| UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549 |
|-----------------------------------------------------------------------|
|                                                                  |
| Form 10-Q                                                             |
| (Mark one)                                                            |   |
| R                                                                     | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|                                                                  |   |
| For the quarterly period ended December 31, 2010                      |
|                                                                  |   |
| £                                                                | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|                                                                  |   |
| For the transition period from _________ to __________                |
|                                                                  |   |
|                                                                  | Commission file number 000-53041 |
|                                                                  |   |
| SOUTHWEST IOWA RENEWABLE ENERGY, LLC                                  |
| (Exact name of registrant as specified in its charter)                |
|                                                                  |   |
| Iowa                                                                  | 20-2735046 |
| (State or other jurisdiction of incorporation or organization)        | (I.R.S. Employer Identification No.) |
|                                                                  |   |

|   | 10868 189th Street, Council Bluffs, Iowa 51503 |   |
|--------|------------------------------------------------|--------|
|   | Address of principal executive offices)        |   |

|                                                       | (712) 366-0392 |   |
|------------------------------------------------------------|----------------|--------|
| (Registrant’s telephone number, including area code) |

|   |                                                                               |   |
|--------|------------------------------------------------------------------------------------|--------|
|   | (Former name, former address and former fiscal year, of changed since last report) |   |
|   |                                                                               |   |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Indicate by check mark whether the registrant has (1) 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 R    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 £    No R |
|                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 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 the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.                                                                                                       |

|   | Large accelerated filer   o | Accelerated filer  o | Non-accelerated filer   o | Smaller reporting company    þ |
|--------|---------------------------------------|---------------------------|-------------------------------------|----------------------------------------------------|
|   |                                  |                      |                                |                                               |

| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes £    No R |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                               |
| As of December 31, 2010, the issuer had 8,805 Series A Units, 3,334 Series B Units, and 1,000 Series C Units issued and outstanding.                               |

----

| PART I—FINANCIAL INFORMATION |
|------------------------------------|
|                               |   |   |   |
| Item Number                        | Item Matter | Page Number |   |
|                               |   |   |   |
| Item 1.                            | Financial Statements. |   1 |   |
|                               |   |   |   |
| Item 2.                            | Management’s Discussion and Analysis of Financial Condition and Results of Operations. | 16 |   |
|                               |   |   |   |
| Item 3.                            | Quantitative and Qualitative Disclosure about Market Risk. | 21 |   |
|                               |   |   |   |
| Item 4.                            | Controls and Procedures. | 22 |   |
|                               |   |   |   |
| PART II—OTHER INFORMATION    |   |
|                               |   |   |   |
| Item 1.                            | Legal Proceedings. | 23 |   |
|                               |   |   |   |
| Item 1A.                           | Risk Factors. | 23 |   |
|                               |   |   |   |
| Item 2.                            | Unregistered Sales of Equity Securities and Use of Proceeds. | 23 |   |
|                               |   |   |   |
| Item 3.                            | Defaults Upon Senior Securities. | 23 |   |
|                               |   |   |   |
| Item 4.                            | (Removed and Reserved). | 23 |   |
|                               |   |   |   |
| Item 5.                            | Other Information. | 23 |   |
|                               |   |   |   |
| Item 6.                            | Exhibits. | 23 |   |
|                               |   |   |   |
|                               | Signatures | 28 |   |
|                               |   |   |   |
|                               | Certifications | See Exhibits 31 and 32 |   |

