** **

** **

** **

**UNITEDSTATES SECURITIES AND EXCHANGE COMMISSION**

**Washington,D.C. 20549**

** **

**FORM 10-Q**

** **

**(MarkOne)**

 

| **x** | ** ** | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR  15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|-------|------------|--------------------------------------------------------------------------------------------------------|

 

**For the quarterly period ended March 31, 2009**

 

**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 0-52384**

 

# **ML TRANSTREND DTP ENHANCED FUTURESACCESS LLC**

(Exact Name of Registrantas

specified in its charter)

 

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

 

**c/o Merrill Lynch Alternative Investments LLC**

**Two World Financial Center, 7****th**** Floor**

**New York, New York 10281**

(Address of principalexecutive offices)

(Zip Code)

 

**212-236-2063**

(Registrant’s telephonenumber, including area code)

 

Indicate by checkmark whether the registrant (1) has filed all reports required to be filedby Section 13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filingrequirements for the past 90 days. Yes xNo o

 

Indicate by checkmark whether the Registrant has submitted electronically and posted on itscorporate Web site, if any, an Interactive Data File required to be submittedand posted pursuant to Rule 405 of Regulation S-T (§232.405 of thischapter) during the preceding 12 months (or for such shorter period that theRegistrant was required to submit and post such files). Yes o No o

 

Indicate by checkmark 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 acceleratedfiler,” “accelerated filer” and “smaller reporting company” in Rule 12b-2of the Exchange Act. (Check one):

 

| Large accelerated filer o                     |   | Accelerated filer o       |
|-----------------------------------------------|--------|---------------------------|
|                                          |   |                      |
| Non-accelerated filer x                       |   | Small reporting company o |
| (Do not check if a smaller reporting company) |   |                      |

 

Indicate by check mark whether registrant is a shellcompany (as defined by Rule 12b-2 of the Exchange Act). Yeso No x

 

The limited partnership units of the registrant are not publiclytraded. Accordingly, there is no aggregate market value for registrant’soutstanding equity that is readily determinable.

 

As of March 31, 2009, 134,889,557 units of membership wereoutstanding.

 

 

 

----

 

**ML TRANSTREND DTP ENHANCEDFUTURESACCESS LLC**

** **

QUARTERLY REPORT FOR MARCH 31,2009 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 | 12         |
|       |                                                                                        |       |
| Item  3.   | Quantitative  and Qualitative Disclosures About Market Risk                                 | 17         |
|       |                                                                                        |       |
| Item  4.   | Controls  and Procedures                                                                    | 20         |
|       |                                                                                        |       |
|       | PART II                                                                                |       |
|       |                                                                                        |       |
| Item  1.   | Legal  Proceedings                                                                          | 21         |
|       |                                                                                        |       |
| Item  1A.  | Risk  Factors                                                                               | 21         |
|       |                                                                                        |       |
| Item  2.   | Unregistered  Sales of Equity Securities and Use of Proceeds                                | 21         |
|       |                                                                                        |       |
| Item  3.   | Defaults  Upon Senior Securities                                                            | 22         |
|       |                                                                                        |       |
| Item  4.   | Submission  of Matters to a Vote of Security Holders                                        | 22         |
|       |                                                                                        |       |
| Item  5.   | Other  Information                                                                          | 22         |
|       |                                                                                        |       |
| Item  6.   | Exhibits                                                                                    | 22         |

 

----

 

PART I - FINANCIAL INFORMATION

 

Item 1.    FinancialStatements

 

ML TRANSTRENDDTP ENHANCED FUTURESACCESS LLC

(a DelawareLimited Liability Company)

 

STATEMENTS OFFINANCIAL CONDITION

(unaudited)

 
| ** **                                                                                                | ** ** | **March 31 ,  2009** | ** **  | **December 31 ,  2008** | ** ** |
|-----------------------------------------------------------------------------------------------------------|------------|--------------------------------|-------------|-----------------------------------|------------|
| **ASSETS:**                                                                                               |       |                           |        |                              |       |
| Equity in commodity futures trading  accounts:                                                            |       |                           |        |                              |       |
| Cash (including restricted cash of  $12,869,591 for 2009 and $15,307,220 for 2008)                        |       | $                              | 216,876,625 |                              | $          | 227,695,348 |   |
| Net unrealized profit on open contracts                                                                   |       | 62,045                         |        | 6,740,529                         |       |
| Cash                                                                                                      |       | 117,807                        |        | 27,291                            |       |
| Deferred initial offering costs                                                                           |       | —                         |        | —                            |       |
| Accrued interest                                                                                          |       | 2,043                          |        | 9,490                             |       |
|                                                                                                      |       |                           |        |                              |       |
| **TOTAL ASSETS**                                                                                          |       | $                              | 217,058,520 |                              | $          | 234,472,658 |   |
|                                                                                                      |       |                           |        |                              |       |
| **LIABILITIES AND MEMBERS’ CAPITAL:**                                                                |       |                           |        |                              |       |
| LIABILITIES:                                                                                              |       |                           |        |                              |       |
| Brokerage commissions payable                                                                             |       | $                              | 37,961      |                              | $          | 37,485 |   |
| Management fee payable                                                                                    |       | 293,165                        |        | 380,618                           |       |
| Sponsor fee payable                                                                                       |       | 32,868                         |        | 31,557                            |       |
| Redemptions payable                                                                                       |       | 1,160,347                      |        | 2,375,459                         |       |
| Performance fee payable                                                                                   |       | 5,425                          |        | 14,140,228                        |       |
| Initial offering costs payable                                                                            |       | 25,004                         |        | 50,005                            |       |
| Other                                                                                                     |       | 159,240                        |        | 122,182                           |       |
|                                                                                                      |       |                           |        |                              |       |
| Total liabilities                                                                                         |       | 1,714,010                      |        | 17,137,534                        |       |
|                                                                                                      |       |                           |        |                              |       |
| MEMBERS’ CAPITAL:                                                                                    |       |                           |        |                              |       |
| Members’ Interest (134,889,557 Units and  131,802,114 Units outstanding, unlimited Units authorized) |       | 215,344,510                    |        | 217,335,124                       |       |
| Total members’ capital                                                                               |       | 215,344,510                    |        | 217,335,124                       |       |
|                                                                                                      |       |                           |        |                              |       |
| **TOTAL LIABILITIES AND MEMBERS’ CAPITAL**                                                           |       | $                              | 217,058,520 |                              | $          | 234,472,658 |   |
| ** **                                                                                                | ** ** | ** **                     | ** **  | ** **                        | ** ** |
| **NET ASSET VALUE PER UNIT (SEE NOTE 4)**                                                                 |       |                           |        |                              |       |

 

See notes to financial statements.

 

1

----

 

ML TRANSTRENDDTP ENHANCED FUTURESACCESS LLC

(a DelawareLimited Liability Company)

 

STATEMENTS OFOPERATIONS

(unaudited)

 
| ** **                                    | ** ** | **For the three months  ended****March 31,  2009** | ** ** | **For the three months  ended****March 31,  2008** | ** ** |
|-----------------------------------------------|------------|---------------------------------------------------------|------------|---------------------------------------------------------|------------|
| **TRADING  PROFIT (LOSS):**                   | ** ** | ** **                                              | ** ** | ** **                                              | ** ** |
|                                          |       |                                                    |       |                                                    |       |
| Realized                                      |       | $                                                       | 1,273,883  |                                                    | $          | 12,947,588 |   |
| Change in unrealized, net                     |       | (6,678,484                                              | )          | (1,922,038                                              | )          |
| Brokerage commissions                         |       | (191,792                                                | )          | (142,797                                                | )          |
|                                          |       |                                                    |       |                                                    |       |
| Total trading profit (loss)                   |       | (5,596,393                                              | )          | 10,882,753                                              |       |
|                                          |       |                                                    |       |                                                    |       |
| **INVESTMENT  INCOME:**                       |       |                                                    |       |                                                    |       |
| Interest                                      |       | 16,504                                                  |       | 889,685                                                 |       |
|                                          |       |                                                    |       |                                                    |       |
| **EXPENSES:**                                 |       |                                                    |       |                                                    |       |
| Management fee                                |       | 891,480                                                 |       | 388,748                                                 |       |
| Sponsor fee                                   |       | 98,318                                                  |       | 2,613,194                                               |       |
| Performance fee                               |       | 326                                                     |       | 16,588                                                  |       |
| Other                                         |       | 128,729                                                 |       | 51,228                                                  |       |
| Total expenses                                |       | 1,118,853                                               |       | 3,069,758                                               |       |
|                                          |       |                                                    |       |                                                    |       |
| **NET  INVESTMENT LOSS**                      |       | (1,102,349                                              | )          | (2,180,073                                              | )          |
|                                          |       |                                                    |       |                                                    |       |
| **NET  INCOME (LOSS)**                        |       | $                                                       | (6,698,742 | )                                                       | $          | 8,702,680 |   |
|                                          |       |                                                    |       |                                                    |       |
| **NET  INCOME (LOSS) PER UNIT:**              |       |                                                    |       |                                                    |       |
|                                          |       |                                                    |       |                                                    |       |
| Weighted average number of Units  outstanding |       |                                                    |       |                                                    |       |
| Class A*                                 |       | 1,038,103                                               |       | 199,530                                                 |       |
| Class C**                                |       | 11,172,583                                              |       | 1,977,503                                               |       |
| Class D***                               |       | 978,915                                                 |       | 1,889,794                                               |       |
| Class I****                              |       | 476,684                                                 |       | 660,658                                                 |       |
| Class DS*****                            |       | 71,113,841                                              |       | 17,122,192                                              |       |
| Class DT******                           |       | 50,402,891                                              |       | 72,005,554                                              |       |
|                                          |       |                                                    |       |                                                    |       |
| Net income (loss) per weighted average Unit   |       |                                                    |       |                                                    |       |
| Class A*                                 |       | $                                                       | (0.0506    | )                                                       | $          | 0.0490 |   |
| Class C**                                |       | $                                                       | (0.0501    | )                                                       | $          | 0.0564 |   |
| Class D***                               |       | $                                                       | (0.0376    | )                                                       | $          | 0.0549 |   |
| Class I****                              |       | $                                                       | (0.0387    | )                                                       | $          | 0.0727 |   |
| Class DS*****                            |       | $                                                       | (0.0518    | )                                                       | $          | 0.0911 |   |
| Class DT******                           |       | $                                                       | (0.0466    | )                                                       | $          | 0.0954 |   |

 

----

*Class A commenced on September 1,2007.

