| ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |
|--------|------------------------------------------------------------------------------------------|
|   |
|   | For the quarterly period ended: June 30, 2008                                            |
|   |
| 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) |   |

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|                                                                                                                                                                                                                                                                                                                                            |                        |   |                                 |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|--------|--------------------------------------|
| 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 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                   |
|                                                                                                                                                                                                                                                                                                                                            | ýNon-Accelerated Filer |   | oSmall Business Company              |
|                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                            |
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                            |                        |   | oYes    ýNo |

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**Table of Contents**

|                                     |                                                                                                           |     |
|------------------------------------------|----------------------------------------------------------------------------------------------------------------|----------|
|                                     |                                                                                                           |     |
| **PART I – FINANCIAL INFORMATION** |
|                                     |                                                                                                           | Page No. |
|                                     |                                                                                                           |     |
| Item 1                                   | Financial Statements                                                                                           |     |
|                                     |                                                                                                           |     |
|                                     | Statements of Assets and Liabilities as of June 30, 2008 and December 31, 2007                                 | 1        |
|                                     |                                                                                                           |     |
|                                     | Statements of Operations                                                                                       | 2        |
|                                     |                                                                                                           |     |
|                                     | Statements of Changes in Net Assets for the                    six months ended June 30, 2008 and 2007         | 3        |
|                                     |                                                                                                           |     |
|                                     | Statements of Cash Flows for the six months                    ended June 30, 2008 and 2007                    | 4        |
|                                     |                                                                                                           |     |
|                                     | Notes to Financial Statements                                                                                  | 5        |
|                                     |                                                                                                           |     |
| Item 2                                   | Management’s Discussion and Analysis of Financial                    Condition and Results of Operations | 10       |
|                                     |                                                                                                           |     |
| Item 3                                   | Quantitative and Qualitative Disclosures about Market Risk                                                     | 10       |
|                                     |                                                                                                           |     |
| Item 4                                   | Controls and Procedures                                                                                        | 11       |
|                                     |                                                                                                           |     |
|                                     |                                                                                                           |     |
| **PART II – OTHER INFORMATION**    |
|                                     |                                                                                                           | Page No. |
|                                     |                                                                                                           |     |
| Item 1                                   | Legal Proceedings                                                                                              | 11       |
|                                     |                                                                                                           |     |
| Item 1A                                  | Risk Factors                                                                                                   | 11       |
|                                     |                                                                                                           |     |
| Item 2                                   | Unregistered Sales of Equity Securities and Use of Proceeds                                                    | 11       |
|                                     |                                                                                                           |     |
| Item 3                                   | Defaults Upon Senior Securities                                                                                | 13       |
|                                     |                                                                                                           |     |
| Item 4                                   | Submission of Matters to a Vote of Security Holders                                                            | 13       |
|                                     |                                                                                                           |     |
| Item 5                                   | Other Information                                                                                              | 13       |
|                                     |                                                                                                           |     |
| Item 6                                   | Exhibits                                                                                                       | 13       |

----

**PART I – FINANCIAL INFORMATION**

Item 1.  Financial Statements.

