UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)
S	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended: December 31, 2014
OR
£	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________ to _____________
Commission File Number: 000-53816
KMP FUTURES FUND I LLC
(Exact name of the Registrant as specified in its charter)

(Mark One)

Delaware		20-5914530
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
1211 Avenue of the Americas, Suite 2701, New York, New York		10036
(Address of principal executive offices)		(Zip Code)
(914) 307-7000
(The Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
None
Securities registered pursuant to Section 12(g) of the Act:
Limited Liability Company Interests
(Title of class)

☒

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


For the fiscal year ended:	December 31, 2015

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from


Commission File Number:	000-53816

KMP FUTURES FUND I LLC

(Exact name of the Registrant as specified in its charter)

Delaware	20-5914530
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1211 Avenue of the Americas, Suite 2701, New York, New York	10036
(Address of principal executive offices)	(Zip Code)

(914) 307-7000

(The Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

None

Securities registered pursuant to Section 12(g) of the Act:

Limited Liability Company Interests

(Title of class)

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes £☐ No S☒

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes £☐ No S☒

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes S ☒ No £☐

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).

Yes S ☒ No £ ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part II of this Form 10-K or any amendment to this Form 10-K. S☒

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “accelerated filer”, “large accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☐ Accelerated filer ☐ ~~Non-accelerated filer ☒ Smaller reporting company ☐~~

Non-accelerated filer ☒ Smaller Reporting Company ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes £☐ No S ☒

The Registrant has no voting shares or public float. The value of Interests in the Registrant as of June 30, ~~2014~~2015 is $98,~~960~~913,~~173~~008.

KMP Futures Fund I LLC

(a Delaware limited liability company)

___________________

TABLE OF CONTENTS

___________________

PAGE

		PAGE

PART I

Item 1.	Business	2

Item 1A.	Risk Factors	7

Item 1B.	Unresolved Staff Comments	23

Item 2.	Properties	23

Item 3.	Legal Proceedings	23

Item 4.	Mine Safety Disclosures	23

PART II

Item 5.	Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	25

Item 6.	Selected Financial Data	26

Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26

Item 7A.	Qualitative Disclosures About Market Risk	36

Item 8.	Financial Statements and Supplementary Data	37

Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	37

Item 9A.	Controls and Procedures	37

Item 9B.	Other Information	38

PART III

Item 10.	Directors, Executive Officers and Corporate Governance	39

Item 11.	Executive Compensation	40

Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	40

Item 13.	Certain Relationships and Related Transactions, and Director Independence	40

Item 14.	Principal Accounting Fees and Services	40

PART IV

Item 15.	Exhibits, Financial Statements Schedules	42

	Financial Statements and Financial Statements Schedules	42

	Exhibits	42

SIGNATURES		81

PART I
Item 1.	Business	2
Item 1A.	Risk Factors	6
Item 1B.	Unresolved Staff Comments	23
Item 2.	Properties	23
Item 3.	Legal Proceedings	23
Item 4.	Mine Safety Disclosures	23
PART II
Item 5.	Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	24
Item 6.	Selected Financial Data	25
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 7A.	Qualitative Disclosures About Market Risk	35
Item 8.	Financial Statements and Supplementary Data	37
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	37
Item 9A.	Controls and Procedures	37
Item 9B.	Other Information	38
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	39
Item 11.	Executive Compensation	41
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	41
Item 13.	Certain Relationships and Related Transactions, and Director Independence	41
Item 14.	Principal Accounting Fees and Services	42
PART IV
Item 15.	Exhibits, Financial Statement Schedules	43
	Financial Statements and Financial Statements Schedules	43
	Exhibits	43
SIGNATURES		85

PART I

ITEM 1. BUSINESS

Introduction

General

KMP Futures Fund I LLC (the “Registrant”) is a limited liability company organized under the laws of Delaware on November 20, 2006 which commenced operations on January 1, 2007. The Registrant will terminate on December 31, 2056 unless terminated sooner under the provisions of the limited liability company agreement of the Registrant (the “Operating Agreement”). The Registrant was formed to engage in the direct or indirect speculative trading of a diversified portfolio of futures contracts, options on futures contracts and forward currency contracts and may, from time to time, engage in cash and spot transactions. Investors holding interests in the Registrant are collectively referred to herein as the “Members” or the “Individual Members”. The fiscal year end of the Registrant is December 31.

Effective November 12, 2009, the Registrant became a reporting company pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Moreover, as a commodity pool, the Registrant became subject to the record keeping and reporting requirements of the Commodity Futures Trading Commission (“CFTC”) and the National Futures Association (“NFA”).

The Registrant’s Objectives

The Registrant’s objectives are:

•· Significant profits over time; •· Performance volatility commensurate with profit potential; •· Controlled risk of loss; and •· Diversification within a traditional portfolio, typically consisting entirely of “long” equity and debt positions and reduced dependence on a single nation’s economy, by accessing global financial, commodity and other non-financial futures markets.

The Registrant’s potential for aggressive capital growth arises from the profit possibilities offered by the global futures, forward and options markets and the skills of the professional trading organization(s) selected to manage the assets of the Registrant. The fact that the Registrant can profit from both rising and falling markets adds an element of profit potential that is not present in long-only strategies. However, the Registrant can also incur losses from both rising and falling markets that adds to the risk of loss. In addition to its profit potential and risk of loss, the Registrant also could help reduce the overall volatility, or risk, of a portfolio. By investing in markets that operate independently from U.S. stock and bond markets (and therefore, may be considered as non-correlated), the Registrant may provide positive returns even when U.S. stock and bond markets are experiencing flat to negative performance and may provide negative returns even when U.S. stock and bond markets are experiencing flat to positive performance. Non-correlation should not be confused with negative correlation, where the performance would be exactly opposite between the Registrant and U.S. stock and bond markets.

The Managing Member makes no guarantee that the investment objectives for the Registrant will be achieved.

Past performance is not necessarily indicative of future results.

Managing Member and its Affiliates

Effective March 17, 2014, Kenmar Preferred Investments, L.P. changed its name and form of entity to Kenmar Preferred Investments, LLC (“Kenmar Preferred” or the “Managing Member”). Kenmar Preferred or Managing Member refers to either Kenmar Preferred Investments, L.P. or Kenmar Preferred Investments, LLC depending on the applicable period discussed. Kenmar Preferred is the Managing Member of the Registrant, and has administrative authority over the operations of the Registrant.

The Managing Member’s predecessor and affiliates have been sponsoring and managing single and multi-advisor funds for over two decades. Effective April 1, 2014, the principal office of the Registrant is c/o Kenmar Preferred Investments, LLC, 1211 Avenue of the Americas, Suite 2701, New York, New York 10036. Prior to April 1, 2014, the principal office of the Registrant was 900 King Street, Suite 100, Rye Brook, New York 10573. The telephone number of the Registrant and the Managing Member is (914) 307-7000.

The Managing Member has substantial experience in selecting and monitoring ~~trading~~Trading ~~advisors~~Advisors, asset allocation and overall portfolio design using quantitative and qualitative methods.

The Managing Member monitors the trading activity and performance of the ~~trading~~Trading ~~advisors~~Advisors and adjusts the overall leverage at which the Registrant trades. The commitment of the Registrant to the ~~trading~~Trading ~~advisors~~Advisors may exceed 100% of the Registrant’s total equity if the Managing Member decides to strategically allocate notional equity to such ~~trading~~Trading ~~advisors~~Advisors. This may result in increased profits or larger losses than would otherwise result. There likely will be periods in the markets during which it is unlikely that the ~~trading~~Trading ~~advisors~~ Advisors will be profitable. By having the ability to deleverage the Registrant’s market commitment to below its actual equity during such periods, the Managing Member could help preserve capital while awaiting more favorable market cycles.

The Managing Member also performs ongoing due diligence with respect to the ~~trading~~Trading ~~advisors~~Advisors. If the Managing Member determines that the ~~trading~~Trading ~~advisors~~ Advisors have departed from its program or stated trading methodology or has exceeded its stated risk parameters, the Managing Member, on behalf of the Registrant, will take such actions as it deems appropriate, which may include terminating the ~~trading~~Trading ~~advisors~~Advisors. Similarly, if the Managing Member’s ongoing due diligence leads the Managing Member to determine that it is in the best interests of the Registrant to add an additional trading advisor; it will do so in its sole discretion. If the Managing Member concludes, based upon its perception of market or economic conditions, that it is appropriate to allocate assets of the Registrant to a different trading program run by the ~~trading~~Trading ~~advisors~~Advisors, it will do so. The Managing Member may select a replacement if any of the ~~trading advisors~~Trading Advisors resign or are terminated, or may select additional ~~trading~~Trading ~~advisors~~Advisors at its discretion.

The Trading Advisors

The Registrant allocates a portion of its net assets (“Allocated Assets”) to commodity trading advisors (each, a “Trading Advisor” and collectively, the “Trading Advisors”). Each Trading Advisor manages the portion of the assets of the Registrant allocated to such Trading Advisor and makes the trading decisions in respect of the assets allocated to such Trading Advisor. The Managing Member may terminate any current Trading Advisor or select new trading advisors from time to time in its sole discretion. In the future, the Managing Member may determine to access certain Trading Advisors through separate investee pools.

In general, the Registrant expects to access the Trading Advisors through various series of CTA Choice Fund LLC (“CTA Choice”). CTA Choice is an “umbrella fund” having multiple segregated series, each of which is referred to herein as a “CTA Fund” or an “Affiliated Investment Fund”. Each CTA Fund has its own clearly-defined investment objective and strategies that are implemented by a Trading Advisor. Effective March 17, 2014, ClariTy Managed Account & Analytics Platform, L.P. changed its name and form of entity to ClariTy Managed Account & Analytics Platform, LLC (“ClariTy”). ClariTy refers to either ClariTy Managed Account & Analytics Platform, L.P. or ClariTy Managed Account & Analytics Platform, LLC, depending on the applicable period discussed. ClariTy, an affiliate of Kenmar Preferred, serves as the managing member for CTA Choice. ~~The~~Until April 30, 2015, the Registrant ~~allocates~~allocated approximately one-half of its Allocated Assets to each of the following CTA Funds:

•· CTA Choice WTN (“WTN”), managed by Winton Capital Management Limited (“Winton”), pursuant to its Diversified Program, which is a systematic, technical diversified program; and

•· CTA Choice EGLG (“EGLG”), managed by Eagle Trading Systems Inc. (“Eagle”), pursuant to its Global Program, which is a systematic, technical long term diversified program.

As of May 1, 2015, the Registrant allocates approximately one-half of its Allocated Assets to each WTN and CTA Choice QNTM (“QNTM”), managed by Quantmetrics Capital Management LLP (“Quantmetrics”), pursuant to its QM Multi Strategy Program after fully redeeming from EGLG.

Winton’s Diversified Program employs a computer-based system to engage in the speculative trading of international futures, options and forwards markets, government securities such as bonds, as well as certain over the counter (“OTC”) instruments, which may include foreign exchange and interest rate forward contracts and swaps. Winton seeks to combine highly liquid financial instruments offering positive but low Sharpe ratios (meaning that profits have been achieved with a certain level of risk) and generally low correlation over the long term to other markets such as equities and fixed income.

Eagle’s Global Program is a technical, trend-following system developed, based on Eagle’s extensive experience in observing and trading the global markets, to capture a well-structured trading philosophy. The trading philosophy incorporates trend following elements, money management principles, predetermined risk parameters and volatility adjustment features. The system is designed to trade in a wide range of global futures markets - currencies, fixed income, energies, commodities and stock indices - that exhibit orderly intermediate and long-term trends, and adjust to changes in market environment with no predetermined allocation to any one sector. Eagle analyzes typical behavior and volatility patterns of various markets. The system seeks markets with potentially good risk/reward profiles while attempting to avoid markets characterized by excessive volatility and sharp price corrections. An attempt is made to participate in markets which exhibit favorable “signal to noise” characteristics. Money management and risk control disciplines serve to attempt to limit downside risk.

Quantmetrics’ QM Multi Strategy Program follows the QM Directional Strategy and the QM Premier Strategy. The QM Directional Strategy is a quantitative short term directional futures strategy. The strategy trades futures and foreign exchange with a holding period ranging from 5 minutes to a few days. The aim is to provide investors with long-term capital appreciation by realizing many short-term gains across a number of different asset classes. The investment approach identifies and captures market inefficiencies using statistical and econometric models. As the models selectively choose the timing of the trades, it is ideally positioned to benefit from liquidity driven price shocks. The QM Premier Strategy is a quantitative market neutral futures strategy. The strategy trades futures with a holding period from 20 minutes to 1 day. The aim is to provide investors with long-term capital appreciation by seeking to profit from short term liquidity imbalances in pairs of equity index futures. The investment approach identifies and captures market inefficiencies using statistical and econometric models. Disciplined risk management is built into each trading algorithm, with time stops strictly adhered to.

The Administrator

SS&C GlobeOp Financial Services LLC (“SS&C GlobeOp” or the “Administrator”), a Delaware limited liability company located at One South Road, Harrison, NY 10528, has been retained by the Registrant to serve as the Registrant’s administrator and provide certain administration and accounting services.

The Administrator performs or supervises the performance of services necessary for the operation and administration of the Registrant (other than making investment decisions), including administrative and accounting services. The Administrator also calculates the Registrant’s Net Asset Value. In addition, the Administrator maintains certain books and records of the Registrant, including certain books and records required by CFTC Rule 4.23(a).

Fees and Expenses

Management Fee

The Registrant pays to the Managing Member in advance a monthly management fee equal to 1/12th of 6.00% (6.00% per annum) of the Registrant’s Net Asset Value (defined below) ofat the ~~Registrant as of the~~ beginning of ~~the~~each month, See Note 4 of the Registrant’s financial statements included in its annual report for the year ended December 31, ~~2014~~2015 (the “Registrant’s ~~2014~~ 2015 Annual Report”), which is filed as an exhibit hereto.

“Net Asset Value” is the total assets of the Registrant less total liabilities of the Registrant, each determined on the basis of accounting principles generally accepted in the United States of America.

The Registrant, indirectly through its investment in Affiliated Investment Funds, ~~indirectly~~ pays a monthly administrative services fee in the amount of 1/1212th of 0.25% (0.25% ~~annually~~per annum) of the respective CTA Fund’s beginning of month Allocated Assets to ClariTy for risk management and related services with respect to monitoring the Trading Advisors.

Trading Advisors’ Fees

The Registrant indirectly through its investment in the Affiliated Investment Funds, pays Winton, Eagle and ~~Eagle~~Quantmetrics monthly management fees at an annual rate of 1.5%, 2% and 21%, respectively, as defined in their respective Trading Advisory Agreements.

The Registrant indirectly through its investment in the Affiliated Investment Funds, pays Winton, Eagle and ~~Eagle~~Quantmetrics an incentive fee accrued monthly and paid quarterly of 20%, 25% and 25%, respectively, for achieving “New High Net Trading Profits” as defined below.

“New High Net Trading Profits ” (for purposes of calculating a Trading Advisor’s incentive fees) will be accrued monthly and paid as of the close of business of the last day of each calendar quarter (the “Incentive Measurement Date”) and will include such profits (as outlined below) since the immediately preceding Incentive Measurement Date (or, with respect to the first Incentive Measurement Date, since commencement of operations of the Registrant or the date the Trading Advisor commenced trading activities for the Registrant), or each an Incentive Measurement Period. New High Net Trading Profits for any Incentive Measurement Period will be the net profits, if any, from the Trading Advisor’s trading during such period (including (i) realized trading profit (loss) plus or minus (ii) the change in unrealized trading profit (loss) on open positions), and will be calculated after the determination of certain transaction costs attributable to the Trading Advisor’s trading activities, operating expenses and the Trading Advisor’s management fee, but before deduction of any incentive fees payable during the Incentive Measurement Period. New High Net Trading Profits will not include interest earned or credited on the assets allocated to the Trading Advisor.

New High Net Trading Profits will be generated only to the extent that the cumulative New High Net Trading Profits achieved by the Trading Advisor exceed the highest level of cumulative New High Net Trading Profits achieved by such Trading Advisor as of a previous Incentive Measurement Date. Except as set forth below, net losses from prior months must be recouped before New High Net Trading Profits can again be generated.

If a withdrawal or distribution occurs or if a Trading Advisor’s advisory agreement with the relevant CTA Fund is terminated at any date that is not an Incentive Measurement Date, the date of the withdrawal or distribution or termination will be treated as if it were an Incentive Measurement Date. New High Net Trading Profits for an Incentive Measurement Period shall exclude capital contributions allocated to the Trading Advisor in an Incentive Measurement Period, distributions or redemptions paid or payable from the Trading Advisor’s account during an Incentive Measurement Period and any loss carry-forward attributable to the Trading Advisor will be reduced in the same proportion that the value of the assets allocated away from the Trading Advisor comprises of the value of the assets allocated to the Trading Advisor prior to such allocation away from the Trading Advisor. In calculating New High Net Trading Profits, incentive fees paid for a previous Incentive Measurement Period will not reduce cumulative New High Net Trading Profits in subsequent periods.

Brokerage Commissions and Fees

The Registrant indirectly pays to the clearing brokers all brokerage commissions, including applicable exchange fees, NFA fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with the Registrant’s trading activities. These activities are charged indirectly through the Registrant’s Affiliated Investment Funds and are reflected within the respective net asset values of each of the Affiliated Investment Funds. On average, total charges paid to the clearing brokers are expected to be less than $10.00 per round-turn trade, although the clearing broker’s brokerage commissions and trading fees will be determined on a contract-by-contract basis. The exact amount of such brokerage commissions and trading fees to be incurred is impossible to estimate and will vary based upon a number of factors including the trading frequency of each Trading Advisor, the types of instruments traded, transaction sizes, degree of leverage employed and transaction rates in effect from time to time.

Routine Operational, Administrative and Other Ordinary Expenses

The Registrant pays directly or indirectly all of its routine operational, administrative and other ordinary expenses, including, but not limited to, (i) legal, bookkeeping, accounting, custodial, administration (including, without limitation, the costs and expenses of the Administrator), auditing, tax preparation charges and related charges of the Registrant (including reimbursement of the Managing Member on a reasonable time-spent basis, for certain legal, accounting, administrative and registrar and transfer agent work performed by certain of the Managing Member’s personnel for and on behalf of the Registrant), as well as printing and other related expenses, (ii) investment related expenses, including, but not limited to brokerage commissions, “bid-ask” spreads, mark-ups, margin interest and other transactional charges and clearing fees, as well as banking, sales and purchase commissions and charges and exchange fees, fees and charges of other custodians and clearing agencies, interest and commitment fees on loans and debit balances, income taxes, withholding taxes, transfer taxes and other governmental charges and duties, and other transactional charges and clearing fees incurred by the Trading Advisor on behalf of the Registrant, the Registrant’s pro rata share of the expenses of any Affiliated Investment Fund into which it invests, and any due diligence expenses incurred in selecting and monitoring the Trading Advisor and any Affiliated Investment Fund, (iii) operational and overhead expenses of the Registrant, including but not limited to, photocopying, postage, and telephone expenses, (iv) preparation of monthly, quarterly, annual and other reports required by applicable Federal and state regulatory authorities, (v) the Registrant’s meetings and preparing, printing and mailing of proxy statements and reports to Members, (vi) client relations and services, and (vii) computer equipment, system maintenance and other technology-related expenses.

Extraordinary Fees and Expenses

The Registrant pays all its extraordinary fees and expenses, if any, and its allocable portion of all extraordinary fees and expenses of the Registrant generally, if any, as determined by the Managing Member. Extraordinary fees and expenses are fees and expenses that are non-recurring and unusual in nature, such as legal claims and liabilities and litigation costs and any permitted indemnification payments related thereto. Extraordinary fees and expenses shall also include material expenses that are not currently anticipated obligations of the Registrant or of managed futures funds in general, such as the payment of partnership taxes or governmental fees associated with payment of such taxes. Routine operational, administrative and other ordinary expenses will not be deemed extraordinary expenses. Any fees and expenses imposed on the Registrant due to the status of an individual shall be paid by such individual or the Registrant, not the Managing Member.

Expense Cap

Routine operational, administrative and other ordinary expenses, other than the Managing Member’s management fee, the fees to be paid to the Registrant’s Trading Advisor(s), Brokerage Commissions and extraordinary fees and expenses, are limited to 1.50% of average Net Asset Value per annum, See Note 3 of the Registrant’s ~~2014~~2015 Annual Report, which is filed as an exhibit hereto. In the event fees and expenses for such items exceed such amount, the Managing Member will pay such amounts.

Redemption Charge

There is no redemption charge in respect of Interests.

Competition

The Registrant competes with other private and publicly offered commodity pools, as well as other alternative investments such as REITs and oil and gas limited partnerships and hedge funds. The Registrant operates in a competitive environment in which it faces several forms of competition, including, without limitation:

•· The Registrant competes with other commodity pools and other investment vehicles for Members. •· The Trading Advisor may compete with other traders in the markets in establishing or liquidating positions on behalf of the Registrant.

Employees

The Registrant has no employees. Management and administrative services for the Registrant are performed by the Managing Member or third parties pursuant to the ~~LLC~~ Operating Agreement, as further discussed in Notes 3 and 4 of the Registrant’s ~~2014~~2015 Annual Report, which is filed as an exhibit hereto.

Financial Information about Segments

The Registrant’s business constitutes only one segment for financial reporting purposes. The Registrant does not engage in the production or sale of any goods or services. The objective of the Registrant’s business is appreciation of its assets through speculative trading in ~~such~~ commodity interests. Financial information about the Registrant’s business, as of December 31, ~~2014~~2015, is set forth under Items 6, 7, and 8 herein.

Financial Information about Geographic Areas

Although the Registrant has indirect exposure to the global futures, forward and option markets, it does not have operations outside of the United States.

Available Information

~~Effective with the Form~~The ~~10 filed on November 2, 2009, the~~ Registrant files an annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to these reports with the Securities and Exchange Commission (the “SEC”). You may read and copy any document filed by the Registrant at the SEC’s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for information on the Public Reference Room. The Registrant does not maintain an internet website; however, the Registrant’s SEC filings are available to the public from the EDGAR database on the SEC’s website at http://www.sec.gov. The Registrant’s CIK number is 0001474307.

ITEM 1A. RISK FACTORS

THE INTERESTS ARE SPECULATIVE AND INVOLVE A HIGH DEGREE OF RISK. THEY ARE ONLY SUITABLE FOR PERSONS WHO CAN AFFORD TO LOSE THEIR ENTIRE INVESTMENT.

Strategy and Investment-Related Risks

(1) Loss of Capital; No Guarantee of Profit

All investments risk the loss of capital. While the Managing Member believes that the Registrant’s investment program may moderate this risk to some degree through a diversification of investment strategies and markets used by the Trading Advisors to which the Registrant will allocate assets, no guarantee or representation is made that the Registrant’s program will be successful or that Members will not lose some or all of their investment in the Registrant. The Registrant’s investment program includes the selection of Trading Advisors who utilize such investment techniques as short sales, leverage, uncovered option transactions, and limited diversification, which practices can, in certain circumstances, maximize the adverse impact on invested assets.

(2) Speculative and Volatile Markets and Highly Leveraged Trading

The markets in which the Registrant directly and indirectly trades are speculative, highly leveraged and involve a high degree of risk. Each Trading Advisor’s trading considered individually involves a significant risk of incurring large losses, and there can be no assurance that the Registrant will not incur such losses.

Futures and forward prices are volatile. Volatility increases risk, particularly when trading with leverage. Trading on a highly leveraged basis, even in stable markets involves risk; doing so in volatile markets necessarily involves a substantial risk of sudden, significant losses. Due to such leverage, even a small movement in price could cause large losses for the Registrant. Market volatility will increase the potential for large losses. Market volatility and leverage mean that the Registrant could incur substantial losses, potentially impairing its equity base and ability to achieve its long-term profit objectives even if favorable market conditions subsequently develop.

Supply and demand for investments change rapidly and are affected by a variety of factors, including interest rates, rates of inflation and general trends in the overall economy or particular industrial or other economic sectors. Government actions, especially those of the Federal Reserve Board and other central banks, have a profound effect on interest rates that, in turn, affect the price of investments. In addition, a variety of other factors that are inherently difficult to predict, such as domestic and international political developments, governmental trade and fiscal policies, monetary and exchange control programs, currency devaluations and revaluations; and emotions of the marketplace, patterns of trade and war or other military conflict can also have significant effects on the markets. None of these factors can be controlled by the Trading Advisors. Trading Advisors may have only limited ability to vary their portfolios in response to changing economic, financial and investment conditions. No assurance can be given as to when or whether adverse events might occur which could cause significant and immediate loss in value of the Registrant. Even in the absence of such events, trading investments can quickly lead to large losses. No assurance can be given that the advice of the Trading Advisors will result in profitable trades for the Registrant or that the Registrant will not incur substantial losses.

In addition to the leveraged trading described above, the Managing Member has the ability to further increase the leverage of the Registrant by allocating notional equity to one or more of its Trading Advisors (in a maximum amount of up to 20% of Net Asset Value), which would then permit such Trading Advisor(s) to trade the account of the Registrant as if more equity were committed to such accounts than is, in fact, the case. Although the Managing Member has the option to allocate additional notional equity to a Trading Advisor, the Managing Member has no current plans to do so.

(3) Past Performance

The past investment performance of the Managing ~~Owner~~Member and the Trading Advisors is not necessarily indicative of the Registrant’s futures results. You should not assume that any Trading Advisor’s future trading decisions will create profit, avoid substantial losses or result in performance for the Registrant that is comparable to that Trading Advisor’s or to the Managing Member’s past performance. No assurance can be given that the Managing Owner will succeed in meeting the investment objectives of the Registrant. You may lose all or substantially all of your investment in the ~~Trust~~Registrant.

Because you and other Members will acquire and redeem Interests at different times, you may experience a loss on your Interests even though the Registrant as a whole is profitable and even though other Members experience a profit. The past performance of the Registrant may not be representative of your investment experience in it.

(4) Importance of General Market Conditions to Profitability

General economic and business conditions may adversely affect a Trading Advisor’s activities. The level and volatility of interest rates, the prices of investments and the extent and timing of Member participation in the financial markets for both equities and interest sensitive investments may affect the value of investments purchased by the Registrant. Unexpected volatility or illiquidity in the markets in which the Registrant, directly or indirectly, holds positions could impair the Registrant’s ability to carry out its business or cause it to incur losses. Often the most unprofitable market conditions for the Registrant are those in which prices “whipsaw”, that is, such prices move quickly upward (or downward), then reverse, then move upward (or downward) again, then reverse again. In such conditions, the Trading Advisors may establish positions based on incorrectly identifying both the brief upward or downward price movements as trends, whereas in fact no trends sufficient to generate profits develop.

(5) The Registrant Incurs Substantial Charges

The Registrant must generate profits and interest income which exceed its fixed costs in order to avoid depletion of its assets. The Registrant is subject to the substantial fees and expenses described herein regardless of its performance. In addition, the Registrant pays incentive fees to each Trading Advisor based on such Trading Advisor’s performance and not on the performance of the Registrant as a whole.

The Registrant is also subject to brokerage fees and administrative expenses directly or indirectly. On the Registrant’s forward trading, “bid-ask” spreads are incorporated into the pricing of the Registrant’s forward contracts by its counterparties in addition to the brokerage fees paid by the Registrant. It is not possible to quantify the “bid-ask” spreads paid by the Registrant because the Registrant cannot determine the profit its counterparty is making on the forward trades into which it enters. Consequently, the expenses of the Registrant (including the higher Trading Advisor base fee and incentive fee) could, over time, result in significant losses to your investment therein. You may never achieve profits.

(6) There are Disadvantages to Making Trading Decisions Based on Technical Strategies

The trading systems used by certain Trading Advisors are based in large part on trading strategies that seek to take into account certain “technical” factors in identifying price trends and price movements. The buy and sell signals generated by a technical trading system are not based on analysis of fundamental supply and demand factors, general economic factors, or anticipated world events but are derived from a study of actual daily, weekly, and monthly price fluctuations. The profitability of any technical trading strategy depends upon the occurrence in the future of major sustained price moves or trends in some futures and other investments traded. A danger for trend-following traders is whip-saw markets, that is, markets in which a potential price trend may start to develop but reverses before an actual trend is realized. A pattern of false starts may generate repeated entry and exit signals in technical systems, resulting in unprofitable transactions. In the past there have been periods without discernible trends and presumably similar periods will occur in the future. Any factor that may lessen the prospect of major trends in the future (such as increased governmental control of, or participation in, the markets) may reduce the prospect that any trading strategy will be profitable in the future. Any factor that would make it more difficult to execute trades at the system’s signal prices, such as a significant lessening of liquidity in a particular market, also would be detrimental to profitability. The likelihood of the Interests being profitable could be materially diminished during periods when events external to the markets themselves have an important impact on prices. During such periods, the Trading Advisors’ historic price analysis could establish positions on the wrong side of the price movements caused by such events.

(7) Possible Disadvantages of Other Trend-Following Systems

There has been a dramatic increase in recent years in both the use of trend-following strategies and the overall volume of trading and liquidity of the futures markets. This means increased trading competition among a larger number of market participants for transactions at favorable prices, which could operate to the detriment of the Registrant by preventing the Trading Advisors from effecting transactions at the desired prices. It may become more difficult for the Trading Advisors to implement their trading strategies if other commodity trading advisors using technical systems are also attempting to initiate or liquidate commodity positions at the same time as the Trading Advisors.

(8) Discretionary Trading Strategies May Incur Substantial Losses

Discretionary traders make decisions on the basis of their own judgment and “trading instinct,” not on the basis of trading signals generated by any program or model. In exercising such discretion, a Trading Advisor may take positions opposite to those recommended by the Trading Advisor’s trading system or signal. Discretionary decision making may also result in a Trading Advisor’s failing to capitalize on certain price trends or making unprofitable trades in a situation where another trader relying solely on a systematic approach might not have done so. Reliance on trading judgment may, over time, produce less consistent trading results than implementing a systematic approach.

(9) Systematic Trading Strategies May Incur Substantial Losses

A systematic trader will rely to some degree on judgmental decisions concerning, for example, what markets to follow and futures to trade, when to liquidate a position in a contract which is about to expire and how large a position to take in a particular futures contract. Although these judgmental decisions may have a substantial effect on a systematic trader’s performance, such trader’s primary reliance is on trading programs or models that generate trading signals. The systems utilized to generate trading signals are changed from time to time (although generally infrequently), but the trading instructions generated by the systems being used are followed without significant additional analysis or interpretation. Therefore, systematic trading may incur substantial losses by failing to capitalize on market trends that their systems would otherwise have exploited by applying their generally mechanical trading systems by judgmental decisions of employees. Furthermore, any trading system or trader may suffer substantial losses by misjudging the market. Systematic traders tend to rely on computerized programs, and some consider the prospect of disciplined trading, which largely removes the emotion of the individual trader from the trading process, advantageous. Due to their reliance upon computers, systematic traders are generally able to incorporate a significant amount of data into a particular trading decision. However, when fundamental factors dominate the market, trading systems may suffer rapid and severe losses due to their inability to respond to such factors until such factors have had a sufficient effect on the market to create a trend of enough magnitude to generate a reversal of trading signals, by which time a precipitous price change may already be in progress, preventing liquidation at anything but substantial losses.

(10) There are Disadvantages to Making Trading Decisions Based Upon Fundamental Analysis

Traders that utilize fundamental trading strategies attempt to examine factors external to the trading market that affect the supply and demand for particular futures and forward contracts in order to predict future prices. Such analysis may not result in profitable trading because the analyst may not have knowledge of all factors affecting supply and demand, prices may often be affected by unrelated factors, and purely fundamental analysis may not enable the trader to determine quickly that previous trading decisions were incorrect. In addition, because of the breadth of fundamental data that exists, a fundamental trader may not be able to follow developments in all such data, but instead may specialize in analyzing a narrow set of data, requiring trading in fewer markets. Consequently, a fundamental trader may have less flexibility in adverse markets to trade other futures and forward markets than traders that do not limit the number of markets traded as a result of a specialized focus. In addition, fundamental analysis assumes that commodity markets are inefficient— - i.e., that commodity prices do not reflect all available information— - which some market analysts dispute.

(11) An Investment in Interests may not Diversify an Overall Portfolio

Historically, managed futures have performed in a manner largely independent from the general equity and debt markets. However, if the Registrant does not perform in a non-correlated manner with respect to the general financial markets or does not perform successfully, the Managing Member cannot assure you that an investment in the Interests will provide diversification benefits. An investment in the Interests could increase, rather than reduce your overall portfolio losses during periods when the Registrant and the equity and debt markets decline in value. There is no way of predicting whether the Registrant will lose more or less than stocks and bonds in declining markets. You should therefore not consider the Interests to be a hedge against losses in your core stock and bond portfolios. Past performance is not indicative of future results.

(12) Broad Indices May Perform Quite Differently From Individual Investments

The concepts of overall portfolio diversification and non-correlation of asset classes are generally discussed and illustrated by the use of a generally accepted index that represents each asset category. Stocks are represented by the S&P 500 Index and MSCI EAFE Index; bonds are represented by the Lehman Long-Term Government Bond Index; futures funds are represented by the Barclay CTA Index; and currencies are represented by the Barclay Currency Index. Because each index is a dollar-weighted average of the returns of multiple underlying investments, the overall index return and risk may be quite different from the return of any individual investment. For example, the Barclay CTA Index is an unweighted index that attempts to measure the performance of the commodity trading advisor industry. The Index measures the combined performance of all commodity trading advisors that have more than four years of past performance. For purposes of calculating the Index, the first four years of a commodity trading advisor’s performance history is ignored. Accordingly, such index reflects the volatility and risk of loss characteristics of a very broadly diversified universe of trading advisors and not of a single fund or trading advisor. Therefore, the performance of the Registrant will be different than that of the Barclay CTA Index and the Barclay Currency Index.

(13) Effectiveness of Risk Reduction Techniques

Trading Advisors may employ various risk reduction strategies designed to minimize the risk of their trading positions. A substantial risk remains, nonetheless, that such strategies will not always be possible to implement and, even when possible, will not always be effective in limiting losses. If a Trading Advisor analyzes market conditions incorrectly, or employs a risk reduction strategy that does not correlate well with a Trading Advisor’s investments, such risk reduction techniques could result in a loss, regardless of whether the intent was to reduce risk or increase return. These risk reduction techniques may also increase the volatility of the Registrant and result in a loss if the counterparty to the transaction does not perform as promised.

Risks Related to Futures Trading

The Registrant may invest in forward contracts, futures contracts (including financial futures), swaps or other futures on both U.S. and foreign markets. Trading in such interests is a highly specialized investment activity entailing greater than ordinary investment risk.

(14) Volatility

Futures and forward contracts have a high degree of price variability and are subject to occasional rapid and substantial changes. Price movements of futures and forward contracts are influenced by, among other things, changing supply and demand relationships, governmental, agricultural and trade programs and policies, and national and international political and economic events. Financial instrument and foreign currency futures prices are influenced by, among other things, interest rates, changes in balances of payments and trade, domestic and international rates of inflation, international trade restrictions, and currency devaluations and revaluations. Consequently, you could lose all or substantially all of your investment in the Registrant.

