|   |  ML TRANSTREND DTP      ENHANCED FUTURESACCESS LLC(A      Delaware Limited Liability Company)                                                                                                                                |   |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |                                                                                                                                                                                                                              |   |
|   |   Financial      Statements for the year ended December 31, 2008 and for      the period April 2, 2007 (commencement of operations)to      December 31, 2007 and Report of Independent Registered PublicAccounting      Firm |   |

----

|  TABLE OF      CONTENTS |
|------------------------------|

|   | Page |
|--------|------|

|  REPORT OF      INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                                     | 1      |
|--------------------------------------------------------------------------------------------------------|--------|
|                                                                                                   |   |
|  FINANCIAL      STATEMENTS:                                                                       |   |
|                                                                                                   |   |
|  Statements of      Financial Condition as of December 31, 2008 and 2007                          | 2      |
|                                                                                                   |   |
|  Statements of      Operations for the year ended December 31, 2008 and                           | 3      |
|  for the period      April 2, 2007 (commencement of operations) to December 31,      2007    |   |
|                                                                                                   |   |
|  Statements of      Changes in Members’ Capital for the year ended December 31, 2008    and |   |
|  for the period      April 2, 2007 (commencement of operations) to December 31, 2007              | 4      |
|                                                                                                   |   |
|  Financial Data      Highlights for the year ended December 31, 2008 and                          |   |
|  for the period      April 2, 2007 (commencement of operations) to December 31, 2007              | 6      |
|                                                                                                   |   |
|  Notes to      Financial Statements                                                               | 8      |
|                                                                                                   |   |

----

| STATEMENTS      OF FINANCIAL CONDITIONDECEMBER      31, 2008 AND 2007 |
|-----------------------------------------------------------------------|

|                                                                                                                                        | 2008                                                                                                                                                                                                                |   | 2007                                                                                                                                                    |
|---------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| ASSETS:                                                                                                                                     |                                                                                                                                                                                                                |   |                                                                                                                                                    |
| Equity      in commodity futures trading accounts:                                                                                          |                                                                                                                                                                                                                |   |                                                                                                                                                    |
|     Cash      (including restricted cash of $15,307,220 for 2008 and $16,474,936 for      2007)                         |  $             227,695,348                                                                                                                    |   |  $   117,567,915                                                                                                                    |
|     Net      unrealized profit on open contracts                                                                        |                     6,740,529                                                                                   |   |           3,742,826                                                                                   |
| Cash                                                                                                                                        |                          27,291                                                        |   |                          - |
| Deferred      initial offering costs                                                                                                        |                                    - |   |                12,500                                                        |
| Accrued      interest                                                                                                                       |                            9,490                                             |   |              420,348                                                                   |
|                                                                                                                                        |                                                                                                                                                                                                                |   |                                                                                                                                                    |
|                 TOTAL      ASSETS                           |  $             234,472,658                                                                                                                    |   |  $   121,743,589                                                                                                                    |
|                                                                                                                                        |                                                                                                                                                                                                                |   |                                                                                                                                                    |
| LIABILITIES AND MEMBERS’      CAPITAL:                                                                                                |                                                                                                                                                                                                                |   |                                                                                                                                                    |
| LIABILITIES:                                                                                                                                |                                                                                                                                                                                                                |   |                                                                                                                                                    |
|     Brokerage      commissions payable                                                                                  |  $                      37,485                                                                   |   |  $            45,548                                                                   |
|     Management      fee payable                                                                                         |                        380,618                                                                   |   |                89,876                                                        |
|     Sponsor      fee payable                                                                                            |                          31,557                                                        |   |                  3,863                                             |
|     Redemptions      payable                                                                                            |                     2,375,459                                                                                   |   |           4,152,868                                                                                   |
|     Performance      fee payable                                                                                        |                   14,140,228                                                                                              |   |           4,716,569                                                                                   |
|     Initial      offering costs payable                                                                                 |                          50,005                                                        |   |                12,500                                                        |
|     Other                                                                                                               |                        122,182                                                                   |   |                66,087                                                        |
|                                                                                                                                        |                                                                                                                                                                                                                |   |                                                                                                                                                    |
|             Total      liabilities                                              |                   17,137,534                                                                                              |   |           9,087,311                                                                                   |
|                                                                                                                                        |                                                                                                                                                                                                                |   |                                                                                                                                                    |
| MEMBERS’      CAPITAL:                                                                                                                |                                                                                                                                                                                                                |   |                                                                                                                                                    |
|   Members'      Interest (131,802,114 Units and 87,680,115 Units outstanding, unlimited      Units authorized)                    |                 217,335,124                                                                                                         |   |       112,656,278                                                                                                         |
|             Total      members’ capital                                   | 217,335,124                                                                                                                                                                                                         |   | 112,656,278                                                                                                                                             |
|                                                                                                                                        |                                                                                                                                                                                                                |   |                                                                                                                                                    |
|                 TOTAL      LIABILITIES AND MEMBERS' CAPITAL |  $             234,472,658                                                                                                                    |   |  $   121,743,589                                                                                                                    |

|  NET      ASSET VALUE PER UNIT (SEE NOTE 6) |
|--------------------------------------------------|
|                                             |
| See      notes to financial statements.          |

