financial  Condition as of December 31, 2009 and 2008                                  |       | 3        |
|                                                                                                      |       |     |
| Statements of  Operations for the years ended December 31, 2009, 2008 and 2007                       |       | 4        |
|                                                                                                      |       |     |
| Statements of Changes  in Members’ Capital for the years ended December 31, 2009, 2008 and 2007 |       | 5        |
|                                                                                                      |       |     |
| Financial Data  Highlights for the years ended December 31, 2009, 2008 and 2007                      |       | 7        |
|                                                                                                      |       |     |
| Notes to Financial Statements                                                                             |       | 10       |

 

----

 

 

### **Report of IndependentRegistered Public Accounting Firm**

###  

To****theMembers of

ML Aspect FuturesAccessLLC:

 

In our opinion, theaccompanying statement of financial condition, and the related statements ofoperations, changes in members’ capital, and financial data highlights presentfairly, in all material respects, the financial position of ML AspectFuturesAccess LLC at December 31, 2009, and the results of its operations,changes in its members’ capital, and financial data highlights for the yearthen ended,****in conformity with accountingprinciples generally accepted in the United States of America.  These financial statements and the financialdata highlights (hereafter referred to as the “financial statements”) are theresponsibility of the Fund’s management. Our responsibility is to express an opinion on these financialstatements based on our audit.  Weconducted our audit of these statements in accordance with the standards of thePublic Company Accounting Oversight Board (United States).  Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting theamounts and disclosures in the financial statements, assessing the accountingprinciples used and significant estimates made by management, and evaluatingthe overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

 

 

/s/PricewaterhouseCoopersLLP

 

 

March 25,2010

 

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTINGFIRM

 

To the Members of

ML Aspect FuturesAccess LLC:

 

We have audited the accompanying statement offinancial condition of ML Aspect FuturesAccess LLC (the “Fund”), as of December 31,2008, and the related statements of operations, changes in members’ capital,and the financial data highlights for each of the two years in the period endedDecember 31, 2008. These financial statements and financial datahighlights are the responsibility of the Fund’s management. Our responsibilityis to express an opinion on these financial statements and financial datahighlights based on our audits.

 

We conducted our audits in accordance with thestandards of the Public Company Accounting Oversight Board (United States).Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements and financial data highlightsare free of material misstatement. The Fund is not required to have, nor werewe engaged to perform, an audit of its internal control over financialreporting. Our audits included consideration of internal control over financialreporting as a basis for designing audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Fund’s internal control over financial reporting.Accordingly, we express no such opinion. An audit also includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements, assessing the accounting principles used and significant estimatesmade by management, as well as evaluating the overall financial statementpresentation. We believe that our audits provide a reasonable basis for ouropinion.

 

In our opinion, the financial statements and financialdata highlights referred to above present fairly, in all material respects, thefinancial position of ML Aspect FuturesAccess LLC as of December 31, 2008,the results of its operations, changes in its members’ capital, and thefinancial data highlights for each of the two years in the period ended December 31,2008, in conformity with accounting principles generally accepted in the UnitedStates of America.

 

 

March 30, 2009

 

 

2

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ML ASPECTFUTURESACCESS LLC

(A DelawareLimited Liability Company)

 

STATEMENTS OFFINANCIAL CONDITION

DECEMBER 31, 2009AND 2008

 
| ** **                                                                            | ** ** | **2009**    | ** **  | **2008**    | ** ** |
|---------------------------------------------------------------------------------------|------------|-------------|-------------|-------------|------------|
| **ASSETS:**                                                                           |       |        |        |        |       |
| Equity in commodity futures trading accounts:                                         |       |        |        |        |       |
| Cash (including restricted cash of $30,538,024 for 2009 and  $24,334,309 for 2008)    |       | $           | 269,793,907 |        | $          | 334,291,578 |   |
| Net unrealized profit on open contracts                                               |       | —      |        | 11,866,510  |       |
| Cash and cash equivalents                                                             |       | 1,397,466   |        | 241,619     |       |
| Accrued interest receivable                                                           |       | —      |        | 19,502      |       |
| ** **                                                                            |       |        |        |        |       |
| **TOTAL ASSETS**                                                                      |       | $           | 271,191,373 |        | $          | 346,419,209 |   |
| ** **                                                                            |       |        |        |        |       |
| **LIABILITIES AND MEMBERS’ CAPITAL:**                                            |       |        |        |        |       |
|                                                                                  |       |        |        |        |       |
| LIABILITIES:                                                                          |       |        |        |        |       |
| Brokerage commissions payable                                                         |       | $           | 84,821      |        | $          | 58,192 |   |
| Commodity Trading Advisor fee payable                                                 |       | 1,940,265   |        | 16,452,383  |       |
| Redemptions payable                                                                   |       | 2,307,660   |        | 9,241,236   |       |
| Net unrealized loss on open contracts                                                 |       | 970,474     |        | —      |       |
| Other liabilities                                                                     |       | 258,991     |        | 233,592     |       |
|                                                                                  |       |        |        |        |       |
| Total liabilities                                                                     |       | 5,562,211   |        | 25,985,403  |       |
|                                                                                  |       |        |        |        |       |
| MEMBERS’ CAPITAL:                                                                |       |        |        |        |       |
| Sponsor’s Interest (20,647 Units and 20,647 Units)                               |       | 27,998      |        | 32,331      |       |
| Members’ Interest (183,714,476 Units and 195,021,681 Units)                      |       | 265,601,164 |        | 320,401,475 |       |
| Total members’ capital                                                           |       | 265,629,162 |        | 320,433,806 |       |
| ** **                                                                            |       |        |        |        |       |
| **TOTAL LIABILITIES AND MEMBERS’ CAPITAL**                                       |       | $           | 271,191,373 |        | $          | 346,419,209 |   |
|                                                                                  |       |        |        |        |       |
| **NET ASSET VALUE PER UNIT (SEE NOTE 6)**                                             |       |        |        |        |       |
| (Based on 183,735,123 and 195,042,328 Units outstanding, unlimited  Units authorized) |       |        |        |        |       |

 

See notes to financial statements.

 

3

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ML ASPECTFUTURESACCESS LLC

(A DelawareLimited Liability Company)

 

STATEMENTS OFOPERATIONS

FOR THE YEARSENDED DECEMBER 31, 2009, 2008 AND 2007

 
| ** **                                   | ** ** | **2009**    | ** **  | **2008**    | ** ** | **2007**   | ** ** |
|----------------------------------------------|------------|-------------|-------------|-------------|------------|------------|------------|
| **TRADING PROFIT (LOSS):**                   |       |        |        |        |       |       |       |
|                                         |       |        |        |        |       |       |       |
| Realized, net                                |       | $           | (15,245,520 | )           | $          | 93,209,117 |       | $ | 12,040,023 |   |
| Change in unrealized, net                    |       | (12,836,984 | )           | 2,497,935   |       | 3,857,805  |       |
| Brokerage commissions                        |       | (799,706    | )           | (787,841    | )          | (1,052,707 | )          |
|                                         |       |        |        |        |       |       |       |
| Total trading profit (loss)                  |       | (28,882,210 | )           | 94,919,211  |       | 14,845,121 |       |
| ** **                                   |       |        |        |        |       |       |       |
| **INVESTMENT INCOME:**                       |       |        |        |        |       |       |       |
| Interest                                     |       | 17,255      |        | 5,306,094   |       | 10,674,137 |       |
| ** **                                   |       |        |        |        |       |       |       |
| **EXPENSES:**                                |       |        |        |        |       |       |       |
| Management fee                               |       | 5,395,714   |        | 5,712,987   |       | 4,139,254  |       |
| Sponsor fee                                  |       | 2,675,732   |        | 3,172,388   |       | 2,781,129  |       |
| Performance fee                              |       | 17,428      |        | 16,320,740  |       | 2,038,070  |       |
| Other                                        |       | 715,230     |        | 743,997     |       | 665,497    |       |
| Total expenses                               |       | 8,804,104   |        | 25,950,112  |       | 9,623,950  |       |
| ** **                                   |       |        |        |        |       |       |       |
| **NET INVESTMENT INCOME (LOSS)**             |       | (8,786,849  | )           | (20,644,018 | )          | 1,050,187  |       |
| ** **                                   |       |        |        |        |       |       |       |
| **NET INCOME (LOSS)**                        |       | $           | (37,669,059 | )           | $          | 74,275,193 |       | $ | 15,895,308 |   |
| ** **                                   |       |        |        |        |       |       |       |
| **NET INCOME (LOSS) PER UNIT:**              |       |        |        |        |       |       |       |
|                                         |       |        |        |        |       |       |       |
| Weighted average number of Units outstanding |       |        |        |        |       |       |       |
| Class A                                 |       | 16,838,575  |        | 18,577,490  |       | 17,685,024 |       |
| Class C                                 |       | 62,733,642  |        | 76,318,438  |       | 77,729,481 |       |
| Class D                                 |       | 6,696,233   |        | 10,392,579  |       | 16,490,950 |       |
| Class I                                 |       | 6,609,695   |        | 10,689,594  |       | 13,298,470 |       |
| Class DS*                               |       | 51,048,296  |        | 31,288,535  |       | 11,050,699 |       |
| Class DT**                              |       | 47,031,238  |        | 61,607,169  |       | 82,941,449 |       |
|                                         |       |        |        |        |       |       |       |
| Net income (loss) per weighted average Unit  |       |        |        |        |       |       |       |
| Class A                                 |       | $           | (0.2111     | )           | $          | 0.3475     |       | $ | 0.0917 |   |
| Class C                                 |       | $           | (0.2148     | )           | $          | 0.3154     |       | $ | 0.0782 |   |
| Class D                                 |       | $           | (0.2078     | )           | $          | 0.3998     |       | $ | 0.0994 |   |
| Class I                                 |       | $           | (0.2031     | )           | $          | 0.3644     |       | $ | 0.0942 |   |
| Class DS*                               |       | $           | (0.1738     | )           | $          | 0.3373     |       | $ | 0.1602 |   |
| Class DT**                              |       | $           | (0.1917     | )           | $          | 0.4081     |       | $ | 0.0426 |   |