----

| PART I—FINANCIAL INFORMATION |
|------------------------------------|

| SOUTHWEST IOWA RENEWABLE ENERGY, LLC                                                                      |              |
|----------------------------------------------------------------------------------------------------------------|-------------------|
| Balance Sheets                                                                                                 |              |
| ASSETS                                                                                                         | December 31, 2010 | September 30, 2010 |   |
|                                                                                                           | (Unaudited)       |   |   |
| Current Assets                                                                                                 |              |   |   |   |   |
| Cash and cash equivalents                                                                                      | $                 | 1,390,737 | $ | 3,432,544 |   |
| Restricted cash                                                                                                |              | 175,000 |   | 0 |   |
| Accounts receivable                                                                                            |              | 85,528 |   | 0 |   |
| Accounts receivable, related party                                                                             |              | 17,241,373 |   | 23,392,670 |   |
| Due from broker                                                                                                |              | 4,859,546 |   | 2,260,015 |   |
| Inventory                                                                                                      |              | 14,651,723 |   | 8,013,153 |   |
| Derivative financial instruments, related party                                                                |              | 12,135,270 |   | 688,039 |   |
| Prepaid expenses and other                                                                                     |              | 1,225,177 |   | 533,513 |   |
|            Total current assets                         |              | 51,764,354 |   | 38,319,934 |   |
|                                                                                                           |              |   |   |   |   |
| Property, Plant, and Equipment                                                                                 |              |   |   |   |   |
| Land                                                                                                           |              | 2,064,090 |   | 2,064,090 |   |
| Plant, Building and Equipment                                                                                  |              | 203,289,513 |   | 199,771,260 |   |
| Office and Other Equipment                                                                                     |              | 720,716 |   | 720,529 |   |
| Total Cost                                                                                                     |              | 206,074,319 |   | 202,555,879 |   |
| Accumulated Depreciation                                                                                       |              | (33,606,514) |   | (28,757,303) |   |
|               Net property and equipment |              | 172,467,805 |   | 173,798,576 |   |
|                                                                                                           |              |   |   |   |   |
| Other Assets                                                                                                   |              |   |   |   |   |
| Other                                                                                                          |              | 125,000 |   | 1,142,388 |   |
| Financing costs, net of amortization of $2,047,586 and $1,949,651                                              |              | 1,832,545 |   | 1,930,482 |   |
|          Total other assets                                       |              | 1,957,545 |   | 3,072,870 |   |
| Total Assets                                                                                                   | $                 | 226,189,704 |   $ | 215,191,380 |   |
|  Notes to Condensed Unaudited Financial Statements are an integral part of this Statement.                |              |

----

| SOUTHWEST IOWA RENEWABLE ENERGY, LLC                                                           |             |
|-----------------------------------------------------------------------------------------------------|------------------|
| Balance Sheets                                                                                      |             |
| LIABILITIES AND MEMBERS’ EQUITY                                                               | December 31,2010 | September 30, 2010 |   |
|                                                                                                | (Unaudited)      |   |   |
| Current Liabilities                                                                                 |             |   |   |   |   |
| Accounts payable                                                                                    | $                | 1,035,499 | $ | 978,388 |   |
| Accounts payable, related parties                                                                   |             | 3,171,062 |   | 2,542,055 |   |
| Derivative financial instruments                                                                    |             | 3,769,750 |   | 75,125 |   |
| Accrued expenses                                                                                    |             | 2,345,012 |   | 2,624,916 |   |
| Accrued expenses, related parties                                                                   |             | 5,098,267 |   | 2,913,206 |   |
| Current maturities of notes payable                                                                 |             | 29,276,492 |   | 18,058,574 |   |
| Total current liabilities                                                                           |             | 44,696,082 |   | 27,192,264 |   |
|  Long Term Liabilities                                                                         |             |   |   |   |   |
|      Notes payable, less current maturities                                |             | 129,783,911 |   | 135,868,087 |   |
|      Other                                                                 |             | 675,007 |   | 700,006 |   |
|             Total long term liabilities |             | 130,458,918 |   | 136,568,093 |   |
|  Commitments and Contingencies                                                            |             |   |   |   |   |
| Members’ Equity                                                                               |             |   |   |   |   |
|  Members’ capital, 13,139 Units issued and outstanding                                   |             | 76,474,111 |   | 76,474,111 |   |
|   Accumulated (deficit)                                                                   |             | (25,439,407) |   | (25,043,088) |   |
| Total members’ equity                                                                         |             | 51,034,704 |   | 51,431,023 |   |
| Total Liabilities and Members’ Equity                                                         | $                | 226,189,704 |   $ | 215,191,380 |   |
|  Notes to Condensed Unaudited Financial Statements are an integral part of this Statement.     |             |

