|   |  ML ASPECT      FUTURESACCESS LLC(A      Delaware Limited Liability Company)                                                                               |   |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |                                                                                                                                                            |   |
|   |   Financial      Statements for the year ended December 31, 2008, 2007 and 2006 and      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 year ended December 31, 2008, 2007 and      2006           | 3             |
|                                                                                             |          |
| Statements      of Changes in Member’s Capital for the years ended December 31,      2008, |          |
| 2007      and 2006                                                                               | 4             |
|                                                                                             |          |
| Financial      Data Highlights for the years ended December 31, 2008, 2007 and      2006         | 6             |
|                                                                                             |          |
|  Notes      to Financial Statements                                                         |        9 |

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|                                                                                                                                        |   | 2008   |        |   | 2007   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
| ASSETS:                                                                                                                                     |   |   |        |   |   |   |
| Equity      in commodity futures trading accounts:                                                                                          |   |   |        |   |   |   |
|     Cash      (including restricted cash of $24,334,309 for 2008 and $40,922,943 for      2007)                         |   | $      | 334,291,578 |   |   | $      | 267,131,712 |   |
|     Net      unrealized profit on open contracts                                                                        |   |   | 11,866,510  |   |   |   | 9,368,575 |   |
| Cash                                                                                                                                        |   |   | 241,619     |   |   |   | 40,779 |   |
| Accrued      interest                                                                                                                       |   |   | 19,502      |   |   |   | 966,433 |   |
|                                                                                                                                        |   |   |        |   |   |   |   |   |
|                 TOTAL      ASSETS                           |   | $      | 346,419,209 |   |   | $      | 277,507,499 |   |
|                                                                                                                                        |   |   |        |   |   |   |   |   |
| LIABILITIES AND MEMBERS’      CAPITAL:                                                                                                |   |   |        |   |   |   |   |   |
| LIABILITIES:                                                                                                                                |   |   |        |   |   |   |   |   |
|     Brokerage      commissions payable                                                                                  |   | $      | 58,192      |   |   | $      | 126,258 |   |
|     Management      fee payable                                                                                         |   |   | 536,784     |   |   |   | 419,877 |   |
|     Sponsor      fee payable                                                                                            |   |   | 279,746     |   |   |   | 247,535 |   |
|     Redemptions      payable                                                                                            |   |   | 9,241,236   |   |   |   | 8,473,549 |   |
|     Perfomance      fee payable                                                                                         |   |   | 15,635,853  |   |   |   | 1,956,978 |   |
|     Initial      offering costs payable                                                                                 |   |   | -           |   |   |   | 19,200 |   |
|     Other                                                                                                               |   |   | 233,592     |   |   |   | 249,128 |   |
|                                                                                                                                        |   |   |        |   |   |   |   |   |
|             Total      liabilities                                              |   |   | 25,985,403  |   |   |   | 11,492,525 |   |
|                                                                                                                                        |   |   |        |   |   |   |   |   |
| MEMBERS’      CAPITAL:                                                                                                                |   |   |        |   |   |   |   |   |
|   Sponsor's      Interest (20,647 Units and 20,647 Units)                                                                         |   |   | 32,331      |   |   |   | 25,576 |   |
|   Members'      Interest (195,021,681 Units and 208,133,972 Units)                                                                |   |   | 320,401,475 |   |   |   | 265,989,398 |   |
|             Total      members’ capital                                   |   |   | 320,433,806 |   |   |   | 266,014,974 |   |
|                                                                                                                                        |   |   |        |   |   |   |   |   |
|                 TOTAL      LIABILITIES AND MEMBERS' CAPITAL |   | $      | 346,419,209 |   |   | $      | 277,507,499 |   |
|                                                                                                                                        |   |   |        |   |   |   |   |   |
| NET      ASSET VALUE PER UNIT (SEE NOTE 6)                                                                                                  |   |   |        |   |   |   |   |   |
| (Based      on 195,042,328 and 208,154,619 Units outstanding, unlimited Units      authorized)                                              |   |   |        |   |   |   |   |   |
|                                                                                                                                        |   |   |        |   |   |   |   |   |
| See      notes to financial statements.                                                                                                     |   |   |        |   |   |   |   |   |

