| ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |
|--------|------------------------------------------------------------------------------------------|
|   |
|   | For the quarterly period ended: March 31, 2009                                           |
|   |
| 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 Number) |
|                                                          |

|   |                                                                               |   |
|--------|------------------------------------------------------------------------------------|--------|
|   | 1230 Peachtree Street, N.E.Suite 1750Atlanta, Georgia 30309                        |   |
|   | (Address of principal executive offices)                                           |   |
|   |
|   |
|   | (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 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). |
|                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                        |                     |   | ýYes    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 | 11       |
|                                     |                                                                                        |     |
| Item 3.                                  | Quantitative and Qualitative Disclosures about Market Risk                                  | 12       |
|                                     |                                                                                        |     |
| Item 4T.                                 | Controls and Procedures                                                                     | 13       |
|                                     |                                                                                        |     |
|                                     |                                                                                        |     |
| **PART II – OTHER INFORMATION**    |
|                                     |                                                                                        | Page No. |
|                                     |                                                                                        |     |
| Item 1.                                  | Legal Proceedings                                                                           | 13       |
|                                     |                                                                                        |     |
| Item 1A.                                 | Risk Factors                                                                                | 13       |
|                                     |                                                                                        |     |
| Item 2.                                  | Unregistered Sales of Equity Securities and Use of Proceeds                                 | 14       |
|                                     |                                                                                        |     |
| Item 3.                                  | Defaults Upon Senior Securities                                                             | 15       |
|                                     |                                                                                        |     |
| Item 4.                                  | Submission of Matters to a Vote of Security Holders                                         | 15       |
|                                     |                                                                                        |     |
| Item 5.                                  | Other Information                                                                           | 15       |
|                                     |                                                                                        |     |
| Item 6.                                  | Exhibits                                                                                    | 15       |

----

**PART I – FINANCIAL INFORMATION**

Item 1.  Financial Statements.

Aspen Diversified Fund LLC

|                                                                  |                                                                                      |   |        | March 31, 2009 |   |   |        | December 31, 2008 |   |
|-----------------------------------------------------------------------|-------------------------------------------------------------------------------------------|--------|-------------|----------------|--------|--------|-------------|-------------------|--------|
| ASSETS                                                                |                                                                                      |   |        |           |   |   |        |              |
|                                                                  |                                                                                      |   |        |           |   |   |        |              |   |
| Investments in investment funds–at fair value–Note B      |                                                                                      |   |        |           |   |   |        |              |
|                                                                  | (cost: $60,505,855 and $76,393,699 at March 31, 2009 and December 31, 2008, respectively) |   | $           | 71,987,737     |   |   | $           | 95,438,015        |   |
| Unrealized gain on futures contracts–at fair value–Note B |                                                                                      |   | 1,310,754   |           |   |   | 399,456     |              |
| Total investments                                                     |                                                                                      |   |        |           |   |   |        |              |
|                                                                  | (cost: $60,505,855 and $76,393,699 at March 31, 2009 and December 31, 2008, respectively) |   |        | 73,295,491     |   |   |        | 95,837,471        |   |
| Cash and cash equivalents                                             |                                                                                      |   | 17,694,114  |           |   |   | 22,861,740  |              |
| Interest and other receivables                                        |                                                                                      |   | 184         |           |   |   | 793         |              |
| Redemptions receivable                                                |                                                                                      |   | 14,655,260  |           |   |   | -0-         |              |
| Investments in transit                                                |                                                                                      |   | 6,822,000   |           |   |   | 600,000     |              |
|                                                                  |                                                                                      |   |        |           |   |   |        |              |   |
| Total assets                                                          |                                                                                      | $      | 112,467,049 |           |   | $      | 119,300,004 |              |
|                                                                  |                                                                                      |   |        |           |   |   |        |              |   |
| LIABILITIES AND NET ASSETS                                            |                                                                                      |   |        |           |   |   |        |              |
|                                                                  |                                                                                      |   |        |           |   |   |        |              |   |
| Liabilities                                                           |                                                                                      |   |        |           |   |   |        |              |
|                                                                  | Unrealized loss on futures contracts–at fair value–Note B                     |   | $           | 973,537        |   |   | $           | 421,497           |   |
|                                                                  | Trail commissions payable                                                                 |   |        | 13,758         |   |   |        | 12,784            |   |
|                                                                  | Management, incentive and administrative fees payable                                     |   |        | 134,832        |   |   |        | 144,055           |   |
|                                                                  | Membership redemptions payable                                                            |   |        | 1,509,698      |   |   |        | 988,367           |   |
|                                                                  | Capital contributions received in advance of admission date                               |   |        | 3,072,480      |   |   |        | 1,783,100         |   |
| Total liabilities                                                     |                                                                                      |   | 5,750,134   |           |   |   | 3,423,249   |              |
|                                                                  |                                                                                      |   |        |           |   |   |        |              |   |
| Net assets                                                            |                                                                                      |   | 106,716,915 |           |   |   | 76,755      |              |
|                                                                  |                                                                                      |   |        |           |   |   |        |              |   |
| Total liabilities and net assets                                      |                                                                                      | $      | 112,467,049 |           |   | $      | 119,300,004 |              |

