NOTE B - INVESTMENTS IN INVESTMENT FUNDS & FUTURES CONTRACTS (Tables)

12 Months Ended

Dec. 31, 2012

Summary Investment Holdings [Table Text Block]

At December 31, 2012 and 2011 and during the years then ended, the Fund’s investments and net realized and unrealized gains (losses) on investment funds and futures contracts consisted of the following:

	Net Gains (Losses)			Cost Basis		Fair Value		% of Fund’s Net Assets
Investment Funds and Futures Contracts:
Aspen Commodity Long/Short Fund LLC	$	( 38,866	)	$	14,721,167	$	14,683,870		31.37	%
Crabel Fund, LP		1,421,223			3,571,606		4,277,765		9.14	%

Total investment funds		1,382,357			18,292,773		18,961,635		40.51	%

Futures contracts, net		(1,284,417	)		-0-		326,788		0.70	%

Total	$	97,940		$	18,292,773		19,288,423		41.21	%

Other assets, less liabilities							27,518,089		58.79	%

Net assets						$	46,806,512		100.00	%

	Net Gains (Losses)			Cost Basis		Fair Value		% of Fund’s Net Assets
Investment Funds and Futures Contracts:
Aspen Commodity Long/Short Fund, LLC	$	(1,194,333	)	$	16,538,203		16,722,737		19.98	%
Boronia Diversified Fund (U.S.), LP †		3,801			-0-		-0-		0.00	%
Crabel Fund, LP		(243,459	)		8,000,000		7,756,541		9.26	%
Discus Feeder Ltd. †		2,723			-0-		-0-		0.00	%
Graham Global Investments Fund Ltd. †		22,283			-0-		-0-		0.00	%
Man-AHL Diversified II LP †		(198	)		-0-		-0-		0.00	%
Robeco Transtrend Diversified Fund LLC‡		(583,140	)		-0-		-0-		0.00	%

Total investment funds		(1,992,323	)		24,538,203		24,479,278		29.24	%

Futures contracts, net		(5,573,030	)		-0-		607,995		0.73	%

Total	$	(7,565,353	)	$	24,538,203		25,087,273		29.97	%

Other assets, less liabilities							58,625,889		70.03	%

Net assets						$	83,713,162		100.00	%

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

At December 31, 2012 and 2011, the fair value measurements were as follows:

Fair Value Measurement	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investments in investment funds	$	-0-	$	18,961,635	$	-0-
Unrealized gains on futures contracts, net		326,788		-0-		-0-
Total	$	326,788	$	18,961,635	$	-0-

Fair Value Measurement	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investments in investment funds	$	-0-	$	24,479,278	$	-0-
Unrealized gains on futures contracts, net		607,995		-0-		-0-
Total	$	607,995	$	24,479,278	$	-0-

Unrealized Gain (Loss) on Investments [Table Text Block]

At December 31, 2012 and 2011, and during the years then ended, the Fund’s investments in futures contracts and net unrealized gains by type, were as follows:

Futures Contract Type	Net Unrealized Gains)
Foreign exchange contracts	$	32,485
Commodity futures contracts		294,303
Total	$	326,788

Futures Contract Type	Net Unrealized Gains/(Losses)
Foreign exchange contracts	$	(42,477	)
Commodity futures contracts		650,472
Total	$	607,995

Unrealized Appreciation and Depreciation on Investment Fund

As of December 31, 2012 and 2011, the aggregate unrealized appreciation and depreciation of investment funds was as follows:

Description
Unrealized appreciation	$	706,159
Unrealized depreciation		37,297
Net appreciation	$	668,862

Description
Unrealized appreciation	$	184,534
Unrealized depreciation		243,459
Net depreciation	$	58,925

Gain (Loss) on Investments [Table Text Block]

At December 31, 2012 and 2011, and during the year then ended, the Fund’s investments in investment funds and futures contracts and net gains (losses) by investment objective and geographic region, as a percentage of total investments, were as follows:

Investment Strategy	Net Gain (Losses)			Cost Basis		Fair Value		% of Total
Systematic Trend Followers	$	(1,250,968	)	$	-0-	$	326,788		1.69	%
Systematic Short Term Trend Followers		1,421,223			3,571,606		4,277,765		22.18	%
Discretionary Short Term Traders		(33,449	)		-0-		-0-		0.00	%
Commodity Specialists		(38,866	)		14,721,167		14,683,870		76.13	%
Total	$	97,940		$	18,292,773	$	19,288,423		100.00	%

Geographic Region	Net Gains (Losses)		Cost Basis		Fair Value		% of Total
United States		97,940	$	18,292,773	$	19,288,423		100.00	%
Total	$	97,940	$	18,292,773	$	19,288,423		100.00	%