 

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*Class DS commenced on April 2, 2007and was previously known as Class D-SM.

 

**Class DT commenced on June 1, 2007and was previously known as Class D-TF.

 

See notes to financial statements.

 

4

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ML ASPECT FUTURESACCESS LLC

(A Delaware Limited Liability Company)

 

STATEMENTS OF CHANGES IN MEMBERS’ CAPITAL

FOR THE YEARS ENDED DECEMBER 31, 2009, 2008 AND 2007 (in Units)

 
| ** **                 | ** ** | **Members’ Capital**  | ** ** | ** **        | ** ** | ** **      | ** ** | **Members’ Capital**  | ** ** | ** **        | ** ** | ** **      | ** ** | **Members’ Capital**  | ** ** | ** **        | ** ** | ** **      | ** ** | **Members’ Capital**  | ** ** |
|----------------------------|------------|---------------------------------|------------|-------------------|------------|-----------------|------------|---------------------------------|------------|-------------------|------------|-----------------|------------|---------------------------------|------------|-------------------|------------|-----------------|------------|---------------------------------|------------|
| ** **                 | ** ** | **December 31, 2006** | ** ** | **Subscriptions** | ** ** | **Redemptions** | ** ** | **December 31, 2007** | ** ** | **Subscriptions** | ** ** | **Redemptions** | ** ** | **December 31, 2008** | ** ** | **Subscriptions** | ** ** | **Redemptions** | ** ** | **December 31, 2009** | ** ** |
| Class A               |       | 13,798,588                      |       | 5,509,263         |       | (1,419,855      | )          | 17,887,996                      |       | 4,471,164         |       | (3,654,554      | )          | 18,704,606                      |       | 1,907,317         |       | (5,126,238      | )          | 15,485,685                      |       |
| Class C               |       | 63,313,746                      |       | 30,581,247        |       | (14,724,727     | )          | 79,170,266                      |       | 14,556,104        |       | (25,455,625     | )          | 68,270,745                      |       | 5,671,596         |       | (15,338,827     | )          | 58,603,514                      |       |
| Class D               |       | 13,531,909                      |       | 6,087,954         |       | (3,319,371      | )          | 16,300,492                      |       | 659,229           |       | (10,043,745     | )          | 6,915,976                       |       | —            |       | (659,229        | )          | 6,256,747                       |       |
| Class I               |       | 12,118,637                      |       | 3,341,115         |       | (4,095,954      | )          | 11,363,798                      |       | 3,063,709         |       | (5,466,260      | )          | 8,961,247                       |       | 499,046           |       | (3,976,701      | )          | 5,483,592                       |       |
| Class DS*             |       | —                          |       | 13,988,458        |       | (220,336        | )          | 13,768,122                      |       | 37,814,013        |       | (10,038,276     | )          | 41,543,859                      |       | 17,404,773        |       | (1,782,656      | )          | 57,165,976                      |       |
| Class DT**            |       | —                          |       | 91,381,476        |       | (21,738,178     | )          | 69,643,298                      |       | 1,552,098         |       | (20,570,148     | )          | 50,625,248                      |       | 2,350,570         |       | (12,256,856     | )          | 40,718,962                      |       |
|                       |       |                            |       |              |       |            |       |                            |       |              |       |            |       |                            |       |              |       |            |       |                            |       |
| Total Members’ Units  |       | 102,762,880                     |       | 150,889,513       |       | (45,518,421     | )          | 208,133,972                     |       | 62,116,317        |       | (75,228,608     | )          | 195,021,681                     |       | 27,833,302        |       | (39,140,507     | )          | 183,714,476                     |       |
|                       |       |                            |       |              |       |            |       |                            |       |              |       |            |       |                            |       |              |       |            |       |                            |       |
| Class A               |       | 10,319                          |       | —            |       | —          |       | 10,319                          |       | —            |       | —          |       | 10,319                          |       | —            |       | —          |       | 10,319                          |       |
| Class C               |       | 10,328                          |       | —            |       | —          |       | 10,328                          |       | —            |       | —          |       | 10,328                          |       | —            |       | —          |       | 10,328                          |       |
|                       |       |                            |       |              |       |            |       |                            |       |              |       |            |       |                            |       |              |       |            |       |                            |       |
| Total Sponsor’s Units |       | 20,647                          |       | —            |       | —          |       | 20,647                          |       | —            |       | —          |       | 20,647                          |       | —            |       | —          |       | 20,647                          |       |

 

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*Class DS commenced on April 2, 2007and was previously known as Class D-SM. 

 

**Class DT commenced on June 1, 2007and was previously known as Class D-TF. 

 

See notes to financial statements.

 

5

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ML ASPECTFUTURESACCESS LLC

(A DelawareLimited Liability Company)

 