*Return to Table of Contents*

----

Aspen Diversified Fund LLC

|                                                            |                                  |   |       | For the threemonths endedMarch 31, 2009 |   |   |      | For the threemonths endedMarch 31, 2008 |   |
|-----------------------------------------------------------------|---------------------------------------|--------|------------|-----------------------------------------|--------|--------|-----------|-----------------------------------------|--------|
| Investment income                                               |                                  |
|                                                            |
| Realized and unrealized gain (loss) on investments–Note B |                                  |
|                                                            | Realized gain on investments          |   | $          | 3,187,811                               |   |   | $         | 792,846                                 |   |
|                                                            | Unrealized (loss) gain on investments |   |       | (7,228,217                              | )      |   |      | 7,444,004                               |   |
| Net realized and unrealized (loss) gain on investments          |                                  |   | (4,040,406 | )                                       |   |   | 8,236,850 |                                    |
| Interest income                                                 |                                  |   | 497        |                                    |   |   | 17,396    |                                    |
| Total net investment (loss) income                              |                                  |   | (4,039,909 | )                                       |   |   | 8,254,246 |                                    |
|                                                            |
| Operating expenses                                              |                                  |
|                                                            | Management and incentive fees         |   |       | 234,625                                 |   |   |      | 935,593                                 |   |
|                                                            | Administrative fees                   |   |       | 177,637                                 |   |   |      | 150,848                                 |   |
|                                                            | Managed account fees                  |   |       | 70,178                                  |   |   |      | -0-                                     |   |
|                                                            | Bank fees                             |   |       | 2,167                                   |   |   |      | 1,911                                   |   |
|                                                            | Trailing commissions                  |   |       | 39,912                                  |   |   |      | 21,141                                  |   |
| Total operating expenses                                        |                                  |   | 524,519    |                                    |   |   | 1,109,493 |                                    |
|                                                            |
| NET (DECREASE) INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |                                  | $      | (4,564,428 | )                                       |   | $      | 7,144,753 |                                    |

*Return to Table of Contents*

----

Aspen Diversified Fund LLC

|                                    |   |   |        | For the threemonths endedMarch 31, 2009 |   |   |       | For the threemonths endedMarch 31, 2008 |   |
|-----------------------------------------|--------|--------|-------------|-----------------------------------------|--------|--------|------------|-----------------------------------------|--------|
|                                    |
| Net assets at beginning of period       |   | $      | 115,876,755 |                                    |   | $      | 85,973,252 |                                    |
|                                    |
| Capital contributions                   |   |   | 6,815,240   |                                    |   |   | 11,222,783 |                                    |
|                                    |
| Redemptions                             |   |   | (11,410,652 | )                                       |   |   | (7,244,076 | )                                       |
|                                    |
| Net (decrease) increase from operations |   |   | (4,564,428  | )                                       |   |   | 7,144,753  |                                    |
|                                    |
| Net assets at end of period             |   | $      | 106,716,915 |                                    |   | $      | 97,096,712 |                                    |