Investment Strategy	Net Losses			Cost Basis		Fair Value			% of Total
Systematic Trend Followers	$	(4,377,067	)	$	-0-	$	615,716			2.45	%
Systematic Short Term Trend Followers		(1,208,198	)		8,000,000		7,756,541			30.92	%
Discretionary Short Term Traders		(785,755	)		-0-		(7,721	)		(0.03	%)
Commodity Specialists		(1,194,333	)		16,538,203		16,722,737			66.66	%
Total	$	(7,565,353	)	$	24,538,203	$	25,087,273			100.00	%

Geographic Region	Net Gains (Losses)			Cost Basis		Fair Value		% of Total
United States	$	(7,590,359	)	$	24,538,203	$	25,087,273		100.00	%
Caribbean (Bermuda, Bahamas, and Cayman Islands)		25,006			-0-		-0-		0.00	%
Total	$	(7,565,353	)	$	24,538,203	$	25,087,273		100.00	%

Summary of Investment Objectives and Redemptions Permitted

The investment objectives and redemptions permitted for the investment funds in which the Fund had invested as of December 31, 2012 were as follows:

Investment Funds & Managed Accounts	Investment Objectives	Redemptions Permitted
ADF Trading Company I, LLC (Welton Investment Corporation)	Systematic Trend Follower	Daily
ADF Trading Company IV, LLC (Blackwater Capital Management LLC)	Systematic Trend Follower	Daily
ADF Trading Company V, LLC (Abraham Trading Company)	Systematic Trend Follower	Daily
ADF Trading Company VII, LLC (Aspen Partners Ltd)	Systematic Trend Follower	Daily
ADF Trading Company IX, LLC (Eckhardt Trading Company)	Systematic Trend Follower	Daily
ADF Trading Company X, LLC (Saxon Investment Corporation)	Systematic Trend Follower	Daily
ADF Trading Company XI, LLC (Rotella Investment Corporation)	Systematic Trend Follower	Daily
ADF Trading Company XII, LLC (Tactical Investment Management Corporation)	Systematic Trend Follower	Daily
Aspen Commodity Long/Short Fund LLC	Commodity Specialist	Monthly
Crabel Fund LP	Systematic Short Term	Monthly

Fund Investments at December 31, 2010 [Member]

Summary Investment Holdings [Table Text Block]

At December 31, 2010 and during the year then ended, the Fund’s investments and net realized and unrealized gains (losses) on investment funds and futures contracts consisted of the following:

Investment Funds and Futures Contracts	Net Gains (Losses)

Abraham Commodity Fund LP ‡	$	(189,827	)
AlphaMosaic (US) LLC (Altis – Cell No. 151) ‡		(55,977	)
AlphaMosaic (US) LLC (Krom River – Cell No. 42) ‡		53,450
APM Hedged Global Commodity Fund, LDC ‡		(116,186	)
Aspen Commodity Long/Short Fund, LLC		2,391,194
Boronia Diversified Fund (U.S.), LP †		571,247
Coolmore Partners LP ‡		(29,505	)
Discus Feeder Ltd. †		(382,904	)
Galena Fund Limited ‡		70,538
Global Commodity Systematic LP ‡		(59,413	)
Graham Global Investments Fund Ltd. †		1,317,207
LD Commodities Alpha Fund LP ‡		11,554
Man-AHL Diversified II LP †		1,046,991
Millburn Commodity Fund LP ‡		71,837
MMT Energy Fund ‡		(93,718	)
Robeco Transtrend Diversified Fund LLC		1,848,098
Sparta Commodities US Feeder Fund LLC ‡		(299,680	)
Winton Futures Fund †		489,615

Total investment funds		6,644,521

Futures contracts, net		4,072,382

Total	$	10,716,903

Gain (Loss) on Investments [Table Text Block]

At December 31, 2010, and during the year then ended, the Fund’s were as follows:

Investment Strategy	Net Gains (Losses)
Systematic Trend Followers	$	8,593,322
Systematic Short Term Trend Followers		358,529
Systematic Hybrid Trend Follower		(116,186	)
Commodity Specialist		1,881,238
Total	$	10,716,903

Geographic Region	Net Gains
United States	$	9,921,967
Caribbean (Bermuda, Bahamas, and Cayman Islands)		794,936
Total	$	10,716,903

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

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-Name Accounting Standards Codification

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-Name Staff Accounting Bulletin (SAB)

-Number Topic 5

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-Name Statement of Financial Accounting Standard (FAS)

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 12

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-Publisher FASB

-Name Accounting Standards Codification

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-Name Accounting Standards Codification

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+ Details

Aspen Diversified Fund LLC 10-K