|   |  ML TRANSTREND DTP      ENHANCED FUTURESACCESS LLC(A      Delaware Limited Liability Company)                                                                                                                                              |   |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |                                                                                                                                                                                                                                            |   |
|   |   Financial      Statements for the year ended December 31, 2008 andfor      the period April 2, 2007 (commencement of operations) toDecember 31,      2007 and Report of Independent      Registered PublicAccounting      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 year ended December 31, 2008 and                             |          |
| for      the period April 2, 2007 (commencement of operations) to December 31,      2007           | 3             |
|                                                                                               |          |
| Statements      of Changes in Member’s Capital for the year ended December 31, 2008      and |          |
| for      the period April 2, 2007 (commencement of operations) to December 31,      2007           | 4             |
|                                                                                               |          |
| Financial      Data Highlights for the year ended December 31, 2008 and                            |          |
| for      the period April 2, 2007 (commencement of operations) to December 31,      2007           | 6             |
|                                                                                               |          |
|  Notes      to Financial Statements                                                           |        8 |

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|                                                                                                                                        |   | 2008   |        |   | 2007   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
| ASSETS:                                                                                                                                     |   |   |        |   |   |   |
| Equity      in commodity futures trading accounts:                                                                                          |   |   |        |   |   |   |
|     Cash      (including restricted cash of $15,307,220 for 2008 and $16,474,936 for      2007)                         |   | $      | 227,695,348 |   |   | $      | 117,567,915 |   |
|     Net      unrealized profit on open contracts                                                                        |   |   | 6,740,529   |   |   |   | 3,742,826 |   |
| Cash                                                                                                                                        |   |   | 27,291      |   |   |   | - |   |
| Deferred      initial offering costs                                                                                                        |   |   | -           |   |   |   | 12,500 |   |
| Accrued      interest                                                                                                                       |   |   | 9,490       |   |   |   | 420,348 |   |
|                                                                                                                                        |   |   |        |   |   |   |   |   |
|                 TOTAL      ASSETS                           |   | $      | 234,472,658 |   |   | $      | 121,743,589 |   |
|                                                                                                                                        |   |   |        |   |   |   |   |   |
| LIABILITIES AND MEMBERS’      CAPITAL:                                                                                                |   |   |        |   |   |   |   |   |
| LIABILITIES:                                                                                                                                |   |   |        |   |   |   |   |   |
|     Brokerage      commissions payable                                                                                  |   | $      | 37,485      |   |   | $      | 45,548 |   |
|     Management      fee payable                                                                                         |   |   | 380,618     |   |   |   | 89,876 |   |
|     Sponsor      fee payable                                                                                            |   |   | 31,557      |   |   |   | 3,863 |   |
|     Redemptions      payable                                                                                            |   |   | 2,375,459   |   |   |   | 4,152,868 |   |
|     Performance      fee payable                                                                                        |   |   | 14,140,228  |   |   |   | 4,716,569 |   |
|     Initial      offering costs payable                                                                                 |   |   | 50,005      |   |   |   | 12,500 |   |
|     Other                                                                                                               |   |   | 122,182     |   |   |   | 66,087 |   |
|                                                                                                                                        |   |   |        |   |   |   |   |   |
|             Total      liabilities                                              |   |   | 17,137,534  |   |   |   | 9,087,311 |   |
|                                                                                                                                        |   |   |        |   |   |   |   |   |
| MEMBERS’      CAPITAL:                                                                                                                |   |   |        |   |   |   |   |   |
|   Members'      Interest (131,802,114 Units and 87,680,115 Units outstanding, unlimited      Units authorized)                    |   |   | 217,335,124 |   |   |   | 112,656,278 |   |
|             Total      members’ capital                                   |   |   | 217,335,124 |   |   |   | 112,656,278 |   |
|                                                                                                                                        |   |   |        |   |   |   |   |   |
|                 TOTAL      LIABILITIES AND MEMBERS' CAPITAL |   | $      | 234,472,658 |   |   | $      | 121,743,589 |   |
|                                                                                                                                        |   |   |        |   |   |   |   |   |
| NET      ASSET VALUE PER UNIT (SEE NOTE 6)                                                                                                  |   |   |        |   |   |   |   |   |
|                                                                                                                                        |   |   |        |   |   |   |   |   |
| See      notes to financial statements.                                                                                                     |   |   |        |   |   |   |   |   |

