|   |  ML TREND-FOLLOWING      FUTURES FUND L.P.(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 Partners’ 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                             |     5 |
|                                                                                                                 |                      |
| Notes      to Financial Statements                                                                                   | 6                         |

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|                                                                                                              |   | 2008   |        |   | 2007   |   |
|-------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
|                                                                                                              |   |   |        |   |   |   |
| ASSETS:                                                                                                           |   |   |        |   |   |   |
| Equity      in commodity futures trading accounts:                                                                |   |   |        |   |   |   |
| Cash                                                                                                              |   | $      | 251,804     |   |   | $      | 225,042 |   |
| Investments      in Portfolio Funds (cost $264,645,269 for 2008 and $347,355,241 for      2007.)                  |   |   | 353,161,083 |   |   |   | 369,982,077 |   |
| Due      from Portfolio Funds                                                                                     |   |   | 11,064,145  |   |   |   | 17,014,386 |   |
| Accrued      interest                                                                                             |   |   | -           |   |   |   | 59,180 |   |
|                                                                                                              |   |   |        |   |   |   |   |   |
|                 TOTAL      ASSETS |   | $      | 364,477,032 |   |   | $      | 387,280,685 |   |
|                                                                                                              |   |   |        |   |   |   |   |   |
| LIABILITIES      AND PARTNERS’ CAPITAL                                                                      |   |   |        |   |   |   |   |   |
| LIABILITIES:                                                                                                      |   |   |        |   |   |   |   |   |
| Wrap      fee payable                                                                                             |   | $      | 1,213,435   |   |   | $      | 1,290,255 |   |
| Redemptions      payable                                                                                          |   |   | 11,138,285  |   |   |   | 15,662,095 |   |
| Other                                                                                                             |   |   | 250,804     |   |   |   | 209,053 |   |
|                                                                                                              |   |   |        |   |   |   |   |   |
|             Total      liabilities                    |   |   | 12,602,524  |   |   |   | 17,161,403 |   |
|                                                                                                              |   |   |        |   |   |   |   |   |
| PARTNERS’      CAPITAL:                                                                                     |   |   |        |   |   |   |   |   |
| General      Partner (41,734 Units and 42,282 Units)                                                              |   |   | 8,313,413   |   |   |   | 6,943,734 |   |
| Limited      Partners (1,724,666 Units and 2,211,461 Units)                                                       |   |   | 343,561,095 |   |   |   | 363,175,548 |   |
|                                                                                                              |   |   |        |   |   |   |   |   |
|             Total      partners’ capital        |   |   | 351,874,508 |   |   |   | 370,119,282 |   |
|                                                                                                              |   |   |        |   |   |   |   |   |
|                                                                                                              |   |   |        |   |   |   |   |   |
|                                                                                                              |   |   |        |   |   |   |   |   |
| TOTAL      LIABILITIES AND PARTNERS’ CAPITAL:                                                               |   | $      | 364,477,032 |   |   | $      | 387,280,685 |   |
|                                                                                                              |   |   |        |   |   |   |   |   |
| NET      ASSET VALUE PER UNIT                                                                                     |   |   |        |   |   |   |   |   |
| (Based      on 1,766,400 and 2,253,743 Units outstanding, unlimited Units      authorized)                   |   | $      | 199.2043    |   |   | $      | 164.2243 |   |
|                                                                                                              |   |   |        |   |   |   |   |   |
| See      notes to  financial statements.                                                                |   |   |        |   |   |   |   |   |
|                                                                                                              |   |   |        |   |   |   |   |   |

