Related Party Transactions (Note D)

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements

Related Party Transactions (Note D)

NOTE D – RELATED PARTY TRANSACTIONS

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

	Class A		Class B		Class C		Class D		Class E
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%

As of June 1, 2009, the administrative fees of the Fund decreased from 0.65% to 0.35% for Class A, Class B and Class E units, from 0.25% to 0.05% for Class C units, and from 1.65% to 0.70% for Class D units. On December 1, 2010 the administrative fee for Class C increased from .05% to .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, as defined. During the years ended December 31, 2011, 2010 and 2009, the Fund recognized management and incentive fee expenses of $875,935, $916,185, and $914,851 respectively. An incentive of $11,167 was paid during 2011. There were no incentive fees paid during the year ended December 31, 2010 and 2009.

At December 31, 2011, 2010 and 2009, the Fund recognized expenses of $328,178, $360,425, and $503,901, respectively related to certain accounting and administrative services provided by the managing member.

At December 31, 2011 and 2010 accounts payable consisted of $89,082 and $102,221, respectively, related to management fees, incentive fees and administrative fees.

Interests in the Fund are marketed through Frontier Solutions, LLC, a registered Broker/Dealer. As of December 31, 2011, there were no fees paid to Frontier Solutions by the Fund.