##### 





UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION
 Washington, D.C.
    20549
      Form 10-K/A
  (Mark One)þ

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended
    December 31, 2007oro

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the transition period from
    
    to   Commission file number:
    000-50723
  Goldman Sachs Hedge Fund
    Partners, LLC
 (Exact name of registrant as
    specified in its charter)
  Delaware

04-3638229(State or Other Jurisdiction
    of
    Incorporation or Organization)

(I.R.S. Employer
    Identification No.)One New York Plaza
    New York, New York(Address of Principal
    Executive Offices)

10004(Zip Code)   (212) 902-1000
 (Registrants Telephone Number, including Area
    Code)
  Securities registered pursuant to Section 12(b) of the
    Act: None
  Name of Each ExchangeTitle of Each Class

on Which Registered   Securities registered pursuant to Section 12(g) of the
    Act:
    o þ
  o þ
  þ o
  Regulation S-K Form 10-K Form 10-K. þ
  Rule 12b-2
 Large accelerated
    filer o

Accelerated
    filer o

Non-accelerated
    filer þ

Smaller reporting
    company o(Do not check if a smaller reporting company)   Rule 12b-2 o þ
    Documents Incorporated By Reference




---



##### 





EXPLANATORY
    NOTE :
  Form 10-K/A Form 10-K Form 10-K
  Form 10-K/A Form 10-K Form 10-K. Form 10-K/A Form 10-K.
 i




---



##### 



Part
    II
  ITEM 8.
    FINANCIAL
    STATEMENTS AND SUPPLEMENTARY DATA  page F-1 10-K/A.
    Fiscal Quarter EndedMar. 31,


June 30,


Sep. 30,


Dec. 31,2006


2006


2006


2006Net Trading Profit/(Loss)

$
43,835,232


$
(4,725,910
)

$
1,952,682


$
34,958,405Total Expenses

$
2,806,142


$
2,440,102


$
2,207,817


$
2,472,850Net Income/(Loss)

$
41,240,462


$
(7,044,975
)

$
(173,192
)

$
32,547,350Net Income/(Loss) Available for pro rataallocation to
    Members

$
39,178,439


$
(6,696,764
)

$
(165,319
)

$
30,924,807   Fiscal Quarter EndedMar. 31,


June 30,


Sep. 30,


Dec. 31,2007


2007


2007


2007Net Trading Profit/(Loss)

$
25,218,664


$
33,486,055


$
(633,005
)

$
29,804,233Total Expenses

$
2,252,706


$
2,536,562


$
2,458,008


$
2,560,820Net Income/(Loss)

$
23,005,486


$
31,004,318


$
(2,920,258
)

$
27,305,035Net Income/(Loss) Available for pro rataallocation to
    Members

$
21,855,212


$
29,454,102


$
(2,775,795
)

$
25,941,333  1




---



##### 



PART IV  ITEM 15.
    EXHIBITS AND
    FINANCIAL STATEMENT SCHEDULES    Financial Statements
  PageDescription of Financial
    Statements

NumberGoldman Sachs Hedge Fund Partners, LLC Financial StatementsReport of Ernst & Young LLP, Independent Registered
    Public Accounting Firm


F-2Schedule of Investments as of December 31, 2007 and 2006


F-3Balance Sheet as of December 31, 2007 and 2006


F-4Statement of Operations for the years ended December 31,
    2007, 2006 and 2005


F-5Statement of Changes in Members Equity for the years ended
    December 31, 2007, 2006 and 2005


F-6Statement of Cash Flows for the years ended December 31,
    2007, 2006 and 2005


F-7Notes to Financial Statements


F-8   2.
    Financial Statement Schedules.    List of Exhibits
  page E-1.
 2




---



##### 



SIGNATURES
    
  
  
 
  3




---



##### 



INDEX
    OF EXHIBITS
  Exhibit No.