(15) Margin

Because the amount of margin funds necessary to be deposited with a futures clearing broker to enter into a futures, forward contract or option position is typically about 2% to 10% of the total value of the contract, an extremely high degree of leverage is obtainable in futures trading. In addition, certain of the Trading Advisors may trade using leverage through borrowing. As a result of margining, a relatively small price movement in a futures contract may result in immediate and substantial losses. Any purchase or sale of a futures or forward contract or option position may result in losses that substantially exceed the amount invested. Thus, like other highly leveraged investments, any purchase or sale of a futures contract may result in losses that substantially exceed the amount invested, although Members will not be liable for losses that exceed their investment in the Registrant.

(16) Your Investment could be Illiquid

Certain futures exchanges limit fluctuations in futures contract prices during a single day by regulations referred to as “daily price fluctuation limits” or “daily limits.” During a single trading day no trades may be executed at prices beyond the daily limit. Once the price of a contract for a particular futures contract has increased or decreased by an amount equal to the daily limit, positions in the futures contract cannot be taken or liquidated unless both a buyer and seller are willing to effect trades at or within the limit. In the past, futures prices have moved the daily limit for several consecutive days with little or no trading. In addition, even if futures prices have not moved the daily limit, the Trading Advisors may not be able to execute futures trades at favorable prices if little trading in such contracts is taking place (a “thin” market). Similar occurrences, such as a market disruption or regulatory intervention in the futures markets, could prevent the Trading Advisors from promptly liquidating unfavorable positions and adversely affect operations and profitability. Also, there is not likely to be a secondary market for the Interests.

(17)

Because the Registrant Does Not Acquire Any Asset with Intrinsic Value, the Positive Performance of Your Investment Is Wholly Dependent Upon an Equal and Offsetting Loss

Futures and forward trading is a risk transfer economic activity. For every gain there is an equal and offsetting loss rather than an opportunity to participate over time in general economic growth. Unlike most alternative investments, an investment in the Registrant does not involve acquiring any asset with intrinsic value. Overall stock and bond prices could rise significantly and the economy as a whole prospers while the Registrant trades unprofitably.

(18) Trading on non-U.S. Exchanges and Currency Exchange Rate Fluctuations

Certain of the Trading Advisors are expected to engage in some or all of their trading on non-U.S. exchanges and other markets located outside of the United States (“Foreign Markets”). Trading in such Foreign Markets is not regulated by any United States governmental agency and may involve certain risks not applicable to trading on United States exchanges. There is no limit to the percentage of Fund assets that may be committed to trading on Foreign Markets. Neither CFTC regulations nor regulations of any other U.S. governmental agency apply to the actual execution of transactions on Foreign Markets. Some Foreign Markets, in contrast to domestic exchanges, are “principals’ markets” in which performance is the responsibility only of the individual member with whom the trader has entered into a futures transaction and not of the exchange or clearing corporation. Due to the absence of a clearing house system on certain Foreign Markets, such markets are significantly more susceptible to disruptions than are U.S. exchanges and, therefore, trading thereon potentially is subject to greater risks than trading in the United States. In the case of trading on non-U.S. exchanges, the Registrant will be subject to the risk of the bankruptcy or other inability of, or refusal by, such member or the counterparty to perform with respect to such transactions. Any such failure could subject the Registrant to substantial losses or substantial reductions of the profits they might otherwise have realized. The Registrant also may not have the same access to certain trades as do various other participants in non-U.S. markets.

(19)

Members could incur substantial losses from trading in Foreign Markets by the Registrant to which such Members would not have been subject had the Trading Advisors limited their trading to U.S. markets

Furthermore, because the Registrant will make Net Asset Value determinations in U.S. dollars, with respect to trading on Foreign Markets, the Registrant will be subject to the risk of fluctuation in the exchange rate between the local currency and dollars and to the possibility of exchange controls. Unless the Registrant hedges itself against fluctuations in exchange rates between the U.S. dollar and the currencies in which trading is done on such Foreign Markets, any profits which the Registrant might realize in such trading could be eliminated as a result of adverse changes in exchange rates and the Registrant could even incur losses as a result of any such changes.

Although the CFTC is prohibited by statute from promulgating rules which govern in any respect any rule, contract term, or action of any foreign futures exchange, the CFTC has adopted regulations to regulate the sale of foreign futures contracts and foreign options within the United States. These regulations may restrict the Registrant’s access to Foreign Markets by limiting the activities of certain participants in such markets with whom the Registrant could otherwise have traded.

On an annual basis, each of the below programs traded approximately the following percentage of assets on foreign exchanges:

Trading Advisor/ Program	Approximate Percentage/ Range
CTA Choice EGLG: Eagle Global Program	30-40%
CTA Choice QNTM: Quantmetrics Multi Strategy Program	50%
CTA Choice WTN: Winton Diversified Program	15-25%

Trading Advisor/ Program	Approximate Percentage/ Range
CTA Choice EGLG: Eagle Global Program	30-40%
CTA Choice WTN: Winton Diversified Program	15-25%

The above ranges are only approximations with respect to each program. Actual percentages may be either lesser or greater than above-listed. Past performance is not necessarily indicative of future results.

The above ranges are only approximations with respect to each Program. Actual percentages may be either lesser or greater than above-listed. Past performance is not necessarily indicative of future results.

(20) Failure or Lack of Segregation of Assets May Increase Losses

The Registrant is subject to the risk of insolvency of an exchange, clearing house, commodity broker, and counterparties with whom the Trading Advisors trade. The Registrant’s assets could be lost or impounded in such an insolvency during lengthy bankruptcy proceedings. Were a substantial portion of the Registrant’s capital tied up in a bankruptcy, the Managing Member might suspend or limit trading, perhaps causing the Registrant to miss significant profit opportunities. The Registrant is subject to the risk of the inability or refusal to perform on the part of the counterparties with whom contracts are traded.

The Commodity Exchange Act (“CEA”) requires a futures commission merchant (“FCM”) or clearing broker, to segregate all funds received from customers from such broker’s proprietary assets. If the clearing brokers fail to do so, the assets of the Registrant might not be fully protected in the event of their bankruptcy. Furthermore, in the event of a clearing broker’s bankruptcy, the Registrant could be limited to recovering only a pro rata share of all ~~available~~ available funds segregated on behalf of such clearing broker’s combined customer accounts, even though certain property specifically traceable to the Registrant (for example, Treasury bills deposited by the Registrant with the clearing broker as margin) was held by such clearing broker. The clearing brokers have been the subject of certain regulatory and private causes of action.

In the event of an FCM’s bankruptcy, the Registrant may recover a pro-rata share or none of its assets.

With respect to transactions the Registrant enters into that are not traded on an exchange, there are no daily settlements of variations in value and there is no requirement to segregate funds held with respect to such accounts. Thus, the funds the Registrant invests in such transactions may not have the same protections as funds used as margin or to guarantee exchange-traded futures and options contracts. If the counterparty becomes insolvent and the Registrant has a claim for amounts deposited or profits earned on transactions with the counterparty, the Registrant’s claim may not receive a priority. Without a priority, the Registrant is a general creditor and its claim will be paid, along with the claims of other general creditors, from any monies still available after priority claims are paid. Even funds of the Registrant that the counterparty keeps separate from its own operating funds may not be safe from the claims of other general and priority creditors. There are no limitations on the amount of allocated assets a portfolio manager can trade on foreign exchanges or in forward contracts.

(21) New Futures Contracts

Only those futures designated by the CFTC may be traded on U.S. futures exchanges. Periodically, additional futures contracts may be designated as approved futures contracts by the CFTC or other foreign regulatory authorities. The Trading Advisors may determine that it is appropriate to trade in such new futures contracts on behalf of the Registrant. Because such futures contracts will be new, there can be no assurance that the trading strategies of the Trading Advisors will be applicable to any new futures contracts in which such Trading Advisors choose to trade. The markets in new futures contracts, moreover, have been historically both illiquid and highly volatile for some period of time after the contract begins trading. This presents both significant profit potential and a corresponding high risk potential.

(22) Exchanges for Physicals

The Trading Advisors may engage in exchanges for physicals. The CFTC and certain exchanges have from time to time examined the propriety of transactions involving exchanges for physicals. If a Trading Advisor engaging in exchanges of futures for physicals was prevented from such trading as a result of regulatory changes, the performance of client accounts of such Trading Advisor, including the Registrant, could be adversely affected.

Risks Related to Trading Forward Contracts, Foreign Exchange Contracts, Options and Derivatives

(23) Foreign Exchange Currency Trading is Not Subject to CFTC Regulation

A Certain Trading ~~Advisor~~Advisors may trade ~~its~~their ~~program~~programs by entering into spot and forward transactions involving currencies with United States and foreign banks (referred to as the “interbank market”) and currency dealers. ACertain other Trading ~~Advisor~~ Advisors may enter into such transactions for hedging purposes. As with the risks involved in forward contracts (see above), trading in spot and forward foreign exchange transactions is not regulated by the CFTC and such contracts are not traded on or guaranteed by an exchange or its clearing house.

ACertain other Trading ~~Advisor~~Advisors may trade foreign exchange through futures or exchange for physicals. Such transactions are regulated by the CFTC and are traded on and guaranteed by an exchange.

(24) Options Trading

Certain of the Trading Advisors’ trading will include the trading of options contracts, including the trading of options on futures contracts, physical commodities and securities (“Underlying Interests”). Such options trading may take place on U.S. and foreign exchanges. Although successful options trading requires many of the same skills as successful futures trading, the risks involved are somewhat different. For example, the assessment of near-term market volatility— - which is directly reflected in the price of outstanding options— - can be of much greater significance in trading options than it is in many long-term futures strategies. If market volatility is incorrectly predicted, the use of options can be extremely expensive.

Certain Trading Advisors may trade options on futures. Options on futures contract gains and losses are marked-to-market daily for purposes of determining margin requirements. Option positions will require additional margin if the market moves against the position. Due to these differences in margin treatment between futures and options, there may be periods in which positions on both sides must be closed down prematurely due to short-term cash flow needs. If this occurs during an adverse move in a spread or straddle relationship, then a substantial loss could occur.

The ability to trade or exercise options may be restricted in the event that trading in the underlying investment becomes restricted. Options trading on U.S. futures exchanges is subject to regulation by both the CFTC and such exchanges. Options trading on foreign exchanges is not regulated by the CFTC.

(25) Swaps

Swaps are not traded on exchanges and are not subject to the same type of government regulation as exchange markets. As a result, many of the protections afforded to participants on organized exchanges and in a regulated environment are not available in connection with these transactions.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) will affect the manner in which OTC swap transactions are traded and the credit risk associated with such trading. Any changes will likely impact the way swaps are traded and could impact the trading strategy of the Registrant, as well as make it more expensive to trade swaps.

There are no limitations on daily price movements in swaps. Speculative position limits are not applicable to swaps, although the counterparties to swaps may limit the size or duration of positions as a consequence of credit considerations. Participants in the swap markets are not required to make continuous markets in the swaps they trade. Participants could refuse to quote prices for swaps or quote prices with an unusually wide spread between the price at which they are prepared to buy and the price at which they are prepared to sell. In the case of any swap that references a fund or program managed by a Trading Advisor, certain or all of the risks disclosed in this report in relation to the Trading Advisors also may apply, indirectly, to the Registrant’s investment in such swap.

(26) Derivative Instruments in General

The Trading Advisors may use various derivative instruments, including futures, options, forward contracts, swaps (including asset swaps, total return swaps and credit default swaps) and other derivatives (including credit derivatives and synthetic securities) that may be volatile and speculative. Certain positions may be subject to wide and sudden fluctuations in market-value, with a resulting fluctuation in the amount of profits and losses. Use of derivative instruments presents various risks, including the following:

(i) Tracking - — When used for hedging purposes, an imperfect or variable degree of correlation between price movements of the derivative instrument and the underlying investment sought to be hedged may prevent the Trading Advisor from achieving the intended hedging effect or expose the Registrant to the risk of loss.

(ii) Liquidity - — Derivative instruments, especially when traded in large amounts, may not be liquid in all circumstances, so that in volatile markets the Trading Advisor may not be able to close out a position without incurring a loss.

(iii) Leverage - — Trading in derivative instruments can result in large amounts of leverage. Thus, the leverage offered by trading in derivative instruments may magnify the gains and losses experienced by the Registrant and could cause its Net Asset Value to be subject to wider fluctuations than would be the case if the Trading Advisor did not use the leverage feature in derivative instruments.

There is no guarantee that the counterparty to a derivatives transaction will perform, or that it has accurately represented its creditworthiness. Trading in derivatives may subject the Registrant to additional legal risks, operations risks and valuation risks.

(27) Over-the-Counter Trading

A portion of the Registrant’s assets may be used to trade OTC derivative contracts, such as forward contracts, option contracts, or swaps, or spot contracts. OTC contracts are typically traded on a principal-to-principal basis through dealer markets that ~~are~~ are dominated by major money center and investment banks and other institutions and are essentially unregulated by the CFTC. You ~~therefore~~ therefore do not receive the protection of CFTC regulation or the statutory scheme of the ~~Commodity~~CEA ~~Exchange Act~~ in connection with this ~~trading~~ trading activity. The markets for OTC contracts rely upon the integrity of market participants in lieu of the additional regulation ~~imposed~~ imposed by the CFTC on participants in the futures markets. The lack of regulation in these markets could expose the Registrant in certain circumstances to significant losses in the event of trading abuses or financial failure by participants.

The Registrant also faces the risk of non-performance by the counterparties to the OTC contracts. Unlike in futures contracts, the counterparty to these contracts is generally a single bank or other financial institution, rather than a clearing organization backed by a group of financial institutions. As a result, there will be greater counterparty credit risk in these transactions. The clearing member, clearing organization or other counterparty may not be able to meet its obligations, in which case the Registrant could suffer significant losses on these contracts.

The Dodd-Frank Act will affect the manner in which OTC swap transactions are traded and the credit risk associated with such trading. Depending upon actions taken by regulatory authorities, these changes may also affect the manner of trading of OTC foreign currency transactions.

The percentage of the Registrant’s positions that are expected to constitute forward currency contracts can vary substantially from month to month.

Each of the programs trade approximately the following percentages in the OTC trading:

Investee Pool/ Program	Percentage/ Range
CTA Choice EGLG: Eagle Global Program	<10%
CTA Choice QNTM: Quantmetrics Multi Strategy Program	0%
CTA Choice WTN: Winton Diversified Program	5-30%

Investee Pool/ Program	Percentage/ Range
CTA Choice EGLG: Eagle Global Program	<10%
CTA Choice WTN: Winton Diversified Program	5-30%

(28) Possible Illiquid Markets May Exacerbate Losses

Futures and forward positions cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption, such as when foreign governments may take or be subject to political actions which disrupt the markets in their currency or major exports, can also make it difficult to liquidate a position. Periods of illiquidity and the events that trigger them are difficult to predict and there can be no assurance that any Trading Advisor will be able to do so.

There can be no assurance that market illiquidity will not cause losses for the Registrant. The large size of the positions which a Trading Advisor is expected to acquire for the Registrant increases the risk of illiquidity by both making its positions more difficult to liquidate and increasing the losses incurred while trying to do so.

The risk of loss due to potentially illiquid markets is more acute in respect of OTC instruments than in respect of exchange-traded instruments because the performance of those contracts is not guaranteed by an exchange or clearing house and the Registrant will be at risk to the ability of the counterparty to the instrument to perform its obligations thereunder. Because these markets are not regulated, there are no specific standards or regulatory supervision of trade pricing and other trading activities that occur in those markets.

(29) Possible Default and Counterparty Risk

Certain of the markets in which the Trading Advisors will effect transactions are OTC or “interdealer” markets. Foreign exchange transactions, forward contracts, swaps, derivative or synthetic instruments or other OTC transactions are not regulated by the CEA and dealers are not obligated to segregate customer assets. As a result, Members do not have such basic protections with respect to the trading in such OTC investments by the Registrant. This lack of regulation in these markets could expose the Registrant in certain circumstances to significant losses in the event of trading abuses or financial failure by the counterparties.

Such OTC trading may expose the Registrant to credit risk with regard to parties with which it trades and the risk of settlement default. Unlike exchange-traded transactions that generally are backed by clearing organization guarantees, daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries, the participants in OTC transaction are typically not subject to credit evaluation and regulatory oversight as are members of “exchange based” markets. This exposes the Registrant to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Registrant to suffer a loss. In addition, in the case of a default of a counterparty, the Registrant could become subject to adverse market movements while replacement transactions are executed. Such “counterparty risk” is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the Registrant has concentrated its transactions with a single or small group of counterparties. The Registrant may not have an internal credit function that evaluates the creditworthiness of their counterparties. The ability of the Registrant to transact business with any one or number of counterparties, the lack of any meaningful and independent evaluation of such counterparties’ financial capabilities and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Registrant.

Other Investment-Related Risks

(30) Investment of Non-Margin Assets May Increase Risks to the Registrant

The Managing Member may invest certain non-margin assets (directly or indirectly through investment funds) in certain securities permitted by applicable rules and regulations. While such investments may increase interest income, and although the types of securities that may be invested in are limited by CFTC regulations, investment in such securities may be riskier than having 100% of the proceeds of the offering of the Interests deposited in cash in segregated accounts in the name of the Registrant at the clearing brokers or another eligible financial institution. The returns on the investment of non-margin assets may be lower than anticipated, which would cause the cost of investment in the Interests to increase.

(31) Increased Costs of Frequent Trading

Each Trading Advisor will make certain trading decisions on the basis of short-term market considerations. The portfolio turnover rate may be substantial at times, either due to such decisions or to market conditions and result in one or more series incurring substantial brokerage commissions and other transaction fees and expenses. Therefore, portfolio turnover and brokerage commission expenses may significantly exceed those of other investment entities of comparable size, and affect the Registrant’s earnings.

(32) Suspensions of Trading

The futures, options on futures and security futures markets are subject to comprehensive statutes, regulations and margin requirements. With respect to traditional futures exchanges, the CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the retroactive implementation of speculative position limits or higher margin requirements, the establishment of daily limits and the suspension of trading. The regulation of commodity interest transactions in the United States is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action. In addition, various national governments have expressed concern regarding the disruptive effects of speculative trading in the currency markets and the need to regulate the derivatives markets in general. The effect of any future regulatory change is impossible to predict, but could be substantial and adverse. Also, exchanges typically have the right to suspend or limit trading in any instrument traded on the exchange. Any suspension could render it impossible to liquidate positions and thereby expose the Registrant to losses.

(33) Currency and Exchange Rate Risks

Since certain of the Trading Advisors may invest in investments denominated or quoted in currencies other than the U.S. Dollar, changes in currency exchange rates may affect the value of the Registrant’s investments and the unrealized appreciation or depreciation of such investments. Among the factors that may affect currency value are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments. A Trading Advisor may seek to protect the value of some portion or all of its portfolio holdings in the Registrant against currency risks by engaging in hedging transactions, if available, cost-effective and practicable. The Registrant may enter into forward contracts on currencies, enter into swaps, purchase put and call options on currencies, or engage in any combination of the foregoing. There is no certainty that such strategies will be effective. Moreover, there is no certainty that instruments suitable for hedging currency shifts will be available at the time when the Registrant wishes to use them or that, even if available, the Registrant will elect to utilize a hedging strategy.

Since OTC instruments are not guaranteed by an exchange or clearing house, a default on such an instrument would deprive a Trading Advisor of unrealized profits or force a Trading Advisor to cover its commitments for purchase or resale, if any, at the current market price. Lastly, the Registrant is not responsible for the effects that fluctuations in the value of currencies other than the dollar may have on subscription amounts to the Registrant or redemption proceeds paid to a Member that has requested the redemption of part or all of his, her or its Interest in the Registrant.

(34) Valuation of Investments

While pricing information is generally available for investments in which the Registrant may invest, there is currently no centralized source for pricing information for certain non-exchanged-traded investments, and reliable pricing information may not be available from any source at times. Prices quoted by different sources are subject to material variation. For purposes of calculating the Registrant’s net capital appreciation and net capital depreciation and valuing investments, valuations of investments for which pricing information cannot be obtained will be made by the Registrant’s administrator based upon such information as is available, including the advice of a Trading Advisor.

(35) Strategy-Specific Risks

One or more of the Trading Advisors may from time to time cause the Registrant to hold a few, relatively large positions in relation to its assets. Consequently, a loss in any such position could result in a proportionately greater loss to the Registrant than if the Registrant’s assets had been spread among a wider number of instruments. Strategy risk may arise in the event of the failure or deterioration of an entire strategy such that one or more Trading Advisors employing that strategy suffer significant losses. Losses may arise if Trading Advisors are unable to hedge such risks or respond to market conditions in a timely manner.

(36) Trading Facilities and Electronic Trading

Most open-outcry and electronic trading facilities are supported by computer-based component systems for the order-routing, execution, matching, registration and clearing of trades. As with all facilities and systems, they are vulnerable to disruption or failure. The Registrant’s ability to recover losses may be subject to limits on liability imposed by the system provider, the market, the clearing house and/or Member firms.

Trading on an electronic system may differ not only from trading in an open-outcry market but also from trading on other electronic systems. If a Trading Advisor undertakes transactions on an electronic trading system on behalf of the Registrant, the Registrant will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure may be that the Trading Advisor’s order is either not executed according to its instructions or it is not executed at all.

(37)

Trading Advisors Trading Independently of Each Other May Reduce Profit Potential and Insurance Risks through Offsetting Positions

The Trading Advisors trade entirely independently of each other. Trading Advisors may, from time to time, take opposite positions, eliminating any possibility that a Member may profit from these positions considered as a whole but incurring the usual expenses associated with taking such positions. The Trading Advisors’ programs may, at times, be similar to one another thereby negating the benefits of investing in more than one Trading Advisor by purchasing Interests, which may, in fact, increase risk. Two or more Trading Advisors may compete with each other to acquire the same position, thereby increasing the costs incurred by each of them to take such position. It is also possible that two or more Trading Advisors, although trading independently, could experience draw-downs at the same time, thereby negating the potential benefit associated with exposure to more than one Trading Advisor and more than one program. The Registrant’s multi-advisor structure will not necessarily control the risk of speculative futures or forward trading. Multi-advisor funds may have significant volatility and risk despite being relatively diversified among trading advisors.

(38) Deleveraging of the Financial Markets

One of the primary consequences of the market disruptions of 2008 and 2009 has been the forced deleveraging of numerous financial instruments, including private investment funds, in a process which is ongoing. Not only are substantial losses being incurred in the deleveraging process, but also the available opportunities in the markets in which Trading Advisors trade may be reduced on a long-term basis as a result.

(39) Assets Held in Accounts At U.S. Banks May Not be Fully Insured

The assets of the Registrant that are deposited with commodity brokers or their affiliates may be placed in deposit accounts at U.S. banks. The Federal Deposit Insurance Corporation (“FDIC”) insures deposits held at insured depository institutions for up to $250,000 (including principal and accrued interest) for each insurable capacity (e.g., individual accounts, joint accounts, corporate accounts, etc.), though deposits in separate branches of an insured institution are not separately insured. If the FDIC were to become receiver of U.S. bank holding deposit accounts that were established by a commodity broker or one of its affiliates, then it is uncertain whether the commodity broker, the affiliate involved, the Registrant, or the Member would be able to reclaim cash in the deposit accounts above $250,000.

(40) Repurchase and Reverse Repurchase Agreements

The Trading Advisors may engage in repurchase and reverse repurchase agreements. In the case of default by the transferee of a security in a reverse repurchase agreement, the transferor runs the risk that the transferee may not deliver the security when required. In the event of the bankruptcy or other default of a transferor of a security in a repurchase agreement, the transferee could experience both delays in liquidating the underlying security and losses, including: (a) a possible decline in the value of the collateral during the period while the transferee seeks to enforce its rights thereto; (b) possible subnormal levels of income and lack of access to income during this period; and (c) expenses of enforcing its rights.

Risks Related to the Managing Member and the Trading Advisors

(41) Managing Member

The Managing Member has complete discretion in allocating the Registrant’s assets to Trading Advisors. The Registrant’s success depends on the Managing Member’s ability and the ability of its Investment Committee, to select Trading Advisors and allocate assets. If the Registrant lost the services of the Managing Member or its Investment Committee, it might have to be terminated by way of compulsory redemption of all issued and outstanding Interests in the Registrant.

In addition, the Managing Member and its principals and employees will devote such time as they deem necessary for the efficient investment activities of the Registrant. However, the Managing Member and its principals and employees will be involved, from time to time, with other investment management activities and will not devote all of their time specifically to the Registrant’s business.

(42) Reliance on the Trading Advisors

To the exclusion of the Members and the Managing Member, each Trading Advisor is responsible for making all futures, forwards, and options trading decisions on behalf of the assets allocated to it by the Registrant. The Managing Member has no control over the specific trades the Trading Advisors may make, leverage used, risks or concentrations assumed or whether the Trading Advisors will act in accordance with the disclosure documents or descriptive materials furnished by them to the Managing Member. The Managing Member can provide no assurance that the trading programs employed by the Trading Advisors will be successful. Therefore, as an investor in the Registrant, Members will be relying almost exclusively on the judgment and ability of the Trading Advisors to invest the Registrant’s assets.

(43) Limited Knowledge about Trading Advisors

Although the Managing Member will investigate, or ~~causes~~cause the investigation of, the Trading Advisors with which the Registrant will invest, in general, due to the confidential and/or proprietary nature of most of the information, the Managing Member is relying on each Trading Advisor for the accuracy thereof. Accordingly, neither the Registrant nor the Managing Member can make any representation regarding the completeness, accuracy or adequacy of such information. Additionally, because of the proprietary nature of each Trading Advisor’s trading program, you generally will not be advised if adjustments are made to a trading program in order to accommodate additional assets under management or for any other reason.

(44) Trading Advisors’ Businesses Dependent on Key Individuals

Trading decisions made by each Trading Advisor may be based on the judgment of one or a limited number of key individuals (each, a “Key Man”). If any Key Man were to die or become incapacitated or otherwise terminate his relationship with a Trading Advisor, such event could have a material adverse effect on the Registrant and its performance.

(45) New Trading Advisors

The Managing Member may terminate, substitute or retain Trading Advisors on behalf of the Registrant in its sole discretion. The addition of a new Trading Advisor and/or the removal of one of the current Trading Advisors may cause disruptions in trading as assets are reallocated and new Trading Advisors transition over, which may have an adverse effect on the Net Asset Value of the Registrant. The Managing Member will actively manage the Registrant’s investment portfolio, which may result in frequently changing either the composition of the portfolio or the allocation of the Registrant’s assets among the Trading Advisors comprising the Registrant’s investments. A Trading Advisor generally is required to recoup previous trading losses before it can earn performance-based compensation. However, the Managing Member may elect to replace a Trading Advisor that has a “loss carryforward.” In that case, the Registrant would lose the “free ride” of any potential recoupment of the prior losses of such Trading Advisor. In addition, the new Trading Advisor would earn performance-based compensation on the first dollars of investment profits.

It is also possible that (i) the advisory agreement with any Trading Advisor, once it expires, will not be renewed on the same terms as the current advisory agreement for that Trading Advisor, (ii) if assets of the Registrant allocated to a particular Trading Advisor are reallocated to a new or different Trading Advisor, the new or different Trading Advisor will not manage the assets on terms as favorable to the Registrant as those negotiated with the previous Trading Advisor, (iii) the addition of a new Trading Advisor and/or the removal of one of the current Trading Advisors may cause disruptions in trading as assets are reallocated or (iv) the services of a replacement trading advisor may not be available. There is severe competition for the services of qualified Trading Advisors, and the Managing Member may not be able to retain replacement or additional Trading Advisors on acceptable terms. The effect of the replacement of or the reallocation of assets away from a Trading Advisor therefore, could be significant.17

It is also possible that (i) the advisory agreement with any Trading Advisor, once it expires, will not be renewed on the same terms as the current advisory agreement for that Trading Advisor, (ii) if assets of the Registrant allocated to a particular Trading Advisor are reallocated to a new or different Trading Advisor, the new or different Trading Advisor will not manage the assets on terms as favorable to the Registrant as those negotiated with the previous Trading Advisor, (iii) the addition of a new Trading Advisor and/or the removal of one of the current Trading Advisors may cause disruptions in trading as assets are reallocated or (iv) the services of a replacement Trading Advisor may not be available. There is severe competition for the services of qualified Trading Advisors, and the Managing Member may not be able to retain replacement or additional Trading Advisors on acceptable terms. The effect of the replacement of or the reallocation of assets away from a Trading Advisor therefore, could be significant.

(46) Trading Advisor Restrictions

There are a number of Trading Advisors whose services are not generally available to the investing public. These Trading Advisors generally place stringent restrictions on the number of persons whose money they will manage. As a result, certain Trading Advisors to which the Managing Member would like to allocate ~~Fund~~Registrant assets may limit, or not be able to accept any, allocation of ~~Fund~~ Registrant assets. This could adversely affect the Registrant’s investment strategy and, consequently, its returns.

Moreover, there may be times when the Registrant will allocate assets with respect to a particular Trading Advisor in a different manner than another fund or account managed by the Managing Member or its affiliates. For instance, to satisfy redemption requests, the Managing Member may withdraw Registrant’s assets from one Trading Advisor while a fund operated by an affiliate of the Managing Member may be allocating additional assets to that same Trading Advisor. Consequently, the Registrant could incur losses or lose out on certain gains from which other affiliated funds or accounts may benefit.

In addition, Trading Advisors may have restrictions in their governing documents (e.g., articles of association or partnership agreements) that limit the Registrant’s ability to withdraw funds from or invest with the relevant Trading Advisor, other than at specified times such as the end of the year. The Managing Member’s ability to withdraw funds from or invest funds with a particular Trading Advisor with such restrictions will be limited and such restrictions will limit the Managing Member’s flexibility to reallocate such assets among Trading Advisors.

(47) ~~Fund~~ Registrant Trading is Not Transparent

The trading decisions in respect of the Registrant are made by one or more Trading Advisors. While the Managing Member receives daily trade confirmations from the clearing broker and foreign exchange dealers, such information is not provided to Members and the Registrant’s trading results are reported to the Members monthly. Accordingly, an investment in the Registrant does not offer you the same transparency, i.e., an ability to review all investment positions daily, that a personal trading account offers. The Managing Member may (but is under no obligation to) provide estimated daily or weekly values to Members.

(48) Incentive Fee Agreements with Trading Advisors

The Managing Member pays each Trading Advisor incentive fees based on the trading profits earned by it for the assets of the Registrant that such Trading Advisor manages, including unrealized appreciation on open positions. Accordingly, it is possible that the Managing Member will pay an incentive fee on trading profits that do not become realized. Also, because the Trading Advisors are compensated based on the trading profits earned, each of the Trading Advisors has a financial incentive to make investments that are riskier than might be made if the Registrant’s assets were managed by a Trading Advisor that did not receive performance-based compensation. Also, such incentive or performance based payments may be paid to Trading Advisors who show net profits, even though the Registrant, as a whole, incurs a net loss.

(49) Possible Adverse Effects of Increasing the Assets Managed by the Trading Advisors

We believe that none of the Trading Advisors intend to limit the amount of additional equity that they may manage, and each will continue to seek major new accounts. However, the rates of returns achieved by a Trading Advisor often diminish as the assets under its management increase. This can occur for many reasons, including the inability of the Trading Advisor to execute larger position sizes at desired prices and because of the need to adjust the Trading Advisor’s trading program to avoid exceeding speculative position limits. These limits are established by the CFTC and the exchanges on the number of speculative futures and options contracts in a commodity that one trader may own or control. Furthermore, if the Trading Advisors for the Registrant cannot manage any additional allocation from the Registrant, the Managing Member may add additional Trading Advisors for the Registrant who may have less experience or less favorable performance than the existing Trading Advisors.

(50) Each Trading Advisor Advises Other Clients and may Achieve More Favorable Results for its Other Accounts

Each of the Trading Advisors currently manages other trading accounts, and each will remain free to manage additional accounts, including its own accounts, in the future. A Trading Advisor may vary the trading strategies applicable to the Registrant from those used for its other managed accounts, or its other managed accounts may impose a different cost structure than that of the Registrant. Consequently, the results any Trading Advisor achieves for the Registrant may not be similar to those achieved for other accounts managed by the Trading Advisor or its affiliates at the same time. Moreover, it is possible that those other accounts managed by the Trading Advisor or its affiliates may compete with the Registrant for the same or similar positions in the commodity interest markets and that those other accounts may make trades at better prices than the Registrant.

A Trading Advisor may also have a financial incentive to favor other accounts because the compensation received from those other accounts exceeds, or may in the future exceed, the compensation that it receives from managing the account of the Registrant. Because records with respect to other accounts are not accessible to Members, Members will not be able to determine if any Trading Advisor is favoring other accounts.

(51) Risks of Investing in CTA Funds

The Registrant and CTA Choice, as independent legal entities, are subject to lawsuits or proceedings by government entities or private parties. Expenses or liabilities of the Registrant or CTA Fund arising from any such suit would be borne by the Registrant or such CTA Fund. The operating agreement of CTA Choice, the advisory agreements with the Trading Advisors, and the various service provider agreements provide for indemnification of ClariTy, the Trading Advisors, and the service providers out of the assets of the applicable CTA Fund. In the event that any indemnification is provided pursuant to any of these agreements, the assets of the relevant CTA Fund could be reduced or depleted and, consequently, investors in the CTA Fund (such as the Registrant) could be adversely affected. Although the Managing Member attempts to monitor the performance of each CTA Fund, the Registrant must ultimately rely on (a) the Trading Advisor to operate in accordance with the investment strategy or the guidelines laid out in the CTA Fund documents; and (b) the accuracy of the information provided to the Registrant by the CTA Fund. If the Trading Advisor to a CTA Fund does not operate in accordance with the investment strategy or guidelines specified for such CTA Fund, or if the information furnished by a CTA Fund is not accurate, the Registrant might sustain losses with respect to its investment with such CTA Fund despite the Managing Member’s attempts to monitor CTA Fund.

(52) Multiple Series

Pursuant to the Delaware Limited Liability Company Act, as amended (the “DLLC Act”), CTA Choice is divided into separate series. The DLLC Act provides that, if certain requirements of the DLLC Act are satisfied, the debts, liabilities and obligations relating to a particular series are enforceable only against the assets of that series and not against the assets of the limited liability company generally or the assets of any other series. Although the provisions of the DLLC Act providing for the ability to establish designated series were enacted in 1996, there is a dearth of case law interpreting those provisions. Further, CTA Choice may operate or have assets held on its behalf or be subject to claims in other jurisdictions which may not necessarily recognize the legal segregation of the CTA Funds. Finally, other contractual arrangements entered into by CTA Choice or by a CTA Fund may have the effect of defeating the segregation protections of the DLLC Act. Accordingly, the degree of separation that any CTA Fund enjoys from the debts, liabilities and obligations of other CTA Funds is not certain. CTA Choice intends that the assets of each CTA Fund will be structured to comply with the DLLC Act and that CTA Choice will be operated with the assets of each CTA Fund segregated on the books and records of CTA Choice so that the assets of one CTA Fund are not subject to the liabilities of any other CTA Fund; however, there is no assurance that this structure and operation will be respected in all circumstances and in all jurisdictions.