Aspen Diversified Fund LLC

|                                                             |                                                                                     |   |        | June 30, 2008(Unaudited) |   |   |       | December 31, 2007 |   |
|------------------------------------------------------------------|------------------------------------------------------------------------------------------|--------|-------------|--------------------------|--------|--------|------------|-------------------|--------|
| ASSETS                                                           |                                                                                     |   |        |                     |   |   |       |              |
|                                                             |                                                                                     |   |        |                     |   |   |       |              |   |
| Investments in investment funds–at fair value–Note B |                                                                                     |   |        |                     |   |   |       |              |
|                                                             | (cost: $81,155,036 and $75,148,450 at June 30, 2008 and December 31, 2007, respectively) |   | $           | 106,722,761              |   |   | $          | 86,543,576        |   |
| Cash and cash equivalents                                        |                                                                                     |   | 1,120,475   |                     |   |   | 1,086,449  |              |
| Interest and other receivables                                   |                                                                                     |   | 1,563       |                     |   |   | 4,473      |              |
| Investments in transit                                           |                                                                                     |   | 3,900,000   |                     |   |   | 1,550,000  |              |
|                                                             |                                                                                     |   |        |                     |   |   |       |              |   |
| Total assets                                                     |                                                                                     | $      | 111,744,799 |                     |   | $      | 89,184,498 |              |
|                                                             |                                                                                     |   |        |                     |   |   |       |              |   |
| LIABILITIES AND NET ASSETS                                       |                                                                                     |   |        |                     |   |   |       |              |
|                                                             |                                                                                     |   |        |                     |   |   |       |              |   |
| Liabilities                                                      |                                                                                     |   |        |                     |   |   |       |              |
|                                                             | Commissions payable                                                                      |   | $           | 8,099                    |   |   | $          | 10,403            |   |
|                                                             | Management, incentive and administrative fees payable                                    |   |        | 240,254                  |   |   |       | 210,921           |   |
|                                                             | Membership redemptions payable                                                           |   |        | 622,817                  |   |   |       | 778,097           |   |
|                                                             | Capital contributions received in advance of admission date                              |   |        | 2,879,379                |   |   |       | 2,211,825         |   |
| Total liabilities                                                |                                                                                     |   | 3,750,549   |                     |   |   | 3,211,246  |              |
|                                                             |                                                                                     |   |        |                     |   |   |       |              |   |
| Net assets                                                       |                                                                                     |   | 107,994,250 |                     |   |   | 85,973,252 |              |
|                                                             |                                                                                     |   |        |                     |   |   |       |              |   |
| Total liabilities and net assets                                 |                                                                                     | $      | 111,744,799 |                     |   | $      | 89,184,498 |              |

*Return to Table of Contents*

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Aspen Diversified Fund LLC

|                                                 |                           |   |      | For the threemonths endedJune 30, 2008(Unaudited) |   |   |      | For the threemonths endedJune 30, 2007 |   |   |       | For the sixmonths endedJune 30, 2008(Unaudited) |   |   |      | For the sixmonths endedJune 30, 2007 |   |
|------------------------------------------------------|--------------------------------|--------|-----------|---------------------------------------------------|--------|--------|-----------|----------------------------------------|--------|--------|------------|-------------------------------------------------|--------|--------|-----------|--------------------------------------|--------|
| Investment income                                    |                           |
|                                                 |
| Realized and unrealized gains on investments         |                           |
|                                                 | Realized gain on investments   |   | $         | 543,741                                           |   |   | $         | 6,282,967                              |   |   | $          | 1,336,587                                       |   |   | $         | 45,519                               |   |
|                                                 | Unrealized gain on investments |   |      | 2,728,594                                         |   |   |      | -0-                                    |   |   |       | 10,172,598                                      |   |   |      | 4,677,405                            |   |
| Net realized and unrealized gain on investments      |                           |   | 3,272,335 |                                              |   |   | 6,282,967 |                                   |   |   | 11,509,185 |                                            |   |   | 4,722,924 |                                 |
| Interest income                                      |                           |   | 3,129     |                                              |   |   | 7,527     |                                   |   |   | 20,525     |                                            |   |   | 22,391    |                                 |
| Total net investment income                          |                           |   | 3,275,464 |                                              |   |   | 6,290,494 |                                   |   |   | 11,529,710 |                                            |   |   | 4,745,315 |                                 |
|                                                 |
| Operating expenses                                   |                           |
|                                                 | Management and incentive fees  |   |      | 325,477                                           |   |   |      | 335,196                                |   |   |       | 1,261,070                                       |   |   |      | 522,962                              |   |
|                                                 | Administrative fees            |   |      | 160,803                                           |   |   |      | 109,414                                |   |   |       | 311,651                                         |   |   |      | 205,481                              |   |
|                                                 | Bank fees                      |   |      | 1,821                                             |   |   |      | 1,311                                  |   |   |       | 3,732                                           |   |   |      | 2,998                                |   |
|                                                 | Trailing commissions           |   |      | 24,043                                            |   |   |      | 13,623                                 |   |   |       | 45,184                                          |   |   |      | 23,539                               |   |
| Total operating expenses                             |                           |   | 512,144   |                                              |   |   | 459,544   |                                   |   |   | 1,621,637  |                                            |   |   | 754,980   |                                 |
|                                                 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |                           | $      | 2,763,320 |                                              |   | $      | 5,830,950 |                                   |   | $      | 9,908,073  |                                            |   | $      | 3,990,335 |                                 |