Description3
*

Copy of Amended and Restated Limited Liability Company Agreement
    of Goldman Sachs Hedge Fund Partners, LLC dated
    January 1, 2006 (Note: the LLC Agreement also defines the
    rights of the holders of Units of the Company) (filed as
    Exhibit 3 to the
    Form 8-K,
    filed January 6, 2006, and incorporated herein by
    reference).10.1
*

Copy of Amended and Restated Limited Liability Company Agreement
    of Goldman Sachs Global Tactical Trading, LLC, dated as of
    January 1, 2006 (filed as Exhibit 10.1 to the
    Form 8-K,
    filed January 6, 2006, and incorporated herein by
    reference).10.2
*

Copy of Amended and Restated Limited Liability Company Agreement
    of Goldman Sachs Global Equity Long/Short, LLC, dated as of
    January 1, 2008 (filed as Exhibit 10.2 to the
    Form 10-K,
    filed March 31, 2008, and incorporated herein by reference).10.3
*

Copy of Amended and Restated Limited Liability Company Agreement
    of Goldman Sachs Global Relative Value, LLC, dated as of
    January 1, 2006 (filed as Exhibit 10.3 to the
    Form 8-K,
    filed January 6, 2006, and incorporated herein by
    reference).10.4
*

Copy of Amended and Restated Limited Liability Company Agreement
    of Goldman Sachs Global Event Driven, LLC, dated as of
    January 1, 2006 (filed as exhibit 10.4 to the
    Form 8-K,
    filed January 6, 2006, and incorporated herein by
    reference).10.5
*

Form of Amended and Restated Limited Liability Company Agreement
    of Goldman Sachs Global Fundamental Strategies, LLC, to be dated
    as of April 1, 2008 (filed as Exhibit 10.5 to the Form
    10-K, filed
    March 31, 2008, and incorporated herein by reference).10.6
*

Copy of Limited Liability Company Agreement of Goldman Sachs HFP
    Opportunistic Fund, LLC, dated as of June 25, 2007 (filed
    as Exhibit 10.6 to the
    Form 10-K,
    filed March 31, 2008, and incorporated herein by reference).10.7
*

Distribution Agreement between Goldman Sachs Hedge
    Fund Partners, LLC and Goldman, Sachs & Co. dated
    March 1, 2002 (filed as Exhibit 10.5 to the
    Form 10, filed April 29, 2004, and incorporated herein
    by reference).10.8
*

Administration Agreement between Goldman Sachs Hedge
    Fund Partners, LLC and Goldman Sachs Hedge
    Fund Strategies LLC (formerly Goldman Sachs Princeton
    LLC) dated March 1, 2002 (filed as Exhibit 10.6
    to the Form 10, filed April 29, 2004, and incorporated
    herein by reference).10.9
*

Administration Agreement between Goldman Sachs Hedge
    Fund Partners, LLC and SEI Global Services, Inc. dated
    February 9, 2007 (filed as Exhibit 10.7 to the
    Form 10-K,
    filed April 2, 2007, and incorporated herein by reference).14.1
*

Code of Ethics for Goldman Sachs Hedge Fund Partners, LLC
    (filed as Exhibit 14.1 to the
    Form 10-K,
    filed March 29, 2005, and incorporated herein by reference).14.2
*

Amended Code of Ethics for Goldman Sachs Hedge
    Fund Strategies LLC (filed as Exhibit 14.2 to the
    Form 10-K,
    filed April 2, 2007, and incorporated herein by reference).31.1


Certification in the form prescribed by
    Rule 13a-14(a)
    or 15d-14(a) under the Securities Exchange Act of 1934.31.2


Certification in the form prescribed by
    Rule 13a-14(a)
    or 15d-14(a) under the Securities Exchange Act of 1934.31.3


Certification of Chief Financial Officer in the form prescribed
    by
    Rule 13a-14(a)
    or 15d-14(a) under the Securities Exchange Act of 1934 (dated
    April 2, 2008). E-1




---



##### 



Exhibit No.

