**UNITED STATES SECURITIESAND EXCHANGE COMMISSION**

**Washington, D.C.20549**

**FORM 10-Q**
| **(Mark One)**                                                                                                                                                                                                                                                                                                     |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **x**                                                                                                                                                                                                                                                                                                              | ** ** | **QUARTERLY REPORT PURSUANT TO  SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT OF 1934** |
| **For the quarterly period ended  June 30, 2007**                                                                                                                                                                                                                                                                  |
| **                                                  OR** |
| **o**                                                                                                                                                                                                                                                                                                              | ** ** | **TRANSITION REPORT PURSUANT TO  SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT OF 1934** |

** **

**For the transition period from                to**

**Commission File Number 0-52701**

# **ML TRANSTREND DTP ENHANCED FUTURESACCESS LLC**

(Exact Name ofRegistrant as

specified in its charter)

| **Delaware**                     | ** ** | **30-0408288**                     |
|----------------------------------|------------|------------------------------------|
| (State or other  jurisdiction of |       | (IRS Employer  Identification No.) |
| incorporation or  organization)  |       |                               |

 

**c/o Merrill Lynch AlternativeInvestments LLC**

**Princeton Corporate Campus**

**800 Scudders Mill Road -  Section 2G**

**Plainsboro,New Jersey 08536**

(Address ofprincipal executive offices)

(Zip Code)

**609-282-6091**

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) hasfiled all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter periodthat the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days.

Yes  x   No o

Indicate by check mark whether the registrant is alarge accelerated filer, an accelerated filer, or a non-accelerated filer.  See definition of “accelerated filer and largeaccelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o   Acceleratedfiler o   Non-accelerated filer x

Indicate by check mark whether registrant is a shellcompany (as defined by Rule 12b-2 of the Exchange Act).

Yes o   No x

Indicate by check mark whether the registrant hasfiled all documents and reports required to be filed by Sections 12, 13 or15(d) of the Securities Exchange Act of 1934 subsequent to the distribution ofsecurities under a plan confirmed by a court.

Yes o   No o

 

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**ML TRANSTREND DTP ENHANCED FUTURESACCESS LLC**

QUARTERLY REPORT FOR JUNE 30, 2007 ON FORM 10-Q

Table of Contents
|         | ** ** | ** **                                                                                  | ** ** | **Page** |
|---------|------------|---------------------------------------------------------------------------------------------|------------|----------|
| PART I  |
|    |       |                                                                                        |       |     |
| Item 1. |       | Financial Statements                                                                        |       | 1        |
|    |       |                                                                                        |       |     |
| Item 2. |       | Management’s Discussion and Analysis of Financial  Condition and Results of Operations |       | 7        |
|    |       |                                                                                        |       |     |
| Item 3. |       | Quantitative and Qualitative Disclosures About  Market Risk                                 |       | 8        |
|    |       |                                                                                        |       |     |
| Item 4. |       | Controls and Procedures                                                                     |       | 10       |
|    |       |                                                                                        |       |     |
| PART II |
|    |       |                                                                                        |       |     |
| Item 1. |       | Legal Proceedings                                                                           |       | 12       |
|    |       |                                                                                        |       |     |
| Item 2. |       | Unregistered Sales of Equity Securities and Use of  Proceeds                                |       | 12       |
|    |       |                                                                                        |       |     |
| Item 3. |       | Defaults Upon Senior Securities                                                             |       | 12       |
|    |       |                                                                                        |       |     |
| Item 4. |       | Submission of Matters to a Vote of Security Holders                                         |       | 12       |
|    |       |                                                                                        |       |     |
| Item 5. |       | Other Information                                                                           |       | 12       |
|    |       |                                                                                        |       |     |
| Item 6. |       | Exhibits                                                                                    |       | 13       |

 

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PART I - FINANCIALINFORMATION

Item1.    Financial Statements

ML TRANSTREND DTPENHANCED FUTURESACCESS LLC

(a Delaware Limited Liability Company)