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|                                                                                                     |   | 2008   |        |   | 2007   |   |       | 2006   |   |
|----------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|------------|--------|--------|
| TRADING      PROFIT (LOSS):                                                                              |   |   |        |   |   |   |       |   |   |
|                                                                                                     |   |   |        |   |   |   |       |   |   |
|         Realized                                                 |   | $      | 93,209,117  |   |   | $      | 12,040,023 |   |   | $ | 3,685,911 |   |
|         Change      in unrealized                                |   |   | 2,497,935   |   |   |   | 3,857,805  |   |   |   | 4,871,886 |   |
|         Brokerage      commissions                               |   |   | (787,841    | )      |   |   | (1,052,707 | )      |   |   | (364,137 | ) |
|                                                                                                     |   |   |        |   |   |   |       |   |   |   |   |   |
|             Total      trading profit (loss) |   |   | 94,919,211  |   |   |   | 14,845,121 |   |   |   | 8,193,660 |   |
|                                                                                                     |   |   |        |   |   |   |       |   |   |   |   |   |
| INVESTMENT      INCOME:                                                                                  |   |   |        |   |   |   |       |   |   |   |   |   |
|        Interest                                                       |   |   | 5,306,094   |   |   |   | 10,674,137 |   |   |   | 3,456,878 |   |
|                                                                                                     |   |   |        |   |   |   |       |   |   |   |   |   |
| EXPENSES:                                                                                                |   |   |        |   |   |   |       |   |   |   |   |   |
|        Management      fee                                            |   |   | 5,712,987   |   |   |   | 4,139,254  |   |   |   | 1,479,278 |   |
|        Sponsor      fee                                               |   |   | 3,172,388   |   |   |   | 2,781,129  |   |   |   | 1,358,328 |   |
|        Performance      fee                                           |   |   | 16,320,740  |   |   |   | 2,038,070  |   |   |   | 1,416,045 |   |
|        Other                                                          |   |   | 743,997     |   |   |   | 665,497    |   |   |   | 663,356 |   |
|             Total      expenses              |   |   | 25,950,112  |   |   |   | 9,623,950  |   |   |   | 4,917,007 |   |
|                                                                                                     |   |   |        |   |   |   |       |   |   |   |   |   |
| NET      INVESTMENT INCOME (LOSS)                                                                        |   |   | (20,644,018 | )      |   |   | 1,050,187  |   |   |   | (1,460,129 | ) |
|                                                                                                     |   |   |        |   |   |   |       |   |   |   |   |   |
| NET      INCOME (LOSS)                                                                                   |   | $      | 74,275,193  |   |   | $      | 15,895,308 |   |   | $ | 6,733,531 |   |
|                                                                                                     |   |   |        |   |   |   |       |   |   |   |   |   |
| NET      INCOME (LOSS) PER UNIT:                                                                         |   |   |        |   |   |   |       |   |   |   |   |   |
|                                                                                                     |   |   |        |   |   |   |       |   |   |   |   |   |
| Weighted      average number of Units outstanding                                                        |   |   |        |   |   |   |       |   |   |
|      Class      A                                                               |   |   | 18,577,490  |   |   |   | 17,685,024 |   |   |   | 6,463,612 |   |
|      Class      C                                                               |   |   | 76,318,438  |   |   |   | 77,729,481 |   |   |   | 41,576,411 |   |
|      Class      D                                                               |   |   | 10,392,579  |   |   |   | 16,490,950 |   |   |   | 9,623,303 |   |
|      Class      I                                                               |   |   | 10,689,594  |   |   |   | 13,298,470 |   |   |   | 8,746,222 |   |
|      Class      DS*                                                             |   |   | 31,288,535  |   |   |   | 11,050,699 |   |   |   |   |   |
|      Class      DT**                                                            |   |   | 61,607,169  |   |   |   | 82,941,449 |   |   |   |   |   |
|                                                                                                     |   |   |        |   |   |   |       |   |   |   |   |   |
|      Net      income (loss) per weighted average Unit                           |   |   |        |   |   |   |       |   |   |   |   |   |
|      Class      A                                                               |   | $      | 0.3475      |   |   | $      | 0.0917     |   |   | $ | 0.1353 |   |
|      Class      C                                                               |   | $      | 0.3154      |   |   | $      | 0.0782     |   |   | $ | 0.0948 |   |
|      Class      D                                                               |   | $      | 0.3998      |   |   | $      | 0.0994     |   |   | $ | 0.0862 |   |
|      Class      I                                                               |   | $      | 0.3644      |   |   | $      | 0.0942     |   |   | $ | 0.1242 |   |
|      Class      DS*                                                             |   | $      | 0.3373      |   |   | $      | 0.1602     |   |   |   |   |   |
|      Class      DT**                                                            |   | $      | 0.4081      |   |   | $      | 0.0426     |   |   |   |   |   |
|                                                                                                     |   |   |        |   |   |   |       |   |   |   |   |   |
| *Class      DS commenced on April 2, 2007 and was previously known as Class      D-SM.                   |   |   |        |   |   |
|                                                                                                     |   |   |        |   |   |   |       |   |   |   |   |   |
| **Class      DT commenced on June 1, 2007 and was previously known as Class      D-TF.                   |   |   |        |   |   |
|                                                                                                     |   |   |        |   |   |   |       |   |   |   |   |   |
| See      notes to financial statements.                                                                  |   |   |        |   |   |   |       |   |   |   |   |   |