----

| STATEMENTS      OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2008 ANDFOR      THE PERIOD APRIL 2, 2007 (COMMENCEMENT OF OPERATIONS)TO      DECEMBER 31, 2007 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                     | 2008                                                                                                                                  |   | 2007                                                                                                                                                        |
|----------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| TRADING      PROFIT (LOSS):                                                                              |                                                                                                                                  |   |                                                                                                                                                        |
|                                                                                                     |                                                                                                                                  |   |                                                                                                                                                        |
|         Realized                                                 |  $             58,391,558                                       |   |  $             18,830,414                                                             |
|         Change      in unrealized                                |                   2,997,703                 |   |                   3,742,826                                       |
|         Brokerage      commissions                               |                    (642,724)           |   |                    (580,731)                                 |
|                                                                                                     |                                                                                                                                  |   |                                                                                                                                                        |
|             Total      trading profit (loss) |                 60,746,537                            |   |                 21,992,509                                                  |
|                                                                                                     |                                                                                                                                  |   |                                                                                                                                                        |
| INVESTMENT      INCOME:                                                                                  |                                                                                                                                  |   |                                                                                                                                                        |
|        Interest                                                       |                   2,502,184                 |   |                   3,463,933                                       |
|                                                                                                     |                                                                                                                                  |   |                                                                                                                                                        |
| EXPENSES:                                                                                                |                                                                                                                                  |   |                                                                                                                                                        |
|        Management      fee                                            |                   2,462,288                 |   |                      862,994                       |
|        Sponsor      fee                                               |                      255,504 |   |                          9,750 |
|        Performance      fee                                           |                 14,415,123                            |   |                   5,282,368                                       |
|        Other                                                          |                      626,258 |   |                      155,223                       |
|             Total      expenses              |                 17,759,173                            |   |                   6,310,335                                       |
|                                                                                                     |                                                                                                                                  |   |                                                                                                                                                        |
| NET      INVESTMENT LOSS                                                                                 |               (15,256,989)                                      |   |                 (2,846,402)                                                 |
|                                                                                                     |                                                                                                                                  |   |                                                                                                                                                        |
| NET      INCOME (LOSS)                                                                                   |  $             45,489,548                                       |   |  $             19,146,107                                                             |
|                                                                                                     |                                                                                                                                  |   |                                                                                                                                                        |
| NET      INCOME (LOSS) PER UNIT:                                                                         |                                                                                                                                  |   |                                                                                                                                                        |
|                                                                                                     |                                                                                                                                  |   |                                                                                                                                                        |
|     Weighted      average number of Units outstanding                                |                                                                                                                                  |   |
|      Class      A*                                                              |                      638,706 |   |                        39,446            |
|      Class      C**                                                             |                   7,827,256                 |   |                      610,408                       |
|      Class      D***                                                            |                   1,758,848                 |   |                   1,149,319                                       |
|      Class      I****                                                           |                      735,189 |   |                      590,000                       |
|      Class      DS*****                                                         |                 39,395,367                            |   |                 11,953,746                                                  |
|      Class      DT******                                                        |                 63,481,706                            |   |                 90,305,640                                                  |
|                                                                                                     |                                                                                                                                  |   |                                                                                                                                                        |
|      Net      income (loss) per weighted average Unit                           |                                                                                                                                  |   |                                                                                                                                                        |
|      Class      A*                                                              |  $                    0.3033 |   |  $                  (0.0411)                                 |
|      Class      C**                                                             |  $                    0.2791 |   |  $                    0.0961                       |
|      Class      D***                                                            |  $                    0.2716 |   |  $                  (0.0447)                                 |
|      Class      I****                                                           |  $                    0.3109 |   |  $                    0.0609                       |
|      Class      DS*****                                                         |  $                    0.4174 |   |  $                    0.2973                       |
|      Class      DT******                                                        |  $                    0.4089 |   |  $                    0.1722                       |
|                                                                                                     |                                                                                                                                  |   |                                                                                                                                                        |
| *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 commenced on April 2,      2007.               |
| ******Class      DT was previously known as Class D-TF and commenced on June 1,      2007.               |
| See      notes to financial statements.                                                                  |                                                                                                                                  |   |                                                                                                                                                        |

----

| STATEMENTS      OF CHANGES IN MEMBERS’ CAPITAL FOR THE YEAR ENDED DECEMBER      31, 2008 AND FOR THE PERIOD APRIL 2, 2007 (COMMENCEMENT OF OPERATIONS)      TO DECEMBER 31, 2007 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                           |  Initial      Offering                                                                                                                                                                                                |   |  Subscriptions                                                                                                              |   |  Redemptions                                                                                                                            |   | Members      CapitalDecember 31, 2007                                                                                                               |   |  Subscriptions                                                                                                              |   |  Redemptions                                                                 |   | Members      CapitalDecember 31, 2007                                                                                                               |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Class      A*             |                                      - |   |                      107,731 |   |                         - |   |                          107,731 |   |                      961,358 |   |            (131,633)            |   |                          937,456 |
| Class      C**            |                                      - |   |                      821,211 |   |              (68,985)                                                            |   |                          752,226 |   |                 10,739,116                            |   |         (1,092,947)                            |   |                     10,398,395                            |
| Class      D***           |                                      - |   |                   1,548,637                 |   |            (798,637)                                                                       |   |                          750,000 |   |                   2,794,704                 |   |         (2,565,789)                            |   |                          978,915 |
| Class      I****          |                                      - |   |                      590,000 |   |                         - |   |                          590,000 |   |                      203,514 |   |              (13,367) |   |                          780,147 |
| Class      DS*****        |                     12,000,000                                                                                              |   |                   2,810,880                 |   |         (1,044,151)                                                                                       |   |                     13,766,729                            |   |                 56,371,806                            |   |         (2,852,864)                            |   |                     67,285,671                            |
| Class      DT******       |                                      - |   |               105,166,376                                       |   |       (33,452,947)                                                                                                  |   |                     71,713,429                            |   |                   1,498,340                 |   |       (21,790,239)                                       |   |                     51,421,530                            |
|                           |                                                                                                                                                                                                                            |   |                                                                                                                                  |   |                                                                                                                                              |   |                                                                                                                                                          |   |                                                                                                                                  |   |                                                                                   |   |                                                                                                                                                          |
| Total      Members Units  |                     12,000,000                                                                                              |   |               111,044,835                                       |   |       (35,364,720)                                                                                                  |   |                     87,680,115                            |   |                 72,568,838                            |   |       (28,446,839)                                       |   |                   131,802,114                                       |

