** **

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 

**FORM 10-Q/A**

 

**Amendment No. 1**

 

**(Mark One)**

 

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

 

**For the quarterly period ended June 30, 2016**

 

**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 0-51085**

 

**ASPECT FUTURESACCESS LLC**

(Exact name of registrant as specified in its charter)

 
| **Delaware**                      | ** ** | **20-1227650**                         |
|-----------------------------------|------------|----------------------------------------|
| (State or other   jurisdiction of |       | (I.R.S. Employer   Identification No.) |
| incorporation or   organization)  |       |                                   |

 

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

**250 Vesey Street, 11****th Floor**

**New York, New York 10281**

(Address of principal executive offices)

(Zip Code)

 

**609-274-5838**

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x  No o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes x  No o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

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

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes o  No x

 

As of June 30, 2016, 76,144,049 units of limited liability company interest were outstanding.

 

 

 

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** **

**EXPLANATORY NOTE REGARDING THIS FORM 10-Q/A**

 

Aspect FuturesAccess LLC (the “Registrant”) is filing this Amendment No. 1 to its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2016, originally filed with the Securities and Exchange Commission on August 12, 2016 (the “Original Form 10-Q”).  This Amendment pertains to correcting certain net asset value calculations at specified dates during the second quarter of 2016, which are set forth in Part I, Item 2 (Management’s Discussion and Analysis of Financial Condition and Results of Operations) and Part II, Item 2 (Unregistered Sales of Equity Securities and Use of Proceeds).

 

Except as described above, this Amendment No. 1 does not amend any other information set forth in the Original Form 10-Q and the Registrant has not updated disclosures included therein to reflect any events that occurred subsequent to June 30, 2016.

 

2

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PART I — FINANCIAL INFORMATION

 

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

 

PERIOD-END NET ASSET VALUE PER UNIT

 

The Fund calculates the Net Asset Value per Unit of each Class of Units as of the last calendar day of each month, the fifteenth calendar day of each month and as of any other dates MLAI may determine in its discretion (each, a “Calculation Date”). The Fund’s Net Asset Value as of any Calculation Date generally equals the value of the Fund’s account under the management of the Trading Advisor as of that date, plus any other assets held by the Fund, minus accrued sponsor, management and performance fees, trading liabilities, including brokerage commissions, any offering or operating costs, and all other liabilities of the Fund.  MLAI or its delegates are authorized to make all Net Asset Value determinations.

 

MLAI believes that the Net Asset Value used to calculate subscription and redemption value and to report performance to investors is a useful performance measure for the investors of the Fund.  Therefore, the charts below are referencing Net Asset Value at each Calculation Date.

 

PERIOD-END NET ASSET VALUE PER UNIT CLASS A

 
| ** ** | ** ** | **Jan. 15th** | ** ** | **Jan.** | ** ** | **Feb. 15th** | ** ** | **Feb.** | ** ** | **Mar. 15th** | ** ** | **Mar.** | ** ** | **Apr. 15th** | ** ** | **Apr.** | ** ** | **May 15th** | ** ** | **May** | ** ** | **June 15th** | ** ** | **Jun.** | ** ** |
|------------|------------|--------------------|------------|----------|------------|--------------------|------------|----------|------------|--------------------|------------|----------|------------|--------------------|------------|----------|------------|-------------------|------------|---------|------------|--------------------|------------|----------|------------|
| 2015       |       | $                  | 1.7560     |     | $          | 1.8109             |       | $        | 1.7658     |               | $          | 1.8049   |       | $                  | 1.8747     |     | $          | 1.8615            |       | $       | 1.8530     |               | $          | 1.6778   |       | $ | 1.6154 |   | $ | 1.6743 |   | $ | 1.6110 |   | $ | 1.5966 |   |
| 2016       |       | $                  | 1.9322     |     | $          | 1.8827             |       | $        | 1.9169     |               | $          | 1.9244   |       | $                  | 1.8487     |     | $          | 1.8465            |       | $       | 1.8329     |               | $          | 1.7545   |       | $ | 1.7463 |   | $ | 1.7194 |   | $ | 1.7459 |   | $ | 1.8024 |   |

 

PERIOD-END NET ASSET VALUE PER UNIT CLASS C

 
| ** ** | ** ** | **Jan. 15th** | ** ** | **Jan.** | ** ** | **Feb. 15th** | ** ** | **Feb.** | ** ** | **Mar. 15th** | ** ** | **Mar.** | ** ** | **Apr. 15th** | ** ** | **Apr.** | ** ** | **May 15th** | ** ** | **May** | ** ** | **June 15th** | ** ** | **Jun.** | ** ** |
|------------|------------|--------------------|------------|----------|------------|--------------------|------------|----------|------------|--------------------|------------|----------|------------|--------------------|------------|----------|------------|-------------------|------------|---------|------------|--------------------|------------|----------|------------|
| 2015       |       | $                  | 1.5981     |     | $          | 1.6474             |       | $        | 1.6057     |               | $          | 1.6406   |       | $                  | 1.7032     |     | $          | 1.6904            |       | $       | 1.6821     |               | $          | 1.5225   |       | $ | 1.4647 |   | $ | 1.5174 |   | $ | 1.4596 |   | $ | 1.4459 |   |
| 2016       |       | $                  | 1.7403     |     | $          | 1.6947             |       | $        | 1.7248     |               | $          | 1.7308   |       | $                  | 1.6620     |     | $          | 1.6594            |       | $       | 1.6460     |               | $          | 1.5750   |       | $ | 1.5670 |   | $ | 1.5420 |   | $ | 1.5652 |   | $ | 1.6160 |   |

 