*Return to Table of Contents*

----

Aspen Diversified Fund LLC

|                                             |                                                                                                                                         |                                             |       |        | For the threemonths endedMarch 31, 2009 |   |       |       | For the threemonths endedMarch 31, 2008 |   |
|--------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|------------|-------------|-----------------------------------------|--------|------------|------------|-----------------------------------------|--------|
| CASH FLOWS FROM OPERATING ACTIVITIES             |                                                                                                                                         |                                             |       |        |                                    |   |       |       |
|                                             |
|                                             | Net (decrease) increase in net assets resulting from operations                                                                              |                                             | $          | (4,564,428  | )                                       |   | $          | 7,144,753  |                                    |
|                                             |
|                                             | Adjustments to reconcile ‘net increase (decrease) in net assets resulting from operations’ to cash used in operating activities: |                                             |
|                                             |                                                                                                                                         | Increase in investments in investment funds      |       |        | (1,000,000                              | )      |       |       | (8,620,000                              | )      |
|                                             |                                                                                                                                         | Redemptions from investments in investment funds |       |        | 20,053,613                              |   |       |       | 6,000,000                               |   |
|                                             |                                                                                                                                         | Realized gains                                   |       |        | (3,187,811                              | )      |       |       | (792,846                                | )      |
|                                             |                                                                                                                                         | Unrealized loss (gain)                           |       |        | 7,228,217                               |   |       |       | (7,444,004                              | )      |
|                                             |                                                                                                                                         | Decrease in interest receivable                  |       |        | 609                                     |   |       |       | 2,324                                   |   |
|                                             |                                                                                                                                         | Increase in investments in transit               |       |        | (6,222,000                              | )      |       |       | (1,725,000                              | )      |
|                                             |                                                                                                                                         | Increase in redemptions receivable               |       |        | (14,655,260                             | )      |       |       | -0-                                     |   |
|                                             |                                                                                                                                         | Increase in commissions payable                  |       |        | 974                                     |   |       |       | 6,210                                   |   |
|                                             |                                                                                                                                         | (Decrease) increase in fees payable              |       |        | (36,840                                 | )      |       |       | 76,496                                  |   |
|                                             |
| NET CASH USED IN OPERATING ACTIVITIES            |                                                                                                                                         |                                             | (2,382,926 | )           |                                    |   | (5,352,067 | )          |
|                                             |
| CASH FLOWS FROM FINANCING ACTIVITIES             |                                                                                                                                         |
|                                             |
|                                             | Capital contributions received from members                                                                                                  |                                             |       | 8,104,620   |                                    |   |       | 12,747,019 |                                    |
|                                             | Membership redemptions                                                                                                                       |                                             |       | (10,889,320 | )                                       |   |       | (7,908,975 | )                                       |
|                                             |
| NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES |                                                                                                                                         |                                             | (2,784,700 | )           |                                    |   | 4,838,044  |       |
|                                             |
| NET DECREASE IN CASH AND CASH EQUIVALENTS        |                                                                                                                                         |                                             | (5,167,626 | )           |                                    |   | (514,025   | )          |
|                                             |
| Cash and cash equivalents at beginning of period |                                                                                                                                         |                                             | 22,861,740 |        |                                    |   | 1,086,449  |       |
|                                             |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD       |                                                                                                                                         | $                                                | 17,694,114 |        |                                    | $      | 572,426    |       |

*Return to Table of Contents*

----

Aspen Diversified Fund LLC

*Return to Table of Contents*

----

|                                |   |   |       | March 31, 2009 |   |   |       | December 31, 2008 |   |
|-------------------------------------|--------|--------|------------|----------------|--------|--------|------------|-------------------|--------|
| **Description**                     |
| Cash in bank                        |   | $      | 88,000     |           |   | $      | 380,000    |              |
| Overnight sweep                     |   |   | 3,059,278  |           |   |   | 1,054,506  |              |
| Total cash at Bank of America       |   |   | 3,147,278  |           |   |   | 1,434,506  |              |
| Cash held - managed accounts        |   |   | 14,546,836 |           |   |   | 21,427,234 |              |
| Total cash and cash equivalents     |   | $      | 17,694,114 |           |   | $      | 22,861,740 |              |
| FDIC insurance limit                |   |   | (88,000    | )              |   |   | (380,000   | )                 |
| SIPC insurance limit                |   |   | (500,000   | )              |   |   | (500,000   | )                 |
| Collateralized deposits             |   |   | (3,072,466 | )              |   |   | (1,054,506 | )                 |
| Uninsured, uncollateralized balance |   | $      | 14,033,648 |           |   |   | 20,927,234 |              |