STATEMENT OFFINANCIAL CONDITION

(unaudited)
| ** **                                                                                | ** ** | **June 30,  2007** | ** **  |
|-------------------------------------------------------------------------------------------|------------|-------------------------|-------------|
|                                                                                      |       |                    |        |
| **ASSETS:**                                                                               | ** ** | ** **              | ** **  |
| Equity in commodity  futures trading accounts:                                            |       |                    |        |
| Cash (including  restricted cash of $21,900,963)                                          |       | $                       | 125,738,655 |   |
| Net unrealized  profit on open contracts                                                  |       | 9,441,155               |        |
| Subscriptions  receivable                                                                 |       | 1,913,460               |        |
| Accrued interest  receivable                                                              |       | 1,038,370               |        |
| Deferred initial  offering costs                                                          |       | 37,500                  |        |
| **TOTAL  ASSETS**                                                                         |       | $                       | 138,169,140 |   |
|                                                                                      |       |                    |        |
| **LIABILITIES AND MEMBERS’  CAPITAL**                                                | ** ** | ** **              | ** **  |
| LIABILITIES:                                                                              |       |                    |        |
| Brokerage  commissions payable                                                            |       | $                       | 81,097      |   |
| Management fee  payable                                                                   |       | 126,105                 |        |
| Initial offering  costs payable                                                           |       | 50,000                  |        |
| Incentive fee  payable                                                                    |       | 2,057,451               |        |
| Redemptions payable                                                                       |       | 5,339,715               |        |
| Other                                                                                     |       | 33,155                  |        |
|                                                                                      |       |                    |        |
| Total  liabilities                                                                        |       | 7,687,523               |        |
|                                                                                      |       |                    |        |
| MEMBERS’ CAPITAL:                                                                    |       |                    |        |
|  Members’ Interest (112,186,563 Units  outstanding, unlimited units authorized) |       | 130,481,617             |        |
| Total members’  capital                                                              |       | 130,481,617             |        |
|                                                                                      |       |                    |        |
| **TOTAL  LIABILITIES AND MEMBERS’ CAPITAL**                                          |       | $                       | 138,169,140 |   |
|                                                                                      | ** ** | ** **              | ** **  |
| **NET ASSET VALUE PER UNIT (NOTE 2)**                                                     | ** ** | ** **              | ** **  |

 

See notes to financialstatements.

1

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ML TRANSTREND DTPENHANCED FUTURESACCESS LLC

(a Delaware Limited Liability Company)

STATEMENT OFOPERATIONS

(unaudited)
| ** **                                    | ** ** | **For the period  April 1, 2007  (commencement  of operations)  to June 30, 2007** | ** ** |
|-----------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------|------------|
| **TRADING PROFIT:**                           | ** ** | ** **                                                                                                                 | ** ** |
|                                          |       |                                                                                                                       |       |
| Realized                                      |       | $                                                                                                                          | (785,673   | ) |
| Change in  unrealized                         |       | 9,441,155                                                                                                                  |       |
| Brokerage  commissions                        |       | (205,803                                                                                                                   | )          |
|                                          |       |                                                                                                                       |       |
| Total trading  profit                         |       | 8,449,679                                                                                                                  |       |
|                                          |       |                                                                                                                       |       |
| **INVESTMENT INCOME:**                        | ** ** | ** **                                                                                                                 | ** ** |
| Interest                                      |       | 1,138,374                                                                                                                  |       |
|                                          |       |                                                                                                                       |       |
| **EXPENSES:**                                 | ** ** | ** **                                                                                                                 | ** ** |
| Management fee                                |       | 169,683                                                                                                                    |       |
| Incentive fee                                 |       | 2,061,085                                                                                                                  |       |
| Other                                         |       | 45,655                                                                                                                     |       |
|                                          |       |                                                                                                                       |       |
| Total expenses                                |       | 2,276,423                                                                                                                  |       |
|                                          |       |                                                                                                                       |       |
| **NET INVESTMENT LOSS**                       |       | (1,138,049                                                                                                                 | )          |
|                                          |       |                                                                                                                       |       |
| **NET INCOME**                                |       | $                                                                                                                          | 7,311,630  |   |
|                                          |       |                                                                                                                       |       |
| **NET INCOME PER UNIT:**                      | ** ** | ** **                                                                                                                 | ** ** |
|                                          |       |                                                                                                                       |       |
| Weighted average number  of Units outstanding |       |                                                                                                                       |       |
| Class D-SM                                    |       | 11,794,741                                                                                                                 |       |
| Class D-TF                                    |       | 105,166,376                                                                                                                |       |
|                                          |       |                                                                                                                       |       |
| Net Income per weighted  average Unit         |       |                                                                                                                       |       |
| Class D-SM                                    |       | $                                                                                                                          | 0.1918     |   |
| Class D-TF                                    |       | $                                                                                                                          | 0.0480     |   |

 

See notes to financialstatements.