PERIOD-END NET ASSET VALUE PER UNIT CLASS D

 
| ** ** | ** ** | **Jan. 15th** | ** ** | **Jan.** | ** ** | **Feb. 15th** | ** ** | **Feb.** | ** ** | **Mar. 15th** | ** ** | **Mar.** | ** ** | **Apr. 15th** | ** ** | **Apr.** | ** ** | **May 15th** | ** ** | **May** | ** ** | **June 15th** | ** ** | **Jun.** | ** ** |
|------------|------------|--------------------|------------|----------|------------|--------------------|------------|----------|------------|--------------------|------------|----------|------------|--------------------|------------|----------|------------|-------------------|------------|---------|------------|--------------------|------------|----------|------------|
| 2015       |       | $                  | 2.0746     |     | $          | 2.1406             |       | $        | 2.0888     |               | $          | 2.1363   |       | $                  | 2.2199     |     | $          | 2.2056            |       | $       | 2.1968     |               | $          | 1.9909   |       | $ | 1.9127 |   | $ | 1.9836 |   | $ | 1.9100 |   | $ | 1.8940 |   |
| 2016       |       | $                  | 2.3107     |     | $          | 2.2529             |       | $        | 2.2952     |               | $          | 2.3056   |       | $                  | 2.2163     |     | $          | 2.2150            |       | $       | 2.1995     |               | $          | 2.1069   |       | $ | 2.0983 |   | $ | 2.0672 |   | $ | 2.1005 |   | $ | 2.1704 |   |

 

PERIOD-END NET ASSET VALUE PER UNIT CLASS I

 
| ** ** | ** ** | **Jan. 15th** | ** ** | **Jan.** | ** ** | **Feb. 15th** | ** ** | **Feb.** | ** ** | **Mar. 15th** | ** ** | **Mar.** | ** ** | **Apr. 15th** | ** ** | **Apr.** | ** ** | **May 15th** | ** ** | **May** | ** ** | **June 15th** | ** ** | **Jun.** | ** ** |
|------------|------------|--------------------|------------|----------|------------|--------------------|------------|----------|------------|--------------------|------------|----------|------------|--------------------|------------|----------|------------|-------------------|------------|---------|------------|--------------------|------------|----------|------------|
| 2015       |       | $                  | 1.8064     |     | $          | 1.8638             |       | $        | 1.8173     |               | $          | 1.8583   |       | $                  | 1.9310     |     | $          | 1.9175            |       | $       | 1.9102     |               | $          | 1.7278   |       | $ | 1.6806 |   | $ | 1.7421 |   | $ | 1.6767 |   | $ | 1.6619 |   |
| 2016       |       | $                  | 2.0155     |     | $          | 1.9641             |       | $        | 2.0002     |               | $          | 2.0084   |       | $                  | 1.9297     |     | $          | 1.9278            |       | $       | 1.9137     |               | $          | 1.8324   |       | $ | 1.8241 |   | $ | 1.7962 |   | $ | 1.8243 |   | $ | 1.8836 |   |

 

PERIOD-END NET ASSET VALUE PER UNIT CLASS DS

 
| ** ** | ** ** | **Jan. 15th** | ** ** | **Jan.** | ** ** | **Feb. 15th** | ** ** | **Feb.** | ** ** | **Mar. 15th** | ** ** | **Mar.** | ** ** | **Apr. 15th** | ** ** | **Apr.** | ** ** | **May 15th** | ** ** | **May** | ** ** | **June 15th** | ** ** | **Jun.** | ** ** |
|------------|------------|--------------------|------------|----------|------------|--------------------|------------|----------|------------|--------------------|------------|----------|------------|--------------------|------------|----------|------------|-------------------|------------|---------|------------|--------------------|------------|----------|------------|
| 2015       |       | $                  | 2.0586     |     | $          | 2.1243             |       | $        | 2.0726     |               | $          | 2.1197   |       | $                  | 2.2023     |     | $          | 2.1880            |       | $       | 2.1793     |               | n/a        |     | n/a        |   | n/a |   | n/a |   | n/a |   |
| 2016       |       | n/a                |       | n/a      |       | n/a                |       | n/a      |       | n/a                |       | n/a      |       | n/a                |       | n/a      |       | n/a               |       | n/a     |       | n/a                |       | n/a      |       |
|            |            |                    |            |          |            |                    |            |          |            |                    |            |          |            |                    |            |          |            |                   |            |         |            |                    |            |          |            |  |  |  |  |  |  |  |

 

PERIOD-END NET ASSET VALUE PER UNIT CLASS DT

 
| ** ** | ** ** | **Jan. 15th** | ** ** | **Jan.** | ** ** | **Feb. 15th** | ** ** | **Feb.** | ** ** | **Mar. 15th** | ** ** | **Mar.** | ** ** | **Apr. 15th** | ** ** | **Apr.** | ** ** | **May 15th** | ** ** | **May** | ** ** | **June 15th** | ** ** | **Jun.** | ** ** |
|------------|------------|--------------------|------------|----------|------------|--------------------|------------|----------|------------|--------------------|------------|----------|------------|--------------------|------------|----------|------------|-------------------|------------|---------|------------|--------------------|------------|----------|------------|
| 2015       |       | $                  | 2.1872     |     | $          | 2.2617             |       | $        | 2.2036     |               | $          | 2.2572   |       | $                  | 2.3518     |     | $          | 2.3356            |       | $       | 2.3268     |               | $          | 2.1083   |       | $ | 2.0345 |   | $ | 2.1097 |   | $ | 2.0318 |   | $ | 2.0146 |   |
| 2016       |       | n/a                |       | n/a      |       | n/a                |       | n/a      |       | n/a                |       | n/a      |       | n/a                |       | n/a      |       | n/a               |       | n/a     |       | n/a                |       | n/a      |       |
|            |            |                    |            |          |            |                    |            |          |            |                    |            |          |            |                    |            |          |            |                   |            |         |            |                    |            |          |            |  |  |  |  |  |  |  |  |  |  |  |  |