*Return to Table of Contents*

----

|                                   |   | Gains/(Losses)(for the three monthsended March 31, 2009) |   |   |   | Cost Basisas of March 31, 2009 |   |   |   | Fair Valueas of March 31, 2009 |   |   |   | % of Fund’sNet Assets |   |
|----------------------------------------|--------|----------------------------------------------------------|--------|--------|--------|--------------------------------|--------|--------|--------|--------------------------------|--------|--------|--------|-----------------------------|--------|
| Investment Funds:                      |   |                                                     |   |   |   |                           |   |   |   |                           |   |   |   |                        |   |
| APM Hedged Global Commodity Fund, LDC  | $      | (636,933                                                 | )      |   | $      | 2,617,335                      |   |   | $      | 2,919,164                      |   |   |   | 2.73%                       |   |
| Boronia Diversified Fund (U.S.), LP    |   | (858,667                                                 | )      |   |   | 13,033,000                     |   |   |   | 14,360,178                     |   |   |   | 13.46%                      |   |
| CFM Discus Fund LTD                    |   | (235,506                                                 | )      |   |   | 4,545,519                      |   |   |   | 5,578,799                      |   |   |   | 5.22%                       |   |
| Global Commodity Systematic LP         |   | (262,528                                                 | )      |   |   | 8,454,978                      |   |   |   | 9,546,536                      |   |   |   | 8.95%                       |   |
| HFR MF Diversified Select Master Trust |   | (193,281                                                 | )      |   |   | 9,820,823                      |   |   |   | 13,596,505                     |   |   |   | 12.74%                      |   |
| Man-AHL Diversified II LP              |   | (1,229,796                                               | )      |   |   | 13,434,200                     |   |   |   | 16,333,450                     |   |   |   | 15.31%                      |   |
| Robeco Transtrend Diversified Fund LLC |   | (352,319                                                 | )      |   |   | 8,600,000                      |   |   |   | 9,560,105                      |   |   |   | 9.04%                       |   |
| Total Investment Funds                 | $      | (3,298,018                                               | )      |   | $      | 60,505,855                     |   |   | $      | 71,984,737                     |   |   |   | 67.45%                      |   |
|                                   |
| Futures Contracts, net                 |   | (742,388                                                 | )      |   |   | -0-                            |   |   |   | 337,217                        |   |   |   | 0.32%                       |   |
|                                   |
| Total                                  | $      | (4,040,406                                               |   |   |   | 60,505,855                     |   |   | $      | 72,321,954                     |   |   |   | 67.77%                      |   |
|                                   |
| Other assets, less liabilities         |   |                                                     |   |   |   |                           |   |   |   | 34,394,961                     |   |   |   | 32.23%                      |   |
|                                   |
| Net assets                             |   |                                                     |   |   |   |                           |   |   | $      | 106,716,915                    |   |   |   | 100.00%                     |   |

|                                      |   | Quoted Prices inActive Markets(Level 1) |   |   |   | Significant OtherObservable Inputs(Level 2) |   |   |   | SignificantUnobservable Inputs(Level 3) |   |
|-------------------------------------------|--------|-----------------------------------------|--------|--------|--------|---------------------------------------------|--------|--------|--------|-----------------------------------------|--------|
| Investments in investment funds           | $      | -0-                                     |   |   | $      | 71,984,737                                  |   |   | $      | -0-                                     |   |
| Unrealized gain on futures contracts, net |   | 332,271                                 |   |   | $      | -0-                                         |   |   | $      | -0-                                     |   |
| Total                                     | $      | 332,271                                 |   |   | $      | 71,984,737                                  |   |   | $      | -0-                                     |   |

|                        |   |   | Net Unrealized Gains/(Losses) |   |
|-----------------------------|--------|--------|-------------------------------|--------|
| Foreign exchange contracts  |   | $      | (62,497                       | )      |
| Commodity futures contracts |   |   | 399,714                       |   |
| Total                       |   | $      | 377,217                       |   |