STATEMENTS OFCHANGES IN MEMBERS’ CAPITAL

FOR THE YEARSENDED DECEMBER 31, 2009, 2008 AND 2007

 
|                          |       |                                                        |        |              |       |            |       |                |        |                                                        |       |              |       |            |        |                |       |                                                        |       |              |         |            |       |                   |       |                                                        |        |   |   |       |   |   |        |   |   |        |   |   |        |   |
|-------------------------------|------------|-------------------------------------------------------------|-------------|-------------------|------------|-----------------|------------|---------------------|-------------|-------------------------------------------------------------|------------|-------------------|------------|-----------------|-------------|---------------------|------------|-------------------------------------------------------------|------------|-------------------|--------------|-----------------|------------|------------------------|------------|-------------------------------------------------------------|-------------|--------|--------|------------|--------|--------|-------------|--------|--------|-------------|--------|--------|-------------|--------|
| ** **                    | ** ** | **Members’ Capital  December 31, 2006** | ** **  | **Subscriptions** | ** ** | **Redemptions** | ** ** | **Net Income** | ** **  | **Members’ Capital  December 31, 2007** | ** ** | **Subscriptions** | ** ** | **Redemptions** | ** **  | **Net Income** | ** ** | **Members’ Capital  December 31, 2008** | ** ** | **Subscriptions** | ** **   | **Redemptions** | ** ** | **Net  Income/(Loss)** | ** ** | **Members’ Capital  December 31, 2009** | ** **  |
| Class A                  |       | $                                                           | 16,089,634  |              | $          | 6,430,196       |       | $                   | (1,712,053  | )                                                           | $          | 1,620,687         |       | $               | 22,428,464  |                | $          | 6,143,861                                                   |       | $                 | (5,234,543   | )               | $          | 6,452,930              |       | $                                                           | 29,790,712  |   | $      | 2,784,373  |   | $      | (7,558,866  | )      | $      | (3,554,935  | )      | $      | 21,461,284  |   |
| Class C                  |       | 72,750,991                                                  |        | 35,450,778        |       | (17,423,204     | )          | 6,080,158           |        | 96,858,723                                                  |       | 19,482,963        |       | (35,319,265     | )           | 24,068,580          |       | 105,091,001                                                 |       | 8,101,783         |         | (21,998,892     | )          | (13,478,321            | )          | 77,715,571                                                  |        |
| Class D                  |       | 16,414,106                                                  |        | 7,675,895         |       | (4,145,982      | )          | 1,639,960           |        | 21,583,979                                                  |       | 975,000           |       | (14,864,105     | )           | 4,154,640           |       | 11,849,514                                                  |       | —            |         | (989,305        | )          | (1,388,933             | )          | 9,471,276                                                   |        |
| Class I                  |       | 14,198,284                                                  |        | 3,891,855         |       | (4,968,583      | )          | 1,252,596           |        | 14,374,152                                                  |       | 4,181,986         |       | (7,985,878      | )           | 3,894,853           |       | 14,465,113                                                  |       | 748,983           |         | (6,139,822      | )          | (1,336,349             | )          | 7,737,925                                                   |        |
| Class DS*                |       | —                                                      |        | 16,742,584        |       | (276,777        | )          | 1,770,147           |        | 18,235,954                                                  |       | 56,116,079        |       | (14,003,395     | )           | 10,554,233          |       | 70,902,871                                                  |       | 26,942,476        |         | (2,798,569      | )          | (8,880,305             | )          | 86,166,473                                                  |        |
| Class DT**               |       | —                                                      |        | 116,922,597       |       | (27,944,560     | )          | 3,530,089           |        | 92,508,126                                                  |       | 2,229,235         |       | (31,578,299     | )           | 25,143,202          |       | 88,302,264                                                  |       | 3,561,720         |         | (19,789,466     | )          | (9,025,883             | )          | 63,048,635                                                  |        |
|                          |       |                                                        |        |              |       |            |       |                |        |                                                        |       |              |       |            |        |                |       |                                                        |       |              |         |            |       |                   |       |                                                        |        |
| Total Members’ Interest  |       | $                                                           | 119,453,015 |              | $          | 187,113,905     |       | $                   | (56,471,159 | )                                                           | $          | 15,893,637        |       | $               | 265,989,398 |                | $          | 89,129,124                                                  |       | $                 | (108,985,485 | )               | $          | 74,268,438             |       | $                                                           | 320,401,475 |   | $      | 42,139,335 |   | $      | (59,274,920 | )      | $      | (37,664,726 | )      | $      | 265,601,164 |   |
|                          |       |                                                        |        |              |       |            |       |                |        |                                                        |       |              |       |            |        |                |       |                                                        |       |              |         |            |       |                   |       |                                                        |        |
| Class A                  |       | $                                                           | 12,035      |              | $          | —          |       | $                   | —      |                                                        | $          | 905               |       | $               | 12,940      |                | $          | —                                                      |       | $                 | —       |            | $          | 3,495                  |       | $                                                           | 16,435      |   | $      | —     |   | $      | —      |   | $      | (2,132      | )      | $      | 14,303      |   |
| Class C                  |       | 11,870                                                      |        | —            |       | —          |       | 766                 |        | 12,636                                                      |       | —            |       | —          |        | 3,260               |       | 15,896                                                      |       | —            |         | —          |       | (2,201                 | )          | 13,695                                                      |        |
|                          |       |                                                        |        |              |       |            |       |                |        |                                                        |       |              |       |            |        |                |       |                                                        |       |              |         |            |       |                   |       |                                                        |        |
| Total Sponsor’s Interest |       | $                                                           | 23,905      |              | $          | —          |       | $                   | —      |                                                        | $          | 1,671             |       | $               | 25,576      |                | $          | —                                                      |       | $                 | —       |            | $          | 6,755                  |       | $                                                           | 32,331      |   | $      | —     |   | $      | —      |   | $      | (4,333      | )      | $      | 27,998      |   |
| Total Members’ Capital   |       | $                                                           | 119,476,920 |              | $          | 187,113,905     |       | $                   | (56,471,159 | )                                                           | $          | 15,895,308        |       | $               | 266,014,974 |                | $          | 89,129,124                                                  |       | $                 | (108,985,485 | )               | $          | 74,275,193             |       | $                                                           | 320,433,806 |   | $      | 42,139,335 |   | $      | (59,274,920 | )      | $      | (37,669,059 | )      | $      | 265,629,162 |   |

 

----

*Class DScommenced on April 2, 2007 and was previously known as Class D-SM.

 

**Class DTcommenced on June 1, 2007 and was previously known as Class D-TF. 

 

Seenotes to financial statements.

 

6

----

 

 

ML ASPECT FUTURESACCESSLLC

(A Delaware LimitedLiability Company)

 

FINANCIAL DATA HIGHLIGHTS

FOR THE YEAR ENDEDDECEMBER 31, 2009

The following per Unitdata and ratios have been derived from information provided in the financialstatements

 
| ** **                                                       | ** ** | **Class A** | ** ** | **Class C** | ** ** | **Class D** | ** ** | **Class I** | ** ** | **Class DS******* | ** ** | **Class DT******** | ** ** |
|------------------------------------------------------------------|------------|------------------|------------|------------------|------------|------------------|------------|------------------|------------|------------------------|------------|-------------------------|------------|
| **Per Unit Operating Performance:**                              |       |             |       |             |       |             |       |             |       |                   |       |                    |       |
|                                                             |       |             |       |             |       |             |       |             |       |                   |       |                    |       |
| Net asset value, beginning of year                               |       | $                | 1.5927     |             | $          | 1.5393           |       | $                | 1.7134     |                   | $          | 1.6142                  |       | $ | 1.7067 |   | $ | 1.7442 |   |
| Net realized and net change in unrealized trading  profit (loss) |       | (0.1483          | )          | (0.1430          | )          | (0.1602          | )          | (0.1506          | )          | (0.1595                | )          | (0.1633                 | )          |
| Brokerage commissions                                            |       | (0.0040          | )          | (0.0039          | )          | (0.0044          | )          | (0.0041          | )          | (0.0044                | )          | (0.0045                 | )          |
| Interest income                                                  |       | 0.0001           |       | 0.0001           |       | 0.0001           |       | 0.0001           |       | 0.0001                 |       | 0.0001                  |       |
| Expenses                                                         |       | (0.0546          | )          | (0.0664          | )          | (0.0351          | )          | (0.0485          | )          | (0.0356                | )          | (0.0281                 | )          |
| Net asset value, end of year                                     |       | $                | 1.3859     |             | $          | 1.3261           |       | $                | 1.5138     |                   | $          | 1.4111                  |       | $ | 1.5073 |   | $ | 1.5484 |   |
|                                                             |       |             |       |             |       |             |       |             |       |                   |       |                    |       |
| **Total Return: (a)**                                            |       |             |       |             |       |             |       |             |       |                   |       |                    |       |
|                                                             |       |             |       |             |       |             |       |             |       |                   |       |                    |       |
| Total return before Performance fees                             |       | -12.99           | %          | -13.86           | %          | -11.67           | %          | -12.64           | %          | -11.67                 | %          | -11.23                  | %          |
| Performance fees                                                 |       | 0.00             | %          | 0.00             | %          | -0.01            | %          | 0.01             | %          | -0.02                  | %          | 0.00                    | %          |
| Total return after Performance fees                              |       | -12.99           | %          | -13.86           | %          | -11.68           | %          | -12.63           | %          | -11.69                 | %          | -11.23                  | %          |
|                                                             |       |             |       |             |       |             |       |             |       |                   |       |                    |       |
| **Ratios to Average Members’ Capital:**                     |       |             |       |             |       |             |       |             |       |                   |       |                    |       |
|                                                             |       |             |       |             |       |             |       |             |       |                   |       |                    |       |
| Expenses (excluding Performance fees)                            |       | 3.73             | %          | 4.73             | %          | 2.24             | %          | 3.33             | %          | 2.24                   | %          | 1.74                    | %          |
| Performance fees                                                 |       | -0.01            | %          | -0.01            | %          | 0.00             | %          | -0.02            | %          | 0.01                   | %          | -0.01                   | %          |
| Expenses (including Performance fees)                            |       | 3.72             | %          | 4.72             | %          | 2.24             | %          | 3.31             | %          | 2.25                   | %          | 1.73                    | %          |
|                                                             |       |             |       |             |       |             |       |             |       |                   |       |                    |       |
| Net investment income (loss)                                     |       | -3.72            | %          | -4.72            | %          | -2.23            | %          | -3.31            | %          | -2.24                  | %          | -1.73                   | %          |

 

----

(a) The total returncalculations are based on compounded monthly returns and is calculated for eachclass taken as a whole.

Anindividual members’ return may vary from these returns based on timing ofcapital transactions.

*Class DSand was previously known as Class D-SM.

**Class DTwas previously known as Class D-TF. 

Seenotes to financial statements.