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|                                                                                                     |   | 2008   |        |   | 2007   |   |
|----------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
| TRADING      PROFIT (LOSS):                                                                              |   |   |        |   |   |   |
|                                                                                                     |   |   |        |   |   |   |
|         Realized                                                 |   | $      | 58,391,558  |   |   | $      | 18,830,414 |   |
|         Change      in unrealized                                |   |   | 2,997,703   |   |   |   | 3,742,826 |   |
|         Brokerage      commissions                               |   |   | (642,724    | )      |   |   | (580,731 | ) |
|                                                                                                     |   |   |        |   |   |   |   |   |
|             Total      trading profit (loss) |   |   | 60,746,537  |   |   |   | 21,992,509 |   |
|                                                                                                     |   |   |        |   |   |   |   |   |
| INVESTMENT      INCOME:                                                                                  |   |   |        |   |   |   |   |   |
|        Interest                                                       |   |   | 2,502,184   |   |   |   | 3,463,933 |   |
|                                                                                                     |   |   |        |   |   |   |   |   |
| EXPENSES:                                                                                                |   |   |        |   |   |   |   |   |
|        Management      fee                                            |   |   | 2,462,288   |   |   |   | 862,994 |   |
|        Sponsor      fee                                               |   |   | 255,504     |   |   |   | 9,750 |   |
|        Performance      fee                                           |   |   | 14,415,123  |   |   |   | 5,282,368 |   |
|        Other                                                          |   |   | 626,258     |   |   |   | 155,223 |   |
|             Total      expenses              |   |   | 17,759,173  |   |   |   | 6,310,335 |   |
|                                                                                                     |   |   |        |   |   |   |   |   |
| NET      INVESTMENT LOSS                                                                                 |   |   | (15,256,989 | )      |   |   | (2,846,402 | ) |
|                                                                                                     |   |   |        |   |   |   |   |   |
| NET      INCOME (LOSS)                                                                                   |   | $      | 45,489,548  |   |   | $      | 19,146,107 |   |
|                                                                                                     |   |   |        |   |   |   |   |   |
| NET      INCOME (LOSS) PER UNIT:                                                                         |   |   |        |   |   |   |   |   |
|                                                                                                     |   |   |        |   |   |   |   |   |
| Weighted      average number of Units outstanding                                                        |   |   |        |   |   |
|      Class      A*                                                              |   |   | 638,706     |   |   |   | 39,446 |   |
|      Class      C**                                                             |   |   | 7,827,256   |   |   |   | 610,408 |   |
|      Class      D***                                                            |   |   | 1,758,848   |   |   |   | 1,149,319 |   |
|      Class      I****                                                           |   |   | 735,189     |   |   |   | 590,000 |   |
|      Class      DS*****                                                         |   |   | 39,395,367  |   |   |   | 11,953,746 |   |
|      Class      DT******                                                        |   |   | 63,481,706  |   |   |   | 90,305,640 |   |
|                                                                                                     |   |   |        |   |   |   |   |   |
|      Net      income (loss) per weighted average Unit                           |   |   |        |   |   |   |   |   |
|      Class      A*                                                              |   | $      | 0.3033      |   |   | $      | (0.0411 | ) |
|      Class      C**                                                             |   | $      | 0.2791      |   |   | $      | 0.0961 |   |
|      Class      D***                                                            |   | $      | 0.2716      |   |   | $      | (0.0447 | ) |
|      Class      I****                                                           |   | $      | 0.3109      |   |   | $      | 0.0609 |   |
|      Class      DS*****                                                         |   | $      | 0.4174      |   |   | $      | 0.2973 |   |
|      Class      DT******                                                        |   | $      | 0.4089      |   |   | $      | 0.1722 |   |
|                                                                                                     |   |   |        |   |   |   |   |   |
| *Class      A commenced on September 1, 2007.                                                            |   |   |        |   |   |   |   |   |
| **Class      C commenced on July 1, 2007.                                                                |   |   |        |   |   |   |   |   |
| ***Class      D commenced on November 1, 2007.                                                           |   |   |        |   |   |   |   |   |
| ****Class      I commenced on October 1, 2007.                                                           |   |   |        |   |   |   |   |   |
| *****Class      DS was previously known as Class D-SM and commenced on April 2,      2007.               |   |
| ******Class      DT was previously known as Class D-TF and commenced on June 1,      2007.               |   |
| See      notes to financial statements.                                                                  |   |   |        |   |   |   |   |   |