(53) No Control over CTA Funds

The Managing Member will have no control over the investments made by a CTA Fund and the investments they trade (including determining the creditworthiness of counterparties with which, and the exchanges on which, such CTA Fund trades) or the leverage utilized or the risks assumed by such CTA Fund. In addition, a CTA Fund may impose certain limitations on the Registrant’s ability to redeem its investment with such CTA Fund. This in turn may adversely affect the ability of the Registrant to pay redemptions, and may require the Registrant to temporarily suspend redemptions. Additionally, the Trading Advisor for each CTA Fund will make the commodity trading decisions for that CTA Fund. Therefore, the success of each CTA Fund largely depends on the judgment and ability of the Trading Advisors. A Trading Advisor’s trading for any CTA Fund may not prove successful under all or any market conditions. If a Trading Advisor’s trading is unsuccessful, the applicable CTA Fund may incur losses.

It may be difficult, if not impossible, for the Managing Member to protect the Trust from the risk of a Trading Advisor’s fraud, misrepresentation or material strategy alteration. In addition, the Managing Member will have no control over the counterparties with which a CTA Fund effects transactions. 19

It may be difficult, if not impossible, for the Managing Member to protect the Registrant from the risk of a Trading Advisor’s fraud, misrepresentation or material strategy alteration. In addition, the Managing Member will have no control over the counterparties with which a CTA Fund effects transactions.

(54) Lack of Liquidity of CTA Fund Assets

CTA Fund assets may, from time to time, consist of securities or other financial instruments or obligations which are thinly traded or for which no market exists or which are restricted as to their transferability under federal or state securities laws. The sale of any such investments may be possible only at substantial discounts. Further, such investments may be extremely difficult to value with any degree of certainty.

Risks Related to the Registrant’s Structure

(55) Limited Liquidity and Transferability of Interests

An investment in the Registrant involves limited liquidity and the Interests are not freely transferable. There is no secondary market for the Interests and none is expected to develop. While the Interests may be redeemed, there are restrictions, and fees may be assessed. For example, Interests may be redeemed only as of ~~the~~ each Valuation Day provided a Request for Redemption is received at ~~least~~ least five business days prior to the end of such month excluding the last business day of the month.

Transfers of Interests are subject to limitations, such as 30 days’ advance notice of any intent to transfer. Also, the Managing Member may deny a request to transfer if it determines that the transfer may result in adverse legal or tax consequences for the Registrant.

Members thus may not be able to liquidate their investment in the event of an emergency or for any other reason, and Interests may not be readily accepted as collateral for a loan.

(56) Limited Ability to Liquidate Investments in CTA Funds

There is no public market for an investment in a CTA Fund made by the Registrant. Such investments cannot be transferred, assigned, pledged or encumbered except on the terms and conditions set forth in the organizational documents of the CTA Fund. Although the Registrant has the right to redeem such interests as provided in the CTA Choice organizational documents, such rights are restricted as provided therein.

(57) Compulsory Redemption

The Managing Member, in its sole discretion, upon 48 hours’ prior written notice to a Member, may compel redemption of any or all of a Member’s Interests for any reason.

(58) Determination of Net Profit and Loss

In order to determine net profits and losses, the investment positions and other assets held by the Registrant must be valued. In valuing the Registrant’s assets, the Administrator will receive input from third parties (including pricing services, data providers, Brokers and ~~Brokers~~ClariTy) and generally will rely on such information in determining valuations. The Managing Member will review all valuations and calculations with the Administrator in accordance with the Registrant’s valuation policies and procedures. Should these valuations prove to be incorrect, the Registrant may experience losses.

(59) Adjustments

The Registrant will permit redemptions to be made and subscriptions to be accepted at times other than at the end of a Fiscal Year. At any such time, an interim closing effectively will occur on the basis of unaudited financial statements. Because there may be a greater risk of error when unaudited financial statements are used, Individual Members may be adversely affected by errors, if any, in such unaudited financial statements. The Managing Member is authorized to make an adjustment in the determination of net profit or net loss if the Managing Member, in good faith, considers such adjustment to be necessary and equitable to correct material errors in unaudited financial information. However, the Managing Member may not be aware of an error before a Member redeems its Interest, and there may be other limitations on the Managing Member’s ability to make any adjustment.

(60) Reserve for Contingent Liabilities

Under certain circumstances, the Registrant may find it necessary to set up a reserve for contingent liabilities. If that occurs, this may be taken into account in the calculation of Net Asset Value, and the Registrant may withhold a certain portion of your redemption amount. Similar provisions may be contained in the governing instruments for Trading Advisors. This could occur, for example, (i) if some of the positions of the Registrant were illiquid, (ii) if there are any assets which cannot be properly valued on the redemption date, or (iii) if there is any pending transaction or claim by or against the Registrant or the Trading Advisor involving or which may affect your book capital account or your obligations.

(61) Various Actual and Potential Conflicts of Interest May Be Detrimental to Members

The Registrant is subject to actual and potential conflicts of interests involving the Managing Member, the Trading Advisors and various brokers. The Managing Member, the Trading Advisors, and their respective principals, all of which are engaged in other investment activities, are not required to devote substantially all of their time to the Registrant’s business, which also presents the potential for numerous conflicts of interest with the Registrant. As a result of these and other relationships, parties involved with the Registrant have a financial incentive to act in a manner other than in the best interests of the Registrant and its Members. The Managing Member has not established any formal procedure to resolve conflicts of interest. Consequently, Members will be dependent on the good faith of the respective parties subject to such conflicts to resolve them equitably.

The Registrant may be subject to certain conflicts with respect to its clearing brokers, its futures brokers, and any executing broker including, but not limited to, conflicts that result from receiving greater amounts of compensation from other clients, purchasing opposite or competing positions on behalf of third party accounts traded through the clearing broker, the futures broker and executing brokers.

(62) Substantial Redemptions

In the event that there are substantial redemptions from the Registrant, it may be more difficult for the Registrant to generate the same level of profits operating on a smaller capital base. Under such circumstances, in order to provide sufficient funds to pay redemptions, the Managing Member might be required to cause the Trading Advisors liquidate positions more rapidly than otherwise desirable. Illiquidity in the markets could make it difficult to liquidate positions on favorable terms, which could result in additional losses.

(63) Possibility of Termination of the Registrant Before Expiration of its Stated Term

The Managing Member may withdraw from the Registrant upon 120 days’ notice, which would cause the Registrant to terminate unless a substitute managing member was obtained. Other events, such as a long-term substantial loss suffered by the Registrant, could also cause the Registrant to terminate before the expiration of its stated term. This could cause you to liquidate your investments and upset the overall maturity and timing of your investment portfolio. If the registrations with the CFTC or memberships in the NFA of the Managing Member or the clearing broker were revoked or suspended, such entity would no longer be able to provide services to the Registrant.

(64) Need for Risk Controls and Compliance Procedures

Events during the past years, including bankruptcy and other adverse financial results of major financial institutions, have focused attention upon the necessity for firms to maintain adequate risk controls and compliance procedures. There is no assurance that the Registrant’s controls and procedures will be adequate. These events have also raised concerns as to the manner in which certain exchanges monitor trading activities and implement regulations to protect customer funds.

(65) No Representation or Other Independent Experts

The Managing Member has consulted with counsel, accountants and other experts regarding the formation and operation of the Registrant and this offering. The Registrant’s legal counsel does not represent prospective Members in connection with this offering. Prospective Members are advised to consult their own independent counsel with respect to the legal and tax implications of an investment in Interests.

Regulatory and Other Risks

(66) Federal Agencies, Including the SEC and the CFTC, Regulate Certain Activities of the Registrant

Regulatory changes could adversely affect the Registrant by restricting its trading activities and/or increasing the costs or taxes to which the Members are subject. The Dodd-Frank Act, among other things, grants the CFTC and SEC broad rulemaking authority to implement various provisions of the Dodd-Frank Act, including comprehensive regulation of the over-the-counter derivatives market and certain foreign exchange transactions. The implementation of the Dodd-Frank Act could adversely affect the Registrant by increasing transaction and/or regulatory compliance costs. In addition, greater regulatory scrutiny may increase the Registrant’s and the Managing Member’s exposure to potential liabilities. Increased regulatory oversight can also impose administrative burdens on the Managing Member, including, without limitation, responding to investigations and implementing new policies and procedures. As a result, the Managing Member’s time, attention and resources may be diverted from portfolio management activities.

Other potentially adverse regulatory initiatives could develop suddenly and without notice.

(67) CFTC Registrations could be Terminated which could Adversely Affect the Registrant

If the Commodity Exchange Act registrations or NFA memberships of the Managing Member or the registered Trading Advisors were no longer effective, these entities would not be able to act for the Registrant, which could adversely affect the Registrant.

(68) Possible Effects of Speculative Position Limits

The CFTC and/or U.S. exchanges have established “speculative position limits” on the maximum net long or net short position which any person or group of persons may hold or control in particular futures, options on futures and swaps that perform a significant price discovery function. Most exchanges also limit the amount of fluctuation in commodity futures contract prices on a single trading day. The trading instructions of the Trading Advisors may have to be modified, and positions held by the Registrant may have to be liquidated in order to avoid exceeding these limits. Such modification or liquidation could adversely affect the operations and profitability of the Registrant by increasing transaction costs to liquidate positions and limiting potential profits on the liquidated positions.

In October 2011, the CFTC adopted new rules governing position limits. In September 2012, these rules were vacated by the United States District Court for the District of Columbia and remanded to the CFTC for further consideration. It is possible, nevertheless, that these rules may take effect in some form via re-promulgation or a successful appeal by the CFTC of the District Court’s ruling. The vacated rules established position limits on certain futures contracts and any economically equivalent futures, options and swaps. These rules could have an adverse effect on the Trading Advisors trading for the Registrant.

(69) Compliance with ERISA Restrictions

The Managing Member intends to use reasonable efforts to cause employee benefit plans subject to ERISA and/or plans subject to Section 4975 of the Code and other “benefit plan investors”, as defined in the Plan Asset Regulation and modified by the Pension Protection Act of 2006, to hold in the aggregate less than 25% of the Interests in the Registrant and of each other class of equity interests in the Registrant. The Managing Member shall use reasonable efforts to restrict transfers or purchases of any equity interest in the Registrant so that ownership of each class of equity interests in the Registrant by benefit plan investors will remain below the 25% threshold contained in the Plan Asset Regulation. In this event, although there can be no assurance that such will be the case, the assets of the Registrant should not constitute “plan assets” for purposes of ERISA and Section 4975 of the Code.

If the assets of the Registrant were to become “plan assets” subject to ERISA and Section 4975 of the Code, certain investments made or to be made by the Registrant in the normal course of its operations might result in non-exempt prohibited transactions and might have to be rescinded. If at any time the Managing Member determines that assets of the Registrant may be deemed to be plan assets subject to ERISA and Section 4975 of the Code, the Managing Member may take certain actions it may determine to be necessary or appropriate, including requiring one or more Members to redeem or otherwise dispose of all or part of their Interest in the Registrant or terminating and liquidating the Registrant.

(70) U.S. Regulation

The offering of Interests has not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or the laws of any applicable jurisdiction. The Registrant is not required to register, and is not registered, as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Accordingly, Members will not have the protections afforded by the Investment Company Act (which, among other matters, requires investment companies to have a majority of disinterested directors and regulates the relationship between the advisor and the investment company). The Managing Member is registered as an investment advisor with the SEC under the Investment Advisers Act of 1940, as amended.

Tax Risks

(71) Members Taxed Currently

If the Registrant has profit for a taxable year, the profit will be includible in your taxable income, whether or not cash or other property is actually distributed to you by the Registrant. The Managing Member presently does not intend to make any distributions from the Registrant. Accordingly, it is anticipated that U.S. federal income taxes on your allocable share of the Registrant’s profits will exceed the amount of distributions to you, if any, for a taxable year, so that you must be prepared to fund any tax liability from redemptions of Interests or other sources. In addition, the Registrant may have capital losses from trading activities that cannot be deducted against the Registrant’s ordinary income (e.g., interest income, periodic net swap payments) so that you may have to pay taxes on ordinary income even if the Registrant generates a net loss.

(72) Limitation on Deductibility of “Investment Advisory Expenses”

Non-corporate taxpayers are subject to certain limitations for deductions for “investment advisory expenses” for U.S. federal income tax and alternative minimum tax purposes. The IRS could argue that certain Registrant expenses are investment advisory expenses. Prospective Members should discuss with their tax advisors the tax consequences of an investment in the Registrant.

(73) Possibility of a Tax Audit of Both the Registrant and the Members

The tax returns of the Registrant may be audited by the IRS. If such an audit results in an adjustment, Members could themselves be audited as well as being required to pay additional taxes, interest and possibly penalties.

(74) Short-Term Capital Gain

Profits on futures contracts traded in regulated U.S. and some foreign exchanges, foreign currency contracts traded in the interbank market, and U.S. and some foreign exchange-traded options on commodities are generally taxed as short-term capital gain to the extent of 40% of gains with respect to section 1256 contracts and at least 50% of the gain arising from a mixed straddle account and are currently taxed at a maximum marginal ordinary U.S. federal income tax rate of 35%.

(75) Tax Laws Are Subject to Change at Any Time

Tax laws and court and IRS interpretations thereof are subject to change at any time, possibly with retroactive effect. Prospective Members are urged to discuss scheduled and potential tax law changes with their tax advisors.

THE FOREGOING RISK FACTORS DO NOT PURPORT TO BE A COMPLETE EXPLANATION OF THE RISKS INVOLVED IN THE OFFERING.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None

ITEM 2. PROPERTIES

The Registrant does not own or lease any physical properties in the conduct of its business. The Registrant’s only place of business is the place of business of the Managing Member, located at 1211 Avenue of the Americas, Suite 2701, New York, New York 10036.

Certain ~~administrative~~ administrative services are provided by SS&C GlobeOp Financial Services LLC, the ~~Administrator~~Registrant’s administrator, which is located at One South Road, Harrison, NY, USA, 10528. In addition, the Administrator maintains certain books and records of the Registrant, including certain books and records required by CFTC Rule 4.23(a), at its offices located as specified above.

ITEM 3. LEGAL PROCEEDINGS

There are no material legal proceedings pending, on appeal, or concluded to which the Registrant is a party or to which any of its assets are subject.

ITEM 4. MINE SAFETY DISCLOSURES

None

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PART II

ITEM 5.

MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

(a) Market Information

There is no secondary trading market for the Interests, and none is likely to develop. Interests may be redeemed or transferred subject to the conditions imposed by the ~~LLC~~ Operating Agreement.

(b) Holders

As of ~~March~~February 1, ~~2015~~2016, there were ~~711~~ 604 holders of record, which include 0 Managing Member interests.

(c) Dividends

The Managing Member has sole discretion in determining what distributions, if any, the Registrant will make to Members. The Registrant has never declared a dividend and does not intend to do so in the future.

(d) Securities Authorized for Issuance Under Equity Compensation Plans

Not applicable.

(e) Performance Graph

Not applicable.

(f) Issuer Purchases of Equity Securities

The Registrant did not ~~repurchase~~ repurchase any Interests registered pursuant to Section 12 of the Exchange Act during the period January 1, ~~2014~~2015 through December 31, ~~2014~~2015.

(g) Unregistered Sales of Equity Securities and Use of Proceeds

From January 1, 2007 to ~~December~~ December 31, ~~2014~~2015, the Registrant sold Interests which resulted in aggregate proceeds to the Registrant of $63,781,978.

Through December 31, ~~2014~~2015, Members acquired Interests through a private placement as follows:


Name of Member	Date of Acquisition	Value of Interest Acquired

Diversified Futures Trust I	January 1, 2007	$	12,966,087
Diversified Futures Fund, L.P.	January 1, 2007	$	3,636,165
Kenmar Global Trust	January 1, 2007	$	2,143,975
Futures Strategic Trust	April 1, 2007	$	5,002,950
World Monitor Trust II – Series F	April 1, 2009	$	14,195,000
World Monitor Trust II – Series D	April 1, 2009	$	4,887,000
World Monitor Trust II – Series E	October 1, 2010	$	12,170,845
Kenmar Global Trust	December 1, 2010	$	4,263,596

In addition, as of September 30, 2009, the Registrant served as an aggregate trading vehicle for the following funds: Diversified Futures Trust I; Futures Strategic Trust; World Monitor Trust II – Series D; and World Monitor Trust II – Series F (collectively, the “Feeder Funds”). Each Feeder Fund allocated 100% of its assets to the Registrant. Effective close of business on December 31, 2009, the Managing Member (which also serves as the managing owner of each of the Feeder Funds) (i) terminated each Feeder Fund, (ii) mandatorily redeemed each investor’s units in the Feeder Funds, and (iii) made an in-kind distribution to each Feeder Fund investor of such investor’s pro rata interest in the Registrant. As a result of these transactions, the Registrant distributed $23,047,803 of Interests to investors in the Feeder Funds, and such Feeder Fund investors became direct Members of the Registrant as of close of business on December 31, 2009. Effective October 1, 2010, World Monitor Trust II – Series E contributed all of its assets to the Registrant in the amount of $12,170,845. Effective December 1, 2010, Kenmar Global Trust contributed all of its assets to the Registrant in the amount of $4,263,596.

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ITEM 6.

SELECTED FINANCIAL DATA

The following table presents selected financial data of the Registrant for the years ended December 31, ~~2010~~2011 to December 31, ~~2014~~2015. This data should be read in conjunction with the financial statements of the Registrant and the notes thereto on pages 2 through 3834 included in the Registrant’s ~~2014~~2015 Annual Report, which is filed as an exhibit hereto.

	Year Ended December 31,
	2014			2013			2012			2011			2010
	2015			2014			2013			2012			2011
Total revenues (including interest)	$	~~478~~(111,~~486~~886	)	$	~~(820~~478,~~194~~486	)	$	(~~990~~820,~~212~~194	)	$	(~~547~~990,~~071~~212	)	$	4(547,~~899,773~~071	)
Net income (loss)	$	(368,007	)	$	(2,070,837	)	$	(2,802,608	)	$	(3,856,719	)	$	2,378,492
Net (loss)	$	(809,230	)	$	(368,007	)	$	(2,070,837	)	$	(2,802,608	)	$	(3,856,719	)
Total assets	$	107,~~403~~606,~~772~~549		$	1310,~~235~~403,~~773~~772		$	1913,~~129~~235,~~460~~773		$	2619,~~983~~129,~~834~~460		$	3826,~~373~~983,~~750~~834

ITEM 7.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Critical Accounting Policies

General

Preparation of the financial statements and related disclosures in compliance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires the application of appropriate accounting rules and guidance. Applying these policies requires the Managing Member to make judgments, estimates and assumptions in connection with the preparation of the Registrant’s financial statements. Actual results may differ from the estimates used.

The Managing Member has ~~evaluated~~ evaluated the Registrant’s financial statements and related disclosures and has determined that the policies discussed below are critical accounting policies because they involve estimates, judgments and assumptions that are particularly complex, subjective or uncertain. For further discussion of the Registrant’s significant accounting policies, see Note 2 of the Registrant’s ~~2014~~ ~~Annual~~2015 Annual Report, which is filed as an exhibit hereto.

The Registrant records ~~all~~ all investments at fair value in its financial statements, with changes in fair value reported onin the statements of operations. Generally, fair values are based on quoted market prices; however, in certain circumstances, significant judgments and estimates are involved in determining fair value in the absence of an active market closing price. The Registrant considers its investments in publicly-traded mutual funds, to be based on quoted prices in active markets for identical assets (Level 1). Level 3 inputs reflect the Registrant’s assumptions that it believes market participants would use in pricing the asset or liability. The Registrant develops Level 3 inputs based on the best information available in the circumstances, which may include indirect correlation to a market value, combinations of market values or the Registrant’s proprietary data. Level 3 inputs generally include information derived through extrapolation or interpolation of observable market data. The Registrant does not currently have any investments valued using Level 3 inputs.

The investment in Affiliated Investment Funds is reported in the Registrant’s statements of financial condition and is considered a Level 2 investment. In determining the level, the Registrant considers the length of time until the investment is redeemable, including notice and lock-up periods or any other restriction on the disposition of the investment. The Registrant also considers the nature of the portfolios of the underlying Affiliated Investment Funds and their ability to liquidate their underlying investments. The Registrant has the ability to redeem its investments at the reported net asset valuation as of the measurement date (see Note 7 of the Registrant’s 2015 ~~2014~~ Annual Report, which is filed as an exhibit hereto) and classified its investment in Affiliated Investment Funds as Level 2 using the fair value hierarchy. Fair value ordinarily is the value determined for the Affiliated Investment Funds in accordance with the fund’s valuation policies and reported at the time of the Registrant’s valuation by the management of the fund. Generally, the fair value of the Registrant’s investment in the Affiliated Investment Funds represents the amount that ~~the~~ the Registrant could reasonably expect to receive from the Affiliated Investment Funds if the Registrant’s investment was redeemed at the time of the valuation, based on information reasonably available at the time the valuation is made and that the Registrant believes to be reliable.

Of the Registrant’s ~~investments~~ investments at December 31, ~~2014~~2015, $61,~~665~~296,~~820~~166 or 72100.4600 % were classified as Level 1. ~~and~~There $were no Level 2~~,533,716~~ orinvestments ~~27.54%~~at asDecember ~~Level~~31, 22015. Of the Registrant’s investments at December 31, ~~2013~~2014, $86,~~376~~665,~~757~~820 or 7472.3646% were classified as Level 1 and $2,~~888~~533,~~202~~716 or 2527.6454% as Level 2. There ~~are~~ were no Level 3 investments at December 31, ~~2014~~2015 or ~~2013~~2014, nor any portion of the interim periods.

2526

The Registrant invests a portion of the excess cash balances not required for margin through certain investment funds which invest in (i) U.S. government ~~securities~~ securities (which include any security issued or guaranteed as to principal or interest by the United States), (ii) any certificate of deposit for any of the foregoing, including U.S. treasury bonds, U.S. treasury bills and issues of agencies of the United States government, (iii) corporate bonds or notes, or (iv) other instruments permitted by applicable rules and regulations (collectively, “Certain Investment Funds”). The objective is to obtain a rate of return for the Registrant that balances risk and return relative to the historically low yields on short term cash deposits with banks and /or brokerage firms. There is no guarantee that the Managing Member will be successful in investing the excess cash successfully to obtain a greater yield than available on short term cash deposits with banks and /or brokerage firms. The Managing Member is paid monthly 1/1212th of 50% of the first 1% of the positive returns earned on the Registrant’s investments in Certain Investment Funds. The calculation is based on the Registrant’s average annualized Net Asset Value, and any losses related to returns on the Certain Investment Funds must first be recovered through subsequent positive returns prior to the Managing Member receiving a payment. After the calculation of the amount payable to the Managing Member, the Registrant will be credited with all additional positive returns (or 100% of any losses) on the Registrant’s investment in Certain Investment Funds. If, at the end of any calendar year, a loss has been incurred on the returns for the Certain Investment Funds, then the loss carry forward will reset to zero for the next calendar year with regards to the calculation of the Managing Member’s portion of the Certain Investment Fund’s income.

In May, 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015-07 (“ASU 2015-07”), Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or its Equivalent). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using net asset value per share as a practical expedient. ASU 2015-07 is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted. The Company has chosen not to early adopt ASU 2015-07.

Liquidity and Capital Resources

The Registrant commenced operations on January 1, 2007. Contributions were raised and redemptions paid through new Members’ investments in and redemptions out of the aggregate trading vehicle through December 31, 2009. Beginning January 1, 2010, Individual Members may redeem directly from the Registrant on a monthly basis.

Subscriptions and Redemptions

Year Ended December 31, 2015

Subscriptions of interests for the year ended December 31, 2015 were $0. Redemptions of interests for the year ended December 31, 2015 were $2,046,875.

Year Ended December 31, 2014

Subscriptions of interests for the year ended December 31, 2014 were $0. Redemptions of interests for the year ended December 31, 2014 were $2,362,862.

Year Ended December 31, 2013

Subscriptions of interests for the year ended December 31, 2013 were $0. Redemptions of interests for the year ended December 31, 2013 were $3,626,404.

Year Ended December 31, 2012

Subscriptions of interests for the year ended December 31, 2012 were $0. Redemptions of interests for the year ended December 31, 2012 were $4,566,148.

Liquidity

A portion of the Registrant’s net assets is held in cash, which is used as margin for its indirect trading in commodities through its investment in Affiliated Investment Funds.

Commodity contracts exposed to indirectly through the Registrant’s investment in ~~CTA~~Affiliated ~~Choice~~Investment Funds may be subject to periods of illiquidity because of market conditions, regulatory considerations and other reasons. For example, commodity exchanges limit fluctuations in certain commodity futures contract prices during a single day by regulations referred to as “daily limits”. During a single day, no trades may be executed at prices beyond the daily limit. Once the price of a futures contract for a particular commodity has increased or decreased by an amount equal to the daily limit, positions in the commodity can neither be taken nor liquidated unless traders are willing to effect trades at or within the limit. Commodity futures prices have occasionally moved the daily limit for several consecutive days with little or no trading. Such market conditions could prevent the Registrant from promptly liquidating its indirect exposure, through its investment in ~~CTA~~Affiliated ~~Choice~~Investment Funds, to commodity futures positions.

Since the Registrant’s business is to trade futures, forward and options contracts through its investment in Affiliated Investment Funds, its capital is at risk due to changes in the value of these contracts (market risk) or the inability of counterparties to perform under the terms of the contracts (credit risk). The Registrant’s exposure to market risk is influenced by a number of factors including the volatility of interest rates and foreign currency exchange rates, the liquidity of the markets in which the contracts are traded and the relationships among the contracts held. The inherent uncertainty of the Registrant’s speculative trading as well as the development of drastic market occurrences could result in losses considerably beyond the Registrant’s experience to date and could ultimately lead to a loss of all or substantially all of Members’ capital. The Managing Member attempts to minimize these risks by requiring the Registrant and the Trading Advisor to abide by various trading limitations and policies, which include limiting margin amounts, trading only in liquid markets and permitting the use of stop loss provisions. See Note 10 of the Registrant’s 2014 Annual Report for a further discussion on the credit and market risks associated with the Registrant’s futures, forwards and option contracts held indirectly through its investment in Affiliated Investment Funds.27

26Since the Registrant’s business is to trade futures, forward and option contracts through its investment in Affiliated Investment Funds, its capital is at risk due to changes in the value of these contracts (market risk) or the inability of counterparties to perform under the terms of the contracts (credit risk). The Registrant’s exposure to market risk is influenced by a number of factors including the volatility of interest rates and foreign currency exchange rates, the liquidity of the markets in which the contracts are traded and the relationships among the contracts held. The inherent uncertainty of the Registrant’s speculative trading as well as the development of drastic market occurrences could result in losses considerably beyond the Registrant’s experience to date and could ultimately lead to a loss of all or substantially all of Members’ capital. The Managing Member attempts to minimize these risks by requiring the Registrant and the Trading Advisors to abide by various trading limitations and policies, which include limiting margin amounts, trading only in liquid markets and permitting the use of stop loss provisions. See Note 10 of the Registrant’s 2015 Annual Report, which is filed as an exhibit hereto, for a further discussion on the credit and market risks associated with the Registrant’s futures, forwards and option contracts held indirectly through its investment in Affiliated Investment Funds.

There are no known material trends, demands, commitments, events or uncertainties at the present time that are reasonably likely to result in the Registrant’s liquidity increasing or decreasing in a material way.

Capital Resources

The Registrant does not intend to raise additional capital through the sale of interests offered or through any borrowing. Due to the nature of the Registrant’s business, the Registrant does not contemplate making capital expenditures. The Registrant does not have, nor does it expect to have, any capital assets. Redemptions, exchanges, and sales of interests in the future will affect the amount of funds available for investments in futures interests in subsequent periods. It is not possible to estimate the amount, and therefore the impact, of future inflows and outflows of interests. There are no known material trends, favorable or unfavorable, that would affect, nor any expected material changes to, the Registrant’s capital resource arrangements at the present time.

Market Overview

Following is a market ~~overview~~ overview for the years ended December 31, ~~2014~~2015, ~~2013~~2014 and ~~2012~~2013:

Year Ended December 31, 2015

Price action during 2015 was influenced by several key macro factors including: divergence in global central bank activity, the outlook for growth in developed and emerging markets, particularly China; and plunging energy and commodity prices overall.

Global equity markets were mixed in 2015. Major U.S. benchmarks remained within broad ranges during the first half of the year as market participants debated the timing of a Federal Reserve rate increase. That changed in August as a surprise devaluation of the Chinese yuan sent shockwaves through the markets, resulting in steep declines in U.S. equity indices. With time, the market stabilized and by year-end U.S. indices had clawed-back the majority of their losses. While the Dow Industrials and S&P 500 ended the year lower, the tech-heavy NASDAQ did better, ending the year with gains. In Europe, there was a bit more optimism early-on as indices moved steadily higher during the 1st quarter as expectations solidified that the ECB would remain accommodative for the foreseeable future. Thereafter, worries over a potential “Grexit,” the Chinese devaluation and a more pessimistic overall view of global growth in general weighed on the markets. A fourth quarter rally left the German DAX higher at year-end. Conversely, the UK FTSE ended the year with losses as investors looked for the Bank of England to potentially raise rates in the New Year. In Japan, the Topix and Nikkei gained during the first half of the year on expectations for further stimulus, and, despite the August sell-off, these markets ended the year with profits.

In currency markets, the U.S. dollar was the winner against most major and emerging currencies, supported by expectations that the Federal Reserve would lift rates – which it did in mid-December. Other market movers during the year included the Swiss National Bank’s January surprise to abandon the Swiss franc’s cap against the euro and the Chinese yuan devaluation weakened commodity markets, in particular currencies, and contributed to overall global uncertainty.

Expectations for, and actions of, global central banks combined with the overall health of the global economy were the predominant influences in global bonds. The preoccupation of when the U.S. would lift rates and the subsequent parsing of every Fed statement and economic indicator resulted in a directionless path for U.S. bond prices for much of the year. Conversely, there were some longer-term directional moves in European and Japanese markets where it was anticipated that central banks would continue to take an accommodative stance.

Commodity markets swooned in 2015 as the Bloomberg Commodity Index fell to levels not seen since 1999. With the exception of cocoa, energies, metals, grains, meats, coffee and sugar all ended the year lower. OPEC’s strategy to defend market share against higher-cost producers and further to scrap productions targets overall, resulted in a global surplus that could well persist will into 2016. Accordingly crude oil prices plunged in 2015, ending the year at multi-year lows; mild weather in the U.S. sent natural gas prices to 16 year lows. Worries over Chinese demand weighed on industrial metals with copper and zinc prices falling close to six-year lows; nickel fell to a 12-year low. Sufficient supply amid weakened demand pressured grain and tropical prices.

Year Ended December 31, 2014

Price action during 2014 was influenced by several key macro factors including: the expectations for global central bank activity, the outlook for growth in developed and emerging markets, the outbreak of Ukraine-Russian tensions and global oversupply in key commodity markets.

In global equities, U.S. ~~markets~~ markets took the spotlight, ending the year just shy of all-time highs as low inflationary readings and global growth worries pushed ~~back~~ back investors’ expectations for a U.S. Federal Reserve (the “Federal Reserve”) interest rate hike until late- 2015. Outside of the U.S. the trend was less clear. U.K. equities traded in a broad range, ultimately ending the year lower as falling commodity prices and shifting expectations for BOE activity weighed heavily on the FTSE. Conversely, the German DAX was range bound for much of the ~~1st~~first half of the year, ultimately rallying into year-end as the ECB announced additional accommodative measures. In Japan, news that the Bank of Japan would embark on a record stimulus program pushed the TOPIX and Nikkei higher during the fourth quarter leaving both indices higher at year-end.

Currency markets were generally quiet for the first half of the year. Thereafter, the dollar embarked on an explosive rally against its major counterparts as better economic data fueled expectations that the U.S. would be the first to hike in 2015. This was in stark contrast to Europe where expectations for further stimulus to prop-up the ailing economy weighed on the euro. Additional accommodative policy from the Bank of Japan resulted in the Japanese yen ending 2014 at lower levels versus the USD. Finally, lower energy and industrial metals prices depressed the economies of commodity-producing nations and as such, currencies like the Australian dollar and Norwegian krone weakened in 2014.

Expectations for, and ~~actions~~ actions of, global central banks combined with the overall health of the global economy were the predominant influences in global bonds. In Europe, yields fell to all-time lows as worse-than-expected growth readings, low inflation and expectations for further ~~stimulus~~ stimulus weighed on the market. Similarly, yields declined in U.S. bond markets as expectations for an interest rate hike were pushed further back into 2015; U.S. bonds also benefited from safe-haven buying throughout the year. In Japan, the ~~BOJ~~Bank of Japan’s ~~decision~~ decision to embark on a massive bond-buying program sent prices there as well higher.

Prices in many global ~~commodity~~ commodity markets experienced sweeping moves in 2014. In energies, prices swooned during the second half of the year on surging global supply amid declining global demand. In base metals, copper ended the period sharply lower on worries of declining demand, notably from China the world’s biggest user of the metal; aluminum prices ended the year slightly higher. In precious metals, gold and silver ended the year lower. In grain markets, corn and soybean markets moved sharply lower mid-year on expectations for a significant 2014 US harvest; by year-end prices had rallied off those lows. In tropical markets, NY cocoa and coffee markets rallied while sugar prices declined and in meats, cattle prices ended the year on an up-note versus hot prices which ended the year lower.

Year Ended December 31, 2013

As 2013 fades into the sunset and 2014 dawns on the horizon, several of 2013’s persistent macroeconomic and geopolitical issues have been resolved. Still, many others have yet to be decided, and there is little consensus what 2014 will bring.

Developed market equities dominated the investment landscape in 2013. Accommodative monetary policy by U.S., European and Japanese central banks, signs of improving global growth, and a revival in consumer sentiment provided the backdrop for strength in equities.

There were periodic disruptions in the equity market rallies, mostly caused by the events in the U.S., such as the ~~U.S.~~ Federal Reserve ~~Bank~~ ~~(the “Federal Reserve”)~~ floating a taper test balloon in the second quarter and the shutdown of the U.S. government at the beginning of the fourth quarter, however, equity market volatility, as measured by the VIX, remained contained in a tight range for most of the year.

Equities finished the year on a strong note after the Federal Reserve fired its first tapering bullet in December with the announcement of a $10B cut in the monthly bond purchase program due to an improved job market outlook. The U.S. jobless rate had fallen to 7% in November, a five-year low, as employers added a greater-than-forecast 203,000 workers to payrolls. In addition to the reduction in bond purchases, the taper statement provided forward guidance with respect to the level of interest rates, and decoupled the target for raising rates from the 6.5% unemployment rate.

The European debt crisis took a back seat in 2013, as the eurozone emerged from recession early in the year. Growth is still anemic and the crisis may not be completely resolved, but the euro was one of the globe’s strongest currencies in 2013.

After years of dormancy, Japan awoke in 2013. Abenomics had a significant impact on the Japanese yen and on the Nikkei in 2013, however, as the year came to an end, its impact on Japanese GDP and inflation has yet to be fully clarified.

