| ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |
|--------|------------------------------------------------------------------------------------------|
|   |
|   | For the quarterly period ended: March 31, 2010                                           |
|   |
| o      | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|   |
|   | For the transition period _________________________ to _________________________         |

|                                                          |   |                             |
|---------------------------------------------------------------|--------|----------------------------------|
| Delaware                                                      |   | 32-0145465                       |
| (State or other jurisdictionof incorporation or organization) |   | (IRS EmployerIdentification No.) |
|                                                          |

|   |                                                                               |   |
|--------|------------------------------------------------------------------------------------|--------|
|   | 1230 Peachtree Street, N.E.Suite 1750Atlanta, Georgia 30309                        |   |
|   | (Address of principal executive offices) (Zip Code)                                |   |
|   |
|   |
|   | (404) 879-5126                                                                     |   |
|   | (Registrant's telephone number, including area code)                               |   |
|   |
|   |
|   | Not Applicable                                                                     |   |
|   | (Former name, former address and former fiscal year, if changed since last report) |   |

----

|                                                                                                                                                                                                                                                                                                                                                                 |                                 |   |                            |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|--------|---------------------------------|
| Indicate by check mark whether the registrant (1) has filed all reports required				to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the				registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.       |
|                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                 | ýYes    oNo |
|                                                                                                                                                                                                                                                                                                                                                                 |
| Indicate by check mark whether the registrant has submitted electronically				and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of				Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such				files). |
|                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                 | oYes    oNo      |
|                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                 |
| Indicate by check mark whether the registrant				is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of				“large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of				the Exchange Act.                     |
|                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                 | oLarge accelerated filer             |   | oAccelerated filer              |
|                                                                                                                                                                                                                                                                                                                                                                 | oNon-accelerated filer               |   | ýSmaller reporting company |
|                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                 |
| Indicate by check mark whether the registrant is a shell company (as				defined in Rule 12b-2 of the Act).                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                 | oYes    ýNo |

----

**Table of Contents**

|                                     |                                                                                        |   |
|------------------------------------------|---------------------------------------------------------------------------------------------|--------|
|                                     |
| **PART I – FINANCIAL INFORMATION** |
|                                     | Page No.                                                                                    |
|                                     |
| Item 1.                                  | Financial Statements                                                                        | 1      |
|                                     |
|                                     | Interim Statements of Assets and Liabilities                                                | 1      |
|                                     |
|                                     | Interim Statements of Operations                                                            | 2      |
|                                     |
|                                     | Interim Statements of Changes in Net Assets                                                 | 3      |
|                                     |
|                                     | Interim Statements of Cash Flows                                                            | 4      |
|                                     |
|                                     | Notes to Financial Statements                                                               | 5      |
|                                     |
| Item 2.                                  | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 13     |
|                                     |
| Item 3.                                  | Quantitative and Qualitative Disclosures about Market Risk                                  | 14     |
|                                     |
| Item 4T.                                 | Controls and Procedures                                                                     | 15     |
|                                     |
|                                     |
| **PART II – OTHER INFORMATION**    |
|                                     | Page No.                                                                                    |
|                                     |
| Item 1.                                  | Legal Proceedings                                                                           | 16     |
|                                     |
| Item 1A.                                 | Risk Factors                                                                                | 16     |
|                                     |
| Item 2.                                  | Unregistered Sales of Equity Securities and Use of Proceeds                                 | 16     |
|                                     |
| Item 3.                                  | Defaults Upon Senior Securities                                                             | 17     |
|                                     |
| Item 4.                                  | REMOVED AND RESERVED                                                                        | 17     |
|                                     |
| Item 5.                                  | Other Information                                                                           | 17     |
|                                     |
| Item 6.                                  | Exhibits                                                                                    | 17     |

----

**PART I – FINANCIAL INFORMATION**

Item 1.  Financial Statements.

Aspen Diversified Fund LLC

|                                                                  |                                                                                       |   |        | UnauditedMarch 31, 2010 |   |   |        | December 31, 2009 |   |
|-----------------------------------------------------------------------|--------------------------------------------------------------------------------------------|--------|-------------|-------------------------|--------|--------|-------------|-------------------|--------|
| ASSETS                                                                |
|                                                                  |
| Investments in investment funds–at fair value–Note B      |
|                                                                  | (cost: $76,712,438 and $72,407,389  at March 31, 2010 and December 31, 2009, respectively) |   | $           | 80,081,542              |   |   | $           | 75,324,716        |   |
| Unrealized gain on futures contracts–at fair value–Note B |                                                                                       |   | 3,078,205   |                    |   |   | 2,300,141   |              |
| Total investments                                                     |                                                                                       |   | 83,159,747  |                    |   |   | 77,624,857  |              |
| Cash and cash equivalents                                             |                                                                                       |   | 21,558,600  |                    |   |   | 26,038,161  |              |
| Investments in transit                                                |                                                                                       |   | 4,200,000   |                    |   |   | 1,500,000   |              |
| Investment Funds redemptions receivable                               |                                                                                       |   | 1,050,000   |                    |   |   | 1,000,000   |              |
|                                                                  |
| TOTAL ASSETS                                                          |                                                                                       | $      | 109,968,347 |                    |   | $      | 106,163,018 |              |
|                                                                  |
| LIABILITIES AND NET ASSETS                                            |
|                                                                  |
| LIABILITIES                                                           |
|                                                                  |
|                                                                  | Unrealized loss on futures contracts–at fair value–Note B                      |   | $           | 2,719,299               |   |   | $           | 2,248,251         |   |
|                                                                  | Commissions payable                                                                        |   |        | 30,091                  |   |   |        | 13,313            |   |
|                                                                  | Management, incentive and administrative fees payable–Note D                         |   |        | 104,026                 |   |   |        | 106,235           |   |
|                                                                  | Managed accounts fees payable                                                              |   |        | 59,929                  |   |   |        | 66,990            |   |
|                                                                  | Accrued operating expenses                                                                 |   |        | 53,943                  |   |   |        | 54,523            |   |
|                                                                  | Membership redemptions payable                                                             |   |        | 2,231,321               |   |   |        | 2,247,341         |   |
|                                                                  | Capital contributions received in advance of admission date                                |   |        | 1,410,312               |   |   |        | 1,083,380         |   |
|                                                                  |
| TOTAL LIABILITIES                                                     |                                                                                       |   | 6,608,921   |                    |   |   | 5,820,033   |              |
|                                                                  |
| NET ASSETS–Note C                                               |                                                                                       |   | 103,359,426 |                    |   |   | 100,342,985 |              |
|                                                                  |
| TOTAL LIABILITIES AND NET ASSETS                                      |                                                                                       | $      | 109,968,347 |                    |   | $      | 106,163,018 |              |
|                                                                  |
| See notes to financial statements.                                    |