| *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 commenced on April 2,      2007.  |
| ******Class      DT was previously known as Class D-TF and commenced on June 1,      2007.       |
|                                                                                             |   |   |   |   |   |   |   |   |
| See      notes to financialstatements.                                                           |

----

| STATEMENTS      OF CHANGES IN MEMBERS’ CAPITAL FOR THE YEAR ENDED DECEMBER      31, 2008 AND FOR THE PERIOD APRIL 2, 2007 (COMMENCEMENT OF OPERATIONS)      TO DECEMBER 31, 2007 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                |  Initial      Offering                                                                                                                                                                                                 |   |  Subscriptions                                                                                                               |   |  Redemptions                                                                                                                                                                       |   | Net      Income(Loss)                                                                                                 |   | Members'      CapitalDecember 31, 2007                                                                                                                    |   |  Subscriptions                                                                                               |   |  Redemptions                                                                                     |   | Net      Income(Loss)                                                                                     |   | Members'      CapitalDecember 31, 2008                                                                                              |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------|
| Class      A*  | $                                     - |   |  $                    120,107 |   |  $                              - |   |  $                  (1,623) |   |  $                        118,484 |   |  $                 1,151,996 |   |  $               (166,535) |   |  $                193,721 |   |  $                    1,297,666 |

| Class      C**             |                                        - |   |                        810,690 |   |                      (71,378)                                                            |   |                     58,667 |   |                           797,979       |   |                  12,097,536                                  |   |                (1,345,352)                                  |   |                2,184,634                 |   |  $                       13,734,797                  |
|---------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|
| Class      D***       |                                        - |   |                    1,500,000                       |   |                   (747,045)                                                                             |   |                    (51,379)     |   |                            701,576 |   |                   2,724,999                             |   |               (2,699,332)                                        |   |                   477,767 |   |  $                     1,205,010 |
| Class      I****      |                                        - |   |                       590,000       |   |                                 - |   |                     35,944 |   |                           625,944       |   |                        231,056 |   |                      (16,232) |   |                   228,547 |   |  $                     1,069,315 |
| Class      DS*****    |                      12,000,000                                                                                                    |   |                    3,599,514                       |   |                (1,225,985)                                                                                             |   |                3,553,619                            |   |                       17,927,148                            |   |                   81,391,656                            |   |               (4,000,000)                                        |   |              16,445,572                            |   |  $                 111,764,376                       |
| Class      DT******   |                                        - |   |                 116,913,460                                       |   |              (39,979,192)                                                                                                        |   |              15,550,879                                       |   |                      92,485,147                                  |   |                     2,130,197                 |   |               (32,310,691)                                       |   |             25,959,307                                  |   | $                88,263,960                                    |
|                            |                                                                                                                                                                                                                                        |   |                                                                                                                                              |   |                                                                                                                                                                                              |   |                                                                                                                           |   |                                                                                                                                                                      |   |                                                                                                                                              |   |                                                                                                                                   |   |                                                                                                                |   |                                                                                                                                           |
|                            |  $                 12,000,000                                                                                                                     |   |  $           123,533,771                                                              |   |  $        (42,023,600)                                                                                                                               |   |  $           19,146,107                                            |   |  $                112,656,278                                                        |   |  $            99,727,440                                                         |   |  $         (40,538,142)                                                              |   |  $        45,489,548                                                   |   |  $                217,335,124                             |
|                            |                                                                                                                                                                                                                                        |   |                                                                                                                                              |   |                                                                                                                                                                                              |   |                                                                                                                           |   |                                                                                                                                                                      |   |                                                                                                                                              |   |                                                                                                                                   |   |                                                                                                                |   |                                                                                                                                           |

| *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 commenced on April 2,      2007.  |
| ******Class      DT was previously known as Class D-TF and commenced on June 1,      2007.       |
|                                                                                             |   |   |   |   |   |   |   |   |
| See      notes to financialstatements.                                                           |

----

| FINANCIAL      DATA HIGHLIGHTSFOR      THE YEAR ENDED DECEMBER 31, 2008 |
|-------------------------------------------------------------------------|