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|                                                                                   |   |                                    |       |   |        |   |       |          |   |   |                                    |   |   |          |        |   |        |   |        |                                    |   |   |        |   |   |   |        |   |                                    |   |
|----------------------------------------------------------------------------------------|--------|-----------------------------------------|------------|--------|-------------|--------|------------|---------------|--------|--------|-----------------------------------------|--------|--------|---------------|-------------|--------|-------------|--------|-------------|-----------------------------------------|--------|--------|-------------|--------|--------|--------|-------------|--------|-----------------------------------------|--------|
|                                                                                   |   | Members'      Capital December 31, 2005 |       |   |        |   |       |          |   |   | Members'      Capital December 31, 2006 |   |   |          |        |   |        |   |        | Members'      Capital December 31, 2007 |   |   |        |   |   |   |        |   | Members'      Capital December 31, 2008 |   |
|                                                                                   |   | Subscriptions                           |       |   | Redemptions |   |       | Subscriptions |   |   | Redemptions                             |   |   | Subscriptions |        |   | Redemptions |   |
| Class      A                                                                           |   |                                    | 2,099,133  |   |        |   | 12,533,998 |          |   |   | (834,543                                | )      |   |          | 13,798,588  |   |        |   | 5,509,263   |                                    |   |   | (1,419,855  | )      |   |   | 17,887,996  |   |                                    |   | 4,471,164 |   |   |   | (3,654,554 | ) |   |   | 18,704,606 |   |
| Class      C                                                                           |   |                                    | 15,745,021 |   |        |   | 50,660,812 |          |   |   | (3,092,087                              | )      |   |          | 63,313,746  |   |        |   | 30,581,247  |                                    |   |   | (14,724,727 | )      |   |   | 79,170,266  |   |                                    |   | 14,556,104 |   |   |   | (25,455,625 | ) |   |   | 68,270,745 |   |
| Class      D                                                                           |   |                                    | 4,742,754  |   |        |   | 13,160,166 |          |   |   | (4,371,011                              | )      |   |          | 13,531,909  |   |        |   | 6,087,954   |                                    |   |   | (3,319,371  | )      |   |   | 16,300,492  |   |                                    |   | 659,229 |   |   |   | (10,043,745 | ) |   |   | 6,915,976 |   |
| Class      I                                                                           |   |                                    | 5,948,484  |   |        |   | 6,289,323  |          |   |   | (119,170                                | )      |   |          | 12,118,637  |   |        |   | 3,341,115   |                                    |   |   | (4,095,954  | )      |   |   | 11,363,798  |   |                                    |   | 3,063,709 |   |   |   | (5,466,260 | ) |   |   | 8,961,247 |   |
| Class      DS*                                                                         |   |                                    | -          |   |        |   | -          |          |   |   | -                                       |   |   |          | -           |   |        |   | 13,988,458  |                                    |   |   | (220,336    | )      |   |   | 13,768,122  |   |                                    |   | 37,814,013 |   |   |   | (10,038,276 | ) |   |   | 41,543,859 |   |
| Class      DT**                                                                        |   |                                    | -          |   |        |   | -          |          |   |   | -                                       |   |   |          | -           |   |        |   | 91,381,476  |                                    |   |   | (21,738,178 | )      |   |   | 69,643,298  |   |                                    |   | 1,552,098 |   |   |   | (20,570,148 | ) |   |   | 50,625,248 |   |
|                                                                                   |   |                                    |       |   |        |   |       |          |   |   |                                    |   |   |          |        |   |        |   |        |                                    |   |   |        |   |   |   |        |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Total      Members' Units                                                              |   |                                    | 28,535,392 |   |        |   | 82,644,299 |          |   |   | (8,416,811                              | )      |   |          | 102,762,880 |   |        |   | 150,889,513 |                                    |   |   | (45,518,421 | )      |   |   | 208,133,972 |   |                                    |   | 62,116,317 |   |   |   | (75,228,608 | ) |   |   | 195,021,681 |   |
|                                                                                   |   |                                    |       |   |        |   |       |          |   |   |                                    |   |   |          |        |   |        |   |        |                                    |   |   |        |   |   |   |        |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Class      A                                                                           |   |                                    | 10,319     |   |        |   | -          |          |   |   | -                                       |   |   |          | 10,319      |   |        |   | -           |                                    |   |   | -           |   |   |   | 10,319      |   |                                    |   | - |   |   |   | - |   |   |   | 10,319 |   |
| Class      C                                                                           |   |                                    | 10,328     |   |        |   | -          |          |   |   | -                                       |   |   |          | 10,328      |   |        |   | -           |                                    |   |   | -           |   |   |   | 10,328      |   |                                    |   | - |   |   |   | - |   |   |   | 10,328 |   |
|                                                                                   |   |                                    |       |   |        |   |       |          |   |   |                                    |   |   |          |        |   |        |   |        |                                    |   |   |        |   |   |   |        |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Total      Sponsor's Units                                                             |   |                                    | 20,647     |   |        |   | -          |          |   |   | -                                       |   |   |          | 20,647      |   |        |   | -           |                                    |   |   | -           |   |   |   | 20,647      |   |                                    |   | - |   |   |   | - |   |   |   | 20,647 |   |
|                                                                                   |   |                                    |       |   |        |   |       |          |   |   |                                    |   |   |          |        |   |        |   |        |                                    |   |   |        |   |   |   |        |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| *Class      DS commenced on April 2, 2007 and was previously known as Class      D-SM. |   |                                    |       |   |        |   |       |          |   |   |                                    |   |   |          |        |   |        |   |        |                                    |   |   |
|                                                                                   |   |                                    |       |   |        |   |       |          |   |   |                                    |   |   |          |        |   |        |   |        |                                    |   |   |        |   |   |   |        |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| **Class      DT commenced on June 1, 2007 and was previously known as Class      D-TF. |   |                                    |       |   |        |   |       |          |   |   |                                    |   |   |          |        |   |        |   |        |                                    |   |   |
|                                                                                   |   |                                    |       |   |        |   |       |          |   |   |                                    |   |   |          |        |   |        |   |        |                                    |   |   |        |   |   |   |        |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| See      notes to financial statements.                                                |   |                                    |       |   |        |   |       |          |   |   |                                    |   |   |          |        |   |        |   |        |                                    |   |   |        |   |   |   |        |   |                                    |   |   |   |   |   |   |   |   |
|                                                                                   |   |                                    |       |   |        |   |       |          |   |   |                                    |   |   |          |        |   |        |   |        |                                    |   |   |        |   |   |   |        |   |                                    |   |   |   |   |   |   |   |   |   |   |   |