*Return to Table of Contents*

----

Aspen Diversified Fund LLC

|                                                            |                                  |   |    | For the threemonths endedMarch 31, 2010 |   |   |       | For the threemonths endedMarch 31, 2009 |   |
|-----------------------------------------------------------------|---------------------------------------|--------|---------|-----------------------------------------|--------|--------|------------|-----------------------------------------|--------|
| INVESTMENT INCOME (LOSS)                                        |
|                                                            |
| Realized and unrealized gain (loss) on investments–Note B |
|                                                            | Realized gain on investments          |   | $       | 131,757                                 |   |   | $          | 3,187,811                               |   |
|                                                            | Unrealized gain (loss) on investments |   |    | 758,709                                 |   |   |       | (7,228,217                              | )      |
| Net realized and unrealized gain (loss) on investments          |                                  |   | 890,466 |                                    |   |   | (4,040,406 | )                                       |
| Interest income                                                 |                                  |   | -0-     |                                    |   |   | 497        |                                    |
|                                                            |
| TOTAL INVESTMENT INCOME (LOSS)                                  |                                  |   | 890,466 |                                    |   |   | (4,039,909 | )                                       |
|                                                            |
| OPERATING EXPENSES–Note D                                 |
|                                                            |
|                                                            | Management and incentive fees         |   |    | 223,290                                 |   |   |       | 234,625                                 |   |
|                                                            | Administrative fees                   |   |    | 88,741                                  |   |   |       | 177,637                                 |   |
|                                                            | Managed account fees                  |   |    | 125,123                                 |   |   |       | 70,178                                  |   |
|                                                            | Miscellaneous operating expenses      |   |    | 40,442                                  |   |   |       | 2,167                                   |   |
|                                                            | Commissions expense                   |   |    | 55,297                                  |   |   |       | 39,912                                  |   |
|                                                            |
| TOTAL OPERATING EXPENSES                                        |                                  |   | 532,893 |                                    |   |   | 524,519    |                                    |
|                                                            |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |                                  | $      | 357,573 |                                    |   | $      | (4,564,428 | )                                       |
|                                                            |
| See notes to financial statements.                              |

*Return to Table of Contents*

----

Aspen Diversified Fund LLC

|                                    |   |   |        | For the threemonths endedMarch 31, 2010 |   |   |        | For the threemonths endedMarch 31, 2009 |   |
|-----------------------------------------|--------|--------|-------------|-----------------------------------------|--------|--------|-------------|-----------------------------------------|--------|
|                                    |
| Net assets at beginning of period       |   | $      | 100,342,985 |                                    |   | $      | 115,876,755 |                                    |
|                                    |
| Capital contributions                   |   |   | 9,715,813   |                                    |   |   | 6,815,240   |                                    |
|                                    |
| Redemptions                             |   |   | (7,056,945  | )                                       |   |   | (11,410,652 | )                                       |
|                                    |
| Net increase (decrease) from operations |   |   | 357,573     |                                    |   |   | (4,564,428  | )                                       |
|                                    |
| NET ASSETS AT END OF PERIOD             |   | $      | 103,359,426 |                                    |   | $      | 106,716,915 |                                    |
|                                    |
| See notes to financial statements.      |