|                                                         | Class      A                                                                    |      | Class      C                                                        |   | Class      D                          |   | Class      I                                            |   | Class      DS                                                                                |   | Class      DT                                                                   |    |
|--------------------------------------------------------------|--------------------------------------------------------------------------------------|--------------------------|--------------------------------------------------------------------------|--------|--------------------------------------------|--------|--------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------|---------|
|  Net      asset value, beginning of year                | $          1.0998                  |                     |  $        1.0608            |   |  $   0.9354            |   |  $      1.0609            |   |  $       1.3022                                           |   |  $          1.2896            |    |
|                                                         |                                                                                 |                     |                                                                     |   |                                       |   |                                                         |   |                                                                                              |   |                                                                                 |    |
| Realized      and change in unrealized trading profit (loss) |              0.4412 |                     |            0.4233 |   |       0.3864 |   |          0.4338 |   |           0.5275                                |   |              0.5367 |    |
| Brokerage      commissions                                   |            (0.0048            | )                        |          (0.0046            | )      |     (0.0042            | )      |        (0.0047            | )      |          (0.0058                                     | )      |            (0.0058            | )  |
| Interest      income                                         |              0.0198 |                     |            0.0190 |   |       0.0172 |   |          0.0194 |   |           0.0237                                |   |              0.0238 |    |
| Expenses                                                     |            (0.1718            | )                        |          (0.1776            | )      |     (0.1038            | )      |        (0.1387            | )      |          (0.1866)                                    | )      |            (0.1278            | )  |
|                                                         |                                                                                 |                     |                                                                     |   |                                       |   |                                                         |   |                 - |   |                                                                                 |    |
| Net      asset value, end of year                            |  $          1.3842            |                     |  $        1.3209            |   |  $   1.2310            |   |  $      1.3707            |   |  $       1.6610                                           |   |  $          1.7165            |    |
|                                                         |                                                                                 |                     |                                                                     |   |                                       |   |                                                         |   |                                                                                              |   |                                                                                 |    |
|        Total Return:                                    |                                                                                 |                     |                                                                     |   |                                       |   |                                                         |   |                                                                                              |   |                                                                                 |    |
|                                                         |                                                                                 |                     |                                                                     |   |                                       |   |                                                         |   |                                                                                              |   |                                                                                 |    |
| Total      return before Performance fees                    | 38.77                                                                                | %                        | 37.45                                                                    | %      | 41.02                                      | %      | 39.45                                                        | %      | 40.89                                                                                             | %      | 42.47                                                                                | %  |
| Performance      fees                                        | -9.96                                                                                | %                        | -10.04                                                                   | %      | -7.25                                      | %      | -7.94                                                        | %      | -10.11                                                                                            | %      | -7.16                                                                                | %  |
| Total      return after Performance fees                     | 25.83                                                                                | %                        | 24.48%                                                                   | %      | 31.59                                      | %      | 29.19                                                        | %      | 27.54                                                                                             | %      | 33.10                                                                                | %  |
|                                                         |                                                                                 |                     |                                                                     |   |                                       |   |                                                         |   |                                                                                              |   |                                                                                 |    |
|        Ratios to Average Members'      Capital:         |                                                                                 |                     |                                                                     |   |                                       |   |                                                         |   |                                                                                              |   |                                                                                 |    |
|                                                         |                                                                                 |                     |                                                                     |   |                                       |   |                                                         |   |                                                                                              |   |                                                                                 |    |
| Expenses      (excluding Performance fees)                   | 3.96                                                                                 | %                        | 4.97                                                                     | %      | 2.43                                       | %      | 3.55                                                         | %      | 2.43                                                                                              | %      | 1.39                                                                                 | %  |
| Performance      fees                                        | 10.13                                                                                | %                        | 10.24                                                                    | %      | 7.21                                       | %      | 7.95                                                         | %      | 10.30                                                                                             | %      | 7.11                                                                                 | %  |
| Expenses      (including Performance fees)                   | 14.09                                                                                | %                        | 15.21                                                                    | %      | 9.64                                       | %      | 11.50                                                        | %      | 12.73                                                                                             | %      | 8.50                                                                                 | %  |
|                                                         |                                                                                 |                     |                                                                     |   |                                       |   |                                                         |   |                                                                                              |   |                                                                                 |    |
| Net      investment income (loss)                            | -12.39                                                                               | %                        | -13.51                                                                   | %      | -7.95                                      | %      | -9.79                                                        | %      | -11.03                                                                                            | %      | -6.79                                                                                | %  |

|  Class      DS and DT were previously known as Class D-SM and Class D-TF,      respectively. |   |   |   |
|---------------------------------------------------------------------------------------------------|--------|--------|--------|
| See      notes to financial statements.                                                           |   |   |   |   |   |   |   |   |   |   |   |   |

----

| FINANCIAL      DATA HIGHLIGHTSFOR      THE PERIOD APRIL 2, 2007 (COMMENCEMENT OF OPERATIONS)TO      DECEMBER 31, 2007 |
|-----------------------------------------------------------------------------------------------------------------------|