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|                                                                                   |   |        Members'      Capital December 31, 2005 |       |   | Subscriptions |   |       | Redemptions |   |   |        Net      Income |   |   |        Members'      Capital December 31, 2006 |      |   | Subscriptions |   |        | Redemptions |   |   |        Net      Income |   |   |        Members'      Capital December 31, 2007 |        |   | Subscriptions |   |       | Redemptions |   |   |        Net      Income |   |   |        Members'      Capital December 31, 2008 |       |
|----------------------------------------------------------------------------------------|--------|-----------------------------------------------------|------------|--------|---------------|--------|------------|-------------|--------|--------|-----------------------------|--------|--------|-----------------------------------------------------|-----------|--------|---------------|--------|-------------|-------------|--------|--------|-----------------------------|--------|--------|-----------------------------------------------------|-------------|--------|---------------|--------|------------|-------------|--------|--------|-----------------------------|--------|--------|-----------------------------------------------------|------------|
| Class      A                                                                           |   | $                                                   | 2,233,102  |   |          | $      | 13,919,256 |        |   | $      | (935,963                    | )      |   | $                                                   | 873,239   |   |          | $      | 16,089,634  |        |   | $      | 6,430,196                   |   |   | $                                                   | (1,712,053  | )      |          | $      | 1,620,687  |        |   | $      | 22,428,464                  |   |   | $                                                   | 6,143,861  |   |   | $ | (5,234,543 | ) |   | $ | 6,452,930 |   |   | $ | 29,790,712 |   |
| Class      C                                                                           |   |                                                | 16,664,400 |   |          |   | 55,538,003 |        |   |   | (3,393,896                  | )      |   |                                                | 3,942,484 |   |          |   | 72,750,991  |        |   |   | 35,450,778                  |   |   |                                                | (17,423,204 | )      |          |   | 6,080,158  |        |   |   | 96,858,723                  |   |   |                                                | 19,482,963 |   |   |   | (35,319,265 | ) |   |   | 24,068,580 |   |   |   | 105,091,001 |   |
| Class      D                                                                           |   |                                                | 5,186,047  |   |          |   | 15,378,348 |        |   |   | (4,979,747                  | )      |   |                                                | 829,458   |   |          |   | 16,414,106  |        |   |   | 7,675,895                   |   |   |                                                | (4,145,982  | )      |          |   | 1,639,960  |        |   |   | 21,583,979                  |   |   |                                                | 975,000    |   |   |   | (14,864,105 | ) |   |   | 4,154,640 |   |   |   | 11,849,514 |   |
| Class      I                                                                           |   |                                                | 6,299,150  |   |          |   | 6,943,693  |        |   |   | (130,958                    | )      |   |                                                | 1,086,399 |   |          |   | 14,198,284  |        |   |   | 3,891,855                   |   |   |                                                | (4,968,583  | )      |          |   | 1,252,596  |        |   |   | 14,374,152                  |   |   |                                                | 4,181,986  |   |   |   | (7,985,878 | ) |   |   | 3,894,853 |   |   |   | 14,465,113 |   |
| Class      DS*                                                                         |   |                                                | -          |   |          |   | -          |        |   |   | -                           |   |   |                                                | -         |   |          |   | -           |        |   |   | 16,742,584                  |   |   |                                                | (276,777    | )      |          |   | 1,770,147  |        |   |   | 18,235,954                  |   |   |                                                | 56,116,079 |   |   |   | (14,003,395 | ) |   |   | 10,554,233 |   |   |   | 70,902,871 |   |
| Class      DT**                                                                        |   |                                                | -          |   |          |   | -          |        |   |   | -                           |   |   |                                                | -         |   |          |   | -           |        |   |   | 116,922,597                 |   |   |                                                | (27,944,560 | )      |          |   | 3,530,089  |        |   |   | 92,508,126                  |   |   |                                                | 2,229,235  |   |   |   | (31,578,299 | ) |   |   | 25,143,202 |   |   |   | 88,302,264 |   |
|                                                                                   |   |                                                |       |   |          |   |       |        |   |   |                        |   |   |                                                |      |   |          |   |        |        |   |   |                        |   |   |                                                |        |   |          |   |       |        |   |   |                        |   |   |                                                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Members' Interest                                                           |   | $                                                   | 30,382,699 |   |          | $      | 91,779,300 |        |   | $      | (9,440,564                  | )      |   | $                                                   | 6,731,580 |   |          | $      | 119,453,015 |        |   | $      | 187,113,905                 |   |   | $                                                   | (56,471,159 | )      |          | $      | 15,893,637 |        |   | $      | 265,989,398                 |   |   | $                                                   | 89,129,124 |   |   | $ | (108,985,485 | ) |   | $ | 74,268,438 |   |   | $ | 320,401,475 |   |
|                                                                                   |   |                                                |       |   |          |   |       |        |   |   |                        |   |   |                                                |      |   |          |   |        |        |   |   |                        |   |   |                                                |        |   |          |   |       |        |   |   |                        |   |   |                                                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Class      A                                                                           |   | $                                                   | 11,001     |   |          | $      | -          |        |   | $      | -                           |   |   | $                                                   | 1,034     |   |          | $      | 12,035      |        |   | $      | -                           |   |   | $                                                   | -           |   |          | $      | 905        |        |   | $      | 12,940                      |   |   | $                                                   | -          |   |   | $ | - |   |   | $ | 3,495 |   |   | $ | 16,435 |   |
| Class      C                                                                           |   |                                                | 10,953     |   |          |   | -          |        |   |   | -                           |   |   |                                                | 917       |   |          |   | 11,870      |        |   |   | -                           |   |   |                                                | -           |   |          |   | 766        |        |   |   | 12,636                      |   |   |                                                | -          |   |   |   | - |   |   |   | 3,260 |   |   |   | 15,896 |   |
|                                                                                   |   |                                                |       |   |          |   |       |        |   |   |                        |   |   |                                                |      |   |          |   |        |        |   |   |                        |   |   |                                                |        |   |          |   |       |        |   |   |                        |   |   |                                                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Sponsor's Interest                                                          |   | $                                                   | 21,954     |   |          | $      | -          |        |   | $      | -                           |   |   | $                                                   | 1,951     |   |          | $      | 23,905      |        |   | $      | -                           |   |   | $                                                   | -           |   |          | $      | 1,671      |        |   | $      | 25,576                      |   |   | $                                                   | -          |   |   | $ | - |   |   | $ | 6,755 |   |   | $ | 32,331 |   |
|                                                                                   |   |                                                |       |   |          |   |       |        |   |   |                        |   |   |                                                |      |   |          |   |        |        |   |   |                        |   |   |                                                |        |   |          |   |       |        |   |   |                        |   |   |                                                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Members' Capital                                                            |   | $                                                   | 30,404,653 |   |          | $      | 91,779,300 |        |   | $      | (9,440,564                  | )      |   | $                                                   | 6,733,531 |   |          | $      | 119,476,920 |        |   | $      | 187,113,905                 |   |   | $                                                   | (56,471,159 | )      |          | $      | 15,895,308 |        |   | $      | 266,014,974                 |   |   | $                                                   | 89,129,124 |   |   | $ | (108,985,485 | ) |   | $ | 74,275,193 |   |   | $ | 320,433,806 |   |
|                                                                                   |   |                                                |       |   |          |   |       |        |   |   |                        |   |   |                                                |      |   |          |   |        |        |   |   |                        |   |   |                                                |        |   |          |   |       |        |   |   |                        |   |   |                                                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| *Class      DS commenced on April 2, 2007 and was previously known as Class      D-SM. |   |                                                |       |   |          |   |       |        |   |   |                        |   |   |                                                |      |   |          |   |        |        |   |   |                        |   |   |                                                |        |   |          |
|                                                                                   |   |                                                |       |   |          |   |       |        |   |   |                        |   |   |                                                |      |   |          |   |        |        |   |   |                        |   |   |                                                |        |   |          |   |       |        |   |   |                        |   |   |                                                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Class      DT commenced on June 1, 2007 and was previously known as Class      D-TF. |   |                                                |       |   |          |   |       |        |   |   |                        |   |   |                                                |      |   |          |   |        |        |   |   |                        |   |   |                                                |        |   |
|                                                                                   |   |                                                |       |   |          |   |       |        |   |   |                        |   |   |                                                |      |   |          |   |        |        |   |   |                        |   |   |                                                |        |   |          |   |       |        |
| See      notes to financial statements.                                                |   |                                                |       |   |          |   |       |        |   |   |                        |   |   |                                                |      |   |          |   |        |        |   |   |                        |   |   |                                                |        |   |          |   |       |        |

