Related Party Transactions

3 Months Ended

Mar. 31, 2012

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%

In addition to the fees outlined in the above table, 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).  During the three months ended March 31, 2012 and 2011, the Fund recognized management and incentive fee expenses of $195,849 and $229,023, respectively.

During the three months ended March 31, 2012 and 2011, the Fund recognized administrative fee expenses of $72,191 and $88,784, respectively.

At March 31, 2012 and December 31, 2011, accounts payable consisted of $88,556 and $89,082, respectively, related to management fees, incentive fees and administrative fees.