|   |  ML WINTON      FUTURESACCESS LLC(A      Delaware Limited Liability Company)                                                                            |   |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |                                                                                                                                                         |   |
|   |   Financial      Statements for the years endedDecember      31, 2008, 2007 and 2006and      Report of Independent Registered Public Accounting    Firm |   |

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|                                                                                             | Page                                                                      |
|--------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|
|                                                                                             |                                                                      |
| REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                                     | 1                                                                         |
|                                                                                             |                                                                      |
| FINANCIAL      STATEMENTS:                                                                       |                                                                      |
|                                                                                             |                                                                      |
| Statements      of Financial Condition as of December 31, 2008 and 2007                          | 2                                                                         |
|                                                                                             |                                                                      |
| Statements      of Operations for the years ended December 31, 2008, 2007 and      2006          | 3                                                                         |
|                                                                                             |                                                                      |
| Statements      of Changes in Members’ Capital for the years ended December 31,      2008, |                                                                      |
| 2007      and 2006                                                                               | 4                                                                         |
|                                                                                             |                                                                      |
| Financial      Data Highlights for the years ended December 31, 2008, 2007 and      2006         |             6 |
|                                                                                             |                                                                      |

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|                                                                                                                                        |   | 2008   |        |   | 2007   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
| ASSETS:                                                                                                                                     |   |   |        |   |   |   |
| Equity      in commodity futures trading accounts:                                                                                          |   |   |        |   |   |   |
|     Cash      (including restricted cash of $40,230,744 for 2008 and $51,742,673 for      2007)                         |   | $      | 849,579,676 |   |   | $      | 619,663,052 |   |
|     Net      unrealized profit on open contracts                                                                        |   |   | 14,731,114  |   |   |   | 7,934,149 |   |
| Cash                                                                                                                                        |   |   | 163,743     |   |   |   | - |   |
| Accrued      interest                                                                                                                       |   |   | 39,428      |   |   |   | 2,238,652 |   |
|                                                                                                                                        |   |   |        |   |   |   |   |   |
|                 TOTAL      ASSETS                           |   | $      | 864,513,961 |   |   | $      | 629,835,853 |   |
|                                                                                                                                        |   |   |        |   |   |   |   |   |
| LIABILITIES AND MEMBERS’      CAPITAL:                                                                                                |   |   |        |   |   |   |   |   |
| LIABILITIES:                                                                                                                                |   |   |        |   |   |   |   |   |
|     Brokerage      commissions payable                                                                                  |   | $      | 89,151      |   |   | $      | 184,272 |   |
|     Management      fee payable                                                                                         |   |   | 1,400,958   |   |   |   | 986,432 |   |
|     Sponsor      fee payable                                                                                            |   |   | 902,258     |   |   |   | 724,472 |   |
|     Redemptions      payable                                                                                            |   |   | 27,903,546  |   |   |   | 6,907,980 |   |
|     Perfomance      fee payable                                                                                         |   |   | 29,843,518  |   |   |   | 13,693,607 |   |
|     Initial      offering costs payable                                                                                 |   |   | 58,993      |   |   |   | 106,994 |   |
|     Other                                                                                                               |   |   | 326,977     |   |   |   | 184,407 |   |
|                                                                                                                                        |   |   |        |   |   |   |   |   |
|             Total      liabilities                                              |   |   | 60,525,401  |   |   |   | 22,788,164 |   |
|                                                                                                                                        |   |   |        |   |   |   |   |   |
| MEMBERS’      CAPITAL:                                                                                                                |   |   |        |   |   |   |   |   |
|   Sponsor's      Interest (19,470 Units and 19,470 Units)                                                                         |   |   | 31,415      |   |   |   | 26,449 |   |
|   Members'      Interest (500,089,110 Units and 452,040,928 Units)                                                                |   |   | 803,957,145 |   |   |   | 607,021,240 |   |
|             Total      members’ capital                                   |   |   | 803,988,560 |   |   |   | 607,047,689 |   |
|                                                                                                                                        |   |   |        |   |   |   |   |   |
|                 TOTAL      LIABILITIES AND MEMBERS' CAPITAL |   | $      | 864,513,961 |   |   | $      | 629,835,853 |   |
|                                                                                                                                        |   |   |        |   |   |   |   |   |
| NET      ASSET VALUE PER UNIT (SEE NOTE 6)                                                                                                  |   |   |        |   |   |   |   |   |
|                                                                                                                                        |   |   |        |   |   |   |   |   |
| (Based      on 500,108,580 and 452,060,398 Units outstanding, unlimited Units      authorized)                                              |   |   |        |   |   |   |   |   |
|                                                                                                                                        |   |   |        |   |   |   |   |   |
| See      notes to financial statements.                                                                                                     |   |   |        |   |   |   |   |   |

