Operations

6 Months Ended

Jun. 30, 2014

Brokers and Dealers Disclosure [Text Block]

(8) Operations

Redemptions

A beneficial owner 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. The Trust’s Ninth Amended and Restated Declaration and Agreement of Trust, as amended (the “Trust Agreement”) contains a full description of 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 subscription policies. An investment in the Trust does not include a beneficial interest or investment in the LLC.

Commissions

The Managing Owner and/or 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 3.42% of the Trust’s month-end assets on an annual basis (0.28% monthly) with respect to Class A units and 1.42% of the Trust’s month-end assets on an annual basis (0.12% monthly) with respect to Class B units, which covers the fees described below.*

Recipient	Nature of Payment	Class A Units			Class B Units
Managing Owner	Managing Owner fee		0.50	%		0.50	%
Selling Agent	Selling commission		2.00	%		0.00	%
Managing Owner	Clearing, NFA, and exchange fees (approximately)		0.92	%		0.92	%
			3.42	%		1.42	%

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

As of June 30, 2014, no Class C or Class D units had been sold. The Managing Owner fee and clearing, NFA and exchange fees with respect to Class C and D units are not expected to differ significantly from those charged to the Class A and Class B units, respectively. The Class D units are subject to a 2.00% ongoing selling commission, and may also be subject to an initial selling commission of up to 2.00% of the amount invested. The Class C units are not subject to a selling commission.