 

PERIOD-END NET ASSET VALUE PER UNIT CLASS M

 
| ** ** | ** ** | **Jan. 15th** | ** ** | **Jan.** | ** ** | **Feb. 15th** | ** ** | **Feb.** | ** ** | **Mar. 15th** | ** ** | **Mar.** | ** ** | **Apr. 15th** | ** ** | **Apr.** | ** ** | **May 15th** | ** ** | **May** | ** ** | **June 15th** | ** ** | **Jun.** | ** ** |
|------------|------------|--------------------|------------|----------|------------|--------------------|------------|----------|------------|--------------------|------------|----------|------------|--------------------|------------|----------|------------|-------------------|------------|---------|------------|--------------------|------------|----------|------------|
| 2015       |       | $                  | 1.1092     |     | $          | 1.1446             |       | $        | 1.1169     |               | $          | 1.1424   |       | $                  | 1.1875     |     | $          | 1.1798            |       | $       | 1.1754     |               | $          | 1.0652   |       | $ | 1.0240 |   | $ | 1.0620 |   | $ | 1.0237 |   | $ | 1.0152 |   |
| 2016       |       | $                  | 1.2366     |     | $          | 1.2056             |       | $        | 1.2283     |               | $          | 1.2340   |       | $                  | 1.1870     |     | $          | 1.1868            |       | $       | 1.1785     |               | $          | 1.1289   |       | $ | 1.1243 |   | $ | 1.1077 |   | $ | 1.1255 |   | $ | 1.1619 |   |

 

3

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Liquidity and Capital Resources

 

The Fund borrows only to a limited extent and only on a strictly short-term basis in order to finance losses on non-U.S. dollar denominated trading positions pending the conversion of the Fund’s U.S. dollar deposits.  These borrowings are at a prevailing short-term rate in the relevant currency.

 

Substantially all of the Fund’s assets are held in cash with the brokers. Changes in interest rates could cause periods of strong up or down price trends, during which the Fund’s profit or loss potential might increase. Inflation in commodity prices could also generate price movements, which the strategies might successfully follow. The Fund should be able to close out its open trading positions and liquidate its holdings relatively quickly and at market prices, except in unusual circumstances.  This typically permits the Fund to limit losses as well as reduce market exposure on short notice should its strategies indicate doing so.

 

As a commodity pool, the Fund maintains an extremely large percentage of its assets in cash, which it must have available to post initial and variation margin on futures contracts.  This cash is also used to fund redemptions.  While the Fund has the ability to fund redemption proceeds from liquidating positions, as a practical matter positions are not liquidated to fund redemptions.  In the event that positions were liquidated to fund redemptions, MLAI, as the Manager of the Fund, has the ability to override decisions of the Trading Advisor to fund redemptions if necessary, but in practice the Trading Advisor would determine in its discretion which investments should be liquidated.

 

For the six month period ended June 30, 2016 Fund capital decreased 1.22% from $124,871,836 to $123,346,573. This decrease was attributable to the net loss from operations of $2,495,016 coupled with the redemption of 4,098,065 redeemable Units resulting in an outflow of $6,627,912.  The cash outflow was offset with cash inflow of $7,597,665 due to subscriptions of 4,830,031 Units. Future redemptions could impact the amount of funds available for investment in commodity contract positions in subsequent months.

 

Critical Accounting Policies

 

Statement of Cash Flows

 

The Fund is not required to provide a Statement of Cash Flows.

 

Investments

 

All investments (including derivatives) are held for trading purposes.  Investments are recorded on trade date and open contracts are recorded at fair value (as described 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.  Profits or losses are realized when contracts are liquidated.  Unrealized profits or losses on open contracts are included as a component of equity in commodity trading accounts on the Statements of Financial Condition.  Realized profits or losses and any change in net unrealized profits or losses from the preceding period are reported in the Statements of Operations.

 

4

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Fair Value Measurements

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  For more information on the Fund’s treatment of fair value, see Financial Statements Note 3, Fair Value of Investments.

 

Futures Contracts

 

The Fund trades exchange listed futures contracts.  A listed futures contract is a firm commitment to buy or sell a standardized quantity of an underlying asset over a specified duration.  The Fund buys and sells contracts based on indices of financial assets such as stocks, domestic and global stock indices, as well as contracts on various physical commodities. Prices paid or received on these contracts are determined by the ask or bid provided by the exchanges on which they are traded.   Contracts may be settled in physical form or cash settled depending upon the contract.  Upon the execution of a trade, margin requirements determine the amount of cash that must be on deposit to secure the transaction.  These amounts are considered restricted cash on the Fund’s Statements of Financial Condition.  Contracts are priced daily by the Fund and the profit or loss is based on the daily mark to market and is recorded as unrealized profit (loss).  When the contract is closed, the Fund records a realized profit or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.  Because transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker or directly with the exchange on which the contracts are traded, credit exposure is limited.  Realized profit (loss), net and change in unrealized profit (loss), net on futures contracts are recognized in the period in which the contract is closed or the changes occur, respectively and are included in the Statements of Operations.  The Fund also trades futures contracts on the London Metals Exchange (LME). The valuation pricing for LME contracts is based on action of a committee that incorporates prices from the most liquid trading sessions of the day and can also rely on other inputs such as supply and demand factors and bids and asks from open outcry sessions.