**Class C commenced on July 1,2007.

***Class D commenced on November 1,2007.

****Class I commenced on October 1,2007.

*****Class DS was previously known as Class D-SM and commencedon April 2, 2007.

******Class DT was previously known as Class D-TF andcommenced on June 1, 2007.

See notes to financial statements.

 

2

----

 

ML TRANSTREND DTP ENHANCED FUTURESACCESS LLC

(a Delaware LimitedLiability Company)

 

STATEMENTS OF CHANGES INMEMBERS’ CAPITAL

For the three monthsended March 31, 2009 and 2008

(unaudited)

 
| ** **                | ** ** | **Members’ Capital  December 31, 2007** | ** ** | **Subscriptions** | ** ** | **Redemptions** | ** ** | **Members’ Capital  March 31, 2008** | ** ** | **Members’ Capital  December 31, 2008** | ** ** | **Subscriptions** | ** ** | **Redemptions** | ** ** | **Members’ Capital  March 31, 2009** | ** ** |
|---------------------------|------------|---------------------------------------------------|------------|-------------------|------------|-----------------|------------|------------------------------------------------|------------|---------------------------------------------------|------------|-------------------|------------|-----------------|------------|------------------------------------------------|------------|
| Class A*             |       | 107,731                                           |       | 220,784           |       | —          |       | 328,515                                        |       | 937,456                                           |       | 174,842           |       | —          |       | 1,112,298                                      |       |
| Class C**            |       | 752,226                                           |       | 2,518,883         |       | —          |       | 3,271,109                                      |       | 10,398,395                                        |       | 1,840,409         |       | (781,468        | )          | 11,457,336                                     |       |
| Class D***           |       | 750,000                                           |       | 1,815,789         |       | (750,000        | )          | 1,815,789                                      |       | 978,915                                           |       | —            |       | —          |       | 978,915                                        |       |
| Class I****          |       | 590,000                                           |       | 117,824           |       | —          |       | 707,824                                        |       | 780,147                                           |       | 167,519           |       | (606,592        | )          | 341,074                                        |       |
| Class DS*****        |       | 13,766,729                                        |       | 5,787,200         |       | —          |       | 19,553,929                                     |       | 67,285,671                                        |       | 5,196,197         |       | —          |       | 72,481,868                                     |       |
| Class DT******       |       | 71,713,429                                        |       | 670,936           |       | (4,015,576      | )          | 68,368,789                                     |       | 51,421,530                                        |       | —            |       | (2,903,464      | )          | 48,518,066                                     |       |
|                      |       |                                              |       |              |       |            |       |                                           |       |                                              |       |              |       |            |       |                                           |       |
| Total Members’ Units |       | 87,680,115                                        |       | 11,131,416        |       | (4,765,576      | )          | 94,045,955                                     |       | 131,802,114                                       |       | 7,378,967         |       | (4,291,524      | )          | 134,889,557                                    |       |

 

----

*Class Acommenced on September 1, 2007.

**Class Ccommenced on July 1, 2007.

***Class Dcommenced on November 1, 2007.

****Class Icommenced on October 1, 2007.

*****Class DSwas previously known as Class D-SM and commenced on April 2, 2007.

******Class DTwas previously known as Class D-TF and commenced on June 1, 2007.

 

See notes tofinancial statements.

 

3

----

 

ML TRANSTRENDDTP ENHANCED FUTURESACCESS LLC

(a DelawareLimited Liability Company)

 

STATEMENTS OFCHANGES IN MEMBERS’ CAPITAL

For the threemonths ended March 31, 2009 and 2008

(unaudited)

 
| ** **                  | ** ** | **Members’ Capital  December 31, 2007** | ** **  | **Subscriptions** | ** ** | **Redemptions** | ** ** | **Net Income  (Loss)** | ** ** | **Members’ Capital  March 31, 2008** | ** ** | **Members’ Capital  December 31, 2008** | ** ** | **Subscriptions** | ** **  | **Redemptions** | ** ** | **Net Income  (Loss)** | ** ** | **Members’ Capital  March 31, 2009** | ** **  |
|-----------------------------|------------|---------------------------------------------------|-------------|-------------------|------------|-----------------|------------|------------------------|------------|------------------------------------------------|------------|---------------------------------------------------|------------|-------------------|-------------|-----------------|------------|------------------------|------------|------------------------------------------------|-------------|
| ** **                  | ** ** | ** **                                        | ** **  | ** **        | ** ** | ** **      |       |                   |       |                                           |       |                                              |       |              |        |            |       |                   |       |                                           |        |
| Class A*               |       | $                                                 | 118,484     |              | $          | 253,830         |       | $                      | —     |                                           | $          | 9,768                                             |       | $                 | 382,082     |            | $          | 1,297,666              |       | $                                              | 241,794     |   | $ | — |   | $ | (52,510 | ) | $ | 1,486,950 |   |
| Class C**              |       | 797,979                                           |        | 2,756,300         |       | —          |       | 111,626                |       | 3,665,905                                      |       | 13,734,797                                        |       | 2,429,953         |        | (1,026,556      | )          | (559,750               | )          | $                                              | 14,578,444  |   |
| Class D***             |       | 701,576                                           |        | 1,749,999         |       | (747,000        | )          | 103,828                |       | 1,808,403                                      |       | 1,205,010                                         |       | —            |        | —          |       | (36,796                | )          | $                                              | 1,168,214   |   |
| Class I****            |       | 625,944                                           |        | 127,480           |       | —          |       | 48,059                 |       | 801,483                                        |       | 1,069,315                                         |       | 229,870           |        | (828,980        | )          | (18,466                | )          | $                                              | 451,739     |   |
| Class DS*****          |       | 17,927,148                                        |        | 7,732,063         |       | —          |       | 1,559,432              |       | 27,218,643                                     |       | 111,764,376                                       |       | 8,635,114         |        | —          |       | (3,682,940             | )          | $                                              | 116,716,550 |   |
| Class DT******         |       | 92,485,147                                        |        | 898,855           |       | (5,563,179      | )          | 6,869,967              |       | 94,690,790                                     |       | 88,263,960                                        |       | —            |        | (4,973,067      | )          | (2,348,280             | )          | $                                              | 80,942,613  |   |
| ** **                  | ** ** | ** **                                        | ** **  | ** **        | ** ** | ** **      | ** ** | ** **             | ** ** | ** **                                     | ** ** | ** **                                        | ** ** | ** **        | ** **  | ** **      | ** ** | ** **             | ** ** | ** **                                     | ** **  |
| Total Members’ Capital |       | $                                                 | 112,656,278 |              | $          | 13,518,527      |       | $                      | (6,310,179 | )                                              | $          | 8,702,680                                         |       | $                 | 128,567,306 |            | $          | 217,335,124            |       | $                                              | 11,536,731  |   | $ | (6,828,603 | ) | $ | (6,698,742 | ) | $ | 215,344,510 |   |

 

----

*Class A commenced on September 1,2007.

**Class C commenced on July 1,2007.

***Class D commenced on November 1,2007.

****Class I commenced on October 1,2007.

*****Class DS was previously known as Class D-SMand commenced on April 2, 2007.

******Class DT was previously known as Class D-TFand commenced on June 1, 2007.

 

See notes to financial statements.

 

4

----

 

ML TRANSTREND DTPENHANCED FUTURESACCESS LLC

(a Delaware LimitedLiability Company)

 

NOTES TO FINANCIALSTATEMENTS

(unaudited)

 

1.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

ML Transtrend DTP EnhancedFuturesAccess LLC (the “Fund”) was organized under the Delaware LimitedLiability Company Act on March 8, 2007 and commenced trading activities onApril 2, 2007. The Fund issues new units of limited liability companyinterest (“Units”) at Net Asset Value per Unit as of the beginning of eachcalendar month. The Fund engages in the speculative trading of futures, optionson futures and forward contracts on a wide range of commodities. TranstrendB.V. (“Transtrend”) is the trading advisor of the Fund.

 

Merrill Lynch Alternative Investments LLC (“MLAI”)is the sponsor (“Sponsor”) and manager (“Manager”) of the Fund. MLAI is anindirect wholly-owned subsidiary of Merrill Lynch & Co., Inc. (“MerrillLynch”). Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”),a wholly-owned subsidiary of Merrill Lynch, is the Fund’s commodity broker. On September 15,2008, Merrill Lynch & Co., Inc. (“Merrill Lynch” or the “Company”)entered into an Agreement and Plan of Merger (as amended by Amendment No. 1dated as of October 21, 2008, the “Merger Agreement”) with Bank of AmericaCorporation (“Bank of America”). Pursuant to the Merger Agreement, on January 1,2009, a wholly-owned subsidiary of Bank of America (“Merger Sub”) merged withand into Merrill Lynch, with Merrill Lynch continuing as the survivingcorporation and a subsidiary of Bank of America (the “Merger”).