Description31.4


Certification of Chief Financial Officer in the form prescribed
    by
    Rule 13a-14(a)
    or
    15(d)-14(a)
    under the Securities Exchange Act of 1934 (dated March 31,
    2008).32.1


Certification in the form prescribed by 18 U.S.C.
    Section 1350, as adopted pursuant to Section 906 of
    the Sarbanes-Oxley Act of 2002.32.2


Certification in the form prescribed by 18 U.S.C.
    Section 1350, as adopted pursuant to Section 906 of
    the Sarbanes-Oxley Act of 2002.32.3


Certification of Chief Financial Officer in the form prescribed
    by 18 U.S.C. Section 1350, as adopted pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002.     *
    Previously filed E-2




---



##### 



INDEX OF
    FINANCIAL STATEMENTS
  PageDescription of Financial
    Statements

NumberGoldman Sachs Hedge Fund Partners, LLC Financial StatementsReport of Ernst & Young LLP, Independent Registered
    Public Accounting Firm

F-2Schedule of Investments as of December 31, 2007 and 2006

F-3Balance Sheet as of December 31, 2007 and 2006

F-4Statement of Operations for the years ended December 31,
    2007, 2006 and 2005

F-5Statement of Changes in Members Equity for the years ended
    December 31, 2007, 2006 and 2005

F-6Statement of Cash Flows for the years ended December 31,
    2007, 2006 and 2005

F-7Notes to Financial Statements

F-8  F-1




---



##### 



Report of
    Ernst & Young LLP
    Independent Registered Public Accounting Firm
               F-2




---



##### 



GOLDMAN
    SACHS HEDGE FUND PARTNERS, LLC
  Schedule of Investments
  December 31, 2007 and 2006
  2007


2006% of


% of adjusted





% of


% of adjustedFair


members


members


Fair


members


membersInvestee

value


equity(1)


equity(2)


value


equity(1)


equity(2)Goldman Sachs Global Equity Long/Short, LLC

$
225,759,808



33.16
%


32.09
%

$
243,737,514



36.81
%


35.54
%Goldman Sachs Global Fundamental Strategies, LLC


257,594,595



37.84
%


36.62
%


240,699,867



36.36
%


35.10
%Goldman Sachs Global Relative Value,
    LLC


84,319,166



12.38
%


11.99
%


98,479,997



14.87
%


14.36
%Goldman Sachs Global Tactical Trading,
    LLC


97,949,282



14.39
%


13.92
%


103,332,963



15.61
%


15.07
%Goldman Sachs HFP Opportunistic Fund, LLC


36,813,437



5.41
%


5.23
%










Total investments (cost $532,669,888 and $554,997,009,
    respectively)

$
702,436,288



103.18
%


99.85
%

$
686,250,341



103.65
%


100.07
%       December 31, 2007% ofProportionate


% of


AdjustedUnderlying


Share of


Members


MembersInvestee

Investment


Fair Value


Equity(1)


Equity(2)Goldman Sachs Global Fundamental Strategies, LLC


Eton Park Fund, L.P.


$
38,952,802



5.72
%


5.54
%     (1)
    
    Members equity used in the calculation of the investments
    as a percentage of members equity, is reduced for member
    redemptions that are paid after the balance sheet date.(2)
    
    Adjusted members equity used in the calculation of the
    underlying investments as a percentage of adjusted members
    equity, represents members equity excluding Redemptions
    payable in the amount of $22,708,145 at December 31, 2007
    and $23,701,199 at December 31, 2006. F-3




---



##### 



GOLDMAN
    SACHS HEDGE FUND PARTNERS, LLC
  BALANCE
    SHEET
  December 31,
    2007 and 2006
  2007


2006ASSETSAssets:Investments (cost $532,669,888 and $554,997,009, respectively)