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|                                                                                       |   | Initial      Offering                                                                                                                                                                                                           |          |                                                                                                                                  |        |                                                                                                                                              |   | Members'      Capital December 31, 2007                                                                                                                       |   |                                                                                                                                  |   |                                                                                   |   | Members'      Capital December 31, 2008                                                                                                                       |
|--------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|---------------------------------------------------------------------------------------------------------------------------------------|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                       |   |                                                                                                                                                                                                                            | Subscriptions |                                                                                                                                  | Redemptions |                                                                                                                                              |   | Subscriptions                                                                                                                                                 |   | Redemptions                                                                                                                           |   |
| Class      A*                                                                              |   |                                      - |          |                      107,731 |        |                         - |   |                          107,731 |   |                      961,358 |   |            (131,633)            |   |                          937,456 |
| Class      C**                                                                             |   |                                      - |          |                      821,211 |        |              (68,985)                                                            |   |                          752,226 |   |                 10,739,116                            |   |         (1,092,947)                            |   |                     10,398,395                            |
| Class      D***                                                                            |   |                                      - |          |                   1,548,637                 |        |            (798,637)                                                                       |   |                          750,000 |   |                   2,794,704                 |   |         (2,565,789)                            |   |                          978,915 |
| Class      I****                                                                           |   |                                      - |          |                      590,000 |        |                         - |   |                          590,000 |   |                      203,514 |   |              (13,367) |   |                          780,147 |
| Class      DS*****                                                                         |   |                     12,000,000                                                                                              |          |                   2,810,880                 |        |         (1,044,151)                                                                                       |   |                     13,766,729                            |   |                 56,371,806                            |   |         (2,852,864)                            |   |                     67,285,671                            |
| Class      DT******                                                                        |   |                                      - |          |               105,166,376                                       |        |       (33,452,947)                                                                                                  |   |                     71,713,429                            |   |                   1,498,340                 |   |       (21,790,239)                                       |   |                     51,421,530                            |
|                                                                                       |   |                                                                                                                                                                                                                            |          |                                                                                                                                  |        |                                                                                                                                              |   |                                                                                                                                                          |   |                                                                                                                                  |   |                                                                                   |   |                                                                                                                                                          |
| Total      Members' Units                                                                  |   |                     12,000,000                                                                                              |          |               111,044,835                                       |        |       (35,364,720)                                                                                                  |   |                     87,680,115                            |   |                 72,568,838                            |   |       (28,446,839)                                       |   |                   131,802,114                                       |
|                                                                                       |   |                                                                                                                                                                                                                            |          |                                                                                                                                  |        |                                                                                                                                              |   |                                                                                                                                                          |   |                                                                                                                                  |   |                                                                                   |   |                                                                                                                                                          |
|                                                                                       |   |                                                                                                                                                                                                                            |          |                                                                                                                                  |        |                                                                                                                                              |   |                                                                                                                                                          |   |                                                                                                                                  |   |                                                                                   |   |                                                                                                                                                          |
| *Class      A commenced on September 1, 2007.                                              |   |                                                                                                                                                                                                                            |          |                                                                                                                                  |
| **Class      C commenced on July 1, 2007.                                                  |   |                                                                                                                                                                                                                            |          |                                                                                                                                  |
| ***Class      D commenced on November 1, 2007.                                             |   |                                                                                                                                                                                                                            |          |                                                                                                                                  |
| ****Class      I commenced on October 1, 2007.                                             |   |                                                                                                                                                                                                                            |          |                                                                                                                                  |
| *****Class      DS was previously known as Class D-SM and commenced on April 2,      2007. |
| ******Class      DT was previously known as Class D-TF and commenced on June 1,      2007. |
|                                                                                       |   |                                                                                                                                                                                                                            |          |                                                                                                                                  |        |                                                                                                                                              |   |                                                                                                                                                          |   |                                                                                                                                  |   |                                                                                   |   |                                                                                                                                                          |   |   |
| See      notes to financial statements.                                                    |   |                                                                                                                                                                                                                            |          |                                                                                                                                  |