 

7

----

 

ML ASPECT FUTURESACCESSLLC

(A Delaware LimitedLiability Company)

 

FINANCIAL DATA HIGHLIGHTS

FOR THE YEAR ENDEDDECEMBER 31, 2008

The following per Unitdata and ratios have been derived from information provided in the financialstatements.

 
| ** **                                                       | ** ** | **Class A** | ** ** | **Class C** | ** ** | **Class D** | ** ** | **Class I** | ** ** | **Class DS******* | ** ** | **Class DT******** | ** ** |
|------------------------------------------------------------------|------------|------------------|------------|------------------|------------|------------------|------------|------------------|------------|------------------------|------------|-------------------------|------------|
| **Per Unit Operating Performance:**                              |       |             |       |             |       |             |       |             |       |                   |       |                    |       |
|                                                             |       |             |       |             |       |             |       |             |       |                   |       |                    |       |
| Net  asset value, beginning of year                              |       | $                | 1.2538     |             | $          | 1.2234           |       | $                | 1.3241     |                   | $          | 1.2649                  |       | $ | 1.3245 |   | $ | 1.3283 |   |
| Net  realized and net change in unrealized trading profit (loss) |       | 0.4553           |       | 0.4427           |       | 0.4925           |       | 0.4616           |       | 0.4811                 |       | 0.4891                  |       |
| Brokerage  commissions                                           |       | (0.0037          | )          | (0.0036          | )          | (0.0039          | )          | (0.0037          | )          | (0.0039                | )          | (0.0039                 | )          |
| Interest  income                                                 |       | 0.0247           |       | 0.0241           |       | 0.0265           |       | 0.0250           |       | 0.0261                 |       | 0.0264                  |       |
| Expenses                                                         |       | (0.1374          | )          | (0.1473          | )          | (0.1258          | )          | (0.1336          | )          | (0.1211                | )          | (0.0957                 | )          |
| Net  asset value, end of year                                    |       | $                | 1.5927     |             | $          | 1.5393           |       | $                | 1.7134     |                   | $          | 1.6142                  |       | $ | 1.7067 |   | $ | 1.7442 |   |
|                                                             |       |             |       |             |       |             |       |             |       |                   |       |                    |       |
| **Total Return: (a)**                                            |       |             |       |             |       |             |       |             |       |                   |       |                    |       |
|                                                             |       |             |       |             |       |             |       |             |       |                   |       |                    |       |
| Total  return before Performance fees                            |       | 34.07            | %          | 32.81            | %          | 36.67            | %          | 34.69            | %          | 35.82                  | %          | 36.81                   | %          |
| Performance  fees                                                |       | -6.22            | %          | -6.24            | %          | -6.32            | %          | -6.24            | %          | -6.04                  | %          | -4.76                   | %          |
| Total  return after Performance fees                             |       | 27.03            | %          | 25.82            | %          | 29.41            | %          | 27.61            | %          | 28.86                  | %          | 31.31                   | %          |
|                                                             |       |             |       |             |       |             |       |             |       |                   |       |                    |       |
| **Ratios to Average Members’ Capital:**                     |       |             |       |             |       |             |       |             |       |                   |       |                    |       |
|                                                             |       |             |       |             |       |             |       |             |       |                   |       |                    |       |
| Expenses  (excluding Performance fees)                           |       | 3.84             | %          | 4.86             | %          | 2.36             | %          | 3.45             | %          | 2.30                   | %          | 1.80                    | %          |
| Performance  fees                                                |       | 5.90             | %          | 5.91             | %          | 5.98             | %          | 5.91             | %          | 5.74                   | %          | 4.48                    | %          |
| Expenses  (including Performance fees)                           |       | 9.74             | %          | 10.77            | %          | 8.34             | %          | 9.36             | %          | 8.04                   | %          | 6.28                    | %          |
|                                                             |       |             |       |             |       |             |       |             |       |                   |       |                    |       |
| Net  investment income (loss)                                    |       | -7.93            | %          | -8.96            | %          | -6.51            | %          | -7.54            | %          | -6.24                  | %          | -4.48                   | %          |

 

----

(a) The total returncalculations are based on compounded monthly returns and is calculated for eachclass taken as a whole.

Anindividual members’ return may vary from these returns based on timing ofcapital transactions.

*Class DSand was previously known as Class D-SM.

**Class DTwas previously known as Class D-TF. 

Seenotes to financial statements.

 

8

----

 

ML ASPECT FUTURESACCESSLLC

(A Delaware LimitedLiability Company)

 

FINANCIAL DATA HIGHLIGHTS

FOR THE YEAR ENDEDDECEMBER 31, 2007

The following per Unitdata and ratios have been derived from information provided in the financialstatements.

 
| ** **                                                      | ** ** | **Class A** | ** ** | **Class C** | ** ** | **Class D** | ** ** | **Class I** | ** ** | **Class DS ****(a)*** | ** ** | **Class DT ****(a)**** | ** ** |
|-----------------------------------------------------------------|------------|------------------|------------|------------------|------------|------------------|------------|------------------|------------|---------------------------------|------------|----------------------------------|------------|
| **Per Unit  Operating Performance:**                            |       |             |       |             |       |             |       |             |       |                            |       |                             |       |
|                                                            |       |             |       |             |       |             |       |             |       |                            |       |                             |       |
| Net asset value, beginning  of period                           |       | $                | 1.1660     |             | $          | 1.1491           |       | $                | 1.2130     |                            | $          | 1.1716                           |       | $ | 1.1631 |   | $ | 1.2795 |   |
| Net realized and net  change in unrealized trading profit(loss) |       | 0.0959           |       | 0.0938           |       | 0.1006           |       | 0.0966           |       | 0.1576                          |       | 0.0317                           |       |
| Brokerage commissions                                           |       | (0.0057          | )          | (0.0056          | )          | (0.0059          | )          | (0.0057          | )          | (0.0046                         | )          | (0.0035                          | )          |
| Interest income                                                 |       | 0.0580           |       | 0.0569           |       | 0.0607           |       | 0.0584           |       | 0.0456                          |       | 0.0354                           |       |
| Expenses                                                        |       | (0.0604          | )          | (0.0708          | )          | (0.0443          | )          | (0.0560          | )          | (0.0372                         | )          | (0.0148                          | )          |
| Net asset value, end of  period                                 |       | $                | 1.2538     |             | $          | 1.2234           |       | $                | 1.3241     |                            | $          | 1.2649                           |       | $ | 1.3245 |   | $ | 1.3283 |   |
|                                                            |       |             |       |             |       |             |       |             |       |                            |       |                             |       |
| **Total  Return: (a)**                                          |       |             |       |             |       |             |       |             |       |                            |       |                             |       |
|                                                            |       |             |       |             |       |             |       |             |       |                            |       |                             |       |
| Total return before Performance fees                            |       | 8.61             | %          | 7.54             | %          | 10.26            | %          | 9.05             | %          | 15.06                           | %          | 3.89                             | %          |
| Performance fees                                                |       | -1.38            | %          | -1.36            | %          | -1.35            | %          | -1.38            | %          | -1.35                           | %          | -0.17                            | %          |
| Total return after  Performance fees                            |       | 7.53             | %          | 6.47             | %          | 9.15             | %          | 7.96             | %          | 13.88                           | %          | 3.81                             | %          |
|                                                            |       |             |       |             |       |             |       |             |       |                            |       |                             |       |
| **Ratios to  Average Members’ Capital:**                   |       |             |       |             |       |             |       |             |       |                            |       |                             |       |
|                                                            |       |             |       |             |       |             |       |             |       |                            |       |                             |       |
| Expenses (excluding Performance fees)                           |       | 3.92             | %          | 4.98             | %          | 2.39             | %          | 3.54             | %          | 1.75                            | %          | 1.05                             | %          |
| Performance fees                                                |       | 1.24             | %          | 1.20             | %          | 1.06             | %          | 1.14             | %          | 1.25                            | %          | 0.15                             | %          |
| Expenses (including  Performance fees)                          |       | 5.16             | %          | 6.18             | %          | 3.45             | %          | 4.68             | %          | 3.00                            | %          | 1.20                             | %          |
|                                                            |       |             |       |             |       |             |       |             |       |                            |       |                             |       |
| Net investment income  (loss)                                   |       | -0.20            | %          | -1.19            | %          | 1.53             | %          | 0.34             | %          | 0.62                            | %          | 1.63                             | %          |

 

----

(a) The total returncalculations are based on compounded monthly returns and is calculated for eachclass taken as a whole.

Anindividual members’ return may vary from these returns based on timing ofcapital transactions.

*Class DScommenced on April 2, 2007 and was previously known as Class D-SM. 