 

In theopinion of management, these interim financial statements contain alladjustments necessary to present fairly the financial position of the Fund asof March 31, 2009 and the results of its operations for the three monthsended March 31, 2009 and 2008. However, the operating results for the interim period may not beindicative of the results for the full year.

 

Certaininformation and footnote disclosures normally included in annual financialstatements prepared in accordance with accounting principles generally acceptedin the United States of America (“U.S. GAAP”) have been omitted.  These financial statements should be read inconjunction with the financial statements and notes thereto included in theFund’s Annual Report on Form 10-K filed with the Securities ExchangeCommission for the period ended December 31, 2008.

 

Thepreparation of financial statements in conformity with U.S. GAAP requiresmanagement to make estimates and assumptions that affect the reported amountsof assets and liabilities and disclosure of contingent assets and liabilitiesat the date of the financial statements and the reported amounts of revenuesand expenses during the reporting period. Actual results could differ from those estimates. Certain prior yearitems have been reclassified to conform to the current year presentation.

 

5

----

 

2.               CONDENSED SCHEDULE OF INVESTMENTS

 

The Fund’sinvestments, defined as Net unrealized profit (loss) on open contracts on theStatements of Financial Condition, as of March 31, 2009 and December 31,2008, are as follows:

 

**3/31/2009**

 
| ** **                      | ** ** | **Long Positions**       | ** ** | **Short Positions**           | ** ** | **Net Unrealized**                    | ** ** | ** **               | ** ** | ** **                    | ** ** |
|---------------------------------|------------|--------------------------|------------|-------------------------------|------------|---------------------------------------|------------|--------------------------|------------|-------------------------------|------------|
| **Commodity  Industry  Sector** | ** ** | **Number of  Contracts** | ** ** | **Unrealized  Profit (Loss)** | ** ** | **Percent of  Members’ Capital** | ** ** | **Number of  Contracts** | ** ** | **Unrealized  Profit (Loss)** | ** ** | **Percent of  Members’ Capital** | ** ** | **Profit (Loss)  on Open Positions** | ** ** | **Percent of  Members’ Capital** | ** ** | **Maturity Dates** | ** ** |
|                            |       |                     |       |                          |       |                                  |       |                     |       |                          |       |   |   |   |   |   |   |   |   |
| Agriculture                     |       | 234                      |       | $                             | (128,157   | )                                     | -0.06      | %                        | (788       | )                             | $          | (566,039 | ) | -0.26 | % | $ | (694,196 | ) | -0.32 | % | May 2009 -  December 2009 |   |
| Currencies                      |       | 567                      |       | 381,832                       |       | 0.18                                  | %          | (437                     | )          | 388,641                       |       | 0.18 | % | 770,473 |   | 0.36 | % | June 2009 |   |
| Energy                          |       | 2                        |       | 91                            |       | 0.00                                  | %          | (162                     | )          | 189,245                       |       | 0.09 | % | 189,336 |   | 0.09 | % | May 2009 -  July 2009 |   |
| Interest  rates                 |       | 2,718                    |       | 1,061,909                     |       | 0.49                                  | %          | (892                     | )          | (685,372                      | )          | -0.32 | % | 376,537 |   | 0.17 | % | June 2009 -  March 2012 |   |
| Metals                          |       | 594                      |       | 690,676                       |       | 0.32                                  | %          | (565                     | )          | (1,177,666                    | )          | -0.55 | % | (486,990 | ) | -0.23 | % | April 2009 -  July 2009 |   |
| Stock  indices                  |       | 89                       |       | (14,837                       | )          | -0.01                                 | %          | (372                     | )          | (78,278                       | )          | -0.04 | % | (93,115 | ) | -0.04 | % | April 2009 -  June 2009 |   |
|                            |       |                     |       |                          |       |                                  |       |                     |       |                          |       |   |   |   |   |   |   |   |   |
| Total                           |       |                     |       | $                             | 1,991,514  |                                  | 0.92       | %                        |       |                          | $          | (1,929,469 | ) | -0.91 | % | $ | 62,045 |   | 0.03 | % |   |   |

 

**12/31/2008**

 
| ** **                      | ** ** | **Long Positions**       | ** ** | **Short Positions**           | ** ** | **Net Unrealized**                    | ** ** | ** **               | ** ** | ** **                    | ** ** |
|---------------------------------|------------|--------------------------|------------|-------------------------------|------------|---------------------------------------|------------|--------------------------|------------|-------------------------------|------------|
| **Commodity  Industry  Sector** | ** ** | **Number of  Contracts** | ** ** | **Unrealized  Profit (Loss)** | ** ** | **Percent of  Members’ Capital** | ** ** | **Number of  Contracts** | ** ** | **Unrealized  Profit (Loss)** | ** ** | **Percent of  Members’ Capital** | ** ** | **Profit (Loss)  on Open Positions** | ** ** | **Percent of  Members’ Capital** | ** ** | **Maturity Dates** | ** ** |
|                            |       |                     |       |                          |       |                                  |       |                     |       |                          |       |   |   |   |   |   |   |   |   |
| Agriculture                     |       | 90                       |       | $                             | 151,485    |                                  | 0.07       | %                        | (476       | )                             | $          | (432,610 | ) | -0.20 | % | $ | (281,125 | ) | -0.13 | % | February 09 -  December 09 |   |
| Currencies                      |       | 126                      |       | 618,638                       |       | 0.28                                  | %          | (192                     | )          | (185,546                      | )          | -0.09 | % | 433,092 |   | 0.19 | % | March 09 |   |
| Energy                          |       | —                   |       | —                        |       | 0.00                                  | %          | (328                     | )          | 489,104                       |       | 0.23 | % | 489,104 |   | 0.23 | % | February 09 -  December 09 |   |
| Interest  rates                 |       | 4,057                    |       | 4,178,934                     |       | 1.92                                  | %          | (1,398                   | )          | (913,221                      | )          | -0.42 | % | 3,265,713 |   | 1.50 | % | March 09 -  December 11 |   |
| Metals                          |       | 305                      |       | (3,140,161                    | )          | -1.44                                 | %          | (450                     | )          | 6,168,912                     |       | 2.84 | % | 3,028,751 |   | 1.40 | % | January 09 -  May 09 |   |
| Stock  indices                  |       | —                   |       | —                        |       | 0.00                                  | %          | (410                     | )          | (195,006                      | )          | -0.09 | % | (195,006 | ) | -0.09 | % | January 09 -  March 09 |   |
|                            |       |                     |       |                          |       |                                  |       |                     |       |                          |       |   |   |   |   |   |   |   |   |
| Total                           |       |                     |       | $                             | 1,808,896  |                                  | 0.83       | %                        |       |                          | $          | 4,931,633 |   | 2.27 | % | $ | 6,740,529 |   | 3.10 | % |   |   |

 

No individualcontract’s unrealized profit or loss comprised greater than 5% of the Partners’Capital as of March 31, 2009 and December 31, 2008.

 

6

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The Fund’s net unrealized profit (loss) on open forward and futurescontracts as of March 31, 2009 and December 31, 2008 are as follows:

 
| **3/31/2009** | ** ** | **Unrealized Long Positions** | ** ** | **Unrealized Short Positions** | ** ** | **Total**  | ** ** |
|---------------|------------|-------------------------------|------------|--------------------------------|------------|------------|------------|
| Futures       |       | $                             | 1,991,514  |                           | $          | (1,929,469 | )          | $ | 62,045 |   |
| Forwards      |       | —                        |       | —                         |       | —     |       |
| Total         |       | 1,991,514                     |       | (1,929,469                     | )          | 62,045     |       |
|               |            |                               |            |                                |            |            |            |  |  |  |

 
| **12/31/2008** | ** ** | **Unrealized Long Positions** | ** ** | **Unrealized Short Positions** | ** ** | **Total** | ** ** |
|----------------|------------|-------------------------------|------------|--------------------------------|------------|-----------|------------|
| Futures        |       | $                             | 1,808,896  |                           | $          | 4,931,633 |       | $ | 6,740,529 |   |
| Forwards       |       | —                        |       | —                         |       | —    |       |
| Total          |       | 1,808,896                     |       | 4,931,633                      |       | 6,740,529 |       |
|                |            |                               |            |                                |            |           |            |  |  |  |

 

3.               FAIRVALUE OF INVESTMENTS

 

In September 2006, the Financial Accounting Standards Board(“FASB”) issued Statement of Financial Accounting Standards No. 157, FairValue Measurement (“FAS 157”). FAS 157 defines fair value, establishes aframework for measuring fair value and expands disclosures about fair valuemeasurements. The Fund adopted FAS 157 as of January 1, 2008. The adoptionof FAS 157 did not have a material impact on the Fund’s financial statements.

 

Fair value ofan investment is the amount that would be received to sell the investment in anorderly transaction between market participants at the measurement date (i.e.the exit price). All investments (including derivative financialinstruments and derivative commodity instruments) are held for tradingpurposes.  The investments are recordedon trade date and open contracts are recorded at fair value (described below)at the measurement date. Investments denominated in foreign currencies aretranslated into U.S. dollars at the exchange rates prevailing at themeasurement date.  Gains or losses arerealized when contracts are liquidated. Unrealized gains or losses on open contracts are included in equity incommodity futures trading account.  Anychange in net unrealized gain or loss from the preceding period is reported inthe Statement of Operations.