 

Forward Foreign Currency Contracts

 

Foreign currency contracts are those contracts where the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date.  Foreign currency contracts are valued daily, and the Fund’s net equity therein, representing unrealized profit or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Financial Condition.  Realized profit (loss), net and change in unrealized profit (loss), net on foreign currency contracts are recognized in the period in which the contract is closed or the changes occur, respectively and are included in the Statements of Operations.

 

Interest Rates and Income

 

BofA Corp.’s “Interest Earning Program”, which offers interest on cash balances subject to a negotiated schedule, will generally apply to Fund cash assets during any time they are maintained by the Sponsor with its affiliates.  The present interest rate under the Interest Earning Program on U.S. dollar cash balances is the daily effective federal funds rate less 20 basis points, recalculated and accrued daily, and subject to a floor of 0%, except for currencies designated by MLPF&S as “negative interest rate currencies”.  MLPF&S deposits certain of the Fund’s assets as margin or collateral with clearinghouses and/or depositories. As a result of the present low interest rate environment, clearinghouses and depositories charge MLPF&S fees to account for the negative interest rates on cash balances for certain 

 

5

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currencies, which may change from time to time.  Accordingly, MLPF&S will charge the Fund a “negative interest rate fee” for any currencies designated by MLPF&S as a “negative interest rate currency”.

 

Income Taxes

 

Each investor is individually responsible for reporting income or loss based on such investor’s share of the Fund’s income and expenses as reported for income tax purposes.

 

The Fund follows the ASC guidance on accounting for uncertain tax positions. This guidance provides how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements.  This guidance also requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority.  Tax positions with respect to tax at the Fund level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. A prospective investor should be aware that, among other things, income taxes could have a material adverse effect on the periodic calculations of the Net Asset Value of the Fund, including reducing the Net Asset Value of the Fund to reflect reserves for income taxes, such as foreign withholding taxes, that may be payable by the Fund. This could cause benefits or detriments to certain investors, depending upon the timing of their entry and exit from the Fund. MLAI has analyzed the Fund’s tax positions and has concluded that a provision for income tax of $517,000, generated by trading in Spain, is required in the Fund’s financial statements.  Such amount, which is included in Other Liabilities on the Statement of Financial Condition as of June 30, 2016, is net of a $647,420 reversal of tax exposure which is reflected within other income on the 2016 Statements of Operations.   The following is the major tax jurisdiction for the Fund and the earliest tax year subject to examination: United States — 2012.

 

Reform Act

 

The Dodd-Frank Wall Street Reform and Consumer Protection Act amended the definition of “eligible contract participant” and the Fund expects to meet the amended definition as it applies to trading in “retail forex” transactions so long as its total assets exceed $10 million.  If the Fund does not meet the definition of “eligible contract participant” for purposes of trading in “retail forex” transactions, it could lead to the Fund being unable to trade such transactions in the interbank market and bearing higher upfront and mark-to-market margin, less favorable trade pricing, and the possible imposition of new or increased fees.  “Retail forex” markets available to parties that do not meet the definition of “eligible contract participant” could also be significantly less liquid than the interbank market.  Moreover, the creditworthiness of the counterparties with whom the Fund may be required to trade in such circumstances could be significantly weaker than the creditworthiness of MLI and the currency forward counterparties with which the Fund would otherwise engage for its currency forward transactions.

 

6

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Results of Operations

 

January 1, 2016 to June 30, 2016

 

*January 1, 2016 to March 31, 2016*

 

The Fund experienced a net trading profit of $2,551,977 before brokerage commissions and related fees in the first quarter of 2016. The Fund’s profits were primarily attributable to the interest rates and energy sectors. The stock indices, agriculture, metals and currency sectors posted losses.

 

The interest rate sector posted profits to the Fund. Profits were posted to the Fund at the beginning of the first quarter. Poor economic data from the U.S. and China raised concerns about the global economy and caused bond markets to rally on safe haven appeal. This led to profits from the Trading Program’s long bond positions. Later in January, speculation that the European Central Bank would introduce additional stimulus measures and the Bank of Japan’s decision to reduce interest rates drove further profits. Profits were posted to the Fund in the middle of the quarter. Against a background of heightened volatility in equity markets, safe haven assets were favored by investors. This, combined with the threat of deflation in Europe and Japan, saw investors favoring longer maturity fixed income markets which resulted in profits posted to the Fund from the Trading Program’s long fixed income positions. Losses were posted to the Fund at the end of the quarter as the Trading Program’s long fixed income exposures were affected as a resurgence of global risk appetite led to bonds generally trading lower.

 

The energy sector posted profits to the Fund. Profits were posted to the Fund at the beginning of the first quarter. The Trading Program’s short positions in oils made gains as prices fell below $30 per barrel, driven by a rise in U.S. inventory levels and the expectation of additional production from Iran. Profits were posted to the Fund in the middle of the quarter as the Trading Program profited from continuing bearish trends in natural gas as an inventory glut pushed prices lower. Losses were posted to the Fund at the end of the quarter due to the Trading Program’s short positions in energies as natural gas rallied during the month of March.

 

The stock indices sector posted losses to the Fund. Losses were posted to the Fund at the beginning of the first quarter. The large sell-offs in stock markets led to losses from the stock indices sector at the beginning of January. However, the Trading Program responded and switched its small net long positions to net short positions. During January, most stock indices recorded losses, but there were profits from short positions in emerging market stock indices. Profits were posted to the Fund in the middle of the quarter. Against a background of heightened volatility in equity markets, safe haven assets were favored by investors in February. The Trading Program’s small short exposures to emerging markets, such as the Indian Nifty and the Chinese H-Shares indices also posted profits to the Fund. Losses were posted to the Fund at the end of the quarter. Mixed directional positioning among stock indices led to small gains overall in March. In particular, gains were made from the long position in Korea but remaining shorts positions in China and other emerging markets detracted from gains.