----

|   | SOUTHWEST IOWA RENEWABLE ENERGY, LLC |   |   |
|--------|--------------------------------------|--------|--------|
|   |                                 |   |   |   |
|   | Statements of Operations             |   |   |

|                                                       |   |    | Three MonthsEnded December 31, 2010(Unaudited) |   |    | Three Months EndedDecember 31, 2009(Unaudited) |   |   |
|------------------------------------------------------------|--------|---------|-----------------------------------------------------|--------|---------|------------------------------------------------|--------|--------|
|   Revenues                                            |   |  $ | 62,265,743                                          |   |  $ |   50,748,439                              |   |   |
|   Cost of Goods Sold                                  |   |    |                                                |   |    |                                           |   |   |
|  Cost of goods sold-non hedging                       |   |    | 58,144,413                                          |   |    | 48,935,950                                     |   |   |
|  Realized & unrealized hedging (gains and losses) |   |    | 887,819                                             |   |    | (81,799                                        | )      |   |
| Cost of Goods Sold                                         |   |    | 59,032,232                                          |   |    | 48,854,151                                     |   |   |
|                                                       |   |    |                                                |   |    |                                           |   |   |
| Gross Margin                                               |   |    | 3,233,511                                           |   |    | 1,894,288                                      |   |   |
|                                                       |   |    |                                                |   |    |                                           |   |   |
| Selling, General, and Administrative Expenses              |   |    | 1,200,888                                           |   |    | 1,138,298                                      |   |   |
|                                                       |   |    |                                                |   |    |                                           |   |   |
| Operating Income                                           |   |    | 2,032,623                                           |   |    | 755,990                                        |   |   |
|                                                       |   |    |                                                |   |    |                                           |   |   |
|   Other Income (Expense)                              |   |    |                                                |   |    |                                           |   |   |
| Interest income                                            |   |    | 3,972                                               |   |    | 13,163                                         |   |   |
| Interest expense                                           |   |    | (2,439,563                                          | )      |    |  (2,330,384                               | )      |   |
| Miscellaneous income                                       |   |    | 6,650                                               |   |    | 5,974                                          |   |   |
|  Total                                                |   |    | (2,428,941                                          | )      |    | (2,311,247                                     | )      |   |
|                                                       |   |    |                                                |   |    |                                           |   |   |
| Net (Loss)                                                 |   |    |  (396,318                                      | )      |    |  (1,555,257                               | )      |   |
|                                                       |   |    |                                                |   |    |                                           |   |   |
| Weighted Average Units                                     |   |    |                                                |   |    |                                           |   |   |
| Outstanding—Basic & Diluted                      |   |    | 13,139                                              |   |    |  13,139                                   |   |   |
| Net (loss) per unit –basic & diluted             |   |    | (30.16                                              | )      |    |  (118.37                                  | )      |   |

----

|   |   | SOUTHWEST IOWA RENEWABLE ENERGY, LLC |   |   |   |
|--------|--------|--------------------------------------|--------|--------|--------|

|   |   | Condensed Statements of Cash Flows |   |   |   |
|--------|--------|------------------------------------|--------|--------|--------|