 

FAS 157 established a hierarchal disclosure framework which prioritizesand ranks the level of market price observability used in measuring investmentsat fair value. Market price observability is impacted by a number of factors,including the type of investment and the characteristics specific to theinvestment. Investments with readily available active quoted prices or forwhich fair value can be measured from actively quoted prices generally will havea higher degree of market price observability and a lesser degree of judgmentused in measuring fair value.

 

Investments measured and reported at fair value are classified anddisclosed in one of the following categories:

 

Level I – Quoted prices are available in active markets for identicalinvestments as of the reporting date. The type of investments included in LevelI are publicly traded investments. As required by FAS 157, the Fund does notadjust the quoted price for these investments even in situations where the Fundholds a large position and a sale could reasonably impact the quoted price.

 

Level II – Pricing inputs are other than quoted prices in activemarkets, which are either directly or indirectly observable as of the reportingdate, and fair value is determined through the use of generally accepted andunderstood models or other valuation methodologies. Investments which aregenerally included in this category are investments valued using market data.

 

7

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Level III – Pricing inputs are unobservable and include situationswhere there is little, if any, market activity for the investment. Fair valuefor these investments is determined using valuation methodologies that considera range of factors, including but not limited the nature of the investment,local market conditions, trading values on public exchanges for comparablesecurities, current and projected operating performance and financingtransactions subsequent to the acquisition of the investment. The inputs intothe determination of fair value require significant management judgment. Due tothe inherent uncertainty of these estimates, these values may differ materiallyfrom the values that would have been used had a ready market for these investmentsexisted.

 

In certain cases, the inputs used to measurefair value may fall into different levels of the fair value hierarchy. In suchcases, an investment’s level within the fair value hierarchy is based on thelowest level of input that is significant to the fair value measurement. TheSponsor’s assessment of the significance of a particular input to the fairvalue measurement in its entirety requires judgment, and considers factorsspecific to the investment.

 

Following is a descriptionof the valuation methodologies used for investments, as well as the generalclassification of such investments pursuant to the valuation hierarchy.

 

Exchange traded investmentsare fair valued by the Fund by using the reported closing price on the primaryexchange where it trades such investments. These closing prices are observedthrough the clearing broker and third party pricing services. For non exchangetraded investments, quoted values and other data provided by nationallyrecognized independent pricing sources are used as inputs into its process fordetermining fair values.

 

The independent pricingsources obtain market quotations and actual transaction prices for securitiesthat have quoted prices in active markets. Each source has its own proprietarymethod for determining the fair value of securities that are not activelytraded. In general, these methods involve the use of “matrix pricing” in whichthe independent pricing source uses observable market inputs including, but notlimited to, investment yields, credit risks and spreads, benchmarking of likesecurities, broker-dealer quotes, reported trades and sector groupings todetermine a reasonable fair market value.

 

Upon adoption of SFAS No. 157,the Fund determined that Level I securities would include all of its futuresand options contracts where it believes that quoted prices are available in anactive market.

 

Where the Fund believes thatquoted market prices are not available or that the market is not active, fairvalues are estimated by using quoted prices of securities with similarcharacteristics, pricing models or matrix pricing and these are generallyclassified as Level II securities. The Fund determined that Level II securitieswould include its forward contracts.

 

The following table summarizes the valuationof the Fund’s investments by the above FAS 157 fair value hierarchy levels asof March 31, 2009 and December 31, 2008:

 
| ** **                                      | ** ** | **Total** | ** ** | **Level I** | ** ** | **Level II** | ** ** | **Level III** | ** ** |
|-------------------------------------------------|------------|-----------|------------|-------------|------------|--------------|------------|---------------|------------|
| Net unrealized profit (loss) on open  contracts |       |      |       |        |       |         |       |          |       |
| 12/31/2008                                      |       | $         | 6,740,529  |        | $          | 6,740,529    |       | N/A           |       | N/A |   |
| 03/31/2009                                      |       | $         | 62,045     |        | $          | 62,045       |       | N/A           |       | N/A |   |

 

8

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The Fund adopted Statement of Financial AccountingStandards No. 161, “Disclosures about Derivative Instruments and HedgingActivities” (“FAS 161”) as of January 1, 2009 which requires qualitativedisclosures about objectives and strategies for using derivatives, quantitativedisclosures about fair value amounts of and gains and losses on derivativeinstruments, and disclosures about credit-risk-related contingent features inderivative agreements. FAS 161 only expands the disclosure requirements forderivative instruments and related hedging activities and has no impact onStatement of Financial Condition or Statement of Income and Expenses andPartners’ Capital.

 

The Fund engages in the speculative trading of futures, options onfutures and forward contracts on a wide range of commodities. Such contractsmeet the definition of a derivative as noted in FASB Statement No. 133,*Accounting for Derivative Instruments andHedging Activities*. The disclosure about the objectives andstrategies for using derivatives is described in Note 1. The fair value amountsof and the gains and losses on derivative instruments is disclosed in thestatement of financial condition and statement of operations respectively.There are no credit related contingent features embedded in these derivativecontracts.

 

TheFund is subject to the risk of insolvency of a counterparty, an exchange, aclearinghouse or MLPF&S.  Fund assetscould be lost or impounded during lengthy bankruptcy proceedings.  Were a substantial portion of the Fund’scapital tied up in a bankruptcy, MLAI might suspend or limit trading, perhapscausing the Fund to miss significant profit opportunities.  There are increased risks in dealing withunregulated trading counterparties including the risk that assets may notbenefit from the protection afforded to “customer funds” deposited withregulated dealers and brokers.

 

4.               NET ASSET VALUE PERUNIT

 

For financial reporting purposes, inconformity with U.S. GAAP, the Fund amortizes over a twelve-month period thetotal initial offering costs payable to MLAI for purposes of determining NetAsset Value.  For all other purposes,including computing Net Asset Value for purposes of member subscription andredemption activity, such costs are amortized over 60 months.  Consequently, the Net Asset Value and NetAsset Value per Unit of the different Classes for financial reporting purposesand for all other purposes at March 31, 2009 and December 31, 2008are as follows:

 

March 31, 2009

 
| ** **    | ** ** | **Net Asset Value**     | ** **  | ** **               | ** ** | **Net Asset Value per Unit** | ** ** |
|---------------|------------|-------------------------|-------------|--------------------------|------------|------------------------------|------------|
| ** **    | ** ** | **All Other  Purposes** | ** **  | **Financial  Reporting** | ** ** | **Number of Units**          | ** ** | **All Other  Purposes** | ** ** | **Financial  Reporting** | ** ** |
| Class A  |       | $                       | 1,486,938   |                     | $          | 1,486,950                    |       | 1,112,298 |   | $ | 1.3368 |   | $ | 1.3368 |   |
| Class C  |       | 14,578,199              |        | 14,578,444               |       | 11,457,336                   |       | 1.2724 |   | 1.2724 |   |
| Class D  |       | 1,168,289               |        | 1,168,214                |       | 978,915                      |       | 1.1935 |   | 1.1934 |   |
| Class I  |       | 451,790                 |        | 451,739                  |       | 341,074                      |       | 1.3246 |   | 1.3245 |   |
| Class DS |       | 116,716,347             |        | 116,716,550              |       | 72,481,868                   |       | 1.6103 |   | 1.6103 |   |
| Class DT |       | 80,967,952              |        | 80,942,613               |       | 48,518,066                   |       | 1.6688 |   | 1.6683 |   |
|          |       | $                       | 215,369,515 |                     | $          | 215,344,510                  |       | 134,889,557 |   |   |   |   |   |
|               |            |                         |             |                          |            |                              |            |  |  |  |  |  |  |  |  |  |  |

 

9

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December 31,2008

 
| ** **    | ** ** | **Net Asset Value**     | ** **  | ** **               | ** ** | **Net Asset Value per Unit** | ** ** |
|---------------|------------|-------------------------|-------------|--------------------------|------------|------------------------------|------------|
| ** **    | ** ** | **All Other  Purposes** | ** **  | **Financial  Reporting** | ** ** | **Number of Units**          | ** ** | **All Other  Purposes** | ** ** | **Financial  Reporting** | ** ** |
| Class A  |       | $                       | 1,297,669   |                     | $          | 1,297,666                    |       | 937,456 |   | $ | 1.3842 |   | $ | 1.3842 |   |
| Class C  |       | 13,734,717              |        | 13,734,797               |       | 10,398,395                   |       | 1.3208 |   | 1.3209 |   |
| Class D  |       | 1,205,100               |        | 1,205,010                |       | 978,915                      |       | 1.2311 |   | 1.2310 |   |
| Class I  |       | 1,069,373               |        | 1,069,315                |       | 780,147                      |       | 1.3707 |   | 1.3707 |   |
| Class DS |       | 111,765,499             |        | 111,764,376              |       | 67,285,671                   |       | 1.6611 |   | 1.6610 |   |
| Class DT |       | 88,290,271              |        | 88,263,960               |       | 51,421,530                   |       | 1.7170 |   | 1.7165 |   |
|          |       | $                       | 217,362,629 |                     | $          | 217,335,124                  |       | 131,802,114 |   |   |   |   |   |
|               |            |                         |             |                          |            |                              |            |  |  |  |  |  |  |  |  |

 

5.               MARKET AND CREDITRISKS

 

Thenature of this Fund has certain risks, which cannot be presented on thefinancial statements.  The followingsummarizes some of those risks.