**Class DTcommenced on June 1, 2007 and was previously known as Class D-TF.

(a) The ratios toaverage members’ capital for these two classes have been annualized. The totalreturn ratios are not annualized.

Seenotes to financial statements.

 

9

----

 

ML ASPECT FUTURESACCESSLLC

(A Delaware LimitedLiability Company)

 

NOTES TO FINANCIALSTATEMENTS

 

1.                     SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES

 

Organization

 

MLAspect FuturesAccess LLC (the “Fund”), a Merrill Lynch FuturesAccess Program(the “Program”) fund, was organized under the Delaware Limited LiabilityCompany Act on May 17, 2004 and commenced trading activities on April 1,2005. The Fund engages in the speculative trading of futures, options onfutures and forward contracts on a wide range of commodities. Aspect CapitalLimited (“Aspect”) is the trading advisor of the Fund.

 

MerrillLynch Alternative Investments LLC (“MLAI” or the “Sponsor”) is the Sponsor of theFund. MLAI is an indirect wholly-owned subsidiary of Merrill Lynch &Co., Inc. (“Merrill Lynch”). Merrill Lynch, Pierce, Fenner &Smith Incorporated (“MLPF&S”), a wholly-owned subsidiary of Merrill Lynch,is the Fund’s commodity broker. On September 15, 2008, Merrill Lynchentered into an Agreement and Plan of Merger (as amended by Amendment No. 1dated as of October 21, 2008, the “Merger Agreement”) with Bank of AmericaCorporation (“Bank of America”). Pursuant to the Merger Agreement, on January 1,2009, a wholly-owned subsidiary of Bank of America merged with and into MerrillLynch, with Merrill Lynch continuing as the surviving corporation and asubsidiary of Bank of America.

 

TheProgram is a group of commodity pools sponsored by MLAI (each pool is a “ProgramFund” or collectively, “Program Funds”) each of which places substantially allof its assets in a managed futures or forward trading account managed by asingle or multiple commodity trading advisors. Each Program Fund is generallysimilar in terms of fees, Classes of Units and redemption rights.  Each of the Program Funds implements adifferent trading strategy.

 

TheFund offers six Classes of Units:  Class A,Class C, Class D, DT, DS, and Class I.  Each Class of Units except for DT and DSwas offered at $1.00 per Unit during the initial offering period andsubsequently is offered at Net Asset Value per Unit (see Note 6).  Class DS commenced on April 2, 2007and was offered at 1.1631 and Class DT commenced on June 1, 2007 andwas offered at $1.2795.  The six Classesof Units are subject to different Sponsor fees.

 

Interestsin the Fund are not insured or otherwise protected by the Federal DepositInsurance Corporation or any other government authority.  Interests are not deposits or other obligationsof, and are not guaranteed by, Bank of America Corporation or any of itsaffiliates or by any bank.  Interests aresubject to investment risks, including the possible loss of the full amountinvested.

 

Estimates

 

Thepreparation of financial statements in conformity with accounting principlesgenerally accepted in the United States of America (“U.S. GAAP”) requiresmanagement to make estimates and assumptions that affect the reported amountsof assets and liabilities and disclosure of contingent assets and liabilitiesat the date of the financial statements and the reported amounts of revenuesand expenses during the reporting period. Actual results could differ from those estimates. Certain prior year items have beenreclassified to conform to the current year presentation.

 

10

----

 

Statementof Cash Flows

 

TheFund is not required to provide a Statement of Cash Flows.

 

RevenueRecognition

 

Commodityfutures, options on futures and forward contract transactions are recorded ontrade date. Open contracts are reflected in Net unrealized profit (loss) onopen contracts in the Statements of Financial Condition as the differencebetween the original contract value and the market value (for those commodityinterests for which market quotations are readily available) or at fairvalue.  The change in unrealized profit(loss) on open contracts from one period to the next is reflected in Change inunrealized under Trading profit (loss) in the Statements of Operations.

 

Tradingprofit (loss) is reduced for brokerage commission costs.

 

ForeignCurrency Transactions

 

TheFund’s functional currency is the U.S. dollar; however, it transacts businessin U.S. dollars and in currencies other than the U.S. dollar.  Assets and liabilities denominated incurrencies other than the U.S. dollar are translated into U.S. dollars at therates in effect at the date of the Statements of Financial Condition.  Income and expense items denominated incurrencies other than the U.S. dollar are translated into U.S. dollars at therates in effect during the year.  Gainsand losses resulting from the translation to U.S. dollars are included inTrading Profit (Loss) in the Statements of Operations.

 

Cashand Cash Equivalents

 

TheFund considers all highly liquid investments, with a maturity of three monthsor less when acquired, to be cash equivalents. Cash equivalents were recordedat amortized cost which approximated fair value (Level II see Note 3).  Cash was held at a nationally recognizedfinancial institution.

 

Cashat Broker/Equity in Commodity Futures Trading Accounts

 

Aportion of the assets maintained at MLPF&S is restricted cash required tomeet maintenance margin requirements.

 

OperatingExpenses, Offering Costs and Selling Commissions

 

The Fundpays for all routine operating costs (including ongoing offering costs,administration, custody, transfer, exchange and redemption processing, legal,regulatory filing, tax, audit, escrow, accounting and printing fees andexpenses) incurred by the Fund.

 

Class AUnits are subject to a sales commission paid to MLPF&S ranging from 1.0% to2.5%.  Class D and Class IUnits are subject to sales commissions up to 0.5%.  The rate assessed to a given subscription isbased upon the subscription amount. Sales commissions are directly deducted from subscription amounts.  Class C, DS and DT Units are not subjectto any sales commissions.

 

IncomeTaxes

 

Noprovision for income taxes has been made in the accompanying financialstatements as each Member is individually responsible for reporting income orloss based on such Member’s share of the Fund’s income and expenses as reportedfor income tax purposes.

 

11

----

 

The Fund follows the ASC guidance on accounting foruncertainty in income taxes.  Thisguidance provides how uncertain tax positions should be recognized, measured,presented and disclosed in the financial statements.  This guidance also requires the evaluation oftax positions taken or expected to be taken in the course of preparing the Fund’sfinancial statements to determine whether the tax positions are “more-likely-than-not”to be sustained by the applicable tax authority.  Tax positions with respect to tax at the Fundlevel not deemed to meet the “more-likely-than-not” threshold would be recordedas a tax benefit or expense in the current year.  MLAI has analyzed the Fund’s tax positionsand has concluded that no provision for income tax is required in the Fund’sfinancial statements. The following are the major tax jurisdictions for theFund and the earliest tax year subject to examination: United States — 2006.

 

Distributions

 

TheMembers are entitled to receive, equally per Unit, any distributions which maybe made by the Fund.  No suchdistributions have been declared for the years ended December 31, 2009,2008 and 2007.

 

Subscriptions

 

Unitsare offered as of the close of business at the end of each month.  Shares are purchased as of the first businessday of any month at Net Asset Value (see Note 6), but the subscription requestmust be submitted at least three calendar days before the end of the precedingmonth.  Subscriptions submitted less thanthree days before the end of a month will be applied to Units subscriptions asof the beginning of the second month after receipt, unless revoked by MLAI.

 

Redemptionsand Exchanges

 

AMember may redeem or exchange some or all of such Member’s Units at Net AssetValue (see Note 6) as of the close of business, on the last business day of anymonth, upon ten calendar days’ notice (“notice period”).

 

Aninvestor in the Fund can exchange these Units for Units of the same Class inother Program Funds as of the beginning of each calendar month upon at leastten days prior notice.  The minimumexchange amount is $10,000.

 

Redemptionrequests are accepted within the notice period. The Fund does not accept any redemption requests after the noticeperiod.  All redemption requests receivedafter the notice period will be processed for the following month.

 

Dissolutionof the Fund

 

TheFund may terminate if certain circumstances occur as set forth in the privateplacement memorandum, which include but are not limited to the following:

 

(a)               Bankruptcy, dissolution, withdrawal orother termination of the trading advisor of this Fund.

(b)              Any event which would make unlawful thecontinued existence of this Fund.

(c)               Determination by MLAI to liquidate orwithdraw from the Fund.