*Return to Table of Contents*

----

|                                     |   | Gains/(Losses)(for the three monthsended March 31, 2008) |   |   |   | Cost Basisas of December 31, 2008 |   |   |   | Fair Valueas of December 31, 2008 |   |   |   | % of Fund’sNet Assets |   |
|------------------------------------------|--------|----------------------------------------------------------|--------|--------|--------|-----------------------------------|--------|--------|--------|-----------------------------------|--------|--------|--------|-----------------------------|--------|
| Investment Funds:                        |   |                                                     |   |   |   |                              |   |   |   |                              |   |   |   |                        |   |
| APM Hedged Global Commodity Fund, LDC    | $      | 967,851                                                  |   |   | $      | 11,600,980                        |   |   | $      | 14,122,097                        |   |   |   | 12.19%                      |   |
| Aspect US Fund LLC                       |   | 1,063,537                                                |   |   |   | -0-                               |   |   |   | -0-                               |   |   |   | 0.00%                       |   |
| Boronia Diversified Fund (U.S.), LP      |   | 944,998                                                  |   |   |   | 13,033,000                        |   |   |   | 15,218,845                        |   |   |   | 13.13%                      |   |
| CFM Discus Fund LTD                      |   | 102,855                                                  |   |   |   | 4,545,519                         |   |   |   | 5,343,293                         |   |   |   | 4.61%                       |   |
| FORT Global Contrarian, LP               |   | 1,095,050                                                |   |   |   | -0-                               |   |   |   | -0-                               |   |   |   | 0.00%                       |   |
| Global Commodity Systematic LP           |   | 320,966                                                  |   |   |   | 11,730,000                        |   |   |   | 13,898,324                        |   |   |   | 11.99%                      |   |
| HFR MF Diversified Select Master Trust   |   | 1,814,712                                                |   |   |   | 14,450,000                        |   |   |   | 20,289,786                        |   |   |   | 7.51%                       |   |
| Man-AHL Diversified II LP                |   | 957,447                                                  |   |   |   | 13,034,200                        |   |   |   | 17,163,246                        |   |   |   | 14.81%                      |   |
| Robeco Transtrend Diversified Fund LLC   |   | -0-                                                      |   |   |   | 8,000,000                         |   |   |   | 9,402,424                         |   |   |   | 8.11%                       |   |
| Welton Global Capital Markets Fund, Ltd. |   | 969,434                                                  |   |   |   | -0-                               |   |   |   | -0-                               |   |   |   | 0.00%                       |   |
| Total Investment Funds                   | $      | 8,236,850                                                |   |   | $      | 76,393,699                        |   |   | $      | 95,438,015                        |   |   |   | 82.35%                      |   |
|                                     |
| Futures Contracts, net                   |   | -0-                                                      |   |   |   | -0-                               |   |   |   | (22,041                           | )      |   |   | (0.02%                      | )      |
|                                     |
| Total                                    | $      | 8,236,850                                                |   |   |   | 76,393,699                        |   |   | $      | 95,415,974                        |   |   |   | 82.33%                      |   |
|                                     |
| Other assets, less liabilities           |   |                                                     |   |   |   |                              |   |   |   | 20,460,781                        |   |   |   | 17.67%                      |   |
|                                     |
| Net assets                               |   |                                                     |   |   |   |                              |   |   | $      | 115,876,755                       |   |   |   | 100.00%                     |   |