 

Market Risk

 

Derivativeinstruments involve varying degrees of market risk.  Changes in the level or volatility ofinterest rates, foreign currency exchange rates or the market values of thefinancial instruments or commodities underlying such derivative instrumentsfrequently result in changes in the Fund’s Net unrealized profit (loss) on suchderivative instruments as reflected in the Statements of FinancialCondition.  The Fund’s exposure to marketrisk is influenced by a number of factors, including the relationships amongthe derivative instruments held by the Fund as well as the volatility andliquidity of the markets in which the derivative instruments are traded.Investments in foreign markets may also entail legal and political risks.

 

MLAI hasprocedures in place intended to control market risk exposure, although therecan be no assurance that they will, in fact, succeed in doing so.  These procedures focus primarily onmonitoring the trading of Transtrend, calculating the Net Asset Value of theFund as of the close of business on each day and reviewing outstandingpositions for over-concentrations.  WhileMLAI does not intervene in the markets to hedge or diversify the Fund’s marketexposure, MLAI may urge Transtrend to reallocate positions in an attempt toavoid over-concentrations.  However, suchinterventions are expected to be unusual. It is expected that MLAI’s basic risk control procedures will consist ofthe ongoing process of advisor monitoring, with the market risk controls beingapplied by Transtrend.

 

Credit Risk

 

The risks associated with exchange-tradedcontracts are typically perceived to be less than those associated withover-the-counter (non-exchange-traded) transactions, because exchangestypically provide clearinghouse arrangements in which the collective credit (insome cases limited in amount, in some cases not) of the members of the exchangeis pledged to support the financial integrity of the exchange.  In over-the-counter transactions, on theother hand, traders must rely solely on the credit of their respective individualcounterparties. Margins, which may be subject to loss in the event of adefault, are generally required in exchange trading, and counterparties mayalso require margin in the over-the-counter markets.

 

10

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The credit risk associated with theseinstruments from counterparty nonperformance is the Net unrealized profit, ifany, included in the Statements of Financial Condition. The Fund attempts tomitigate this risk by dealing exclusively with Merrill Lynch entities asclearing brokers.

 

The Fund, in its normal course of business,enters into various contracts, with MLPF&S acting as its commoditybroker.  Pursuant to the brokeragearrangement with MLPF&S (which includes a netting arrangement), to theextent that such trading results in receivables from and payables toMLPF&S, these receivables and payables are offset and reported as a netreceivable or payable and included in Equity in commodity futures tradingaccounts in the Statements of Financial Condition.

 

6.               RECENT ACCOUNTINGPRONOUNCEMENTS

 

InMay 2008, the FASB issued Statement of Financial Accounting Standards No. 162,“*The Hierarchy of Generally Accepted AccountingPrinciples*” (“FAS 162”). FAS 162 identifies the sources ofaccounting principles and the framework for selecting the accounting principlesused in preparing financial statements of nongovernmental entities that arepresented in conformity with U.S. GAAP. Currently, U.S. GAAP hierarchy isprovided in the American Institute of Certified Public Accountants U.S.Auditing Standards (“AU”) Section 411, “*The Meaningof Present Fairly in Conformity With Generally Accepted Accounting Principles*”(“AU Section 411”). FAS 162 is effective 60 days following the SEC’sapproval of the Public Company Accounting Oversight Board’s amendments to AU Section 411.The Fund does not expect the adoption of FAS 162 to have an impact on itsfinancial statements.

 

In April 2009, the FASB issued FSP No. FAS157-4, “*Determining Fair Value When theVolume and Level of Activity for the Asset or Liability Have SignificantlyDecreased and Identifying Transactions That Are Not Orderly*” (FSP157-4). FSP 157-4 provides additional guidance for estimating fair value inaccordance with FASB Statement No. 157, *FairValue Measurements*, when the volume and level of activity for theasset or liability have significantly decreased. This FSP also includesguidance on identifying circumstances that indicate a transaction is notorderly. The FSP emphasizes that even if there has been a significant decreasein the volume and level of activity for the asset or liability and regardlessof the valuation technique(s) used, the objective of a fair valuemeasurement remains the same. Fair value is the price that would be received tosell an asset or paid to transfer a liability in an orderly transaction (thatis, not a forced liquidation or distressed sale) between market participants atthe measurement date under current market conditions. The FSP also containsenhanced disclosure requirements whereby fair value disclosures as well ascertain disaggregated information will be disclosed beginning in the secondquarter 2009.

 

11

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Item 2. Management’s Discussion and Analysisof Financial Condition and Results of Operations

 

MONTH-END NETASSET VALUE PER UNIT

(NON U.S.GAAP)

 

MLAI believes that the Net Asset Value usedto calculate subscription and redemption value and to report performance toinvestors throughout the period is the most valuable performance measure to theMembers of the Fund.   Therefore, thecharts below referencing Net Asset Value and performance measurements are basedon the Net Asset Value for all other purposes, as discussed in Note 3 to thefinancial statements.

 

MONTH-END NETASSET VALUE PER INITIAL UNIT CLASS A

 
| ** ** | ** ** | **Jan.** | ** ** | **Feb.** | ** ** | **Mar.** | ** ** |
|------------|------------|----------|------------|----------|------------|----------|------------|
| 2008       |       | $        | 1.0964     |     | $          | 1.1567   |       | $ | 1.1632 |   |
| 2009       |       | $        | 1.3808     |     | $          | 1.3886   |       | $ | 1.3368 |   |

 

MONTH-END NETASSET VALUE PER INITIAL UNIT CLASS C

 
| ** ** | ** ** | **Jan.** | ** ** | **Feb.** | ** ** | **Mar.** | ** ** |
|------------|------------|----------|------------|----------|------------|----------|------------|
| 2008       |       | $        | 1.0567     |     | $          | 1.1139   |       | $ | 1.1208 |   |
| 2009       |       | $        | 1.3165     |     | $          | 1.3228   |       | $ | 1.2724 |   |

 

MONTH-END NETASSET VALUE PER INITIAL UNIT CLASS D

 
| ** ** | ** ** | **Jan.** | ** ** | **Feb.** | ** ** | **Mar.** | ** ** |
|------------|------------|----------|------------|----------|------------|----------|------------|
| 2008       |       | $        | 0.9336     |     | $          | 0.9862   |       | $ | 0.9960 |   |
| 2009       |       | $        | 1.2296     |     | $          | 1.2380   |       | $ | 1.1935 |   |

 

MONTH-END NETASSET VALUE PER INITIAL UNIT CLASS I

 
| ** ** | ** ** | **Jan.** | ** ** | **Feb.** | ** ** | **Mar.** | ** ** |
|------------|------------|----------|------------|----------|------------|----------|------------|
| 2008       |       | $        | 1.0579     |     | $          | 1.1165   |       | $ | 1.1325 |   |
| 2009       |       | $        | 1.3678     |     | $          | 1.3760   |       | $ | 1.3246 |   |

 

MONTH-END NETASSET VALUE PER INITIAL UNIT CLASS DS

 
| ** ** | ** ** | **Jan.** | ** ** | **Feb.** | ** ** | **Mar.** | ** ** |
|------------|------------|----------|------------|----------|------------|----------|------------|
| 2008       |       | $        | 1.2998     |     | $          | 1.3730   |       | $ | 1.3922 |   |
| 2009       |       | $        | 1.6591     |     | $          | 1.6705   |       | $ | 1.6103 |   |

 

MONTH-END NETASSET VALUE PER INITIAL UNIT CLASS DT

 
| ** ** | ** ** | **Jan.** | ** ** | **Feb.** | ** ** | **Mar.** | ** ** |
|------------|------------|----------|------------|----------|------------|----------|------------|
| 2008       |       | $        | 1.2885     |     | $          | 1.3623   |       | $ | 1.3854 |   |
| 2009       |       | $        | 1.7163     |     | $          | 1.7296   |       | $ | 1.6688 |   |

 

12

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Liquidity and Capital Resources

 

The Fund does not engage in the sale of goods orservices.  The Fund’s assets are its (i) equityin its trading account, consisting of cash and cash equivalents and (ii) interestreceivable.    Because of the low margindeposits normally required in commodity futures trading relatively small pricemovements may result in substantial losses to the Fund.  While substantial losses could lead to amaterial decrease in liquidity, no such material losses occurred during thefirst quarter of 2009.

 

The Fund’s capital consists of the capitalcontributions of the members as increased or decreased by gains or losses on trading,expenses, interest income, redemptions of Redeemable Units and distributions ofprofits, if any.

 

For the three months ended March 31, 2009, Fundcapital decreased 0.92% from $217,335,124 to $215,344,510.  This decrease was attributable to the net lossfrom operations of $6,689,742, coupled with the redemption of 4,291,524Redeemable Units of Limited Fund Interest resulting in an outflow of $6,828,603.  The cash outflow was offset with cash inflowof $11,536,731 due to subscription of 7,378,967 units.  Future redemptions could impact the amount offunds available for investment in commodity contract positions in subsequentmonths.

 

Critical Accounting Policies

 

Use of Estimates

 

The preparation of financial statements andaccompanying notes in conformity with U.S. generally accepted accountingprinciples (“GAAP”‘) requires management to make estimates and assumptions thataffect the reported amounts of assets and liabilities, income and expenses, andrelated disclosures of contingent assets and liabilities in the financialstatements and accompanying notes.  As aresult, actual results could differ from these estimates.

 

Statement of Cash Flows

 

The Fund has elected not to provide a Statement ofCash Flows as permitted by Statement of Financial Accounting Standards No. 102“Statement of Cash Flows-Exemption of Certain Enterprises and Classification ofCash Flows from Certain Securities Acquired for Resale” (“FAS 102”).