 

The agriculture sector posted losses to the Fund. Losses were posted to the Fund at the beginning of the first quarter, however this reversed in the middle of the quarter as the Trading Program profited from continuing bearish trends in wheat contracts as an inventory glut pushed prices lower. Losses were posted to the Fund at the end of the quarter due to the Trading Program’s short positions in grains.

 

The metals sector posted losses to the Fund. Profits were posted to the Fund at the beginning of the first quarter, however this reversed in the middle of the quarter. A tighter global supply of zinc as a result of production cuts led to a price rally which negatively affected the Trading Program’s short positions. Gold and silver appreciated during February as investors sought refuge from the equity sell-off. The Trading Program’s positions switched to long positions but were unable to turn a profit in February. Losses were posted to the Fund at the end of the quarter due to the Trading Program’s short positions in metal which rallied during March.

 

7

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The currency sector posted losses to the Fund. Profits were posted to the Fund at the beginning of the first quarter as the Canadian dollar weakened, driven by the declining oil price, while British sterling also fell amid concerns about the health of the United Kingdom’s economy. Losses were posted to the Fund in the middle of the quarter. Currencies proved to be challenging for the Trading Program’s medium term trend following systems as several established trends retraced. The U.S. dollar weakened against its major counterparts, in particular against the Canadian dollar, amid concern over the vulnerability of the American economy. The Swiss franc and the Japanese yen, sought after as safe haven currencies, both rallied despite their respective central banks actively pursuing negative interest rate policies. Losses were posted to the Fund at the end of the quarter due to the U.S. dollar weakening and the Japanese yen strengthening which were reversals of longer-term established trends.

 

*April 1, 2016 to June 30, 2016*

 

The Fund experienced a net trading loss of $2,428,768 before brokerage commissions and related fees in the second quarter of 2016. The Fund’s profits were primarily attributable to the interest rates and agriculture sectors. The currency, metals, stock indices and energy sectors posted losses.

 

The interest rate sector posted profits to the Fund. Losses were posted to the Fund at the beginning of the second quarter. A global government bond sell-off led to losses from the Trading Program’s long positions. In Europe, yields spiked after the European Central Bank left rates unchanged, Profits were posted to the Fund in the middle of the second quarter. Longer-maturity European fixed income yields continued to drift lower and thus rewarded the Trading Program’s long exposures. Profits were posted to the Fund at the end of the second quarter. The yield on the 10-year German bund fell into negative territory, while yields on UK and Japanese bonds also touched record lows which resulted in the Trading Program’s long bond positions among the best performers in June.

 

The agriculture sector posted profits to the Fund. Losses were posted to the Fund at the beginning of the second quarter as soy markets experienced a strong rally driven by poor weather in South America, making the Trading Program’s short position in soybean meal the worst overall performer. Profits were posted to the Fund in the middle of the second quarter. Some of the Trading Program’s most profitable positions were those capturing the continued rally in the price of soy related markets. Sugar and soy prices rallied in June resulting in profits posted to the Fund at the end of the second quarter.

 

The currency sector posted losses to the Fund. Losses were posted to the Fund at the beginning of the second quarter. The Japanese yen rose sharply after the Bank of Japan left monetary policy unchanged, to the benefit of the Trading Program. The net short exposure to the British sterling suffered from sentiment swings regarding Brexit. Losses also came from the Trading Program’s net long exposure to the Australian dollar, as speculation of a rate cut increased. Losses were posted to the Fund in the middle of the quarter. The U.S. dollar appreciated against most of its major peers during May despite having weakened for most of the year. However, idiosyncratic events dominated the Trading Program’s losses in currencies wherein in Australia, rates were surprisingly cut (also impacting short fixed income positions) and in both Turkey and Brazil, political events led to rapid depreciations of the local currencies. Profits were posted to the Fund at the end of the second quarter. Gains from the currencies sector came from the Trading Program’s net long exposure to the Japanese yen, which rallied on safe-haven appeal. A weak U.S. jobs report at the start of June caused the U.S. dollar to fall, leading to losses from some long positions in the U.S. Dollar positions such as the long USD/CHF position. The Trading Program responded to this weakness by switching its net exposure to the U.S. dollar from long to short during the month.

 

The metals sector posted losses to the Fund. Losses were posted to the Fund at the beginning of the second quarter due to the Trading Program’s short positions in industrial metals. Losses were posted to 

 

8

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the Fund in the middle of the second quarter. The Trading Program incurred losses from long positions in silver and platinum. Losses were posted to the Fund at the end of the second quarter.

 

The stock indices sector posted losses to the Fund. Losses were posted to the Fund at the beginning through the middle of the second quarter. The Trading Program struggled to capture stock market trends, as markets were impacted by uncertainty surrounding global growth and U.S. monetary policy. Losses were posted to the Fund at the end of the second quarter. Stock markets were unsettled in June by the uncertainty surrounding the Brexit debate. While the Trading Program made losses from its small net long exposure to stock indices, some short stock index positions were profitable. Losses also came from the Trading Program’s short position in the VIX index, which surged following the Brexit result.

 

The energy sector posted losses to the Fund. Losses were posted to the Fund at the beginning of the second quarter. Oil markets rebounded, with Brent crude experiencing gains boosted by a weak U.S. dollar and a decline in U.S. production. While the Trading Program responded by switching to a long position in Brent, losses came from short positions in other oil markets. Losses were posted to the Fund in the middle of the second quarter. Canadian wildfires and supply disruptions in Nigeria contributed to oil gains. The Trading Program’s net positions in the oils complex turned long towards the end of May, but still ended the month with small losses. Losses were posted to the Fund at the end of the second quarter. Natural gas rallied strongly on supply concerns in June, while the Trading Program’s positions in oils also incurred losses as prices oscillated.