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|                        |   | Initial      Offering |       |   | Subscriptions |   |        | Redemptions |   |   | Net      Income (Loss) |   |   | Members'      Capital December 31, 2007 |       |   | Subscriptions |   |        | Redemptions |   |   | Net      Income (Loss) |   |   | Members'      Capital December 31, 2008 |        |
|-----------------------------|--------|-----------------------|------------|--------|---------------|--------|-------------|-------------|--------|--------|------------------------|--------|--------|-----------------------------------------|------------|--------|---------------|--------|-------------|-------------|--------|--------|------------------------|--------|--------|-----------------------------------------|-------------|
| Class      A*               |   | $                     | -          |   |          | $      | 120,107     |        |   | $      | -                      |   |   | $                                       | (1,623     | )      |          | $      | 118,484     |        |   | $      | 1,151,996              |   |   | $                                       | (166,535    | ) |   | $ | 193,721 |   |   | $ | 1,297,666 |   |
| Class      C**              |   |                  | -          |   |          |   | 810,690     |        |   |   | (71,378                | )      |   |                                    | 58,667     |   |          |   | 797,979     |        |   |   | 12,097,536             |   |   |                                    | (1,345,352  | ) |   |   | 2,184,634 |   |   | $ | 13,734,797 |   |
| Class      D***             |   |                  | -          |   |          |   | 1,500,000   |        |   |   | (747,045               | )      |   |                                    | (51,379    | )      |          |   | 701,576     |        |   |   | 2,724,999              |   |   |                                    | (2,699,332  | ) |   |   | 477,767 |   |   | $ | 1,205,010 |   |
| Class      I****            |   |                  | -          |   |          |   | 590,000     |        |   |   | -                      |   |   |                                    | 35,944     |   |          |   | 625,944     |        |   |   | 231,056                |   |   |                                    | (16,232     | ) |   |   | 228,547 |   |   | $ | 1,069,315 |   |
| Class      DS*****          |   |                  | 12,000,000 |   |          |   | 3,599,514   |        |   |   | (1,225,985             | )      |   |                                    | 3,553,619  |   |          |   | 17,927,148  |        |   |   | 81,391,656             |   |   |                                    | (4,000,000  | ) |   |   | 16,445,572 |   |   | $ | 111,764,376 |   |
| Class      DT******         |   |                  | -          |   |          |   | 116,913,460 |        |   |   | (39,979,192            | )      |   |                                    | 15,550,879 |   |          |   | 92,485,147  |        |   |   | 2,130,197              |   |   |                                    | (32,310,691 | ) |   |   | 25,959,307 |   |   | $ | 88,263,960 |   |
|                        |   |                  |       |   |          |   |        |        |   |   |                   |   |   |                                    |       |   |          |   |        |        |   |   |                   |   |   |                                    |        |   |   |   |   |   |   |   |   |   |
| Total      Members' Capital |   | $                     | 12,000,000 |   |          | $      | 123,533,771 |        |   | $      | (42,023,600            | )      |   | $                                       | 19,146,107 |   |          | $      | 112,656,278 |        |   | $      | 99,727,440             |   |   | $                                       | (40,538,142 | ) |   | $ | 45,489,548 |   |   | $ | 217,335,124 |   |
|                        |   |                  |       |   |          |   |        |        |   |   |                   |   |   |                                    |       |   |          |   |        |        |   |   |                   |   |   |                                    |        |   |   |   |   |   |   |   |   |   |

| *Class      A commenced on September 1, 2007.                                              |   |
|--------------------------------------------------------------------------------------------|--------|
| **Class      C commenced on July 1, 2007.                                                  |   |
| ***Class      D commenced on November 1, 2007.                                             |   |
| ****Class      I commenced on October 1, 2007.                                             |   |
| *****Class      DS was previously known as Class D-SM and commenced on April 2,      2007. |
| ******Class      DT was previously known as Class D-TF and commenced on June 1,      2007. |
|                                                                                       |
| See      notes to financial statements.                                                    |

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| Per Unit Operating    Performance:                                                                         |   | Class      A |    |   | Class      C |   |    | Class      D |   |   | Class      I |   |   | Class      DS (a) |    |   | Class      DT (a) |   |
|------------------------------------------------------------------------------------------------------------|--------|--------------|---------|--------|--------------|--------|---------|--------------|--------|--------|--------------|--------|--------|-------------------|---------|--------|-------------------|--------|
|                                                                                                       |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |
| Net      asset value, beginning of year                                                                    |   | $            | 1.0998  |   |         | $      | 1.0608  |         |   | $      | 0.9354       |   |   | $                 | 1.0609  |   |              | $      | 1.3022 |   |   | $ | 1.2896 |   |
|                                                                                                       |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
| Realized      and change in unrealized trading profit (loss)                                               |   |         | 0.4412  |   |         |   | 0.4233  |         |   |   | 0.3864       |   |   |              | 0.4338  |   |              |   | 0.5275 |   |   |   | 0.5367 |   |
| Brokerage      commissions                                                                                 |   |         | (0.0048 | )      |         |   | (0.0046 | )            |   |   | (0.0042      | )      |   |              | (0.0047 | )      |              |   | (0.0058 | ) |   |   | (0.0058 | ) |
| Interest      income                                                                                       |   |         | 0.0198  |   |         |   | 0.0190  |         |   |   | 0.0172       |   |   |              | 0.0194  |   |              |   | 0.0237 |   |   |   | 0.0238 |   |
| Expenses                                                                                                   |   |         | (0.1718 | )      |         |   | (0.1776 | )            |   |   | (0.1038      | )      |   |              | (0.1387 | )      |              |   | (0.1866 | ) |   |   | (0.1278 | ) |
|                                                                                                       |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   | - |   |   |   |   |   |
| Net      asset value, end of year                                                                          |   | $            | 1.3842  |   |         | $      | 1.3209  |         |   | $      | 1.2310       |   |   | $                 | 1.3707  |   |              | $      | 1.6610 |   |   | $ | 1.7165 |   |
|                                                                                                       |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
| Total Return:                                                                                              |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
|                                                                                                       |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
| Total      return before Performance fees                                                                  |   |         | 38.77   | %      |         |   | 37.45   | %            |   |   | 41.02        | %      |   |              | 39.45   | %      |              |   | 40.89 | % |   |   | 42.47 | % |
| Performance      fees                                                                                      |   |         | -9.96   | %      |         |   | -10.04  | %            |   |   | -7.25        | %      |   |              | -7.94   | %      |              |   | -10.11 | % |   |   | -7.16 | % |
| Total      return after Performance fees                                                                   |   |         | 25.83   | %      |         |   | 24.48   | %            |   |   | 31.59        | %      |   |              | 29.19   | %      |              |   | 27.54 | % |   |   | 33.10 | % |
|                                                                                                       |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
| Ratios to Average Members'      Capital:                                                                   |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
|                                                                                                       |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
| Expenses      (excluding Performance fees)                                                                 |   |         | 3.96    | %      |         |   | 4.97    | %            |   |   | 2.43         | %      |   |              | 3.55    | %      |              |   | 2.43 | % |   |   | 1.39 | % |
| Performance      fees                                                                                      |   |         | 10.13   | %      |         |   | 10.24   | %            |   |   | 7.21         | %      |   |              | 7.95    | %      |              |   | 10.30 | % |   |   | 7.11 | % |
| Expenses      (including Performance fees)                                                                 |   |         | 14.09   | %      |         |   | 15.21   | %            |   |   | 9.64         | %      |   |              | 11.50   | %      |              |   | 12.73 | % |   |   | 8.50 | % |
|                                                                                                       |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
| Net      investment income (loss)                                                                          |   |         | -12.39  | %      |         |   | -13.51  | %            |   |   | -7.95        | %      |   |              | -9.79   | %      |              |   | -11.03 | % |   |   | -6.79 | % |
|                                                                                                       |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
|                                                                                                       |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
| (a)      Class DS and DT were previously known as Class D-SM and      Class D-TF, respectively.  |   |
| See      notes to financial statements.                                                                    |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |

----

----

| Per Unit Operating    Performance:                           |   | Class      A |    |   | Class      C |   |    | Class      D |   |   | Class      I |   |   | Class      DS (d) |    |   | Class      DT (d) |   |
|--------------------------------------------------------------|--------|--------------|---------|--------|--------------|--------|---------|--------------|--------|--------|--------------|--------|--------|-------------------|---------|--------|-------------------|--------|
|                                                         |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |
| Net      asset value, beginning of period                    |   | $            | 1.0000  |   |         | $      | 1.0000  |         |   | $      | 1.0000       |   |   | $                 | 1.0000  |   |              | $      | 1.0000 |   |   | $ | 1.1117 |   |
|                                                         |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
| Realized      and change in unrealized trading profit (loss) |   |         | 0.2254  |   |         |   | 0.1277  |         |   |   | (0.0149      | )      |   |              | 0.1061  |   |              |   | 0.3563 |   |   |   | 0.2073 |   |
| Brokerage      commissions (c)                               |   |         | (0.0024 | )      |         |   | (0.0031 | )            |   |   | (0.0010      | )      |   |              | (0.0016 | )      |              |   | (0.0115 | ) |   |   | (0.0049 | ) |
| Interest      income  (c)                          |   |         | 0.0165  |   |         |   | 0.0210  |         |   |   | 0.0070       |   |   |              | 0.0116  |   |              |   | 0.0452 |   |   |   | 0.0321 |   |
| Expenses  (c)                                      |   |         | (0.1397 | )      |         |   | (0.0848 | )            |   |   | (0.0557      | )      |   |              | (0.0552 | )      |              |   | (0.0878 | ) |   |   | (0.0566 | ) |
|                                                         |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
| Net      asset value, end of period                          |   | $            | 1.0998  |   |         | $      | 1.0608  |         |   | $      | 0.9354       |   |   | $                 | 1.0609  |   |              | $      | 1.3022 |   |   | $ | 1.2896 |   |
|                                                         |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
| Total Return: (b)                                       |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
|                                                         |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
| Total      return before Performance fees                    |   |         | 21.36   | %      |         |   | 11.79   | %            |   |   | -0.64        | %      |   |              | 10.71   | %      |              |   | 37.24 | % |   |   | 20.48 | % |
| Performance      fees                                        |   |         | -9.85   | %      |         |   | -5.56   | %            |   |   | -5.80        | %      |   |              | -4.67   | %      |              |   | -5.79 | % |   |   | -4.33 | % |
| Total      return after Performance fees                     |   |         | 9.93    | %      |         |   | 6.08    | %            |   |   | -6.46        | %      |   |              | 6.10    | %      |              |   | 30.22 | % |   |   | 16.01 | % |
|                                                         |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
| Ratios to Average Net Assets:      (a)                       |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
|                                                         |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
| Expenses      (excluding Performance fees)                   |   |         | 4.48    | %      |         |   | 5.06    | %            |   |   | 3.32         | %      |   |              | 3.36    | %      |              |   | 2.39 | % |   |   | 1.24 | % |
| Performance      fees                                        |   |         | 40.41   | %      |         |   | 12.77   | %            |   |   | 50.19        | %      |   |              | 17.81   | %      |              |   | 7.63 | % |   |   | 7.18 | % |
| Expenses      (including Performance fees)                   |   |         | 44.89   | %      |         |   | 17.83   | %            |   |   | 53.51        | %      |   |              | 21.17   | %      |              |   | 10.02 | % |   |   | 8.42 | % |
|                                                         |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
| Net      investment income (loss)                            |   |         | -39.59  | %      |         |   | -13.40  | %            |   |   | -46.79       | %      |   |              | -16.71  | %      |              |   | -4.86 | % |   |   | -3.65 | % |
|                                                         |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |
|                                                         |   |         |    |   |         |   |    |         |   |   |         |   |   |              |    |   |              |   |   |   |   |   |   |   |