Emerging market growth has been slowing for several years. This slowdown in emerging markets was a drag on the global economy in 2013, with commodities bearing the brunt of the slowdown. China, the dominant emerging market player, saw first half 2013 GDP of 7.6% and Q3 2013 GDP of 7.8% year-over-year. Though in line with government targets, overall Chinese growth has been trending lower.

Currencies: Owing to the aggressive fiscal and monetary policies of the Japanese government and the Bank of Japan, the Japanese yen depreciated 21% versus the U.S. dollar in 2013, closing the year at 105.31 versus 86.75 in 2012. It suffered a similar fate versus the euro. The U.S. dollar also appreciated versus many of the commodity currencies, including the Australian dollar, the Canadian dollar, the Norwegian krone and the South African rand. However, the euro, the British pound and the Swiss franc outperformed the U.S. dollar in 2013.

Energies: The energy complex increased, or decreased only modestly, in 2013. Despite a reasonable amount of intra-year volatility, natural gas rose 26% to end the year at 4.23. WTI Crude rose a much more modest 7% in 2013, with most of the gains coming towards the end of the year on signs of U.S. economic strength. Brent crude closed the year down less than 30bp.

Indices: With interest rates in developed markets remaining low, developed market stocks rallied strongly in 2013. In the U.S., the DJIA was up 26.5% to close at a record 16,576.66 and the S&P 500 rallied 29.6% to close at a record 1848.36. Only the Nikkei had a stronger year, gaining 56.72%. In Europe, the ~~Eurostoxx~~Eurosto22 Index rose 17.95%, the U.K.’s FTSE 100 rose 14.43% and Germany’s DAX rose 25.48%. The BRIC emerging market countries had less success, with Brazil falling -15.5%, Russia falling -5.52%, India ~~increasing~~ increasing 8.98% and China falling -6.75%.

Metals: After 12 years of gains, gold fell almost 30% to end the year at 1201.64. With inflation at bay and global economic recovery afoot, investors exited safe havens in favor of higher returns in equities. Silver too plunged in 2013, falling almost 36% to 19.47 at year-end. With copper stocks high, due in large part to lower demand from emerging markets such as China, copper fell just over 7% in 2013.

Agriculturals: In 2013, favorable weather conditions led to stronger than expected crop yields across the major grain-growing regions of the world. As a result, corn and wheat prices fell approximately 40% and 22% respectively in 2013. Similarly favorable weather conditions in sugar-growing regions led to an abundant sugar harvest and a fall in sugar prices of almost 16%. Growing demand from emerging markets, and poor weather conditions in major cocoa producing regions of the world, pushed cocoa prices up over 20%.

Year Ended December 31, 2012

Like 2011, the year 2012 was a tumultuous year for the economy and the financial markets, with major policy decisions in Europe and in the U.S. determining the course of the markets. The major difference between 2011 and 2012 was that the policymakers finally managed to quell the fear of tail risks and, consequently, the year turned out to be a robust one for risk assets. By far the single most consequential event during the year was European Central Bank (“ECB”) chief Draghi’s commitment to do “whatever it takes” which put a lid on sovereign risks in the Eurozone. Together with the long-term refinance operations (“LTRO”), Draghi’s commitment drastically lowered systemic risk and paved the way for both the euro’s resurgence and the global rally in risk assets. Following on the heels of the ECB’s move, it was the Federal Reserve’s turn to deliver. And the Federal Reserve delivered much more than the markets expected. The much anticipated QE3 turned out to be QE unlimited. In contrast to the previous rounds of QE, which were limited in scope and size, the current round of QE is indefinite and predicated on the economy reaching unemployment targets. Not to be left behind, the newly elected Japanese government also jumped onto the bandwagon by promising higher inflation targets and fiscal stimulus. With the Chinese government easing credit policy, and a slew of central banks cutting rates, all in all, policymakers around the world turned on the stimulus spigots. Not surprisingly, risk assets soared. As if there were not enough interesting events, the year also witnessed one of the worst and costliest U.S. droughts.

Global economic performance was mixed during the year. Europe remained mired in a recession, U.S. growth was tepid but the housing recovery raised hopes of an overall economic acceleration, and emerging markets ended the year showing signs of acceleration. The U.S. economy grew at a moderate pace of 2.1%, annualized, through the first three quarters of 2012. Corporate profits growth stalled, with year-over-year growth actually turning down in the third quarter. However, employment picked up moderately from the year before pace. Most importantly, housing experienced a strong rebound, with new and existing home sales, housing starts, and home prices all accelerating in the second half. Home prices are on track for the first annual gain since 2006. Retail sales were solid, and annual motor vehicle sales crossed the 15 million mark for the first time since 2008.

The longest secular trend—the decline in U.S. interest rates—continued in 2012. Despite the ebbing of global risk aversion, U.S. Treasuries ended the year with another gain, albeit a modest one. At one point in the year, Treasuries yields hit new record lows, before backing up in the second half as euro crisis fears faded. Yields fell across the curve. The yield on the 10-year note fell below 1.40% in July before ending the year 1.78%, an 11 basis points drop from the year earlier. The 10-year returned 2.75% for year and the 30-year, 1.30%. Two-year and five-year notes posted returns of 0.28% and 1.29%, respectively. The Federal Reserve kept rates unchanged, announced a new open-ended QE program, and made a qualified commitment to keep rates low until 2015. The ECB cut rates to 75 basis points, a new low. Across the world, central banks were either easing, or moving toward easing, as economic conditions weakened.

Currencies: The Dollar Index started off weak in 2012, rallied strongly by mid-year, but lost ground in the second half as the European crisis ebbed. The Dollar Index ended the year up with a slight decline of 0.5%. The euro posted a gain of 1.64%, while the British pound strengthened 4.67%. However, the big story of the year was the Japanese yen, which plunged 12.55% against the greenback. Aggressive pro-inflation rhetoric by the new government, the threat to curb central bank independence, the growing public debt, and the worsening trade balance all added to the yen’s decline. The Australian dollar ended the year with a gain of 1.39% against the greenback, while the Canadian dollar registered a 2.1% rise.

Energies: Brent and WTI crude had contrasting years, with Brent posting a gain of 3.47% while WTI recorded a decline of 7.09%. Global demand was soft as OECD weakness was compounded by a sharp deceleration in emerging economy demand. However, heightened tensions in the Middle-East and the embargo on Iran helped keep global supply down. U.S. production grew robustly. Reformulated gasoline outperformed crude, rising 4.68%. Natural gas was the star performer in the energy space, gaining 12.11% and bucking the trend of four consecutive annual declines.

Indices: Global equities enjoyed a solid rally in 2012, with most indexes posting their best gains since 2009. The Dow, the S&P500, and the NASDAQ ended the year with gains of 7.26%, 13.41%, and 15.91%, respectively. European stocks fared even better, thanks to the fading of tail risks in Europe. The STOXX 600, the broadest European index, gained 14.37%. Germany had a banner year, with the DAX surging 29%. The CAC posted a gain of 15.23%, while the FTSE rose 8.24%. Asian stocks experienced robust gains as well. The Nikkei soared 22.94% as the yen weakened. The Kospi had a relatively moderate gain of 9.38%, but the Hang Seng surged 22.91%. Australian All Ordinaries Index registered a gain of 13.47%.

Metals: Despite the fading of fears in Europe, precious metals gained in 2012 thanks to QE and declining real interest rates around the world. Silver gained 8.24% while gold posted a 6.96% rise. Among the base metals, nickel stood alone, losing 8.82%, whereas copper, aluminum, and zinc all posted gains.

Agriculturals: Agricultural commodities had a roller coaster year. The severe drought in the U.S. boosted grains, with wheat, soybeans, and corn recording gains of 19.19%, 18.38%, and 8%, respectively. Demand from emerging markets remained robust. Conversely, the softs did not fare as well. Coffee prices plunged 36.61%, thanks to record harvest in Brazil and generally strong crops in Latin America. Cotton experienced a steep loss of 18.15% thanks to ample supply and record stocks.

Sector Performance

Due to the nature of the Registrant’s indirect trading activities, a period-to-period comparison of its indirect trading results is not meaningful. However, set forth below are the following:

	(a)	the major sectors to which the Registrant’s assets were allocated indirectly as of December 31, 2014, 2013 and 2012, measured as a percentage of the “gross speculator margin” (i.e., the minimum amount of cash or marginable securities a speculator must post when buying or selling futures assets); and
	(b)	a discussion of the Registrant’s indirect trading results for the major sectors in which the Registrant traded indirectly for the years ended December 31, 2014, 2013 and 2012.

(a)

the major sectors to which the Registrant’s assets were allocated indirectly as of December 31, 2015, 2014 and 2013, measured as a percentage of the “gross speculator margin” (i.e., the minimum amount of cash or marginable securities a speculator must post when buying or selling futures assets); and

(b)

a discussion of the Registrant’s trading results for the major sectors in which the Registrant traded indirectly for the years ended December 31, 2015, 2014 and 2013.

Year Ended December 31, 2015

As of December 31, 2015, the Registrant had no assets through its investment in Affiliated Investment Funds.

Trading results for the major sectors in which the Registrant traded indirectly for the year ended December 31, 2015 were as follows:

Currencies: (+) The Registrant experienced gains in currencies as the dollar ended the year higher against many developed and emerging market currencies.

Energies: (+) The Registrant experienced profits as prices of WTI and Brent crude oil fell to multi-year lows. Natural gas prices also moved sharply lower in 2015.

Grains: (-) The Registrant experienced losses in grain markets as prices slid on sufficient global supply amid weak demand.

Indices: (-) The Registrant experienced losses, the largest of which were realized during the third quarter, as global indices reacted negatively to a surprise devaluation of the Chinese yuan.

Interest Rates: (+) The Registrant experienced gains in U.S., Canadian and Pacific Rim interest rates which were sufficient to cover losses in European rates.

Meats: (+) The Registrant experienced gains in meats.

Metals: (-) The Registrant experienced losses in metals as unprofitable positions in precious metals erased gsins in the base metals complex.

Softs: (+) The Registrant experienced a gains in tropicals; coffee and sugar ended the period lower while cocoa ended the year at higher prices.

Year Ended December 31, 2014

As of December 31, 2014, the allocation of the Registrant’s assets, through its investment in Affiliated Investment Funds, to major sectors was as follows:


Sector	Allocation

Currencies	25.59	%
Energies	2.92	%
Grains	5.78	%
Indices	13.50	%
Interest Rates	29.76	%
Meats	0.30	%
Metals	15.47	%
Tropicals	6.68	%

TOTAL	100.00	%

Trading results for the major sectors in which the Registrant traded indirectly for the year ended December 31, 2014 were as follows:

Currencies: (+) The Registrant experienced a majority of its gains in the euro and dollar index. The majority of its losses were incurred in the Mexican peso and Australian dollar.

Energies: (+) The Registrant experienced a majority of profits in gas oil, heating oil and Brent crude. The majority of its losses were incurred in RBOB gasoline.

Grains: (+) The Registrant experienced a majority of its gains in soybeans. The majority of its losses were incurred in corn and wheat.

Indices: (-) ~~The~~ The Registrant experienced no gains. The majority ifof its losses were incurred in European stock indices.

Interest Rates: (+) The Registrant a majority of its gains in U.S. rates. The majority of its losses were incurred in European rates.

Meats: (-) The Registrant experienced no gains in meats. The majority of its losses were incurred in live cattle.

Metals: (-) The Registrant experienced a majority of its gains in palladium. The majority of its losses were incurred in copper and gold.

~~Softs~~Tropicals: (+) The Registrant experienced a majority of its gains in sugar. The majority of its losses were incurred in cocoa and ojorange juice.

Year Ended December 31, 2013

As of December 31, 2013, the allocation of the Registrant’s assets, through its investment in Affiliated Investment Funds, to major sectors was as follows:


Sector	Allocation

Currencies	30.47	%
Energies	2.40	%
Grains	10.83	%
Indices	27.27	%
Interest Rates	18.82	%
Meats	0.13	%
Metals	8.47	%
Tropicals	1.61	%

TOTAL	100.00	%

Trading results for the major sectors in which the Registrant traded indirectly for the year ended December 31, 2013 were as follows:

Currencies: (-) The Registrant experienced a majority of its gains in the Japanese yen. The majority of its losses were incurred in the Swiss franc and Canadian dollar.

Energies: (-) The Registrant experienced no gains. The majority of its losses were incurred in crude oil and natural gas.

Grains: (+) The Registrant experienced a majority of its gains in wheat. The majority of its losses were incurred in soybeans.

Indices: (+) The Registrant experienced a majority of its gains in U.S. and Pacific Rim stock indices. No losses were incurred as a result of stock indices.

Interest Rates: (-) The Registrant experienced no gains. The majority of its losses were incurred in European and U.S. rates.

Meats: (+) The Registrant experienced gains in cattle. No losses were incurred as a result of meats.

Metals: (+) The Registrant experienced a majority of its gains in gold and silver. The majority of its losses were incurred in aluminum and copper.

~~Softs~~Tropicals: (+) The Registrant experienced a majority of its gains in coffee and sugar. The majority of its losses were incurred in cocoa.

Year Ended December 31, 2012

As of December 31, 2012, the allocation of the Registrant’s assets, through its investment in Affiliated Investment Funds, to major sectors was as follows:

Sector	Allocation
Currencies		20.45	%
Energies		3.29	%
Grains		9.58	%
Indices		25.20	%
Interest Rates		33.09	%
Meats		0.21	%
Metals		5.26	%
Tropicals		2.92	%
TOTAL		100.00	%

Trading results for the major sectors in which the Registrant traded indirectly for the year ended December 31, 2012 were as follows:

Currencies: (-) The Registrant experienced a majority of its gains in the euro. The majority of its losses were incurred in the British pound and the Swiss franc.

Energies: (-) The Registrant experienced a majority of its gains in gasoline. The majority of its losses were incurred in gas oil and heating oil.

Grains: (-) The Registrant experienced a majority of its gains in soybean meal. The majority of its losses were incurred in bean oil and corn.

Indices: (+) The Registrant experienced a majority of its gains in European and U.S. stock indices. The majority of its losses were incurred in Pacific Rim indices.

Interest Rates: (+) The Registrant experienced a majority of its gains in European and Pacific Rim rates. The majority of its losses were incurred in Canadian rates.

Meats: (-) The Registrant experienced a majority of its gains in feeder cattle. The majority of its losses were incurred in live cattle and live hogs.

Metals: (-) The Registrant experienced no gains. The majority of its losses were incurred in copper, silver, and gold.

Softs: (-) The Registrant experienced a majority of its gains in coffee. The majority of its losses were incurred in sugar and cocoa.

Results of Operations

Year Ended December 31, 2015

The Net Asset Value of the Registrant as of December 31, 2015 was $7,336,256, a decrease of $2,856,105 from the December 31, 2014 Net Asset Value of $10,192,361, primarily due to the effect of Member redemptions and negative trading performance during the year.

The Registrant’s performance for the year ended December 31, 2015 was (9.36)%. Performance includes the percentage change in the Registrant’s Net Asset Value excluding the effect of any subscriptions and redemptions and includes the percentage impact of investment gains/(losses) less any commissions and related fees and expenses. Past performance is not necessarily indicative of future results.

The Registrant’s total gain from its investment in securities for the year ended December 31, 2015 was approximately $16,000.

The Registrant’s total (loss) from its investment in Affiliated Investment Funds for the year ended December 31, 2015 was approximately $(162,000).

Dividend income for the year ended December 31, 2015 was approximately $34,000, a decrease of approximately $49,000 as compared to the year ended December 31, 2014. For a further discussion of these investments, see Note 2 of the Registrant’s 2015 Annual Report, which is filed as an exhibit hereto.

Brokerage commissions and other transaction fees, which are paid indirectly through the Affiliated Investment Funds and are reflected within the respective net asset values of each of the Affiliated Investment Funds, for the year ended December 31, 2015 were approximately $60,000, an increase of approximately $36,000 as compared to the year ended December 31, 2014.

Management fees to the Trading Advisors, which are paid indirectly through the Affiliated Investment Funds and are reflected within the respective net asset values of each of the Affiliated Investment Funds, for the year ended December 31, 2015 were approximately $150,000, a decrease of approximately $36,000 as compared to the year ended December 31, 2014, primarily due to the decrease in the Net Asset Value discussed above.

Management fees to the Managing Member for the year ended December 31, 2015 were approximately $254,000, a decrease of approximately $39,000 as compared to the year ended December 31, 2014, primarily due to the decrease in the Net Asset Value discussed above.

Trading Advisor incentive fees are based on the New High Net Trading Profits generated by the Trading Advisors, as defined in the Trading Advisory Agreements between the Registrant and the Trading Advisors. Trading Advisor incentive fees, which are paid indirectly through the Affiliated Investment Funds and are reflected within the respective net asset values of each of the Affiliated Investment Funds, for the year ended December 31, 2015, were approximately $68,000.

An administrative services fee, which is indirectly paid to ClariTy for risk management and related services with respect to monitoring the Trading Advisors through the Affiliated Investment Funds and reflected within the respective net asset values of each of the Affiliated Investment Funds, for the year ended December 31, 2015 was approximately $26,000, a decrease of approximately $1,000 as compared to the year ended December 31, 2014, primarily due to the decrease in the Net Asset Value discussed above.

Service fees for the year ended December 31, 2015 were approximately $295,000, a decrease of approximately $50,000 as compared to the year ended December 31, 2014, primarily due to the decrease in the Net Asset Value discussed above. For a further discussion of this fee, see Note 6 of the of the Registrant’s 2015 Annual Report, which is filed as an exhibit hereto.

Managing Member interest earned on Certain Investment Funds for the year ended December 31, 2015 was approximately $10,000, a decrease of approximately $39,000 as compared to the year ended December 31, 2014. For a further discussion of this fee, see Note 4 of the Registrant’s 2015 Annual Report, which is filed as an exhibit hereto.

Operating expenses include accounting, audit, tax, and legal fees. Operating expenses for the year ended December 31, 2015 were approximately $300,000.

Year Ended December 31, 2014

The Net Asset Value of the Registrant as of December 31, 2014 was $10,192,361, a decrease of $2,730,869 from the December 31, 2013 Net Asset Value of $12,923,230, primarily due to the effect of Member redemptions and negative trading performance during the year.

The Registrant’s performance for the year ended December 31, 2014 was (1.54)%. Performance includes the percentage change in the Registrant’s Net Asset Value excluding the effect of any subscriptions and redemptions and includes the percentage impact of investment gains/(losses) less any commissions and related fees and expenses. Past performance is not necessarily indicative of future results.

The Registrant’s total loss from its investment in securities for the year ended December 31, 2014 was approximately $(13,000).

The Registrant’s total gain from its investment in Affiliated Investment Funds for the year ended December 31, 2014 was approximately $408,000.

Dividend income for the ~~year~~ year ended December 31, 2014 was approximately $83,000, a decrease of approximately $38,000 as compared to the year ended December 31, 2013. For a further discussion of these investments, ~~See~~see Note 2 of the Registrant’s 2014 Annual Report~~, which is filed as an exhibit hereto~~.

Brokerage commissions and other transaction fees, which are paid indirectly through the Affiliated Investment Funds and are reflected within the respective net asset values of each of the Affiliated Investment Funds, for the year ended December 31, 2014 were approximately $24,000, a decrease of approximately $12,000 as compared to the year ended December 31, 2013, primarily due to the decrease in the Net Asset Value discussed above.

Management fees to the Trading Advisors, which are paid indirectly through the Affiliated Investment Funds and are reflected within the respective net asset values of each of the Affiliated Investment Funds, for the year ended December 31, 2014 were approximately $186,000, a decrease of approximately $97,000 as compared to the year ended December 31, 2013, primarily due to the decrease in the Net Asset Value discussed above.

Management fees to the Managing Member for the year ended December 31, 2014 were approximately $293,000, a decrease of approximately $145,000 as compared to the year ended December 31, 2013, primarily due to the decrease in the Net Asset Value discussed above.

An administrative services fee, which is indirectly paid to ClariTy for risk management and related services with respect to monitoring the Trading Advisors through the Affiliated Investment Funds and reflected within the respective net asset values of each of the Affiliated Investment Funds, for the year ended December 31, 2014 was approximately $27,000, a decrease of approximately $14,000 as compared to the year ended December 31, 2013, primarily due to the decrease in the Net Asset Value discussed above.

Service fees for the year ended December 31, 2014 were approximately $345,000, a decrease of approximately $194,000 as compared to the year ended December 31, 2013, primarily due to the decrease in the Net Asset Value discussed above. For a further discussion of this fee, see Note 6 of the of the Registrant’s 2014 Annual Report~~, which is filed as an exhibit hereto~~.

Managing Member interest earned on Certain Investment Funds for the year ended December 31, 2014 was approximately $49,000, an increase of approximately $21,000 as compared to the year ended December 31, 2013. For a further discussion of this fee, see Note 4 of the Registrant’s 2014 Annual Report~~, which is filed as an exhibit hereto~~.

Operating expenses include accounting, audit, tax, and legal fees. Operating expenses for the year ended December 31, 2014 were approximately $274,000.

Year Ended December 31, 2013

The Net Asset Value of the Registrant as of December 31, 2013 was $12,923,230, a decrease of $5,697,241 from the December 31, 2012 Net Asset Value of $18,620,471, primarily due to negative trading performance and Member redemptions during the year.

The Registrant’s performance for the year ended December 31, 2013 was (11.94)%. Performance includes the percentage change in the Registrant’s Net Asset Value excluding the effect of any subscriptions and redemptions and includes the percentage impact of trading gains/(losses) less any commissions and related fees and expenses. Past performance is not necessarily indicative of future results.

The Registrant’s total loss from its investment in securities for the year ended December 31, 2013 was approximately $(131,000).

The Registrant’s total loss from its investment in Affiliated Investment Funds for the year ended December 31, 2013 was approximately $(810,000).

Dividend income for the ~~year~~ year ended December 31, 2013 was approximately $121,000, a decrease of approximately $96,000 as compared to the year ended December 31, 2012. For a further discussion of these investments, ~~See~~see Note 2 of the Registrant’s 2013 Annual Report~~, which is filed as an exhibit hereto~~.

Brokerage commissions and other transaction fees, which are paid indirectly through the Affiliated Investment Funds and are reflected within the respective net asset values of each of the Affiliated Investment Funds, for the year ended December 31, 2013 were approximately $36,000, a decrease of approximately $59,000 as compared to the year ended December 31, 2012, primarily due to the decrease in Net Asset Value discussed above.

Management fees to the Trading Advisors, which are paid indirectly through the Affiliated Investment Funds and are reflected within the respective net asset values of each of the Affiliated Investment Funds, for the year ended December 31, 2013 were approximately $283,000, a decrease of approximately $115,000 as compared to the year ended December 31, 2012, primarily due to the decrease in Net Asset Value discussed above.

Management fees to the Managing Member for the year ended December 31, 2013 were approximately $438,000, a decrease of approximately $151,000 as compared to the year ended December 31, 2012, primarily due to the decrease in Net Asset Value discussed above.

~~Incentive~~Trading Advisor incentive fees are based on the New High Net Trading Profits generated by the Trading Advisors, as defined in the Trading Advisory Agreements between the Registrant and the Trading Advisors. ~~Incentive~~Trading Advisor incentive fees, which are paid indirectly through the Affiliated Investment Funds and are reflected within the respective net asset values of each of the Affiliated Investment Funds, for the year ended December 31, 2013, were approximately $51,000.

An administrative services fee, which is indirectly paid to ClariTy for risk management and related services with respect to monitoring the Trading Advisors through the Affiliated Investment Funds and reflected within the respective net asset values of each of the Affiliated Investment Funds, for the year ended December 31, 2013 was approximately $41,000, a decrease of approximately $16,000 as compared to the year ended December 31, 2012, primarily due to the decrease in Net Asset Value discussed above.

Service fees for the year ended December 31, 2013 were approximately $539,000, a decrease of approximately $240,000 as compared to the year ended December 31, 2012, primarily due to the decrease in Net Asset Value discussed above. For a further discussion of this fee, see Note 6 of the of the Registrant’s 2013 Annual Report~~, which is filed as an exhibit hereto~~.

Managing Member interest earned on investment funds for the year ended December 31, 2013 was approximately $28,000, a decrease of approximately $86,000 as compared to the year ended December 31, 2012. For a further discussion of this fee, see Note 4 of the Registrant’s 2013 Annual Report~~, which is filed as an exhibit hereto~~.

Operating expenses include accounting, audit, tax, and legal fees. Operating expenses for the year ended December 31, 2013 were approximately $337,000.

Year Ended December 31, 2012

The Net Asset Value of the Registrant as of December 31, 2012 was $18,620,471, a decrease of $7,368,756 from the December 31, 2011 Net Asset Value of $25,989,227, primarily due to the effect of Member redemptions and negative trading performance in 2012.

The Registrant’s performance for the year ended December 31, 2012 was (12.08)%. Performance includes the percentage change in the Registrant’s Net Asset Value excluding the effect of any subscriptions and redemptions and includes the percentage impact of trading gains/(losses) less any commissions and related fees and expenses. Past performance is not necessarily indicative of future results.

The Registrant’s total gains on investments before commissions and related fees for the year ended December 31, 2012 were approximately $67,000.

The Registrant’s total losses from its investment in Affiliated Investment Funds for the year ended December 31, 2012 were approximately $(1,276,000).

Dividend income for the year ended December 31, 2012 was approximately $217,000, a decrease of approximately $106,000 as compared to the year ended December 31, 2011. For a further discussion of these investments, See Note 2 of the Registrant’s 2012 Annual Report.

Brokerage commissions and other transaction fees, which are now paid indirectly through the Affiliated Investment Funds and are reflected within the respective net asset values of each of the Affiliated Investment Funds, for the year ended December 31, 2012 were approximately $95,000, a decrease of approximately $95,000 as compared to the year ended December 31, 2011, primarily due to the decrease in Net Asset Value discussed above.

Management fees to the Trading Advisors, which are now paid indirectly through the Affiliated Investment Funds and are reflected within the respective net asset values of each of the Affiliated Investment Funds, for the year ended December 31, 2012 were approximately $398,000, a decrease of approximately $159,000 as compared to the year ended December 31, 2011, primarily due to the decrease in Net Asset Value discussed above.

Management fees to the Managing Member for the year ended December 31, 2012 were approximately $589,000, a decrease of approximately $247,000 as compared to the year ended December 31, 2011, primarily due to the decrease in Net Asset Value discussed above.

Incentive fees are based on the New High Net Trading Profits generated by the Trading Advisors, as defined in the Trading Advisory Agreements between the Registrant and the Trading Advisors. Incentive fees, which are now paid indirectly through the Affiliated Investment Funds and are reflected within the respective net asset values of each of the Affiliated Investment Funds, for the year ended December 31, 2012, were approximately $20,000.

An administrative services fees, which are now paid indirectly through the Affiliated Investment Funds and are reflected within the respective net asset values of each of the Affiliated Investment Funds, for the year ended December 31, 2012 were approximately $57,000, a decrease of approximately $24,000 as compared to the year ended December 31, 2011, primarily due to the decrease in Net Asset Value discussed above. For a further discussion of this fee, see Note 4 of the Registrant’s 2012 Annual Report.

Service fees for the year ended December 31, 2012 were approximately $779,000, a decrease of approximately $323,000 as compared to the year ended December 31, 2011, primarily due to the decrease in Net Asset Value discussed above. For a further discussion of this fee, see Note 6 of the of the Registrant’s 2012 Annual Report.

Managing Member interest earned on investment funds for the year ended December 31, 2012 was approximately $114,000, an increase of approximately $27,000 as compared to the year ended December 31, 2011. For a further discussion of this fee, see Note 4 of the Registrant’s 2012 Annual Report.

Operating expenses include accounting, audit, tax, and legal fees. Operating expenses for the year ended December 31, 2012 were approximately $331,000.

Inflation

Inflation has had no material impact on the operations or on the financial condition of the Registrant from inception through December 31, ~~2014~~2015.

Off-Balance Sheet Arrangements and Contractual Obligations

The Registrant does not have any off-balance-sheet arrangements (as defined in Regulation S-K 303(a)(4)(ii)) that have or are reasonably likely to have a current or future effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to Members.

The Registrant’s ~~contractual~~ contractual obligations are with the Managing Member, the Trading Advisors it accesses through its investment in Affiliated Investment ~~Funds~~ Funds and its commodity broker. Trading Advisor management fees payable by the Registrant to the Trading ~~Advisor~~Advisors through ~~the~~ CTA ~~Funds~~Choice, and ~~commencing January 1, 2010~~ management fees payable to the Managing Member, are calculated as a fixed percentage of the Registrant’s Net Asset Value or Allocated Assets. Incentive fees payable by the Registrant to the Trading ~~Advisor~~Advisors through ~~the~~ CTA ~~Funds~~Choice are at a fixed rate, calculated as a percentage of the Registrant’s “New High Net Trading Profits” (as defined in the Trading Advisory ~~Agreement~~Agreements). As such, the Managing Member cannot anticipate the amounts to be paid for future periods as Net Asset Values and New High Net Trading Profits are not known until a ~~future~~ date. Commissions payable to the Registrant’s commodity broker are based on a cost per executed trade and, as such, the Managing Member cannot anticipate the amount that will be required under the brokerage agreement, as the level of executed trades are not known until a future date. These agreements are effective for one-year terms, renewable automatically for additional one-year terms unless terminated. Additionally, these agreements may be terminated by either party thereto for various reasons. Additionally, since the Registrant does not enter into other long-term debt obligations, capital lease obligations, operating lease obligations or other long-term liabilities that would otherwise be reflected on the Registrant’s statements of financial condition, a table of contractual obligations has not been presented. For a further discussion of the Registrant’s contractual obligations, see Notes 1, 3, 4 and 5 of the Registrant’s 2014 Annual Report, which is filed as an exhibit hereto.

Commissions payable to the Registrant’s commodity broker are based on a cost per executed trade and, as such, the Managing Member cannot anticipate the amount that will be required under the brokerage agreement, as the level of executed trades are not known until a future date. These agreements are effective for one-year terms, renewable automatically for additional one-year terms unless terminated. Additionally, these agreements may be terminated by either party thereto for various reasons. Additionally, since the Registrant does not enter into other long-term debt obligations, capital lease obligations, operating lease obligations or other long-term liabilities that would otherwise be reflected on the Registrant’s statements of financial condition, a table of contractual obligations has not been presented. For a further discussion of the Registrant’s contractual obligations, see Notes 1, 3, 4 and 5 of the Registrant’s 2015 Annual Report, which is filed as an exhibit hereto.

ITEM 7A.

QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Introduction

Past Results Not Necessarily Indicative of Future Performance

The Registrant is a speculative commodity pool. The market sensitive instruments held by it are acquired for speculative trading purposes, and substantially all of the Registrant’s assets are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Registrant’s main line of business.

Market movements result in frequent changes in the fair market value of the Registrant’s open positions and, consequently, in its earnings and cash flow. The Registrant’s market risk is influenced by a wide variety of factors, including the level and volatility of interest rates, exchange rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Registrant’s open positions and the liquidity of the markets in which it trades.

The Registrant rapidly acquires and liquidates both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular futures market scenario will affect performance, and the Registrant’s past performance is not necessarily indicative of its future results.

Qualitative Disclosures Regarding Primary Trading Risk Exposures

The following qualitative disclosures regarding the Registrant’s market risk exposures - except for (i) those disclosures that are statements of historical fact and (ii) the descriptions of how the Registrant manages its primary market risk exposures— constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act.

The Registrant’s primary market risk exposures as well as the strategies used and to be used by the Managing Member and the Trading Advisors for managing such exposures are subject to numerous uncertainties, contingencies and risks are one of which could cause the actual results of the Registrant’s risk controls to differ materially from the objectives of such strategies. Government interventions, defaults and expropriations, illiquid markets the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures and the risk management strategies of the Registrant. There can be no assurance that the Registrant’s current market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short- or long-term. Members must be prepared to lose all or substantially all of their investment in the Registrant.

Qualitative Disclosures Regarding Means of Managing Risk Exposure

The means by which the ~~Managing~~ Managing Member and the Trading Advisors, through ~~the~~ CTA ~~Funds,~~Choice ~~severally,~~ attempt to manage the risk of the Registrant’s open positions is essentially the same in all market categories traded.

The Trading Advisors attempt to minimize market risk exposure by applying their own risk management trading policies that include the diversification of trading assets into various market sectors. Additionally, the ~~Trading~~Managing ~~Advisors~~Member’s ~~have an~~ oversight committee ~~broadly~~is responsible for evaluating and overseeing the Trading Advisors’ trading policies. The oversight committee meets periodically to discuss and analyze issues such as liquidity, position size, capacity, performance cycles, and new product and market strategies.

The Managing Member attempts to minimize market risk exposure by requiring the Trading Advisors to abide by various trading limitations and policies. The Managing Member monitors compliance with these trading limitations and policies which include, but are not limited to, limiting the amount of margin or premium required for any one commodity or all commodities combined and generally limiting transactions to contracts which are traded in sufficient volume to permit the taking and liquidating of positions. Additionally, the Managing Member shall automatically terminate the Trading Advisors through termination of the CTA Fund if the Net Asset Value of the Registrant declines by 40% during any year or since the commencement of trading activities. Furthermore, the ~~Trust~~Operating Agreement provides that the Registrant will liquidate its positions, and eventually dissolve, if the Registrant experiences a decline in the Net Asset Value of 50% in any year or since the commencement of trading activities. In each case, the decline in Net Asset Value is after giving effect for contributions, distributions and redemptions. The Managing Member may impose additional restrictions (through modifications of such trading limitations and policies) upon the trading activities of the Trading Advisors as it, in good faith, deems to be in the best interest of the Registrant.

ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The financial statements are incorporated by reference to pages 5249 through 8881 of the Registrant’s ~~2014~~2015 Annual Report which is filed as an exhibit hereto.

Selected unaudited quarterly financial data for the years ended December 31, ~~2014~~2015 and ~~2013~~2014 are summarized below:

	First				Second				Third				Fourth
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	Quarter				Quarter				Quarter				Quarter
2015:
2014
Total revenues gain (losses) (including interest)	$	601,852		$	(454,172	)	$	(158,313	)	$	(101,253	)
Total revenues (losses) (including interest)	$	1,149,982			$	170,986			$	856,894			$	600,588
Total revenues gain (losses) (including interest) less commissions and other transaction fees	$	601,852		$	(454,172	)	$	(158,313	)	$	(101,253	)
Total revenues (losses) (including interest) less commissions and other transaction fees	$	1,149,982			$	170,986			$	856,894			$	600,588
Net gain (loss)	$	398,517		$	(640,531	)	$	(320,564	)	$	(246,652	)
Net gain (loss)	$	1,384,868			$	39,815			$	671,539			$	385,137
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2014:
Total revenues (losses) (including interest)	$	(1,149,982	)	$	170,986		$	856,894		$	600,588
Total revenues (losses) (including interest) less commissions and other transaction fees	$	(1,149,982	)	$	170,986		$	856,894		$	600,588
Net gain (loss)	$	(1,384,868	)	$	(39,815	)	$	671,539		$	385,137

	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
2013
Total revenues (losses) (including interest)	$	484,199	$	808,672	$	1,176,290	$	680,569
Total revenues (losses) (including interest) less commissions and other transaction fees	$	484,199	$	808,672	$	1,176,290	$	680,569
Net gain (loss)	$	126,533	$	1,164,415	$	1,463,925	$	430,970

There were no extraordinary, unusual or infrequently occurring items recognized in any quarter reported above, and the Registrant has not disposed of any segments of its business. There have been no year-end adjustments that are material to the results of any fiscal quarter reported above.