 

12

----

 

 

2.               CONDENSED SCHEDULES OF INVESTMENTS

 

The Fund’s investments,defined as Net unrealized profit (loss) on open contracts in the Statements ofFinancial Condition, as of December 31, 2009 and 2008 are as follows:

 

2009

 
| ** **                  | ** ** | **Long Positions** | ** ** | **Short Positions** | ** ** | **Net Unrealized**        | ** ** | ** **         | ** ** | ** **             | ** ** |
|-----------------------------|------------|-------------------------|------------|--------------------------|------------|--------------------------------|------------|--------------------|------------|------------------------|------------|
| **Commodity Industry** | ** ** | **Number of**      | ** ** | **Unrealized**           | ** ** | **Percent of**            | ** ** | **Number of** | ** ** | **Unrealized**         | ** ** | **Percent of** | ** ** | **Profit (Loss)** | ** ** | **Percent of** | ** ** | ** ** | ** ** |
| **Sector**                  | ** ** | **Contracts**           | ** ** | **Profit (Loss)**   | ** ** | **Members’ Capital** | ** ** | **Contracts**      | ** ** | **Profit (Loss)** | ** ** | **Members’ Capital** | ** ** | **on Open Positions** | ** ** | **Members’ Capital** | ** ** | **Maturity Dates** | ** ** |
|                        |       |                    |       |                     |       |                           |       |               |       |                   |       |   |   |   |   |   |   |   |   |   |   |   |
| Agriculture                 |       | 1,523                   |       | $                        | 2,546,812  |                           | 0.96       | %                  | (856       | )                      | $          | (68,607 | ) | -0.03 | % | $ | 2,478,205 |   | 0.93 | % | January 2010 -  March 2010 |   |
| Currencies                  |       | 70,150,008              |       | (354,360                 | )          | -0.13                          | %          | (177,950,000       | )          | (600,291               | )          | -0.23 | % | (954,651 | ) | -0.36 | % | January 2010 |   |
| Energy                      |       | 380                     |       | 738,906                  |       | 0.27                           | %          | (46                | )          | 146,890                |       | 0.06 | % | 885,796 |   | 0.33 | % | February 2010 |   |
| Interest rates              |       | 10,072                  |       | (4,193,429               | )          | -1.58                          | %          | (413               | )          | 82,065                 |       | 0.03 | % | (4,111,364 | ) | -1.55 | % | March 2010 -  June 2010 |   |
| Metals                      |       | 940                     |       | (1,151,067               | )          | -0.43                          | %          | (28                | )          | (161,195               | )          | -0.06 | % | (1,312,262 | ) | -0.49 | % | February 2010 -  April 2010 |   |
| Stock indices               |       | 2,275                   |       | 2,052,362                |       | 0.77                           | %          | (23                | )          | (8,560                 | )          | 0.00 | % | 2,043,802 |   | 0.77 | % | January 2010 -  March 2010 |   |
|                        |       |                    |       |                     |       |                           |       |               |       |                   |       |   |   |   |   |   |   |   |   |   |   |   |
| Total                       |       |                    |       | $                        | (360,776   | )                              | -0.14      | %                  |       |                   | $          | (609,698 | ) | -0.23 | % | $ | (970,474 | ) | -0.37 | % |   |   |

 

2008

 
| ** **                  | ** ** | **Long Positions** | ** ** | **Short Positions** | ** ** | **Net Unrealized**        | ** ** | ** **         | ** ** | ** **             | ** ** |
|-----------------------------|------------|-------------------------|------------|--------------------------|------------|--------------------------------|------------|--------------------|------------|------------------------|------------|
| **Commodity Industry** | ** ** | **Number of**      | ** ** | **Unrealized**           | ** ** | **Percent of**            | ** ** | **Number of** | ** ** | **Unrealized**         | ** ** | **Percent of** | ** ** | **Profit (Loss)** | ** ** | **Percent of** | ** ** | ** ** | ** ** |
| **Sector**                  | ** ** | **Contracts**           | ** ** | **Profit (Loss)**   | ** ** | **Members’ Capital** | ** ** | **Contracts**      | ** ** | **Profit (Loss)** | ** ** | **Members’ Capital** | ** ** | **on Open Positions** | ** ** | **Members’ Capital** | ** ** | **Maturity Dates** | ** ** |
|                        |       |                    |       |                     |       |                           |       |               |       |                   |       |   |   |   |   |   |   |   |   |   |   |   |
| Agriculture                 |       | 145                     |       | $                        | 333,270    |                           | 0.10       | %                  | (1,240     | )                      | $          | (860,947 | ) | -0.27 | % | $ | (527,677 | ) | -0.17 | % | January 2009 -  March 2009 |   |
| Currencies                  |       | 2,211,124               |       | 1,544,260                |       | 0.48                           | %          | (461,942           | )          | (2,356,344             | )          | -0.74 | % | (812,084 | ) | -0.26 | % | January 2009 |   |
| Energy                      |       | 41                      |       | 75,848                   |       | 0.02                           | %          | (407               | )          | 946,274                |       | 0.30 | % | 1,022,122 |   | 0.32 | % | February 2009 |   |
| Interest rates              |       | 8,731                   |       | 13,032,113               |       | 4.07                           | %          | —             |       | —                 |       | 0.00 | % | 13,032,113 |   | 4.07 | % | March 2009 -  March 2010 |   |
| Metals                      |       | 45                      |       | 88,866                   |       | 0.03                           | %          | (503               | )          | (723,498               | )          | -0.23 | % | (634,632 | ) | -0.20 | % | February 2009 -  April 2009 |   |
| Stock indices               |       | 3                       |       | 3,950                    |       | 0.00                           | %          | (176               | )          | (217,282               | )          | -0.07 | % | (213,332 | ) | -0.07 | % | January 2009 -  March 2009 |   |
|                        |       |                    |       |                     |       |                           |       |               |       |                   |       |   |   |   |   |   |   |   |   |   |   |   |
| Total                       |       |                    |       | $                        | 15,078,307 |                           | 4.70       | %                  |       |                   | $          | (3,211,797 | ) | -1.01 | % | $ | 11,866,510 |   | 3.69 | % |   |   |

 

No individual contract’sunrealized gain or loss comprised greater than 5% of the Members’ Capital as ofDecember 31, 2009 and 2008.

 

13

----

 

 

3.               FAIR VALUE OF INVESTMENTS

 

The FASB’sASC’s provide authoritative guidance on fair value measurement. This guidancedefines fair value, establishes a framework for measuring fair value andexpands disclosures about fair value measurements.

 

Fair value of aninvestment is the amount that would be received to sell the investment in anorderly transaction between market participants at the measurement date (i.e.the exit price). All investments (includingderivative financial instruments and derivative commodity instruments) are heldfor trading purposes.  The investmentsare recorded on trade date and open contracts are recorded at fair value(described below) at the measurement date. Investments denominated in foreigncurrencies are translated into U.S. dollars at the exchange rates prevailing atthe measurement date.  Gains or lossesare realized when contracts are liquidated. Unrealized gains or losses on open contracts are included in Equity incommodity futures trading account.  Anychange in net unrealized gain or loss from the preceding year is reported inthe Statements of Operations.

 

The fair valuemeasurement guidance established a hierarchal disclosure framework whichprioritizes and ranks the level of market price observability used in measuringinvestments at fair value. Market price observability is impacted by a numberof factors, including the type of investment and the characteristics specificto the investment. Investments with readily available active quoted prices orfor which fair value can be measured from actively quoted prices generally willhave a higher degree of market price observability and a lesser degree ofjudgment used in measuring fair value.

 

Investmentsmeasured and reported at fair value are classified and disclosed in one of thefollowing categories:

 

Level I — Quotedprices are available in active markets for identical investments as of thereporting date. The type of investments included in Level I are publicly tradedinvestments. As required by the fair market value measurement guidance, theFund does not adjust the quoted price for these investments even in situationswhere the Fund holds a large position and a sale could reasonably impact thequoted price.

 

Level II — Pricinginputs are other than quoted prices in active markets, which are eitherdirectly or indirectly observable as of the reporting date, and fair value isdetermined through the use of generally accepted and understood models or othervaluation methodologies. Investments which are generally included in thiscategory are investments valued using market data.

 

Level III —Pricing inputs are unobservable and include situations where there is little,if any, market activity for the investment. Fair value for these investments isdetermined using valuation methodologies that consider a range of factors,including but not limited to the nature of the investment, local marketconditions, trading values on public exchanges for comparable securities,current and projected operating performance and financing transactionssubsequent to the acquisition of the investment. The inputs into thedetermination of fair value require significant management judgment. Due to theinherent uncertainty of these estimates, these values may differ materiallyfrom the values that would have been used had a ready market for theseinvestments existed.

 

In certain cases,the inputs used to measure fair value may fall into different levels of thefair value hierarchy. In such cases, an investment’s level within the fairvalue hierarchy is based on the lowest level of input that is significant tothe Fair Value Measurement. MLAI’s assessment of the significance of aparticular input to the Fair Value Measurement in its entirety requiresjudgment, and considers factors specific to the investment.