 

Investments

 

All investments (including derivatives) are held fortrading purposes.  Investments arerecorded on trade date and open contracts are recorded at fair value (asdescribed below) at the measurement date. Investments denominated in foreign currencies are translated into U.S.dollars at the exchange rates prevailing at the measurement date.  Gains or losses are realized when contractsare liquidated.  Unrealized gains orlosses on open contracts are included as a component of equity in tradingaccount on the Statements of Financial Condition.  Realized gains or losses and any change innet unrealized gains or losses from the preceding period are reported in theStatement of Operations and Statement of Members’ Capital.

 

13

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Fair Value Measurements

 

The Fund adopted Statement of Financial AccountingStandards No. 157, *Fair Value Measurements*(“SFAS 157”) as of January 1, 2008 which defines fair value as the pricethat would be received to sell an asset or paid to transfer a liability in anorderly transaction between market participants at the measurement date.  The Fund did not apply the deferral allowedby FASB Staff Positions No. FAS 157-2, for nonfinancial assets andnonfinancial liabilities measured at fair value on a nonrecurring basis. Formore information on our fair value, see Note 3. Fair Value of Investments.

 

Futures Contracts

 

The Fund trades futures contracts.  A futures contract is a firm commitment tobuy or sell a specified quantity of investments, currency or a standardizedamount of a deliverable grade commodity, at a specified price on a specifiedfuture date, unless the contract is closed before the delivery date or if thedelivery quantity is something where physical delivery cannot occur (such asS&P 500 Index), whereby such contract is settled in cash.  Payments (“variation margin”) may be made orreceived by the Fund each business day, depending on the daily fluctuations inthe value of the underlying contracts, and are recorded as unrealized gains orlosses by the Fund.  When the contract isclosed, the Fund records a realized gain or loss equal to the differencebetween the value of the contract at the time it was opened and the value atthe time it was closed.  Becausetransactions in futures contracts require participants to make both initialmargin deposits of cash or other assets and variation margin deposits, throughthe futures broker, directly with the exchange on which the contracts aretraded, credit exposure is limited. Realized gains (losses) and changes in unrealized gains (losses) onfutures contracts are included in the Statements of Operations and Statement ofChanges in Members’ Capital.

 

Forward Foreign Currency Contracts

 

Foreign currency contracts are those contracts wherethe Fund agrees to receive or deliver a fixed quantity of foreign currency foran agreed-upon price on an agreed future date. Foreign currency contracts are valued daily, and the Fund’s net equitytherein, representing unrealized gain or loss on the contracts as measured bythe difference between the forward foreign exchange rates at the dates of entryinto the contracts and the forward rates at the reporting date, is included inthe Statements of Financial Condition. Realized gains (losses) and changes in unrealized gains (losses) on foreigncurrency contracts are recognized in the period in which the contract is closedor the changes occur, respectively and are included in the Statement ofOperations and Statement of Changes in Members’ Capital.

 

Income Taxes

 

Income taxes have not been provided as each memberis individually liable for the taxes, if any, on their share of the Fund’sincome and expenses and Members’ Capital.

 

In 2007, the Fund adopted FASB interpretation No. 48“Accounting for Uncertainty in income Taxes” (“FIN 48”).  FIN 48 provides guidance for how uncertaintax positions should be recognized, measured, presented and disclosed in thefinancial statements.  FIN 48 requiresthe evaluation of tax positions taken or expected to be taken in the course ofpreparing the Fund’s financial statements to determine whether the taxpositions are “more-likely-than-not” to be sustained by the applicable taxauthority.  Tax positions with respect totax at the Fund level not deemed to meet the “more-likely-than-not” thresholdwould be recorded as a tax benefit or expense in the current year.  MLAI has concluded that the adoption of FIN48 had no impact on the operations of the Fund for the period ended March 31,2009 and that no provision for income tax is required in the Fund’s financialstatements.

 

14

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Results of Operations

 

January 1, 2009 through March 31, 2009,the Fund experienced a net trading loss before brokerage commissions andrelated fees in the first quarter of 2009 of $5,404,601.  Losses were primarily attributable to Fund’senergy sector posting gains while the metals, stock indices, currencies,agriculture and interest rate sectors posted losses.

 

Theenergy sector posted profits for the Fund. Natural gas prices trended downwardsat the beginning of the quarter which the Fund took advantage of throughvarious short positions resulting in profits being posted for the Fund. Profitscontinued to be posted to the Fund in the middle of the quarter mainly earnedby natural gas and heating oil sales. Disappointing results from heating oilsales were more than compensated for through profits being posted to Fund atthe end of the quarter resulting from natural gas sales.

 

Themetals sector posted losses for the Fund. Sales in precious and base metalswere basically uneventful except for aluminum which returned profits for theFund at the beginning of the quarter. Profits were posted to the Fund in themiddle of the quarter due to long positions in gold as investors were buyinggold in mass due to their waning confidence in the financial system pushingprices upwards. The quarter end with losses being posted to the Fund asprevious sales of lead and zinc had negative results. Also, the price of goldcould not hold its upward trend which led to additional losses.

 

Stockindices posted losses for the Fund. Profits were posted to the Fund at the beginning of the quarter. Newoptimism almost let the stock markets stage a recovery, but too much doubtstill persisted. These mixed sentiments and its translation to the markets wasnot an ideal environment for clear trends to flourish. Many existing positionsremained short but, along with some new short positions, did not produce anynoteworthy results. Profits were posted to the Fund in the middle of thequarter due to various short positions, especially in Europe. The maincontributions came from Spain, Italy and Poland. Due to volatility in themarkets losses were posted to the Fund at the end of the quarter. A sale in thepan-European utilities index added to the gains, while a losing position inSweden was the only exception in Europe. Losses in Taiwan were more thancompensated by profits in Australia and South Africa. After reaching new lowsduring the first few days of March, the stock markets showed a strong recovery.Sales in both geographic and industry orientated indices lost money. Thepoorest performers were China, South Korea, South Africa and Australia.

 

Thecurrency sector posted losses for the Fund. Losses were posted to the Fund atthe beginning of the quarter. Shortly after the year started, several trendreversals were seen as the U.S. dollar strengthened against various currencies.Some of these movements hurt existing positions, such as long positions inSouth African rand versus the U.S. dollar and the euro plus a long position inthe Turkish lira against the U.S. dollar. The Canadian dollar showed some extra strength in the beginning of themonth as it followed crude oil prices upwards. This had a negative impact onCanadian dollar sales versus the U.S. dollar and the euro. The Russiangovernment tried to control the ruble’s depreciation this month by expandingits basket trading band but the currency still fell faster than desired.Therefore, ruble sales and also Hungarian forint sales, due to the EasternEuropean currencies still being associated with Russia, earned profits versusthe euro.  Profits were posted to theFund in the middle of the quarter. The weakness of the Swedish crown was takenadvantage of through sales versus the Norwegian crown and the U.S. dollar.Emerging market currencies also felt pressure as sales in the Taiwan andSingapore dollars and the Colombian peso were also profitable for the Fund. TheU.S. dollar appreciated against the currencies of the more developed countrieswith various positions earning gains as a consequence. The announcedquantitative easing in the United States abruptly ended the upward march of theU.S. dollar. This movement was the most important cause of the losses beingposted to the Fund at the end of the quarter. Purchases of U.S. dollars versusvarious emerging and developed currencies suddenly dropped. Euros sold againstHong Kong dollars did not deliver the desired result posting losses for theFund. Sales of Turkish lira against euros, together with purchases of SouthAfrican rand versus various other currencies proved to be the top positiveexceptions which were not enough to offset the losses posted to the Fund.

 

15

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Theagriculture sector posted losses for the Fund. Losses were posted to the Fundat the beginning of the quarter due to volatility in the markets. Profits wereposted to the Fund in the middle of the quarter. The Fund profited from thedownward trends in wheat and soybeans. Sugar was one of the few commoditieswhich ended the month higher which played out well for purchased positions. Thequarter ended with losses being posted to the Fund. The financial marketrecovery, the weakening U.S. dollar and unrest amongst farmers in Argentina, animportant agro-exporter, were the right ingredients for a turnaround in grainprices. Short positions in soybeans, soybean meal, corn and wheat sufferedlosses. Prices of gold and sugar could not hold their upward trend which led toadditional losses being posted to the Fund.

 

Theinterest rate sector posted losses for the Fund. Losses were posted for theFund at the beginning of the quarter. The interest rate markets looked to befollowing on from last year with their upward trends. However, considerationsthat the crisis was perhaps moving a step closer to being under controlreversed these movements. Long capital market positions in Japan, UnitedKingdom, United States and Canada all suffered losses. Short positions inEurope also failed to add gains. Losses were posted to the Fund in the middleof the quarter. Downward pressure was placed on rates due to the somber outlookof the economy. On the other hand, upward pressure was put on rates due toserious questions being asked about the expensive financing plans of governmentsand their negative implications. A purchase of South Korean government debtgenerated a loss plus various positions in the British money market also didnot bring the desired result. Losses were posted to the Fund at the end of thequarter. Although the market had considered that the announcement of the U.S.Federal Reserve to use quantitative easing was still a surprise when theyannounced it. Interest rate markets reacted heavily whereby positions countingon lower rates in Europe than in the U.S. suffered losses. Purchases ofgovernment debt in Germany, Japan and South Korea booked a negative result andpositions in Australia also posted losses for the Fund.

 

January 1, 2008 to March 31, 2008

 

The Fund experienced a net trading gain beforebrokerage commissions and related fees in the first quarter of 2008 of$11,025,550  Gains were primarilyattributable to the Fund’s trading in interest rates, agriculture, energy andstock indices sectors, offset with loss from metals and currency sector.