ITEM 9.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None

ITEM 9A.

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Registrant’s “disclosure controls and procedures” (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) are designed to ensure that information required to be disclosed by the Registrant in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the ~~Securities and Exchange Commission (the “~~SEC”), and that such information is accumulated and communicated to the Registrant’s management, including the Managing Member’s President and ~~Chief~~Chairman ~~Operating Officer~~ and Chief ~~Compliance~~ Investment Officer (who, in these capacities, function as the Principal Executive Officers and Principal Financial/Accounting Officer, respectively, of the Registrant), as appropriate to allow for timely decisions regarding required disclosure.

In designing and evaluating the Registrant’s disclosure controls and procedures, the Managing Member recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs. Because of the inherent limitations in all control systems, no evaluation of the controls can prove absolute assurance that all control issues and instances of fraud, if any, within the Registrant have been detected.

The Managing Member’s management, under the supervision and with the participation of certain officers of the Managing Member (including the Managing Member’s President and Chief Operating Officer and Chief Compliance Officer), has evaluated the effectiveness of the Registrant’s disclosure controls and procedures as of December 31, 2014. Based upon such evaluation, the Managing Member’s President and Chief Operating Officer and Chief Compliance Officer have concluded that, as of December 31, 2014, the Registrant’s disclosure controls and procedures were effective.

The Managing Member’s management, under the supervision and with the participation of certain officers of the Managing Member (including the Managing Member’s President and Chairman and Chief Investment Officer), has evaluated the effectiveness of the Registrant’s disclosure controls and procedures as of December 31, 2015. Based upon such evaluation, the Managing Member’s President and Chairman and Chief Investment Officer have concluded that, as of December 31, 2015, the Registrant’s disclosure controls and procedures were effective.

Management’s Report on Internal Control Over Financial Reporting

The Registrant’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of the Registrant’s management, including the Managing Member’s President and ~~Chief Operating Officer~~Chairman, the Registrant conducted an evaluation of the effectiveness of its internal control over financial reporting as of December 31, ~~2014~~ 2015 based on the framework in “Internal Control – Integrated Framework” issued in 1992 by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on the evaluation under the framework in “Internal Control – Integrated Framework” issued in 1992 by COSO, the Managing Member concluded that the Registrant’s internal controls over financial reporting were effective as of December 31, ~~2014~~2015.

There are inherent limitations in the effectiveness of any internal control system, including the possibility of human error and the circumvention of overriding controls. Because of these inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Accordingly, even effective internal control over financial reporting can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections of any evaluation of the effectiveness of internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Attestation Report of the Registered Public Accounting Firm

The Registrant’s ~~2014~~ 2015 Annual Report does not include an attestation report of the Registrant’s independent registered public accounting firm regarding the Registrant’s internal control over financial reporting. Management’s report was not subject to attestation by the Registrant’s independent registered public accounting firm pursuant to rules of the SEC that permit the Registrant to provide only management’s report in the Registrant’s ~~2014~~ 2015 Annual Report.

Changes in Internal Control Over Financial Reporting

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rules 13a - 15(f) and 15d - 15(f) under the Exchange Act) during the fourth quarter of ~~2014~~2015 that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 9B.

OTHER INFORMATION

None

[Remainder of page left blank intentionally.]

PART III

ITEM 10.

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The Registrant had no directors or executive officers. The Registrant is managed by the Managing Member. The directors and executive officers of the Managing Member are as follows:

Jim Parrish has been listed as a principal and is the President of the Managing Member, Kenmar Global Investment Management, LLC (“KGIM”) and ClariTy Managed Account & Analytics Platform, LLC (“ClariTy”); Mr. Parrish has responsibility for various credit, volatility, futures, FX and equity investment strategies. Mr. Parrish has been investing in hedge funds, private equity and other alternative investments for over 25 years. Other responsibilities include serving as Managing Partner of a boutique risk advisory business where he provides guidance on mergers, acquisitions and corporate restructurings, including expert witness services for credit related matters. Mr. Parrish is also the Chief Compliance Officer of the Managing Member, KGIM and ClariTy since November 2015. Earlier he was the CEO of a risk management firm that was sold to a major financial services firm. Mr. Parrish’s career in financial services began at Salomon Brothers in mortgage securities, then Moody’s Investors Service where he worked for 14 years holding global analytic and executive positions in Mortgage & Asset Backed Securities, Financial Institutions, Corporate Finance and Quantitative Risk Management. He has worked with hundreds of companies on capital issues amounting to more than one trillion dollars of securities, including expert testimony before juries and regulatory bodies globally. Mr. Parrish received his BA at Shepherd College and an MBA in Finance from The George Washington University. He holds a certificate in Mergers & Acquisitions from UCLA and a certificate in French Studies from the University of Bourgogne

Kenneth A. Shewer has been listed as a principal registered as an associated person and has been an NFA associate member of the Managing Member since February 8, 1984, May 1, 1985 and August 1, 1985, respectively. He is the Chairman &and Chief Investment Officer of the Managing Member. Mr. Shewer has in the past been the Chairman and Co-Chief Executive Officer of KGIM an investment management firm, since its inception in October 2005, and has been listed as a principal, registered as an associated person and has been an NFA associate member since December 12, 2005. Mr. Shewer is also Chairman and Chief Investment Officer of ClariTy, an investment management firm, since its inception in May 2009, and has been listed as a principal, registered as an associated person and has been an NFA associate member since June 9, 2009, June 10, 2009 and June 24, 2009, respectively. Mr. Shewer graduated from Syracuse University with a B.S. degree in 1975. Mr. Shewer is a founding member and member of the Board of the Greenwich Roundtable.

Peter J. Fell ~~has~~ has been Senior Vice President and Director of Due Diligence since joining the Managing Member in September 2004. He has been listed as a principal of the Managing Member since February 6, 2007. Mr. Fell has been Senior Vice President and Director of Due Diligence of KGIM, an investment management firm, since its inception in October 2005, and has been listed as a principal since February 6, 2007. Mr. Fell has been Senior Vice President and Director of Due Diligence of ClariTy, an investment management firm, since its inception in May 2009, and has been listed as a principal since June 9, 2009. . Mr. Fell holds an A.B. cum laude in Music Theory and History and an M.B.A. in Finance from Columbia University.

Melissa Cohn is ~~the~~ the Director Liquid Strategies Research of the Managing Member, KGIM & ClariTy. She has been registered as an associated person and has been an NFA associate member of the Managing Member since November 9, 1988 and October 20, 1988 . Ms. Cohn was previously Senior Vice President of Research of the Managing Member, KGIM and ClariTy since January 2010 and Vice President, Managing Director and Senior Research Analyst since its inception in October 2005. Her responsibilities include manager due diligence, manager analysis, and portfolio/risk management.

Ms. Cohn is a member of the Managing Member’s Investment Committee. Ms. Cohn graduated from the University of Wisconsin Madison with a B.S. in Agriculture in 1982.

David K. Spohr has been the Chief Compliance Officer of the Managing Member, KGIM and ClariTy since October 2013 and the Chief Operating Officer of the Managing Member, KGIM and ClariTy since April 2014. Prior to that Mr. Spohr was Senior Vice President and Director of Fund Administration of the Managing Member since November 2006, Vice President and Director of Fund Administration of the Managing Member from March 2005 to October 2006, and has been listed as a principal of the Managing Member since May 7, 2007 and registered as an associated person of the Managing Member since December 21, 2010. Mr. Spohr is also the Chief Executive Office and Chief Compliance Officer of Kenmar Securities, LLC.

He is responsible for the development and execution of operational infrastructure and compliance responsibilities.

From June 2002 to March 2005, Mr. Spohr was a Vice President at Safra Group, a firm engaged in banking, brokerage and asset management activities, where he was responsible for the Alternative Investment accounting and operations, valuation oversight and tax reporting.

Mr. Spohr received a B.S. in Business Economics from The State University of New York College at Oneonta in 1985 and designation as a Chartered Financial Analyst in 1998.

Section 16(a) Beneficial Ownership Reporting Compliance

Certain of the Managing Member’s directors and officers and any persons holding more than ten percent of the Registrant’s interests (“Ten Percent Owners”) are required to report their initial ownership of interests and any subsequent changes in that ownership to the SEC on Forms 3, 4 or 5. Such directors and officers and Ten Percent Owners are required by SEC regulations to furnish the Registrant with copies of all Forms 3, 4 and 5 they file. There are no Ten Percent Owners of the Registrant’s interests. All filing requirements of Section 16(a) of the Exchange Act were timely complied with during the fiscal year. In making these disclosures, the Registrant has relied solely on written representations of the Managing Member’s directors and officers and the Registrant’s Ten Percent Owners or copies of the reports that they have filed with the SEC during and with respect to its most recent fiscal year.

Code of Professional Conduct

The Managing Member has ~~adopted~~ adopted a Code of Professional Conduct for its President and ~~Chief~~Chairman ~~Operating Officer~~ (who, in these capacities, function as the ~~Co-Chief~~ Principal Executive ~~Officers~~ Officer and Principal Financial/Accounting Officer, respectively, of the Registrant), accounting managers and persons performing similar functions. A copy of the Code of Professional Conduct is attached as an exhibit hereto.

Audit Committee Financial Expert

The Registrant itself ~~does~~ does not have any employees. Kenmar Preferred Investments, LLC serves as Managing Member of the Registrant. The Board of Directors of the Managing Member has delegated audit committee responsibilities to the Internal Controls and Disclosure Committee. ~~David~~Kenneth KA. Shewer ~~Spohr~~ is the Managing Member’s ~~Director~~ ofChairman ~~Fund Administration~~ (and, in that capacity, functions as the Registrant’s Principal Financial/Accounting Officer), is a member of the Internal Controls and Disclosure Committee, and serves as the “audit committee financial expert” for the Registrant. Mr. ~~Spohr~~Shewer is not a member of the Managing Member’s Board of Directors and he is not independent of management.

ITEM 11.

EXECUTIVE COMPENSATION

The Registrant does not itself have any officers, directors or employees. Effective January 1, 2010, the Registrant pays management fees to the Managing Member. The managing officers of the Managing Member are remunerated by the Managing Member in their respective positions.

The managing officers receive no “other compensation” from the Registrant. There are no compensation plans or arrangements relating to a change in control of either the Registrant or the Managing Member.

ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

As of March 1, 2015, the Managing Member owns no interest in the Registrant.

As of March 1, 2015, no Member beneficially owned more than five percent (5%) of the outstanding interests issued by the Registrant.

ITEM 13.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The Registrant has and will continue to have certain relationships with the Managing Member and its affiliates.

Kenmar Preferred Investments, LLC serves as the Registrant’s Managing Member. Beginning January 1, 2010, the Registrant will pay to the Managing Member in advance a monthly management fee equal to 1/1212th of 6% (6% per annum) of the Net Asset Value of the Registrant as of the beginning of each month.

The Registrant pays a monthly administrative services fee indirectly to ClariTy through its investment in Affiliated Investment Funds based on their respective beginning of month Allocated Assets.

The Registrant reimburses the Managing Member on a quarterly basis for certain legal, accounting, administrative and registrar and transfer agent work performed by certain of the Managing Member’s personnel for and on behalf of the Registrant. The amount reimbursed is based on (i) the number of hours devoted by the Managing Member’s personnel for and on behalf of the Registrant and (ii) a commercially reasonable rate for such personnel. For the years ended December 31, ~~2014~~2015, ~~2013~~2014 and ~~2012~~2013, the Registrant reimbursed the Managing Member $~~308~~210,~~837~~048, $~~483~~308,~~070~~837 and $~~813~~483,~~821~~070, respectively, for all related party services provided by the Managing Member’s personnel on behalf of the Registrant.

Chief Operating Officer Independence

David K. Spohr is the Managing Member’s Chief Operating Officer (and, in that capacity, functions as the Registrant’s Principal Financial/Accounting Officer), is a member of the Internal Controls and Disclosure Committee, and serves as the “audit committee financial expert” for the Registrant. Mr. Spohr is not a member of the Managing Member’s Board of Directors and he is not independent of management.

ITEM 14.

PRINCIPAL ACCOUNTING FEES AND SERVICES

Audit Fees and All Other Fees

The Registrant’s principal accountant since October 15, 2007 has been EisnerAmper LLP (“EisnerAmper”). We have been advised by EisnerAmper that neither the firm, nor any member of the firm, has any financial interest, direct or indirect, in any capacity in the Registrant or its affiliates.

(a) Audit Fees

Fees for audit services ~~performed~~ performed by EisnerAmper totaled approximately $4959,000 and $9749,000 for ~~2014~~2015 and ~~2013~~2014, respectively, including fees associated with the review of the Registrant’s quarterly reports on Form 10-Q.

(b) Audit-Related Fees

The audit-related fees ~~billed~~ billed to the Registrant by EisnerAmper totaled $0 and $0 for ~~2014~~2015 and ~~2013~~2014, respectively.

(c) Tax Fees

Fees for tax services ~~performed~~ performed by Arthur F. Bell, Jr. & Associates, L.L.C. totaled approximately $9,000 and $159,000 for ~~2014~~2015 and ~~2013~~2014, respectively.

(d) All Other Fees

The other fees billed to the Registrant by EisnerAmper for ~~2014~~2015 and ~~2013~~2014 totaled $0.

Because the Registrant has no audit committee, the Board of Directors of the Managing Member has delegated audit committee responsibilities to the Internal Controls and Disclosure Committee of the Managing Member. The Internal Controls and Disclosure Committee has not established pre-approval policies and procedures with respect to the engagement of audit or permitted non-audit services rendered to the Registrant. Consequently, all audit and permitted non-audit services provided by EisnerAmper are approved by the Internal Controls and Disclosure Committee.

4241

PART IV

			Annual Report
				Annual Report Page Number
			Page Number
ITEM 15.		EXHIBITS, FINANCIAL STATEMENTS SCHEDULES
ITEM 15.		EXHIBITS, FINANCIAL STATEMENTS SCHEDULES
(a)	1.	Financial Statements and Report of Independent Registered Public Accounting Firm – incorporated by reference to the Registrant’s 2015 Annual Report which is filed as an exhibit hereto
(a)	1	Financial Statements and Report of Independent Registered Public
		Report of Independent Registered Public Accounting Firm – EisnerAmper LLP		1
		Accounting Firm – incorporated by reference to the Registrant’s
		Financial Statements:
		2014 Annual Report which is filed as an exhibit hereto
		Statements of Financial Condition – December 31, 2015 and 2014		2
		Report of Independent Registered Public Accounting Firm – EisnerAmper LLP	1
		Condensed Schedules of Investments – December 31, 2015 and 2014		3
		Financial Statements:
		Statements of Operations – For the years ended December 31, 2015, 2014 and 2013		4
		Statements of Financial Condition – December 31, 2014 and 2013	2
		Statements of Changes in Members’ Capital (Net Asset Value) – For the years ended December 31, 2015, 2014 and 2013		5
		Condensed Schedules of Investments – December 31, 2014 and 2013	3
		Notes to Financial Statements		6-17
		Statements of Operations – For the years ended December 31, 2014, 2013 and 2012	4
		Supplementary Information:		18
		Statements of Changes in Members’ Capital (Net Asset Value) – For the years ended December 31, 2014, 2013 and 2012	5
		Supplementary Schedule of Members’ Capital Accounts – December 31, 2015 and 2014		19-34
		Notes to Financial Statements	6-17
	2.	Financial Statements Schedules
		Supplementary Information:	18
		All schedules have been omitted because they are not applicable or the required information is included in the financial statements or the notes thereto
		Supplementary Schedule of Members’ Capital Accounts – December 31, 2014 and 2013	19-37
	3.	Exhibits
	2	Financial Statements Schedules
		All schedules have been omitted because they are not applicable or the required information is included in the financial statements or the notes thereto
	3	Exhibits

Exhibit Number Description of Document


Exhibit Number		Description of Document

	3.1	Certificate of Formation of KMP Futures Fund I LLC (f/k/a WCM Pool LLC) (incorporated by reference from Exhibit 3.1 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)

	3.2	Certificate of Amendment of Certificate of Formation of KMP Futures Fund I LLC (incorporated by reference from Exhibit 3.2 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)

	3.3	Amended and Restated Limited Liability Company Operating Agreement of KMP Futures Fund I LLC (f/k/a WCM Pool LLC) (incorporated by reference from Exhibit 3.3 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)

	10.1	Advisory Agreement among KMP Futures Fund I LLC (f/k/a WCM Pool LLC), Kenmar Preferred Investments Corp. (f/k/a Preferred Investment Solutions Corp.) and Winton Capital Management Limited (incorporated by reference from Exhibit 10.1 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)

	3.1	Certificate of Formation of KMP Futures Fund I LLC (f/k/a WCM Pool LLC) (incorporated by reference from Exhibit 3.1 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)
	3.2	Certificate of Amendment of Certificate of Formation of KMP Futures Fund I LLC (incorporated by reference from Exhibit 3.2 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)
	3.3	Amended and Restated Limited Liability Company Operating Agreement of KMP Futures Fund I LLC (f/k/a WCM Pool LLC) (incorporated by reference from Exhibit 3.3 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)
	10.1	Advisory Agreement among KMP Futures Fund I LLC (f/k/a WCM Pool LLC), Kenmar Preferred Investments Corp. (f/k/a Preferred Investment Solutions Corp.) and Winton Capital Management Limited (incorporated by reference from Exhibit 10.1 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)


	10.2	Services Agreement between Spectrum Global Fund Administration, L.L.C. and KMP Futures Fund I LLC (f/k/a WCM Pool LLC) (incorporated by reference from Exhibit 10.2 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)

	10.3	Customer Agreement between the KMP Futures Fund I LLC (f/k/a WCM Pool LLC) and UBS Securities LLC (incorporated by reference from Exhibit 10.3 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)

	10.4	Amendment No. 1 to Customer Agreement between KMP Futures Fund I LLC (f/k/a WCM Pool LLC) and UBS Securities LLC (incorporated by reference from Exhibit 10.4 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)

	10.5	FX Prime Brokerage Agreement between UBS AG and KMP Futures Fund I LLC (f/k/a WCM Pool LLC) (incorporated by reference from Exhibit 10.5 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)

	10.6	ISDA Master Agreement, Schedule and Credit Support Annex between UBS AG and KMP Futures Fund I LLC (f/k/a WCM Pool LLC) (incorporated by reference from Exhibit 10.6 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)

	10.7	Amendment to ISDA Master Agreement between UBS AG and KMP Futures Fund I LLC (f/k/a WCM Pool LLC) (incorporated by reference from Exhibit 10.7 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)

	10.8	Master Confirmation Agreement for Non-Deliverable Forward FX Transactions between UBS AG and KMP Futures Fund I LLC (f/k/a WCM Pool LLC) (incorporated by reference from Exhibit 10.8 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)

	10.9	Master Confirmation for Exotic Options between UBS AG and KMP Futures Fund I LLC (f/k/a WCM Pool LLC) (incorporated by reference from Exhibit 10.9 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)

	31.1	Certification pursuant to Exchange Act Rules 13a-14 and 15d-14 (filed herewith)

	31.2	Certification pursuant to Exchange Act Rules 13a-14 and 15d-14 (filed herewith)

	32.1	Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith)

	32.2	Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith)

	99.1	Notice to Members regarding certain changes to the ownership and structure of the Registrant’s underlying managers (incorporated by reference to Exhibit 99.1 to the Registrant’s Form 8-K, File No. 000-53816, filed with the Commission on August 17, 2012)

	99.2	Notice to Members regarding certain changes to the ownership and structure of the Registrant’s underlying managers (incorporated by reference to Exhibit 99.1 to the Registrant’s Form 8-K, File No. 000-53816, filed with the Commission on November 5, 2012)

	99.3	Notice to Members of Administration Agreement and Middle/Back Office Agreement between GlobeOp Financial Services LLC and KMP Futures Fund I LLC (f/k/a WCM Pool LLC) (incorporated by reference to Exhibit 99.3 to the Registrant’s Form 8-K, File No. 000-53816, filed with the Commission on February 28, 2011)

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

	10.2	Services Agreement between Spectrum Global Fund Administration, L.L.C. and KMP Futures Fund I LLC (f/k/a WCM Pool LLC) (incorporated by reference from Exhibit 10.2 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)
101.LAB			XBRL Taxonomy Extension Label Linkbase Document
	10.3	Customer Agreement between the KMP Futures Fund I LLC (f/k/a WCM Pool LLC) and UBS Securities LLC (incorporated by reference from Exhibit 10.3 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)
101.PRE			XBRL Taxonomy Extension Presentation Linkbase Document
	10.4	Amendment No. 1 to Customer Agreement between KMP Futures Fund I LLC (f/k/a WCM Pool LLC) and UBS Securities LLC (incorporated by reference from Exhibit 10.4 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)
101.DEF			XBRL Taxonomy Extension Definition Linkbase Document
	10.5	FX Prime Brokerage Agreement between UBS AG and KMP Futures Fund I LLC (f/k/a WCM Pool LLC) (incorporated by reference from Exhibit 10.5 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)
	10.6	ISDA Master Agreement, Schedule and Credit Support Annex between UBS AG and KMP Futures Fund I LLC (f/k/a WCM Pool LLC) (incorporated by reference from Exhibit 10.6 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)
	10.7	Amendment to ISDA Master Agreement between UBS AG and KMP Futures Fund I LLC (f/k/a WCM Pool LLC) (incorporated by reference from Exhibit 10.7 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)
	10.8	Master Confirmation Agreement for Non-Deliverable Forward FX Transactions between UBS AG and KMP Futures Fund I LLC (f/k/a WCM Pool LLC) (incorporated by reference from Exhibit 10.8 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)
	10.9	Master Confirmation for Exotic Options between UBS AG and KMP Futures Fund I LLC (f/k/a WCM Pool LLC) (incorporated by reference from Exhibit 10.9 of the Registrant’s Registration Statement on Form 10, File No. 000-53816, filed with the Commission on November 2, 2009)
	31.1	Certification pursuant to Exchange Act Rules 13a-14 and 15d-14 (filed herewith)
	31.2	Certification pursuant to Exchange Act Rules 13a-14 and 15d-14 (filed herewith)
	32.1	Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith)
	32.2	Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith)
	99.1	Notice to Members regarding certain changes to the ownership and structure of the Registrant’s underlying managers (incorporated by reference to Exhibit 99.1 to the Registrant’s Form 8-K, File No. 000-53816, filed with the Commission on August 17, 2012)
	99.2	Notice to Members regarding certain changes to the ownership and structure of the Registrant’s underlying managers (incorporated by reference to Exhibit 99.1 to the Registrant’s Form 8-K, File No. 000-53816, filed with the Commission on November 5, 2012)
	99.3	Notice to Members of Administration Agreement and Middle/Back Office Agreement between GlobeOp Financial Services LLC and KMP Futures Fund I LLC (f/k/a WCM Pool LLC) (incorporated by reference to Exhibit 99.3 to the Registrant’s Form 8-K, File No. 000-53816, filed with the Commission on February 28, 2011)

101.INS XBRL Instance Document

101.SCH XBRL Taxonomy Extension Schema Document

101.CAL XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB XBRL Taxonomy Extension Label Linkbase Document

101.PRE XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF XBRL Taxonomy Extension Definition Linkbase Document

In accordance with Rule 406T of Regulation S-T, the XBRL related information in Exhibit 101 to the Annual Report on Form 10-K shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be part of any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

[Remainder of page left blank intentionally.]

4544

(KENMAR PREFERRED LOGO)

KMP FUTURES FUND I LLC

ANNUAL REPORT

December 31, ~~2014~~2015

4645

KMP FUTURES FUND I LLC

______________________

TABLE OF CONTENTS

______________________

	~~PAGES~~	PAGES
Report of Independent Registered Public Accounting Firm – EisnerAmper LLP	1	1
Financial Statements
Statements of Financial Condition	2	2
Condensed Schedules of Investments	3	3
Statements of Operations	4	4
Statements of Changes in Members’ Capital (Net Asset Value)	5	5
Notes to Financial Statements	~~6 – 17~~	6 – 17
Supplementary Information	18	18
Supplementary Schedule of Members’ Capital Accounts	~~19 – 37~~	19 – 34

4746

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Members of

KMP Futures Fund I LLC

We have audited the accompanying statements of financial condition, including the condensed ~~schedules~~schedule of investments, of KMP Futures Fund I LLC (the "Company") as of December 31, ~~2014~~2015 and ~~2013~~2014, and the related statements of operations and changes in members' capital (net asset value) for each of the years in the three-year period ended ~~December 31, 2014~~2015. The financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of KMP Futures Fund I LLC atas of December 31, ~~2014~~2015 and ~~2013,~~ 2014 and the results of its operations for each of the years in the three-year period ended ~~December~~2015 ~~31, 2014,~~ in conformity with accounting principles generally accepted in the United States of America.

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary schedule of members' capital accounts at December 31, ~~2014~~2015 and ~~2013~~2014 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ EisnerAmper LLP

New York, New York

March 17 23, ~~2015~~2016

4847

KMP FUTURES FUND I LLC

STATEMENTS OF FINANCIAL CONDITION

December 31, ~~2014~~2015 and ~~2013~~2014

_______________

	2014		2013
	2015		2014
ASSETS
Cash and cash equivalents (see Note 2)	$	1160,~~089,866~~928	$	1,~~878~~089,~~500~~866
Receivable from Managing Member		~~114~~162,~~370~~151		92114,~~314~~370
Investment in securities, at fair value (cost $6,739,600 and $8,449,085 at December 31, 2014 and 2013, respectively)		6,665,820		8,376,757
Investment in securities, at fair value (cost $1,312,913 and $6,739,600 at December 31, 2015 and 2014, respectively)		1,296,166		6,665,820
Investment in Affiliated Investment Funds, at fair value (cost $2,472,794 and $2,631,160 at December 31, 2014 and 2013, respectively) (see Note 7)		2,533,716		2,888,202
Investment in Affiliated Investment Funds, at fair value (cost $0 and $2,472,794 at December 31, 2015 and 2014, respectively) (see Note 7)		0		2,533,716
Total assets	$	10,403,772	$	13,235,773
Receivable from Affiliated Investment Funds		5,987,304		0
Total assets	$	7,606,549	$	10,403,772
LIABILITIES
Management fees payable to Managing Member	$	1110,~~980~~314	$	1411,~~326~~980
Accrued expenses payable		8493,~~904~~634		~~109~~84,~~022~~904
Service fees payable		2719,~~572~~550		3527,~~303~~572
Redemptions payable		86146,~~955~~795		~~153~~86,~~892~~955
Total liabilities		~~211~~270,~~411~~293		~~312~~211,~~543~~411
MEMBERS’ CAPITAL (Net Asset Value)		107,~~192~~336,~~361~~256		1210,~~923~~192,~~230~~361
Total liabilities and members’ capital	$	10,403,772	$	13,235,773
Total liabilities and Members’ capital	$	7,606,549	$	10,403,772

See accompanying notes.

4948

KMP FUTURES FUND I LLC

CONDENSED SCHEDULES OF INVESTMENTS

December 31, ~~2014~~2015 and ~~2013~~2014

_______________

	2014					2013
	2015					2014
	Fair Value as a % of Members’ Capital			Fair Value		Fair Value as a % of Members’ Capital			Fair Value
Investment in securities:
Publicly-traded mutual funds:
Fidelity Instl Shrt-Interm Govt (shares 333,455.843 and 418,413.690 at December 31, 2014 and 2013, respectively)		32.78	%	$	3,341,228		32.34	%	$	4,179,953
Fidelity Instl Shrt-Interm Govt (shares 0.000 and 333,455.843 at December 31, 2015 and 2014, respectively)		0.00	%	$	0		32.78	%	$	3,341,228
T. Rowe Price Short-Term Bond Fund (shares 699,914.108 and 876,159.551 at December 31, 2014 and 2013, respectively)		32.62	%		3,324,592		32.48	%		4,196,804
T. Rowe Price Short-Term Bond Fund (shares 0.000 and 699,914.108 at December 31, 2015 and 2014, respectively)		0.00	%		0		32.62	%		3,324,592
Total investment in securities (cost $6,739,600 and $8,449,085 at December 31, 2014 and 2013, respectively)		65.40	%	$	6,665,820		64.82	%	$	8,376,757
DoubleLine Low Duration Bond Fund Class I (shares 129,746.316 and 0.000 at December 31, 2015 and 2014, respectively)		17.67	%		1,296,166		0.00	%		0
Total investment in securities (cost $1,312,913 and $6,739,600 at December 31, 2015 and 2014, respectively)		17.67	%	$	1,296,166		65.40	%	$	6,665,820
Investment in Affiliated Investment Funds:
CTA Choice EGLG		130.7400	%	$	~~1,399,957~~0		13.7174	%	$	1,~~771~~399,~~901~~957
CTA Choice WTN		110.1200	%		~~1,133,759~~0		811.6412	%		1,~~116~~133,~~301~~759
Total investment in Affiliated Investment Funds (cost $2,472,794 and $2,631,160 at December 31, 2014 and 2013, respectively)		24.86	%	$	2,533,716		22.35	%	$	2,888,202
Total investment in Affiliated Investment Funds (cost $0 and $2,472,794 at December 31, 2015 and 2014, respectively)		0.00	%	$	0		24.86	%	$	2,533,716

See accompanying notes.

5049

KMP FUTURES FUND I LLC

STATEMENTS OF OPERATIONS

For ~~the~~ the Years Ended December 31, ~~2014~~2015, ~~2013~~2014 and ~~2012~~2013

_______________

	2014			2013			2012
	2015			2014			2013
INVESTMENT INCOME
Interest income	$	~~292~~11		$	~~592~~292		$	~~2,334~~592
Dividend income		8333,~~095~~653			~~120~~83,~~775~~095			~~216~~120,~~827~~775
Total investment income		8333,~~387~~664			~~121~~83,~~367~~387			~~219~~121,~~161~~367
EXPENSES
Management fees to Managing Member		~~293~~254,~~260~~283			~~438~~293,~~480~~260			~~588~~438,~~523~~480
Managing Member interest earned on Certain Investment Funds (see Note 4)		4810,~~806~~326			2848,~~430~~806			~~113~~28,~~954~~430
Service fees (see Note 6)		~~344~~295,~~890~~331			~~539~~344,~~291~~890			~~778~~539,~~921~~291
Operating expenses		~~273~~299,~~908~~555			~~336~~273,~~756~~908			~~330~~336,~~998~~756
Total expenses		~~960~~859,~~864~~495			1960,~~342,957~~864			1,~~812~~342,~~396~~957
General and administrative expenses borne by the Managing Member and affiliates		(~~114~~162,~~371~~151	)		(92114,~~314~~371	)		0(92,314	)
Net expenses		~~846~~697,~~493~~344			1846,~~250,643~~493			1,~~812~~250,~~396~~643
Net investment loss		(~~763~~663,~~106~~680	)		(1763,~~129,276~~106	)		(1,~~593~~129,~~235~~276	)
REALIZED AND UNREALIZED GAIN OR (LOSS) ON INVESTMENTS
Net realized (loss) gain		(11,198	)		(19,408	)		503,058
Net realized loss on investment in securities		(40,541	)		(11,198	)		(19,408	)
Net change in unrealized depreciation		(1,453	)		(112,080	)		(436,377	)
Net change in unrealized appreciation/depreciation on investment in securities		57,033			(1,453	)		(112,080	)
Net (loss) gain from trading		(12,651	)		(131,488	)		66,681
Net gain (loss) from investment in securities		16,492			(12,651	)		(131,488	)
Net realized gain (loss) on investment in Affiliated Investment Funds		603,870			(698,266	)		(1,644,903	)
Net realized (loss) gain on investment in Affiliated Investment Funds		(101,120	)		603,870			(698,266	)
Net change in unrealized depreciation/appreciation on investment in Affiliated Investment Funds		(196,120	)		(111,807	)		368,849
Net change in unrealized depreciation on investment in Affiliated Investment Funds		(60,922	)		(196,120	)		(111,807	)
Net gain (loss) from investment in Affiliated Investment Funds		407,750			(810,073	)		(1,276,054	)
Net (loss) gain from investment in Affiliated Investment Funds		(162,042	)		407,750			(810,073	)
NET LOSS	$	(~~368~~809,~~007~~230	)	$	(2368,~~070,837~~007	)	$	(2,~~802~~070,~~608~~837	)

See accompanying notes.

5150

KMP FUTURES FUND I LLC

STATEMENTS OF CHANGES IN MEMBERS’ CAPITAL (NET ASSET VALUE)

For the Years Ended December 31, ~~2014~~2015, ~~2013~~2014 and ~~2012~~2013

_______________

	Members’ Capital
Members’ capital at December 31, 2011	$	25,989,227
Members’ capital at December 31, 2012	$	18,620,471
Redemptions		(4,566,148	)
Net loss for the year ended December 31, 2012		(2,802,608	)
Members’ capital at December 31, 2012		18,620,471
Redemptions		(3,626,404	)
Net loss for the year ended December 31, 2013		(2,070,837	)
Members’ capital at December 31, 2013		12,923,230
Redemptions		(2,362,862	)
Net loss for the year ended December 31, 2014		(368,007	)
Members’ capital at December 31, 2014	$	10,192,361
Redemptions		(2,046,875	)
Net loss for the year ended December 31, 2015		(809,230	)
Members’ capital at December 31, 2015	$	7,336,256

See accompanying notes.

5251

KMP FUTURES FUND I LLC

NOTES TO FINANCIAL STATEMENTS

_______________

Note 1. ORGANIZATION

A. General Description of the Company

KMP Futures Fund I LLC (the “Company”) is a limited liability company organized under the laws of Delaware on November 20, 2006, which commenced operations on January 1, 2007. The Company will terminate on December 31, 2056 unless terminated sooner under the provisions of the limited liability company agreement of the Company (the “Operating Agreement”). The Company was formed to engage in the direct or indirect speculative trading of a diversified portfolio of futures contracts, options on futures contracts and forward currency contracts and may, from time to time, engage in cash and spot transactions. Investors holding interests in the Company are collectively referred to as the “Members” or the “Individual Members”. The fiscal year end of the Company is December 31.

Effective ~~July 1, 2012, Kenmar Preferred Investments Corp. changed its name and form of entity to Kenmar Preferred Investments, L.P. Effective~~ March 1917, 2014, the Kenmar Group and the Olympia Group of Companies merged with the GEMS Group. In connection with the merger, certain changes in the corporate structure of the organization have occurred. Kenmar Preferred Investments, L.P. (“Kenmar Preferred” or the “Managing Member”) who is the Managing Member of the Company, converted from a Delaware limited partnership to a Delaware limited liability company. Accordingly, the name changed to Kenmar Preferred Investments, LLC. Kenmar Preferred or Managing Member refers to either Kenmar Preferred Investments ~~Corp.~~, ~~Kenmar Preferred Investments,~~ L.P. or Kenmar Preferred Investments, LLC, depending on the applicable period discussed. Kenmar Preferred has been delegated administrative authority over the operations of the Company.