2

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ML TRANSTREND DTPENHANCED FUTURESACCESS LLC

(a Delaware Limited Liability Company)

STATEMENT OFCHANGES IN MEMBERS’ CAPITAL

For the periodApril 1, 2007(commencement of operations) to June 30, 2007 

(unaudited)
| ** **                | ** ** | ** **                | ** ** | ** **        | ** ** | ** **      | ** ** | **Members’ Capital** | ** ** |
|---------------------------|------------|---------------------------|------------|-------------------|------------|-----------------|------------|--------------------------------|------------|
| ** **                | ** ** | **Initial Offering** | ** ** | **Subscriptions** | ** ** | **Redemptions** | ** ** | **June 30, 2007**    | ** ** |
|                      |       |                      |       |              |       |            |       |                           |       |
| Class D-SM                |       | 12,000,000                |       | —            |       | (375,815        | )          | 11,624,185                     |       |
| Class D-TF                |       | 105,166,376               |       | —            |       | (4,603,998      | )          | 100,562,378                    |       |
|                      |       |                      |       |              |       |            |       |                           |       |
| Total Members’ Units |       | 117,166,376               |       | —            |       | (4,979,813      | )          | 112,186,563                    |       |

 
| ** **                   | ** ** | ** **                | ** **  | ** **        | ** ** | ** **      | ** ** | ** **          | ** ** | **Members’ Capital** | ** ** |
|------------------------------|------------|---------------------------|-------------|-------------------|------------|-----------------|------------|---------------------|------------|--------------------------------|------------|
| ** **                   | ** ** | **Initial Offering** | ** **  | **Subscriptions** | ** ** | **Redemptions** | ** ** | **Net Income** | ** ** | **June 30, 2007**    | ** ** |
|                         |       |                      |        |              |       |            |       |                |       |                           |       |
| Class D-SM                   |       | $                         | 12,000,000  |              | $          | —          |       | $                   | (403,756   | )                              | $          | 2,262,521 |   | $ | 13,858,765 |   |
| Class D-TF*                  |       | 116,913,460               |        | —            |       | (5,339,717      | )          | 5,049,109           |       | 116,622,852                    |       |
|                         |       |                      |        |              |       |            |       |                |       |                           |       |
| Total Members’ Interest |       | $                         | 128,913,460 |              | $          | —          |       | $                   | (5,743,473 | )                              | $          | 7,311,630 |   | $ | 130,481,617 |   |

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*Class commenced on June1, 2007

See notes to financialstatements.

3

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ML TRANSTREND DTPENHANCED FUTURESACCESS LLC 

(a Delaware Limited Liability Company)

NOTES TO FINANCIALSTATEMENTS

(unaudited)

1.     SUMMARY OF SIGNIFICANTACCOUNTING POLICIES

In the opinion ofmanagement, the financial statements contain all adjustments necessary topresent fairly the financial position of ML Transtrend DTP EnhancedFuturesAccess LLC (the “Fund”) as of June 30, 2007, and the results of itsoperations for the six months ended June 30, 2007.  However, the operating results for theinterim period may not be indicative of the results for the full year. The Fundcommenced operations on April 1, 2007 and has a fiscal year end of December 31.

Certaininformation and footnote disclosures normally included in annual financialstatements prepared in accordance with accounting principles generally acceptedin the United States of America (“US GAAP”) have been omitted.  It is suggested that these financialstatements be read in conjunction with Fund’s Form 10 filed with the Securitiesand Exchange Commission.

2.               NET ASSET VALUE PERUNIT

For financial reporting purposes, in conformity withUS GAAP, the Fund amortizes over a twelve-month period the initial offeringcosts for purposes of determining Net Asset Value. Such costs initially werepaid by Merrill Lynch Alternative Investments (“MLAI”).  For all other purposes, including computingNet Asset Value for purposes of member subscription and redemption activity,such costs are amortized over 60 months. Consequently, the Net Asset Value andNet Asset Value per Unit of the different Classes for financial reportingpurposes and for all other purposes are as follows:

At June 30, 2007 the Net Asset Values of the differentClasses of Units are as follows:
|             | ** ** | **Net Asset Value**    | ** **  | ** **                   | ** ** | **Net Asset Value per Unit** | ** ** |
|-------------|------------|----------------------------------|-------------|------------------------------|------------|--------------------------------------------------|------------|
| ** **  | ** ** | **All Other Purposes** | ** **  | **Financial Reporting** | ** ** | **Number of Units**                    | ** ** | **All Other Purposes** | ** ** | **Financial Reporting** | ** ** |
| Class D-SM  |       | $                                | 13,858,343  |                         | $          | 13,858,765                                       |       | 11,624,185 |   | $ | 1.1922 |   | $ | 1.1922 |   |
| Class D-TF* |       | 116,633,274                      |        | 116,622,852                  |       | 100,562,378                                      |       | 1.1598 |   | 1.1597 |   |
|        |       | $                                | 130,491,617 |                         | $          | 130,481,617                                      |       | 112,186,563 |   |   |   |   |   |
|             |            |                                  |             |                              |            |                                                  |            |  |  |  |  |  |  |  |  |

----

* Class commencedon June 1, 2007

4

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3.               MARKET AND CREDIT RISKS

The nature of this Fund hascertain risks, which cannot be presented on the financial statements.  The following summarizes some of those risks.

Market Risk

Derivative instrumentsinvolve varying degrees of market risk. Changes in the level or volatility of interest rates, foreign currencyexchange rates or the market values of the financial instruments or commoditiesunderlying such derivative instruments frequently result in changes in the Fund’sNet unrealized profit on such derivative instruments as reflected in theStatement of Financial Condition.  TheFund’s exposure to market risk is influenced by a number of factors, includingthe relationships among the derivative instruments held by the Fund as well asthe volatility and liquidity of the markets in which the derivative instrumentsare traded. Investments in foreign markets may also entail legal and politicalrisks.

The Sponsor of theFund, MLAI, has procedures in place intended to control market risk exposure,although there can be no assurance that they will, in fact, succeed in doingso.  These procedures focus primarily onmonitoring the trading of Transtrend B.V., the trading advisor, calculating theNet Asset Value of the Fund as of the close of business on each day andreviewing outstanding positions for over-concentrations.  While MLAI does not intervene in the marketsto hedge or diversify the Fund’s market exposure, MLAI may urge Transtrend B.V.to reallocate positions in an attempt to avoid over-concentrations.  However, such interventions are expected tobe unusual.  It is expected that MLAI’sbasic risk control procedures will consist of the ongoing process of advisormonitoring, with the market risk controls being applied by Transtrend B.V.

Credit Risk

The risksassociated with exchange-traded contracts are typically perceived to be lessthan those associated with over-the-counter (non-exchange-traded) transactions,because exchanges typically provide clearinghouse arrangements in which thecollective credit (in some cases limited in amount, in some cases not) of themembers of the exchange is pledged to support the financial integrity of theexchange.  In over-the-counter transactions,on the other hand, traders must rely solely on the credit of their respectiveindividual counterparties. Margins, which may be subject to loss in the eventof a default, are generally required in exchange trading, and counterpartiesmay also require margin in the over-the-counter markets.

The credit riskassociated with these instruments from counterparty nonperformance is the Netunrealized profit, if any, included in the Statement of Financial Condition.The Fund attempts to mitigate this risk by dealing exclusively with MerrillLynch & Co. Inc. (“Merrill Lynch”) entities as clearing brokers.

The Fund, in its normal course of business, entersinto various contracts, with Merrill Lynch Pierce Fenner & Smith Inc. (“MLPF&S”)acting as its commodity broker.  Pursuantto the brokerage arrangement with MLPF&S (which includes a nettingarrangement), to the extent that such trading results in receivables from andpayables to MLPF&S, these receivables and payables are offset and reportedas a net receivable or payable and included in Equity in commodity futurestrading accounts in the Statement of Financial Condition.

5

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4.               RECENT ACCOUNTINGPRONOUNCEMENTS

InJune 2006, the Financial Accounting Standards Board (“FASB”) issuedInterpretation No.48 (“FIN 48”), Accounting for Uncertainty in Income Taxes —an interpretation of FASB Statement No.109. In May 2007, FASB amended thisguidance by issuing FASB Staff Position No. FIN 48-1, Definition of settlementin FASB Interpretation No. 48. FIN 48, as amended, prescribes the minimumrecognition threshold a tax position must meet in connection with accountingfor uncertainties in income tax positions taken or expected to be taken by anentity before being measured and recognized in the financial statements.Adoption of FIN 48, as amended, is required for fiscal years beginning afterDecember 15, 2006. The Fund has evaluated its tax positions and has determinedthat the implementation of this pronouncement does not have a material impactto the financial statements.