*Return to Table of Contents*

----

Aspen Diversified Fund LLC

|                                                |                                                                                                                             |                                                              |       |       | For the threemonths endedMarch 31, 2010 |   |       |        | For the threemonths endedMarch 31, 2009 |   |
|-----------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------|------------|------------|-----------------------------------------|--------|------------|-------------|-----------------------------------------|--------|
| CASH FLOWS FROM OPERATING ACTIVITIES                |
|                                                |
|                                                | Net increase (decrease) in net assets resulting from operations                                                                  |                                                              | $          | 357,5732   |                                    |   | $          | (4,564,428  | )                                       |
|                                                |
|                                                | Adjustments to reconcile net increase (decrease) in net assets resulting			from operations to cash used in operating activities: |                                                              |
|                                                |                                                                                                                             | Increase in investments in investment funds                       |       |       | (9,000,000                              | )      |       |        | (1,000,000                              | )      |
|                                                |                                                                                                                             | Redemptions from investments in investment funds                  |       |       | 4,826,624                               |   |       |        | 20,053,613                              |   |
|                                                |                                                                                                                             | Realized gain                                                     |       |       | (131,757                                | )      |       |        | (3,187,811                              | )      |
|                                                |                                                                                                                             | Unrealized (gain) loss                                            |       |       | (758,709                                | )      |       |        | 7,228,217                               |   |
|                                                |                                                                                                                             | Decrease (increase) in investment fund redemptions receivable     |       |       | 450,000                                 |   |       |        | (14,655,260                             | )      |
|                                                |                                                                                                                             | Decrease in interest income receivable                            |       |       | -0-                                     |   |       |        | 609                                     |   |
|                                                |                                                                                                                             | Increase in investments in transit                                |       |       | (3,200,000                              | )      |       |        | (6,222,000                              | )      |
|                                                |                                                                                                                             | Increase in commissions payable                                   |       |       | 16,779                                  |   |       |        | 974                                     |   |
|                                                |                                                                                                                             | Decrease in accrued operating expenses                            |       |       | (580                                    | )      |       |        | -0-                                     |   |
|                                                |                                                                                                                             | Decrease in managed accounts fees payable                         |       |       | (7,061                                  | )      |       |        | -0-                                     |   |
|                                                |                                                                                                                             | Decrease in management, incentive and administrative fees payable |       |       | (2,209                                  | )      |       |        | (36,840                                 | )      |
|                                                |
| NET CASH USED IN OPERATING ACTIVITIES               |                                                                                                                             |                                                              | (7,449,340 | )          |                                    |   | (2,382,926 | )           |
|                                                |
| CASH FLOWS FROM FINANCING ACTIVITIES                |                                                                                                                             |
|                                                |
|                                                | Capital contributions received from members                                                                                      |                                                              |       | 10,042,744 |                                    |   |       | 8,104,620   |                                    |
|                                                | Membership redemptions                                                                                                           |                                                              |       | (7,072,965 | )                                       |   |       | (10,889,320 | )                                       |
|                                                |
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES |                                                                                                                             |                                                              | 2,969,779  |       |                                    |   | (2,784,700 | )           |
|                                                |
| NET DECREASE IN CASH AND CASH EQUIVALENTS           |                                                                                                                             |                                                              | (4,479,561 | )          |                                    |   | (5,167,626 | )           |
|                                                |
| Cash and cash equivalents at beginning of period    |                                                                                                                             |                                                              | 26,038,161 |       |                                    |   | 22,861,740 |        |
|                                                |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD          |                                                                                                                             | $                                                                 | 21,558,600 |       |                                    | $      | 17,694,114 |        |
|                                                |
| Cash paid for interest                              |                                                                                                                             | $                                                                 | -0-        |       |                                    | $      | -0-        |        |
|                                                |
| Cash paid for taxes                                 |                                                                                                                             | $                                                                 | -0-        |       |                                    | $      | -0-        |        |
|                                                |
| See notes to financial statements.                  |

*Return to Table of Contents*

----

Aspen Diversified Fund LLC

*Return to Table of Contents*

----

*Return to Table of Contents*

----

|                                |   |   |                        |   |   |   |                        |   |   |
|-------------------------------------|--------|--------|-----------------------------|--------|--------|--------|-----------------------------|--------|--------|
| Description                         |   |   | Balance as ofMarch 31, 2010 |   |   |   | Balance as ofMarch 31, 2009 |   |
| Cash in bank                        |   | $      | 890,129                     |   |   | $      | 967,947                     |   |
| Cash held in managed accounts       |   |   | 20,744,695                  |   |   |   | 25,100,256                  |   |
| Total bank balance                  |   |   | 21,634,824                  |   |   |   | 26,068,203                  |   |
| FDIC insurance limit                |   |   | (250,000                    | )      |   |   | (967,947                    | )      |
| SIPC insurance limit                |   |   | (500,000                    | )      |   |   | (500,000                    | )      |
| Uninsured, uncollateralized balance |   | $      | 20,884,824                  |   |   |   | 24,600,256                  |   |

*Return to Table of Contents*

----

|                                                 |   | Gains/(Losses)for the three monthsended March 31, 2010 |   |   |   | Cost Basisas of March 31, 2010 |   |   |   | Fair Valueas of March 31, 2010 |   |   |   | % of Fund’sNet Assets |   |
|------------------------------------------------------|--------|--------------------------------------------------------|--------|--------|--------|--------------------------------|--------|--------|--------|--------------------------------|--------|--------|--------|-----------------------------|--------|
| Investment Funds:                                    |   |                                                   |   |   |   |                           |   |   |   |                           |   |   |   |                        |   |
| Abraham Commodity Fund LP                            | $      | (105,742                                               | )      |   | $      | 2,983,000                      |   |   | $      | 2,649,480                      |   |   |   | 2.56%                       |   |
| AlphaMosaic (US) LLC (Altis – Cell No. 151)     |   | (64,727                                                | )      |   |   | 3,094,000                      |   |   |   | 2,803,501                      |   |   |   | 2.71%                       |   |
| AlphaMosaic (US) LLC (Krom River – Cell No. 42) |   | (26,900                                                | )      |   |   | 3,597,622                      |   |   |   | 3,518,9080                     |   |   |   | 3.41%                       |   |
| APM Hedged Global Commodity Fund, LDC                |   | (120,553                                               | )      |   |   | 2,617,335                      |   |   |   | 2,862,249                      |   |   |   | 2.77%                       |   |
| Boronia Diversified Fund (U.S.), LP                  |   | 2,492                                                  |   |   |   | 9,416,325                      |   |   |   | 10,289,372                     |   |   |   | 9.96%                       |   |
| Coolmore Partners LP                                 |   | 41,767                                                 |   |   |   | 1,750,000                      |   |   |   | 1,791,767                      |   |   |   | 1.73%                       |   |
| Discus Feeder Ltd.                                   |   | 103,770                                                |   |   |   | 5,986,347                      |   |   |   | 6,108,338                      |   |   |   | 5.91%                       |   |
| Galena Fund Ltd.                                     |   | 19,771                                                 |   |   |   | 2,300,000                      |   |   |   | 2,316,728                      |   |   |   | 2.24%                       |   |
| Global Commodity Systematic LP                       |   | (77,088                                                | )      |   |   | 3,686,932                      |   |   |   | 4,336,873                      |   |   |   | 4.20%                       |   |
| Graham Global Investments Fund Ltd.                  |   | 311,211                                                |   |   |   | 5,000,000                      |   |   |   | 5,311,211                      |   |   |   | 5.14%                       |   |
| LD Commodities Alpha Fund LP                         |   | 2,425                                                  |   |   |   | 2,250,000                      |   |   |   | 2,252,425                      |   |   |   | 2.18%                       |   |
| Man-AHL Diversified II LP                            |   | 446,289                                                |   |   |   | 11,202,305                     |   |   |   | 12,831,865                     |   |   |   | 12.42%                      |   |
| Millburn Commodity Fund LP                           |   | 54,533                                                 |   |   |   | 2,621,103                      |   |   |   | 2,534,988                      |   |   |   | 2.45%                       |   |
| MMT Energy Fund                                      |   | (32,436                                                | )      |   |   | 1,580,000                      |   |   |   | 1,335,480                      |   |   |   | 1.29%                       |   |
| Robeco Transtrend Diversified Fund LLC               |   | 209,185                                                |   |   |   | 9,600,000                      |   |   |   | 9,844,425                      |   |   |   | 9.52%                       |   |
| Sparta Commodities US Feeder Fund LLC                |   | (226,151                                               | )      |   |   | 2,216,000                      |   |   |   | 2,137,837                      |   |   |   | 2.07%                       |   |
| Winton Futures Fund                                  |   | 268,980                                                |   |   |   | 6,811,469                      |   |   |   | 7,156,095                      |   |   |   | 6.92%                       |   |
|                                                 |
| Total Investment Funds                               | $      | 806,826                                                |   |   | $      | 76,712,438                     |   |   | $      | 80,081,542                     |   |   |   | 77.48%                      |   |
|                                                 |
| Futures contracts, net                               |   | 83,640                                                 |   |   |   | -0-                            |   |   |   | 358,906                        |   |   |   | 0.35%                       |   |
|                                                 |
| Total                                                | $      | 890,466                                                |   |   |   | 76,712,438                     |   |   | $      | 80,440,448                     |   |   |   | 77.83%                      |   |
|                                                 |
| Other assets, less liabilities                       |   |                                                   |   |   |   |                           |   |   |   | 22,918,978                     |   |   |   | 22.17%                      |   |
|                                                 |
| Net assets                                           |   |                                                   |   |   |   |                           |   |   | $      | 103,359,426                    |   |   |   | 100.00%                     |   |