$
702,436,288


$
686,250,341Cash and cash equivalents


3,425,673



1,224,850Total assets

$
705,861,961


$
687,475,191LIABILITIES AND MEMBERS EQUITYLiabilities:Redemptions payable

$
22,708,145


$
23,701,199Due to managing member


2,181,659



1,415,426Due to bank


6,889



15,592Accounts payable and accrued liabilities


181,186



268,500Total liabilities


25,077,879



25,400,717Members equity (units outstanding 4,588,504.15 and
    4,928,239.53, respectively)


680,784,082



662,074,474Total liabilities and members equity

$
705,861,961


$
687,475,191Analysis of members equity:Net capital contributions, accumulated net investment
    income/(loss) and realized profit/(loss)

$
511,017,682


$
530,821,142Accumulated net unrealized profit/(loss)

$
169,766,400


$
131,253,332    F-4




---



##### 



GOLDMAN
    SACHS HEDGE FUND PARTNERS, LLC
  STATEMENT
    OF OPERATIONS
  For the
    years ended December 31, 2007, 2006 and 2005
  2007


2006


2005Income from trading:Equity in earnings of investees:Realized profit/(loss)

$
49,362,879


$
119,798,202


$
38,871,694Changed in unrealized profit/(loss)


38,513,068



(43,777,793
)


27,944,887Net trading profit/(loss)


87,875,947



76,020,409



66,816,581Interest income


326,730



476,147



161,801Expenses:Management fee


8,636,414



9,131,947



13,560,772Professional fees


632,679



481,551



1,237,030Interest expense


283,897



252,759



37,747Miscellaneous expenses


255,106



60,654



1,199Total expenses


9,808,096



9,926,911



14,836,748Net investment income/(loss)


(9,481,366
)


(9,450,764
)


(14,674,947
)Net income/(loss)


78,394,581



66,569,645



52,141,634Less: Incentive allocation to the Managing Member


3,919,729



3,328,482



2,615,216Net income/(loss) available for pro-rata allocation to members

$
74,474,852


$
63,241,163


$
49,526,418    F-5




---



##### 



GOLDMAN
    SACHS HEDGE FUND PARTNERS, LLC
  STATEMENT OF CHANGES IN MEMBERS EQUITY
  For the years ended December 31, 2007, 2006 and 2005
  Managing








Totalmembers


Members


Members


membersequity


units


equity


equityBalance at December 31, 2004

$




8,106,803.34


$
957,455,233


$
957,455,233Subscriptions






2,253,291.93



225,329,193



225,329,193Redemptions


(2,615,216
)


(3,708,281.88
)


(457,711,961
)


(460,327,177
)Share class conversion






(144,688.21
)






Allocations of net income/(loss):Incentive allocation


2,615,216











2,615,216Pro-rata allocation










49,526,418



49,526,418Balance at December 31, 2005






6,507,125.18



774,598,883



774,598,883Subscriptions






418,830.00



41,883,000



41,883,000Redemptions


(3,328,482
)


(1,650,633.46
)


(217,648,572
)


(220,977,054
)Share class conversion






(347,082.19
)






Allocations of net income/(loss):Incentive allocation


3,328,482











3,328,482Pro-rata allocation










63,241,163



63,241,163Balance at December 31, 2006






4,928,239.53



662,074,474



662,074,474Subscriptions






430,805.00



43,080,500



43,080,500Redemptions


(3,919,729
)


(671,424.67
)


(98,845,744
)


(102,765,473
)Share class conversion






(99,115.71
)






Allocations of net income/(loss):Incentive allocation


3,919,729











3,919,729Pro-rata allocation










74,474,852



74,474,852Balance at December 31, 2007

$




4,588,504.15


$
680,784,082


$
680,784,082    F-6




---



##### 



GOLDMAN
    SACHS HEDGE FUND PARTNERS, LLC
  STATEMENT OF CASH FLOWS
  For the years ended December 31, 2007, 2006 and 2005
  2007