The Company is a reporting company pursuant to the Securities Exchange Act of 1934. Moreover, as a commodity pool, the Company is subject to the record keeping and reporting requirements of the Commodity Futures Trading Commission (“CFTC”) and the National Futures Association (“NFA”). The Company meets the definition of an investment company in accordance with guidance under Accounting Standards Codification Topic 946 “Financial Services – Investment Companies”.

The Company allocates a portion of its net assets (“Allocated Assets”) to commodity ~~trading~~Trading ~~advisors~~Advisors (each, a “Trading Advisor” and collectively, the “Trading Advisors”) through various series of CTA Choice Fund LLC (“CTA Choice”), a Delaware limited liability company, for which such allocations are rebalanced quarterly. Each Trading Advisor manages the portion of the assets of the Company allocated to such Trading Advisor and makes the trading decisions in respect of the assets allocated to such Trading Advisor. The Managing Member may terminate any current Trading Advisor or select new ~~trading~~Trading ~~advisors~~Advisors from time to time in its sole discretion. In the future, the Managing Member may determine to access certain Trading Advisors through separate investee pools.

5352

KMP FUTURES FUND I LLC

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

Note 1. ORGANIZATION (CONTINUED)

	A.	General Description of the Company (Continued)
		Effective July 1, 2012, ClariTy Managed Account & Analytics Platform LLC changed its name and form of entity to ClariTy Managed Account & Analytics Platform, L.P. Effective March 17, 2014, ClariTy Managed Account & Analytics Platform, L.P. changed its name and form of entity to ClariTy Managed Account & Analytics Platform, LLC (“ClariTy”). ClariTy refers to either ClariTy Managed Account & Analytics Platform LLC, ClariTy Managed Account & Analytics Platform, L.P. or ClariTy Managed Account & Analytics Platform, LLC, depending on the applicable period discussed. ClariTy, an affiliate of Kenmar Preferred, serves as the managing member for CTA Choice. CTA Choice consists of multiple segregated series, each established pursuant to a separate Certificate of Designation prepared by ClariTy. CTA Choice is an “umbrella fund” having multiple series, each of which is referred to as an “Affiliated Investment Fund”. Each Affiliated Investment Fund has its own clearly-defined investment objective and strategies that are implemented by a trading advisor.
		Effective July 1, 2012, Kenmar Global Investment Management LLC changed its name and form of entity to Kenmar Global Investment Management, L.P. Effective March 17, 2014, Kenmar Global Investment Management, L.P. changed its name and form of entity to Kenmar Global Investment Management, LLC (“Asset Allocator”). Asset Allocator refers to either Kenmar Global Investment Management LLC, Kenmar Global Investment Management, L.P. or Kenmar Global Investment Management, LLC, depending on the applicable period discussed. The Asset Allocator, an affiliate of the Managing Member, is the Asset Allocator of CTA Choice. Pursuant to the Asset Allocation Agreements between the Managing Member, the Asset Allocator, and each interestholder, the Asset Allocator determines the trading level of each interestholder’s assets and reallocates among the separate series of CTA Choice as agreed upon with the Trading Advisors. While the Asset Allocator receives no fees for such services from the Company, the Asset Allocator is paid management and incentive fees directly from the interestholders pursuant to each interestholder’s Asset Allocation Agreement. The Company pays no management or incentive fees to the Asset Allocator.
		Effective January 1, 2012, the Company allocated approximately one-half of its Allocated Assets to each of the following Trading Advisors: CTA Choice GRM (“GRM”) and CTA Choice WTN (“WTN”), both segregated series of CTA Choice. Graham Capital Management, L.P. (“Graham”) is the Trading Advisor for GRM and manages the assets pursuant to its K4D-15V Program. Winton Capital Management Limited (“Winton”) is the Trading Advisor for WTN and manages the assets pursuant to its Diversified Program.
		Effective October 31, 2012, the Company fully redeemed from GRM. Effective November 1, 2012, the Company re-allocated approximately one-half of its Allocated Assets to each of WTN and CTA Choice EGLG (“EGLG”), a segregated series of CTA Choice. Eagle Trading Systems Inc. (“Eagle”) is the Trading Advisor for EGLG and manages the assets pursuant to its Eagle Global Program.

	A.	General Description of the Company (Continued)

Effective March 17, 2014, ClariTy Managed Account & Analytics Platform, L.P. changed its name and form of entity to ClariTy Managed Account & Analytics Platform, LLC (“ClariTy”). ClariTy refers to either ClariTy Managed Account & Analytics Platform, L.P. or ClariTy Managed Account & Analytics Platform, LLC, depending on the applicable period discussed. ClariTy, an affiliate of Kenmar Preferred, serves as the managing member for CTA Choice. CTA Choice consists of multiple segregated series, each established pursuant to a separate Certificate of Designation prepared by ClariTy. CTA Choice is an “umbrella fund” having multiple series, each of which is referred to as an “Affiliated Investment Fund”. Each Affiliated Investment Fund has its own clearly-defined investment objective and strategies that are implemented by a trading advisor.

Effective March 17, 2014, Kenmar Global Investment Management, L.P. changed its name and form of entity to Kenmar Global Investment Management, LLC (the “Asset Allocator”). Asset Allocator refers to either Kenmar Global Investment Management, L.P. or Kenmar Global Investment Management, LLC, depending on the applicable period discussed. The Asset Allocator, an affiliate of the Managing Member, is the Asset Allocator of CTA Choice. Pursuant to the Asset Allocation Agreements between the Managing Member, the Asset Allocator, and each interestholder, the Asset Allocator determines the trading level of each interestholder’s assets and reallocates among the separate series of CTA Choice as agreed upon with the Trading Advisors. While the Asset Allocator receives no fees for such services from the Company, the Asset Allocator is paid management and incentive fees directly from the interestholders pursuant to each interestholder’s Asset Allocation Agreement. The Company pays no management or incentive fees to the Asset Allocator.

Effective May 1, 2015, the Company allocates approximately one-half of its Allocated Assets to each of CTA Choice WTN (“WTN”) and CTA Choice QNTM (“QNTM”), both segregated series of CTA Choice, after fully redeeming from CTA Choice EGLG (“EGLG”). Winton Capital Management Limited (“Winton”) is the Trading Advisor for WTN and manages the assets pursuant to its Diversified Program. Eagle Trading Systems Inc. (“Eagle”) is the Trading Advisor for EGLG and manages the assets pursuant to its Global Program. Quantmetrics Capital Management LLP (“Quantmetrics”) is the Trading Advisor for QNTM and manages the assets pursuant to its QM Multi Strategy Program.

Effective December 31, 2015 the Company redeemed in full from WTN and QNTM and allocated one half of its Allocated Assets each to CTA Choice ISAT and CTA Choice KEY effective January 1, 2016. Please see note 12.

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

	A.	Basis of Accounting

The financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Such principles require the Managing Member to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting year. Actual results could differ from those estimates.

5453

KMP FUTURES FUND I LLC

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

	A.	Basis of Accounting (Continued)
		The financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Such principles require the Managing Member to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
		Investment in securities consists of publicly-traded mutual funds, which are valued using the net asset value on the last day of the period. Realized gains and losses from investment in securities and Affiliated Investment Funds are determined using the identified cost method. Any change in net unrealized gain or loss from the preceding period is reported in the statements of operations. Dividends are recorded on the ex-dividend date.
		The Company has elected not to provide a statement of cash flows since substantially all of the Company’s investments are carried at fair value and classified as Level 1 or Level 2 measurements in the fair value hierarchy table, the Company has little or no debt and a statement of changes in members’ capital (Net Asset Value) is provided.
		Consistent with standard business practice in the normal course of business, the Company has provided general indemnifications to the Managing Member, the Trading Advisors and others when they act, in good faith, in the best interests of the Company. The Company is unable to develop an estimate of the maximum potential amount of future payments that could potentially result from any hypothetical future claim, but expects the risk of having to make any payments under these general business indemnifications to be remote.
		The Company accounts for financial assets and liabilities using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels: quoted market prices in active markets for identical assets and liabilities (Level 1), inputs other than quoted market prices that are observable for the asset or liability, either directly or indirectly (Level 2), and unobservable inputs for the asset or liability (Level 3).
		The Company considers its investments in publicly-traded mutual funds to be based on quoted prices in active markets for identical assets (Level 1). In determining the level, the Company considers the length of time until the investment is redeemable, including notice and lock-up periods or any other restriction on the disposition of the investment. The Company also considers the nature of the portfolios of the underlying Affiliated Investment Funds and their ability to liquidate their underlying investments. The Company has the ability to redeem its investments at the reported net asset valuation as of the measurement date (see Note 7) and classified its investment in Affiliated Investment Funds as Level 2 using the fair value hierarchy. The Affiliated Investment Funds are valued at the net asset value as reported by the underlying investment funds’ capital balance using the practical expedient method. The carrying value of the underlying investment in the Affiliated Investment Funds is at fair value.
		There are no Level 3 investments on December 31, 2014 or December 31, 2013, nor any portion of the interim periods.

Basis of Accounting (Continued)

Investment in securities consists of publicly-traded mutual funds, which are valued using the net asset value on the last day of the period. Realized gains and losses from investment in securities and Affiliated Investment Funds are determined using the identified cost method. Any change in net unrealized gain or loss from the preceding period is reported in the statements of operations. Dividends are recorded on the ex-dividend date.

The Company has elected not to provide a statement of cash flows since substantially all of the Company’s investments are carried at fair value and classified as Level 1 or Level 2 measurements in the fair value hierarchy table, the Company has little or no debt and a statement of changes in Members’ capital (Net Asset Value) is provided.

Consistent with standard business practice in the normal course of business, the Company has provided general indemnifications to the Managing Member, the Trading Advisors and others when they act, in good faith, in the best interests of the Company. The Company is unable to develop an estimate of the maximum potential amount of future payments that could potentially result from any hypothetical future claim, but expects the risk of having to make any payments under these general business indemnifications to be remote.

The Company accounts for financial assets and liabilities using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels: quoted market prices in active markets for identical assets and liabilities (Level 1), inputs other than quoted market prices that are observable for the asset or liability, either directly or indirectly (Level 2), and unobservable inputs for the asset or liability (Level 3).

The Company considers its investments in publicly-traded mutual funds to be based on quoted prices in active markets for identical assets (Level 1). In determining the level, the Company considers the length of time until the investment is redeemable, including notice and lock-up periods or any other restriction on the disposition of the investment. The Company also considers the nature of the portfolios of the underlying Affiliated Investment Funds and their ability to liquidate their underlying investments. The Company has the ability to redeem its investments at the reported net asset valuation as of the measurement date (see Note 7) and classified its investment in Affiliated Investment Funds as Level 2 using the fair value hierarchy. The Affiliated Investment Funds are valued at the net asset value as reported by the underlying investment funds’ capital balance using the practical expedient method. The carrying value of the underlying investment in the Affiliated Investment Funds is at fair value.

There are no Level 3 investments on December 31, 2015 or 2014, nor any portion of the interim periods.

5554

KMP FUTURES FUND I LLC

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

A. Basis of Accounting (Continued) ~~The following table summarizes the assets measured at fair value using the fair value hierarchy:~~

December 31, 2014	Level 1		Level 2		Level 3		Total
Assets:
Investment in securities, at fair value	$	6,665,820	$	0	$	0	$	6,665,820
Investment in Affiliated Investment Funds, at fair value	$	0	$	2,533,716	$	0	$	2,533,716
December 31, 2013		Level 1		Level 2		Level 3		Total
Assets:
Investment in securities, at fair value	$	8,376,757	$	0	$	0	$	8,376,757
Investment in Affiliated Investment Funds, at fair value	$	0	$	2,888,202	$	0	$	2,888,202

The following table summarizes the assets measured at fair value using the fair value hierarchy:

B. Cash and Cash Equivalents Cash and cash equivalents include cash and investments in overnight deposits. Interest income, if any, includes interest on cash and overnight deposits. In the event of a financial institution’s insolvency, recovery of cash on deposit may be limited to account insurance or other protections afforded such deposits. The Company has established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that it will, in fact, succeed in doing so. The Members bear the risk of loss only to the extent of the market value of their respective investments and, in certain specific circumstances, redemptions received. C. Income Taxes The Company is treated as a partnership for U.S. federal income tax purposes. As such, the Company is not required to provide for, or pay, any U.S. federal or state income taxes. Income tax attributes that arise from its operations are passed directly to the Members. The Company may be subject to other state and local taxes in jurisdictions in which it operates.


December 31, 2015		Level 1		Level 2		Level 3		Total

Assets:
Investment in securities, at fair value	$	1,296,166	$	0	$	0	$	1,296,166

December 31, 2014		Level 1		Level 2		Level 3		Total

Assets:
Investment in securities, at fair value	$	6,665,820	$	0	$	0	$	6,665,820
Investment in Affiliated Investment Funds, at fair value	$	0	$	2,533,716	$	0	$	2,533,716

Cash and Cash Equivalents

Cash and cash equivalents include cash and investments in overnight deposits. Interest income, if any, includes interest on cash and overnight deposits. In the event of a financial institution’s insolvency, recovery of cash on deposit may be limited to account insurance or other protections afforded such deposits. The Company has established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that it will, in fact, succeed in doing so. The Members bear the risk of loss only to the extent of the market value of their respective investments and, in certain specific circumstances, distributions or redemptions received.

Income Taxes

The Company is treated as a partnership for U.S. federal income tax purposes. As such, the Company is not required to provide for, or pay, any U.S. federal or state income taxes. Income tax attributes that arise from its operations are passed directly to the Members. The Company may be subject to other state and local taxes in jurisdictions in which it operates.

There have been no differences between the tax basis and book basis of assets, liabilities or Members’ capital since inception of the Company.

5655

KMP FUTURES FUND I LLC

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

CD. ~~Income~~Capital ~~Taxes (Continued)~~Accounts

The Company appropriately recognizes and discloses uncertain tax provisions in their financial statements. Recognition is permitted for each position if, based on its technical merits, it is “more likely than not” that the position will be upheld under audit by tax authorities. The Managing Member has reviewed the Company’s tax positions for all open years and concluded that no provision for unrecognized tax benefits or expense is required in these financial statements. The Company has elected an accounting policy to classify interest and penalties related to unrecognized tax benefits as interest or other expense. The 2011 through 2014 tax years generally remain subject to examination by U.S. federal and most state tax authorities. There have been no differences between the tax basis and book basis of assets, liabilities or Members’ capital since inception of the Company. D. Capital Accounts The Company accounts for subscriptions, allocations and redemptions on a per Member capital account basis. The Company allocates profits and losses, for both financial and tax reporting purposes to its Members monthly on a pro rata basis based on each Member’s capital in the Company during the month. Distributions (other than redemptions of capital) may be made at the sole discretion of the Managing Member on a pro rata basis in accordance with the Members’ respective capital balances. The Managing Member has not and does not presently intend to make any distributions. E. Interest and Dividends Interest is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. F. Redemptions Payable For purposes of both financial reporting and calculation of redemption value, Net Asset Value is calculated per each Member’s capital account balance after allocations of net income (loss) to such Member’s account. G. Investment in Affiliated Investment Funds The investment in Affiliated Investment Funds is reported at fair value in the Company’s statements of financial condition. Fair value ordinarily is the fund’s net asset value as determined for the Affiliated Investment Funds in accordance with the fund’s valuation policies and reported at the time of the Company’s valuation by the management of the fund. Generally, the fair value of the Company’s investment in the Affiliated Investment Funds represents the amount that the Company could reasonably expect to receive from the funds if the Company’s investment was redeemed at the time of the valuation, based on information reasonably available at the time the valuation is made and that the Company believes to be reliable.

Interest and Dividends

Interest is recorded on an accrual basis. Dividends are recorded on the ex-dividend date.

Redemptions Payable

For purposes of both financial reporting and calculation of redemption value, Net Asset Value is calculated per each Member’s capital account balance after allocations of net income (loss) to such Member’s account.

Investment in Affiliated Investment Funds

The investment in Affiliated Investment Funds is reported at fair value in the Company’s statements of financial condition. Fair value ordinarily is the fund’s net asset value as determined for the Affiliated Investment Funds in accordance with the fund’s valuation policies and reported at the time of the Company’s valuation by the management of the funds. Generally, the fair value of the Company’s investment in Affiliated Investment Funds represents the amount that the Company could reasonably expect to receive from the Affiliated Investment Funds if the Company’s investment was redeemed at the time of the valuation, based on information reasonably available at the time the valuation is made and that the Company believes to be reliable.

New Accounting Pronouncement

In May, 2015, the FASB issued Accounting Standards Update No. 2015-07 (“ASU 2015-07”), Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or its Equivalent). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using net asset value per share as a practical expedient. ASU 2015-07 is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted. The Company has chosen not to early adopt ASU 2015-07.

5756

KMP FUTURES FUND I LLC

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

Note 3. COSTS, FEES AND EXPENSES

	A.	Operating Expenses
		Operating expenses of the Company are paid for by the Company, subject to an operating expense cap of 1.5% of the Company’s Net Asset Value per annum. Operating expenses include legal, accounting, registrar, transfer and assignment functions, investor communications, printing, and other administrative services.
	B.	Trading Advisor Management and Incentive Fees
		The Company indirectly through its investment in Affiliated Investment Funds pays the following Trading Advisor management fees (based on their respective Allocated Assets to the CTA Choice investments) and incentive fees for achieving “New High Net Trading Profits”, in the Company’s capital accounts within the Affiliated Investment Funds as defined in their respective advisory agreements:

Operating Expenses

Trading Advisor	Management Fee			Incentive Fee
WTN		1.50	%		20.00	%
GRM*		2.00	%		20.00	%
EGLG		2.00	%		25.00	%

Operating expenses of the Company are paid for by the Company, subject to an operating expense cap of 1.5% of the Company’s Net Asset Value per annum. Operating expenses include legal, accounting, registrar, transfer and assignment functions, investor communications, printing, and other administrative services.

*TheB. ~~Company~~Trading ~~fully~~Advisor ~~redeemed~~Management ~~from~~and ~~GRM~~Incentive ~~as of October 31, 2012.~~Fees

		For the years ended December 31, 2014, 2013 and 2012, the Trading Advisor management fees paid indirectly within each Affiliated Investment Fund based on the Company’s Allocated Assets as of each standard allocation date, totaled $186,286, $283,226 and $397,564, respectively.
		For the years ended December 31, 2014, 2013 and 2012, the Trading Advisor incentive fees paid indirectly within the Company’s investment in Affiliated Investment Funds, totaled $156,366, $50,670 and $19,538, respectively.
	C.	Commissions
		The Company, indirectly through the commodity trading activity of the Affiliated Investment Funds, is obligated to pay all floor brokerage expenses, give-up charges and NFA clearing and exchange fees. These activities are reflected within the respective net asset value of each of the Affiliated Investment Funds.

The Company indirectly through its investment in Affiliated Investment Funds pays the following Trading Advisor management fees (based on the Company’s Allocated Assets as of each standard allocation date ) and incentive fees for achieving “New High Net Trading Profits”, in the Company’s capital accounts within the Affiliated Investment Funds as defined in their respective advisory agreements:

Affiliated Investment Fund	Management Fee			Incentive Fee
CTA Choice EGLG *		2.00	%		25.00	%
CTA Choice QNTM**		1.00	%		25.00	%
CTA Choice WTN**		1.50	%		20.00	%

* The Company fully redeemed from CTA Choice EGLG as of April 30, 2015.

** The Company fully redeemed from CTA Choice QNTM and CTA Choice WTN as of December 31, 2015.

For the years ended December 31, 2015, 2014 and 2013, the Trading Advisor management fees paid indirectly within each Affiliated Investment Fund based on the Company’s Allocated Assets as of each standard allocation date, totaled $150,050, $186,286 and $283,226 respectively.

For the years ended December 31, 2015, 2014 and 2013, the Trading Advisor incentive fees paid indirectly within the Company’s investment in Affiliated Investment Funds, totaled $68,155, $156,366 and $50,670, respectively.

Commissions

The Company, indirectly through the commodity trading activity of the Affiliated Investment Funds, is obligated to pay all floor brokerage expenses, give-up charges and NFA clearing and exchange fees. These activities are reflected within the respective net asset value of each of the Affiliated Investment Funds.

5857

KMP FUTURES FUND I LLC

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

Note 4. MANAGING MEMBER AND AFFILIATES

The Company’s management fees to the ~~Kenmar~~Managing ~~Preferred~~Member and operating expense cap are both calculated on the ~~net~~Net ~~assets~~Asset Value of the Company at rates of 6.0% and 1.5% per annum, respectively. In addition, the Service Fees, which are paid by the Company, are deducted from the management fee to be paid by the Company to the Managing Member.

The Company invests a portion of the excess cash balances not required for margin through certain investment funds which invest in (i) U.S. government securities (which include any security issued or guaranteed as to principal or interest by the United States), (ii) any certificate of deposit for any of the foregoing, including U.S. treasury bonds, U.S. treasury bills and issues of agencies of the United States government, (iii) corporate bonds or notes, or (iv) other instruments permitted by applicable rules and regulations (collectively, “Certain Investment Funds”). The objective is to obtain a rate of return for the Company that balances risk and return relative to the historically low yields on short-term cash deposits with banks and or brokerage firms. There is no guarantee that the Managing Member will be successful in investing the excess cash successfully to obtain a greater yield than available on short-term cash deposits with banks and or brokerage firms. The Managing Member is paid monthly 1/1212th of 50% of the first 1% of the positive returns earned on the Company’s investments in Certain Investment Funds. The calculation is based on the Company’s average annualized Net Asset Value, and any losses related to returns on Certain Investment Funds must first be recovered through subsequent positive returns prior to the Managing Member receiving a payment. After the calculation of the amount payable to the Managing Member, the Company will be credited with all additional positive returns (or 100% of any losses) on the Company’s investments in Certain Investment Funds. If at the end of any calendar year, a loss has been incurred on the returns for Certain Investment Funds, then the loss carry forward will reset to zero for the next calendar year with regards to the calculation of the Managing Member’s portion of Certain Investment Fund’s income. For the years ended December 31, ~~2014~~2015, ~~2013~~2014 and ~~2012~~2013, the Managing Member’s portion of interest earned on Certain Investment Funds amounted to $4810,~~806~~326, $2848,~~430~~806 and $~~113~~28,~~954~~430, respectively. The Company pays a monthly administrative services fee to ClariTy for risk management and related services with respect to monitoring the Trading Advisors, indirectly through its Affiliated Investment Funds based on their respective beginning of month Allocated Assets. For the years ended December 31, 2014, 2013 and 2012, the administrative services fee earned indirectly totaled $26,641, $40,768 and $56,850, respectively.

The Company pays a monthly administrative services fee to ClariTy for risk management and related services with respect to monitoring the Trading Advisors, indirectly through its investment in Affiliated Investment Funds based on their respective beginning of month Allocated Assets. For the years ended December 31, 2015, 2014 and 2013, the administrative services fee earned indirectly totaled $26,189, $26,641 and $40,768, respectively.

Note 5. ADMINISTRATOR

SS&C GlobeOp Financial Services LLC (“SS&C GlobeOp” or the “Administrator”), a Delaware limited liability company, serves as the ~~administrator~~Administrator of the Company. The Administrator performs or supervises the performance of services necessary for the operation and administration of the Company (other than making investment decisions), including administrative and accounting services. The Administrator also calculates the Company’s Net Asset Value. In addition, the Administrator maintains certain books and records of the Company, including ~~those~~certain books and records required by CFTC Rule 4.23(a). SS&C GlobeOp also serves as the administrator of the Affiliated Investment Funds.

5958

KMP FUTURES FUND I LLC

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

Note 5. ADMINISTRATOR (CONTINUED)

The Company indirectly pays its pro-rata share of administrator fees through its investment in Affiliated Investment Funds. For the years ended December 31, ~~2014~~2015, ~~2013~~2014 and ~~2012~~2013, the Company indirectly paid administrator fees totaling $3361,~~249~~404, $2933,~~815~~249 and $29,~~989~~815, respectively. Effective January 1, 2013, the Company also pays administrator fees directly to SS&C GlobeOp. For the years ended December 31, 2014 and 2013, the Company directly paid SS&C GlobeOp administrator fees of $26,147 and $25,000, respectively.

The Company also pays administrator fees directly to SS&C GlobeOp. For the years ended December 31, 2015, 2014 and 2013, the Company directly paid SS&C GlobeOp administrator fees of $25,000, $26,147 and $25,000, respectively.

Note 6. SERVICE FEES

The service fee disclosed in the statements of operations represents the monthly on-going trailing compensation paid to service providers ranging from 1/12^th of 3.5% (3.5% per annum) to 1/12^th of 4.0% (4.0% per annum) of the beginning of month Net Asset Value of the applicable Member interests. The services fees are paid by the Company and are deducted from the management fee paid to the Managing Member.

Note 7. INVESTMENT IN AFFILIATED INVESTMENT FUNDS

The Company invests a portion of its assets in Affiliated Investment Funds. The Company did not hold an investment in Affiliated Investment Funds at December 31, 2015. The Company’s investment in Affiliated Investment Funds ~~represents~~represented 24.86% ~~and 22.35%~~ of the Net Asset Value of the Company at December 31, 2014 ~~and 2013, respectively~~. The investment in Affiliated Investment Funds is reported in the Company’s statements of financial condition at fair value. ~~and~~The isCompany ~~subject~~records toits ~~the~~proportionate ~~terms~~share of ~~the~~income ~~organizational~~or ~~and~~loss ~~offering~~in ~~documents of~~ the ~~Affiliated~~statement ~~Investment~~of ~~Funds~~operations. The ~~following~~investments ~~tables~~are ~~summarize~~subject to the ~~change~~terms inof ~~net~~the ~~asset~~organizational ~~value~~and ~~(fair~~offering ~~value)~~documents of the ~~Company’s investment in~~ Affiliated Investment Funds ~~as of December 31, 2014 and 2013:~~.

	Net Asset Value December 31, 2013		Purchases		Gain (Loss)			Redemptions			Net Asset Value December 31, 2014
CTA Choice EGLG	$	1,771,901	$	2,133,377	$	(207,302	)	$	(2,298,019	)	$	1,399,957
CTA Choice WTN		1,116,301		929,857		615,052			(1,527,451	)		1,133,759
Total	$	2,888,202	$	3,063,234	$	407,750		$	(3,825,470	)	$	2,533,716

The following tables summarize the change in net asset value (fair value) of the Company’s investment in Affiliated Investment Funds for the years ended December 31, 2015 and 2014:

	Net Asset Value December 31, 2012		Purchases		Gain (Loss)			Redemptions			Net Asset Value December 31, 2013
	Net asset value December 31, 2014		Purchases		Gain (Loss)			Redemptions			Net asset value December 31, 2015
CTA Choice EGLG	$	21,~~109~~399,~~076~~957	$	3,~~770~~501,~~666~~000	$	(1256,~~342,606~~302	)	$	(25,~~765~~157,~~235~~259	)	$	~~1,771,901~~0
CTA Choice WTN		1,663,954		2,342,832		532,533			(3,423,018	)		1,116,301
CTA Choice QNTM		0		3,035,753		(311,740	)		(2,724,013	)		0
Total	$	3,773,030	$	6,113,498	$	(810,073	)	$	(6,188,253	)	$	2,888,202
CTA Choice WTN		1,133,759		4,737,903		(106,604	)		(5,765,058	)		0
Total	$	2,533,716	$	11,274,656	$	(162,042	)	$	(13,646,330	)	$	0

	Net asset value December 31, 2013		Purchases		Gain (Loss)			Redemptions			Net asset value December 31, 2014
CTA Choice EGLG	$	1,771,901	$	2,133,377	$	(207,302	)	$	(2,298,019	)	$	1,399,957
CTA Choice WTN		1,116,301		929,857		615,052			(1,527,451	)		1,133,759
Total	$	2,888,202	$	3,063,234	$	407,750		$	(3,825,470	)	$	2,533,716

6059

KMP FUTURES FUND I LLC

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

Note 7. INVESTMENT IN AFFILIATED INVESTMENT FUNDS (CONTINUED)

The Affiliated Investment Funds are redeemable monthly and require a redemption notice of 1-5 days. The Company may make additional contributions to or redemptions from the Affiliated Investment Funds on a standard allocation date. The Affiliated Investment Funds engage in trading commodity futures including agricultural, currency, energy, interest rates and stock indices among other types, foreign currency forward contracts and options on futures contracts. The Company records its proportionate share of income or loss in the statements of operations. The Company’s investment in Affiliated Investment Funds is not fully funded, but is subject to additional capital calls up to the full amount of the capital commitment. The following table sets out the total capital commitment split between net asset value (amount funded) and the remaining capital commitment. The remaining capital commitment is the maximum amount that can be requested from the Company if requested by the Affiliated Investment Funds to meet margin calls in accordance with the governing documents. The Company’s capital commitment to the Affiliated Investment Funds is disclosed below:

	Total Capital Commitment December 31, 2014		Net Asset Value December 31, 2014		Remaining Capital Commitment December 31, 2014
CTA Choice EGLG	$	5,048,558	$	1,399,957	$	3,648,601
CTA Choice WTN		5,358,381		1,133,759		4,224,622
Total	$	10,406,939	$	2,533,716	$	7,873,223

The Company records its proportionate share of income or loss in the statements of operations.

Prior to May 1, 2015, the Company’s investment in Affiliated Investment Funds was not fully funded, but was subject to additional capital calls up to the full amount of the capital commitment. Effective May 1, 2015, in accordance with the amendment to CTA Choice’s Private Placement Memorandum, the full amount of the Company’s capital contribution to an Affiliated Investment Fund is traded by each Trading Advisor pursuant to its trading strategy at the Affiliated Investment Fund’s Investment Level Factor. An Affiliated Investment Fund’s Investment Level Factor multiplied by the capital contribution of the Company to an Affiliated Investment Fund shall equal the Company’s Investment Level.

An Affiliated Investment Fund’s Investment Level Factor is the trading leverage factor of an Affiliated Investment Fund, as designated by ClariTy from time to time for such Affiliated Investment Fund, and reflects the level at which a Trading Advisor is instructed to trade the Affiliated Investment Fund’s assets. ClariTy may increase or decrease the Affiliated Investment Fund’s Investment Level Factor in its sole discretion.

The Company did not hold an investment in Affiliated Investment Funds at December 31, 2015.

The Company’s investment in Affiliated Investment Funds is subject to the market and credit risks of securities held or sold short by their respective Affiliated Investment Fund. ClariTy has established procedures to monitor market risk and minimize credit risk, although there can be no assurance that it will, in fact, succeed in doing so. The interestholders within CTA Choice bear the risk of loss only to the extent of the market value of their respective investments and, in certain specific circumstances, distributions and redemptions received.

Note 8. RELATED PARTIES

The Company reimburses Kenmar Preferred and its affiliates for services it performs for the Company, which include, but are not limited to: management, legal, accounting, registrar, transfer and assignment functions, investor communications, postage, printing, and other administrative services.

6160

KMP FUTURES FUND I LLC

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

Note 8. RELATED PARTIES (CONTINUED)

The expenses incurred by the Company for services performed by Kenmar Preferred and its affiliates for the Company were as follows:

	2014			2013			2012
	2015			2014			2013
Management fees to Managing Member	$	~~293~~254,~~260~~283		$	~~438~~293,~~480~~260		$	~~588~~438,~~523~~480
Managing Member interest earned on Certain Investment Funds		4810,~~806~~326			2848,~~430~~806			~~113~~28,~~954~~430
Operating expenses		81107,~~142~~590			~~108~~81,~~474~~142			~~111~~108,~~344~~474
		423,208			575,384			813,821
		372,199			423,208			575,384
General and administrative expenses borne by the Managing Member and its affiliates		(~~114~~162,~~371~~151	)		(92114,~~314~~371	)		0(92,314	)
Total	$	~~308~~210,~~837~~048		$	~~483~~308,~~070~~837		$	~~813~~483,~~821~~070

Expenses payable to the Managing Member and its affiliates, which are included in accrued expenses payable onin the statements of financial condition as of December 31, ~~2014~~2015 and ~~2013~~2014, were $3537,~~180~~924 and $4135,~~304~~180, respectively.

Note 9. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

Investments in the Company are made subject to the terms of the Operating Agreement.

A Member is able to request and receive redemption of capital, subject to the terms in the Operating Agreement.

Note 10. DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS

No derivative instruments were directly held by the Company as of December 31, ~~2014~~2015 and ~~2013~~2014. Derivative trading activity is conducted within the Affiliated Investment Funds.

For the year ended December 31, 2012, the total number of closed futures contracts was 445, the total number of closed option contracts was 2, and the average monthly notional value of forwards contracts closed was $0. The ~~average monthly notional value of contracts closed represents the average monthly U.S. dollar notional value of futures and options contracts closed and settled in cash during 2012. The~~ Company’s investment in Affiliated Investment Funds is subject to the market and credit risks of the futures contracts, options on futures contracts, forward currency contracts and other financial instruments held or sold short by them. The Company bears the risk of loss only to the extent of the capital commitment of its investment and, in certain specific circumstances, distributions and redemptions received.

The Company is exposed to various types of risks associated with the derivative instruments and related markets in which it indirectly invests through its investment in Affiliated Investment Funds. These risks include, but are not limited to, risk of loss from fluctuations in the value of derivative instruments held (market risk) and the inability of counterparties to perform under the terms of the Company’s investment activities (credit risk), including investment in Affiliated Investment Funds.

6261

KMP FUTURES FUND I LLC

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

Note 10. DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS (CONTINUED)

The Managing Member has established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that it will, in fact, succeed in doing so. The Members bear the risk of loss only to the extent of the market value of their respective interests in the Company and, in certain specific circumstances, distributions and redemptions received.

Market Risk

Market risk is influenced by a wide variety of factors, including government programs and policies, political and economic events, the level and volatility of interest rates, foreign currency exchange rates, the diversification effect among ~~the~~ derivative instruments ~~the Company holds~~ , and the liquidity and inherent volatility of the markets in which the Company indirectly invests through its ownership in Affiliated Investment Funds. ~~Credit Risk~~

Credit Risk

The Managing Member attempts to minimize both credit and market risks by requiring the Company and its Trading Advisors to abide by various trading limitations and policies. The Managing Member monitors compliance with these trading limitations and policies, which include, but are not limited to, executing and clearing all trades with creditworthy counterparties; limiting the amount of margin or premium required for any one commodity or all commodities combined; and generally limiting transactions to contracts which are traded in sufficient volume to permit the taking and liquidating of positions.

Note 11. FINANCIAL HIGHLIGHTS

The following information presents the financial highlights of the Company for the years ended December 31, 2015, 2014 and 2013. This information has been derived from information presented in the financial statements:

	2015			2014			2013
Total return^{(1), (3)}		(9.36	)%		(1.54	)%		(11.94	)%
Total expenses⁽³⁾		7.73	%		7.99	%		7.80	%
Net investment loss^{(2), (3)}		(7.36	)%		(7.20	)%		(7.04	)%

Total return is calculated based on the change in value of Members’ capital during the period. An individual Member’s total return and ratios may vary from the above total return and ratios based on the timing of subscriptions and redemptions.