*Return to Table of Contents*

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Aspen Diversified Fund LLC

|                              |   |   |        | For the sixmonths endedJune 30, 2008(Unaudited) |   |   |       | For the sixmonths endedJune 30, 2007 |   |
|-----------------------------------|--------|--------|-------------|-------------------------------------------------|--------|--------|------------|--------------------------------------|--------|
|                              |
| Net assets at beginning of period |   | $      | 85,973,252  |                                            |   | $      | 53,322,618 |                                 |
|                              |
| Capital contributions             |   |   | 16,351,233  |                                            |   |   | 15,694,170 |                                 |
|                              |
| Redemptions                       |   |   | (4,238,308  | )                                               |   |   | (2,452,458 | )                                    |
|                              |
| Net increase from operations      |   |   | 9,908,073   |                                            |   |   | 3,990,335  |                                 |
|                              |
| Net assets at end of period       |   | $      | 107,994,250 |                                            |   | $      | 70,554,665 |                                 |

*Return to Table of Contents*

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Aspen Diversified Fund LLC

|                                             |                                                                                                                              |                                             |        |       | For the sixmonths endedJune 30, 2007(Unaudited) |   |        |       | For the sixmonths endedJune 30, 2007 |   |
|--------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|-------------|------------|-------------------------------------------------|--------|-------------|------------|--------------------------------------|--------|
| CASH FLOWS FROM OPERATING ACTIVITIES             |                                                                                                                              |                                             |        |       |                                            |   |        |       |
|                                             |
|                                             | Net increase in net assets resulting from operations                                                                              |                                             | $           | 9,908,073  |                                            |   | $           | 3,990,335  |                                 |
|                                             |
|                                             | Adjustments to reconcile ‘net increase in net assets resulting from operations’ to cash used in operating activities: |                                             |
|                                             |                                                                                                                              | Increase in investments in investment funds      |        |       | (16,670,000                                     | )      |        |       | (17,754,519                          | )      |
|                                             |                                                                                                                              | Redemptions from investments in investment funds |        |       | 8,000,000                                       |   |        |       | 4,545,519                            |   |
|                                             |                                                                                                                              | Increase in realized gains                       |        |       | (1,336,587                                      | )      |        |       | (45,519                              | )      |
|                                             |                                                                                                                              | Increase in unrealized gains                     |        |       | (10,172,598                                     | )      |        |       | (4,677,405                           | )      |
|                                             |                                                                                                                              | Decrease in interest receivable                  |        |       | 2,910                                           |   |        |       | 4,386                                |   |
|                                             |                                                                                                                              | Increase in investments in transit               |        |       | (2,350,000                                      | )      |        |       | (5,771,000                           | )      |
|                                             |                                                                                                                              | (Decrease) increase in commissions payable       |        |       | (2,304                                          | )      |        |       | 2,610                                |   |
|                                             |                                                                                                                              | Increase in fees payable                         |        |       | 29,333                                          |   |        |       | 191,139                              |   |
|                                             |
| NET CASH USED IN OPERATING ACTIVITIES            |                                                                                                                              |                                             | (12,591,173 | )          |                                            |   | (19,514,454 | )          |
|                                             |
| CASH FLOWS FROM FINANCING ACTIVITIES             |                                                                                                                              |
|                                             |
|                                             | Capital contributions received from members                                                                                       |                                             |        | 17,018,787 |                                            |   |        | 21,892,861 |                                 |
|                                             | Membership redemptions                                                                                                            |                                             |        | (4,393,588 | )                                               |   |        | (2,136,426 | )                                    |
|                                             |
| NET CASH PROVIDED BY FINANCING ACTIVITIES        |                                                                                                                              |                                             | 12,625,199  |       |                                            |   | 19,756,435  |       |
|                                             |
| NET INCREASE IN CASH AND CASH EQUIVALENTS        |                                                                                                                              |                                             | 34,026      |       |                                            |   | 241,981     |       |
|                                             |
| Cash and cash equivalents at beginning of period |                                                                                                                              |                                             | 1,086,449   |       |                                            |   | 885,921     |       |
|                                             |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD       |                                                                                                                              | $                                                | 1,120,475   |       |                                            | $      | 1,127,902   |       |

