2. INVESTMENTS IN PORTFOLIO FUNDS

The five Portfolio Funds in which the Partnership is invested in as of June 30, 2013 and December 31, 2012 are: Aspect FuturesAccess LLC (“Aspect”) (formerly ML Aspect FuturesAccess LLC), ML BlueTrend FuturesAccess LLC (“BlueTrend”), Man AHL FuturesAccess LLC (“Man AHL”), ML Transtrend DTP Enhanced FuturesAccess LLC (“Transtrend”) and ML Winton FuturesAccess LLC (“Winton”). The strategy of these Portfolio Funds is to be trend followers. MLAI may, in its discretion, change Portfolio Funds at any time. MLAI may vary the percentage of the Partnership’s total portfolio allocated to the different Portfolio Funds at MLAI’s discretion. There is no pre-established range for the minimum and maximum allocations that may be made to any individual Portfolio Funds.

The investment transactions were accounted for on trade date. The investments in the Portfolio Funds were valued at fair value and are reflected in the Statements of Financial Condition. In determining fair value, MLAI utilized the net asset value of the underlying Portfolio Funds which approximates fair value. The fair value was net of all fees relating to the Portfolio Funds, paid or accrued. Additionally, MLAI monitored the performance of the Portfolio Funds. Such monitoring procedures included, but were not limited to: monitoring market movements in Portfolio Funds’ investments, comparing performance to industry benchmarks, and in-depth conference calls and site visits with the respective Portfolio Funds’ trading advisors (“Trading Advisors”).

The details of investments in Portfolio Funds at and for the period ended June 30, 2013 are as follows:

June 30, 2013

	Fair Value		Percentage of Partners’ Capital		Profit (Loss)			Cost @ 6/30/13		Management Fee			Performance Fee			Redemptions Permitted
Winton	$	19,052,438	19.93	%	$	702,064		$	12,494,626	$	(169,673	)	$	(6,965	)	Semi -Monthly
Aspect	19,052,438		19.93	%	(88,084		)	15,027,861		(168,474		)	—			Semi -Monthly
Transtrend	19,052,438		19.93	%	(563,051		)	15,322,608		(111,842		)	—			Semi -Monthly
Bluetrend	18,532,235		19.38	%	(1,575,343		)	17,540,222		(111,548		)	(36,727		)	Monthly
Man AHL	19,052,437		19.93	%	(1,011,510		)	22,645,241		(111,446		)	—			Monthly

Total Investment in Portfolio Funds at fair value	$	94,741,986	99.10	%	$	(2,535,924	)	$	83,030,558	$	(672,983	)	$	(43,692	)

The details of investments in Portfolio Funds at and for the year ended December 31, 2012 are as follows:

December 31, 2012

	Fair Value		Percentage of Partners’ Capital		Profit (Loss)			Cost @ 12/31/12		Management Fee			Performance Fee			Redemptions Permitted
Winton	$	23,677,969	19.94	%	$	(1,252,467	)	$	15,896,089	$	(447,194	)	$	(519	)	Semi -Monthly
Aspect	23,677,968		19.94	%	(2,759,516		)	18,338,732		(446,670		)	(15,340		)	Semi -Monthly
Transtrend	23,677,970		19.94	%	421,627			18,172,896		(300,227		)	(37,953		)	Semi -Monthly
Bluetrend	23,677,970		19.94	%	60,564			20,519,264		(299,709		)	(57,205		)	Monthly
Man AHL	23,677,968		19.94	%	(2,228,170		)	26,571,980		(297,337		)	—			Monthly

Total Investment in Portfolio Funds at fair value	$	118,389,845	99.70	%	$	(5,757,962	)	$	99,498,961	$	(1,791,137	)	$	(111,017	)

There are no investments held by the Portfolio Funds that in the aggregate exceed 5% of the Fund’s members’ capital. These investments are recorded at fair value. In accordance with Regulation S-X, a prescribed regulation by the Securities and Exchange Commission, there are specific formats and contents of financial reports. The following is summarized financial information for each of the Portfolio Funds:

	As of June 30, 2013
	Total Assets		Total Liabilities		Total Capital
Winton	$	1,094,915,322	$	20,980,744	$	1,073,934,578
Aspect	249,777,626		11,660,732		238,116,894
Transtrend	125,489,115		3,297,430		122,191,685
Bluetrend	153,890,805		6,917,355		146,973,450
Man AHL	29,478,517		2,397,381		27,081,136

Total	$	1,653,551,385	$	45,253,642	$	1,608,297,743

	As of December 31, 2012
	Total Assets		Total Liabilities		Total Capital
Winton	$	1,111,588,919	$	19,201,742	$	1,092,387,177
Aspect	279,441,442		7,200,449		272,240,993
Transtrend	154,050,850		4,998,418		149,052,432
Bluetrend	177,358,085		7,053,649		170,304,436
Man AHL	35,278,824		1,853,473		33,425,351

Total	$	1,757,718,120	$	40,307,731	$	1,717,410,389

	For the six months ended June 30, 2013
										Net
	Income (Loss)			Commissions			Other			Income (Loss)
Winton	$	917,277		$	(15,007	)	$	(200,206	)	$	702,064
Aspect	158,643			(39,266		)	(207,461		)	(88,084		)
Transtrend	(333,126		)	(73,473		)	(156,452		)	(563,051		)
Bluetrend	(1,342,540		)	(54,253		)	(178,550		)	(1,575,343		)
Man AHL	(641,086		)	(99,765		)	(270,659		)	(1,011,510		)

Total	$	(1,240,832	)	$	(281,764	)	$	(1,013,328	)	$	(2,535,924	)

	For the six months ended June 30, 2012
										Net
	Income (Loss)			Commissions			Other			Income (Loss)
Winton	$	(1,132,068	)	$	(22,708	)	$	(267,991	)	$	(1,422,767	)
Aspect	(224,397		)	(42,244		)	(303,250		)	(569,891		)
Transtrend	2,546,830			(91,525		)	(245,569		)	2,209,736
Bluetrend	(714,419		)	(61,773		)	(226,471		)	(1,002,663		)
Man AHL	(1,708,952		)	(44,544		)	(206,635		)	(1,960,131		)

Total	$	(1,233,006	)	$	(262,794	)	$	(1,249,916	)	$	(2,745,716	)