In September 2006, the FASB issued Statement ofFinancial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). FAS 157 establishes a common definition for fair value under accountingprinciples generally accepted in the United States of America, establishes aframework for measuring fair value and expands disclosure requirements aboutsuch fair value measurements.  FAS 157 is effective for fiscal yearsbeginning after November 15, 2007.  The Fund is currently evaluating theimpact of adopting FAS 157 on its financial statements.

6

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Item 2:            Management’sDiscussion and Analysis of Financial Condition and Results of Operations

MONTH-END NETASSET VALUE PER UNIT

(NON US GAAP)

MLAI believes that the Net Asset Value used tocalculate subscription and redemption value and to    report performance to investors throughoutthe period is the most valuable to the Members of the Fund.   Therefore, the charts below referencing NetAsset Value and performance measurements are based on the Net Asset Value for allother purposes, as discussed in Note 2 to the Financial Statements.

Class D-SM

|      | ** ** | **Apr.** | ** ** | **May.** | ** ** | **Jun.** | ** ** |
|------|------------|----------|------------|----------|------------|----------|------------|
| 2007 |       | 1.0532   |       | 1.1117   |       | 1.1922   |       |

 

Class D-TF

|      | ** ** | **Apr** | ** ** | **May** | ** ** | **Jun** | ** ** |
|------|------------|---------|------------|---------|------------|---------|------------|
| 2007 |       | N/A     |       | 1.1117  |       | 1.1598  |       |

 

Performance Summary

April 1, 2007 to June 30, 2007

The Fund postedprofits for the quarter with currencies, energy, and the interest rate sectorsposting gains while agriculture, stock indices and the metal sectors postedlosses.

The currencysector posted profits for the Fund.  Aslower growing pace of the economy in the United States pushed the U.S. dollarto a historic low against the Euro at the beginning of the quarter. Purchasesof Euros, British pounds, Australian and New Zealand dollars versus the U.S.dollar produced excellent profits. The currencies of emerging economies such asthe Hungarian forint, Turkish lira and Israel shekel also generated healthyprofits due to their appreciation against the U.S. dollar. Sales of theJapanese yen, which again weakened in relation to other important currencies,also appeared to be highly profitable. In relation to the Euro, gains wereearned on long positions in the Polish zloty. The weaker Japanese yen and thestronger Canadian dollar formed the basis of profits being posted to the Fundmid-quarter. Profits were also earned on short positions in the Japanese yenagainst the U.S. dollar and Mexican nuevo peso. The Canadian dollar also strengthened versus the British pound. Profitswere posted to the Fund at the quarters end due to the weakness of the Japaneseyen, which reached new historical lows versus various currencies. An unexpectedrate hike from the Central Bank of New Zealand caused an appreciation of thelocal currency as well as bringing up the Australian dollar. The appreciationof the British pound against the Swiss franc and the Euro also generatedprofits for the Fund.

The energy sector posted profits for the Fund. The price development ofvarious energy products showed a choppy course with small losses being postedat the beginning of the quarter through mid-quarter. Profits were posted at thequarters end trading in a difficult trading environment due to weatherconditions and geopolitical pressure.

The interest rate sector posted profits for the Fund. Positiveindications regarding the economic recovery in Europe led to rising interestrates in both the short- and long-term segments. Various short positions inseveral money and capital markets profited from this development. Also, asteepening yield curve in the Euro and the diminishing difference between euroand the U.S. dollar deposits were successfully exploited. After the Bank ofEngland was called to answer to the British Parliament in April regarding thehigh level of inflation, a rate hike was seen mid-quarter. Other majorcountries also experienced 

7

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rising money andcapital market rates on the basis of robust economic growth expectationscombined with increased inflationary pressures. Various short positions inmoney and capital market products were therefore very profitable. Sales ingovernment bond contracts in Australia, Germany, the United Kingdom and theUnited States all achieved good results at the quarter’s end. Profits were alsoearned with rising money market rates in Europe.

The agriculturalsector posted losses for the Fund.  Morethan usual rain and frost in North America and extreme drought in Europebrought an abrupt end to falling wheat prices at the beginning of the quarterwhich did not offset short sales that closed out with losses being post to theFund. Soybean purchases did return a profit mid-quarter due to rising pricesafter lower than expected crop prospects. Meat and hog purchases did not fareas well. Losses on corn purchases were partially offset by long positions in soybeansand wheat. The cluster eventually ended in the gain.