|                                      |   | Quoted Prices inActive Markets(Level 1) |   |   |   | Significant OtherObservable Inputs(Level 2) |   |   |   | SignificantUnobservable Inputs(Level 3) |   |
|-------------------------------------------|--------|-----------------------------------------|--------|--------|--------|---------------------------------------------|--------|--------|--------|-----------------------------------------|--------|
| Investments in investment funds           | $      | -0-                                     |   |   | $      | 80,081,542                                  |   |   | $      | -0-                                     |   |
| Unrealized gain on futures contracts, net |   | 358,906                                 |   |   | $      | -0-                                         |   |   | $      | -0-                                     |   |
| Total                                     | $      | 358,906                                 |   |   | $      | 80,081,542                                  |   |   | $      | -0-                                     |   |

*Return to Table of Contents*

----

| Futures Contract Type       |   |   | Net Unrealized Gains |   |
|-----------------------------|--------|--------|----------------------|--------|
| Foreign exchange contracts  |   | $      | 98,655               |   |
| Commodity futures contracts |   |   | 260,251              |   |
| Total                       |   | $      | 358,906              |   |

|                                                 |   | Gains/(Losses)for the three monthsended March 31, 2009 |   |   |   | Cost Basisas ofDecember 31, 2009 |   |   |   | Fair Valueas ofDecember 31, 2009 |   |   |   | % of Fund’sNet Assets |   |
|------------------------------------------------------|--------|--------------------------------------------------------|--------|--------|--------|----------------------------------|--------|--------|--------|----------------------------------|--------|--------|--------|-----------------------------|--------|
| Investment Funds:                                    |   |
| Abraham Commodity Fund LP                            | $      | -0-                                                    |   |   | $      | 2,983,000                        |   |   | $      | 2,755,222                        |   |   |   | 2.75%                       |   |
| AlphaMosaic (US) LLC (Altis – Cell No. 151)     |   | -0-                                                    |   |   |   | 3,094,000                        |   |   |   | 2,868,228                        |   |   |   | 2.86%                       |   |
| AlphaMosaic (US) LLC (Krom River – Cell No. 42) |   | -0-                                                    |   |   |   | 4,314,000                        |   |   |   | 4,245,808                        |   |   |   | 4.23%                       |   |
| APM Hedged Global Commodity Fund, LDC                |   | (636,933                                               | )      |   |   | 2,617,335                        |   |   |   | 2,982,802                        |   |   |   | 2.97%                       |   |
| Boronia Diversified Fund (U.S.), LP                  |   | (858,667                                               | )      |   |   | 13,033,000                       |   |   |   | 14,286,880                       |   |   |   | 14.24%                      |   |
| Discus Fund Ltd. *                                   |   | 243,054                                                |   |   |   | -0-                              |   |   |   | -0-                              |   |   |   | 0.00%                       |   |
| Discus Feeder Ltd.                                   |   | (7,548                                                 | )      |   |   | 5,986,348                        |   |   |   | 6,004,568                        |   |   |   | 5.98%                       |   |
| Galena Fund Ltd.                                     |   | -0-                                                    |   |   |   | 2,300,000                        |   |   |   | 2,296,957                        |   |   |   | 2.29%                       |   |
| Global Commodity Systematic LP                       |   | (262,528                                               | )      |   |   | 3,686,932                        |   |   |   | 4,413,960                        |   |   |   | 4.40%                       |   |
| HFR MF Diversified Select Master Trust *             |   | (193,281                                               | )      |   |   | -0-                              |   |   |   | -0-                              |   |   |   | 0.00%                       |   |
| Man-AHL Diversified II LP                            |   | (1,229,796                                             | )      |   |   | 11,202,305                       |   |   |   | 12,385,576                       |   |   |   | 12.34%                      |   |
| Millburn Commodity Fund LP                           |   | -0-                                                    |   |   |   | 2,983,000                        |   |   |   | 2,830,455                        |   |   |   | 2.82%                       |   |
| MMT Energy Fund                                      |   | -0-                                                    |   |   |   | 1,580,000                        |   |   |   | 1,367,916                        |   |   |   | 1.36%                       |   |
| Robeco Transtrend Diversified Fund LLC               |   | (352,319                                               | )      |   |   | 9,600,000                        |   |   |   | 9,635,241                        |   |   |   | 9.60%                       |   |
| Sparta Commodities US Feeder Fund LLC                |   | -0-                                                    |   |   |   | 2,216,000                        |   |   |   | 2,363,988                        |   |   |   | 2.36%                       |   |
| Winton Futures Fund                                  |   | -0-                                                    |   |   |   | 6,811,469                        |   |   |   | 6,887,115                        |   |   |   | 6.87%                       |   |
|                                                 |
| Total Investment Funds                               |   | (3,298,018                                             | )      |   |   | 72,407,389                       |   |   |   | 75,324,716                       |   |   |   | 75.07%                      |   |
|                                                 |
| Futures contracts, net                               |   | (742,388                                               | )      |   |   | -0-                              |   |   |   | 51,890                           |   |   |   | 0.05%                       |   |
|                                                 |
| TOTAL                                                | $      | (4,040,406                                             | )      |   | $      | 72,407,389                       |   |   |   | 75,376,606                       |   |   |   | 75.12%                      |   |
|                                                 |
| Other assets, less liabilities                       |   |                                                   |   |   |   |                             |   |   |   | 24,966,379                       |   |   |   | 24.88%                      |   |
|                                                 |
| Net assets                                           |   |                                                   |   |   |   |                             |   |   | $      | 100,342,985                      |   |   |   | 100.00%                     |   |
|                                                 |
| * Fund shares were fully disposed of during 2009.    |

