Operations

9 Months Ended

Sep. 30, 2013

Brokers and Dealers Disclosure [Text Block]

(8) Operations

Redemptions

A unitholder may cause any or all of his or her Units to be redeemed by the Trust effective as of the last business day of any month based on the net asset value per Unit on such date on five business days’ written notice to NAV Consulting, Inc., the Trust’s administrator, or the Managing Owner. Payment will generally be made within 10 business days of the effective date of the redemption. Any redemption made during the first 11 months of an initial subscription for Units is subject to a 1.5% redemption fee, payable to the Managing Owner. Any redemption made in the twelfth month following an initial subscription for Units or later will not be subject to any redemption fee. The Trust’s Declaration and Agreement of Trust, as amended and restated from time to time (the “Trust Agreement”), contains a full description of the Trust’s redemption and distribution policies.

Subscriptions

Investors that are eligible to participate in the private offering of the Units may purchase Units in the Trust pursuant to the terms of the Trust’s Confidential Private Placement Memorandum and Disclosure Document (the “Memorandum”) and a signed subscription form. The Trust Agreement and the Memorandum contain a full description of the Trust’s subscription policies. An investment in the Trust does not include a beneficial interest or investment in the LLC.

Commissions

The Managing Owner and/or its affiliates act as commodity brokers for the Trust through RJO. Commodity brokerage commissions are typically paid upon the completion or liquidation of a trade and are referred to as “round-turn commissions,” which cover both the initial purchase (or sale) and the subsequent offsetting sale (or purchase) of a commodity futures contract.

The Trust’s brokerage fee constitutes a “wrap fee” of 4.67% of the Trust’s month-end assets on an annual basis (0.389167% monthly) with respect to Class A Units and 2.67% of the Trust’s month-end assets on an annual basis (0.2225% monthly) with respect to Class B Units, which covers the fees described below. “Brokerage fee” includes the following across each class of Units:

Recipient	Nature of Payment	Class A Units			Class B Units

Managing Owner	Managing Owner fee		0.75	%		0.75	%

Selling Agent	Selling commission		2.00	%		0.00	%

Managing Owner	Underwriting expenses		0.35	%		0.35	%

Managing Owner	Clearing, NFA, and exchange fees (capped at)		1.57	%		1.57	%

Totals			4.67	%		2.67	%

Commissions were not paid with respect to the LLC’s net assets.

Please refer to the subsequent events note for the new commission structure within the Trust beginning in October 2013.