| Per Unit Operating    Performance:                           |   | Class      A                                                                         |    | Class      C                                                             |    | Class      D                               |   | Class      I                                                 |   | Class      DS (d)                                            |    | Class      DT (d)                                                  |    |
|--------------------------------------------------------------|--------|--------------------------------------------------------------------------------------|---------|--------------------------------------------------------------------------|---------|--------------------------------------------|--------|--------------------------------------------------------------|--------|--------------------------------------------------------------|---------|--------------------------------------------------------------------|---------|
|                                                         |   |                                                                                 |    |                                                                     |    |                                       |   |                                                         |   |                                                         |    |                                                               |    |
| Net      asset value, beginning of period                    |   |  $          1.0000            |    |  $        1.0000            |    |  $   1.0000            |   |  $      1.0000            |   |  $      1.0000            |    |  $       1.1117            |    |
|                                                         |   |                                                                                 |    |                                                                     |    |                                       |   |                                                         |   |                                                         |    |                                                               |    |
| Realized      and change in unrealized trading profit (loss) |   |              0.2254 |    |            0.1277 |    |     (0.0149)           |   |          0.1061 |   |          0.3563 |    |           0.2073 |    |
| Brokerage      commissions (c)                               |   |            (0.0024)           |    |          (0.0031)           |    |     (0.0010)           |   |        (0.0016)           |   |        (0.0115)           |    |         (0.0049            | )       |
| Interest      income  (c)                          |   |              0.0165 |    |            0.0210 |    |       0.0070 |   |          0.0116 |   |          0.0452 |    |           0.0321 |    |
| Expenses  (c)                                      |   |            (0.1397            | )  |          (0.0848            | )  |     (0.0557            | )      |        (0.0552            | )      |        (0.0878            | )  |         (0.0566            | )  |
|                                                         |   |                                                                                 |    |                                                                     |    |                                       |   |                                                         |   |                                                         |    |                                                               |    |
| Net      asset value, end of period                          |   |  $          1.0998            |    |  $        1.0608            |    |  $   0.9354            |   |  $      1.0609            |   |  $      1.3022            |    |  $       1.2896            |    |
|                                                         |   |                                                                                 |    |                                                                     |    |                                       |   |                                                         |   |                                                         |    |                                                               |    |
| Total Return: (b)                                       |   |                                                                                 |    |                                                                     |    |                                       |   |                                                         |   |                                                         |    |                                                               |    |
|                                                         |   |                                                                                 |    |                                                                     |    |                                       |   |                                                         |   |                                                         |    |                                                               |    |
| Total      return before Performance fees                    |   | 21.36                                                                                | %       | 11.79                                                                    | %       | -0.64                                      | %      | 10.71                                                        | %      | 37.24                                                        | %       | 20.48                                                              | %  |
| Performance      fees                                        |   | -9.85                                                                                | %       | -5.56                                                                    | %  | -5.80                                      | %      | -4.67                                                        | %      | -5.79                                                        | %  | -4.33                                                              | %       |
| Total      return after Performance fees                     |   | 9.93                                                                                 | %       | 6.08                                                                     | %       | -6.46                                      | %      | 6.10                                                         | %      | 30.22                                                        | %  | 16.01                                                              | %       |
|                                                         |   |                                                                                 |    |                                                                     |    |                                       |   |                                                         |   |                                                         |    |                                                               |    |
| Ratios to Average Net Assets:      (a)                       |   |                                                                                 |    |                                                                     |    |                                       |   |                                                         |   |                                                         |    |                                                               |    |
|                                                         |   |                                                                                 |    |                                                                     |    |                                       |   |                                                         |   |                                                         |    |                                                               |    |
| Expenses      (excluding Performance fees)                   |   | 4.48                                                                                 | %       | 5.06                                                                     | %       | 3.32                                       | %      | 3.36                                                         | %      | 2.39                                                         | %  | 1.24                                                               | %       |
| Performance      fees                                        |   | 40.41                                                                                | %       | 12.77                                                                    | %       | `50.19                                     | %      | 17.81                                                        | %      | 7.63                                                         | %       | 7.18                                                               | %       |
| Expenses      (including Performance fees)                   |   | 44.89                                                                                | %       | 17.83                                                                    | %       | 53.51                                      | %      | 21.17                                                        | %      | 10.02                                                        | %       | 8.42                                                               | %       |
|                                                         |   |                                                                                 |    |                                                                     |    |                                       |   |                                                         |   |                                                         |    |                                                               |    |
| Net      investment income (loss)                            |   | -39.59                                                                               | %       | -13.40                                                                   | %       | -46.79                                     | %      | -16.71                                                       | %      | -4.86                                                        | %  | -3.65                                                              | %       |

| (a)      The ratios have been annualized.                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|-------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| (b)      Not annualized.                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)      Per Unit data is calculated using weighted average Units      outstanding during the period. |   |   |   |
| (d)      Class DS and DT were previously known as Class D-SM and Class D-TF,      respectively.       |   |   |   |   |   |   |   |
|                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| See      notes to financial statements.                                                               |   |   |   |   |   |   |   |   |   |   |   |   |

----

| NOTES TO FINANCIAL      STATEMENTS |
|------------------------------------|

|   | Organization |
|--------|--------------|

|   | ML Transtrend DTP Enhanced FuturesAccess LLC (the      “Fund”), a Merrill Lynch FuturesAccess Program (the “Program”) fund, was      organized under the Delaware Limited Liability Company Act on March 8,      2007 and commenced trading activities on April 2, 2007. The Fund engages      in the speculative trading of commodity futures contracts, options on      futures and forward contracts. Transtrend B.V. (“Transtrend”) is the      trading advisor of the Fund.  Merrill Lynch Alternative      Investments LLC (“MLAI”) is the Sponsor of the Fund. MLAI is an indirect      wholly-owned subsidiary of Merrill Lynch & Co., Inc. (“Merrill      Lynch”). Merrill Lynch, Pierce, Fenner & Smith Incorporated      (“MLPF&S”), a wholly-owned subsidiary of Merrill Lynch, is the Fund’s      commodity broker. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The Program is a group of commodity pools      sponsored by MLAI (each pool is a “Program Fund” or collectively, “Program      Funds”) each of which places substantially all of it assets in a managed      futures or forward trading account managed by a single or multiple      commodity trading advisors. Each Program Fund is generally similar in      terms of fees, Classes of Units and redemption rights.  Each of      the Program Funds implements a different trading      strategy. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The Fund offers six Classes of      Units:  Class A, Class C, Class D, Class DS, Class DT and Class      I.  Each Class of Units, except for Class DT offered at $1.1117,      was offered at $1.00 per Unit during the initial offering period and      subsequently is offered at Net Asset Value per Unit for all other purposes      (see Note 6).  The six Classes of Units are subject to different      sponsor fees. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Effective January 1, 2009, Merrill Lynch &      Co., Inc. became a wholly-owned subsidiary of Bank of America Corporation      pursuant to a mergeragreement. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Interests in the Fund are not insured or otherwise      protected by the Federal Deposit Insurance Corporation or any other      government authority.  Interests are not deposits or other      obligations of, and are not guaranteed by, Bank of America Corporation or      any of its affiliates or by any bank.  Interests are subject to      investment risks, including the possible loss of the full amount      invested. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Estimates |
|--------|-----------|