2006


2005Cash flows from operating activitiesNet income/(loss)

$
78,394,581


$
66,569,645


$
52,141,634Adjustments to reconcile net income/(loss) to net cash from
    operating activities:Purchases of investments


(100,310,000
)


(92,900,000
)


(192,640,000
)Proceeds from sales of investments


172,000,000



607,000,001



228,080,000Realized profit/(loss) from sales of Investments


(49,362,879
)


(119,798,202
)


(38,871,694
)Change in unrealized profit/(loss)


(38,513,068
)


43,777,793



(27,944,887
)(Increase)/decrease in operating assets:Other assets










Increase/(decrease) in operating liabilitiesDue to managing member


766,233



(905,688
)


(926,660
)Accounts payable and accrued liabilities


(87,314
)


(314,540
)


(339,466
)Net cash from operating activities


62,887,553



503,429,009



19,498,927Cash flows from financing activitiesSubscriptions


43,080,500



41,883,000



225,329,193Redemptions


(103,758,527
)


(544,799,451
)


(241,350,217
)Proceeds from loan


20,283,897



79,732,020



13,448,144Repayments of loan


(20,292,600
)


(79,726,540
)


(16,438,032
)Net cash from financing activities


(60,686,730
)


(502,910,971
)


(19,010,912
)Net change in cash and cash equivalents


2,200,823



518,038



488,015Cash and cash equivalents at beginning of year


1,224,850



706,812



218,797Cash and cash equivalents at end of year

$
3,425,673


$
1,224,850


$
706,812Supplemental disclosure of cash flow informationCash paid by the Company during the year for interest

$
292,600


$
247,279


$
27,635    F-7




---



##### 



GOLDMAN
    SACHS HEDGE FUND PARTNERS, LLC
  NOTES TO
    FINANCIAL STATEMENTS
  December 31,
    2007
  Note 1 
    Significant
    accounting policies  Organization
    and basis of financial statements
        Consolidation
   F-8




---



##### 



December 31, 2007% owned


Adjusted


Adjusted%Company


Investee


by the


Investee


owned by theinvestment


equity(1)


Company(1)


equity(2)


Company(2)GELS

$
225,759,808


$
766,588,143



29.45%


$
843,755,327



26.76%GFS


257,594,595



972,766,382



26.48%



1,060,284,572



24.29%GRV


84,319,166



252,699,023



33.37%



319,010,784



26.43%GTT


97,949,282



204,678,528



47.86%



239,742,530



40.86%HFPO


36,813,437



93,157,724



39.52%



93,157,724



39.52%Total

$
702,436,288   December 31, 2006% owned


Adjusted


Adjusted %Company


Investee


by the


Investee


owned by theinvestment


equity(1)


Company(1)


equity(2)


Company(2)GELS

$
243,737,514


$
834,038,536



29.22
%

$
885,765,989



27.52
%GFS


240,699,867



917,260,045



26.24
%


958,045,903



25.12
%GRV


98,479,997



314,304,435



31.33
%


340,185,617



28.95
%GTT


103,332,963



244,658,889



42.24
%


287,382,985



35.96
%Total

$
686,250,341     (1)
    
    The Investees equity used in the calculation of the
    percentage owned by the Company is reduced for member
    redemptions from the Investees that are paid after the balance
    sheet date.(2)
    
    The Adjusted Investees Equity used in the calculation of
    the percentage owned by the Company represents Investees
    equity excluding Redemptions payable at December 31, 2006
    and December 31, 2007.  Equity in
    earnings of investees
    Cash and
    cash equivalents
    Allocation
    of net income/(loss)
    Subscriptions
    and redemptions
   F-9




---



##### 



Income
    taxes
    Indemnifications
    Note 2 
    Investments      lock-up
 F-10




---



##### 



Year Ended December 31,Investee

Liquidity


2007


2006


2005GELS


(1
)

$
26,022,295


$
27,640,603


$
25,751,277GFS


(2
)