The metals sectorposted losses for the Fund. The metals markets at the beginning of the quarterachieved positive results with purchases of platinum, nickel and zinc whichcould not offset losses suffered on silver purchases. Purchases of metalcontracts were closed with losses due to earlier rising trends not continuingin May. The purchases of gold and silver, as well as copper and nickel, werehowever loss-making which produced losses being posted to the Fund at quarter’send.

Stock indicesposted losses for the Fund. Profits were posted to the Fund at the beginning ofquarter with purchases of various index futures, especially in Europe and theUnited States. Within Europe, positions in Germany, Switzerland and Sweden werethe lead performers. A climate of heightened merger and acquisition activityand a still relatively low interest rate perception gave enough impetus forfurther rises in stock market levels mid-quarter. Exceptional results wereachieved through purchases of broad-based indices in South Korea, as well asCanada, the United Kingdom and the United States. Chinese government officialshinted at the possibility to introduce various new regulations in June whichcould ease cross-border investment and at the same time narrow the gap betweenrespectively higher mainland China and lower Hong Kong equity valuations. Thelocal Chinese stock market fell harshly while a euphoric mood reigned over theHong Kong stock market, which led to existing long positions delivering profitsto the Fund. However, various stock markets in Europe and North Americasuffered under the weight of higher interest rates and worries regarding thehousing and mortgage market in the United States. As a consequence, the quarterended with losses being posted to the Fund.

Item3.            Quantitative and QualitativeDisclosures About Market Risk

The Fund is a speculative commodity pool. The market sensitiveinstruments held by it are acquired for speculative trading purposes and all orsubstantially all of the Fund’s assets are subject to the risk of tradingloss.  Unlike an operating company, therisk of market sensitive instruments is integral, not incidental, to the Fund’smain line of business.

Marketmovements result in frequent changes in the fair market value of the Fund’sopen positions and, consequently, in its earnings and cash flow. The Fund’smarket risk is influenced by a wide variety of factors, including the level andvolatility of interest rates, exchange rates, equity price levels, the marketvalue of financial instruments and contracts, the diversification effects amongthe Fund’s open positions and the liquidity of the markets in which it trades.

TheFund, under the direction of Transtrend B.V, rapidly acquires and liquidatesboth long and short positions in currency markets.  Consequently, it is not possible to predicthow a particular future market scenario will affect performance, and the Fund’spast performance is not necessarily indicative of its future results.

Valueat Risk is a measure of the maximum amount which the Fund could reasonably beexpected to lose in a given market sector. However, the inherent uncertainty ofthe Fund’s speculative trading and the 

8

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recurrencein the markets traded by the Fund of market movements far exceeding expectationscould result in actual trading or non-trading losses far beyond the indicatedValue at Risk or the Fund’s experience to date (i.e., “risk of ruin”). In lightof the foregoing, as well as the risks and uncertainties intrinsic to allfuture projections, the quantifications included in this section should not beconsidered to constitute any assurance or representation that the Fund’s lossesin any market sector will be limited to Value at Risk or by the Fund’s attemptsto manage its market risk.

Quantifying TheFund’s Trading Value At Risk

QuantitativeForward-Looking Statements

Thefollowing quantitative disclosures regarding the Fund’s market risk exposurescontain “forward-looking statement” within the meaning of the safe harbor formcivil liability provided for such statements by the Private SecuritiesLitigation Reform Act of 1995 (set forth in Section 27A of the Securities Actof 1933 and Section 21E of the Securities Exchange Act of 1934).  All quantitative disclosures in this sectionare deemed to be forward-looking statements for purposes of the safe harbor,except for statements of historical fact.

TheFund’s risk exposure in the various market sectors traded by Transtrend B.V isquantified below in terms of Value at Risk. Due to the Fund’s mark-to-market accounting, any loss in the fair valueof the Fund’s open positions is directly reflected in the Fund’s earnings(realized or unrealized) and cash flow (at least in the case of exchange-tradedcontracts in which profits and losses on open positions are settled dailythrough variation margin).

Exchangemaintenance margin requirements have been used by the Fund as the measure ofits Value at Risk.  Maintenance marginrequirements are set by exchanges to equal or exceed the maximum loss in thefair value of any given contract incurred in 95%-99% of the one-day timeperiods included in the historical sample (generally approximately one year)researched for purposes of establishing margin levels.  The maintenance margin levels are establishedby dealers and exchanges using historical price studies as well as anassessment of current market volatility (including the implied volatility ofthe options on a given futures contract) and economic fundamentals to provide aprobabilistic estimate of the maximum expected near-term one-day pricefluctuation.