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|                                                                                                                                                  |   | 2008   |        |   | 2007   |   |        | 2006   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|-------------|--------|--------|
| TRADING      PROFIT (LOSS):                                                                                                                           |   |   |        |   |   |   |        |   |   |
|                                                                                                                                                  |   |   |        |   |   |   |        |   |   |
|         Realized                                                                                              |   | $      | 20,765,365  |   |   | $      | (64,586,271 | )      |   | $ | (158,576,895 | ) |
|         Change      in unrealized                                                                             |   |   | 65,888,978  |   |   |   | 15,318,537  |   |   |   | 12,136,031 |   |
|             Total      trading profit (loss)                                              |   |   | 86,654,343  |   |   |   | (49,267,734 | )      |   |   | (146,440,864 | ) |
|                                                                                                                                                  |   |   |        |   |   |   |        |   |   |   |   |   |
| INVESTMENT      INCOME:                                                                                                                               |   |   |        |   |   |   |        |   |   |   |   |   |
|        Interest                                                                                                    |   |   | 10,654      |   |   |   | 13,909,510  |   |   |   | 51,861,211 |   |
|                                                                                                                                                  |   |   |        |   |   |   |        |   |   |   |   |   |
| EXPENSES:                                                                                                                                             |   |   |        |   |   |   |        |   |   |   |   |   |
| Brokerage      commissions                                                                                                                            |   |   | -           |   |   |   | 15,400,942  |   |   |   | 61,808,517 |   |
| Administrative      and filing fees                                                                                                                   |   |   | 361,539     |   |   |   | 961,273     |   |   |   | 2,937,327 |   |
| Wrap      fee                                                                                                                                         |   |   | 14,868,130  |   |   |   | 9,947,043   |   |   |   | - |   |
| Other      Expenses                                                                                                                                   |   |   | -           |   |   |   | 25,000      |   |   |   | 1,450,000 |   |
|         Total      expenses                                                                                   |   |   | 15,229,669  |   |   |   | 26,334,258  |   |   |   | 66,195,844 |   |
|                                                                                                                                                  |   |   |        |   |   |   |        |   |   |   |   |   |
| NET      INVESTMENT (INCOME) LOSS                                                                                                                     |   |   | (15,219,015 | )      |   |   | (12,424,748 | )      |   |   | (14,334,633 | ) |
| PROFIT      (LOSS) BEFORE MINORITY INTEREST                                                                                                           |   |   |        |   |   |   |        |   |   |   |   |   |
| AND      PROFIT SHARE ALLOCATION                                                                                                                      |   |   | 71,435,328  |   |   |   | (61,692,482 | )      |   |   | (160,775,497 | ) |
|                                                                                                                                                  |   |   |        |   |   |   |        |   |   |   |   |   |
|                                                                                                                                                  |   |   |        |   |   |   |        |   |   |   |   |   |
| Minority      interest                                                                                                                                |   |   | -           |   |   |   | 18,048      |   |   |   | 29,872 |   |
|                                                                                                                                                  |   |   |        |   |   |   |        |   |   |   |   |   |
| NET      PROFIT (LOSS)                                                                                                                                |   | $      | 71,435,328  |   |   | $      | (61,674,434 | )      |   | $ | (160,745,625 | ) |
|                                                                                                                                                  |   |   |        |   |   |   |        |   |   |   |   |   |
| NET      PROFIT (LOSS) PER UNIT:                                                                                                                      |   |   |        |   |   |   |        |   |   |   |   |   |
|     Weighted      average number of General Partner      and      Limited Partner Units outstanding |   | $      | 2,029,868   |   |   |   | 3,220,807   |   |   |   | 5,604,599 |   |
|                                                                                                                                                  |   |   |        |   |   |   |        |   |   |   |   |   |
| Net      proftit (loss) per weighted average General Partner and Limited Partner      Unit                                                       |   | $      | 35.19       |   |   | $      | (19.15      | )      |   | $ | (28.68 | ) |
|                                                                                                                                                  |   |   |        |   |   |   |        |   |   |   |   |   |
|                                                                                                                                                  |   |   |        |   |   |   |        |   |   |   |   |   |