 

January 1, 2015 to June 30, 2015

 

*January 1, 2015 to March 31, 2015*

 

The Fund experienced a net trading profit of $15,672,792 before brokerage commissions and related fees in the first quarter of 2015. The Fund’s profits were primarily attributable to the interest rates, stock indices, currency, agriculture, energy and metals sectors.

 

The interest rate sector posted profits to the Fund. Profits were posted to the Fund at the beginning of the first quarter. The Bank of Canada cut interest rates to counteract deflationary pressures. The Fund’s long position in Canadian Government bonds and its short exposure to the Canadian dollar benefited from the resultant moves. Signs of slowing inflation in the USA and weaker data out of the UK also caused market participants to speculate that central banks may delay raising interest rates, pushing bond yields downwards. Losses were posted to the Fund in the middle of the quarter as fixed income markets declined in price, in particular in the UK and the U.S., with the prospect of higher interest rates. Profits were posted to the Fund at the end of the quarter as long exposures in fixed income markets, in particular European bonds, were profitable.

 

The stock indices sector posted profits to the Fund. Losses were posted to the Fund at the beginning of the first quarter. The Fund made losses from its long position in the Swiss Market Index and also incurred small losses from its long positions in U.S. and Asian indices. Profits were posted to the Fund in the middle of the quarter.  An agreement between Greece and the European Institutions to extend Greek bailout conditions enabled investors to begin to price in the effects of the European Central Bank’s quantitative easing program. European equity indices thus rallied and the Trading Program was well positioned to capture these opportunities. Losses were posted to the Fund at the end of the quarter.  Losses from some long U.S. and emerging market indices made stock indices the only negative sector for March.

 

9

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The currency sector posted profits to the Fund. Losses were posted to the Fund at the beginning of the first quarter. The Fund suffered from the decision by the Swiss National Bank to abandon its cap on the Swiss Franc’s strength against the Euro. As a result, the Swiss Franc rallied sharply, reversing its recent trend against the U.S. dollar and leading to losses from the Fund’s short position in this currency pair. Profits were posted to the Fund in the middle of the quarter. Data confirmed that the UK economy grew for an eighth consecutive quarter, strengthening the British pound as a result. This created gains for the Trading Program’s long position against an ever-weakening Euro. Profits were posted to the Fund at the end of the quarter. The Trading Program’s short EUR/USD position was the top performer of the currency sector.

 

The agriculture sector posted profits to the Fund. Profits were posted to the Fund at the beginning of the first quarter as the Fund profited from short positions in grains markets with the improving weather. Profits were posted to the Fund in the middle of the quarter. In agricultural markets, short positions proved profitable in sugar and coffee.  Profits were posted to the Fund at the end of the quarter as short positions in commodity markets were profitable for the Trading Program. Sugar futures continued to decline, aided by political tension and economic concerns in Brazil.

 

The energy sector posted profits to the Fund. Profits were posted to the Fund at the beginning of the first quarter. The Fund generated gains from its short positions in oils in the first half of January as prices declined following news of increasing oil output pushed prices lower. Losses were posted to the Fund in the middle of the quarter due to the Fund’s short exposures in the energy markets as oil posted a monthly price gain. A decline in U.S. oil rig count at the same time as extremely cold temperatures in North America put upward pressure on energy prices. Profits were posted to the Fund at the end of the quarter as oil prices continued to fall following news that a global supply glut remains. This made the short positions in oil markets profitable for the Trading Program.

 

The metals sector posted profits to the Fund. Losses were posted to the Fund at the beginning of the first quarter as the Fund incurred losses from its short positions in precious metals. Profits were posted to the Fund in the middle of the quarter. Concerns over a deepening economic slowdown in China saw base metals such as lead and aluminum decline to the benefit of the Trading Program’s short positioning. Profits were posted to the Fund at the end of the quarter as nickel prices fell after signs of weak demand from China. This made the short positions in nickel profitable for the Trading Program.

 

*April 1, 2015 to June 30, 2015*

 

The Fund experienced a net trading loss of $20,165,372 before brokerage commissions and related fees in the second quarter of 2015. The Fund’s losses were primarily attributable to the metals, stock indices, agriculture, energy, currency and interest rate sectors.

 

The stock indices sector posted losses to the Fund. Profits were posted to the Fund at the beginning of the second quarter due to long positions in Chinese stocks. Profits were posted to the Fund in the middle of the quarter. The stock indices sector finished May profitably: stock markets generally rallied in the middle of May, especially in Europe after the ECB announced that it would bring forward asset purchases. Gains were made from long positions in Japanese, European and US indices. Losses were posted to the Fund at the end of the quarter due to the European stock indices, selling off late in June as prospects for a credible solution to the Greek crisis seemed to diminish.

 

The metals sector posted losses to the Fund. Losses were posted to the Fund at the beginning of the second quarter. The weakening U.S. dollar, together with signs of Chinese efforts to boost their economy, boosted industrial metal prices leading to losses from the Fund’s short positions. Profits were posted to 

 

10

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the Fund in the middle of the quarter. In metals, the short positions in aluminum and nickel performed strongly as prices declined following increases in supplies. Profits were posted to the Fund at the end of the quarter. The Fund was able to capture the strong bearish trends in metals. Nickel, aluminum, palladium and platinum all continued to trend lower, reflecting the softer global growth outlook.

 

The agriculture sector posted losses to the Fund. Losses were posted to the Fund at the beginning of the second quarter. Profits were posted to the Fund in the middle of the quarter. In agricultural, short positions in sugar and coffee benefited from improving crop outlooks. Losses were posted to the Fund at the end of the quarter due to excessive rains across the U.S. Midwest that damaged corn and soybeans and delayed the wheat harvest. The Fund’s short positions on grains incurred losses as prices rallied.