*Return to Table of Contents*

----

|                                      |   | Quoted Prices inActive Markets(Level 1) |   |   |   | Significant OtherObservable Inputs(Level 2) |   |   |   | SignificantUnobservable Inputs(Level 3) |   |
|-------------------------------------------|--------|-----------------------------------------|--------|--------|--------|---------------------------------------------|--------|--------|--------|-----------------------------------------|--------|
| Investments in investment funds           | $      | -0-                                     |   |   | $      | 75,324,716                                  |   |   | $      | -0-                                     |   |
| Unrealized gain on futures contracts, net |   | 51,890                                  |   |   | $      | -0-                                         |   |   | $      | -0-                                     |   |
| Total                                     | $      | 51,890                                  |   |   | $      | 75,324,716                                  |   |   | $      | -0-                                     |   |

| Investment Funds and Managed Accounts                           |   | Investment Objective       |   | Redemptions Permitted |   |
|-----------------------------------------------------------------|--------|----------------------------|--------|-----------------------|--------|
| Abraham Commodity Fund LP                                       |   | Commodity Specialist       |   | Monthly               |   |
| ADF Trading Company I, LLC (Welton Investment Corporation)      |   | Long-Term Trend Follower   |   | Daily                 |   |
| ADF Trading Company II, LLC (Systematic Alpha Management LLC)   |   | Short-Term Trend Follower  |   | Daily                 |   |
| ADF Trading Company III, LLC (Rosetta Capital Management, Inc.) |   | Commodity Specialist       |   | Daily                 |   |
| AlphaMosaic (US) LLC (Altis – Cell No. 151)                |   | Commodity Specialist       |   | Bi-Monthly            |   |
| AlphaMosaic (US) LLC (Krom River – Cell No. 42)            |   | Commodity Specialist       |   | Bi-Monthly            |   |
| APM Hedged Global Commodity Fund, LDC                           |   | Commodity Specialist       |   | Quarterly             |   |
| Boronia Diversified Fund (U.S.), LP                             |   | Short-Term Trend Follower  |   | Monthly               |   |
| Coolmore Partners LP                                            |   | Commodity Specialist       |   | Monthly               |   |
| Discus Feeder Ltd.                                              |   | Short-Term Trend Follower  |   | Monthly               |   |
| Galena Fund Ltd.                                                |   | Commodity Specialist       |   | Monthly               |   |
| Global Commodity Systematic LP                                  |   | Commodity Specialist       |   | Annually              |   |
| Graham Global Investment Fund                                   |   | Long-Term Trend Follower   |   | Monthly               |   |
| LD Commodities Alpha Fund LP                                    |   | Commodity Specialist       |   | Monthly               |   |
| Man-AHL Diversified II LP                                       |   | Long-Term Trend Follower   |   | Monthly               |   |
| Millburn Commodity Fund LP                                      |   | Commodity Specialist       |   | Monthly               |   |
| MMT Energy Fund                                                 |   | Commodity Specialist       |   | Monthly               |   |
| Robeco Transtrend Diversified Fund LLC                          |   | Medium-Term Trend Follower |   | Monthly               |   |
| Sparta Commodities US Feeder Fund LLC                           |   | Commodity Specialist       |   | Monthly               |   |
| Winton Futures Fund                                             |   | Long-Term Trend Follower   |   | Monthly               |   |

*Return to Table of Contents*

----

|                |   |   | Class A Units |   |   |   | Class B Units |   |   |   | Class C Units |   |   |   | Class D Units |   |   |   | Class E Units |   |
|---------------------|--------|--------|---------------|--------|--------|--------|---------------|--------|--------|--------|---------------|--------|--------|--------|---------------|--------|--------|--------|---------------|--------|
| Management fees     |   |   | 1.00%         |   |   |   | 1.00%         |   |   |   | 0.75%         |   |   |   | 1.00%         |   |   |   | 0.00%         |   |
| Incentive fees      |   |   | 10.00%        |   |   |   | 10.00%        |   |   |   | 7.50%         |   |   |   | 10.00%        |   |   |   | 0.00%         |   |
| Administrative fees |   |   | 0.35%         |   |   |   | 0.35%         |   |   |   | 0.05%         |   |   |   | 0.70%         |   |   |   | 0.35%         |   |