45,144,727



33,856,614



20,855,652GRV


(3
)


4,339,169



8,751,105



12,266,713GTT


(4
)


14,366,319



5,772,087



7,942,939HFPO


(5
)


(1,996,563
)






Total





$
87,875,947


$
76,020,409


$
66,816,581     (1)
    
    Effective January 1, 2008, redemptions can be made
    quarterly with 61 days notice, or at the sole discretion of
    the Managing Member. Prior to January 1, 2008, redemptions
    could be made quarterly with 45 days notice, or at the sole
    discretion of the Managing Member.(2)
    
    Effective January 1, 2008, redemptions can be made
    quarterly on or after the first anniversary of the initial
    purchase of the units with 91 days notice, or at the sole
    discretion of the Managing Member. Prior to January 1,
    2008, redemptions could be made quarterly with 91 days
    notice, or at the sole discretion of the Managing Member.(3)
    
    Redemptions can be made quarterly with 91 days notice, or
    at the sole discretion of the Managing Member.(4)
    
    Redemptions can be made quarterly with 60 days notice, or
    at the sole discretion of the Managing Member.(5)
    
    Redemptions can be made quarterly on or after the first
    anniversary of the initial purchase of the units with at least
    91 days notice or at the sole discretion of the Managing
    Member.  Goldman
    Sachs Global Equity Long/Short, LLC
    Goldman
    Sachs Global Fundamental Strategies, LLC
    Goldman
    Sachs Global Relative Value, LLC
   F-11




---



##### 



Goldman
    Sachs Global Tactical Trading, LLC
    Goldman
    Sachs HFP Opportunistic Fund, LLC
      2007


2006


2005Management


Incentive


Management


Incentive


Management


IncentiveInvestee

fees


fee


fees


fee


fees


feeGELS


1.49
%


20.22
%


1.60
%


19.91
%


1.50
%


19.94
%GFS


1.51
%


19.77
%


1.51
%


19.91
%


1.47
%


19.92
%GRV


1.51
%


20.91
%


1.64
%


20.98
%


1.65
%


20.88
%GTT


2.09
%


22.70
%


2.11
%


21.71
%


2.02
%


20.63
%HFPO


1.56
%


20.18
%


n/a



n/a



n/a



n/a       Investee

12/31/2007


12/31/2006GELS

$
168,574,601


$
193,158,402GFS


171,521,192



178,904,875GRV


76,051,896



90,318,077GTT


77,712,199



92,615,655HFPO


38,810,000



Total

$
532,669,888


$
554,997,009   Note 3 
    Fees     F-12




---



##### 



Note 4 
    Risk
    Management          Note 5 
    Related
    parties          Note 6 
    Borrowing
    facility  364-day
 F-13




---



##### 



Note 7 
    New
    accounting pronouncements      Note 8 
    Members
    equity   F-14




---



##### 



Year ended December 31, 2007


Year ended December 31, 2006


Year ended December 31, 2005Units


Amount


Units


Amount


Units


AmountShare ClassConversionClass ASeries 1


319,714.29


$
43,832,922



1,747,528.47


$
219,744,215



911,205.28


$
109,573,710Series 2


















(687.41
)


(71,818
)Series 3


















(83,221.74
)


(8,734,155
)Series 4


















(12,734.34
)


(1,346,355
)Series 5


















(17,500.00
)


(1,850,110
)Series 6


















(298,400.00
)


(31,325,187
)Series 7


















(412,100.00
)


(42,863,013
)Series 8


















(231,250.00
)


(23,383,072
)Series 9










(210,475.70
)


(22,009,240
)






Series 10










(494,654.82
)


(52,022,308
)






Series 11










(303,250.00
)


(31,573,596
)






Series 12










(263,000.00
)


(27,533,177
)






Series 13










(279,367.65
)


(29,690,733
)






Series 14










(276,499.99
)


(29,272,927
)






Series 15










(128,500.00
)