----

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|                                    |   | Units  |       |   | GeneralPartner |   |       | LimitedPartners |   |   | Total         |   |
|-----------------------------------------|--------|--------|------------|--------|----------------|--------|------------|-----------------|--------|--------|---------------|--------|
|                                    |   |   |       |   |           |   |       |            |   |   |          |   |
| PARTNERS’      CAPITAL,           |   |   |       |   |           |   |       |            |   |   |          |   |   |   |   |   |
|   December      31, 2005      |   |   | 6,005,530  |   |           | $      | 12,613,943 |            |   | $      | 1,221,537,583 |   |   | $ | 1,234,151,526 |   |
|                                    |   |   |       |   |           |   |       |            |   |   |          |   |   |   |   |   |
| Subscriptions                           |   |   | 652,497    |   |           |   | 4,888      |            |   |   | 126,252,532   |   |   |   | 126,257,420 |   |
|                                    |   |   |       |   |           |   |       |            |   |   |          |   |   |   |   |   |
| Net      Profit (Loss)                  |   |   | -          |   |           |   | (1,731,789 | )               |   |   | (159,013,836  | )      |   |   | (160,745,625 | ) |
|                                    |   |   |       |   |           |   |       |            |   |   |          |   |   |   |   |   |
| Redemptions                             |   |   | (2,146,211 | )      |           |   | (2,682,276 | )               |   |   | (404,677,983  | )      |   |   | (407,360,259 | ) |
|                                    |   |   |       |   |           |   |       |            |   |   |          |   |   |   |   |   |
| PARTNERS’      CAPITAL,           |   |   |       |   |           |   |       |            |   |   |          |   |   |   |   |   |
|   December      31, 2006      |   |   | 4,511,816  |   |           |   | 8,204,766  |            |   |   | 784,098,296   |   |   |   | 792,303,062 |   |
|                                    |   |   |       |   |           |   |       |            |   |   |          |   |   |   |   |   |
| Subscriptions                           |   |   | 224,986    |   |           |   | -          |            |   |   | 36,094,976    |   |   |   | 36,094,976 |   |
|                                    |   |   |       |   |           |   |       |            |   |   |          |   |   |   |   |   |
| Net      Profit (Loss)                  |   |   | -          |   |           |   | (573,924   | )               |   |   | (61,100,510   | )      |   |   | (61,674,434 | ) |
|                                    |   |   |       |   |           |   |       |            |   |   |          |   |   |   |   |   |
| Redemptions                             |   |   | (2,483,059 | )      |           |   | (687,108   | )               |   |   | (395,917,214  | )      |   |   | (396,604,322 | ) |
|                                    |   |   |       |   |           |   |       |            |   |   |          |   |   |   |   |   |
| PARTNERS’      CAPITAL,           |   |   |       |   |           |   |       |            |   |   |          |   |   |   |   |   |
|   December      31, 2007      |   |   | 2,253,743  |   |           |   | 6,943,734  |            |   |   | 363,175,548   |   |   |   | 370,119,282 |   |
|                                    |   |   |       |   |           |   |       |            |   |   |          |   |   |   |   |   |
| Subscriptions                           |   |   | 96,444     |   |           |   | -          |            |   |   | 17,442,303    |   |   |   | 17,442,303 |   |
|                                    |   |   |       |   |           |   |       |            |   |   |          |   |   |   |   |   |
| Net      Profit (Loss)                  |   |   | -          |   |           |   | 1,369,679  |            |   |   | 70,065,649    |   |   |   | 71,435,328 |   |
|                                    |   |   |       |   |           |   |       |            |   |   |          |   |   |   |   |   |
| Redemptions                             |   |   | (583,787   | )      |           |   | -          |            |   |   | (107,122,405  | )      |   |   | (107,122,405 | ) |
|                                    |   |   |       |   |           |   |       |            |   |   |          |   |   |   |   |   |
| PARTNERS’      CAPITAL,           |   |   |       |   |           |   |       |            |   |   |          |   |   |   |   |   |
|   December      31, 2008      |   |   | 1,766,400  |   |           | $      | 8,313,413  |            |   | $      | 343,561,095   |   |   | $ | 351,874,508 |   |
|                                    |   |   |       |   |           |   |       |            |   |   |          |   |   |   |   |   |
|                                    |   |   |       |   |           |   |       |            |   |   |          |   |   |   |   |   |
| See      notes to financial statements. |   |   |       |   |           |   |       |            |   |   |          |   |   |   |   |   |

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| Per Unit      Operating Performance:                                                                          |   |   |   |   |   |   |   |   |   |
|---------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                          |   | 2008   |   |   | 2007   |   |   | 2006   |   |
| Net      asset value, beginning of year                                                                       |   | $      | 164.22 |   |   | $      | 175.61 |   |   | $ | 205.50 |   |
|                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Realized      and unrealized change in  trading profit (loss)                                       |   |   | 42.48  |   |   |   | (7.05  | )      |   |   | (27.39 | ) |
| Interest      income                                                                                          |   |   | 0.01   |   |   |   | 3.52   |   |   |   | 9.28 |   |
| Minority      interest in Profit (loss)                                                                       |   |   | -      |   |   |   | -      | (1)    |   |   | 0.01 |   |
| Expenses      (2)                                                                                             |   |   | (7.51  | )      |   |   | (7.86  | )      |   |   | (11.79 | ) |
|                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      asset value, end of year                                                                             |   | $      | 199.20 |   |   | $      | 164.22 |   |   | $ | 175.61 |   |
|                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Return:                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      return                                                                                             |   |   | 21.30  | %      |   |   | -6.48  | %      |   |   | -14.55 | % |
|                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratios to Average Net Assets: (2),(3)                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses                                                                                                      |   |   | 4.14   | %      |   |   | 5.22   | %      |   |   | 6.30 | % |
|                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      investment profit (loss)                                                                             |   |   | -4.14  | %      |   |   | -2.46  | %      |   |   | -1.36 | % |
|                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)      Minority interest is less than $0.01.                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| (2)      Includes the impact of brokerage commissionexpense.                                                  |   |   |   |   |   |   |   |   |   |
| (3)      The ratios do not reflect the proportionate share of income and      expense of the Portfolio Funds. |   |
|                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| See      notes to financial statements.                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |

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

| ●   | The      Partnership changed its name to ML Trend-Following Futures Fund      L.P. |
|---------------------|------------------------------------------------------------------------------------|

| ●        | The      Partnership’s assets were reinvested in MLAI-sponsored Portfolio Funds: ML      Aspect FuturesAccess LLC (“Aspect”), ML Chesapeake FuturesAccess LLC      (“Chesapeake”), ML Transtrend DTP Enhanced FuturesAccess LLC      (“Transtrend”) and ML Winton FuturesAccess LLC      (“Winton”).  These Portfolio Funds employ a variety of      systematic models with an emphasis on a style of investment commonly      referred to as “diversified trend following” and the Partnership no longer      utilized the services of John W. Henry & Company, Inc. (“JWH®”)      as a commodity trading advisor. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●         | The      Portfolio Funds are a group of commodity pools sponsored by MLAI, each of      which places substantially all of its assets in a managed futures and      forward trading account managed by a single or multiple commodity trading      advisors.  Each of the Portfolio Funds implements a different      trading strategy; and |
|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●         | On      May 7, 2007, the Partnership was deregistered under the Securities Act of      1933, as amended, but retained its registration under the Securities Act      of 1934, as amended. |
|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | The      Partnership’s functional currency is the U.S. dollar; however, it      transacts business 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 dates of the Statements of Financial Condition of the      Partnership and each of the Portfolio Funds.  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.  Gains and losses resulting from the translation to U.S.      dollars are reported in Realized in the Statements of Operations of the      Partnership and each of the PortfolioFunds. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Ongoing Offering      Costs, Operating Expenses and Selling  Commissions |
|--------|--------------------------------------------------------------------------|

|   | Prior      to June 1, 2007, the Partnership’s brokerage commissions and      administrative fees constituted a single annual “wrap fee” not to exceed      6.5% of the Partnership’s average month-end Net Asset Value, which covered      all of the Partnership’s costs and expenses, other than bid-ask spreads      and certain trading fees as well as an annual filing fee payable to the      State of New Jersey and offering costs. After June 1, 2007, the      Partnership pays MLAI, wrap fee in the amount of 4.0% of the Partnership’s      average month-end Net Asset Value. Other than this 4.0% wrap fee, the only      direct expense of the Partnership is the annual New Jersey filing fee,      which is assessed on a per-partner basis with a maximum charge of $250,000      per year. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | No      selling commissions have been or are paid directly by the Limited      Partners.  All selling commissions are paid by      MLPF&S. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

----

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

|   | The      Limited Partners are entitled to receive, equally per Unit, any      distribution which may be made by the Partnership.  No such      distributions have been declared for the years ended December 31, 2008,      2007 and 2006. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | Units      of the Partnership 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, 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. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Indemnifications |
|--------|------------------|

|   | In      the normal course of business, the Partnership enters into contracts and      agreements that contain a variety of representations and warranties and      which provide general indemnifications. The Partnership’s maximum exposure      under these arrangements is unknown, as this would involve future claims      that may be made against the Partnership that have not yet      occurred.  The Partnership expects the risk of any future      obligation under these indemnifications to be  remote. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | INVESTMENTS      IN PORTFOLIO FUNDS |
|----------------|-------------------------------------|