|   | The      preparation of financial statements in conformity with accounting      principles generally accepted in the United States of America (“U.S.      GAAP”) requires management to make estimates and assumptions that affect      the reported amounts of assets and liabilities and disclosure of      contingent assets and liabilities at the date of the financial statements      and the reported amounts of revenues and expenses during the reporting      period.  Actual results could differ from those      estimates. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Revenue      Recognition |
|--------|--------------------------|

|   | Commodity      futures, options on futures and forward contract transactions are recorded      on the trade date and open contracts are reflected in Net unrealized      profit (loss) on open contracts in the Statements of Financial Condition      as the difference between the original contract value and the market value      (for those commodity interests for which market quotations are readily      available) or at fair value.  The change in unrealized profit      (loss) on open contracts from one period to the next is reflected in      Change in unrealized under Trading profit (loss) in the Statements of      Operations. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Foreign Currency      Transactions |
|--------|------------------------------------|

|   | The      Fund’s functional currency is the U.S. dollar; however, it transacts      business in U.S. dollars and in currencies other than the U.S.      dollar.  Assets and liabilities denominated in currencies other      than the U.S. dollar are translated into U.S. dollars at the rates in      effect at the date of the Statements of Financial      Condition.  Income and expense items denominated in currencies      other than the U.S. dollar are translated into U.S. dollars at the rates      in effect during the period.  Profit and losses resulting from      the translation to U.S. dollars are reported in Realized in the Statements      of Operations. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Cash at      Broker |
|--------|---------------------|

|   | A portion of the assets maintained at MLPF&S      is restricted cash required to meet maintenance margin      requirements.  Included in cash deposits with the broker at      December 31, 2008 and 2007 were restricted cash for margin requirements of      $15,307,220 and of $16,474,936  respectively. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Operating Expenses,      Offering Costs and SellingCommissions |
|--------|----------------------------------------------------------------|

|   | The      Fund pays for all routine operating costs (including ongoing offering      costs, administration, custody, transfer, exchange and redemption      processing, legal, regulatory filing, tax, audit, escrow, accounting and      printing fees and expenses) incurred by the Fund.  The Fund also      pays any extraordinary expenses. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | For      financial reporting purposes in conformity with U.S. GAAP, the Fund      amortized the total initial offering costs of $50,000 over a twelve-month      period.  For all other purposes, including determining the Net      Asset Value per Unit for subscription and redemption purposes, the Fund      amortizes offering costs over an estimated 60 month period (see Note      6). |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Class      A Units are subject to a sales commission paid to MLPF&S ranging from      1.0% to 2.5%.  Class D and Class I Units are subject to sales      commissions up to 0.50%.  The rate assessed to a given      subscription is based upon the subscription amount.  Sales      commissions are directly deducted from subscription      amounts.  Class C, Class DS and Class DT Units are not subject      to any sales commissions. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Income      Taxes |
|--------|-------------------|

|   | No      provision for income taxes has been made in the accompanying financial      statements as the Member is individually responsible for reporting income      or loss based on such Member’s share of the Fund’s income and expenses as      reported for income tax purposes. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

----

|   |   |
|--------|--------|

|   | Distributions |
|--------|---------------|

|   | The      Members are entitled to receive, equally per Unit, any distributions which      may be made by the Fund.  No such distributions have been      declared. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |  Subscriptions |
|--------|---------------------|

|   | Units      are offered as of the close of business at the end of each month. Units      are purchased as of the first business day of any month at Net Asset Value      for all other purposes (see Note 6), but the subscription request must be      submitted at least three calendar days before the end of the preceding      month.  Subscriptions submitted less than three days before the      end of a month will be applied to Units subscriptions as of the beginning      of the second month after receipt, unless revoked by  MLAI. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Redemptions and      Exchanges |
|--------|--------------------------------|

|   | A Member may redeem or exchange some or all of      such Member’s Units at Net Asset Value for all other purposes (see Note 6)      as of the close of business, on the last business day of any month, upon      ten calendar days’ notice (“notice period”). |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | An investor in the Fund can exchange these Units for Units of the same Class in other      Program Funds as of the beginning of each calendar month upon at least ten      days’ prior notice.  The minimum exchange amount is      $10,000. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Redemption requests are accepted within the notice      period.  The Fund does not accept any redemption requests after      the notice period.  All redemption requests received after the      notice period will be processed for the following month. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Dissolution of the      Fund |
|--------|------------------------------|

|   | The Fund may terminate if certain circumstances      occur as set forth in the offering memorandum, which include but are not      limited to the following: |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Indemnifications |
|--------|------------------|

|   | In the normal course of business, the Fund enters      into contracts and agreements that contain a variety of representations      and warranties and which provide general indemnifications.  The      Fund’s maximum exposure under these arrangements is unknown, as this would      involve future claims that may be made against the Fund that have not yet      occurred.  The Fund expects the risk of any future obligation      under these indemnifications to be  remote. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.   | CONDENSED      SCHEDULE OF INVESTMENTS |
|----------------|----------------------------------------|