 

The interest rate sector wasthe most profitable for the quarter.  Inorder to support the troubled banking sector and to stimulate economic growth,the U.S. Federal Reserve Bank substantially reduced the American base rate twiceduring the second half of January. This move caused strong positive results onvarious short and long term interest rate positions anticipating a strongerdivergence between American and European rates. The expectation that variousEuropean central banks would have to lower their base rates sooner or later ledto a more and more inverse looking yield curve in the money markets. Thisdevelopment was advantageous for existing positions. On the other hand, higherinflation fears helped cause a fall in bond prices, leading to losses onpurchased positions mid-quarter. The Australian central bank continued itstightening policy and noted that further rate hikes may be needed to curbrising inflation. Short sales in the Australian money markets earned gains fromthis development. In March, the financial world was stunned by the demise ofthe U.S. investment bank Bear Stearns. Thanks to various liquidity-expandingmeasures by the U.S. Federal Reserve and other leading central banks, thenegative impact was limited.

 

The agriculture sector wasalso profitable for the quarter.  Losseswere booked on aluminum, copper and nickel sales early in the quarter.Notwithstanding the jumpy nature of the commodity markets, good profits wereachieved mid-quarter with corn, soybean and sugar purchases as these productseventually continued their trends. Long positions in coffee, cocoa and cottonbooked excellent results. Purchases of agricultural goods such as corn, wheatand soybeans not only profited from a weaker U.S. dollar but also from anincreasing worldwide scarcity of supplies. At the end of the quarter, purchasesof coffee, soybeans and soybean oil suffered losses. On the other hand, lowerprices meant that short positions in the meat complex achieved gains.

 

16

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The energy sector wasprofitable for the quarter.  The quarterstarted with energy contracts distinguished by choppy prices and had negativeresults as a consequence. Purchased crude oil, heating oil and gasoline droppedin price while sold natural gas contracts rose in price. The energy marketscontributed to the excellent results later in the quarter thanks to an upwardtrend in natural gas prices and new record prices for crude oil and its derivedproducts. At the end of the quarter, listed products in the energy marketsshowed sharp falls but did eventually experience a slight recovery. Mainly dueto profits earned with purchases of natural gas and heating oil.

 

The stock indices sector wasprofitable for the quarter.  Theperception of the credit crisis having its toll on the real economy sent stockmarkets spiraling lower. Sentiment was further worsened after a massive forcedliquidation of an allegedly fraudulent stock indices position by the number twoFrench bank Société Générale.  Newpositions were entered into mainly on the sell side. Good results were bookedon sales of Italian and American blue-chip indices while small losses were feltin the German market.  The South KoreanKospi200 index recovered somewhat after its drop at the beginning of thequarter. A short position therefore suffered. Profits posted to the Fundmid-quarter were a result of the short sales in Australia and the U.S. A longposition in the Canadian index also contributed to the positive results.

 

The metals sector posted slightlosses for the quarter.  At the beginningof the quarter, trends in gold and silver continued, albeit with some dips,which helped long positions gain profit. Profits were also earned later in the quarter due to higher prices forprecious metals such as silver and platinum and base metals such as copper andlead. A short position in nickel did however need to be liquidated with a loss.At the end of the quarter, a sharp correction led to negative results on longpositions of various base and precious metals.

 

Thecurrency sector posted losses for the quarter. At the beginning of the quarter,increasing fears in themarket led to a flight out of high interest currencies, such as the Turkishlira. The U.S. dollar and the Euro also dropped against the Japanese yen whichresulted in losses for short Japanese yen positions. Due to a lack of a cleartrend for the greenback against the Australian dollar, the British pound andthe Hungarian forint, small losses were suffered.  A seriously slowing economy mid-quarter, agenerous monetary policy and increasing inflation did not do the U.S. dollarany favors. Some of the losses experienced early in the quarter were reversedbut not enough leaving the sector at a loss for the quarter.

 

Item 3.Quantitative and Qualitative Disclosures About Market Risk

 

Introduction

 

The Fund is aspeculative commodity pool. The market sensitive instruments held by it areacquired for speculative trading purposes and all or substantially all of theFund’s assets are subject to the risk of trading loss.  Unlike an operating company, the risk ofmarket sensitive instruments is integral, not incidental, to the Fund’s mainline 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.

 

The Fund, under the directionof the trading advisors, rapidly acquires and liquidates both long and shortpositions in a wide range of different markets. Consequently, it is not possible to predict how a particular futuremarket scenario will affect performance, and the Fund’s past performance is notnecessarily indicative of its future results.

 

17

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Value at Riskis a measure of the maximum amount which the Fund could reasonably be expectedto lose in a given market sector. However, the inherent uncertainty of theFund’s speculative trading and the recurrence in the markets traded by the Fundof market movements far exceeding expectations could result in actual tradingor non-trading losses far beyond the indicated Value at Risk or the Fund’sexperience to date (i.e., “risk of ruin”). In light of the foregoing, as wellas the risks and uncertainties intrinsic to all future projections, thequantifications included in this section should not be considered to constituteany assurance or representation that the Fund’s losses in any market sectorwill be limited to Value at Risk or by the Fund’s attempts to manage its marketrisk.

 

QuantifyingThe Fund’s Trading Value At Risk

 

QuantitativeForward-Looking Statements.

 

The followingquantitative disclosures regarding the Fund’s market risk exposures contain“forward-looking statement” within the meaning of the safe harbor from civilliability provided for such statements by the Private Securities LitigationReform Act of 1995 (set forth in Section 27A of the Securities Act of 1933and 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.

 

The Fund’srisk exposure in the various market sectors traded by Transtrend is quantifiedbelow in terms of Value at Risk.  Due tothe Fund’s mark-to-market accounting, any loss in the fair value of the Fund’sopen positions is directly reflected in the Fund’s earnings (realized orunrealized) and cash flow (at least in the case of exchange-traded contracts inwhich profits and losses on open positions are settled daily through variationmargin)

 

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 asValue at Risk.  In those rare cases inwhich a futures-equivalent margin is not available, dealers’ margins have beenused.

 

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.

 

18

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***The Fund’s Trading Value at Risk in DifferentMarket Sectors***

* *

The following table indicates the average,highest and lowest trading Value at Risk associated with the Fund’s openpositions by market category for the fiscal period. For the three months ended March 31,2009 and 2008 the Fund’s average Month-end Net Asset Value for all otherpurposes was $218,273,721 and $120,452,097, respectively.

 

**March 31, 2009**

 
| **Market Sector**        | ** ** | **Average Value  at Risk** | ** ** | **% of Average  Capitalization** | ** ** | **Highest Value  at Risk** | ** ** | **Lowest Value  at Risk** | ** ** |
|--------------------------|------------|----------------------------|------------|----------------------------------|------------|----------------------------|------------|---------------------------|------------|
|                     |       |                       |       |                             |       |                       |       |                      |       |
| Agricultural Commodities |       | 611,728                    |       | 0.28                             | %          | 1,835,183                  |       | 54,563                    |       |
| Currencies               |       | 2,978,135                  |       | 1.36                             | %          | 8,934,405                  |       | 637,862                   |       |
| Energy                   |       | 1,855,457                  |       | 0.85                             | %          | 5,566,370                  |       | 30,688                    |       |
| Interest Rates           |       | 9,223,360                  |       | 4.23                             | %          | 27,670,079                 |       | 3,103,476                 |       |
| Metals                   |       | 570,995                    |       | 0.26                             | %          | 1,712,985                  |       | 329,033                   |       |
| Stock Indices            |       | 778,289                    |       | 0.36                             | %          | 2,334,867                  |       | 262,707                   |       |
|                     |       |                       |       |                             |       |                       |       |                      |       |
| Total                    |       | 16,017,964                 |       | 7.34                             | %          | 48,053,889                 |       | 4,418,329                 |       |

 

**March 31, 2008**

 
| **Market Sector**        |   | **Average Value  at Risk** |      | **% of Average  Capitalization** |   | **Highest Value  at Risk** |   | **Lowest Value  at Risk** |   |
|--------------------------|--------|----------------------------|-----------|----------------------------------|--------|----------------------------|--------|---------------------------|--------|
|                     |   |                       |      |                             |   |                       |   |                      |   |
| Agricultural Commodities |   | $                          | 328,230   |                             | 0.27   | %                          | $      | 480,066                   |   | $ | 46,344 |   |
| Currencies               |   | 2,126,859                  |      | 1.77                             | %      | 4,072,805                  |   | 292,385                   |   |
| Energy                   |   | 1,252,978                  |      | 1.04                             | %      | 2,117,492                  |   | 14,776                    |   |
| Interest Rates           |   | 5,220,406                  |      | 4.33                             | %      | 6,770,834                  |   | 2,635,987                 |   |
| Metals                   |   | 344,813                    |      | 0.29                             | %      | 501,371                    |   | 253,600                   |   |
| Stock Indices            |   | 437,924                    |      | 0.36                             | %      | 564,917                    |   | 223,135                   |   |
|                     |   |                       |      |                             |   |                       |   |                      |   |
| TOTAL                    |   | $                          | 9,711,210 |                             | 8.06   | %                          | $      | 14,507,485                |   | $ | 3,466,227 |   |

 

19

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MaterialLimitations on Value at Risk as an Assessment of Market Risk

 

Theface value of the market sector instruments held by the Fund is typically manytimes the applicable maintenance margin requirement (maintenance marginrequirements generally ranging between approximately 1% and 10% of contractface value) as well 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 isimmaterial.