----

----

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

----

----

| Per Unit Operating    Performance:                                                                                                              |   | Class      A |    |   | Class      C |   |    | Class      D |   |   | Class      I |   |   | Class      DS (a)* |    |   | Class      DT (a)** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|---------|--------|--------------|--------|---------|--------------|--------|--------|--------------|--------|--------|--------------------|---------|--------|---------------------|--------|
|                                                                                                                                            |   |         |    |   |         |   |    |         |   |   |         |   |   |               |    |   |                |   |
| Net      asset value, beginning of period                                                                                                       |   | $            | 1.1660  |   |         | $      | 1.1491  |         |   | $      | 1.2130       |   |   | $                  | 1.1716  |   |                | $      | 1.1631 |   |   | $ | 1.2795 |   |
|                                                                                                                                            |   |         |    |   |         |   |    |         |   |   |         |   |   |               |    |   |                |   |   |   |   |   |   |   |
| Realized      trading profit                                                                                                                    |   |         | 0.0733  |   |         |   | 0.0718  |         |   |   | 0.0766       |   |   |               | 0.0737  |   |                |   | 0.1013 |   |   |   | 0.0343 |   |
| Change      in unrealized trading profit (loss)                                                                                                 |   |         | 0.0226  |   |         |   | 0.0220  |         |   |   | 0.0240       |   |   |               | 0.0229  |   |                |   | 0.0563 |   |   |   | (0.0026 | ) |
| Brokerage      commissions                                                                                                                      |   |         | (0.0057 | )      |         |   | (0.0056 | )            |   |   | (0.0059      | )      |   |               | (0.0057 | )      |                |   | (0.0046 | ) |   |   | (0.0035 | ) |
| Interest      income                                                                                                                            |   |         | 0.0580  |   |         |   | 0.0569  |         |   |   | 0.0607       |   |   |               | 0.0584  |   |                |   | 0.0456 |   |   |   | 0.0354 |   |
| Expenses                                                                                                                                        |   |         | (0.0604 | )      |         |   | (0.0708 | )            |   |   | (0.0443      | )      |   |               | (0.0560 | )      |                |   | (0.0372 | ) |   |   | (0.0148 | ) |
|                                                                                                                                            |   |         |    |   |         |   |    |         |   |   |         |   |   |               |    |   |                |   |   |   |   |   |   |   |
| Net      asset value, end of period                                                                                                             |   | $            | 1.2538  |   |         | $      | 1.2234  |         |   | $      | 1.3241       |   |   | $                  | 1.2649  |   |                | $      | 1.3245 |   |   | $ | 1.3283 |   |
|                                                                                                                                            |   |         |    |   |         |   |    |         |   |   |         |   |   |               |    |   |                |   |   |   |   |   |   |   |
| Total Return:                                                                                                                                   |   |         |    |   |         |   |    |         |   |   |         |   |   |               |    |   |                |   |   |   |   |   |   |   |
|                                                                                                                                            |   |         |    |   |         |   |    |         |   |   |         |   |   |               |    |   |                |   |   |   |   |   |   |   |
| Total      return before Performance fees                                                                                                       |   |         | 8.61    | %      |         |   | 7.54    | %            |   |   | 10.26        | %      |   |               | 9.05    | %      |                |   | 15.06 | % |   |   | 3.89 | % |
| Performance      fees                                                                                                                           |   |         | -1.38   | %      |         |   | -1.36   | %            |   |   | -1.35        | %      |   |               | -1.38   | %      |                |   | -1.35 | % |   |   | -0.17 | % |
| Total      return after Performance fees                                                                                                        |   |         | 7.53    | %      |         |   | 6.47    | %            |   |   | 9.15         | %      |   |               | 7.96    | %      |                |   | 13.88 | % |   |   | 3.81 | % |
|                                                                                                                                            |   |         |    |   |         |   |    |         |   |   |         |   |   |               |    |   |                |   |   |   |   |   |   |   |
| Ratios to Average Members'      Capital:                                                                                                        |   |         |    |   |         |   |    |         |   |   |         |   |   |               |    |   |                |   |   |   |   |   |   |   |
|                                                                                                                                            |   |         |    |   |         |   |    |         |   |   |         |   |   |               |    |   |                |   |   |   |   |   |   |   |
| Expenses      (excluding Performance fees)                                                                                                      |   |         | 3.92    | %      |         |   | 4.98    | %            |   |   | 2.39         | %      |   |               | 3.54    | %      |                |   | 1.75 | % |   |   | 1.05 | % |
| Performance      fees                                                                                                                           |   |         | 1.24    | %      |         |   | 1.20    | %            |   |   | 1.06         | %      |   |               | 1.14    | %      |                |   | 1.25 | % |   |   | 0.15 | % |
| Expenses      (including Performance fees)                                                                                                      |   |         | 5.16    | %      |         |   | 6.18    | %            |   |   | 3.45         | %      |   |               | 4.68    | %      |                |   | 3.00 | % |   |   | 1.20 | % |
|                                                                                                                                            |   |         |    |   |         |   |    |         |   |   |         |   |   |               |    |   |                |   |   |   |   |   |   |   |
| Net      investment income (loss)                                                                                                               |   |         | -0.20   | %      |         |   | -1.19   | %            |   |   | 1.53         | %      |   |               | 0.34    | %      |                |   | 0.62 | % |   |   | 1.63 | % |
|                                                                                                                                            |   |         |    |   |         |   |    |         |   |   |         |   |   |               |    |   |                |   |   |   |   |   |   |   |
|                                                                                                                                            |   |         |    |   |         |   |    |         |   |   |         |   |   |               |    |   |                |   |   |   |   |   |   |   |
| *Class      DS commenced on April 2, 2007 and was previously known as Class      D-SM.                                                          |   |
|                                                                                                                                            |   |
| **Class      DT commenced on June 1, 2007 and was previously known as Class      D-TF.                                                          |   |         |    |   |         |   |    |         |   |
| (a)      The ratios to average members' capital for these two classes have      been annualized. The total return ratios are not    annualized. |   |
| See      notes to financial statements.                                                                                                         |   |         |    |   |         |   |    |         |   |   |         |   |   |               |    |   |                |   |   |   |   |   |   |   |