----

|                                                                            |   | Fair      Value |        |   | Percentage      of Partner's Capital |   |   | Profit      (Loss) |   |   | Management |   |   | Performance |       | Redemptions      Permitted |
|---------------------------------------------------------------------------------|--------|-----------------|-------------|--------|--------------------------------------|--------|--------|--------------------|--------|--------|------------|--------|--------|-------------|------------|----------------------------|
| ML      Winton FuturesAccess LLC                                                |   | $               | 88,290,271  |   |                                 |   | 25.09  | %                  |   | $      | 19,067,176 |   |   | $           | (1,421,072 | )                          |   | $ | (3,068,305 | ) | Monthly |
| ML  Aspect      FuturesAccess LLC                                     |   |            | 88,290,270  |   |                                 |   | 25.09  |               |   |   | 25,131,209 |   |   |        | (1,429,262 | )                          |   |   | (4,136,616 | ) | Monthly |
| ML      Transtrend  DTP Enhanced  FuturesAccess      LLC    |   |            | 88,290,271  |   |                                 |   | 25.09  |               |   |   | 25,962,636 |   |   |        | (962,678   | )                          |   |   | (6,414,299 | ) | Monthly |
| ML      Chesapeake FuturesAccess LLC                                            |   |            | 88,290,271  |   |                                 |   | 25.09  |               |   |   | 16,493,322 |   |   |        | (936,971   | )                          |   |   | (1,725,578 | ) | Monthly |
|                                                                            |   |            |        |   |                                 |   |   |               |   |   |       |   |   |        |       |                       |   |   |   |   |   |
| Total      Investment in Portfolio Funds at fair value (cost      $264,645,269) |   | $               | 353,161,083 |   |                                 |   | 100.36 | %                  |   | $      | 6,654,343  |   |   |        |       |                       |   |   |   |   |   |
|                                                                            |   |            |        |   |                                 |   |   |               |   |   |       |   |   |        |       |                       |   |   |   |   |   |
|                                                                            |   |            |        |   |                                 |   |   |               |   |   |       |   |   |        |       |                       |   |   |   |   |   |
|                                                                            |   |            |        |   |                                 |   |   |               |   |   |       |   |   |        |       |                       |   |   |   |   |   |
|                                                                            |   |            |        |   |                                 |   |   |               |   |   |       |   |   |        |       |                       |   |   |   |   |   |
|  December      31, 2007                                                    |   |            |        |   |                                 |   |   |               |   |   |       |   |   |        |       |                       |   |   |   |   |   |
|                                                                            |   | Fair      Value |        |   | Percentage      of Partners Capital  |   |   | Profit      (Loss) |   |   | Management |   |   | Performance |       | Redemptions      Permitted |
| ML      Winton FuturesAccess LLC                                                |   | $               | 92,508,127  |   |                                 |   | 25.00  | %                  |   | $      | 11,721,847 |   |   | $           | 942,055    |                       |   | $ | 1,546,686 |   | Monthly |
| ML  Aspect      FuturesAccess LLC                                     |   |            | 92,508,126  |   |                                 |   | 25.00  |               |   |   | 3,530,089  |   |   |        | 930,069    |                       |   |   | 152,433 |   | Monthly |
| ML      Transtrend  DTP Enhanced  FuturesAccess      LLC    |   |            | 92,485,147  |   |                                 |   | 25.00  |               |   |   | 15,550,879 |   |   |        | 633,329    |                       |   |   | 4,354,468 |   | Monthly |
| ML      Chesapeake FuturesAccess LLC                                            |   |            | 92,480,677  |   |                                 |   | 25.00  |               |   |   | (5,976,852 | )      |   |        | 611,746    |                       |   |   | - |   | Monthly |
|                                                                            |   |            |        |   |                                 |   |   |               |   |   |       |   |   |        |       |                       |   |   |   |   |   |
| Total      Investment in Portfolio Funds at fair value (cost      $347,355,241) |   | $               | 369,982,077 |   |                                 |   | 100.00 | %                  |   | $      | 24,825,963 |   |   |        |       |                       |   |   |   |   |   |
|                                                                            |   |            |        |   |                                 |   |   |               |   |   |       |   |   |        |       |                       |   |   |   |   |   |
|                                                                            |   |            |        |   |                                 |   |   |               |   |   |       |   |   |        |       |                       |   |   |   |   |   |
|                                                                            |   |            |        |   |                                 |   |   |               |   |   |       |   |   |        |       |                       |   |   |   |   |   |