|                                                                                       |   |   |   | Three Months EndDecember 31, 2010 |   |   |   | Three Months EndedDecember 31, 2009 |   |
|--------------------------------------------------------------------------------------------|--------|--------|--------|-----------------------------------|--------|--------|--------|-------------------------------------|--------|
|                                                                                       |   |   |   |  (Unaudited)                 |   |   |   | (Unaudited)                         |   |
|                                                                                       |   |   |   |                              |   |   |   |                                |   |
| Cash Flows from Operating Activities                                                       |   |   |   |                              |   |   |   |                                |   |
| Net (loss)                                                                                 |   |   | $      |  (396,318                    | )      |   | $      |  (1,555,257                    | )      |
| Adjustments to reconcile net (loss) to net cash provided by (used in)operating activities: |   |   |   |                              |   |   |   |                                |   |
| Depreciation                                                                               |   |   |   | 4,849,211                         |   |   |   | 4,762,765                           |   |
| Amortization                                                                               |   |   |   | 7,937                             |   |   |   | 119,585                             |   |
| (Increase) decrease in current assets:                                                     |   |   |   |                              |   |   |   |                                |   |
| Accounts receivable                                                                        |   |   |   | 6,065,771                         |   |   |   | 3,868,242                           |   |
| Inventories                                                                                |   |   |   | (6,638,570                        |   |   |   | (6,177,751                          | )      |
| Prepaid expenses and other                                                                 |   |   |   |  (691,664                    | )      |   |   | (593,627                            | )      |
| Derivative financial instruments                                                           |   |   |   |  (11,447,231                 | )      |   |   | 263,688                             |   |
| Due from broker                                                                            |   |   |   |  (2,599,531                  | )      |   |   |  (705,676                      | )      |
| (Increase) decrease in current assets:                                                     |   |   |   |                              |   |   |   |                                |   |
| Accounts and retainage payable                                                             |   |   |   | 686,118                           |   |   |   |  (1,471,914                    | )      |
| Derivative financial instruments                                                           |   |   |   | 3,694,625                         |   |   |   | 376,450                             |   |
| Accrued expenses                                                                           |   |   |   | 1,905,157                         |   |   |   | 954,206                             |   |
| Net cash (used in) operating activities                                                    |   |   |   |  (4,474,497                  | )      |   |   |  (159,289                      | )      |
|                                                                                       |   |   |   |                              |   |   |   |                                |   |
|   Cash Flows from Investing Activities                                                |   |   |   |                              |   |   |   |                                |   |
| Purchase of property and equipment                                                         |   |   |   |  (2,376,052                  | )      |   |   |  (1,482,004                    | )      |
| Increase in restricted cash                                                                |   |   |   |  (300,000                    | )      |   |   | -                                   |   |
| Net cash (used in) investing activities                                                    |   |   |   |  (2,676,052                  | )      |   |   |  (1,482,004                    | )      |
|                                                                                       |   |   |   |                              |   |   |   |                                |   |
| Cash Flows from Financing Activities                                                       |   |   |   |                              |   |   |   |                                |   |
| Payments for financing costs                                                               |   |   |   |                              |   |   |   |  (30,137                       | )      |
| Proceeds from borrowings                                                                   |   |   |   | 7,300,000                         |   |   |   | 7,151,995                           |   |
| Payments on borrowings                                                                     |   |   |   |  (2,191,258                  | )      |   |   | (2,005,000                          | )      |
| Net cash provided by financing activities                                                  |   |   |   | 5,108,742                         |   |   |   | 5,116,858                           |   |
| Net increase (decrease)  in cash and cash equivalents                            |   |   |   | (2,041,807                        | )      |   |   | 3,475,565                           |   |
|                                                                                       |   |   |   |                              |   |   |   |                                |   |
| Cash and Equivalents—Beginning of Period                                             |   |   |   | 3,432,544                         |   |   |   | 7,455,084                           |   |
| Cash and Equivalents—End of Period                                                   |   |   | $      | 1,390,737                         |   |   | $      | 10,930,649                          |   |
|                                                                                       |   |   |   |                              |   |   |   |                                |   |
| Supplemental Disclosures of Noncash Investing                                              |   |   |   |                              |   |   |   |                                |   |
| And Financing Activities                                                                   |   |   |   |                              |   |   |   |                                |   |
| Property, plant and equipment included in accounts and retainage payable                   |   |   | $      | 0                                 |   |   | $      | 729,277                             |   |
| Interest capitalized and included in long term debt and accruals                           |   |   | $      | 0                                 |   |   | $      | 2,049,643                           |   |
| Accrued interest included in long term debt                                                |   |   |   | 810,249                           |   |   |   | 64,966                              |   |
| Cash Paid for Interest                                                                     |   |   | $      | 1,517,572                         |   |   | $      | 941,367                             |   |

----

| SOUTHWEST IOWA RENEWABLE ENERGY, LLCNotes to Condensed Financial Statements (unaudited)December 31, 2010 |
|----------------------------------------------------------------------------------------------------------|