----

----

| Per Unit Operating    Performance:              |   | Class      A |    |   | Class      C |   |    | Class      D |   |   | Class      I |   |
|-------------------------------------------------|--------|--------------|---------|--------|--------------|--------|---------|--------------|--------|--------|--------------|--------|
|                                            |   |         |    |   |         |   |    |         |   |   |         |   |
| Net      asset value, beginning of year         |   | $            | 1.0638  |   |         | $      | 1.0584  |         |   | $      | 1.0935       |   |   | $ | 1.0590 |   |
|                                            |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |
| Realized      trading profit                    |   |         | 0.0429  |   |         |   | 0.0422  |         |   |   | 0.0444       |   |   |   | 0.0422 |   |
| Change      in unrealized trading profit (loss) |   |         | 0.0872  |   |         |   | 0.0866  |         |   |   | 0.0904       |   |   |   | 0.0873 |   |
| Brokerage      commissions                      |   |         | (0.0057 | )      |         |   | (0.0057 | )            |   |   | (0.0059      | )      |   |   | (0.0057 | ) |
| Interest      income                            |   |         | 0.0505  |   |         |   | 0.0500  |         |   |   | 0.0522       |   |   |   | 0.0505 |   |
| Expenses                                        |   |         | (0.0727 | )      |         |   | (0.0824 | )            |   |   | (0.0616      | )      |   |   | (0.0617 | ) |
|                                            |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |
| Net      asset value, end of year               |   | $            | 1.1660  |   |         | $      | 1.1491  |         |   | $      | 1.2130       |   |   | $ | 1.1716 |   |
|                                            |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |
| Total Return:                                   |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |
|                                            |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |
| Total      return before Performance fees       |   |         | 11.70   | %      |         |   | 10.59   | %            |   |   | 13.38        | %      |   |   | 12.14 | % |
| Performance      fees                           |   |         | -2.29   | %      |         |   | -2.23   | %            |   |   | -2.56        | %      |   |   | -1.72 | % |
| Total      return after Performance fees        |   |         | 9.45    | %      |         |   | 8.42    | %            |   |   | 10.79        | %      |   |   | 10.53 | % |
|                                            |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |
| Ratios to Average Members'      Capital:        |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |
|                                            |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |
| Expenses      (excluding Performance fees)      |   |         | 4.69    | %      |         |   | 5.73    | %            |   |   | 3.17         | %      |   |   | 4.10 | % |
| Performance      fees                           |   |         | 2.82    | %      |         |   | 2.01    | %            |   |   | 1.89         | %      |   |   | 1.77 | % |
| Expenses      (including Performance fees)      |   |         | 7.51    | %      |         |   | 7.74    | %            |   |   | 5.07         | %      |   |   | 5.87 | % |
|                                            |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |
| Net      investment loss                        |   |         | -2.47   | %      |         |   | -2.76   | %            |   |   | 0.01         | %      |   |   | -1.12 | % |
|                                            |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |
|                                            |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |
| See      notes to financial statements.         |   |         |    |   |         |   |    |         |   |   |         |   |   |   |   |   |

----

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

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

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

----

|   | Revenue      Recognition |
|--------|--------------------------|

|   | 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. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | MLAI      paid all the expenses incurred in connection with the initial offering of      the Units. The costs consist of offering costs at the Program      level.  The Fund is reimbursing MLAI for these costs in 60      monthly installments.  For financial reporting purposes in      conformity with U.S. GAAP, the Fund deducted the total initial offering      costs of $73,981 from Members’ Capital at inception. 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 Note6). |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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 0.5%.  The rate assessed to a given      subscription is based upon the subscription amount.  Sales      commissions are directly deducted from subscription      amounts.  Class C, DS and 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 each 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 for the years ended December 31, 2008, 2007 and      2006. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | Units      are offered as of the close of business at the end of each      month.  Shares 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 |
|--------|--------------------------------|

|   | A      Member may redeem or exchange some or all of such Member’s Units at Net      Asset Value for all other purposes (see Note 6) as of the close of      business, on the last business day of any month, upon ten calendar days’      notice (“notice period”). |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | An      investor in the Fund can exchange these Units for Units of the same Class      in other Program Funds as of the beginning of each calendar month upon at      least ten days prior notice.  The minimum exchange amount is      $10,000. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Redemption      requests are accepted within the notice period.  The Fund does      not accept any redemption requests after the notice period.  All      redemption requests received after the notice period will be processed for      the following month. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | The      Fund may terminate if certain circumstances occur as set forth in the      offering memorandum, which include but are not limited to the      following: |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) Bankruptcy,      dissolution, withdrawal or other termination of the trading advisor of      this Fund.(b) Any      event which would make unlawful the continued existence of this      Fund(c) Determination      by MLAI to liquidate or withdraw from the  Fund. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