| (a)      The ratios have been annualized.                                                                   |
|-------------------------------------------------------------------------------------------------------------|
| (b)      Not annualized.                                                                                    |
|  (c)      Per Unit data is calculated using weighted average Units      outstanding during the period. |
| (d)      Class DS and DT were previously known as Class D-SM and Class D-TF,      respectively.             |
|                                                                                                        |
| See      notes to financialstatements.                                                                      |

----

----

|   | Organization |
|--------|--------------|

|   | Estimates |
|--------|-----------|

|   | The      preparation of financial statements in conformity with accounting      principles generally accepted in the United States of America (“U.S.      GAAP”) requires management to make estimates and assumptions that affect      the reported amounts of assets and liabilities and disclosure of      contingent assets and liabilities at the date of the financial statements      and the reported amounts of revenues and expenses during the reporting      period.  Actual results could differ from those      estimates. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | The      Fund’s functional currency is the U.S. dollar; however, it transacts      business in U.S. dollars and in currencies other than the U.S.      dollar.  Assets and liabilities denominated in currencies other      than the U.S. dollar are translated into U.S. dollars at the rates in      effect at the date of the Statements of Financial      Condition.  Income and expense items denominated in currencies      other than the U.S. dollar are translated into U.S. dollars at the rates      in effect during the period.  Profit and losses resulting from      the translation to U.S. dollars are reported in Realized in the Statements      of Operations. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      Fund pays 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 and expenses) incurred by the Fund.  The Fund also      pays any extraordinary expenses. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | For      financial reporting purposes in conformity with U.S. GAAP, the Fund      amortized the total initial offering costs of $50,000 over a twelve-month      period.  For all other purposes, including determining the Net      Asset Value per Unit for subscription and redemption purposes, the Fund      amortizes offering costs over an estimated 60 month period (see Note      6). |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Class      A Units are subject to a sales commission paid to MLPF&S ranging from      1.0% to 2.5%.  Class D and Class I Units are subject to sales      commissions up to 0.50%.  The rate assessed to a given      subscription is based upon the subscription amount.  Sales      commissions are directly deducted from subscription      amounts.  Class C, Class DS and Class DT Units are not subject      to any sales commissions. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Income      Taxes |
|--------|-------------------|

|   | No      provision for income taxes has been made in the accompanying financial      statements as the Member is individually responsible for reporting income      or loss based on such Member’s share of the Fund’s income and expenses as      reported for income tax purposes. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

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

|   | Distributions |
|--------|---------------|

|   | The      Members are entitled to receive, equally per Unit, any distributions which      may be made by the Fund.  No such distributions have been      declared. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Subscriptions |
|--------|---------------|

|   | Units      are offered as of the close of business at the end of each month. Units      are purchased as of the first business day of any month at Net Asset Value      for all other purposes (see Note 6), but the subscription request must be      submitted at least three calendar days before the end of the preceding      month.  Subscriptions submitted less than three days before the      end of a month will be applied to Units subscriptions as of the beginning      of the second month after receipt, unless revoked by  MLAI. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Redemptions and      Exchanges |
|--------|--------------------------------|