*Return to Table of Contents*

----

| Per unit activity:                                                  |   |   | Class A Units |   |   |   | Class B Units |   |   |   | Class C Units |   |   |   | Class D Units† |   |   |   | Class E Units |   |
|---------------------------------------------------------------------|--------|--------|---------------|--------|--------|--------|---------------|--------|--------|--------|---------------|--------|--------|--------|---------------------|--------|--------|--------|---------------|--------|
| Beginning net unit value at December 31, 2009                       |   | $      | 109.66        |   |   | $      | 122.50        |   |   | $      | 95.02         |   |   |   | N/A                 |   |   | $      | 131.49        |   |
|                                                                |
| Net gain from investments in investment funds                       |   |   | 0.84          |   |   |   | 0.95          |   |   |   | 0.74          |   |   |   | N/A                 |   |   |   | 1.03          |   |
| Interest income                                                     |   |   | 0.00          |   |   |   | 0.00          |   |   |   | 0.00          |   |   |   | N/A                 |   |   |   | 0.00          |   |
| Total investment gain                                               |   |   | 0.84          |   |   |   | 0.95          |   |   |   | 0.74          |   |   |   | N/A                 |   |   |   | 1.03          |   |
|                                                                |
| Management & incentive fees                                         |   |   | (0.27         | )      |   |   | (0.30         | )      |   |   | (0.18         | )      |   |   | N/A                 |   |   |   | 0.00          |   |
| Administrative fees                                                 |   |   | (0.09         | )      |   |   | (0.11         | )      |   |   | (0.01         | )      |   |   | N/A                 |   |   |   | (0.11         | )      |
| Other expenses                                                      |   |   | (0.69         | )      |   |   | (0.19         | )      |   |   | (0.13         | )      |   |   | N/A                 |   |   |   | (0.23         | )      |
| Total operating expenses                                            |   |   | (1.05         | )      |   |   | (0.60         | )      |   |   | (0.32         | )      |   |   | N/A                 |   |   |   | (0.34         | )      |
|                                                                |
| Ending unit value at March 31, 2010                                 |   | $      | 109.45        |   |   | $      | 122.85        |   |   | $      | 95.44         |   |   |   | N/A                 |   |   | $      | 132.18        |   |
|                                                                |
| †*Class D units had not yet been issued as of March 31, 2010.* |