*Return to Table of Contents*

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Aspen Diversified Fund LLC

*Return to Table of Contents*

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|                                     |   | Net Investment Income(for the six monthsended June 30, 2008) |   |   |   | Cost Basisas of June 30, 2008 |   |   |   | Fair Valueas of June 30, 2008 |   |   |   | % of Fund’sNet Assets |   |
|------------------------------------------|--------|--------------------------------------------------------------|--------|--------|--------|-------------------------------|--------|--------|--------|-------------------------------|--------|--------|--------|-----------------------------|--------|
| APM Hedged Global Commodity Fund, LDC    | $      | 1,559,350                                                    |   |   | $      | 11,600,980                    |   |   | $      | 14,803,199                    |   |   |   | 13.71%                      |   |
| Aspect US Fund LLC                       |   | 1,778,289                                                    |   |   |   | 9,381,740                     |   |   |   | 11,763,105                    |   |   |   | 10.89%                      |   |
| Boronia Diversified Fund (U.S.), LP      |   | 332,602                                                      |   |   |   | 12,033,000                    |   |   |   | 14,019,761                    |   |   |   | 12.98%                      |   |
| CFM Discus Fund LTD                      |   | 327,425                                                      |   |   |   | 4,545,519                     |   |   |   | 5,223,310                     |   |   |   | 4.84%                       |   |
| FORT Global Contrarian, LP               |   | 517,410                                                      |   |   |   | 9,041,596                     |   |   |   | 9,911,074                     |   |   |   | 9.18%                       |   |
| Global Commodity Systematic LP           |   | 1,016,084                                                    |   |   |   | 6,355,000                     |   |   |   | 7,675,777                     |   |   |   | 7.11%                       |   |
| HFR MF Diversified Select Master Trust   |   | 2,846,079                                                    |   |   |   | 14,450,000                    |   |   |   | 20,180,212                    |   |   |   | 18.69%                      |   |
| Man-AHL Diversified II LP                |   | 1,377,632                                                    |   |   |   | 10,034,200                    |   |   |   | 12,619,415                    |   |   |   | 11.69%                      |   |
| Welton Global Capital Markets Fund, Ltd. |   | 1,754,314                                                    |   |   |   | 7,713,000                     |   |   |   | 10,526,908                    |   |   |   | 9.75%                       |   |
| TOTAL                                    | $      | 11,509,185                                                   |   |   |   | 85,155,035                    |   |   | $      | 106,722,761                   |   |   |   | 98.84%                      |   |
|                                     |
| Other assets, less liabilities           |   |                                                         |   |   |   |                          |   |   |   | 1,271,489                     |   |   |   | 1.16%                       |   |
|                                     |
| Net assets                               |   |                                                         |   |   |   |                          |   |   | $      | 107,994,250                   |   |   |   | 100.00%                     |   |