|   | Dissolution of the      Fund |
|--------|------------------------------|

----

| 2.   | CONDENSED      SCHEDULE OF INVESTMENTS |
|----------------|----------------------------------------|

|                               |   | Long      Positions     |   |   | Short      Positions         |   |       | Net      Unrealized             |   |   |                         |   |   |
|-------------------------------|--------|-------------------------|--------|--------|------------------------------|--------|------------|---------------------------------|--------|--------|-------------------------|--------|--------|
| Commodity      IndustrySector |   | Number      ofContracts |   |   | UnrealizedProfit      (Loss) |   |       | Percent      ofMembers' Capital |   |   | Number      ofContracts |   |   |  UnrealizedProfit      (Loss) |   |   | Percent      ofMembers' Capital |   |   | Profit (Loss)on Open Positions |   |   | Percent      ofMembers' Capital |   | Maturity Dates |
|                          |   |                    |   |   |                         |   |       |                            |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                          |   |                    |   |   |                         |   |       |                            |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Agriculture                   |   |                    | 90     |   |                         | $      | 151,485    |                            |   |   | 0.07                    | %      |   |   | (476 | ) |   | $ | (432,610 | ) |   |   | -0.20 | % |   | $ | (281,125 | ) |   |   | -0.13 | % | February      09 - December 09 |
| Currencies                    |   |                    | 126    |   |                         |   | 618,638    |                            |   |   | 0.28                    | %      |   |   | (192 | ) |   |   | (185,546 | ) |   |   | -0.09 | % |   |   | 433,092 |   |   |   | 0.19 | % | March      09 |
| Energy                        |   |                    | -      |   |                         |   | -          |                            |   |   | 0.00                    | %      |   |   | (328 | ) |   |   | 489,104 |   |   |   | 0.23 | % |   |   | 489,104 |   |   |   | 0.23 | % | February      09 - December 09 |
| Interest      rates           |   |                    | 4,057  |   |                         |   | 4,178,934  |                            |   |   | 1.92                    | %      |   |   | (1,398 | ) |   |   | (913,221 | ) |   |   | -0.42 | % |   |   | 3,265,713 |   |   |   | 1.50 | % | March      09 - December 11 |
| Metals                        |   |                    | 305    |   |                         |   | (3,140,161 | )                               |   |   | -1.44                   | %      |   |   | (450 | ) |   |   | 6,168,912 |   |   |   | 2.84 | % |   |   | 3,028,751 |   |   |   | 1.40 | % | January      09 - May 09 |
| Stock      indices            |   |                    | -      |   |                         |   | -          |                            |   |   | 0.00                    | %      |   |   | (410 | ) |   |   | (195,006 | ) |   |   | -0.09 | % |   |   | (195,006 | ) |   |   | -0.09 | % | January      09 - March 09 |
|                          |   |                    |   |   |                         |   |       |                            |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                         |   |                    |   |   |                         | $      | 1,808,896  |                            |   |   | 0.83                    | %      |   |   |   |   |   | $ | 4,931,633 |   |   |   | 2.27 | % |   | $ | 6,740,529 |   |   |   | 3.10 | % |   |
|                          |   |                    |   |   |                         |   |       |                            |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                          |   | Long      Positions     |   |   |  Short      Positions   |   |       | Net      Unrealized             |   |   |                    |   |   |                         |
|-------------------------------|--------|-------------------------|--------|--------|------------------------------|--------|------------|---------------------------------|--------|--------|-------------------------|--------|--------|------------------------------|
| Commodity      IndustrySector |   | Number      ofContracts |   |   | UnrealizedProfit      (Loss) |   |       | Percent      ofMembers' Capital |   |   | Number      ofContracts |   |   | UnrealizedProfit      (Loss) |   |   | Percent      ofMembers' Capital |   |   | Profit      (Loss)on Open Positions |   |   | Percent      ofMembers' Capital |   |   | Maturity Dates |
|                          |   |                    |   |   |                         |   |       |                            |   |   |                    |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |
|                          |   |                    |   |   |                         |   |       |                            |   |   |                    |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Agriculture                   |   |                    | 1,122  |   |                         | $      | 1,651,484  |                            |   |   | 1.47                    | %      |   |                         | (69 | ) |   | $ | 8,285 |   |   |   | 0.02 | % |   | $ | 1,659,769 |   |   |   | 1.49 | % |   | March      08 - December 08 |
| Currencies                    |   |                    | 1,011  |   |                         |   | (793,155   | )                               |   |   | -0.70                   | %      |   |                         | (573 | ) |   |   | (543,525 | ) |   |   | -0.48 | % |   |   | (1,336,680 | ) |   |   | -1.18 | % |   | March      08 |
| Energy                        |   |                    | 493    |   |                         |   | 841,635    |                            |   |   | 0.75                    | %      |   |                         | (211 | ) |   |   | (9,370 | ) |   |   | -0.01 | % |   |   | 832,265 |   |   |   | 0.74 | % |   | February      08 - April      08 |
| Interest      rates           |   |                    | 2,170  |   |                         |   | 646,036    |                            |   |   | 0.57                    | %      |   |                         | (2,073 | ) |   |   | 824,819 |   |   |   | 0.73 | % |   |   | 1,470,856 |   |   |   | 1.30 | % |   | March      08 - December 08 |
| Metals                        |   |                    | 659    |   |                         |   | (3,120,333 | )                               |   |   | -2.77                   | %      |   |                         | (716 | ) |   |   | 4,259,270 |   |   |   | 3.78 | % |   |   | 1,138,937 |   |   |   | 1.01 | % |   | January      08 - April 08 |
| Stock      indices            |   |                    | 77     |   |                         |   | 37,854     |                            |   |   | 0.03                    | %      |   |                         | (126 | ) |   |   | (60,174 | ) |   |   | -0.05 | % |   |   | (22,320 | ) |   |   | -0.02 | % |   |  March      08 |
|                          |   |                    |   |   |                         |   |       |                            |   |   |                    |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                         |   |                    |   |   |                         | $      | (736,479   | )                               |   |   | -0.65                   | %      |   |                         |   |   |   | $ | 4,479,305 |   |   |   | 3.99 | % |   | $ | 3,742,826 |   |   |   | 3.34 | % |   |   |