|                  |   |   | Class A Units |   |   |   | Class B Units |   |   |   | Class C Units |   |   |   | Class D Units |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | Class E Units |   |
|-----------------------|--------|--------|---------------|--------|--------|--------|---------------|--------|--------|--------|---------------|--------|--------|--------|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------------|--------|
| Net investment income |   |   | 2.32%         |   |   |   | 0.72%         |   |   |   | 0.18%         |   |   |   | N/A           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 0.74%         |   |
| Operating expenses    |   |   | (1.08%        | )      |   |   | (0.50%        | )      |   |   | (0.33%        | )      |   |   | N/A           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | (0.26%        | )      |
| Net income (loss)     |   |   | 1.24%         |   |   |   | 0.22%         |   |   |   | (0.15%        | )      |   |   | N/A           |    0.48% Total return  (0.20%)  0.29%   0.44%   N/A   0.53%  The portfolio turnover rate for the quarter ended March 31, 2010		was 5.33%.  *Return to Table of Contents*   -12- Aspen Diversified Fund LLCNotes to Financial Statements NOTE E – FINANCIAL HIGHLIGHTS – Continued Financial highlights were as follows for the three months ended		March 31, 2009: Per unit activity:  Class A Units   Class B Units   Class C Units   Class D Units†   Class E Units Beginning net unit value at December 31, 2008 $121.94  $133.53  $102.93   N/A  $141.90  Net loss from investments in investment funds  (4.34)  (4.78)  (3.69)  N/A   (5.09)Interest income  0.00   0.00   0.00   N/A   0.00 Total investment loss  (4.34)  (4.78)  (3.69)  N/A   (5.09) Management & incentive fees  (0.30)  (0.33)  (0.19)  N/A   0.00 Administrative fees  (0.20)  (0.22)  (0.06)  N/A   (0.23)Other expenses  (0.68)  (0.09)  0.00   N/A   0.00 Total operating expenses  (1.18)  (0.64)  (0.25)  N/A   (0.23) Ending unit value at March 31, 2009 $116.41  $128.11  $98.92   N/A  $136.49  †*Class D Units had not yet been issued as of March 31, 2009.* These amounts were calculated based on the weighted average of monthly units outstanding by class.    Class A Units   Class B Units   Class C Units   Class D Units   Class E Units Net investment income  (3.65%)  (3.55%)  (3.63%)  N/A   (3.63%)Operating expenses  (0.99%)  (0.48%)  (0.32%)  N/A   (0.23%)Net loss  (4.64%)  (4.03%)  (3.95%)  N/A   (3.86%)Total return  (4.54%)  (4.05%)  (3.89%)  N/A   (3.81%) The portfolio turnover rate for the quarter ended March 31, 2009 was 1.77%. Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations. *Liquidity.  *There are no known demands, commitments, events or uncertainties that		will result in or are reasonably likely to result in the Fund’s liquidity increasing or decreasing in any material way. The Investment Funds		in which the Fund invests have varying liquidity opportunities ranging from daily to annually. The Fund maintains a limited cash position, but		sufficient to cover current and anticipated liabilities including withdrawal requests by members. Redemption requests could be delayed due to		liquidity constraints of Investee Pools. Additionally, no material deficiencies in liquidity were identified and there were no material unused		sources of liquid assets. *Capital Resources.  *There are no commitments for capital expenditures as of the end of		the latest fiscal period.  Capital invested in the Fund has increased as investors continue to purchase interests in the Fund. The Fund		anticipates offering interests on a continuing basis, increasing the total capital available for investment. There are no known material		trends, favorable or unfavorable, that would affect, nor any expected material changes to, the Fund’s capital resource arrangements at the		present time.  *Return to Table of Contents*   -13- *Results of Operations.  *The Fund is a collective investment pool. The net assets of the pool		continue to increase as new interests are issued. Performance of the Fund may vary considerably from one period to the next. Results		may also vary considerably when compared to results from the same period in previous years. The collective performance results of the Investment Funds were positive during the three months ended March 31, 2010.  The Fund’s performance coupled with ongoing operating expenses resulted in a total positive 0.27% return for the overall Fund for the three months ended March 31, 2010.  The returns per class were as follows: (0.20%) for Class A units; 0.29% for Class B units; 0.44% for Class C units; and 0.53% for Class E units.  Comparative performance for the three months ended December 31, 2009 resulted in negative returns per class of (3.04%) for Class A units, (2.56%) for Class B units, (2.41%) for Class C units; and (2.32%) for Class E units.  Comparative performance for the three months ended March 31, 2009 resulted in negative returns of (4.54%) for Class A Units, (4.05%) for Class B Units, (3.89%) for Class C Units, and (3.81%) for Class E Units.  Class A units were first issued August 1, 2006; Class B units were first issued August 1, 2005; Class C units were first issued on April 1, 2008; and Class E units were first issued July 1, 2005.  Differences in these results may be attributable to general market conditions and the differences in fee structures by class. *Off-Balance Sheet Arrangements.  *The Fund does not have any off-balance-sheet arrangements (as defined		in Regulation S-K 303(a)(4)(ii)) that have or are reasonably likely to have a current or future effect on its financial condition, changes in		financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to		investors. *Tabular Disclosure of Contractual Obligations.  *Not applicable. Item 3.  Quantitative and Qualitative Disclosures about Market Risk. The Fund is a speculative commodity pool and is a “fund-of-		funds” which invests in other commodity pools known as Investee Pools as well as separately managed accounts (together with Investee Pools,		“Investment Funds”)  managed by independent commodity trading advisors (“CTAs”), or other portfolio managers (together		“Portfolio Managers”).  The market sensitive instruments held by the Fund are acquired for speculative trading purposes, and		all or a substantial amount of the Fund’s assets are subject to the risk of trading loss.  Unlike an operating company, the risk		of market sensitive instruments is integral, not incidental, to the Fund’s main line of business. Market movements result in frequent changes in the fair market value		of the Fund’s holdings and, consequently, in its earnings and cash flow.  The Fund’s market risk is directly influenced by		the market risk inherent in the trading of market sensitive instruments traded by Investment Funds.  Holdings by Investment Funds are influenced		by a wide variety of factors, including the level and volatility of exchange rates, interest rates, equity price levels, the market value of		financial instruments and contracts, the diversification effects among the Investment Funds’ open positions and the liquidity of the markets		in which they trade. Investment Funds in which the Fund invests rapidly acquire and liquidate		both long and short positions in a wide range of different markets.  Consequently, it is not possible to predict how a particular future		market scenario will affect performance, and the Fund’s past performance is not indicative of its future results.  See “Item		1A.  Risk Factors” of the Fund’s Form 10-K, filed on March 31, 2010, for a discussion of trading and non-trading risk factors		applicable to the Fund and Investee Pools. “Value at Risk” is a measure of the maximum amount which the Fund		could reasonably be expected to lose in a given market sector.  The exposure by Investment Funds to various market sectors is not transparent		to the Fund and therefore, it is not possible to calculate the Value at Risk in any particular market sector.  The Value at Risk exposure of		the Fund with any given Investment Fund is the amount of capital invested with that Investment Fund, as set forth below.  *Return to Table of Contents*   -14- Fair Value of Market Risk Sensitive Instruments  Fair Value as of March 31, 2010   % of Total Abraham Commodity Fund LP $2,649,479   2.55% ADF Trading Company I, LLC (Welton Investment Corporation)†  12,860,112   12.36% ADF Trading Company II, LLC (Systematic Alpha Management, LLC)†  10,623,041   10.21% ADF Trading Company III, LLC (Rosetta Capital Management, Inc.)