| 2008                    |                |          |   |             |   |                 |          |   |             |                |               |             |   |          |
|-------------------------|---------------------|---------------|--------|------------------|--------|----------------------|---------------|--------|------------------|---------------------|--------------------|------------------|--------|---------------|
|                    | Long      Positions |          |   |             |   | Short      Positions |          |   |             | Net      Unrealized |               |             |   |
| Commodity      Industry | Number      of      | Unrealized    |   | Percent      of  |   | Number      of       | Unrealized    |   | Percent      of  |                | Profit      (Loss) | Percent      of  |   |          |
| Sector                  | Contracts           | Profit (Loss) |   | Members' Capital |   | Contracts            | Profit (Loss) |   | Members' Capital |                | on Open Positions  | Members' Capital |   | MaturityDates |

| 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% |   |   |
|-------|--------|------------------------------------------------------------------------------------|--------|-------|--------|--------|------------------------------------------------------------------------------------------------------------------------------|--------|-------|--------|------------------------------------------------------------------------------------------|-------|--------|--------|

| 2007                    |                |          |   |                 |   |           |          |                |             |   |               |             |   |          |
|-------------------------|---------------------|---------------|--------|----------------------|--------|----------------|---------------|---------------------|------------------|--------|--------------------|------------------|--------|---------------|
|                    | Long      Positions |          |   | Short      Positions |   |           |          | Net      Unrealized |             |   |               |
| Commodity      Industry | Number      of      | Unrealized    |   | Percent      of      |   | Number      of | Unrealized    |                | Percent      of  |   | Profit      (Loss) | Percent      of  |   |          |
| Sector                  | Contracts           | Profit (Loss) |   | Members' Capital     |   | Contracts      | Profit (Loss) |                | Members' Capital |   | on Open Positions  | Members' Capital |   | MaturityDates |

| Agriculture         |            1,122                            |  $           1,651,484                                       |   | 1.47%  |   |             (69) |  $                         8,285  |   | 0.02%  |   |  $            1,659,769                             | 1.49%  |   | March      08 - December 08 |
|---------------------|----------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|----------------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------|
| Currencies          |            1,011                            |                (793,155)                      |   | -0.70% |   |           (573)            |                       (543,525)                       |   | -0.48% |   |              (1,336,680)                            | -1.18% |   | March      08               |
| Energy              |               493            |                  841,635            |   | 0.75%  |   |           (211)            |                           (9,370) |   | -0.01% |   |                   832,265  | 0.74%  |   | February      08 - April 08 |
| Interest      rates |            2,170                            |                  646,036            |   | 0.57%  |   |        (2,073)                            |                         824,819             |   | 0.73%  |   |                1,470,856                  | 1.30%  |   | March      08 - December 08 |
| Metals              |               659            |             (3,120,333)                                      |   | -2.77% |   |           (716)            |                      4,259,270                             |   | 3.78%  |   |                1,138,937                  | 1.01%  |   | January      08 - April 08  |
| Stock      indices  |                 77 |                    37,854 |   | 0.03%  |   |           (126)            |                         (60,174)            |   | -0.05% |   |                   (22,320) | -0.02% |   |  March      08         |

| Total |   |  $            (736,479) |   | -0.65% |   |   |  $                  4,479,305 |   | 3.99% |   |  $            3,742,826 | 3.34% |   |   |
|-------|--------|------------------------------------------------------------------------------------------|--------|--------|--------|--------|------------------------------------------------------------------------------------------------------------------------------|--------|-------|--------|------------------------------------------------------------------------------------------|-------|--------|--------|

|   | No      individual contract’s unrealized profit or loss comprised greater than 5%      of the Members’ Capital as of December 31, 2008 and  2007. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3.   | FAIR      VALUE OF INVESTMENTS |
|----------------|--------------------------------|

----

|                                                |   | Total                              |   | Level      I |   | Level      II |   | Level      III              |
|-----------------------------------------------------|--------|------------------------------------|--------|--------------|--------|---------------|--------|-----------------------------|
| Net      unrealized profit (loss) on open contracts |   |     $6,740,529 |   | $6,740,529   |   | N/A           |   |     N/A |

| 4. | RELATED      PARTY TRANSACTIONS |
|----|---------------------------------|

|   | The      Fund’s U.S. dollar assets are maintained at MLPF&S. On assets held in      U.S. dollars, Merrill Lynch credits the Fund with interest at the most      favorable rate payable by MLPF&S to accounts of Merrill Lynch      affiliates but not less than 75% of such prevailing rate.  The      Fund is credited with interest on any of its assets and net profits      actually held by MLPF&S non-U.S. dollar currencies at a prevailing      local rate received by Merrill Lynch.  Merrill Lynch may derive      certain economic benefit, in excess of the interest which Merrill Lynch      pays to the Fund, from possession of such  assets. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Merrill      Lynch charges the Fund at prevailing local interest rates for financing      realized and unrealized losses on the Fund’s non-U.S. dollar-denominated      positions. Such amounts are netted against interest income due to the      insignificance of such amounts. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      fund pays brokerage commissions on actual cost per round      turn.  The average round-turn commission rate charged to the      Fund for the year ended December 31, 2008 and for the period April 2, 2007      (commencement of operations) to December 31, 2007 was approximately $10.37      and $9.57, respectively (not including, in calculating round-turn, forward      contracts on a futures-equivalentbasis). |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | ADVISORY      AGREEMENT |
|----|-------------------------|