⁽¹⁾ Includes realized and unrealized gains (losses) on securities transactions.

⁽²⁾Represents interest and dividend income less total expenses.

⁽³⁾Net of general and administrative expenses borne by the Managing Member and affiliates.

6362

KMP FUTURES FUND I LLC

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

Note 11. FINANCIAL HIGHLIGHTS The following information presents the financial highlights of the Company for the years ended December 31, 2014, 2013 and 2012. This information has been derived from information presented in the financial statements:

	2014			2013			2012
Total return(1),(3)		(1.54	)%		(11.94	)%		(12.08	)%
Total expenses(3)		7.99	%		7.80	%		8.07	%
Net investment loss(2),(3)		(7.20	)%		(7.04	)%		(7.10	)%

(1) Includes realized and unrealized gains (losses) on securities transactions. (2) Represents interest and dividend income less total expenses. (3) Net of general and administrative expenses borne by the Managing Member and affiliates.

Note 12. SUBSEQUENT EVENTS

~~The~~Effective January ~~following~~1, ~~table~~2016, ~~sets~~the ~~out~~Company ~~the~~allocates ~~total~~approximately ~~capital~~one-half ~~commitment~~of ~~split~~its ~~between~~Allocated ~~net~~Assets ~~asset~~to ~~value~~each of CTA Choice ISAT (~~amount~~“ISAT”) and ~~funded~~CTA Choice KEY (“KEY”), both segregated series of CTA Choice. Deep Field Capital AG (“Deep Field”) is the Trading Advisor for ISAT and manages the ~~remaining~~assets ~~capital~~pursuant ~~commitment~~to asits ofManaged ~~February~~Futures ~~28,~~Program. ~~2015:~~KeyQuant S.A.S (“KeyQuant”) is the Trading Advisor for KEY and manages the assets pursuant to its Key Trends Program.

	Total Capital Commitment February 28, 2015		Net Asset Value February 28, 2015		Remaining Capital Commitment February 28, 2015
CTA Choice EGLG	$	5,362,815	$	1,565,766	$	3,797,049
CTA Choice WTN		5,119,265		1,195,961		3,923,304
Total	$	10,482,080	$	2,761,727	$	7,720,353

The following table sets out the net asset value split between total capital contribution and Investment Level as of January 31, 2016:

ClariTy is in the process of amending CTA Choice’s Private Placement Memorandum which will be effective April 1, 2015. In accordance with the amendment, the full amount of the Company’s Capital Contribution to a CTA Choice fund will be traded by the trading advisor pursuant to its trading strategy at the CTA Choice’s Investment Level Factor. CTA Choice’s Investment Level Factor multiplied by the Capital Contribution of the Company to a CTA Choice fund shall equal the Member Investment Level. CTA Choice’s Investment Level Factor is the trading leverage factor of a fund, as designated by ClariTy from time to time for such fund, and reflects the level at which a CTA Choice is instructed to trade the fund’s assets. ClariTy may increase or decrease the CTA Fund Investment Level Factor in its sole discretion. From January 1, 2015 through March 17, 2015, there were estimated redemptions of $253,000.

	Total capital contribution January 31, 2016		Total Investment Level January 31, 2016
CTA Choice ISAT	$	3,693,144	$	4,415,460
CTA Choice KEY		3,728,583		4,450,899
Total	$	7,421,727	$	8,866,359

From January 1, 2016 through March 23, 2016, there were redemptions of approximately $81,000.

6463

KMP FUTURES FUND I LLC

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

SUPPLEMENTARY INFORMATION

6564

KMP FUTURES FUND I LLC

SUPPLEMENTARY SCHEDULE OF MEMBERS’ CAPITAL ACCOUNTS

December 31, ~~2014~~2015 and ~~2013~~2014

_______________

Member Identification Number	Capital Balance December 31, ~~2014~~2015		Capital Balance December 31, ~~2013~~2014
0240	$	43,~~263~~864	$	4,~~330~~263
0294		87,~~460~~668		8,~~592~~460
0342		3027,~~348~~507		30,~~822~~348
0387		3,~~735~~385		3,~~793~~735
0635		0		1,869
0713		121,439		133,979
0713		133,979		136,075
0714		153,300		169,130
0714		169,130		171,776
0872		11,005		12,141
0872		12,141		12,331
1147		0		6,102
1147		6,102		6,197
2002		16,611		18,326
2002		18,326		18,613
3030		6,033		6,656
3030		6,656		6,760
3031		4,022		4,437
3031		4,437		4,507
003-54888		5,497		6,065
3218		0		4,544
003-62029		5,820		6,421
3219		0		4,322
003-96658		4,144		4,572
3220		0		2,805
003-96876		3,837		4,234
12021		0		8,308
003-R5408		4,578		5,051
003-54888		6,065		6,159
006-58847		0		3,452
003-62029		6,421		6,522
006-80371		0		2,264
003-70738		0		66,900
006-R5880		4,123		4,549
003-96658		4,572		4,644
006-R6730		4,258		4,697
003-96876		4,234		4,300
007-R3175		1,376		1,518
003-R5408		5,051		5,130
011-87782		21,722		23,965
006-58847		3,452		3,506
017-R7131		6,070		6,697
006-80371		2,264		2,299
021-R7657		0		6,253
006-R5880		4,549		4,620
022-R3304		0		62,546
006-R6730		4,697		4,771
022-R3861		3,880		4,281
006-R6907		0		6,516
025-64540		0		8,655
007-R2765		0		5,646
028-R7766		0		5,564
007-R3175		1,518		1,541
02G-R1275		2,360		2,604
011-71343		0		74,176
02G-R1737		8,988		9,916
011-87782		23,965		24,340
02G-R1744		3,981		4,392
017-R7131		6,697		6,802
02G-R2412		0		3,828
021-R7657		6,253		6,351
032-96631		23,977		26,453
022-R3304		62,546		63,524
038-39898		15,654		17,270
022-R3305		0		46,340
039-81889		4,973		5,486
022-R3861		4,281		4,348
03W-06684A		10,282		11,344
023-R1768		0		7,851
03W-06685		10,282		11,344
025-61429		0		33,578
03W-R0190		0		9,151
025-64540		8,655		8,790
040-R2844		13,395		14,778
028-R7766		5,564		5,651
040-R3424		12,206		13,467
02G-R1275		2,604		2,645
041-R1546		2,602		2,870
02G-R1737		9,916		10,071
042-R7189		2,920		3,221
02G-R1744		4,392		4,461
048-37685		22,657		24,997
02G-R2412		3,828		3,888
048-42269		7,775		8,578
032-38004		0		68,151
048-44878		18,103		19,972
032-55420		0		9,504
048-46866		4,831		5,330
032-96631		26,453		26,866
048-96912		7,263		8,013
038-39898		17,270		17,540
048-R1269		2,838		3,131

6665

KMP FUTURES FUND I LLC

SUPPLEMENTARY SCHEDULE OF MEMBERS’ CAPITAL ACCOUNTS (CONTINUED)

December 31, ~~2014~~2015 and ~~2013~~2014

_______________

Member Identification Number	Capital Balance December 31, ~~2014~~2015		Capital Balance December 31, ~~2013~~2014
039-81889	$	5,486	$	5,572
048-R1275	$	14,599	$	16,106
03W-06684A		11,344		11,521
048-R1309		0		30,614
03W-06685		11,344		11,521
048-R1354		24,183		26,680
03W-R0190		9,151		9,295
048-R1365		8,229		9,079
040-80783		0		2,368
048-R1400		16,885		18,629
040-R2844		14,778		15,009
048-R1548		9,709		10,712
040-R3424		13,467		13,677
048-R1672		8,889		9,807
041-R1484		0		5,529
048-R1723		3,146		3,471
041-R1546		2,870		2,915
048-R2528		0		10,064
042-R7189		3,221		3,272
048-R2664		4,820		5,318
047-44990		0		8,177
048-R2777		3,207		3,538
047-45418		0		10,172
048-R4281		7,634		8,422
047-61057		0		10,222
048-R4283		7,634		8,422
047-64816		0		10,132
048-R5106		0		2,454
047-R1921		0		15,108
048-R6024		3,059		3,374
047-R7853		0		10,072
048-R6037		2,536		2,798
048-37685		24,997		25,388
048-R6045		13,724		15,141
048-42269		8,578		8,712
048-R6108		21,008		23,178
048-44878		19,972		20,284
048-R6301		4,251		4,690
048-46866		5,330		5,413
048-R6472		23,640		26,081
048-96912		8,013		8,138
048-R6957		1,806		1,992
048-R1269		3,131		3,180
048-R6958		1,806		1,992
048-R1275		16,106		16,358
048-R6987		3,197		3,527
048-R1306		0		10,664
048-R7024		10,894		12,019
048-R1309		30,614		31,093
048-R7074		3,978		4,389
048-R1354		26,680		27,097
048-R7144		12,432		13,716
048-R1365		9,079		9,221
048-R7169		15,254		16,829
048-R1400		18,629		18,920
04W-20993		35,224		38,861
048-R1548		10,712		10,879
04W-R8236		1,409		1,554
048-R1672		9,807		9,960
051-53113		3,815		4,209
048-R1723		3,471		3,526
055-46048		7,241		7,988
048-R2528		10,064		10,222
055-52757		6,164		6,800
048-R2664		5,318		5,401
06R-81472		2,823		3,115
048-R2777		3,538		3,593
072-12398		3,117		3,439
048-R4281		8,422		8,554
072-R5204		6,299		6,949
048-R4283		8,422		8,554
07N-39955		7,459		8,230
048-R4624		0		6,367
07T-R1672		2,587		2,854
048-R5106		2,454		2,492
07Y-26957		0		5,917
048-R6024		3,374		3,427
07Y-27021		8,925		9,847
048-R6037		2,798		2,841
08J-R1925		13,739		15,157
048-R6045		15,141		15,378
08J-R3987		7,945		8,766
048-R6108		23,178		23,540
08N-22151		39,144		43,186
048-R6301		4,690		4,763
08N-R4289		0		4,502
048-R6350		0		34,181
08R-00537		36,203		39,941
048-R6472		26,081		26,489
08V-R3775		0		33,386
048-R6957		1,992		2,023
0AE-33057		5,890		6,498
048-R6958		1,992		2,023
0AE-60907		15,440		17,034
048-R6987		3,527		3,582
0AE-60950		17,948		19,801
048-R7024		12,019		12,207
0AE-60986		19,299		21,292

6766

KMP FUTURES FUND I LLC

SUPPLEMENTARY SCHEDULE OF MEMBERS’ CAPITAL ACCOUNTS (CONTINUED)

December 31, ~~2014~~2015 and ~~2013~~2014

_______________

Member Identification Number	Capital Balance December 31, ~~2014~~2015		Capital Balance December 31, ~~2013~~2014
048-R7074	$	4,389	$	4,458
0AE-61017	$	13,746	$	15,165
048-R7144		13,716		13,931
0AE-R4646		0		18,383
048-R7169		16,829		17,092
0AE-R4662		17,755		19,589
04B-80606		0		13,100
0AE-R4666		6,604		7,286
04B-R2166		0		14,897
0AE-R5720		7,338		8,095
04B-R2988		0		35,679
0AE-R6231		8,438		9,310
04B-R4594		0		25,347
0AE-R7418		3,811		4,204
04W-20993		38,861		39,469
0AE-R7648		11,928		13,159
04W-R8236		1,554		1,579
0AR-80056		6,034		6,657
051-53113		4,209		4,275
0BB-22646		3,171		3,498
051-55122		0		6,739
0BL-R0724		2,069		2,283
055-46048		7,988		8,113
0BX-81333		2,896		3,195
055-49406		0		24,340
0BX-R1653		2,193		2,419
055-52757		6,800		6,906
0BX-R4170		27,087		29,884
05P-80000		0		4,081
0CU-29563		5,184		5,720
06R-81472		3,115		3,164
0DS-R1521		4,937		5,446
072-12398		3,439		3,493
0ET-28135		0		9,722
072-86205		0		15,306
0ET-36440		27,930		30,814
072-R5204		6,949		7,058
0ET-80603		5,089		5,615
07N-39955		8,230		8,358
0ET-80714		0		31,642
07T-R1672		2,854		2,899
0ET-R0725		20,905		23,063
07Y-26957		5,917		6,009
0ET-R3993		7,184		7,925
07Y-27021		9,847		10,001
0ET-R4033		11,347		12,519
08J-R1925		15,157		15,395
0ET-R4199		5,697		6,286
08J-R3987		8,766		8,903
0ET-R5008		5,473		6,038
08N-22151		43,186		43,861
0ET-R5313		11,706		12,915
08N-R4289		4,502		4,572
0ET-R6021		0		24,634
08R-00537		39,941		40,566
0ET-R6466		16,825		18,562
08V-R3775		33,386		33,909
0ET-R6485		7,685		8,478
0AE-33057		6,498		6,600
0ET-R6641		6,738		7,434
0AE-60907		17,034		17,300
0EW-17590		30,078		33,184
0AE-60950		19,801		20,111
0EW-17864		0		31,953
0AE-60986		21,292		21,625
0EW-36188		25,277		27,887
0AE-61017		15,165		15,402
0GS-R7328		0		4,420
0AE-R4646		18,383		18,671
0GS-R7414		2,665		2,940
0AE-R4662		19,589		19,895
0GS-R7729		2,631		2,903
0AE-R4666		7,286		7,400
0GS-R7730		2,631		2,903
0AE-R5720		8,095		8,222
0GU-R4801		3,997		4,409
0AE-R6231		9,310		9,455
0GU-R4802		3,997		4,409
0AE-R7418		4,204		4,270
0HB-R0221		3,131		3,454
0AE-R7648		13,159		13,365
0HL-R6121		0		6,835
0AR-80056		6,657		6,761
0KG-00590		0		23,637
0BB-22646		3,498		3,553
0KG-81427		20,656		22,789
0BL-R0724		2,283		2,319
0KL-19899		21,722		23,965
0BR-88603		0		5,919
0KL-R1089		50,684		55,918
0BX-81333		3,195		3,245
0KL-R1471		2,142		2,364
0BX-R1653		2,419		2,457
0KZ-29257		5,164		5,697
0BX-R4170		29,884		30,352
0KZ-80278		2,896		3,195
0CU-29563		5,720		5,809
0KZ-81109		0		24,209

6867

KMP FUTURES FUND I LLC

SUPPLEMENTARY SCHEDULE OF MEMBERS’ CAPITAL ACCOUNTS (CONTINUED)

December 31, ~~2014~~2015 and ~~2013~~2014

_______________

Member Identification Number	Capital Balance December 31, ~~2014~~2015		Capital Balance December 31, ~~2013~~2014
0DS-R1521	$	5,446	$	5,532
0KZ-95910	$	0	$	7,666
0ET-23328		0		13,965
0KZ-R1609		0		9,608
0ET-28135		9,722		9,874
0KZ-R5101		17,196		18,971
0ET-32776		0		79,571
0KZ-R5490		6,949		7,666
0ET-36440		30,814		31,296
0KZ-R5506		2,640		2,913
0ET-80603		5,615		5,702
0KZ-R5507		5,461		6,025
0ET-80714		31,642		32,137
0KZ-R5515		6,601		7,283
0ET-R0725		23,063		23,424
0KZ-R5517		9,343		10,308
0ET-R3993		7,925		8,049
0KZ-R5524		41,692		45,997
0ET-R4033		12,519		12,714
0KZ-R5533		1,876		2,070
0ET-R4145		0		33,324
0KZ-R5554		7,921		8,739
0ET-R4190		0		20,052
0KZ-R5578		2,695		2,973
0ET-R4199		6,286		6,384
0KZ-R5597		14,042		15,492
0ET-R5008		6,038		6,133
0KZ-R5598		7,021		7,746
0ET-R5313		12,915		13,117
0KZ-R5605		2,896		3,195
0ET-R6021		24,634		25,019
0KZ-R5744		4,084		4,506
0ET-R6466		18,562		18,852
0KZ-R5749		7,241		7,988
0ET-R6485		8,478		8,611
0KZ-R6442		3,149		3,475
0ET-R6641		7,434		7,550
0KZ-R6499		1,882		2,077
0EW-17590		33,184		33,703
0KZ-R7135		2,154		2,376
0EW-17864		31,953		32,453
0LK-96103		13,322		14,698
0EW-36188		27,887		28,323
0LK-R1277		0		2,533
0GS-R7328		4,420		4,489
0LX-R4452		3,439		3,794
0GS-R7414		2,940		2,986
0LX-R4453		3,439		3,794
0GS-R7729		2,903		2,948
0ME-52225		2,834		3,127
0GS-R7730		2,903		2,948
0MX-R4467		3,610		3,983
0GU-R4801		4,409		4,478
0NF-17169		5,084		5,610
0GU-R4802		4,409		4,478
0NI-00725		36,016		39,735
0HB-R0221		3,454		3,508
0NK-31023		16,730		18,458
0HL-R6121		6,835		6,942
0NK-31452		2,920		3,221
0HZ-R3212		0		11,540
0NK-81744		3,263		3,600
0KG-00590		23,637		24,007
0NK-R8298		0		1,809
0KG-81427		22,789		23,146
0NL-60667		0		7,988
0KK-44859		0		10,394
0NL-96845		27,505		30,345
0KL-19899		23,965		24,340
0NT-R6104		2,073		2,287
0KL-R1089		55,918		56,792
0PG-54409		0		25,583
0KL-R1471		2,364		2,401
0PG-55511		0		29,525
0KZ-07706		0		11,497
0PG-R3004		0		5,474
0KZ-29257		5,697		5,786
0RV-R5046		3,035		3,349
0KZ-43827		0		10,122
0RV-R6922		1,727		1,906
0KZ-80278		3,195		3,245
0RZ-14874		0		19,139
0KZ-81109		24,209		24,588
0RZ-28638		19,068		21,037
0KZ-95910		7,666		7,786
0RZ-28705		0		6,476
0KZ-R1609		9,608		9,759
0RZ-R4733		715		788
0KZ-R5101		18,971		19,268
0RZ-R5834		0		4,083
0KZ-R5490		7,666		7,786
0RZ-R5971		0		10,942
0KZ-R5506		2,913		2,959
0SF-66565		473		522
0KZ-R5507		6,025		6,119
0SJ-95340		9,106		10,046
0KZ-R5513		0		67,121
0SV-14938		15,553		17,159

6968

KMP FUTURES FUND I LLC

SUPPLEMENTARY SCHEDULE OF MEMBERS’ CAPITAL ACCOUNTS (CONTINUED)

December 31, ~~2014~~2015 and 2014

_______________

Member Identification Number	Capital Balance December 31, ~~2014~~2015		Capital Balance December 31, ~~2013~~2014
0KZ-R5515	$	7,283	$	7,397
0SW-80770	$	1,720	$	1,897
0KZ-R5517		10,308		10,469
0SW-R0437		8,529		9,410
0KZ-R5524		45,997		46,717
0SZ-R0966		4,838		5,337
0KZ-R5533		2,070		2,102
0SZ-R3481		0		6,788
0KZ-R5554		8,739		8,876
0SZ-R3854		8,293		9,149
0KZ-R5578		2,973		3,020
0UC-14915		0		57,067
0KZ-R5597		15,492		15,734
0UC-67480		4,963		5,475
0KZ-R5598		7,746		7,867
0UC-R2575		0		26,707
0KZ-R5605		3,195		3,245
0UC-R4009		21,046		23,220
0KZ-R5645		0		2,315
0UC-R4548		46,629		51,444
0KZ-R5744		4,506		4,577
0UQ-22996		194,023		214,059
0KZ-R5749		7,988		8,113
0UQ-23061		112,309		123,907
0KZ-R5772		0		13,481
0UQ-23109		41,268		45,530
0KZ-R6442		3,475		3,529
0UQ-23115		14,919		16,459
0KZ-R6443		0		3,529
0UQ-23199		12,448		13,733
0KZ-R6499		2,077		2,109
0UQ-23283		37,313		41,167
0KZ-R7135		2,376		2,414
0UQ-24095		51,832		57,185
0LK-96103		14,698		14,928
0UQ-25463		113,969		125,738
0LK-R1277		2,533		2,573
0UQ-26649		31,946		35,245
0LK-R1946		0		10,587
0UQ-R8463		40,547		44,734
0LX-R4452		3,794		3,854
0UQ-R8473		45,294		49,972
0LX-R4453		3,794		3,854
0VX-06147		4,877		5,381
0ME-52225		3,127		3,176
0WA-R7033		1,808		1,995
0MX-R4467		3,983		4,045
0WA-R7034		2,116		2,335
0NF-17169		5,610		5,697
0WD-05550		0		30,187
0NF-R0123		0		15,109
0WD-05571		15,229		16,802
0NF-R1630		0		19,268
0WD-05576		11,305		12,472
0NI-00725		39,735		40,357
0WD-05578		0		4,939
0NK-30150		0		1,742
0WD-05633		6,084		6,712
0NK-31023		18,458		18,746
0WD-95330		20,306		22,403
0NK-31452		3,221		3,271
0WD-95361		8,072		8,906
0NK-81744		3,600		3,656
0WF-R1177		3,772		4,162
0NK-R8298		1,809		1,838
0WF-R1272		2,764		3,050
0NL-60667		7,988		8,113
0WF-R1374		2,317		2,557
0NL-95449		0		52,562
0WF-R1383		25,819		28,485
0NL-96845		30,345		30,820
0WF-R1490		3,324		3,668
0NT-R6104		2,287		2,323
0WF-R2058		2,317		2,557
0PG-52098		0		25,627
0WF-R4348		0		5,657
0PG-54409		25,583		25,983
0WF-R4482		10,178		11,229
0PG-55511		29,525		29,987
0WF-R4913		5,183		5,718
0PG-63216		0		11,574
0WL-31155		10,656		11,757
0PG-R2323		0		6,184
0WL-33574		6,985		7,706
0PG-R3004		5,474		5,559
0WL-35494		3,332		3,677
0PG-R3702		0		21,521
0WL-R1440		3,302		3,643
0PG-R3867		0		8,105
0WL-R2635		3,860		4,258
0RV-R5046		3,349		3,401
0WL-R8602		0		9,092
0RV-R6922		1,906		1,936
0YG-R2844		1,513		1,669
0RZ-14874		19,139		19,439
0ZJ-R7648		12,328		13,601
0RZ-28638		21,037		21,366
0ZT-R2045		2,896		3,195

7069

KMP FUTURES FUND I LLC

SUPPLEMENTARY SCHEDULE OF MEMBERS’ CAPITAL ACCOUNTS (CONTINUED)

December 31, ~~2014~~2015 and ~~2013~~2014

_______________

Member Identification Number	Capital Balance December 31, ~~2014~~2015		Capital Balance December 31, ~~2013~~2014
0RZ-28705	$	6,476	$	6,577
1008-6637	$	15,156	$	16,721
0RZ-R4733		788		801
1214-7525		6,465		7,133
0RZ-R5817		0		8,612
1231-9776		3,177		3,505
0RZ-R5834		4,083		4,147
1248-9988		19,308		21,302
0RZ-R5971		10,942		11,113
1488-6596		0		5,981
0SF-66565		522		530
1594-4982		15,015		16,565
0SJ-95340		10,046		10,203
1616-8501		66,307		73,154
0SV-14938		17,159		17,428
1691-0716		1,293		1,427
0SW-80770		1,897		1,927
1744-6150		9,946		10,973
0SW-R0437		9,410		9,557
1774-5188		3,620		3,994
0SZ-R0966		5,337		5,421
1824-2292		5,183		5,718
0SZ-R3481		6,788		6,894
1851-2863		7,193		7,936
0SZ-R3854		9,149		9,292
1888-5564		5,419		5,978
0SZ-R3903		0		2,763
1899-4614		0		3,994
0UC-14915		57,067		57,959
2027-7903		36,008		39,727
0UC-61682		0		30,104
2039-0085		7,241		7,988
0UC-61972		0		5,421
2047-0563		0		11,860
0UC-67480		5,475		5,561
2053-2386		3,455		3,812
0UC-69062		0		73,317
2072-3333		8,624		9,514
0UC-R1219		0		11,231
2280-8463		0		15,942
0UC-R2575		26,707		27,125
2336-1687		187,200		206,531
0UC-R3730		0		16,229
2513-0760		3,823		4,218
0UC-R4009		23,220		23,583
2519-9867		0		64,599
0UC-R4548		51,444		52,249
2853-3730		0		3,987
0UQ-22996		214,059		217,407
3148-1251		19,308		21,302
0UQ-23061		123,907		125,845
3290-1470		26,915		29,694
0UQ-23109		45,530		46,242
3229-6646		3,157		0
0UQ-23115		16,459		16,717
3448-1879		5,482		6,048
0UQ-23199		13,733		13,948
3507-2176		6,465		7,133
0UQ-23283		41,167		41,811
3600-1313		16,873		18,616
0UQ-24095		57,185		58,079
3669-5510		9,583		10,572
0UQ-25463		125,738		127,705
3689-2586		6,878		7,589
0UQ-26649		35,245		35,797
3691-8461		8,678		9,575
0UQ-R8463		44,734		45,434
3717-1545		0		10,513
0UQ-R8473		49,972		50,753
3735-6779		13,204		14,567
0VX-06147		5,381		5,465
3770-7871		1,840		2,030
0WA-25121		0		37,395
3854-6866		9,390		10,360
0WA-R7033		1,995		2,026
3927-0882		2,087		2,302
0WA-R7034		2,335		2,371
3992-5527		35,593		39,268
0WD-05550		30,187		30,659
4068-5667		181,013		199,706
0WD-05571		16,802		17,065
4107-9184		4,806		5,302
0WD-05576		12,472		12,667
4152-5433		7,338		8,096
0WD-05578		4,939		5,016
4312-9378		3,481		3,841
0WD-05633		6,712		6,817
4396-4882		0		4,664
0WD-95330		22,403		22,753
4487-6958		22,481		24,803
0WD-95357		0		14,772
4488-9989		3,239		3,573
0WD-95361		8,906		9,045
4495-5570		7,780		8,584
0WF-R0510		0		12,143
4498-7558		0		7,180
0WF-R0554		0		1,623
4630-7721		7,337		8,095

7170

KMP FUTURES FUND I LLC

SUPPLEMENTARY SCHEDULE OF MEMBERS’ CAPITAL ACCOUNTS (CONTINUED)

December 31, ~~2014~~2015 and ~~2013~~2014

_______________

Member Identification Number	Capital Balance December 31, ~~2014~~2015		Capital Balance December 31, ~~2013~~2014
0WF-R1177	$	4,162	$	4,227
4691-7734	$	0	$	9,398
0WF-R1272		3,050		3,097
4704-3967		16,885		18,629
0WF-R1374		2,557		2,597
4719-1617		9,061		9,997
0WF-R1383		28,485		28,931
4728-1958		724		799
0WF-R1490		3,668		3,725
4753-0026		20,477		22,592
0WF-R2058		2,557		2,597
4786-1391		5,061		5,583
0WF-R4348		5,657		5,745
4797-2121		0		199,706
0WF-R4466		0		5,766
4812-4625		0		32,482
0WF-R4482		11,229		11,405
4874-5159		5,208		0
0WF-R4584		0		5,921
5111-9423		0		5,564
0WF-R4913		5,718		5,808
5120-8649		5,044		5,564
0WL-31155		11,757		11,941
5206-8255		118,557		130,800
0WL-33574		7,706		7,826
5283-0837		724		799
0WL-35494		3,677		3,734
5285-4586		0		38,889
0WL-R1348		0		5,479
5286-1712		488		539
0WL-R1415		0		0
5304-3294		12,254		13,519
0WL-R1440		3,643		3,700
5362-5567		92,816		102,401
0WL-R2635		4,258		4,325
5495-6358		0		2,664
0WL-R8602		9,092		9,235
5609-2552		0		7,850
0YG-R2844		1,669		1,695
5628-2884		30,214		33,334
0ZJ-R7648		13,601		13,814
5990-5615		13,183		14,544
0ZT-R2045		3,195		3,245
6060-3769		115,626		127,566
1008-6637		16,721		16,982
6194-3646		3,331		3,674
1064-4309		0		6,795
6236-1623		2,831		3,123
1118-5016		0		2,705
6368-5186		0		11,129
1119-3066		0		5,066
6497-0519		2,069		2,283
1143-7032		0		8,776
6555-7258		12,707		14,019
1214-7525		7,133		7,244
6562-3963		8,226		9,075
1231-9776		3,505		3,560
6568-6385		2,097		2,314
1248-9988		21,302		21,635
6702-5403		5,044		5,564
1371-1394		0		5,066
6978-1706		8,224		9,073
1488-6596		5,981		6,075
6990-3372		4,929		5,438
1594-4982		16,565		16,824
7011-9883		3,954		4,362
1616-8501		73,154		74,298
7024-4295		2,069		2,283
1691-0716		1,427		1,449
7060-3268		9,583		10,572
1733-7221		0		13,993
7063-2450		29,226		32,244
1744-6150		10,973		11,145
7089-0315		5,419		5,978
1774-5188		3,994		4,057
7187-7559		66,265		73,107
1824-2292		5,718		5,808
7238-3657		3,149		3,475
1851-2863		7,936		8,060
7337-9650		1,840		2,030
1888-5564		5,978		0
7429-7789		3,620		0
1899-4614		3,994		4,057
7500-1814		1,937		2,137
2027-7903		39,727		40,348
7509-8756		2,897		3,196
2039-0085		7,988		8,113
7598-8747		7,325		8,081
2047-0563		11,860		12,046
7759-3521		7,744		8,544
2053-2386		3,812		3,872
8061-2411		3,157		0
2072-3333		9,514		9,663
8063-7737		4,541		5,010
2148-6530		0		1,339
8067-7027		5,519		6,089
8178-4177		28,579		31,531

7271

KMP FUTURES FUND I LLC

SUPPLEMENTARY SCHEDULE OF MEMBERS’ CAPITAL ACCOUNTS (CONTINUED)

December 31, ~~2014~~2015 and ~~2013~~2014

_______________

Member Identification Number	Capital Balance December 31, ~~2014~~2015		Capital Balance December 31, ~~2013~~2014
2280-8463	$	15,942	$	16,191
8263-3675A	$	8,389	$	9,255
2336-1687		206,531		209,762
8382-1420		8,405		9,273
2500-6437		0		4,089
8577-4908		24,155		26,650
2513-0760		4,218		4,284
8625-8649		0		2,238
2519-9867		64,599		65,610
8651-3297		0		2,030
2718-5274		0		4,089
8689-0538		0		4,766
2817-1141		0		1,210
8702-7677		7,015		7,740
2829-2850		0		18,553
8870-7381		606		668
2853-3730		3,987		0
8908-7803		3,157		0
2896-4716		0		6,913
8913-7264B		37,505		41,377
3028-0942		0		550
ABD-80157		6,859		7,567
3148-1251		21,302		21,635
ABL-R6207		1,526		1,684
3176-2509		0		1,501
ABL-R6253		1,821		2,009
3226-2643		0		20,651
ABL-R6324		1,260		1,390
3290-1470		29,694		30,159
ABN-80777		1,041		1,148
3347-5726		0		17,928
ABR-81799		4,359		4,809
3392-3172		0		1,742
ABR-R2296		3,621		3,995
3448-1879		6,048		6,142
ABV-01615		8,208		9,056
3507-2176		7,133		7,244
ABV-03579		6,478		7,147
3600-1313		18,616		18,907
ABV-80786		7,519		8,296
3669-5510		10,572		10,738
ABV-R1938		5,990		6,609
3689-2586		7,589		7,707
ABV-R2723		41,595		45,890
3691-8461		9,575		9,724
ADC-R6454		15,746		17,372
3717-1545		10,513		10,678
ADC-R6612		0		6,056
3735-6779		14,567		14,795
AEB-80355		2,316		2,555
3770-7871		2,030		0
AEB-80356		2,316		2,555
3854-6866		10,360		10,522
AEB-80674		3,876		4,277
3927-0882		2,302		2,338
AEH-R6420		9,808		10,820
3992-5527		39,268		39,882
AEH-R6484		4,051		4,470
4068-5667		199,706		202,829
AEH-R6538		6,614		7,297
4107-9184		5,302		5,385
AEH-R6540		3,353		3,700
4152-5433		8,096		8,223
AEH-R6667		2,901		3,201
4312-9378		3,841		3,901
AEH-R6750		0		2,421
4373-9319		0		7,359
AEH-R8164		0		2,590
4396-4882		4,664		4,737
AEH-R8184		0		136,194
4487-6958		24,803		25,191
AEH-R8380		0		10,450
4488-9989		3,573		3,629
AEH-R8405		0		5,295
4495-5570		8,584		8,718
AEH-R8432		0		11,779
4498-7558		7,180		7,292
AEH-R8470		2,180		2,405
4535-1708		0		974
AEH-R8901		1,631		1,800
4573-1546		0		28,110
AEW-23920		0		20,593
4630-7721		8,095		8,222
AEW-R8836		1,819		2,007
4691-7734		9,398		9,545
AFH-81470		0		15,575
4704-3967		18,629		18,920
AGC-R6126		0		8,230
4719-1617		9,997		10,154
AHW-96100		0		94,904
4728-1958		799		811
AHW-R1986		6,041		6,665
4753-0026		22,592		22,945
AHW-R2113		0		1,838
4786-1391		5,583		5,671
AHW-R2155		0		19,950
4797-2121		199,706		202,829
AHW-R2157		0		3,654

7372

KMP FUTURES FUND I LLC

SUPPLEMENTARY SCHEDULE OF MEMBERS’ CAPITAL ACCOUNTS (CONTINUED)