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|                                                                                                     |   | 2008   |        |   | 2007   |   |        | 2006   |   |
|----------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|-------------|--------|--------|
| TRADING      PROFIT (LOSS):                                                                              |   |   |        |   |   |   |        |   |   |
|                                                                                                     |   |   |        |   |   |   |        |   |   |
|         Realized                                                 |   | $      | 168,699,930 |   |   | $      | 89,611,147  |   |   | $ | 22,914,555 |   |
|         Change      in unrealized                                |   |   | 6,796,965   |   |   |   | (3,491,204  | )      |   |   | 8,672,148 |   |
|         Brokerage      commissions                               |   |   | (1,087,424  | )      |   |   | (1,996,947  | )      |   |   | (1,603,878 | ) |
|                                                                                                     |   |   |        |   |   |   |        |   |   |   |   |   |
|             Total      trading profit (loss) |   |   | 174,409,471 |   |   |   | 84,122,996  |   |   |   | 29,982,825 |   |
|                                                                                                     |   |   |        |   |   |   |        |   |   |   |   |   |
| INVESTMENT      INCOME:                                                                                  |   |   |        |   |   |   |        |   |   |   |   |   |
|        Interest                                                       |   |   | 12,915,952  |   |   |   | 24,566,411  |   |   |   | 10,650,742 |   |
|                                                                                                     |   |   |        |   |   |   |        |   |   |   |   |   |
| EXPENSES:                                                                                                |   |   |        |   |   |   |        |   |   |   |   |   |
|        Management      fee                                            |   |   | 14,943,538  |   |   |   | 9,953,107   |   |   |   | 4,555,234 |   |
|        Sponsor      fee                                               |   |   | 10,272,451  |   |   |   | 7,766,920   |   |   |   | 4,248,731 |   |
|        Performance      fee                                           |   |   | 30,491,051  |   |   |   | 14,101,642  |   |   |   | 5,417,903 |   |
|        Other                                                          |   |   | 1,848,834   |   |   |   | 1,060,592   |   |   |   | 996,583 |   |
|             Total      expenses              |   |   | 57,555,874  |   |   |   | 32,882,261  |   |   |   | 15,218,451 |   |
|                                                                                                     |   |   |        |   |   |   |        |   |   |   |   |   |
| NET      INVESTMENT LOSS                                                                                 |   |   | (44,639,922 | )      |   |   | (8,315,850  | )      |   |   | (4,567,709 | ) |
|                                                                                                     |   |   |        |   |   |   |        |   |   |   |   |   |
| NET      INCOME (LOSS)                                                                                   |   | $      | 129,769,549 |   |   | $      | 75,807,146  |   |   | $ | 25,415,116 |   |
|                                                                                                     |   |   |        |   |   |   |        |   |   |   |   |   |
| NET      INCOME (LOSS) PER UNIT:                                                                         |   |   |        |   |   |   |        |   |   |   |   |   |
|                                                                                                     |   |   |        |   |   |   |        |   |   |   |   |   |
| Weighted      average number of Units outstanding                                                        |   |   |        |   |   |   |        |   |   |
|      Class      A                                                               |   |   | 45,671,837  |   |   |   | 38,654,024  |   |   |   | 25,243,561 |   |
|      Class      C                                                               |   |   | 228,198,956 |   |   |   | 209,605,792 |   |   |   | 123,144,172 |   |
|      Class      D                                                               |   |   | 84,449,914  |   |   |   | 66,453,273  |   |   |   | 26,745,338 |   |
|      Class      I                                                               |   |   | 41,268,952  |   |   |   | 37,583,741  |   |   |   | 25,587,259 |   |
|      Class      DS*                                                             |   |   | 38,738,811  |   |   |   | 11,479,777  |   |   |   |   |   |
|      Class      DT**                                                            |   |   | 61,195,917  |   |   |   | 85,438,228  |   |   |   |   |   |
|                                                                                                     |   |   |        |   |   |   |        |   |   |   |   |   |
|      Net      income (loss) per weighted average Unit                           |   |   |        |   |   |   |        |   |   |   |   |   |
|      Class      A                                                               |   | $      | 0.2623      |   |   | $      | 0.1769      |   |   | $ | 0.1411 |   |
|      Class      C                                                               |   | $      | 0.2389      |   |   | $      | 0.1652      |   |   | $ | 0.1249 |   |
|      Class      D                                                               |   | $      | 0.2646      |   |   | $      | 0.1936      |   |   | $ | 0.1029 |   |
|      Class      I                                                               |   | $      | 0.2784      |   |   | $      | 0.1850      |   |   | $ | 0.1455 |   |
|      Class      DS*                                                             |   | $      | 0.2676      |   |   | $      | 0.2436      |   |   |   |   |   |
|      Class      DT**                                                            |   | $      | 0.3117      |   |   | $      | 0.1372      |   |   |   |   |   |
|                                                                                                     |   |   |        |   |   |   |        |   |   |   |   |   |
| *Class      DS was previously known as Class D-SM. Units issued on April 2,      2007.              |   |   |        |   |   |
| **Class      DT was previously known as Class D-TF. Units issued on June 1,      2007.              |   |   |        |   |   |
|                                                                                                     |   |   |        |   |   |   |        |   |   |   |   |   |
| See      notes to financial statements.                                                                  |   |   |        |   |   |   |        |   |   |   |   |   |

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|                       |   |  Members'      Capital December 31, 2005 |        |   |  Subscriptions |   |        |  Redemptions |   |   |  Members'      Capital December 31, 2006 |   |   |  Subscriptions |        |   |  Redemptions |   |        |  Members'      Capital December 31, 2007 |   |   |  Subscriptions |   |   |  Redemptions |        |   |  Members'      Capital December 31, 2008 |   |
|----------------------------|--------|-----------------------------------------------|-------------|--------|---------------------|--------|-------------|-------------------|--------|--------|-----------------------------------------------|--------|--------|---------------------|-------------|--------|-------------------|--------|-------------|-----------------------------------------------|--------|--------|---------------------|--------|--------|-------------------|-------------|--------|-----------------------------------------------|--------|
| Class      A               |   |                                          | 15,522,119  |   |                |   | 19,717,183  |              |   |   | (3,192,816                                    | )      |   |                | 32,046,486  |   |              |   | 15,602,742  |                                          |   |   | (7,541,173          | )      |   |              | 40,108,055  |   |                                          |   | 17,386,886 |   |   |   | (11,645,525 | ) |   |   | 45,849,416 |   |
| Class      C               |   |                                          | 62,583,887  |   |                |   | 119,771,646 |              |   |   | (11,836,091                                   | )      |   |                | 170,519,442 |   |              |   | 86,078,957  |                                          |   |   | (42,956,003         | )      |   |              | 213,642,396 |   |                                          |   | 60,897,518 |   |   |   | (59,370,841 | ) |   |   | 215,169,073 |   |
| Class      D               |   |                                          | 9,764,594   |   |                |   | 30,899,806  |              |   |   | (1,439,055                                    | )      |   |                | 39,225,345  |   |              |   | 42,664,247  |                                          |   |   | (4,024,789          | )      |   |              | 77,864,803  |   |                                          |   | 23,739,729 |   |   |   | (28,552,965 | ) |   |   | 73,051,567 |   |
| Class      I               |   |                                          | 17,936,086  |   |                |   | 15,273,298  |              |   |   | (2,422,022                                    | )      |   |                | 30,787,362  |   |              |   | 13,970,225  |                                          |   |   | (7,039,015          | )      |   |              | 37,718,572  |   |                                          |   | 12,586,459 |   |   |   | (7,231,204 | ) |   |   | 43,073,827 |   |
| Class      DS*             |   |                                          | -           |   |                |   | -           |              |   |   | -                                             |   |   |                | -           |   |              |   | 14,542,754  |                                          |   |   | (1,094,970          | )      |   |              | 13,447,784  |   |                                          |   | 58,487,988 |   |   |   | (2,749,330 | ) |   |   | 69,186,442 |   |
| Class      DT**            |   |                                          | -           |   |                |   | -           |              |   |   | -                                             |   |   |                | -           |   |              |   | 98,131,157  |                                          |   |   | (28,871,839         | )      |   |              | 69,259,318  |   |                                          |   | - |   |   |   | (15,500,533 | ) |   |   | 53,758,785 |   |
|                       |   |                                          |        |   |                |   |        |              |   |   |                                          |   |   |                |        |   |              |   |        |                                          |   |   |                |   |   |              |        |   |                                          |   |   |   |   |   |   |   |   |   |   |   |
| Total      Members' Units  |   |                                          | 105,806,686 |   |                |   | 185,661,933 |              |   |   | (18,889,984                                   | )      |   |                | 272,578,635 |   |              |   | 270,990,082 |                                          |   |   | (91,527,789         | )      |   |              | 452,040,928 |   |                                          |   | 173,098,580 |   |   |   | (125,050,398 | ) |   |   | 500,089,110 |   |
|                       |   |                                          |        |   |                |   |        |              |   |   |                                          |   |   |                |        |   |              |   |        |                                          |   |   |                |   |   |              |        |   |                                          |   |   |   |   |   |   |   |   |   |   |   |
| Class      A               |   |                                          | 9,713       |   |                |   | -           |              |   |   | -                                             |   |   |                | 9,713       |   |              |   | -           |                                          |   |   | -                   |   |   |              | 9,713       |   |                                          |   | - |   |   |   | - |   |   |   | 9,713 |   |
| Class      C               |   |                                          | 9,757       |   |                |   | -           |              |   |   | -                                             |   |   |                | 9,757       |   |              |   | -           |                                          |   |   | -                   |   |   |              | 9,757       |   |                                          |   | - |   |   |   | - |   |   |   | 9,757 |   |
|                       |   |                                          |        |   |                |   |        |              |   |   |                                          |   |   |                |        |   |              |   |        |                                          |   |   |                |   |   |              |        |   |                                          |   |   |   |   |   |   |   |   |   |   |   |
| Total      Sponsor's Units |   |                                          | 19,470      |   |                |   | -           |              |   |   | -                                             |   |   |                | 19,470      |   |              |   | -           |                                          |   |   | -                   |   |   |              | 19,470      |   |                                          |   | - |   |   |   | - |   |   |   | 19,470 |   |

