Related Party Transactions

9 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Related Party Transactions

NOTE D – RELATED PARTY TRANSACTIONS

The Fund pays various monthly fees to the Managing Member, Aspen Partners, Ltd., which vary by unit class.  The annual fee percentages by unit class are as follows:

	Class A Units		Class B Units		Class C Units		Class D Units		Class E Units
Management fees		1.00%		1.00%		0.75%		1.00%		0.00%
Incentive fees		10.00%		10.00%		7.50%		10.00%		0.00%
Administrative fees		0.35%		0.35%		0.10%		0.70%		0.35%

On December 1, 2010 the administrative fee for Class C increased from 0.05% to 0.10%. In addition, the Fund pays its operating expenses and custody fees. The operating expenses will be allocated pro-rata to each class of units. The custody fees will be paid by each class as incurred.

The incentive fees are equal to the applicable percentage of the new investment profits earned monthly by class over the high water mark (i.e., the highest level of cumulative trading profits as of any previous calendar month-end with respect to each CTA).  During the nine months ended September 30, 2011 and 2010, the Fund recognized management and incentive fee expenses of $667,815 and $680,876, respectively.

During the nine months ended September 30, 2011 and 2010, the Fund recognized administrative fee expenses of $251,317 and $269,655, respectively.

At September 30, 2011 and December 31, 2010, accounts payable consisted of $98,599 and $102,221, respectively, related to management fees, incentive fees and administrative fees.