December 31, ~~2014~~2015 and ~~2013~~2014

_______________

Member Identification Number	Capital Balance December 31, ~~2014~~2015		Capital Balance December 31, ~~2013~~2014
4812-4625	$	32,482	$	32,990
AHW-R2186	$	0	$	50,698
5111-9423		5,564		5,651
AHW-R2223		6,489		7,159
5120-8649		5,564		5,651
AHW-R2265		0		5,956
5139-6610		0		11,501
AHW-R6204		0		3,063
5206-8255		130,800		132,846
AHW-R6205		0		3,063
5283-0837		799		811
AJX-11087		10,753		11,863
5285-4586		38,889		39,497
AQL-R5962		4,796		5,291
5286-1712		539		547
AWL-81967		2,896		3,195
5304-3294		13,519		13,731
AWL-R2701		7,459		8,230
5362-5567		102,401		104,003
AWL-R3744		7,775		8,578
5495-6358		2,664		2,705
AWS-R1742		6,353		7,009
5609-2552		7,850		7,973
AWS-R1793		0		5,328
5628-2884		33,334		33,855
AXZ-37917		10,726		11,833
5990-5615		14,544		0
AYH-R2306		9,717		10,720
6060-3769		127,566		129,562
BBD-00028		3,823		4,218
6194-3646		3,674		3,732
BBD-00092		6,474		7,142
6236-1623		3,123		3,172
BBD-00125		11,017		12,155
6368-5186		11,129		11,303
BBD-00422		1,957		2,159
6497-0519		2,283		2,319
BBD-01060		5,307		5,855
6555-7258		14,019		14,238
BBD-01176		2,821		3,112
6562-3963		9,075		9,217
BBD-02356		4,618		5,095
6568-6385		2,314		2,350
BBD-80053		3,391		3,741
6701-6229		0		17,753
BBD-80081		16,960		18,712
6702-5403		5,564		5,651
BBD-80091		8,197		9,043
6978-1706		9,073		9,215
BBD-80207		5,198		5,734
6990-3372		5,438		5,523
BBD-80269		11,446		12,628
7011-9883		4,362		0
BBD-80286		11,223		12,382
7024-4295		2,283		2,318
BBD-80349		7,871		8,684
7060-3268		10,572		10,738
BBD-80411		7,218		7,963
7063-2450		32,244		32,749
BBD-80420		3,619		3,993
7069-9383		0		14,947
BBD-80703		2,487		2,744
7089-0315		5,978		0
BBD-81259		12,905		14,237
7153-8986		0		14,224
BBD-81320		3,853		4,251
7187-7559		73,107		74,251
BBD-81321		4,663		5,144
7238-3657		3,475		0
BBD-81373		3,109		3,430
7319-0098		0		8,382
BBD-81458		6,462		7,130
7337-9650		2,030		0
BBD-81589		9,411		10,382
7500-1814		2,137		2,171
BBD-81606		17,227		19,006
7509-8756		3,196		3,246
BBD-81618		2,386		2,633
7598-8747		8,081		8,207
BBD-81750		5,694		6,281
7673-1148		0		7,707
BBD-81765		20,679		22,815
7759-3521		8,544		8,677
BEK-00213		16,337		18,024
8063-7737		5,010		5,088
BEK-80096		9,645		10,641
8067-7027		6,089		6,184
BEK-80148		1,298		1,432
8178-4177		31,531		32,024
BEW-85640		1,952		2,154
8263-3675A		9,255		9,400
BEW-R1997		21,007		23,177
8382-1420		9,273		9,418
BHF-80405		3,644		4,020
8577-4908		26,650		27,067
BKR-01125		27,090		29,887
8625-8649		2,238		2,273
BKR-0197		3,484		3,844

7473

KMP FUTURES FUND I LLC

SUPPLEMENTARY SCHEDULE OF MEMBERS’ CAPITAL ACCOUNTS (CONTINUED)

December 31, ~~2014~~2015 and ~~2013~~2014

_______________

Member Identification Number	Capital Balance December 31, ~~2014~~2015		Capital Balance December 31, ~~2013~~2014
8651-3297	$	2,030	$	0
BKR-0216	$	27,647	$	30,501
8662-2115		0		7,308
BKR-02555		0		4,291
8689-0538		4,766		4,841
BKR-0538		13,563		14,963
8702-7677		7,740		7,861
BKR-07518		54,532		60,163
8870-7381		668		679
BKR-0900		7,759		8,560
8913-7264B		41,377		42,025
BKR-09744		4,344		4,793
ABD-62132		0		7,905
BKR-09925		1,279		1,411
ABD-80157		7,567		7,685
BKR-1025		17,372		19,166
ABD-R5805		0		6,438
BKR-10849		2,896		3,195
ABL-R6207		1,684		1,710
BKR-11012		2,097		2,314
ABL-R6253		2,009		2,041
BKR-11032		5,792		6,391
ABL-R6293		0		1,360
BKR-11261		10,328		11,395
ABL-R6324		1,390		1,412
BKR-11272		8,254		9,106
ABN-80777		1,148		1,166
BKR-11937		2,896		3,195
ABR-81799		4,809		4,884
BKR-11968		3,008		3,318
ABR-R2296		3,995		4,057
BKR-12026		2,145		2,367
ABT-81387		0		19,874
BKR-12039		0		5,660
ABV-01615		9,056		9,197
BKR-12182		11,213		12,371
ABV-03579		7,147		7,259
BKR-12662		1,690		1,865
ABV-80786		8,296		8,426
BKR-12664		3,233		3,567
ABV-R1938		6,609		6,712
BKR-12798		16,195		17,867
ABV-R2723		45,890		46,608
BKR-12836		7,288		8,040
ABX-R7874		0		5,560
BKR-12863		30,984		34,184
ADC-R6454		17,372		17,643
BKR-12865		12,977		14,317
ADC-R6612		6,056		6,151
BKR-13037		0		1,326
AEB-80355		2,555		2,595
BKR-13084		2,115		2,333
AEB-80356		2,555		2,595
BKR-13092		2,896		3,195
AEB-80674		4,277		4,344
BKR-13100		6,878		7,589
AEH-R6420		10,820		10,990
BKR-13108		3,439		3,794
AEH-R6484		4,470		4,540
BKR-13109		12,340		13,615
AEH-R6512		0		7,016
BKR-13228		2,896		3,195
AEH-R6538		7,297		7,411
BKR-13229		3,593		3,964
AEH-R6540		3,700		3,758
BKR-13240		3,324		3,667
AEH-R6660		0		4,734
BKR-13244		4,653		5,133
AEH-R6667		3,201		3,251
BKR-13316		25,414		28,039
AEH-R6750		2,421		2,459
BKR-13397		3,004		3,315
AEH-R8164		2,590		2,630
BKR-13400		2,904		3,204
AEH-R8184		136,194		138,325
BKR-1349		0		4,233
AEH-R8380		10,450		10,614
BKR-13498		11,336		12,507
AEH-R8405		5,295		5,378
BKR-13503		0		51,617
AEH-R8432		11,779		11,964
BKR-13516		1,214		1,339
AEH-R8470		2,405		2,443
BKR-13521		1,214		1,339
AEH-R8901		1,800		1,828
BKR-13534		3,084		3,403
AEW-23920		20,593		20,916
BKR-13565		0		10,573
AEW-R8836		2,007		2,038
BKR-13577		3,620		3,994
AFH-81470		15,575		15,819
BKR-13625		0		42,810
AGC-R2111		0		7,426
BKR-13724		4,401		4,855
AGC-R6126		8,230		8,358
BKR-17214		2,069		2,283
AHA-R0737		0		15,574
BKR-1917		10,485		11,568

7574

KMP FUTURES FUND I LLC

SUPPLEMENTARY SCHEDULE OF MEMBERS’ CAPITAL ACCOUNTS (CONTINUED)

December 31, ~~2014~~2015 and ~~2013~~2014

_______________

Member Identification Number	Capital Balance December 31, ~~2014~~2015		Capital Balance December 31, ~~2013~~2014
AHW-96100	$	94,904	$	96,388
BKR-20541	$	2,955	$	3,260
AHW-R1986		6,665		6,769
BKR-26185		5,039		5,560
AHW-R2047		0		4,050
BKR-2665		12,760		14,078
AHW-R2113		1,838		1,866
BKR-2734		1,477		1,629
AHW-R2155		19,950		20,262
BKR-28489		7,668		8,460
AHW-R2157		3,654		3,711
BKR-3428		0		2,505
AHW-R2186		50,698		51,491
BKR-4028		1,572		0
AHW-R2223		7,159		7,271
BKR-4158		3,792		4,184
AHW-R2265		5,956		6,050
BKR-4175		11,831		0
AHW-R6204		3,063		3,111
BKR42110		2,696		2,975
AHW-R6205		3,063		3,111
BKR-4388		7,134		0
AHW-R6810		0		4,845
BKR-4651		10,057		11,095
AJX-11087		11,863		12,049
BKR-4775		2,066		2,279
AQL-R5962		5,291		5,374
BKR-49059		9,717		10,720
AVX-81307		0		16,465
BKR-5271		12,031		13,272
AWL-81967		3,195		3,245
BKR-57756		0		22,827
AWL-R2701		8,230		8,358
BKR-6039M		16,761		18,492
AWL-R3506		0		16,717
BKR-66914		10,345		11,413
AWL-R3744		8,578		8,712
BKR-6730		0		2,564
AWS-R1737		0		26,239
BKR-6743		8,813		9,724
AWS-R1742		7,009		7,119
BKR-68040		3,869		4,269
AWS-R1793		5,328		5,411
BKR-68650		7,241		7,988
AXZ-37917		11,833		12,019
BKR-68946		3,815		4,209
AXZ-41554		0		17,328
BKR-69858		0		7,988
AYH-R2306		10,720		10,888
BKR-70300		28,962		31,953
BBD-00028		4,218		4,284
BKR-70521		21,722		23,965
BBD-00071		0		2,325
BKR-71735		12,977		14,317
BBD-00092		7,142		7,254
BKR-71814		7,241		7,988
BBD-00125		12,155		12,345
BKR-71845		4,112		4,536
BBD-00422		2,159		2,193
BKR-72174		0		3,127
BBD-01060		5,855		5,946
BKR-72228		4,635		5,113
BBD-01176		3,112		3,160
BKR-72456		13,820		15,247
BBD-02356		5,095		5,175
BKR-72496		7,241		7,989
BBD-80053		3,741		3,799
BKR-72555		12,271		13,538
BBD-80081		18,712		19,005
BKR-72661		9,448		10,424
BBD-80091		9,043		9,185
BKR-72669		10,325		11,391
BBD-80207		5,734		5,824
BKR-72913		21,722		23,965
BBD-80269		12,628		12,825
BKR-72948		14,481		15,976
BBD-80286		12,382		12,576
BKR-73074		7,631		8,419
BBD-80349		8,684		8,820
BKR-73168		25,884		28,557
BBD-80411		7,963		15,901
BKR-73170		11,825		13,046
BBD-80414		0		4,430
BKR-73234		0		39,941
BBD-80420		3,993		4,055
BKR-73241		6,914		7,627
BBD-80703		2,744		2,787
BKR-73244		15,039		16,592
BBD-81259		14,237		14,460
BKR-73246		3,331		3,674
BBD-81320		4,251		8,900
BKR-73257		14,481		15,976
BBD-81321		5,144		5,225
BKR-73304		3,004		3,315
BBD-81373		3,430		3,484
BKR-73350		8,254		9,106
BBD-81458		7,130		7,241
BKR-7350		19,012		0

7675

KMP FUTURES FUND I LLC

SUPPLEMENTARY SCHEDULE OF MEMBERS’ CAPITAL ACCOUNTS (CONTINUED)

December 31, ~~2014~~2015 and ~~2013~~ 2014

_______________

Member Identification Number	Capital Balance December 31, ~~2014~~2015		Capital Balance December 31, ~~2013~~2014
BBD-81589	$	10,382	$	10,545
BKR-7353	$	1,763	$	0
BBD-81606		19,006		19,303
BKR-73908		46,556		51,363
BBD-81618		2,633		2,674
BKR-73919		16,885		18,629
BBD-81744		0		4,351
BKR-73921		7,588		8,372
BBD-81749		0		17,909
BKR-73923		14,481		15,976
BBD-81750		6,281		6,380
BKR-73939		8,818		9,729
BBD-81765		22,815		23,171
BKR-74043		4,112		4,536
BEK-00213		18,024		18,306
BKR-74047		12,228		13,490
BEK-80096		10,641		10,808
BKR-7482		58,790		0
BEK-80148		1,432		1,454
BKR-7626		6,300		0
BEW-85640		2,154		2,188
BKR-7826		18,288		0
BEW-R1997		23,177		23,539
BKR-7959		2,896		3,195
BHF-80405		4,020		4,083
BKR-80421		5,241		5,782
BKR-01125		29,887		30,354
BKR-8237		8,241		0
BKR-0197		3,844		3,904
BKR-84044		10,328		11,395
BKR-0216		30,501		30,979
BKR-85010		12,336		13,609
BKR-02473		0		17,428
BKR-8503		16,197		0
BKR-02555		4,291		4,359
BKR-8847		14,000		15,446
BKR-0538		14,963		15,197
BKR-8893		1,535		1,694
BKR-07518		60,163		61,105
BKR-9722		10,331		11,398
BKR-0900		8,560		8,694
BKR-98869		3,212		3,543
BKR-09744		4,793		4,868
BKR-P0008		8,684		9,581
BKR-09925		1,411		1,433
BKR-P0023		9,327		10,290
BKR-1025		19,166		19,466
BKR-P0024		2,683		2,960
BKR-10849		3,195		3,245
BKR-P0030		2,065		2,278
BKR-11012		2,314		2,350
BKR-P0050		32,960		36,363
BKR-11032		6,391		6,491
BKR-P0058		97,745		107,839
BKR-11261		11,395		11,573
BKR-P0087		1,214		1,339
BKR-11272		9,106		9,249
BKR-P0089		2,145		2,367
BKR-11937		3,195		3,245
BKR-P0191		55,174		60,871
BKR-11968		3,318		3,370
BKR-P0342		4,102		4,525
BKR-12026		2,367		2,404
BKR-P0839		1,821		2,009
BKR-12039		5,660		5,748
BKR-P1059		5,356		5,909
BKR-12182		12,371		12,565
BKR-P1346		1,214		1,339
BKR-12662		1,865		1,894
BKR-P1348		11,734		12,946
BKR-12664		3,567		3,623
BKR-P1524		2,525		2,786
BKR-12798		17,867		18,147
BKR-P1917		9,582		10,571
BKR-12836		8,040		8,166
BKR-P2281		10,485		11,568
BKR-12863		34,184		34,719
BKR-P2877		4,440		4,899
BKR-12865		14,317		14,541
BKR-P3477		4,440		4,899
BKR-13037		1,326		1,347
BKR-P3764		3,575		3,944
BKR-13045		0		6,009
BKR-P4130		1,025		1,131
BKR-13084		2,333		2,369
BKR-P4900		2,011		2,218
BKR-13092		3,195		3,245
BKR-P5706		4,315		4,760
BKR-13100		7,589		7,707
BKR-P6084		3,104		3,424
BKR-13108		3,794		3,854
BKR-P6649		1,970		2,173
BKR-13109		13,615		13,828
BKR-P6727		13,187		14,548
BKR-13228		3,195		3,245
BKR-P7154		11,585		12,781
BKR-13229		3,964		4,026
BKR-P7265		0		10,590

7776

KMP FUTURES FUND I LLC

SUPPLEMENTARY SCHEDULE OF MEMBERS’ CAPITAL ACCOUNTS (CONTINUED)

December 31, ~~2014~~2015 and ~~2013~~2014

_______________

Member Identification Number	Capital Balance December 31, ~~2014~~2015		Capital Balance December 31, ~~2013~~2014
BKR-13240	$	3,667	$	3,724
BKR-P7350	$	0	$	20,975
BKR-13244		5,133		5,214
BKR-P7365		7,886		8,700
BKR-13316		28,039		28,477
BKR-P7483		1,808		1,995
BKR-13397		3,315		3,366
BKR-P8123		2,145		2,367
BKR-13400		3,204		3,254
BKR-P8124		5,363		5,917
BKR-1349		4,233		4,300
BKR-P8518		1,025		1,131
BKR-13498		12,507		12,703
BKR-P9268		3,880		4,281
BKR-13503		51,617		52,424
BKR-P9387		1,063		1,173
BKR-13516		1,339		1,360
BLN-01268		0		6,951
BKR-13521		1,339		1,360
BLN-01307		9,769		10,778
BKR-13534		3,403		3,456
BLN-02885		13,497		14,890
BKR-13555		0		12,165
BML-01518		3,149		3,474
BKR-13565		10,573		10,738
BTG-80921		8,100		8,937
BKR-13567		0		1,493
BTJ-R2569		10,680		11,783
BKR-13577		3,994		4,057
BTJ-R3259		3,877		4,277
BKR-13625		42,810		43,480
BTJ-R3621		8,101		8,938
BKR-13724		4,855		4,931
BTR-00863		0		55,864
BKR-14245		0		13,753
BYW-80007		0		3,407
BKR-14260		0		8,307
BYW-80008		0		1,703
BKR-15341		0		9,741
BYW-80070		0		5,256
BKR-15456		0		4,268
BYW-80103		0		18,313
BKR-17214		2,283		2,318
BYW-80190		0		5,413
BKR-1917		11,568		11,749
BYW-80408		0		2,895
BKR-20541		3,260		3,311
BYW-80538		0		12,354
BKR-26185		5,560		5,647
BYW-80658		0		5,703
BKR-2665		14,078		0
BYW-80664		0		4,298
BKR-26963		0		11,521
ECK-80089		6,377		7,036
BKR-2734		1,629		1,655
ECK-80106		7,999		8,825
BKR-2827		0		4,029
ECK-80140		2,686		2,964
BKR-28327		0		18,452
ECK-80457		2,924		3,226
BKR-28489		8,460		8,592
ECR-14411		7,865		8,677
BKR-3428		2,505		2,545
ECR-96438		5,262		5,806
BKR-3811		0		23,532
ECR-R5725		12,818		14,142
BKR-41481		0		8,244
EES-R1115		105,273		116,144
BKR-4158		4,184		0
ELS-R4206		21,722		23,965
BKR-42110		2,975		3,021
EPM-81697		0		11,819
BKR-4651		11,095		11,269
ESF-R0501		10,331		11,398
BKR-4775		2,279		0
ESF-R3249		16,596		18,310
BKR-49059		10,720		10,888
HCG-07447		0		5,696
BKR-49859		0		15,976
HCG-13510		0		15,976
BKR-49867		0		3,052
HCX-R1826		0		8,932
BKR-52348		0		20,651
HCX-R2595		0		5,513
BKR-52380		0		20,651
HFE-80019		2,747		3,031
BKR-5630		0		10,028
HNY-95093		10,712		11,819
BKR-5271		13,272		0
HQY-R5760		40,443		44,620
BKR-57756		22,827		23,184
JBH-05308		6,032		6,655
BKR-6028285		0		6,471
JHK-08745		9,541		10,526
BKR-6039M		18,492		18,782
JHK-09191		4,034		4,450
BKR-65848		0		16,226
JHK-09336		3,957		4,365

7877

KMP FUTURES FUND I LLC

SUPPLEMENTARY SCHEDULE OF MEMBERS’ CAPITAL ACCOUNTS (CONTINUED)

December 31, ~~2014~~2015 and ~~2013~~2014

_______________

Member Identification Number	Capital Balance December 31, ~~2014~~2015		Capital Balance December 31, ~~2013~~2014
BKR-66914	$	11,413	$	11,592
JHK-09784	$	16,507	$	26,800
BKR-6730		2,564		2,604
JHK-R3165		0		3,195
BKR-6743		9,724		0
JHK-R3171		3,016		3,327
BKR-68040		4,269		4,336
JHK-R3177		0		9,321
BKR-68650		7,988		8,113
JHK-R3178		8,448		9,321
BKR-68946		4,209		4,275
JHK-R3179		5,974		6,591
BKR-69858		7,988		8,113
JHK-R3183		9,310		10,271
BKR-70300		31,953		32,453
JHK-R3186		4,907		5,413
BKR-70521		23,965		24,340
JHK-R3194		0		42,510
BKR-71735		14,317		14,541
JHK-R3202		7,242		7,989
BKR-71814		7,988		8,113
JHK-R3207		14,829		16,361
BKR-71845		4,536		4,607
JHK-R3215		4,344		4,793
BKR-72174		3,127		3,176
JHK-R3216		2,896		3,195
BKR-72228		5,113		5,193
JHK-R3237		2,596		2,864
BKR-72371		0		12,983
JHK-R3248		5,792		6,391
BKR-72456		15,247		15,486
JHK-R3253		7,408		8,173
BKR-72496		7,989		8,114
JHK-R3257		6,800		7,502
BKR-72555		13,538		13,750
JHK-R3263		1,526		1,684
BKR-72661		10,424		10,587
JHK-R3268		3,078		3,396
BKR-72669		11,391		11,570
JHK-R3269		5,217		5,756
BKR-72730		0		5,615
JHK-R3282		2,896		3,195
BKR-72913		23,965		24,340
JHK-R3344		4,344		4,793
BKR-72948		15,976		16,226
JMM-10285		0		23,637
BKR-73074		8,419		8,550
JMM-81765		0		3,384
BKR-73168		28,557		29,004
JPB-80026		3,838		4,234
BKR-73170		13,046		13,250
TBM-26513		9,861		10,879
BKR-73234		39,941		40,566
TBM-26563		17,097		18,862
BKR-73241		7,627		7,747
TBM-29232		3,377		3,726
BKR-73244		16,592		16,851
TBM-R0256		40,861		45,080
BKR-73246		3,674		3,732
TBM-R0369		25,316		27,930
BKR-73257		15,976		16,226
TBM-R0408		5,972		6,589
BKR-73304		3,315		3,366
TBM-R0509		18,174		20,051
BKR-73350		9,106		9,249
TBM-R0661		8,304		9,162
BKR-73843		0		3,707
TBM-R0832		22,023		24,297
BKR-73908		51,363		52,167
TBN-R0231		0		6,689
BKR-73919		18,629		18,920
TBW-80513		7,310		8,065
BKR-73921		8,372		8,503
TBW-R3429		2,904		3,204
BKR-73923		15,976		16,226
TEB-R3621		15,519		17,121
BKR-73939		9,729		9,881
TEB-R4612		11,148		12,299
BKR-74043		4,536		4,607
TEB-R4613		20,704		22,842
BKR-74047		13,490		13,701
TEF-R4885		0		20,177
BKR-7940		0		22,345
TEF-R4911		0		64,861
BKR-7959		3,195		3,245
TEF-R4924		0		13,053
BKR-80421		5,782		5,872
TEF-R4925		0		1,734
BKR-84044		11,395		11,573
TEF-R4939		0		17,870
BKR-85010		13,609		13,822
TEF-R4961		0		1,945
BKR-8847		15,446		15,688
TEF-R5143		0		5,746
BKR-8893		1,694		1,720
TEJ-03915		3,513		3,876
BKR-9722		11,398		11,576
TES-R1303		10,110		11,154

7978

KMP FUTURES FUND I LLC

SUPPLEMENTARY SCHEDULE OF MEMBERS’ CAPITAL ACCOUNTS (CONTINUED)

December 31, ~~2014~~2015 and ~~2013~~2014

_______________

Member Identification Number	Capital Balance December 31, ~~2014~~2015		Capital Balance December 31, ~~2013~~2014
BKR-98869	$	3,543	$	3,599
TES-R1450	$	3,049	$	3,363
BKR-P0008		9,581		9,731
TES-R1794		6,099		6,728
BKR-P0023		10,290		10,451
TEZ-08695		10,325		11,391
BKR-P0024		2,960		3,006
TEZ-80199		0		9,745
BKR-P0030		2,278		2,314
TEZ-96151		0		38,186
BKR-P0050		36,363		36,932
TEZ-R0727		2,066		2,279
BKR-P0058		107,839		109,526
TEZ-R0953		0		13,750
BKR-P0087		1,339		1,360
TEZ-R2267		0		7,372
BKR-P0089		2,367		2,404
TEZ-R2940		3,110		3,431
BKR-P0096		0		5,526
TFA-19542		0		7,884
BKR-P0191		60,871		61,823
TFA-R5014		10,310		11,375
BKR-P0342		4,525		4,596
TGP-R2202		12,904		14,237
BKR-P0839		2,009		2,041
TGP-R2203		10,323		11,389
BKR-P1059		5,909		6,002
TGP-R3181		28,257		31,175
BKR-P1346		1,339		1,360
TGP-R3342		6,129		6,762
BKR-P1348		12,946		13,148
TGP-R3408		4,956		5,468
BKR-P1524		2,786		2,830
TGY-R0400		2,823		3,115
BKR-P1917		10,571		10,737
TGY-R0761		12,776		14,095
BKR-P2281		11,568		11,749
TGY-R0838		0		39,811
BKR-P2459		0		6,491
TGY-R0851		2,158		2,380
BKR-P2877		4,899		4,975
TGY-R0857		0		28,070
BKR-P2951		0		1,403
TGY-R0883		13,981		15,425
BKR-P3477		4,899		4,975
TGY-R0937		4,060		4,479
BKR-P3764		3,944		4,005
TGY-R0979		14,638		16,150
BKR-P4130		1,131		1,149
TGY-R1021		1,391		1,534
BKR-P4900		2,218		2,253
TGY-R1022		3,070		3,387
BKR-P5706		4,760		4,835
TGY-R1084		4,069		4,489
BKR-P6084		3,424		3,478
TGY-R1150		7,097		7,830
BKR-P6649		2,173		2,207
TGY-R1251		0		7,871
BKR-P6727		14,548		14,776
TGY-R1379		2,049		2,261
BKR-P7154		12,781		12,981
TGY-R1871		7,528		8,306
BKR-P7265		10,590		10,755
TGY-R1886		0		5,220
BKR-P7350		20,975		21,303
TGY-R2063		21,747		23,993
BKR-P7365		8,700		8,836
TGY-R2137		8,143		8,984
BKR-P7483		1,995		2,026
TGY-R2217		3,872		4,272
BKR-P8123		2,367		2,404
TGY-R2221		2,183		2,409
BKR-P8124		5,917		6,009
TGY-R2387		7,362		8,122
BKR-P8518		1,131		1,149
TGY-R2714		4,388		4,841
BKR-P9268		4,281		4,348
TGY-R2904		7,002		7,725
BKR-P9387		1,173		1,191
THC-13923		21,722		23,965
BLN-01268		6,951		7,060
THC-R0181		2,896		3,195
BLN-01307		10,778		10,947
THL-81968		2,696		2,975
BLN-02885		14,890		15,123
THL-R0170		16,569		18,280
BML-01518		3,474		3,529
THL-R0852		5,183		5,718
BTG-80921		8,937		9,077
THM-02893		3,076		3,394
BTJ-R2569		11,783		11,968
THT-R1394		3,812		4,206
BTJ-R3259		4,277		4,344
THU-07377		6,070		6,697
BTJ-R3621		8,938		9,077
TJC-R1267		4,006		4,420
BTR-00863		55,864		56,738

8079

KMP FUTURES FUND I LLC

SUPPLEMENTARY SCHEDULE OF MEMBERS’ CAPITAL ACCOUNTS (CONTINUED)

December 31, ~~2014~~2015 and ~~2013~~2014

_______________

Member Identification Number	Capital Balance December 31, ~~2014~~2015		Capital Balance December 31, ~~2013~~2014
BYW-80007	$	3,407	$	3,460
TJM-R3064	$	1,860	$	2,052
BYW-80008		1,703		1,730
TJM-R5199		6,878		7,589
BYW-80070		5,256		5,339
TJU-80949		3,774		4,164
BYW-80103		18,313		18,599
TJU-R3826		1,482		1,635
BYW-80148		0		24,318
TJU-R7643		17,372		19,166
BYW-80177		0		9,501
TKC-81926		86,831		95,797
BYW-80190		5,413		5,498
TKC-96552		0		6,987
BYW-80408		2,895		2,940
		7,336,256		10,192,361
BYW-80538		12,354		12,547
BYW-80587		0		25,593
BYW-80592		0		7,647
BYW-80642		0		20,128
BYW-80645		0		9,604
BYW-80658		5,703		5,792
BYW-80660		0		16,242
BYW-80664		4,298		4,366
ECK-80089		7,036		7,146
ECK-80106		8,825		8,963
ECK-80140		2,964		3,010
ECK-80457		3,226		3,276
ECR-14411		8,677		8,813
ECR-96438		5,806		5,897
ECR-R5725		14,142		14,363
EES-R1115		116,144		117,961
ELS-R4206		23,965		24,340
EPM-81697		11,819		12,003
ESF-R0501		11,398		11,576
ESF-R3249		18,310		18,596
HCG-07447		5,696		5,785
HCG-13510		15,976		16,226
HCG-21167		0		8,251
HCG-R3723		0		2,314
HCX-R1826		8,932		9,072
HCX-R2595		5,513		5,599
HFE-80019		3,031		3,078
HNY-95093		11,819		12,003
HQY-R5760		44,620		45,318
JBH-05308		6,655		6,759
JHK-08745		10,526		10,691
JHK-09191		4,450		4,520
JHK-09336		4,365		4,433
JHK-09784		26,800		37,084
JHK-R3165		3,195		3,245
JHK-R3171		3,327		3,379
JHK-R3177		9,321		9,466
JHK-R3178		9,321		9,466
JHK-R3179		6,591		6,694
JHK-R3183		10,271		10,432
JHK-R3186		5,413		5,498

8180

KMP FUTURES FUND I LLC

SUPPLEMENTARY SCHEDULE OF MEMBERS’ CAPITAL ACCOUNTS (CONTINUED)

December 31, 2014 and 2013

_______________

Member Identification Number	Capital Balance December 31, 2014		Capital Balance December 31, 2013
JHK-R3194	$	42,510	$	43,175
JHK-R3202		7,989		8,114
JHK-R3207		16,361		16,616
JHK-R3215		4,793		4,868
JHK-R3216		3,195		3,245
JHK-R3237		2,864		2,908
JHK-R3248		6,391		6,491
JHK-R3253		8,173		8,301
JHK-R3257		7,502		7,619
JHK-R3263		1,684		1,710
JHK-R3268		3,396		3,449
JHK-R3269		5,756		5,846
JHK-R3282		3,195		3,245
JHK-R3344		4,793		4,868
JMM-10285		23,637		24,007
JMM-81765		3,384		3,437
JMM-R6950		0		6,647
JPB-80026		4,234		4,300
TBM-26513		10,879		11,049
TBM-26563		18,862		19,157
TBM-29232		3,726		3,784
TBM-R0256		45,080		45,785
TBM-R0369		27,930		28,367
TBM-R0408		6,589		6,692
TBM-R0509		20,051		20,364
TBM-R0661		9,162		9,305
TBM-R0832		24,297		24,677
TBN-R0231		6,689		6,794
TBW-80513		8,065		8,191
TBW-R3429		3,204		3,254
TEB-R3621		17,121		17,389
TEB-R4612		12,299		12,492
TEB-R4613		22,842		23,199
TEF-R4885		20,177		20,492
TEF-R4911		64,861		65,875
TEF-R4924		13,053		13,257
TEF-R4925		1,734		1,762
TEF-R4939		17,870		18,149
TEF-R4961		1,945		1,975
TEF-R5136		0		9,876
TEF-R5143		5,746		5,836
TEJ-03915		3,876		3,937
TES-R1303		11,154		11,329
TES-R1450		3,363		3,416
TES-R1794		6,728		6,834
TEZ-08695		11,391		11,570
TEZ-08795		0		19,346
TEZ-09159		0		22,182
TEZ-80199		9,745		9,898

KMP FUTURES FUND I LLC

SUPPLEMENTARY SCHEDULE OF MEMBERS’ CAPITAL ACCOUNTS (CONTINUED)

December 31, 2014 and 2013

_______________

Member Identification Number	Capital Balance December 31, 2014		Capital Balance December 31, 2013
TEZ-80465	$	0	$	8,742
TEZ-80466		0		2,315
TEZ-80467		0		42,082
TEZ-80581		0		27,239
TEZ-80608		0		7,425
TEZ-81448		0		2,314
TEZ-96151		38,186		38,784
TEZ-96746		0		76,925
TEZ-R0001		0		8,831
TEZ-R0047		0		20,555
TEZ-R0399		0		1,645
TEZ-R0727		2,279		2,315
TEZ-R0754		0		81,132
TEZ-R0953		13,750		13,965
TEZ-R2267		7,372		7,488
TEZ-R2940		3,431		3,485
TEZ-R3643		0		2,022
TFA-19542		7,884		8,007
TFA-R5014		11,375		11,553
TGP-R2202		14,237		14,459
TGP-R2203		11,389		11,567
TGP-R3181		31,175		31,663
TGP-R3342		6,762		6,868
TGP-R3408		5,468		5,553
TGY-R0400		3,115		3,163
TGY-R0761		14,095		14,315
TGY-R0838		39,811		40,434
TGY-R0851		2,380		2,418
TGY-R0857		28,070		28,509
TGY-R0861		0		17,923
TGY-R0876		0		7,973
TGY-R0883		15,425		15,666
TGY-R0937		4,479		4,549
TGY-R0979		16,150		16,402
TGY-R0984		0		2,013
TGY-R0985		0		1,362
TGY-R1021		1,534		1,558
TGY-R1022		3,387		3,440
TGY-R1029		0		19,136
TGY-R1084		4,489		4,560
TGY-R1150		7,830		7,952
TGY-R1251		7,871		7,994
TGY-R1379		2,261		2,296
TGY-R1782		0		14,298
TGY-R1871		8,306		8,436
TGY-R1886		5,220		5,302
TGY-R2052		0		4,249
TGY-R2063		23,993		24,369
TGY-R2137		8,984		9,124

KMP FUTURES FUND I LLC

SUPPLEMENTARY SCHEDULE OF MEMBERS’ CAPITAL ACCOUNTS (CONTINUED)

December 31, 2014 and 2013

_______________

Member Identification Number	Capital Balance December 31, 2014		Capital Balance December 31, 2013
TGY-R2217	$	4,272	$	4,339
TGY-R2221		2,409		2,446
TGY-R2321		0		2,253
TGY-R2387		8,122		8,249
TGY-R2444		0		2,136
TGY-R2714		4,841		4,916
TGY-R2904		7,725		7,846
THC-13923		23,965		24,340
THC-R0181		3,195		3,245
THL-81968		2,975		3,021
THL-R0170		18,280		18,566
THL-R0852		5,718		5,808
THM-02893		3,394		3,447
THT-R1394		4,206		4,271
THT-R1488		0		7,401
THU-07377		6,697		6,802
TJC-R1267		4,420		4,489
TJE-80842		0		15,593
TJE-R1435		0		65,298
TJM-R3064		2,052		2,084
TJM-R5199		7,589		7,707
TJU-80949		4,164		4,229
TJU-R3826		1,635		1,660
TJU-R7643		19,166		19,465
TKC-81926		95,797		97,296
TKC-96552		6,987		7,096
TQA-80245		0		7,270
	$	10,192,361	$	12,923,230

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized, on the ~~17th~~23rd day of March ~~2015~~2016.

KMP Futures Fund I LLC

By: Kenmar Preferred Investments, LLC Managing Member

By:	Kenmar Preferred Investments, LLC Managing Member

	By:	/s/ Kenneth A. Shewer	Date: March 23, 2016
	Kenneth A. Shewer
	Chairman and Chief Investment Officer

By:	/s/ David K. Spohr	Date: March 17, 2015
David K. Spohr
Chief Operating Officer and Chief Compliance Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant in the capacities indicated on March 22, 2016.

KMP Futures Fund I LLC

By: Kenmar Preferred Investments, LLC Managing Member

By:	Kenmar Preferred Investments, LLC Managing Member

	By:	/s/ Jim Parrish	Date: March 23, 2016
	Jim Parrish President
	(Principal Executive Officer)

By:	/s/ ~~Jim~~Kenneth ~~Parrish~~A. Shewer	Date: March 1723, ~~2015~~2016
Jim Parrish
Kenneth A. Shewer Chairman and Chief Investment Officer
President
(Principal Financial/Accounting Officer)
(Principal Executive Officer)

By:	/s/ David K. Spohr	Date: March 17, 2015
David K. Spohr
Chief Operating Officer and Chief Compliance Officer
(Principal Financial/Accounting Officer)

Filing Compare · KMP Futures Fund I LLC