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|                                                                                        |   | Members'      Capital December      31, 2005 |        |   | Subscriptions |   |        | Redemptions |   |   |        Net      Income |   |   |        Members'      Capital December      31, 2006 |       |   | Subscriptions |   |        | Redemptions |   |   |        Net      Income |   |   |        Members'      Capital December      31, 2007 |         |   | Subscriptions |   |       | Redemptions |   |   |        Net      Income |   |   |        Members'      Capital December 31, 2008 |        |
|---------------------------------------------------------------------------------------------|--------|----------------------------------------------|-------------|--------|---------------|--------|-------------|-------------|--------|--------|-----------------------------|--------|--------|----------------------------------------------------------|------------|--------|---------------|--------|-------------|-------------|--------|--------|-----------------------------|--------|--------|----------------------------------------------------------|--------------|--------|---------------|--------|------------|-------------|--------|--------|-----------------------------|--------|--------|-----------------------------------------------------|-------------|
| Class      A                                                                                |   | $                                            | 16,602,088  |   |          | $      | 22,242,955  |        |   | $      | (3,704,770                  | )      |   | $                                                        | 3,559,465  |   |          | $      | 38,699,738  |        |   | $      | 19,375,017                  |   |   | $                                                        | (9,674,408   | )      |          | $      | 6,836,154  |        |   | $      | 55,236,501                  |   |   | $                                                   | 26,212,557  |   |   | $ | (18,049,428 | ) |   | $ | 11,977,663 |   |   | $ | 75,377,293 |   |
| Class      C                                                                                |   |                                         | 66,470,039  |   |          |   | 133,755,451 |        |   |   | (13,387,079                 | )      |   |                                                     | 15,377,241 |   |          |   | 202,215,652 |        |   |   | 103,312,911                 |   |   |                                                     | (54,082,928  | )      |          |   | 34,632,446 |        |   |   | 286,078,081                 |   |   |                                                | 89,405,799  |   |   |   | (89,455,971 | ) |   |   | 54,514,349 |   |   |   | 340,542,258 |   |
| Class      D                                                                                |   |                                         | 9,797,722   |   |          |   | 33,979,201  |        |   |   | (1,576,485                  | )      |   |                                                     | 2,752,208  |   |          |   | 44,952,646  |        |   |   | 50,306,937                  |   |   |                                                     | (4,888,155   | )      |          |   | 12,865,169 |        |   |   | 103,236,597                 |   |   |                                                | 35,615,932  |   |   |   | (43,832,109 | ) |   |   | 22,345,631 |   |   |   | 117,366,051 |   |
| Class      I                                                                                |   |                                         | 19,077,399  |   |          |   | 17,103,221  |        |   |   | (2,745,508                  | )      |   |                                                     | 3,723,683  |   |          |   | 37,158,795  |        |   |   | 17,356,300                  |   |   |                                                     | (9,334,899   | )      |          |   | 6,952,000  |        |   |   | 52,132,196                  |   |   |                                                | 19,076,750  |   |   |   | (11,340,105 | ) |   |   | 11,488,381 |   |   |   | 71,357,222 |   |
| Class      DS*                                                                              |   |                                         | -           |   |          |   | -           |        |   |   | -                           |   |   |                                                     | -          |   |          |   | -           |        |   |   | 16,325,317                  |   |   |                                                     | (1,291,973   | )      |          |   | 2,796,394  |        |   |   | 17,829,738                  |   |   |                                                | 86,822,929  |   |   |   | (4,000,000 | ) |   |   | 10,365,432 |   |   |   | 111,018,099 |   |
| Class      DT**                                                                             |   |                                         | -           |   |          |   | -           |        |   |   | -                           |   |   |                                                     | -          |   |          |   | -           |        |   |   | 116,913,460                 |   |   |                                                     | (36,127,180  | )      |          |   | 11,721,847 |        |   |   | 92,508,127                  |   |   |                                                | -           |   |   |   | (23,285,032 | ) |   |   | 19,073,127 |   |   |   | 88,296,222 |   |
|                                                                                        |   |                                         |        |   |          |   |        |        |   |   |                        |   |   |                                                     |       |   |          |   |        |        |   |   |                        |   |   |                                                     |         |   |          |   |       |        |   |   |                        |   |   |                                                |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Members' Interest                                                                |   | $                                            | 111,947,248 |   |          | $      | 207,080,828 |        |   | $      | (21,413,842                 | )      |   | $                                                        | 25,412,597 |   |          | $      | 323,026,831 |        |   | $      | 323,589,942                 |   |   | $                                                        | (115,399,543 | )      |          | $      | 75,804,010 |        |   | $      | 607,021,240                 |   |   | $                                                   | 257,133,967 |   |   | $ | (189,962,645 | ) |   | $ | 129,764,583 |   |   | $ | 803,957,145 |   |
|                                                                                        |   |                                         |        |   |          |   |        |        |   |   |                        |   |   |                                                     |       |   |          |   |        |        |   |   |                        |   |   |                                                     |         |   |          |   |       |        |   |   |                        |   |   |                                                |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Class      A                                                                                |   | $                                            | 10,410      |   |          | $      | -           |        |   | $      | -                           |   |   | $                                                        | 1,327      |   |          | $      | 11,737      |        |   | $      | -                           |   |   | $                                                        | -            |   |          | $      | 1,644      |        |   | $      | 13,381                      |   |   | $                                                   | -           |   |   | $ | - |   |   | $ | 2,590 |   |   | $ | 15,971 |   |
| Class      C                                                                                |   |                                         | 10,384      |   |          |   | -           |        |   |   | -                           |   |   |                                                     | 1,192      |   |          |   | 11,576      |        |   |   | -                           |   |   |                                                     | -            |   |          |   | 1,492      |        |   |   | 13,068                      |   |   |                                                | -           |   |   |   | - |   |   |   | 2,376 |   |   |   | 15,444 |   |
|                                                                                        |   |                                         |        |   |          |   |        |        |   |   |                        |   |   |                                                     |       |   |          |   |        |        |   |   |                        |   |   |                                                     |         |   |          |   |       |        |   |   |                        |   |   |                                                |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Sponsor's Interest                                                               |   | $                                            | 20,794      |   |          | $      | -           |        |   | $      | -                           |   |   | $                                                        | 2,519      |   |          | $      | 23,313      |        |   | $      | -                           |   |   | $                                                        | -            |   |          | $      | 3,136      |        |   | $      | 26,449                      |   |   | $                                                   | -           |   |   | $ | - |   |   | $ | 4,966 |   |   | $ | 31,415 |   |
|                                                                                        |   |                                         |        |   |          |   |        |        |   |   |                        |   |   |                                                     |       |   |          |   |        |        |   |   |                        |   |   |                                                     |         |   |          |   |       |        |   |   |                        |   |   |                                                |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Members' Capital                                                                 |   | $                                            | 111,968,042 |   |          | $      | 207,080,828 |        |   | $      | (21,413,842                 | )      |   | $                                                        | 25,415,116 |   |          | $      | 323,050,144 |        |   | $      | 323,589,942                 |   |   | $                                                        | (115,399,543 | )      |          | $      | 75,807,146 |        |   | $      | 607,047,689                 |   |   | $                                                   | 257,133,967 |   |   | $ | (189,962,645 | ) |   | $ | 129,769,549 |   |   | $ | 803,988,560 |   |
|                                                                                        |   |                                         |        |   |          |   |        |        |   |   |                        |   |   |                                                     |       |   |          |   |        |        |   |   |                        |   |   |                                                     |         |   |          |   |       |        |   |   |                        |   |   |                                                |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| *Class      DS was previously known as Class D-SM. Units issued on April 2,      2007. |   |                                         |        |   |          |   |        |        |   |   |                        |   |   |                                                     |       |   |          |   |        |        |
| **Class      DT was previously known as Class D-TF. Units issued on June 1,      2007. |   |                                         |        |   |          |   |        |        |   |   |                        |   |   |                                                     |       |   |          |   |        |        |
| See      notes to financial statements.                                                     |   |                                         |        |   |          |   |        |        |   |   |                        |   |   |                                                     |       |   |          |   |        |        |   |   |                        |   |   |                                                     |         |   |          |   |       |        |   |   |                        |