(13,455,578
)






Series 16










(52,500.00
)


(5,421,351
)






Series 17










(10,000.00
)


(1,023,103
)






Series 18










(51,262.50
)


(5,179,803
)






Series 19










(12,000.00
)


(1,233,270
)






Series 20










(13,100.00
)


(1,329,129
)






Series 21


(20,000.00
)


(2,180,597
)














Series 22


(126,060.00
)


(13,362,621
)














Series 23


(17,500.00
)


(1,846,363
)














Series 24


(16,500.00
)


(1,713,051
)














Series 25


(26,000.00
)


(2,660,197
)














Series 26


(5,000.00
)


(521,404
)














Series 27


(19,000.00
)


(1,990,075
)














Series 28


(79,750.00
)


(8,361,171
)














Series 29


(20,000.00
)


(2,081,244
)














Series 30


(6,020.00
)


(630,689
)














Series 31


(39,000.00
)


(4,025,172
)














Series 32


(44,000.00
)


(4,460,338
)














(99,115.71
)

$




(347,082.19
)

$




(144,688.21
)

$
   F-15




---



##### 



Year ended December 31, 2007


Year ended December 31, 2006


Year ended December 31, 2005Units


Amount


Units


Amount


Units


AmountSubscriptions Class ASeries 9





$







$




244,566.36


$
24,456,636Series 10


















546,895.41



54,689,541Series 11


















313,250.00



31,325,000Series 12


















282,000.00



28,200,000Series 13


















305,217.66



30,521,766Series 14


















294,000.00



29,400,000Series 15


















128,500.00



12,850,000Series 16


















52,500.00



5,250,000Series 17


















10,000.00



1,000,000Series 18


















51,262.50



5,126,250Series 19


















12,000.00



1,200,000Series 20


















13,100.00



1,310,000Series 21










20,000.00



2,000,000







Series 22










126,060.00



12,606,000







Series 23










17,500.00



1,750,000







Series 24










16,500.00



1,650,000







Series 25










26,000.00



2,600,000







Series 26










5,000.00



500,000







Series 27










19,000.00



1,900,000







Series 28










79,750.00



7,975,000







Series 29










20,000.00



2,000,000







Series 30










6,020.00



602,000







Series 31










39,000.00



3,900,000







Series 32










44,000.00



4,400,000







Series 33


10,000.00



1,000,000















Series 34


10,010.00



1,001,000















Series 35


27,595.00



2,759,500















Series 36


37,000.00



3,700,000















Series 37


34,000.00



3,400,000















Series 38


38,700.00



3,870,000















Series 39


31,750.00



3,175,000















Series 40


51,000.00



5,100,000















Series 41


75,000.00



7,500,000















Series 42


54,000.00



5,400,000















Series 43


27,750.00



2,775,000















Series 44


34,000.00



3,400,000















Total


430,805.00


$
43,080,500



418,830.00


$
41,883,000



2,253,291.93


$
225,329,193   F-16




---



##### 



Year ended December 31, 2007


Year ended December 31, 2006


Year ended December 31, 2005Units


Amount


Units


Amount


Units


AmountRedemptions Class ASeries 1


671,424.67


$
98,845,744



1,650,633.46


$
217,648,572



3,549,600.61


$
441,034,885Series 9


















34,090.66



3,553,991Series 10


















52,240.59



5,492,810Series 11


















10,000.00



1,041,174Series 12


















19,000.00



1,989,089Series 13


















25,850.01



2,747,295Series 14


















17,500.01



1,852,717671,424.67


$
98,845,744



1,650,633.46


$
217,648,572



3,708,281.88


$
457,711,961     Year ended December 31, 2007


Year ended December 31, 2006


Year ended December 31, 2005Units


Amount


Units


Amount


Units


AmountNon-managing
    members Class ASeries 1


4,157,699.15


$
635,635,467



4,509,409.53


$
618,241,552



4,412,514.52


$
554,854,668Series 9


















210,475.70



22,009,240Series 10


















494,654.82



52,022,308Series 11


