*Return to Table of Contents*

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|                            |   | Quoted Prices inActive Markets(Level 1) |   |   |   | Significant OtherObservable Inputs(Level 2) |   |   |   | SignificantUnobservable Inputs(Level 3) |   |
|---------------------------------|--------|-----------------------------------------|--------|--------|--------|---------------------------------------------|--------|--------|--------|-----------------------------------------|--------|
| Investments in investment funds | $      | -0-                                     |   |   | $      | 106,722,761                                 |   |   | $      | -0-                                     |   |

|                                     |   | Net Investment Income(for the six monthsended June 30, 2007) |   |   |   | Cost Basisas of December 31, 2007 |   |   |   | Fair Valueas of June 30, 2007 |   |   |   | % of Fund’sNet Assets |   |
|------------------------------------------|--------|--------------------------------------------------------------|--------|--------|--------|-----------------------------------|--------|--------|--------|-------------------------------|--------|--------|--------|-----------------------------|--------|
| APM Hedged Global Commodity Fund, LDC    | $      | 154,602                                                      |   |   | $      | 6,900,980                         |   |   | $      | 8,543,849                     |   |   |   | 9.94%                       |   |
| Aspect US Fund LLC                       |   | 817,069                                                      |   |   |   | 10,838,000                        |   |   |   | 11,984,816                    |   |   |   | 13.94%                      |   |
| Boronia Diversified Fund (U.S.), LP      |   | 242,104                                                      |   |   |   | 10,008,000                        |   |   |   | 11,662,159                    |   |   |   | 13.56%                      |   |
| CFM Discus Fund LTD                      |   | 262,415                                                      |   |   |   | 4,545,519                         |   |   |   | 4,895,885                     |   |   |   | 5.70%                       |   |
| FORT Global Contrarian, LP               |   | 1,189,621                                                    |   |   |   | 14,248,751                        |   |   |   | 15,393,664                    |   |   |   | 17.91%                      |   |
| Global Commodity Systematic LP           |   | 5,400                                                        |   |   |   | 1,780,000                         |   |   |   | 2,084,694                     |   |   |   | 2.42%                       |   |
| HFR MF Diversified Select Master Trust   |   | 813,543                                                      |   |   |   | 13,450,000                        |   |   |   | 16,334,133                    |   |   |   | 19.00%                      |   |
| Man-AHL Diversified II LP                |   | 406,485                                                      |   |   |   | 5,664,200                         |   |   |   | 6,871,782                     |   |   |   | 7.99%                       |   |
| Welton Global Capital Markets Fund, Ltd. |   | 831,685                                                      |   |   |   | 7,713,000                         |   |   |   | 8,772,594                     |   |   |   | 10.20%                      |   |
| TOTAL                                    | $      | 4,722,924                                                    |   |   |   | 75,148,450                        |   |   | $      | 86,543,576                    |   |   |   | 100.66%                     |   |
|                                     |
| Other assets, less liabilities           |   |                                                         |   |   |   |                              |   |   |   | (570,324                      | )      |   |   | (0.66%                      | )      |
|                                     |
| Net assets                               |   |                                                         |   |   |   |                              |   |   | $      | 85,973,252                    |   |   |   | 100.00%                     |   |

*Return to Table of Contents*

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| Investment Fund                            |   | Investment Objective                  |   | Redemptions Permitted |   |
|--------------------------------------------|--------|---------------------------------------|--------|-----------------------|--------|
| APM Hedged Global Commodity Fund, LDC      |   | Fixed Income Specialists              |   | Quarterly             |   |
| Aspect US Fund LLC                         |   | Diversified Long-Term Trend Follower  |   | Monthly               |   |
| Boronia Diversified Fund (U.S.), LP        |   | Diversified Short-Term Trend Follower |   | Monthly               |   |
| CFM Discus Fund LTD                        |   | Diversified Short-Term Trend Follower |   | Monthly               |   |
| FORT Global Contrarian, LP                 |   | Contra-Trend                          |   | Monthly               |   |
| Global Commodity Systematic LP (A-2 Units) |   | Physical Commodity Specialists        |   | Monthly               |   |
| Global Commodity Systematic LP (B-2 Units) |   | 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               |   |
| Welton Global Capital Markets Fund, Ltd.   |   | Diversified Long-Term Trend Follower  |   | Monthly               |   |