†  470,450   0.45% AlphaMosaic (US) LLC (Altis – Cell No. 151)  2,803,501   2.69% AlphaMosaic (US) LLC (Krom River – Cell No. 42)  3,518,908   3.38% APM Hedged Global Commodity Fund, LDC  	2,862,249   2.75% Boronia Diversified Fund (U.S.), LP  10,289,372   9.89% Coolmore Partners LP  1,791,767   1.72% Discus Feeder Ltd.  6,108,338    5.87% Galena Fund Ltd.  2,316,728   2.23% Global Commodity Systematic LP  4,336,873   4.17% Graham Global Investment Fund Ltd.  5,311,211   5.11% LD Commodities Alpha Fund LP  2,252,425   2.17% Man-AHL Diversified II LP  12,831,865   12.33% Millburn Commodity Fund LP  2,534,988   2.44% MMT Energy Fund  1,335,480   1.28% Robeco Transtrend Diversified Fund LLC  9,844,425   9.46% Sparta Commodities US Feeder Fund LLC  2,137,837   2.06% Winton Futures Fund  7,156,095   6.88% TOTAL $104,035,144   100.00%  †*ADF Trading Company I, LLC, ADF Trading Company II, LLC, and ADF Trading Company III,		LLC (each a “Trading Company” and together “Trading Companies”) are limited liability companies established by the		Fund’s managing member through which assets are allocated to managed accounts traded by Portfolio Managers as indicated.  The fair value of these		accounts includes cash on deposit with the Fund’s clearing broker and the fair value of futures contracts held in each Trading		Company’s trading account.*  The quantitative disclosures above regarding the Fund’s market risk exposures contain		“forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private		Securities Litigation Reform Act of 1995 (set forth in Section 21E of the Securities Exchange Act of 1934). All quantitative disclosures in this		section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact. Item 4T.  Controls and Procedures. *Evaluation of Disclosure Controls and Procedures.  *The Senior Vice President (principal executive officer) and the Chief		Financial Officer (principal financial officer) of the Fund’s managing member have evaluated the effectiveness of the design and operation of the		Fund’s disclosure controls and procedures. These controls and procedures are designed to ensure that the Fund records, processes, and summarizes		the information required to be disclosed in the reports submitted to the Securities and Exchange Commission in a timely and effective manner. Based upon		this evaluation they concluded that, as of March 31, 2010, the Fund’s disclosure controls were effective. *Changes in Internal Control over Financial Reporting.  *There have been no significant changes in the Fund's internal control over financial reporting in the		three months ended March 31, 2010 that have materially affected or are reasonably likely to materially affect the Fund's internal control over		financial reporting.    *Return to Table of Contents*   -15- *Limitations on the Effectiveness of Controls.  *Any control system, no matter how well designed and operated, can provide reasonable (not absolute)		assurance that its objectives will be met. Furthermore, no evaluation of controls can provide absolute assurance that all control issues and instances		of fraud, if any, have been detected.   **PART II – OTHER INFORMATION** Item 1.  Legal Proceedings. The Fund’s Managing Member is not aware of any material legal proceedings		threatened or pending to which the Fund is a party or of which any of the Fund’s property is subject. Item 1A.  Risk Factors. There have been no material changes from the risk factors previously		disclosed in response to Item 1A to Part 1 of the Fund’s Form 10-K for the year ended December 31, 2009. Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds. From January 1, 2010 through March 31, 2010, a total of 87,042 units were sold for the aggregate net subscription amount of $9,722,813.  All sales were made only to “accredited investors” and to a limited number of investors who do not qualify as “accredited investors” in accordance with Rule 506 under Regulation D of the Securities Act of 1933 (the “Securities Act”). Details of the sale of the interests are as follows:  Date of Sale   Class of Units   Subscription Amount   Number of Units   Price Per Unit  01/01/2010   Class A  $50,000   455.94   $109.66  01/01/2010   Class B   1,381,794   11,279.74   $122.50  02/01/2010   Class A   4,849,000   45,334.68   $106.96  02/01/2010   Class B   881,034   7,361.43   $119.68  03/01/2010   Class A   1,208,000   11,338.07   $106.54  03/01/2010   Class B   1,345,985   11,271.81   $119.41         $9,715,813   87,041.67      (b)Underwriters and Other Purchasers.  The units were not publicly offered. Units were sold only to “accredited investors” and to a limited number of investors who do not qualify as “accredited investors” in accordance with Rule 506 under Regulation D of the Securities Act. (c)Consideration.  All units of the Fund were sold for cash as indicated by the Subscription Amount in the table			above. (d)Exemption from Registration Claimed.  The units were sold pursuant to Rule 506 of Regulation D and the sales were exempt from			registration under the Securities Act. (e)Terms of Conversion or Exercise.  Not applicable.   *Return to Table of Contents*   -16- (f)Use of Proceeds.  The proceeds from the sale of interests will be utilized by the Fund to invest in Investee Pools			which engage in trading of futures, forward contracts, commodity interests and option contracts on the foregoing. The Fund’s Investee			Pools and Portfolio Managers may trade in as many as thirty to over fifty markets in the six following sectors: currencies, precious and			industrial metals, debt instruments, stock indices, agricultural commodities, and energy.  The Fund’s managing member estimates that 90% or more of the Fund’s assets with Investee			Pools or Portfolio Managers, including the assets used to satisfy margin and collateral requirements, indirectly will be invested in U.S. Treasury bills			or notes or other CFTC-authorized investments or held in bank or bank money market accounts. All interest earned on Fund assets directly invested			in interest bearing investments will accrue to the Fund. The balance of the Fund’s assets will be held in cash in the Fund’s bank			account and will be used to maintain liquidity to pay Fund expenses. The Fund will make no loans, whether by direct loan, commercial paper purchase			or other form of loan, to its managing member, any affiliate or employee of its managing member or any other party, and will not invest in equity			securities without prior notice to members. The Fund’s managing member will not commingle the property of the Fund with the property of any			other person or entity. Item 3.  Defaults Upon Senior Securities. None. Item 4.  Removed and Reserved. Item 5.  Other Information. None. Item 6.  Exhibits. 3.1 Certificate of Formation of Aspen Diversified Fund LLC, dated April 7, 2005, incorporated by			reference herein, previously filed as an exhibit to the registrant’s Form 10-K filed on April 17, 2008. 3.2 Limited Liability Company Agreement of Aspen Diversified Fund LLC, incorporated by reference			herein, previously filed as an exhibit to the registrant’s Form 10 filed on August 6, 2007. 31.1 Certification of the Managing Partner of the Fund’s managing member pursuant to Rule 13A-14(a) and Rule 15D-14(a), of the Securities Exchange Act, as amended. 31.2 Certification of the Senior Vice President of the Fund’s managing member pursuant to Rule 13A-14(a) and Rule 15D-14(a), of the Securities Exchange Act, as amended. 31.3 Certification of the Chief Financial Officer of the Fund’s managing member pursuant to Rule 13A-14(a) and Rule 15D-14(a), of the Securities Exchange Act, as amended. 32.1 Certification of the Managing Partner of the Fund’s managing			member pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.2 Certification of the Senior Vice President of the Fund’s managing			member pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.3 Certification of the Chief Financial Officer of the Fund’s managing			member pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.   *Return to Table of Contents*   -17-  Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused		this report to be signed on its behalf by the undersigned thereunto duly authorized. Dated:  May 14, 2010    Aspen Diversified Fund LLC   By:Aspen Partners, Ltd., Managing Member      /s/ Kenneth E. Banwart  Kenneth E. Banwart  Managing Partner      /s/ Adam Langley  Adam Langley  Senior Vice President      /s/ Deborah Terry  Deborah Terry  Chief Financial Officer   *Return to Table of Contents*   -18-  |