----

|   |          |                                                            |  Net      Asset Value |                                                                  |   |                                                                                              |   |   |                                                                     | Net      Asset Value per Unit |                                             |
|--------|---------------|-----------------------------------------------------------------|----------------------------|-----------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------|-------------------------------|--------------------------------------------------|
|   |          | All      Other Purposes (Unaudited)                             |                       | Financial      Reporting                                              |   | Number      of Units                                                                              |   |   | All      Other Purposes (Unaudited)                                      |                          | 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                                       |   |   |                                                                     |                          |                                             |

|   |          |                                                                            |  Net      Asset Value |                                                                                  |   |                                                                                              |   |   |                                                                     | Net      Asset Value per Unit |                                             |
|--------|---------------|---------------------------------------------------------------------------------|----------------------------|---------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------|-------------------------------|--------------------------------------------------|
|   |          | All      Other Purposes (Unaudited)                                             |                       | Financial      Reporting                                                              |   | Number      of Units                                                                              |   |   | All      Other Purposes (Unaudited)                                      |                          | Financial      Reporting                         |
|   | Class      A  |  $         118,495            |                       |  $          118,484            |   |                107,731 |   |   |  $        1.0999            |                          |  $    1.0998            |
|   | Class      C  |             798,078 |                       |              797,979 |   |                752,226 |   |   |            1.0610 |                          |        1.0608 |
|   | Class      D  |             701,608 |                       |              701,576 |   |                750,000 |   |   |            0.9355 |                          |        0.9354 |
|   | Class      I  |             625,977 |                       |              625,944 |   |                590,000 |   |   |            1.0610 |                          |        1.0609 |
|   | Class      DS |        17,928,995                            |                       |         17,927,148                            |   |           13,766,729                            |   |   |            1.3023 |                          |        1.3022 |
|   | Class      DT |        92,508,129                            |                       |         92,485,147                            |   |           71,713,429                            |   |   |            1.2900 |                          |        1.2896 |
|   |          |  $  112,681,282                                                  |                       |  $   112,656,278                                                  |   |           87,680,115                            |   |   |                                                                     |                          |                                             |

----

|   | The      weighted average number of Units outstanding for each Class is computed      for purposes of calculating net income per weighted average      Unit.  The weighted average number of Units outstanding for each      Class for the year ended December 31, 2008 and for the period ended      December 31, 2007 equals the Units outstanding as of such date,      adjusted proportionately for Units sold or redeemed based on the      respective length of time each was outstanding during the      period. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | RECENT      ACCOUNTING PRONOUNCEMENTS |
|----------------|---------------------------------------|

|   | In      March 2008, the FASB released Statement of Financial Accounting Standards      No. 161, Disclosures      about Derivative Instruments and Hedging Activities – an amendment      to FASB Statement No. 133 (“FAS 161”). FAS 161 requires qualitative      disclosures about objectives and strategies for using derivatives,      quantitative disclosures about fair value amounts of and gains and losses      on derivative instruments, and disclosures about credit-risk related      contingent features in derivative agreements. The application of FAS 161      is required for fiscal years beginning after November 15, 2008 and interim      periods within those fiscal years. Currently, the Fund is evaluating the      implications of FAS 161 on its financial  statements. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | In      May 2008, the FASB issued Statement of Financial Accounting Standards No.      162, “The Hierarchy      of Generally Accepted Accounting Principles” (“FAS 162”). FAS 162 identifies      the sources of accounting principles and the framework for selecting the      accounting principles used in preparing financial statements of      nongovernmental entities that are presented in conformity with U.S. GAAP.      Currently, U.S. GAAP hierarchy is provided in the American Institute of      Certified Public Accountants U.S. Auditing Standards (“AU”) Section 411,      “The Meaning      of Present Fairly in Conformity With Generally Accepted Accounting      Principles”. The      Fund does not expect the adoption of FAS 162 to have an impact on its      financial statements |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.   | MARKET      AND CREDIT RISK |
|----------------|-----------------------------|

----

|    | MLAI      has procedures in place intended to control market risk exposure, although      there can be no assurance that they will, in fact, succeed in doing      so.  These procedures focus primarily on monitoring the trading      of Transtrend, calculating the Net Asset Value of the Fund as of the close      of business on each day and reviewing outstanding positions for      over-concentrations.  While MLAI does not intervene in the      markets to hedge or diversify the Fund’s market exposure, MLAI may urge      Transtrend to reallocate positions in an attempt to avoid      over-concentrations.  However, such interventions are expected      to be unusual.  It is expected that MLAI’s basic risk control      procedures will consist of the ongoing process of advisor monitoring, with      the market risk controls being applied by  Transtrend. |
|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    | Credit      Risk |
|--------------|------------------|

|    | The      risks associated with exchange-traded contracts are typically perceived to      be less than those associated with over-the-counter (non-exchange-traded)      transactions, because exchanges typically provide clearinghouse      arrangements in which the collective credit (in some cases limited in      amount, in some cases not) of the members of the exchange is pledged to      support the financial integrity of the exchange.  In      over-the-counter transactions, on the other hand, traders must rely solely      on the credit of their respective individual      counterparties.  Margins, which may be subject to loss in the      event of a default, are generally required in exchange trading, and      counterparties may also require margin in the over-the-counter      markets. |
|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    | The      credit risk associated with these instruments from counterparty      nonperformance is the Net unrealized profit (loss) on open contracts, if      any, included in the Statements of Financial Condition. The Fund attempts      to mitigate this risk by dealing exclusively with Merrill Lynch entities      as clearing brokers. |
|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    | The      Fund, in its normal course of business, enters into various contracts,      with MLPF&S acting as its commodity broker.  Pursuant to the      brokerage arrangement with MLPF&S (which includes a netting      arrangement), to the extent that such trading results in receivables from      and payables to MLPF&S, these receivables and payables are offset and      reported as a net receivable or payable and included in Equity in      commodity futures trading accounts in the Statements of Financial      Condition. |
|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----