----

----

| Per Unit Operating    Performance:                                                   |   | Class      A |    |   | Class      C |   |    | Class      D |   |   | Class      I |   |   | Class      DS(a) |    |   | Class      DT(b) |   |
|--------------------------------------------------------------------------------------|--------|--------------|---------|--------|--------------|--------|---------|--------------|--------|--------|--------------|--------|--------|------------------|---------|--------|------------------|--------|
|                                                                                 |   |         |    |   |         |   |    |         |   |   |         |   |   |             |    |   |             |   |
| Net      asset value, beginning of period                                            |   | $            | 1.3772  |   |         | $      | 1.3391  |         |   | $      | 1.3258       |   |   | $                | 1.3821  |   |             | $      | 1.3258 |   |   | $ | 1.3357 |   |
|                                                                                 |   |         |    |   |         |   |    |         |   |   |         |   |   |             |    |   |             |   |   |   |   |   |   |   |
| Realized      and change in unrealized trading profit                                |   |         | 0.3662  |   |         |   | 0.3547  |         |   |   | 0.3547       |   |   |             | 0.3682  |   |             |   | 0.3521 |   |   |   | 0.3589 |   |
| Brokerage      commissions                                                           |   |         | (0.0023 | )      |         |   | (0.0022 | )            |   |   | (0.0022      | )      |   |             | (0.0023 | )      |             |   | (0.0022 | ) |   |   | (0.0022 | ) |
| Interest      income                                                                 |   |         | 0.0271  |   |         |   | 0.0263  |         |   |   | 0.0262       |   |   |             | 0.0273  |   |             |   | 0.0260 |   |   |   | 0.0265 |   |
| Expenses                                                                             |   |         | (0.1242 | )      |         |   | (0.1352 | )            |   |   | (0.0979      | )      |   |             | (0.1187 | )      |             |   | (0.0971 | ) |   |   | (0.0764 | ) |
|                                                                                 |   |         |    |   |         |   |    |         |   |   |         |   |   |             |    |   |             |   | - |   |   |   |   |   |
| Net      asset value, end of period                                                  |   | $            | 1.6440  |   |         | $      | 1.5827  |         |   | $      | 1.6066       |   |   | $                | 1.6566  |   |             | $      | 1.6046 |   |   | $ | 1.6425 |   |
|                                                                                 |   |         |    |   |         |   |    |         |   |   |         |   |   |             |    |   |             |   |   |   |   |   |   |   |
| Total Return: (c)                                                                    |   |         |    |   |         |   |    |         |   |   |         |   |   |             |    |   |             |   |   |   |   |   |   |   |
|                                                                                 |   |         |    |   |         |   |    |         |   |   |         |   |   |             |    |   |             |   |   |   |   |   |   |   |
| Total      return before Performance fees                                            |   |         | 24.39   | %      |         |   | 23.18   | %            |   |   | 26.27        | %      |   |             | 24.89   | %      |             |   | 26.09 | % |   |   | 26.91 | % |
| Performance      fees                                                                |   |         | -4.48   | %      |         |   | -4.48   | %            |   |   | -4.48        | %      |   |             | -4.48   | %      |             |   | -4.45 | % |   |   | -3.45 | % |
| Total      return after Performance fees                                             |   |         | 19.36   | %      |         |   | 18.19   | %            |   |   | 21.18        | %      |   |             | 19.85   | %      |             |   | 21.03 | % |   |   | 22.97 | % |
|                                                                                 |   |         |    |   |         |   |    |         |   |   |         |   |   |             |    |   |             |   |   |   |   |   |   |   |
| Ratios to Average Members'      Capital:                                             |   |         |    |   |         |   |    |         |   |   |         |   |   |             |    |   |             |   |   |   |   |   |   |   |
|                                                                                 |   |         |    |   |         |   |    |         |   |   |         |   |   |             |    |   |             |   |   |   |   |   |   |   |
| Expenses      (excluding Performance fees)                                           |   |         | 3.82    | %      |         |   | 4.84    | %            |   |   | 2.31         | %      |   |             | 3.42    | %      |             |   | 2.29 | % |   |   | 1.79 | % |
| Performance      fees                                                                |   |         | 4.35    | %      |         |   | 4.35    | %            |   |   | 4.35         | %      |   |             | 4.35    | %      |             |   | 4.32 | % |   |   | 3.33 | % |
| Expenses      (including Performance fees)                                           |   |         | 8.17    | %      |         |   | 9.19    | %            |   |   | 6.66         | %      |   |             | 7.77    | %      |             |   | 6.61 | % |   |   | 5.12 | % |
|                                                                                 |   |         |    |   |         |   |    |         |   |   |         |   |   |             |    |   |             |   |   |   |   |   |   |   |
| Net      investment income (loss)                                                    |   |         | -6.37   | %      |         |   | -7.38   | %            |   |   | -4.85        | %      |   |             | -5.96   | %      |             |   | -4.82 | % |   |   | -3.32 | % |
|                                                                                 |   |         |    |   |         |   |    |         |   |   |         |   |   |             |    |   |             |   |   |   |   |   |   |   |
|                                                                                 |   |         |    |   |         |   |    |         |   |   |         |   |   |             |    |   |             |   |   |   |   |   |   |   |
| (a)      Class DS was previously known as Class D-SM.                                |   |
| (b)      Class DT was previously known as Class D-TF.                                |   |
| (c)      The total return calculations are based on compounded monthly      returns. |   |
| See      notes to financial statements.                                              |   |         |    |   |         |   |    |         |   |   |         |   |   |             |    |   |             |   |   |