| Investment Fund                        |   | Investment Objective                   |   | Redemptions Permitted |   |
|----------------------------------------|--------|----------------------------------------|--------|-----------------------|--------|
| APM Hedged Global Commodity Fund, LDC  |   | Fixed Income Specialists               |   | Quarterly             |   |
| Boronia Diversified Fund (U.S.), LP    |   | Diversified Short-Term Trend Follower  |   | Monthly               |   |
| CFM Discus Fund LTD                    |   | Diversified Short-Term Trend Follower  |   | Monthly               |   |
| Global Commodity Systematic LP         |   | Physical Commodity Specialists         |   | Annually              |   |
| HFR MF Diversified Select Master Trust |   | Diversified Long-Term Trend Follower   |   | Monthly               |   |
| Man-AHL Diversified II LP              |   | Diversified Long-Term Trend Follower   |   | Monthly               |   |
| Robeco Transtrend Diversified Fund LLC |   | Diversified Medium-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 |   |   | 0.65%         |   |   |   | 0.65%         |   |   |   | 0.25%         |   |   |   | 1.65%         |   |   |   | 0.65%         |   |

*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, 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-           |   |
| Administrative fees                                                 |   |   | (0.20         | )      |   |   | (0.22         | )      |   |   | (0.06         | )      |   |   | N/A                 |   |   |   | (0.23         | )      |
| Other expenses                                                      |   |   | (0.68         | )      |   |   | (0.08         | )      |   |   | -0-           |   |   |   | N/A                 |   |   |   | -0-           |   |
| Total operating expenses                                            |   |   | (1.18         | )      |   |   | (0.63         | )      |   |   | (0.25         | )      |   |   | N/A                 |   |   |   | (0.23         | )      |
|                                                                |
| Ending unit value at March 31, 2009                                 |   | $      | 116.41        |   |   | $      | 128.11        |   |   | $      | 98.99         |   |   |   | N/A                 |   |   | $      | 136.58        |   |
|                                                                |
| †*Class D Units had not yet been issued as of March 31, 2009.* |