 

The energy sector posted losses to the Fund. Losses were posted to the Fund at the beginning of the second quarter. In April, short positions created losses as oils and natural gas prices rallied, driven by the weaker U.S. dollar, unrest in the Middle East and signs that U.S. production may be faltering. Profits were posted to the Fund in the middle of the quarter. Profits in energies were driven by the Fund’s short exposure to natural gas, whose price declined after data pointing to ample supplies. Losses were posted to the Fund at the end of the quarter.

 

The currency sector posted losses to the Fund. Losses were posted to the Fund at the beginning of the second quarter due to the short exposure to the Euro. Profits were posted to the Fund in the middle of the quarter.  The Fund’s net long exposure to the U.S. dollar benefited from positive economic data from the U.S. losses posted to the Fund at the end of the quarter. In currencies, gains made from the Fund’s short exposure to the New Zealand dollar were outweighed by losses from the Fund’s net short Japanese yen exposure.

 

The interest rate sector posted losses to the Fund. Losses were posted to the Fund at the beginning of the second quarter due to long European bond positions. Losses were posted to the Fund in the middle of the quarter. Losses in bonds came mostly from long positions in European bonds and occurred towards the beginning of May as the sell-off which began in late April continued. Losses were posted to the Fund at the end of the quarter. Fixed income markets struggled to balance the prospects of rising rates in the longer term with the near term risk aversion created by events in Greece and China. As a result the Fund’s losses in fixed income came from long exposures to predominantly longer dated bonds.

 

The Fund has no applicable off-balance sheet arrangements or tabular disclosure of contractual obligations of the type described in Items 303(a)(4) and 303(a)(5) of Regulation S-K.

 

11

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PART II - OTHER INFORMATION

 

Item 2.                               Unregistered Sales of Equity Securities and Use of Proceeds

 

(a)  Units are privately offered and sold to “accredited investors” (as defined in Rule 501(a) under the Securities Act) in reliance on the exemption from registration provided by Section 4(2) of the Securities Act and Rule 506 thereunder.  The selling agent of the Units is MLPF&S.

 

The Fund’s sales of unregistered securities are as follows for each Class of Units:

 

CLASS A

 
| ** ** | ** ** | **Subscription** | ** ** | ** ** | ** ** |
|------------|------------|------------------|------------|------------|------------|
| ** ** | ** ** | **Amount**       | ** ** | **Units**  | ** ** | **NAV(1)** | ** ** |
| 1/01/2016  |       | $                | 103,125    |       | 55,740     |   | $ | 1.8330 |   |
| 1/16/2016  |       | 117,800          |       | 60,435     |       | 1.9322 |   |
| 2101/2016  |       | 103,950          |       | 54,722     |       | 1.8827 |   |
| 2/16/2016  |       | 705,775          |       | 364,968    |       | 1.9169 |   |
| 3/01/2016  |       | 98,050           |       | 50,510     |       | 1.9244 |   |
| 3/16/2016  |       | —           |       | —     |       | 1.8487 |   |
| 4/01/2016  |       | 783,000          |       | 420,222    |       | 1.8465 |   |
| 4/16/2016  |       | —           |       | —     |       | 1.8329 |   |
| 5/01/2016  |       | 90,280           |       | 50,980     |       | 1.7545 |   |
| 5/16/2016  |       | 113,725          |       | 64,518     |       | 1.7463 |   |
| 6/01/2016  |       | 9,850            |       | 5,675      |       | 1.7194 |   |
| 6/16/2016  |       | —           |       | —     |       | 1.7459 |   |
| 7/01/2016  |       | 29,625           |       | 16,368     |       | 1.8024 |   |
|            |            |                  |            |            |            |  |  |  |  |

 

CLASS C

 
| ** ** | ** ** | **Subscription** | ** ** | ** ** | ** ** |
|------------|------------|------------------|------------|------------|------------|
| ** ** | ** ** | **Amount**       | ** ** | **Units**  | ** ** | **NAV(1)** | ** ** |
| 1/01/2016  |       | $                | 460,000    |       | 275,928    |   | $ | 1.6517 |   |
| 1/16/2016  |       | 172,000          |       | 97,972     |       | 1.7403 |   |
| 2/01/2016  |       | 229,000          |       | 133,895    |       | 1.6947 |   |
| 2/16/2016  |       | 483,000          |       | 277,538    |       | 1.7248 |   |
| 3/01/2016  |       | 493,000          |       | 282,311    |       | 1.7308 |   |
| 3/16/2016  |       | 302,000          |       | 180,030    |       | 1.6620 |   |
| 4/01/2016  |       | 195,000          |       | 116,432    |       | 1.6594 |   |
| 4/16/2016  |       | 263,000          |       | 158,291    |       | 1.6460 |   |
| 5/01/2016  |       | 88,000           |       | 55,332     |       | 1.5750 |   |
| 5/16/2016  |       | 65,000           |       | 41,077     |       | 1.5670 |   |
| 6/01/2016  |       | 430,000          |       | 276,083    |       | 1.5420 |   |
| 6/16/2016  |       | 160,000          |       | 101,221    |       | 1.5652 |   |
| 7/01/2016  |       | 138,000          |       | 85,038     |       | 1.6160 |   |
|            |            |                  |            |            |            |  |  |  |  |

 