----

----

| Per Unit Operating    Performance:                                                             |   | Class      A |    |   | Class      C |   |    | Class      D |   |   | Class      I |   |   | Class      DS (a) |    |   | Class      DT (b) |   |
|------------------------------------------------------------------------------------------------|--------|--------------|---------|--------|--------------|--------|---------|--------------|--------|--------|--------------|--------|--------|-------------------|---------|--------|-------------------|--------|
|                                                                                           |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |
| Net      asset value, beginning of period                                                      |   | $            | 1.2076  |   |         | $      | 1.1859  |         |   | $      | 1.1460       |   |   | $                 | 1.2069  |   |              | $      | 1.0733 |   |   | $ | 1.1914 |   |
|                                                                                           |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
| Realized      trading profit                                                                   |   |         | 0.1892  |   |         |   | 0.1843  |         |   |   | 0.1818       |   |   |              | 0.1898  |   |              |   | 0.2427 |   |   |   | 0.2012 |   |
| Change      in unrealized                                                                      |   |         | 0.0057  |   |         |   | 0.0058  |         |   |   | 0.0051       |   |   |              | 0.0056  |   |              |   | 0.0215 |   |   |   | (0.0579 | ) |
| Brokerage      commissions                                                                     |   |         | (0.0052 | )      |         |   | (0.0051 | )            |   |   | (0.0050      | )      |   |              | (0.0052 | )      |              |   | (0.0031 | ) |   |   | (0.0024 | ) |
| Interest      income                                                                           |   |         | 0.0611  |   |         |   | 0.0597  |         |   |   | 0.0583       |   |   |              | 0.0612  |   |              |   | 0.0442 |   |   |   | 0.0349 |   |
| Expenses                                                                                       |   |         | (0.0812 | )      |         |   | (0.0915 | )            |   |   | (0.0604      | )      |   |              | (0.0762 | )      |              |   | (0.0528 | ) |   |   | (0.0315 | ) |
|                                                                                           |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
| Net      asset value, end of period                                                            |   | $            | 1.3772  |   |         | $      | 1.3391  |         |   | $      | 1.3258       |   |   | $                 | 1.3821  |   |              | $      | 1.3258 |   |   | $ | 1.3357 |   |
|                                                                                           |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
| Total Return:                                                                                  |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
|                                                                                           |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
| Total      return before Performance fees                                                      |   |         | 16.90   | %      |         |   | 15.74   | %            |   |   | 18.66        | %      |   |              | 17.36   | %      |              |   | 26.53 | % |   |   | 13.70 | % |
| Performance      fees                                                                          |   |         | -2.74   | %      |         |   | -2.73   | %            |   |   | -2.79        | %      |   |              | -2.73   | %      |              |   | -2.65 | % |   |   | -1.54 | % |
| Total      return after Performance fees                                                       |   |         | 14.03   | %      |         |   | 12.90   | %            |   |   | 15.68        | %      |   |              | 14.49   | %      |              |   | 23.53 | % |   |   | 12.11 | % |
|                                                                                           |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
| Ratios to Average Members'      Capital:                                                       |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
|                                                                                           |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
| Expenses      (excluding Performance fees)                                                     |   |         | 3.84    | %      |         |   | 4.89    | %            |   |   | 2.31         | %      |   |              | 3.43    | %      |              |   | 2.28 | % |   |   | 1.76 | % |
| Performance      fees                                                                          |   |         | 2.84    | %      |         |   | 2.87    | %            |   |   | 2.99         | %      |   |              | 2.85    | %      |              |   | 2.53 | % |   |   | 1.49 | % |
| Expenses      (including Performance fees)                                                     |   |         | 6.68    | %      |         |   | 7.76    | %            |   |   | 5.30         | %      |   |              | 6.28    | %      |              |   | 4.81 | % |   |   | 3.25 | % |
|                                                                                           |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
| Net      investment income (loss)                                                              |   |         | -1.71   | %      |         |   | -2.77   | %            |   |   | -0.30        | %      |   |              | -1.29   | %      |              |   | -0.77 | % |   |   | 0.60 | % |
|                                                                                           |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
|                                                                                           |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
| (a)      Class DS was previously known as Class D-SM. Units issued on April 2,      2007. |   |
| (b)      Class DT was previously known as Class D-TF. Units issued on June 1,      2007.  |   |
| See      notes to financial statements.                                                        |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |

----

----

| Per Unit Operating    Performance:         |   | Class      A |    |   | Class      C |   |    | Class      D |   |   | Class      I |   |
|--------------------------------------------|--------|--------------|---------|--------|--------------|--------|---------|--------------|--------|--------|--------------|--------|
|                                       |   |         |    |   |         |   |    |         |   |   |         |   |
| Net      asset value, beginning of period  |   | $            | 1.0696  |   |         | $      | 1.0621  |         |   | $      | 1.0034       |   |   | $ | 1.0636 |   |
|                                       |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |
| Realized      trading profit               |   |         | 0.1115  |   |         |   | 0.1102  |         |   |   | 0.1059       |   |   |   | 0.1110 |   |
| Change      in unrealized                  |   |         | 0.0521  |   |         |   | 0.0516  |         |   |   | 0.0489       |   |   |   | 0.0519 |   |
| Brokerage      commissions                 |   |         | (0.0084 | )      |         |   | (0.0083 | )            |   |   | (0.0079      | )      |   |   | (0.0083 | ) |
| Interest      income                       |   |         | 0.0524  |   |         |   | 0.0518  |         |   |   | 0.0494       |   |   |   | 0.0523 |   |
| Expenses                                   |   |         | (0.0696 | )      |         |   | (0.0815 | )            |   |   | (0.0537      | )      |   |   | (0.0636 | ) |
|                                       |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |
| Net      asset value, end of period        |   | $            | 1.2076  |   |         | $      | 1.1859  |         |   | $      | 1.1460       |   |   | $ | 1.2069 |   |
|                                       |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |
| Total Return:                              |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |
|                                       |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |
| Total      return before Performance fees  |   |         | 15.17   | %      |         |   | 14.02   | %            |   |   | 16.91        | %      |   |   | 15.63 | % |
| Performance      fees                      |   |         | -2.22   | %      |         |   | -2.35   | %            |   |   | -2.59        | %      |   |   | -2.11 | % |
| Total      return after Performance fees   |   |         | 12.79   | %      |         |   | 11.52   | %            |   |   | 14.05        | %      |   |   | 13.37 | % |
|                                       |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |
| Ratios to Average Members'      Capital:   |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |
|                                       |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |
| Expenses      (excluding Performance fees) |   |         | 4.12    | %      |         |   | 5.20    | %            |   |   | 2.61         | %      |   |   | 3.66 | % |
| Performance      fees                      |   |         | 2.36    | %      |         |   | 2.56    | %            |   |   | 2.72         | %      |   |   | 2.19 | % |
| Expenses      (including Performance fees) |   |         | 6.48    | %      |         |   | 7.76    | %            |   |   | 5.33         | %      |   |   | 5.85 | % |
|                                       |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |
| Net      investment loss                   |   |         | -1.60   | %      |         |   | -2.83   | %            |   |   | -0.29        | %      |   |   | -1.04 | % |
|                                       |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |
|                                       |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |
| See      notes to financial statements.    |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |

----

----

| 1. | SUMMARY      OF SIGNIFICANT ACCOUNTING POLICIES |
|----|-------------------------------------------------|

----

----

|  | (a) | Bankruptcy,      dissolution, withdrawal or other termination of the trading advisor of      this Fund. |
|--|-----|---------------------------------------------------------------------------------------------------------|

|  | (b) | Any      event which would make unlawful the continued existence of this      Fund. |
|--|-----|-------------------------------------------------------------------------------------|

|  | (c) | Determination      by MLAI to liquidate or withdraw from theFund. |
|--|-----|-------------------------------------------------------------------|