----

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

|   | The      Fund’s investments, defined as Net unrealized profit (loss) on open      contracts in the Statement of Financial Condition as of December 31, 2008      and 2007 are as follows: |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2008                    |   |                |      |   |          |   |       |                 |                 |   |           |   |   |                |       |                |             |   |       |               |   |   |             |   |   |           |
|-------------------------|--------|---------------------|-----------|--------|---------------|--------|------------|----------------------|----------------------|--------|----------------|--------|--------|---------------------|------------|---------------------|------------------|--------|------------|--------------------|--------|--------|------------------|--------|--------|----------------|
|                    |   | Long      Positions |      |   |          |   |       | Short      Positions |                 |   |           |   |   | Net      Unrealized |       |                |             |   |       |               |
| Commodity      Industry |   | Number      of      |      |   | Unrealized    |   |       | Percent      of      |                 |   | Number      of |   |   | Unrealized          |       |                | Percent      of  |   |       | Profit      (Loss) |   |   | Percent      of  |   |   |           |
| Sector                  |   | Contracts           |      |   | Profit (Loss) |   |       | Members' Capital     |                 |   | Contracts      |   |   | Profit (Loss)       |       |                | Members' Capital |   |       | on Open Positions  |   |   | Members' Capital |   |   | Maturity Dates |
|                    |   |                |      |   |          |   |       |                 |                 |   |           |   |   |                |       |                |             |   |       |               |   |   |             |   |   |           |
|                    |   |                |      |   |          |   |       |                 |                 |   |           |   |   |                |       |                |             |   |       |               |   |   |             |   |   |           |
| Agriculture             |   |                | 145       |   |          | $      | 333,270    |                 |                 |   | 0.10           | %      |   |                | (1,240     | )                   |             | $      | (860,947   | )                  |   |   | -0.27            | %      |   | $              | (527,677 | ) |   |   | -0.17 | % |   | January      2009 - March 2009 |
| Currencies              |   |                | 2,211,124 |   |          |   | 1,544,260  |                 |                 |   | 0.48           | %      |   |                | (461,942   | )                   |             |   | (2,356,344 | )                  |   |   | -0.74            | %      |   |           | (812,084 | ) |   |   | -0.26 | % |   | January      2009 |
| Energy                  |   |                | 41        |   |          |   | 75,848     |                 |                 |   | 0.02           | %      |   |                | (407       | )                   |             |   | 946,274    |               |   |   | 0.30             | %      |   |           | 1,022,122 |   |   |   | 0.32 | % |   | February      2009 |
| Interest      rates     |   |                | 8,731     |   |          |   | 13,032,113 |                 |                 |   | 4.07           | %      |   |                | -          |                |             |   | -          |               |   |   | 0.00             | %      |   |           | 13,032,113 |   |   |   | 4.07 | % |   | March      2009 - March      2010 |
| Metals                  |   |                | 45        |   |          |   | 88,866     |                 |                 |   | 0.03           | %      |   |                | (503       | )                   |             |   | (723,498   | )                  |   |   | -0.23            | %      |   |           | (634,632 | ) |   |   | -0.20 | % |   | February      2009 - April 2009 |
| Stock      indices      |   |                | 3         |   |          |   | 3,950      |                 |                 |   | 0.00           | %      |   |                | (176       | )                   |             |   | (217,282   | )                  |   |   | -0.07            | %      |   |           | (213,332 | ) |   |   | -0.07 | % |   | January      2009 - March 2009 |
|                    |   |                |      |   |          |   |       |                 |                 |   |           |   |   |                |       |                |             |   |       |               |   |   |             |   |   |           |   |   |   |   |   |   |   |   |
| Total                   |   |                |      |   |          | $      | 15,078,307 |                 |                 |   | 4.70           | %      |   |                |       |                |             | $      | (3,211,797 | )                  |   |   | -1.01            | %      |   | $              | 11,866,510 |   |   |   | 3.69 | % |   |   |
|                    |   |                |      |   |          |   |       |                 |                 |   |           |   |   |                |       |                |             |   |       |               |   |   |             |   |   |           |   |   |   |   |   |   |   |   |
|                    |   |                |      |   |          |   |       |                 |                 |   | 320,433,806    |   |   |                |       |                |             |   |       |               |   |   |             |   |   |           |   |   |   |   |   |   |   |   |
| 2007                    |   |                |      |   |          |   |       |                 |                 |   |           |   |   |                |       |                |             |   |       |               |   |   |             |   |   |           |   |   |   |   |   |   |   |   |
|                    |   | Long      Positions |      |   |          |   |       |                 | Short      Positions |   |           |   |   |                |       | Net      Unrealized |             |   |       |               |   |   |             |
| Commodity      Industry |   | Number      of      |      |   | Unrealized    |   |       | Percent      of      |                 |   | Number      of |   |   | Unrealized          |       |                | Percent      of  |   |       | Profit      (Loss) |   |   | Percent      of  |   |   |           |
| Sector                  |   | Contracts           |      |   | Profit (Loss) |   |       | Members' Capital     |                 |   | Contracts      |   |   | Profit (Loss)       |       |                | Members' Capital |   |       | on Open Positions  |   |   | Members' Capital |   |   | Maturity Dates |
|                    |   |                |      |   |          |   |       |                 |                 |   |           |   |   |                |       |                |             |   |       |               |   |   |             |   |   |           |   |   |   |   |   |   |   |   |
|                    |   |                |      |   |          |   |       |                 |                 |   |           |   |   |                |       |                |             |   |       |               |   |   |             |   |   |           |   |   |   |   |   |   |   |   |
| Agriculture             |   |                | 2,772     |   |          | $      | 2,761,795  |                 |                 |   | 1.04           | %      |   |                | (401       | )                   |             | $      | 222,953    |               |   |   | 0.08             | %      |   | $              | 2,984,748 |   |   |   | 1.12 | % |   | February      2008 - March 2008 |
| Currencies              |   |                | 4,354,115 |   |          |   | (1,168,777 | )                    |                 |   | -0.44          | %      |   |                | (3,514,474 | )                   |             |   | (320,354   | )                  |   |   | -0.12            | %      |   |           | (1,489,131 | ) |   |   | -0.56 | % |   | January      2008 |
| Energy                  |   |                | 993       |   |          |   | 2,556,173  |                 |                 |   | 0.96           | %      |   |                | (237       | )                   |             |   | (414,080   | )                  |   |   | -0.16            | %      |   |           | 2,142,093 |   |   |   | 0.80 | % |   | January      2008 - February 2008 |
| Interest      rates     |   |                | 10,247    |   |          |   | 3,073,089  |                 |                 |   | 1.16           | %      |   |                | (6,459     | )                   |             |   | 1,016,950  |               |   |   | 0.38             | %      |   |           | 4,090,039 |   |   |   | 1.54 | % |   | March      2008 - December 2008 |
| Metals                  |   |                | 468       |   |          |   | 259,457    |                 |                 |   | 0.10           | %      |   |                | (540       | )                   |             |   | 1,225,157  |               |   |   | 0.46             | %      |   |           | 1,484,614 |   |   |   | 0.56 | % |   | February      2008 - April 2008 |
| Stock      indices      |   |                | 201       |   |          |   | 163,245    |                 |                 |   | 0.06           | %      |   |                | (734       | )                   |             |   | (7,033     | )                  |   |   | 0.00             | %      |   |           | 156,212 |   |   |   | 0.06 | % |   | January      2008 - March 2008 |
|                    |   |                |      |   |          |   |       |                 |                 |   |           |   |   |                |       |                |             |   |       |               |   |   |             |   |   |           |   |   |   |   |   |   |   |   |
| Total                   |   |                |      |   |          | $      | 7,644,982  |                 |                 |   | 2.88           | %      |   |                |       |                |             | $      | 1,723,593  |               |   |   | 0.64             | %      |   | $              | 9,368,575 |   |   |   | 3.53 | % |   |   |