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|                                                |   | Total        |   | Level      I |   | Level      II |   | Level      III |
|-----------------------------------------------------|--------|--------------|--------|--------------|--------|---------------|--------|----------------|
| Net      unrealized profit (loss) on open contracts |   | $353,161,083 |   | N/A          |   | $353,161,083  |   | N/A            |

|   | The      Joint Venture Agreement between the Partnership and JWH®      was terminated on May 31, 2007. MLAI was the manager of the Joint      Venture, while JWH®      had sole discretion in determining the commodity futures, options on      futures and forward trades that were made on its behalf, which was subject      to the trading limitations outlined in the Joint Venture      Agreement. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Pursuant      to the Joint Venture Agreement, JWH®      and the Partnership shared in the profits of the Joint Venture based on      equity ownership provided that 20% of the Partnership’s allocable      quarterly New Trading Profits, as defined, were allocated to JWH®.  Losses      were allocated to JWH®      and the Partnership based on equityownership. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  5. | .RELATED      PARTY TRANSACTIONS |
|----------|----------------------------------|

|   | Prior      to June 1, 2007, the Partnership paid brokerage commissions to MLPF&S      at a flat monthly rate of .479 of 1% (a 5.75% annual rate) of the Joint      Venture’s month-end trading assets. The Joint Venture also paid MLAI a      monthly administrative fee of .021 of 1% (a 0.25% annual rate) of the      Joint Venture’s month-end trading assets. The Partnership reimbursed MLAI      for payment of the State of New Jersey annual filing fee that was assessed      on a per partner basis with a maximum of $250,000 per year which was paid      on its behalf. Month-end trading assets were not reduced for purposes of      calculating brokerage and administrative fees by any accrued brokerage      commissions, administrative fees, Profit Shares or other fees or      charges. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | MLAI      estimates that the round-turn equivalent commission rate charged to the      Joint Venture by MLPF&S for the period January 1, 2007 through May 31,      2007 was $166 and for the year ended December 31, 2006 was $182 (not      including, in calculating round-turn equivalents, forward contracts on a      futures-equivalent basis). |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Prior      to May 7, 2007 MLPF&S paid JWH®      annual consulting fees of 2% of the Partnership’s average month-end      assets, after reduction for a portion of the brokerage      commissions.  The Partnership no longer pays consulting      fees. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Effective      June 1, 2007, no brokerage commission is charged to investors at the      Partnership level, although brokerage commissions are charged to investors      at the Portfolio Funds’ level, and investors will be indirectly subject to      their pro rata      share of such fees based on the investment of the Partnership in such      underlying Portfolio Funds. Brokerage commissions will be paid on the      completion or liquidation of a trade and are referred to as round-turn      commissions, which cover both the initial purchase (or sale) and the      subsequent offsetting sale (or purchase) of a commodity futures contract      (a “round turn” commission).  A portion of the brokerage fees is      paid to Portfolio Funds executing brokers, which may not include      MLPF&S, as the commission for their execution services. The      “round-turn” commissions paid will not exceed $15 per round-turn, except      in the case of certain foreign contracts on which the rates may be as high      as $100 per round-turn due to the large size of the contracts      traded.  In general, it is estimated that aggregate brokerage      commission charges will not exceed .75% and should equal approximately      0.50% per annum of each of the Portfolio Fund’s average month-end      assets. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  6.  | ADVISORY      AGREEMENT |
|----------------|-------------------------|

| Portfolio      Fund |   | Advisor                                      |   |        Next      Renewal Dateof      Advisory Agreement |   | Management      Free Rate |
|---------------------|--------|----------------------------------------------|--------|--------------------------------------------------------------|--------|---------------------------|
| Aspect              |   |  Aspect      Capital Management         |   |  December      31, 2011                                 |   | 1.5%                      |
| Chesapeake          |   |  Chesapeake      Capital Corporation    |   |  December      31, 2016                                 |   | 1%                        |
| Transtrend          |   |  Transtrend      B.V.                   |   |  December      31, 2009                                 |   | 1%                        |
| Winton              |   |  Winton      Capital Management Limited |   |  December      31, 2014                                 |   | 1.5%                      |

|   | The      advisory agreements shall be automatically renewed for successive      three-year periods, on the same terms, unless terminated by either the      Portfolio Fund or the respective advisor upon 90 days’ notice to the other      party.  The advisors determine 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 by MLAI. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Performance      fees paid by the Portfolio Funds are calculated at the following rates of      any New Trading Profit, as defined, and earned by the respective      advisors: |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Portfolio      Fund |   | Performance       Free Rate |
|---------------------|--------|----------------------------------|
| Aspect              |   | 15%                              |
| Chesapeake          |   | 2-%                              |
| Transtrend          |   | 25%                              |
| Winton              |   | 15%                              |

|   | The      weighted average number of Units outstanding was computed for purposes of      disclosing net income (loss) per weighted average Unit.  The      weighted average Units outstanding for the years ended December 31, 2008,      2007 and 2006 equals the Units outstanding as of such date, adjusted      proportionately for Units sold and redeemed based on the respective length      of time each was outstanding during theyear. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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