303,250.00



31,573,596Series 12


















263,000.00



27,533,177Series 13


















279,367.65



29,690,733Series 14


















276,499.99



29,272,927Series 15


















128,500.00



13,455,578Series 16


















52,500.00



5,421,351Series 17


















10,000.00



1,023,103Series 18


















51,262.50



5,179,803Series 19


















12,000.00



1,233,270Series 20


















13,100.00



1,329,129Series 21










20,000.00



2,180,597







Series 22










126,060.00



13,362,621







Series 23










17,500.00



1,846,363







Series 24










16,500.00



1,713,051







Series 25










26,000.00



2,660,197







Series 26










5,000.00



521,404







Series 27










19,000.00



1,990,075







Series 28










79,750.00



8,361,171







Series 29










20,000.00



2,081,244







Series 30










6,020.00



630,689







Series 31










39,000.00



4,025,172







Series 32










44,000.00



4,460,338







Series 33


10,000.00



1,115,107















Series 34


10,010.00



1,098,794















Series 35


27,595.00



3,005,067















Series 36


37,000.00



3,993,991















 F-17




---



##### 



Year ended December 31, 2007


Year ended December 31, 2006


Year ended December 31, 2005Units


Amount


Units


Amount


Units


AmountSeries 37


34,000.00



3,611,289















Series 38


38,700.00



4,022,981















Series 39


31,750.00



3,283,841















Series 40


51,000.00



5,280,566















Series 41


75,000.00



7,918,349















Series 42


54,000.00



5,608,852















Series 43


27,750.00



2,785,064















Series 44


34,000.00



3,424,714















Subtotal


4,588,504.15


$
680,784,082



4,928,239.53


$
662,074,474



6,507,125.18


$
774,598,883Managing member






















Total members equity





$
680,784,082






$
662,074,474






$
774,598,883   Note 9 
    Financial
    highlights    2007


2006


2005Class A


Class A


Class ASeries 1


Series 1


Series 1Per unit operating performance:Net asset value, beginning of period

$
137.10


$
125.75


$
120.25Income from operations:Net trading profit/(loss)


18.63



13.67



7.44Net investment income/(loss)(1)(2)


(2.85
)


(2.32
)


(1.94
)Total income/(loss) from operations


15.78



11.35



5.50Net asset value, end of period

$
152.88


$
137.10


$
125.75Ratios to average net assets(3)Expenses


1.42
%


1.36
%


1.36
%Incentive allocation


0.57
%


0.46
%


0.22
%Total expenses and incentive allocation


1.99
%


1.82
%


1.58
%Net investment income/(loss)


(1.95
)%


(1.76
)%


(1.57
)%Total return (prior to incentive allocation)(4)


12.12
%


9.51
%


4.79
%Incentive allocation(4)


(0.61
)%


(0.48
)%


(0.22
)%Total return(4)


11.51
%


9.03
%


4.57
%   (1)
    
    Net investment income/(loss) is calculated based on average
    units outstanding during the period.(2)
    
    Includes incentive allocation.(3)
    
    The ratios of expenses and net investment/(loss) to average net
    assets are calculated by dividing total expenses and net
    investment income/(loss), respectively, by the month end average
    net assets for the period. The ratios to average net assets
    calculated above do not include the Companys proportionate
    share of the net investment income and expenses of the
    Investees. The ratios to average net assets for each member may
    vary based on individualized fee structures and the timing of
    capital transactions. F-18




---



##### 



(4)
    
    The components of total return are calculated by dividing the
    change in the per share value of each component for the period
    by the NAV per share at the beginning of the period. The total
    return for Class A Series 1 is calculated taken as a
    whole. The total return for each member may vary based on
    individualized fee structures and the timing of capital
    transactions.    Note 10 
    Subsequent
    events   F-19