 

QualitativeDisclosures Regarding Primary Trading Risk Exposures

 

Thefollowing qualitative disclosures regarding the Fund’s market risk exposures —except for (i) those disclosures that are statements of historical factand (ii) the descriptions of how the Fund manages its primary market riskexposures — constitute forward-looking statements within the meaning of Section 27Aof the Securities Act and Section 21E of the Securities Exchange Act. TheFund’s primary market risk exposures as well as the strategies used and to beused by MLAI and Transtrend for managing such exposures are subject to numerousuncertainties, contingencies and risks, any one of which could cause the actualresults of the Fund’s risk controls to differ materially from the objectives ofsuch strategies.

 

Governmentinterventions, defaults and expropriations, illiquid markets, the emergence ofdominant fundamental factors, political upheavals, changes in historical pricerelationships, an influx of new market participants, increased regulation andmany other factors could result in material losses as well as in materialchanges to the risk exposures and the risk management strategies of the Fund.There can be no assurance that the Fund’s current market exposure and/or riskmanagement strategies will not change materially or that any such strategieswill be effective in either the short- or long-term. Investors must be preparedto lose all or substantially all of the time value of their investment in theFund.

 

Item 4. Controls and Procedures

 

MLAI, the Sponsor of ML Transtrend DTPEnhanced FuturesAccess LLC, with the participation of the Sponsor’s ChiefExecutive Officer and the Chief Financial Officer, has evaluated theeffectiveness of the design and operation of its disclosure controls andprocedures with respect to the Fund as of the end of the period of this quarterlyreport, and, based on this evaluation, has concluded that these disclosurecontrols and procedures are effective. Additionally, there were no significant changes in the Fund’s internalcontrols or in other factors during the latest fiscal quarter that hasmaterially affected, or is reasonably likely to materially affect, the Fund’sinternal control over financial reporting.

 

20

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PART II - OTHER INFORMATION

 

Item 1.            LegalProceedings

 

None.

 

Item 1A.  Risk Factors

 

There are no materialchanges from risk factors as previously disclosed in the Annual Report onForm 10-K for the year ended December 31, 2008, filed March 31,2009.

 

Item 2.            UnregisteredSales of Equity Securities and Use of Proceeds

 

(a) Issuance to accreditedinvestors pursuant to Regulation D and Section 4(6) under theSecurities Act.  The selling agent of thefollowing Class of Units was MLPF&S.

 
| CLASS A |       |             |       |      |       |        |       |
|--------------|------------|------------------|------------|-----------|------------|-------------|------------|
| ** **   | ** ** | **Subscription** | ** ** |
| ** **   | ** ** | **Amount**       | ** ** | **Units** | ** ** | **NAV (1)** | ** ** |
| Jan-09       |       | $                | —     |      | —     |        | $          | 1.3842 |   |
| Feb-09       |       | 175,498          |       | 127,099   |       | 1.3808      |       |
| Mar-09       |       | 66,296           |       | 47,743    |       | 1.3886      |       |
| Apr-09       |       | 428,992          |       | 320,910   |       | 1.3368      |       |
|              |            |                  |            |           |            |             |            |  |  |

 
| CLASS C |       |             |       |      |       |        |       |
|--------------|------------|------------------|------------|-----------|------------|-------------|------------|
| ** **   | ** ** | ** **       | ** ** |
| ** **   | ** ** | **Subscription** | ** ** |
| ** **   | ** ** | **Amount**       | ** ** | **Units** | ** ** | **NAV (1)** | ** ** |
| Jan-09       |       | $                | 842,986    |      | 638,239    |        | $          | 1.3208 |   |
| Feb-09       |       | 681,985          |       | 518,029   |       | 1.3165      |       |
| Mar-09       |       | 904,982          |       | 684,141   |       | 1.3228      |       |
| Apr-09       |       | 1,313,747        |       | 1,032,495 |       | 1.2724      |       |
|              |            |                  |            |           |            |             |            |  |  |

 
| CLASS D |       |             |       |      |       |        |       |
|--------------|------------|------------------|------------|-----------|------------|-------------|------------|
| ** **   | ** ** | ** **       | ** ** |
| ** **   | ** ** | **Subscription** | ** ** |
| ** **   | ** ** | **Amount**       | ** ** | **Units** | ** ** | **NAV (1)** | ** ** |
| Jan-09       |       | $                | —     |      | —     |        | $          | 1.2296 |   |
| Feb-09       |       | —           |       | —    |       | 1.2380      |       |
| Mar-09       |       | —           |       | —    |       | 1.1935      |       |
| Apr-09       |       | —           |       | —    |       | —      |       |
|              |            |                  |            |           |            |             |            |  |  |

 
| CLASS I |       |             |       |      |       |        |       |
|--------------|------------|------------------|------------|-----------|------------|-------------|------------|
| ** **   | ** ** | ** **       | ** ** |
| ** **   | ** ** | **Subscription** | ** ** |
| ** **   | ** ** | **Amount**       | ** ** | **Units** | ** ** | **NAV (1)** | ** ** |
| Jan-09       |       | $                | 24,874     |      | 18,147     |        | $          | 1.3707 |   |
| Feb-09       |       | 90,000           |       | 65,799    |       | 1.3678      |       |
| Mar-09       |       | 114,996          |       | 83,573    |       | 1.3760      |       |
| Apr-09       |       | 350,997          |       | 264,984   |       | 1.3246      |       |
|              |            |                  |            |           |            |             |            |  |  |

 
| CLASS DS |       |             |       |      |       |        |       |
|---------------|------------|------------------|------------|-----------|------------|-------------|------------|
| ** **    | ** ** | ** **       | ** ** |
| ** **    | ** ** | **Subscription** | ** ** |
| ** **    | ** ** | **Amount**       | ** ** | **Units** | ** ** | **NAV (1)** | ** ** |
| Jan-09        |       | $                | 3,291,720  |      | 1,981,651  |        | $          | 1.6611 |   |
| Feb-09        |       | 3,857,424        |       | 2,325,010 |       | 1.6591      |       |
| Mar-09        |       | 1,485,970        |       | 889,536   |       | 1.6705      |       |
| Apr-09        |       | 5,356,769        |       | 3,326,566 |       | 1.6103      |       |
|               |            |                  |            |           |            |             |            |  |  |

 
| CLASS DT |       |             |       |      |       |        |       |
|---------------|------------|------------------|------------|-----------|------------|-------------|------------|
| ** **    | ** ** | ** **       | ** ** |
| ** **    | ** ** | **Subscription** | ** ** |
| ** **    | ** ** | **Amount**       | ** ** | **Units** | ** ** | **NAV (1)** | ** ** |
| Jan-09        |       | $                | —     |      | —     |        | $          | 1.7170 |   |
| Feb-09        |       | —           |       | —    |       | 1.7163      |       |
| Mar-09        |       | —           |       | —    |       | 1.7296      |       |
| Apr-09        |       | —           |       | —    |       | 1.6688      |       |
|               |            |                  |            |           |            |             |            |  |  |

 

----

(1) Beginning of the month Net AssetValue for all other purposes

 

(b)         None.

(c)          None.

 

21

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| Item 3. |   | Defaults Upon Senior Securities                                                                                         |
|---------|--------|-------------------------------------------------------------------------------------------------------------------------|
|    |   |                                                                                                                    |
|    |   | None.                                                                                                                   |
|    |   |                                                                                                                    |
| Item 4. |   | Submission of Matters to a Vote of Security Holders                                                                     |
|    |   |                                                                                                                    |
|    |   | None.                                                                                                                   |
|    |   |                                                                                                                    |
| Item 5. |   | Other Information                                                                                                       |
|    |   |                                                                                                                    |
|    |   | None.                                                                                                                   |
|    |   |                                                                                                                    |
| Item 6. |   | Exhibits                                                                                                                |
|    |   |                                                                                                                    |
|    |   | The following exhibits are incorporated by reference or are filed  herewith to this Quarterly Report on Form 10-Q: |
|    |   |                                                                                                                    |
|    |   | 31.01 and 31.02                                                                                                         | Rule 13a-14(a)/15d-14(a) Certifications |
|    |   |                                                                                                                    |
|    |   | Exhibit 31.01 and 31.02                                                                                            | Are filed herewith. |
|    |   |                                                                                                                    |
|    |   | 32.01 and 32.02                                                                                                         | Section 1350 Certifications |
|    |   |                                                                                                                    |
|    |   | Exhibit 32.01 and 32.02                                                                                            | Are filed herewith. |

 

22

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**SIGNATURES**

 

Pursuant to the requirements of theSecurities Exchange Act of 1934, the registrant has duly caused this report tobe signed on its behalf by the undersigned thereunto duly authorized.

 

 
|   | ML TRANSTREND DTP ENHANCED FUTURESACCESS LLC |
|--------|----------------------------------------------|
|   |                                         |
|   |                                         |
|   | By: MERRILL LYNCH ALTERNATIVE                |
|   | INVESTMENTS LLC                              |
|   | (Manager)                                    |

 

 
| Date: May 15, 2009 | By     | /s/ PAUL MORTON                                |
|-------------------------|--------|------------------------------------------------|
|                    |   | Paul  Morton                                   |
|                    |   | Chief Executive Officer, President and Manager |
|                    |   | (Principal Executive Officer)                  |

 

 
| Date: May 15, 2009 | By     | /s/ BARBRA E. KOCSIS                         |
|-------------------------|--------|----------------------------------------------|
|                    |   | Barbra E. Kocsis                             |
|                    |   | Chief Financial Officer                      |
|                    |   | (Principal Financial and Accounting Officer) |

 

23

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