In the case of market sensitive instruments which are notexchange-traded (almost exclusively currencies in the case of the Fund), themargin requirements for the equivalent futures positions have been used as Valueat Risk.  In those rare cases in which afutures-equivalent margin is not available, dealers’ margins have been used.

100% positive correlation in the different positions held in eachmarket risk category has been assumed. Consequently, the margin requirements applicable to the open contractshave been aggregated to determine each trading category’s aggregate Value atRisk.  The diversification effectsresulting from the fact that the Fund’s positions are rarely, if ever, 100%positively correlated have not been reflected.

9

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***TheFund’s Trading Value at Risk in Different Market Sectors***

The followingtable indicates the average, highest and lowest trading Value at Riskassociated with the Fund’s open positions by market category for the fiscalperiod. For the three months ended June 30, 2007, the Fund’s average Month-endNet Asset Value for all other purposes was approximately $41,949,971.

|                           | ** ** | **June 30, 2007**          | ** ** |
|---------------------------|------------|--------------------------------------|------------|
| **Market Sector**    | ** ** | **Average  Value at Risk** | ** ** | **% of Average  Capitalization** | ** ** | **Highest Value  At Risk** | ** ** | **Lowest Value  At Risk** | ** ** |
|                      |       |                                 |       |   |   |   |   |   |   |
| Agricultural  Commodities |       | $                                    | 152,354    |   | 0.36 | % | $ | 270,353 |   | $ | 8,631 |   |
| Energy                    |       | 80,087                               |       | 0.19 | % | 171,482 |   | 6,664 |   |
| Interest Rates            |       | 10,815,945                           |       | 25.78 | % | 16,669,580 |   | 2,023,152 |   |
| Metals                    |       | 19,095                               |       | 0.05 | % | 50,412 |   | — |   |
| Currencies                |       | 5,629                                |       | 0.01 | % | 15,604 |   | 310 |   |
| Stock Indices             |       | 1,562,695                            |       | 3.73 | % | 2,553,034 |   | 155,076 |   |
|                      |       |                                 |       |   |   |   |   |   |   |
| TOTAL                     |       | $                                    | 12,635,805 |   | 30.12 | % | $ | 19,730,465 |   | $ | 2,193,833 |   |

 

MaterialLimitations on Value at Risk as an Assessment of Market Risk

The facevalue of the market sector instruments held by the Fund is typically many timesthe applicable maintenance margin requirement (maintenance margin requirementsgenerally ranging between approximately 1% and 10% of contract face value) aswell as many times the capitalization of the Fund.  The magnitude of the Fund’s open positionscreates a “risk of ruin” not typically found in most other investmentvehicles.  Because of the size of itspositions, certain market conditions — unusual, but historically recurring fromtime to time — could cause the Fund to incur severe losses over a short periodof time.   The foregoing Value at Risktable — as well as the past performance of the Fund — gives no indication ofthis “risk of ruin.”

**Non-Trading Risk**

Foreign Currency Balances;Cash on Deposit with MLPF&S

The Fund has non-tradingmarket risk on its foreign cash balances not needed for margin. However, thesebalances (as well as the market risk they represent) are immaterial.

The Fund also hasnon-trading market risk on the approximately 90%-95% of its assets which areheld in cash at MLPF&S. The value of this cash is not interest ratesensitive, but there is cash flow risk in that if interest rates decline sowill the cash flow generated on these monies. This cash flow risk is immaterial.

Item 4.            Controlsand Procedures

MLAI, the Sponsorof ML Transtrend DTP Enhanced FuturesAccess LLC (the “Fund”), with theparticipation of the Sponsor’s Chief Executive Officer and the Chief FinancialOfficer, has evaluated the effectiveness of the design and operation of itsdisclosure controls and procedures with respect to the Fund as of the end ofthe period of this quarterly report, and, based on this evaluation, hasconcluded that these disclosure controls and procedures are effective.  Additionally, there were no significantchanges in the Fund’s internal controls or in other factors that couldsignificantly affect these controls subsequent to 

10

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the date of thisevaluation, including any corrective actions with regard to significantdeficiencies and material weaknesses.