|                  |   |   | 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%        | )      |   |   | (0.47%        | )      |   |   | (0.32%        | )      |   |   | N/A           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | (0.23%        | )      |
| Net loss              |   |   | (4.64%        | )      |   |   | (4.03%        | )      |   |   | (3.95%        | )      |   |   | N/A           |    (3.86%)Total return  (4.54%)  (4.05%)  (3.83%)  N/A   (3.75%) The portfolio turnover rate for the quarter ended March 31, 2009 was 19.12%.  *Return to Table of Contents*  -10- Financial highlights were as follows for the three months ended March 31, 2008: 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, 2007 $112.32  $120.70   N/A   N/A  $125.61  Net income from investments in investment funds  10.49   11.27   N/A   N/A   11.76 Interest income  0.02   0.02   N/A   N/A   0.02 Total investment income  10.51   11.29   N/A   N/A   11.78  Management & incentive fees  (1.42)  (1.57)  N/A   N/A   -0- Administrative fees  (0.19)  (0.20)  N/A   N/A   (0.22)Other expenses  (0.59)  -0-   N/A   N/A   -0- Total operating expenses  (2.20)  (1.77)  N/A   N/A   (0.22) Ending unit value at March 31, 2008 $120.63  $130.22  $N/A  $N/A  $137.17  †*Class C Units had not yet been issued as of March 31, 2008.*‡*Class D Units had not yet been issued as of March 31, 2008.* 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  8.72%   8.76%   N/A   N/A   8.76% Operating expenses  (1.84%)  (1.38%)  N/A   N/A   (0.16%)Net income  6.88%   7.38%   N/A   N/A   8.60% Total return  7.40%   7.89%   N/A   N/A   9.20%  The portfolio turnover rate for the quarter ended March 31, 2008 was 6.49%. 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 monthly 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. *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*  -11- *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 negative during the three months ended March 31, 2009.  The Fund's performance coupled with ongoing operating expenses resulted in a total negative return of (4.13%) for the overall Fund during the three months ended March 31, 2009.  The negative return per class was as follows: (4.54%) for Class A Units; (4.05%) for Class B Units; (3.83%) for Class C Units; and (3.75%) for Class E Units.  Comparative performance for the three months ended March 31, 2008 resulted in a positive return per class as follows:  7.40% for Class A Units; 7.89% for Class B Units; and 9.20% for the 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.  *Not applicable. *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 Investee Pools.  Holdings by Investee Pools 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 Investee Pools’ open positions and the liquidity of the markets in which they trade. Investee Pools 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 Form 10-K “Item 1A.  Risk Factors” 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 Investee Pools 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 Investee Pool is the amount of capital invested with that Investee Pool, as set forth below.  *Return to Table of Contents*  -12- Fair Value of Market Risk Sensitive Instruments  Fair Value as of March 31, 2009   % of Total ADF Trading Company I (Welton Investment Corporation) † $15,693,413   16.77% ADF Trading Company II (Systematic Alpha Management LLC) †  5,880,641   6.29% APM Hedged Global Commodity Fund, LDC  2,919,164   3.12% Boronia Diversified Fund (U.S.), LP  14,360,178   15.35% CFM Discus Fund LTD  5,578,799   5.96% Global Commodity Systematic LP  9,546,536   10.20% HFR MF Diversified Select Master Trust  13,596,505   14.53% Man-AHL Diversified II LP  16,333,450   17.46% Robeco Transtrend Diversified Fund LLC  9,650,105   10.32% TOTAL $93,558,791   100.00%  † *ADF Trading Company I and ADF Trading Company II (each a “Trading Company” and together “Trading Companies”) are limited liability companies established by the 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 Managing Partner and the Chief Compliance 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, 2009, 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, 2009 that have materially affected or are reasonably likely to materially affect the Fund's internal control over financial reporting.   **PART II – OTHER INFORMATION** Item 1.  Legal Proceedings. The 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, 2008.  *Return to Table of Contents*  -13- Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds. From January 1, 2009 through March 31, 2009, a total of 51,923 Units were sold for the aggregate net subscription amount of $6,815,140.  Units were only sold to “accredited investors” as that term is defined in Regulation D of the Securities Act of 1933, as amended (the “Securities Act”).  Details of the sale of these interests are as follows:  Date of Sale   Class of Units   Subscription Amount   Number of Units   Price Per Unit  01/01/2009   Class A  $369,000   3,026.06   $121.94  01/01/2009   Class B   1,233,000   9,234.83   $133.53  02/01/2009   Class A   205,550   1,697.40   $121.10  02/01/2009   Class B   1,679,875   12,647.22   $121.83  03/01/2009   Class A   75,000   626.11   $119.79  03/01/2009   Class B   3,202,105   24,334.65   $131.61  03/01/2009   Class C   50,000   356.89   $140.10         $6,815,140   51,923.16      (b)Underwriters and Other Purchasers.   The Units were not publicly offered.  Units were sold only to accredited investors.  (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 interests were sold pursuant to Rule 506 of Regulation D and the sales were exempt from registration under the Securities Act of 1933.  (e)Terms of Conversion or Exercise.   Not applicable.  (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 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 the Managing Member, any affiliate or employee of the Managing Member or any other party, and will not invest in equity securities without prior notice to Members.  The Managing Member will not commingle the property of the Fund with the property of any other person or entity. *Return to Table of Contents*  -14- Item 3.  Defaults Upon Senior Securities. None. Item 4.  Submission of Matters to a Vote of Security Holders. None. 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. 10.1* Investment Advisory Agreement and Discretionary Trading Authorization  between Welton Investment Corporation and ADF Trading Company I, LLC dated December 1, 2008.  10.2* Trading Advisory Agreement between the Thor Asset Management USA, LLC (now known as Systematic Alpha Management USA LLC) and ADF Trading Company II, LLC dated December 1, 2008.  31.1 Certification of the Managing Partner of the 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 Chief Compliance Officer of the 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 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 Chief Compliance Officer of the Managing Member Pursuant to 18 U.S.C. Section 1350,                as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. * *Certain information in this exhibit has been redacted and filed separately with the Securities & Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.*  *Return to Table of Contents* -15-  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 15, 2009    Aspen Diversified Fund LLC   By:Aspen Partners, Ltd., Managing Member      /s/ Adam Langley  Adam Langley  Chief Compliance Officer  *Return to Table of Contents* -16-  |