|   | No      individual contract’s unrealized profit or loss comprised greater than 5%      of the Members’ Capital as of December 31, 2008 and  2007. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

----

|                                                |   | Total                              |   | Level      I |   | Level      II |   | Level      III              |
|-----------------------------------------------------|--------|------------------------------------|--------|--------------|--------|---------------|--------|-----------------------------|
| Net      unrealized profit (loss) on open contracts |   |     $6,740,529 |   | $6,740,529   |   | 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 LPF&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 profits      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 such  assets. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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 such amounts. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      fund pays brokerage commissions on actual cost per round      turn.  The average round-turn commission rate charged to the      Fund for the year ended December 31, 2008 and for the period April 2, 2007      (commencement of operations) to December 31, 2007 was approximately $10.37      and $9.57, respectively (not including, in calculating round-turn, forward      contracts on a futures-equivalentbasis). |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|          |   | 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  |   | $                                   | 1,297,669   |   |                     | $      | 1,297,666   |                          |   |   | 937,456 |   |   | $ | 1.3842 |   |   | $ | 1.3842 |   |
| Class      C  |   |                                | 13,734,717  |   |                     |   | 13,734,797  |                          |   |   | 10,398,395 |   |   |   | 1.3208 |   |   |   | 1.3209 |   |
| Class      D  |   |                                | 1,205,100   |   |                     |   | 1,205,010   |                          |   |   | 978,915 |   |   |   | 1.2311 |   |   |   | 1.2310 |   |
| Class      I  |   |                                | 1,069,373   |   |                     |   | 1,069,315   |                          |   |   | 780,147 |   |   |   | 1.3707 |   |   |   | 1.3707 |   |
| Class      DS |   |                                | 111,765,499 |   |                     |   | 111,764,376 |                          |   |   | 67,285,671 |   |   |   | 1.6611 |   |   |   | 1.6610 |   |
| Class      DT |   |                                | 88,290,271  |   |                     |   | 88,263,960  |                          |   |   | 51,421,530 |   |   |   | 1.7170 |   |   |   | 1.7165 |   |
|          |   | $                                   | 217,362,629 |   |                     | $      | 217,335,124 |                          |   |   | 131,802,114 |   |   |   |   |   |   |   |   |   |
|          |   |                                |        |   |                     |   |        |                          |   |   |   |   |   |   |   |   |   |   |   |   |

|          |   | 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  |   | $                                   | 118,495     |   |                     | $      | 118,484     |                          |   |   | 107,731 |   |   | $ | 1.0999 |   |   | $ | 1.0998 |   |
| Class      C  |   |                                | 798,078     |   |                     |   | 797,979     |                          |   |   | 752,226 |   |   |   | 1.0610 |   |   |   | 1.0608 |   |
| Class      D  |   |                                | 701,608     |   |                     |   | 701,576     |                          |   |   | 750,000 |   |   |   | 0.9355 |   |   |   | 0.9354 |   |
| Class      I  |   |                                | 625,977     |   |                     |   | 625,944     |                          |   |   | 590,000 |   |   |   | 1.0610 |   |   |   | 1.0609 |   |
| Class      DS |   |                                | 17,928,995  |   |                     |   | 17,927,148  |                          |   |   | 13,766,729 |   |   |   | 1.3023 |   |   |   | 1.3022 |   |
| Class      DT |   |                                | 92,508,129  |   |                     |   | 92,485,147  |                          |   |   | 71,713,429 |   |   |   | 1.2900 |   |   |   | 1.2896 |   |
|          |   | $                                   | 112,681,282 |   |                     | $      | 112,656,278 |                          |   |   | 87,680,115 |   |   |   |   |   |   |   |   |   |
|          |   |                                |        |   |                     |   |        |                          |   |   |   |   |   |   |   |   |   |   |   |   |

----

|   | The      weighted average number of Units outstanding for each Class is computed      for purposes of calculating net income per weighted average      Unit.  The weighted average number of Units outstanding for each      Class for the year ended December 31, 2008 and for the period ended      December 31, 2007 equals the Units outstanding as of such date,      adjusted proportionately for Units sold or redeemed based on the      respective length of time each was outstanding during the      period. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----