----

| 2. | CONDENSED      SCHEDULES OF INVESTMENTS |
|----|-----------------------------------------|

| 2008                          |   |                    |   |   |                         |   |       |                            |   |   |                    |   |   |                         |   |   |                            |   |       |                                              |   |   |                            |   |   |           |
|-------------------------------|--------|-------------------------|--------|--------|------------------------------|--------|------------|---------------------------------|--------|--------|-------------------------|--------|--------|------------------------------|--------|--------|---------------------------------|--------|------------|---------------------------------------------------|--------|--------|---------------------------------|--------|--------|----------------|
|                          |   | Long      Positions     |   |   | Short      Positions         |   |       |                            |   |   |                    |   |   |                         |
| Commodity      IndustrySector |   | Number      ofContracts |   |   | UnrealizedProfit      (Loss) |   |       | Percent      ofMembers' Capital |   |   | Number      ofContracts |   |   | UnrealizedProfit      (Loss) |   |   | Percent      ofMembers' Capital |   |       | Net      UnrealizedProfit (Loss)on Open Positions |   |   | Percent      ofMembers' Capital |   |   | Maturity Dates |
|                          |   |                    |   |   |                         |   |       |                            |   |   |                    |   |   |                         |   |   |                            |   |       |                                              |   |   |                            |   |   |           |
|                          |   |                    |   |   |                         |   |       |                            |   |   |                    |   |   |                         |   |   |                            |   |       |                                              |   |   |                            |   |   |           |
| Agriculture                   |   |                    | 197    |   |                         | $      | 390,804    |                            |   |   | 0.05                    | %      |   |                         | (2,131 | )      |                            | $      | (3,807,410 | )                                                 |   |   | -0.47                           | %      |   | $              | (3,416,606 | ) |   |   | -0.42 | % |   | January      09 - November 10 |
| Currencies                    |   |                    | 759    |   |                         |   | 1,426,021  |                            |   |   | 0.18                    | %      |   |                         | (1,366 | )      |                            |   | (4,720,175 | )                                                 |   |   | -0.59                           | %      |   |           | (3,294,154 | ) |   |   | -0.41 | % |   | March      09 |
| Energy                        |   |                    | -      |   |                         |   | -          |                            |   |   | 0.00                    | %      |   |                         | (313   | )      |                            |   | 1,169,490  |                                              |   |   | 0.15                            | %      |   |           | 1,169,490 |   |   |   | 0.15 | % |   | January      09 - December 10 |
| Interest      rates           |   |                    | 10,483 |   |                         |   | 17,823,721 |                            |   |   | 2.21                    | %      |   |                         | (88    | )      |                            |   | (21,657    | )                                                 |   |   | 0.00                            | %      |   |           | 17,802,064 |   |   |   | 2.21 | % |   | January      09 - June 10 |
| Metals                        |   |                    | 238    |   |                         |   | (635,812   | )                               |   |   | -0.08                   | %      |   |                         | (558   | )      |                            |   | 3,463,278  |                                              |   |   | 0.42                            | %      |   |           | 2,827,466 |   |   |   | 0.34 | % |   | January      09 - April 09 |
| Stock      indices            |   |                    | 10     |   |                         |   | 1,903      |                            |   |   | 0.00                    | %      |   |                         | (384   | )      |                            |   | (359,049   | )                                                 |   |   | -0.04                           | %      |   |           | (357,146 | ) |   |   | -0.04 | % |   | January      09 - March      09 |
|                          |   |                    |   |   |                         |   |       |                            |   |   |                    |   |   |                         |   |   |                            |   |       |                                              |   |   |                            |   |   |           |   |   |   |   |   |   |   |   |
| Total                         |   |                    |   |   |                         | $      | 19,006,637 |                            |   |   | 2.36                    | %      |   |                         |   |   |                            | $      | (4,275,523 | )                                                 |   |   | -0.53                           | %      |   | $              | 14,731,114 |   |   |   | 1.83 | % |   |   |
|                          |   |                    |   |   |                         |   |       |                            |   |   |                    |   |   |                         |   |   |                            |   |       |                                              |   |   |                            |   |   |           |   |   |   |   |   |   |   |   |
|                          |   |                    |   |   |                         |   |       |                            |   |   |                    |   |   |                         |   |   |                            |   |       |                                              |   |   |                            |   |   |           |   |   |   |   |   |   |   |   |
| 2007                          |   |                    |   |   |                         |   |       |                            |   |   |                    |   |   |                         |   |   |                            |   |       |                                              |   |   |                            |   |   |           |   |   |   |   |   |   |   |   |
|                          |   | Long      Positions     |   |   | Short      Positions         |   |       |                            |   |   |                    |   |   |                         |   |
| Commodity      IndustrySector |   | Number      ofContracts |   |   | UnrealizedProfit      (Loss) |   |       | Percent      ofMembers' Capital |   |   | Number      ofContracts |   |   | UnrealizedProfit      (Loss) |   |   | Percent      ofMembers' Capital |   |       | Net      UnrealizedProfit (Loss)on Open Positions |   |   | Percent      ofMembers' Capital |   |   | Maturity Dates |
|                          |   |                    |   |   |                         |   |       |                            |   |   |                    |   |   |                         |   |   |                            |   |       |                                              |   |   |                            |   |   |           |   |   |   |   |   |   |   |   |
|                          |   |                    |   |   |                         |   |       |                            |   |   |                    |   |   |                         |   |   |                            |   |       |                                              |   |   |                            |   |   |           |   |   |   |   |   |   |   |   |
| Agriculture                   |   |                    | 4,103  |   |                         | $      | 6,450,316  |                            |   |   | 1.06                    | %      |   |                         | (1,034 | )      |                            | $      | (913,220   | )                                                 |   |   | -0.15                           | %      |   | $              | 5,537,096 |   |   |   | 0.91 | % |   | January      08 - December 08 |
| Currencies                    |   |                    | 4,151  |   |                         |   | (1,783,738 | )                               |   |   | -0.29                   | %      |   |                         | (247   | )      |                            |   | (203,814   | )                                                 |   |   | -0.03                           | %      |   |           | (1,987,552 | ) |   |   | -0.32 | % |   | March      08 |
| Energy                        |   |                    | 726    |   |                         |   | 3,242,466  |                            |   |   | 0.53                    | %      |   |                         | (143   | )      |                            |   | (434,080   | )                                                 |   |   | -0.07                           | %      |   |           | 2,808,386 |   |   |   | 0.46 | % |   | January      08 - April 08 |
| Interest      rates           |   |                    | 15,236 |   |                         |   | 1,015,377  |                            |   |   | 0.17                    | %      |   |                         | (2,750 | )      |                            |   | (255,156   | )                                                 |   |   | -0.04                           | %      |   |           | 760,221 |   |   |   | 0.13 | % |   | March      08 - December 08 |
| Metals                        |   |                    | 1,375  |   |                         |   | (1,945,885 | )                               |   |   | -0.32                   | %      |   |                         | (676   | )      |                            |   | 2,329,833  |                                              |   |   | 0.38                            | %      |   |           | 383,948 |   |   |   | 0.06 | % |   | January      08 - March      08 |
| Stock      indices            |   |                    | 2,153  |   |                         |   | 299,696    |                            |   |   | 0.05                    | %      |   |                         | (49    | )      |                            |   | 132,354    |                                              |   |   | 0.00                            | %      |   |           | 432,050 |   |   |   | 0.05 | % |   | January      08 - March      08 |
|                          |   |                    |   |   |                         |   |       |                            |   |   |                    |   |   |                         |   |   |                            |   |       |                                              |   |   |                            |   |   |           |   |   |   |   |   |   |   |   |
| Total                         |   |                    |   |   |                         | $      | 7,278,232  |                            |   |   | 1.20                    | %      |   |                         |   |   |                            | $      | 655,917    |                                              |   |   | 0.09                            | %      |   | $              | 7,934,149 |   |   |   | 1.29 | % |   |   |

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| 3. | FAIR      VALUE OF INVESTMENTS |
|----|--------------------------------|

|   | In      September 2006, the Financial Accounting Standards Board (“FASB”) issued      Statement of Financial Accounting Standards No. 157, Fair Value      Measurement (“FAS 157”). FAS 157 defines fair value, establishes a      framework for measuring fair value and expands disclosures about fair      value measurements. The Fund adopted FAS 157 as of January 1, 2008. The      adoption of FAS 157 did not have a material impact on the Fund’s financial      statements.Fair      value of an investment is the amount that would be received to sell the      investment in an orderly transaction between market participants at the      measurement date (i.e. the exit price).FAS      157 established a hierarchical disclosure framework which prioritizes and      ranks the level of market price observability used in measuring      investments at fair value. Market price observability is impacted by a      number of factors, including the type of investment and the      characteristics specific to the investment. Investments with readily      available active quoted prices or for which fair value can be measured      from actively quoted prices generally will have a higher degree of market      price observability and a lesser degree of judgment used in measuring fair      value.Investments      measured and reported at fair value are classified and disclosed in one of      the following categories:Level      I – Quoted prices are available in active markets for identical      investments as of the reporting date. The type of investments included in      Level I are publicly traded investments. As required by FAS 157, the Fund      does not adjust the quoted price for these investments even in situations      where the Fund holds a large position and a sale could reasonably impact      the quoted price.Level      II – Pricing inputs are other than quoted prices in active markets, which      are either directly or indirectly observable as of the reporting date, and      fair value is determined through the use of generally accepted and      understood models or other valuation methodologies. Investments which are      generally included in this category 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 is determined using valuation methodologies that      consider a range of factors, including but not limited to the nature of      the investment, local market conditions, trading values on public      exchanges for comparable securities, current and projected operating      performance and financing transactions subsequent to the acquisition of      the investment. The inputs into the determination of fair value require      significant management judgment. Due to the inherent uncertainty of these      estimates, these values may differ materially from the values that would      have been used had a ready market for these investments existed.      Investments that are included in this category generally are privately      held debt and equity securities.In      certain cases, the inputs used to measure fair value may fall into      different levels of the fair value hierarchy. In such cases, an      investment’s level within the fair value hierarchy is based on the lowest      level of input that is significant to the fair value measurement. MLAI’s      assessment of the significance of a particular input to the fair value      measurement in its entirety requires judgment, and considers factors      specific to theinvestment. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                     |   | Total       | Level      I | Level      II | Level      III |
|----------------------------------------------------------|--------|-------------|--------------|---------------|----------------|
| Net      unrealized profit (loss)      on open contracts |   | $14,731,114 | $14,731,114  | N/A           | N/A            |