 

Followingis a description of the valuation methodologies used for investments, as wellas the general classification of such investments pursuant to the valuationhierarchy.

 

Exchangetraded investments are fair valued by the Fund by using the reported closingprice on the primary exchange where it trades such investments.  These closing prices are observed through theclearing broker and third party pricing services. For non-exchange tradedinvestments, quoted values and other data provided by nationally recognizedindependent pricing sources are used as inputs into its process for determiningfair values.

 

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Theindependent pricing sources obtain market quotations and actual transactionprices for securities that have quoted prices in active markets. Each sourcehas its own proprietary method for determining the fair value of securitiesthat are not actively traded. In general, these methods involve the use of “matrixpricing” in which the independent pricing source uses observable market inputsincluding, but not limited to, investment yields, credit risks and spreads,benchmarking of like securities, broker-dealer quotes, reported trades andsector groupings to determine a reasonable fair market value.

 

TheFund has determined that Level I securities would include all of its futuresand options contracts where it believes that quoted prices are available in anactive market.

 

Wherethe Fund believes that quoted market prices are not available or that themarket is not active, fair values are estimated by using quoted prices ofsecurities with similar characteristics, pricing models or matrix pricing andthese are generally classified as Level II securities. The Fund determined thatLevel II securities would include its forward contracts.

 

The Fund’s netunrealized profit (loss) on open forward and futures contracts as of December 31,2009 and 2008 are as follows:

 
| **December 31, 2009** | ** ** | **Unrealized Long Positions** | ** ** | **Unrealized Short Positions** | ** ** | **Total** | ** ** |
|---------------------------------|------------|-----------------------------------------|------------|------------------------------------------|------------|-----------|------------|
| Futures                         |       | $                                       | (65,216    | )                                        | $          | (9,408    | )          | $ | (74,624 | ) |
| Forwards                        |       | $                                       | (295,560   | )                                        | $          | (600,290  | )          | $ | (895,850 | ) |
| Total                           |       | $                                       | (360,776   | )                                        | $          | (609,698  | )          | $ | (970,474 | ) |

 
| **December 31, 2008** | ** ** | **Unrealized Long Positions** | ** ** | **Unrealized Short Positions** | ** ** | **Total**  | ** ** |
|---------------------------------|------------|-----------------------------------------|------------|------------------------------------------|------------|------------|------------|
| Futures                         |       | $                                       | 13,534,047 |                                     | $          | (855,453   | )          | $ | 12,678,594 |   |
| Forwards                        |       | $                                       | 1,544,260  |                                     | $          | (2,356,344 | )          | $ | (812,084 | ) |
| Total                           |       | $                                       | 15,078,307 |                                     | $          | (3,211,797 | )          | $ | 11,866,510 |   |

 

The Fund’s volumeof trading forward and futures as of the end of this year is representative ofthe activity throughout the year.

 

The followingtable summarizes the valuation of the Fund’s investments by the above fairvalue hierarchy levels as of December 31, 2009 and 2008:

 
| **Net unrealized**     | ** ** | ** ** | ** ** | ** **  | ** ** | ** **   | ** ** | ** **    | ** ** |
|------------------------|------------|------------|------------|-------------|------------|--------------|------------|---------------|------------|
| **profit (loss)**      | ** ** | ** ** | ** ** | ** **  | ** ** | ** **   | ** ** | ** **    | ** ** |
| **on open contracts**  | ** ** | **Total**  | ** ** | **Level I** | ** ** | **Level II** | ** ** | **Level III** | ** ** |
| December 31, 2009 |       | $          | (970,474   | )           | $          | (1,107,360   | )          | $             | 136,886    |   | $ | — |   |
| December 31, 2008 |       | $          | 11,866,510 |        | $          | 11,866,510   |       | $             | —     |   | $ | — |   |

 

Effective January 1,2009, the Fund adopted the FASB’s guidance on disclosures about derivativeinstruments and hedging activities which requires qualitative disclosures aboutobjectives and strategies for using derivatives, quantitative disclosures aboutfair value amounts of and gains and losses on derivative instruments, anddisclosures about credit-risk-related contingent features in derivativeagreements. This guidance only expands the disclosure requirements forderivative instruments and related hedging activities and has no impact onStatements of Financial Condition or Statements of Operations Statement ofChanges in Members’ Capital.

 

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The Fund engages in thespeculative trading of futures, options on futures and forward contracts on awide range of commodities. Such contracts meet the definition of a derivativeas noted in the guidance forderivatives and hedging. The fair value amounts of and the gains andlosses on derivative instruments is disclosed in the Statements of FinancialCondition and Statements of Operations, respectively. There are no creditrelated contingent features embedded in these derivative contracts.

 

The following table indicates the trading gains andlosses, by commodity industry sector, on derivative instruments for the yearended December 31, 2009:

 
| **Commodity Industry** | ** ** | **Gain (loss)**  | ** **  |
|-----------------------------|------------|-----------------------|-------------|
| **Sector**                  | ** ** | **from trading** | ** **  |
|                        |       |                  |        |
| Agriculture                 |       | $                     | 838,187     |   |
| Currencies                  |       | (9,924,173            | )           |
| Energy                      |       | (14,163,622           | )           |
| Interest rates              |       | (9,441,502            | )           |
| Metals                      |       | 909,155               |        |
| Stock indices               |       | 3,699,451             |        |
|                        |       |                  |        |   |
| Total                       |       | $                     | (28,082,504 | ) |

 

The Fund is subject to the risk of insolvency of a counterparty, anexchange, a clearinghouse or MLPF&S. Fund assets could be lost or impounded during lengthy bankruptcyproceedings.  Were a substantial portionof the Fund’s capital tied up in a bankruptcy or other similar types ofproceedings, MLAI might suspend or limit trading, perhaps causing the Fund tomiss significant profit opportunities. There are increased risks in dealing with unregulated tradingcounterparties including the risk that assets may not benefit from theprotection afforded to “customer funds” deposited with regulated dealers andbrokers.

 

4.               RELATED PARTY TRANSACTIONS

 

The Fund’s U.S.dollar assets are maintained at MLPF&S. On assets held in U.S. dollars,Merrill Lynch credits the Fund with interest at the most favorable rate payableby MLPF&S to accounts of Merrill Lynch affiliates but not less than 75% ofsuch prevailing rate.  The Fund iscredited with interest on any of its assets and net gains actually held byMLPF&S non-U.S. dollar currencies at a prevailing local rate received byMerrill Lynch.  Merrill Lynch may derivecertain economic benefit, in excess of the interest which Merrill Lynch pays tothe Fund, from possession of such assets.

 

Merrill Lynchcharges the Fund at prevailing local interest rates for financing realized andunrealized losses on the Fund’s non-U.S. dollar-denominated positions. Suchamounts are netted against interest income due to the insignificance of suchamounts.

 

The Fund charges Sponsor fees on the month-end net assets after allother charges at annual rates equal to 1.50% for Class A, 2.50% for Class C,and 1.10% on Class I.  Class D,DS and DT are not charged a Sponsor Fee.  Sponsor fees are paid to MLAI.

 

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The Fund paysbrokerage commissions on actual cost per round turn.  The average round-turn commission ratecharged to the Fund for the years ended December 31, 2009, 2008, and 2007was approximately $6.07, $6.03, and $9.92, respectively, (not including, incalculating round-turn, forward contracts on a futures-equivalent basis).

 

BrokerageCommissions, Interest and Sponsor fees as seen on the Statements of Operationsare received from or paid to related parties.

 

The Fund holds cash at an unaffiliated bank which invests such cash ina money market fund which is managed by BlackRock, a related party to MLAI. The Cash and cash equivalents as seen on the Statements of FinancialCondition is the amount held by the related party.

 

5.                     ADVISORY AGREEMENT

 

The Fund andAspect have entered into an Advisory Agreement. This agreement shall continuein effect until December 31, 2011. Thereafter, this agreement shall be automatically renewed for successivethree-year periods, on the same terms, unless terminated at any time by eitherAspect or the Fund upon 90 days’ written notice to the other party.  Aspect determines the commodity futures,options on futures and forward contract trades to be made on behalf of theirrespective Fund accounts, subject to certain trading policies and to certain rightsreserved by MLAI.

 

The Fund chargesannual management fees on the Fund’s average month-end net assets allocated tothem after reduction for the brokerage commissions accrued with respect to suchassets and are payable to Aspect on a monthly basis. Management Fees are 2.0%for all classes except for Class DT which charges a 1.5% Fee.  Aspect pays MLAI 25% of the management feeson all classes except Class DT in return for sponsoring and providingongoing administration and operational support to the Fund.