11

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PART II - OTHERINFORMATION

Item 1.            LegalProceedings

On July 31, 2007, the CFTC issued an order against MLAI and an advisoryaffiliate, to which MLAI and the affiliate consented, containing findings,which MLAI and the affiliate neither admitted nor denied, that MLAI and theaffiliate filed with the NFA a number of annual reports for commodity pools forwhich they acted as commodity pool operators after the deadline established bythe CFTC’s regulations, in violation of CFTC Regulation 4.22(c). MLAI and theaffiliate were ordered to cease and desist from violating Regulation 4.22(c)and to pay a civil penalty in the amount of $500,000.

Item 2.            UnregisteredSales of Equity Securities and Use of Proceeds

(a) Issuance to accredited investors pursuant toRegulation D and Section 4(6) under the Securities Act.  The selling agent of the following Class ofUnits was MLPF&S.

CLASS C
| ** ** | ** ** | **Subscription  Amount** | ** ** | **Units**  | ** ** | **NAV (1)** | ** ** |
|------------|------------|--------------------------|------------|------------|------------|------------------|------------|
| Apr-07     |       | $                        | —     |       | —     |             | n/a        |   |
| May-07     |       | —                   |       | —     |       | n/a              |       |
| Jun-07     |       | —                   |       | —     |       | n/a              |       |
| Jul-07     |       | 385,000.00               |       | 385,000.00 |       | 1.0000           |       |
|            |            |                          |            |            |            |                  |            |  |

 

CLASS D-SM
| ** ** | ** ** | **Subscription  Amount** | ** ** | **Units** | ** ** | **NAV (1)** | ** ** |
|------------|------------|--------------------------|------------|-----------|------------|------------------|------------|
| Apr-07     |       | $                        | 12,000,000 |      | 12,000,000 |             | $          | 1.0000 |   |
| May-07     |       | —                   |       | —    |       | 1.0532           |       |
| Jun-07     |       | —                   |       | —    |       | 1.1117           |       |
| Jul-07     |       | 407,565                  |       | 341,860   |       | 1.1922           |       |
|            |            |                          |            |           |            |                  |            |  |  |

 

CLASS D-TF
| ** ** | ** ** | **Subscription  Amount** | ** ** | **Units**      | ** ** | **NAV (1)** | ** ** |
|------------|------------|--------------------------|------------|----------------|------------|------------------|------------|
| Apr-07     |       | $                        | —     |           | —     |             | n/a        |   |
| May-07     |       | —                   |       | —         |       | n/a              |       |
| Jun-07     |       | 116,913,460.00           |       | 105,166,376.00 |       | 1.1117           |       |
| Jul-07     |       | —                   |       | —         |       | —           |       |
|            |            |                          |            |                |            |                  |            |  |

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(1)Net Asset Value for all otherpurposes

(b)         None.

(c)          None.

Item 3.            Defaults UponSenior Securities

None.

Item 4.            Submission ofMatters to a Vote of Security Holders

None.

Item 5.            OtherInformation

None.

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Item 6.                                     Exhibits

The following exhibits are incorporated by referenceor are filed herewith to this Quarterly Report on Form 10-Q:

31.01 and

31.02               Rule13a-14(a)/15d-14(a) Certifications

Exhibit 31.01

and 31.02:      Are filed herewith.

32.01 and

32.02               Section1350 Certifications

Exhibit 32.01

and 32.02       Are filed herewith.

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**SIGNATURES**

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 theundersigned thereunto duly authorized.
|                       | ML TRANSTREND DTP ENHANCED FUTURESACCESS LLC |
|-----------------------|----------------------------------------------|
|                  |                                         |   |   |   |
|                  |                                         |   |   |   |
|                  |                                         | By: |   | MERRILL LYNCH ALTERNATIVE |   |
|                  |                                         |   |   | INVESTMENTS LLC |   |
|                  |                                         |   |   | (Manager) |   |
|                  |                                         |   |   |   |
|                  |                                         |   |   |   |
| Date: August 14, 2007 |                                         | By |   | /s/ ROBERT D. OLLWERTHER |
|                  |                                         |   |   | Robert D. Ollwerther |
|                  |                                         |   |   | Chief Executive Officer and President |
|                  |                                         |   |   | (Principal Executive Officer) |
|                  |                                         |   |   |   |
|                  |                                         |   |   |   |
| Date: August 14, 2007 |                                         |   |   |   |
|                  |                                         | By |   | /s/ BARBRA E. KOCSIS |
|                  |                                         |   |   | Barbra E. Kocsis |
|                  |                                         |   |   | Chief Financial Officer |
|                  |                                         |   |   | (Principal Financial and Accounting Officer) |

 

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