| 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 payable by MLPF&S to accounts of Merrill Lynch      affiliates but not less than 75% of such prevailing rate.  The      Fund is credited with interest on any of its assets and net gains actually      held by MLPF&S non-U.S. dollar currencies at a prevailing local rate      received by Merrill Lynch.  Merrill Lynch may derive certain      economic benefit, in excess of the interest which Merrill Lynch pays to      the Fund, from possession of suchassets. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Merrill      Lynch charges the Fund at prevailing local interest rates for financing      realized and unrealized losses on the Fund’s non-U.S. dollar-denominated      positions.  Such amounts are netted against interest income due      to the insignificance of suchamounts. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      Fund pays brokerage commissions on actual cost per round turn. The average      round-turn commission rate charged to the Fund for the years ended      December 31, 2008, 2007 and 2006 was approximately $7.16, $9.58, and      $9.82, respectively (not including, in calculating round-turn, forward      contracts on a futures-equivalentbasis). |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| 5. | ADVISORY      AGREEMENT |
|----|-------------------------|

|   | The      Fund and Winton have entered into an Advisory Agreement.  This      agreement shall continue in effect until December 31, 2014. Thereafter,      this agreement shall be automatically renewed for successive three-year      periods, on the same terms, unless terminated by either Winton or the Fund      upon 90 days’ notice to the other party. Winton determines the commodity      futures, options on futures and forward contract trades to be made on      behalf of their respective Fund accounts, subject to certain trading      policies and to certain rights reserved byMLAI. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 6. | NET      ASSET VALUE PER UNIT |
|----|-------------------------------|

|          |   | Net      Asset Value                |        |   | Net      Asset Value per Unit |   |
|---------------|--------|-------------------------------------|-------------|--------|-------------------------------|--------|
|          |   | All      Other Purposes (unaudited) |        |   | Financial      Reporting      |   |   | Number      of Units |   |   | All      Other Purposes (unaudited) |   |   | Financial      Reporting |   |
| Class      A  |   | $                                   | 75,408,044  |   |                          | $      | 75,393,264 |   |   |   | 45,859,129 |   |   | $ | 1.6443 |   |   | $ | 1.6440 |   |
| Class      C  |   |                                | 340,596,360 |   |                          |   | 340,557,702 |   |   |   | 215,178,830 |   |   |   | 1.5829 |   |   |   | 1.5827 |   |
| Class      D  |   |                                | 117,361,002 |   |                          |   | 117,366,051 |   |   |   | 73,051,567 |   |   |   | 1.6065 |   |   |   | 1.6066 |   |
| Class      I  |   |                                | 71,377,362  |   |                          |   | 71,357,222 |   |   |   | 43,073,827 |   |   |   | 1.6571 |   |   |   | 1.6566 |   |
| Class      DS |   |                                | 111,014,511 |   |                          |   | 111,018,099 |   |   |   | 69,186,442 |   |   |   | 1.6046 |   |   |   | 1.6046 |   |
| Class      DT |   |                                | 88,290,271  |   |                          |   | 88,296,222 |   |   |   | 53,758,785 |   |   |   | 1.6423 |   |   |   | 1.6425 |   |
|          |   | $                                   | 804,047,550 |   |                          | $      | 803,988,560 |   |   |   | 500,108,580 |   |   |   |   |   |   |   |   |   |

|          |   | Net      Asset Value                |        |   | Net      Asset Value per Unit |   |
|---------------|--------|-------------------------------------|-------------|--------|-------------------------------|--------|
|          |   | All      Other Purposes (unaudited) |        |   | Financial      Reporting      |   |   | Number      of Units |   |   | All      Other Purposes (unaudited) |   |   | Financial      Reporting |   |
| Class      A  |   | $                                   | 55,269,166  |   |                          | $      | 55,249,882 |   |   |   | 40,117,768 |   |   | $ | 1.3777 |   |   | $ | 1.3772 |   |
| Class      C  |   |                                | 286,151,621 |   |                          |   | 286,091,149 |   |   |   | 213,652,153 |   |   |   | 1.3393 |   |   |   | 1.3391 |   |
| Class      D  |   |                                | 103,239,603 |   |                          |   | 103,236,597 |   |   |   | 77,864,803 |   |   |   | 1.3259 |   |   |   | 1.3258 |   |
| Class      I  |   |                                | 52,156,427  |   |                          |   | 52,132,196 |   |   |   | 37,718,572 |   |   |   | 1.3828 |   |   |   | 1.3821 |   |
| Class      DS |   |                                | 17,829,738  |   |                          |   | 17,829,738 |   |   |   | 13,447,784 |   |   |   | 1.3258 |   |   |   | 1.3258 |   |
| Class      DT |   |                                | 92,508,127  |   |                          |   | 92,508,127 |   |   |   | 69,259,318 |   |   |   | 1.3357 |   |   |   | 1.3357 |   |
|          |   | $                                   | 607,154,682 |   |                          | $      | 607,047,689 |   |   |   | 452,060,398 |   |   |   |   |   |   |   |   |   |

----

| 7. | WEIGHTED      AVERAGE UNITS |
|----|-----------------------------|

| 8. | RECENT      ACCOUNTING PRONOUNCEMENTS |
|----|---------------------------------------|

----

| 9. | MARKET      AND CREDIT RISK |
|----|-----------------------------|

----

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