 

Performance feesare charged by the Fund on any New Trading Profit, as defined in the privateplacement memorandum, and are payable to Aspect as of either the end of eachcalendar year or upon any interim period for which there are net redemption ofUnits, to the extent of the applicable percentage of any New Trading Profitattributable to such Units. The Fund charges a 20% performance fee for allclasses except Class DT which is charged a performance fee of 15%.  Aspect pays MLAI 25% of any Performance feespaid by the Fund except Class DT.

 

6.                     NET ASSET VALUE PER UNIT

 

The Net AssetValue per Unit of the different Classes as of December 31, 2009 and 2008are:

 

December 31, 2009

 
| **Net Asset Value per Unit** |   |
|------------------------------|--------|
| Class A                 |   | $ | 1.3859 |   |
| Class C                 |   | 1.3261 |   |
| Class D                 |   | 1.5138 |   |
| Class I                 |   | 1.4111 |   |
| Class DS                |   | 1.5073 |   |
| Class DT                |   | 1.5484 |   |
|                              |        |  |  |  |

 

December 31, 2008

 
| **Net Asset Value per Unit** |   |
|------------------------------|--------|
| Class A                 |   | $ | 1.5927 |   |
| Class C                 |   | 1.5393 |   |
| Class D                 |   | 1.7134 |   |
| Class I                 |   | 1.6142 |   |
| Class DS                |   | 1.7067 |   |
| Class DT                |   | 1.7442 |   |
|                              |        |  |  |  |

 

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7.                     WEIGHTED AVERAGE UNITS

 

The weighted average number of Units outstanding foreach Class is computed for purposes of calculating net income per weightedaverage Unit. The weighted average number of Units outstanding for each Class forthe years ended December 31, 2009, 2008 and 2007 equals the Unitsoutstanding as of such date, adjusted proportionately for Units sold orredeemed based on the respective length of time each was outstanding during theyear.

 

8.                     RECENT ACCOUNTING PRONOUNCEMENTS

 

In July 2009,the Financial Accounting Standards Board (“FASB”) issued Accounting StandardsCodification (“ASC”) 105, *Generally AcceptedAccounting Principles,*(ASC 105), which approved the FASB AccountingStandards Codification (the “Codification”) as the single source ofauthoritative nongovernmental GAAP. The Codification is effective for interimor annual periods ending after September 15, 2009. All existing accountingstandards have been superseded and all other accounting literature not includedin the Codification are considered nonauthoritative. ASC 105 was not intendedto change the accounting literature and did not impact the Fund’s financialcondition or results of operations.  Allaccounting references within this report are in accordance with the newCodification.

 

In April 2009,the FASB issued guidance on determining**fair**value**when**the**volume**and**level**of activity for the asset or liabilityhave significantly decreased and identifying transactions that are not orderly.This guidance**providesadditional guidance for estimating fair value in accordance with FASB guidanceon fair value measurements,when the volume and level of activity for the asset or liability havesignificantly decreased. This guidance also identifies circumstances thatindicate a transaction is not orderly. The guidance emphasizes that even ifthere has been a significant decrease in the volume and level of activity forthe asset or liability and regardless of the valuation technique(s) used,the objective of a fair value measurement remains the same. Fair value is theprice that would be received to sell an asset or paid to transfer a liabilityin an orderly transaction (that is, not a forced liquidation or distressedsale) between market participants at the measurement date under current marketconditions. The guidance also contains enhanced disclosure requirements wherebyfair value disclosures as well as certain disaggregated information will bedisclosed. The adoption of this guidance had no impact on the financialstatements.

 

In September 2009, the FASB issued *AccountingStandards Update No. 2009-12, Investments in Certain Entities That Calculate Net Asset Value perShare (or Its Equivalent) (the “ASU 2009-12”),*which is effective for interim or annual financial periodsending after December 15, 2009.  The adoption of this guidance had noimpact on the financial statements.

 

In January 2010, the FASB issued an update to the fair valuemeasurements disclosure. Pursuant to this update, additional disclosures in thefinancial statements relating to transfers in and out of Levels 1 and 2 fairvalue measurements and separate disclosure of purchases, sales, issuances, andsettlements in Level 3 roll forward, will be required. In addition, this updateprovides clarifications on i) the level of aggregation of classes of assets andliabilities disclosed in the fair value measurement disclosures and ii)disclosures relating to the inputs and valuation techniques for Level 2 andLevel 3 fair value measurements. The new disclosures and clarifications ofexisting disclosures are effective for annual reporting periods beginning afterDecember 15, 2009, except for the disclosures about purchases, sales,issuances, and settlements in the Level 3 roll forward which are effective forfiscal years beginning after December 15, 2010. This update furtherenhances the fair value disclosures and the Sponsor has determined that theadoption of this update would not have a material impact to the Fund’sfinancial statements.

 

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9.                     MARKET AND CREDIT RISK

 

The nature of thisFund has certain risks, which cannot all be presented on the financialstatements.  The following summarizessome of those risks.

 

### Market Risk

###  

Derivativeinstruments involve varying degrees of market risk.  Changes in the level or volatility ofinterest rates, foreign currency exchange rates or the market values of thefinancial instruments or commodities underlying such derivative instrumentsfrequently result in changes in the Fund’s net unrealized profit (loss) on opencontracts on such derivative instruments as reflected in the Statements ofFinancial Condition.  The Fund’s exposureto market risk is influenced by a number of factors, including therelationships among the derivative instruments held by the Fund as well as thevolatility and liquidity of the markets in which the derivative instruments aretraded.  Investments in foreign marketsmay also entail legal and political risks.

 

MLAI has procedures in place intended to controlmarket risk exposure, although there can be no assurance that they will, infact, succeed in doing so.  Theseprocedures focus primarily on monitoring the trading of Aspect, calculating theNet Asset Value of the Fund as of the close of business on each day andreviewing outstanding positions for over-concentrations.  While MLAI does not intervene in the marketsto hedge or diversify the Fund’s market exposure, MLAI may urge Aspect toreallocate positions in an attempt to avoid over-concentrations.  However, such interventions are expected tobe unusual.  It is expected that MLAI’sbasic risk control procedures will consist of the ongoing process of advisormonitoring, with the market risk controls being applied by Aspect.

 

Credit Risk

 

The risksassociated with exchange-traded contracts are typically perceived to be lessthan those associated with over-the-counter (non-exchange-traded) transactions,because exchanges typically provide clearinghouse arrangements in which thecollective credit (in some cases limited in amount, in some cases not) of themembers of the exchange is pledged to support the financial integrity of theexchange.  In over-the-countertransactions, on the other hand, traders must rely solely on the credit oftheir respective individual counterparties. Margins, which may be subject to loss in the event of a default, aregenerally required in exchange trading, and counterparties may also requiremargin in the over-the-counter markets.

 

The credit riskassociated with these instruments from counterparty nonperformance is the Netunrealized profit (loss) on open contracts, if any, included in the Statementsof Financial Condition. The Fund attempts to mitigate this risk by dealingexclusively with Merrill Lynch entities as clearing brokers.

 

The Fund, in its normal course of business, entersinto various contracts, with MLPF&S acting as its commodity broker.  Pursuant to the brokerage arrangement withMLPF&S (which includes a netting arrangement), to the extent that such tradingresults in receivables from and payables to MLPF&S, these receivables andpayables are offset and reported as a net receivable or payable and included inEquity in commodity futures trading accounts in the Statements of FinancialCondition.

 

Indemnifications

 

In the normal course of business, the Fund hasentered, or may in the future enter into agreements that obligate the Fund toindemnify third parties, including affiliates of the Fund, for breach ofcertain representations and warranties made by the Fund. No claims haveactually been made with respect to such indemnities and any quantificationwould involve hypothetical claims that have not been made. Based on the Fund’sexperience, MLAI expected the risk of loss to be remote and, therefore, noprovision has been recorded.

 

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10.         Subsequent Events

 

Management has evaluated theimpact of subsequent events on the Fund and has determined that there were nosubsequent events that require adjustments to, or disclosure in, the financialstatements.

 

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*     *     *    *     *     *    *     *     *    *      *

 

To the best of the knowledge and belief of the

undersigned, the information contained in this

reportis accurate and complete.

 
|   |                                           |   |
|--------|-------------------------------------------|--------|
|   | Barbra E. Kocsis                          |   |
|   | Chief Financial Officer                   |   |
|   | Merrill Lynch Alternative Investments LLC |   |
|   | Sponsor of                                |   |
|   | ML Aspect  FuturesAccess LLC              |   |

 

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