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

----

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

|                                                         |   | Total                               |   | Level      I |   | Level      II |   | Level      III              |
|--------------------------------------------------------------|--------|-------------------------------------|--------|--------------|--------|---------------|--------|-----------------------------|
| Net      unrealized profit      (loss) onopen      contracts |   |     $11,866,510 |   | $11,866,510  |   | N/A           |   |     N/A |

----

|        4. | RELATED      PARTY TRANSACTIONS |
|----------------|---------------------------------|

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

----

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

|   | For      financial reporting purposes, in conformity with U.S. GAAP, the Fund      deducted the total initial offering costs payable to MLAI at inception      from Members’ Capital for purposes of determining Net Asset      Value.  For all other purposes, including computing Net Asset      Value for purposes of member subscription and redemption activity, such      costs are amortized over 60 months.  Consequently, as of      December 31, 2008 and 2007, the Net Asset Value and Net Asset Value per      Unit of the different Classes for financial reporting purposes and for all      other purposes are asfollows: |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|          |   | 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  |   | $                                   | 29,804,179  |   |                     | $      | 29,807,147  |                          |   |   | 18,714,925 |   |   | $ | 1.5925 |   |   | $ | 1.5927 |   |
| Class      C  |   |                                | 105,099,697 |   |                     |   | 105,106,897 |                          |   |   | 68,281,073 |   |   |   | 1.5392 |   |   |   | 1.5393 |   |
| Class      D  |   |                                | 11,852,201  |   |                     |   | 11,849,514  |                          |   |   | 6,915,976 |   |   |   | 1.7137 |   |   |   | 1.7134 |   |
| Class      I  |   |                                | 14,470,870  |   |                     |   | 14,465,113  |                          |   |   | 8,961,247 |   |   |   | 1.6148 |   |   |   | 1.6142 |   |
| Class      DS |   |                                | 70,896,651  |   |                     |   | 70,902,871  |                          |   |   | 41,543,859 |   |   |   | 1.7065 |   |   |   | 1.7067 |   |
| Class      DT |   |                                | 88,290,270  |   |                     |   | 88,302,264  |                          |   |   | 50,625,248 |   |   |   | 1.7440 |   |   |   | 1.7442 |   |
|          |   | $                                   | 320,413,868 |   |                     | $      | 320,433,806 |                          |   |   | 195,042,328 |   |   |   |   |   |   |   |   |   |
|          |   |                                |        |   |                     |   |        |                          |   |   |   |   |   |   |   |   |   |   |   |   |

|          |   | 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  |   | $                                   | 22,441,846  |   |                     | $      | 22,441,404  |                          |   |   | 17,898,315 |   |   | $ | 1.2539 |   |   | $ | 1.2538 |   |
| Class      C  |   |                                | 96,877,717  |   |                     |   | 96,871,359  |                          |   |   | 79,180,594 |   |   |   | 1.2235 |   |   |   | 1.2234 |   |
| Class      D  |   |                                | 21,588,645  |   |                     |   | 21,583,979  |                          |   |   | 16,300,492 |   |   |   | 1.3244 |   |   |   | 1.3241 |   |
| Class      I  |   |                                | 14,381,886  |   |                     |   | 14,374,152  |                          |   |   | 11,363,798 |   |   |   | 1.2656 |   |   |   | 1.2649 |   |
| Class      DS |   |                                | 18,235,954  |   |                     |   | 18,235,954  |                          |   |   | 13,768,122 |   |   |   | 1.3245 |   |   |   | 1.3245 |   |
| Class      DT |   |                                | 92,508,126  |   |                     |   | 92,508,126  |                          |   |   | 69,643,298 |   |   |   | 1.3283 |   |   |   | 1.3283 |   |
|          |   | $                                   | 266,034,174 |   |                     | $      | 266,014,974 |                          |   |   | 208,154,619 |   |   |   |   |   |   |   |   |   |
|          |   |                                |        |   |                     |   |        |                          |   |   |   |   |   |   |   |   |   |   |   |   |

----

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

|   | 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 years      ended December 31, 2008, 2007 and 2006 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      year. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

----

----

----