CLASS D

 
| ** ** | ** ** | **Subscription** | ** ** | ** ** | ** ** |
|------------|------------|------------------|------------|------------|------------|
| ** ** | ** ** | **Amount**       | ** ** | **Units**  | ** ** | **NAV(1)** | ** ** |
| 1/01/2016  |       | $                | —     |       | —     |   | $ | 2.1909 |   |
| 1/16/2016  |       | —           |       | —     |       | 2.3107 |   |
| 2/01/2016  |       | —           |       | —     |       | 2.2529 |   |
| 2/16,2016  |       | —           |       | —     |       | 2.2952 |   |
| 3/01 2016  |       | —           |       | —     |       | 2.3056 |   |
| 3/16/2016  |       | —           |       | —     |       | 2.2163 |   |
| 4/01/2016  |       | —           |       | —     |       | 2.2150 |   |
| 4/16/2016  |       | —           |       | —     |       | 2.1995 |   |
| 5/01/2016  |       | —           |       | —     |       | 2.1069 |   |
| 5/16/2016  |       | —           |       | —     |       | 2.0983 |   |
| 6/01/2016  |       | —           |       | —     |       | 2.0672 |   |
| 6/16/2016  |       | —           |       | —     |       | 2.1005 |   |
| 7/01/2016  |       | —           |       | —     |       | 2.1704 |   |
|            |            |                  |            |            |            |  |  |  |  |

 

CLASS I

 
| ** ** | ** ** | **Subscription** | ** ** | ** ** | ** ** |
|------------|------------|------------------|------------|------------|------------|
| ** ** | ** ** | **Amount**       | ** ** | **Units**  | ** ** | **NAV(1)** | ** ** |
| 1/01/2016  |       | $                | 50,000     |       | 25,912     |   | $ | 1.9115 |   |
| 1/16/2016  |       | —           |       | —     |       | 2.0155 |   |
| 2/01/2016  |       | 10,000           |       | 5,045      |       | 1.9641 |   |
| 2/16/2016  |       | 25,000           |       | 12,390     |       | 2.0002 |   |
| 3/01/2016  |       | —           |       | —     |       | 2.0084 |   |
| 3/16/2016  |       | —           |       | —     |       | 1.9297 |   |
| 4/01/2016  |       | 40,000           |       | 20,562     |       | 1.9278 |   |
| 4/16/2016  |       | 20,000           |       | 10,358     |       | 1.9137 |   |
| 5/01/2016  |       | —           |       | —     |       | 1.8324 |   |
| 5/16/2016  |       | —           |       | —     |       | 1.8241 |   |
| 6/01/2016  |       | —           |       | —     |       | 1.7962 |   |
| 6/16/2016  |       | 25,000           |       | 13,577     |       | 1.8243 |   |
| 7/01/2016  |       | 11,766           |       | 6,220      |       | 1.8836 |   |
|            |            |                  |            |            |            |  |  |  |  |

 

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CLASS M

 
| ** ** | ** ** | **Subscription** | ** ** | ** ** | ** ** |
|------------|------------|------------------|------------|------------|------------|
| ** ** | ** ** | **Amount**       | ** ** | **Units**  | ** ** | **NAV(1)** | ** ** |
| 1/01/2016  |       | $                | 215,206    |       | 181,793    |   | $ | 1.1726 |   |
| 1/16/2016  |       | 78,726           |       | 63,087     |       | 1.2366 |   |
| 2/01/2016  |       | 110,000          |       | 90,394     |       | 1.2056 |   |
| 2/16/2016  |       | 119,000          |       | 95,999     |       | 1.2283 |   |
| 3/01/2016  |       | 785,000          |       | 630,421    |       | 1.2340 |   |
| 3/16/2016  |       | 368,177          |       | 307,481    |       | 1.1870 |   |
| 4/01/2016  |       | 76,000           |       | 63,508     |       | 1.1868 |   |
| 4/16/2016  |       | 30,000           |       | 25,244     |       | 1.1785 |   |
| 5/01/2016  |       | —           |       | —     |       | 1.1289 |   |
| 5/16/2016  |       | 25,000           |       | 22,042     |       | 1.1243 |   |
| 6/01/2016  |       | 130,001          |       | 116,319    |       | 1.1077 |   |
| 6/16/2016  |       | 25,000           |       | 22,019     |       | 1.1255 |   |
| 7/01/2016  |       | 411,958          |       | 353,066    |       | 1.1619 |   |
|            |            |                  |            |            |            |  |  |  |  |

 

----

(1)         Beginning of the period Net Asset Value

 

Class A Units are subject to upfront sales commissions paid to MLPF&S ranging from 1.0% to 2.5% of  an investor’s gross subscription amount. Class D Units and Class I Units are subject to upfront sales commissions paid to MLPF&S up to 2.5% of an investor’s gross subscription amount. Sales commissions are directly deducted from subscription amounts. Class C Units and Class M Units are not subject to upfront sales commissions.

 

(b)  Not applicable.

(c)  Not applicable.

 

Item 6.                               Exhibits

 

The following exhibits are filed herewith to this Form 10-Q/A:

 
| **Exhibit No.** | ** ** | **Description**                                    |
|----------------------|------------|----------------------------------------------------|
|                 |       |                                               |
| 31.01 and 31.02:     |       | Rule 13a-14(a)/15d-14(a) Certifications. |

 

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** **

**SIGNATURES**

 

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

 

 
|                            |   | ASPECT FUTURESACCESS   LLC      |
|---------------------------------|--------|---------------------------------|
|                            |   |                            |
|                            | By:    | MERRILL LYNCH   ALTERNATIVE     |
|                            |   | INVESTMENTS LLC                 |
|                            |   | (Manager)                       |
|                            |   |                            |
|                            |   |                            |
| Date: September 16,   2016 | By:    | /s/ BARBRA E. KOCSIS            |
|                            |   | Barbra E. Kocsis                |
|                            |   | Chief Financial Officer         |
|                            |   | (Principal Financial   Officer) |

 

14

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