----

----

|   |                                      |   Balance Sheet Classification     |   |   |    |   Number of Bushels             |   |   |    |   December 31, 2010                  |    |   September 30, 2010 |
|--------|-------------------------------------------|----------------------------------------------|--------|--------|---------|--------------------------------------|--------|--------|---------|-------------------------------------------|---------|---------------------------|
|   |                                      |                                         |   |   |    |                                 |   |   |    |                                      |    |                      |
|   | Derivative asset, related party           | Current Asset                                |   |   |    |   8,408,190                     |   |   |  $ |   12,135,270                         | $       |   688,039            |
|   | Derivative liability                      | Current Liability                            |   |   |    | 3,540,000                            |   |   |  $ | 3,769,750                                 |  $ | 75,125                    |
|   |                                      |                                         |   |   |    |                                 |   |   |    |                                      |    |                      |
|   |                                      |                                         |   |   |    |                                 |   |   |    |                                      |    |                      |
|   |                                      | Statement of Operations Classification  |   |   |    | Three Months Ended December 31, 2010 |   |   |    | Three Months Ended December 31, 2009 |    |                      |
|   |                                      |                                         |   |   |    |                                 |   |   |    |                                      |    |                      |
|   | Realized losses                           | Cost of Goods Sold                           |   |   |  $ | 4,075,180                            |   |   |  $ | 721,937                                   |    |                      |
|   | Unrealized gains                          | Cost of Goods Sold                           |   |   |    | (3,187,361                           | )      |   | $       |  (640,138                            | )       |                      |
|   | Net realized and unrealized(gains) losses |                                         |   |   |  $ | 887,819                              |   |   |  $ |  (81,799                             | )       |                      |

|   | Buildings                    | 40 Years  |   |
|--------|------------------------------|-----------|--------|
|   |                         |      |   |
|   | Process Equipment            | 10 Years  |   |
|   |                         |      |   |
|   | Office Equipment   | 3-7 Years |   |

----

|                   |  December 31, 2010 |       |         September 30, 2010 |
|------------------------|-------------------------|------------|--------------------------------------------------------------------|
|                   |                    |       |                                                               |
|                   |                    |       |                                                               |   |   |
| Raw materials - corn   | $                       | 5,414,202  |                                                               | $ | 3,796,261 |
| Supplies and chemicals |                    | 2,249,927  |                                                               |   | 1,716,922 |
| Work in process        |                    | 1,917,493  |                                                               |   | 1,484,157 |
| Finished goods         |                    | 5,070,101  |                                                               |   | 1,015,813 |
| Total                  | $                       | 14,651,723 |                                                               | $ | 8,013,153 |

----

| A Units | 8,805 |   |
|---------|-------|--------|
| B Units | 3,334 |   |
| C Units | 1,000 |   |

----

----

|                                                                                                                                                                                                                                |   |    | December 31, 2010      |          |          | September 30, 2010     |          |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------|------------------------|---------------|---------------|------------------------|---------------|
| S300,000 Note payable to IDED, a non-interest bearing obligation with monthly payments of $2,500 due through the maturity date of March 2016 on the non-forgivable portion. (A)                                                     |   |  $ |  300,000          |          |  $       |  -                |          |
|                                                                                                                                                                                                                                |   |    |                   |          |          |                   |          |
| $200,000 Note payable to Iowa Department Economic Development (“IDED”) a non-interest bearing obligation with monthly payments of $1,667 due through the maturity date of March 2012 on the non-forgivable portion. (A) |   |    |   23,333     |          |          |   28,333     |          |
|                                                                                                                                                                                                                                |   |    |                   |          |          |                   |          |
| Note payable to affiliate Holdings, bearing interest at LIBOR plus 7.50-10.5% with a floor of 3.00% (8.16% at December 31, 2010); maturity on August 31, 2014.                                                                      |   |    | 29,220,130             |          |          | 29,220,130             |          |
|                                                                                                                                                                                                                                |   |    |                   |          |          |                   |          |
| Note payable to affiliate ICM, bearing interest at LIBOR plus 7.50-10.5% with a floor of 3.00% (8.16% at December 31, 2010); maturity on August 31, 2014.                                                                           |   |    |   10,061,472 |          |          |   10,061,472 |          |
|                                                                                                                                                                                                                                |   |    |                   |          |          |                   |          |
| Term facility and term revolver payable to AgStar bearing interest at LIBOR plus 3.45% to 3.25%, with a 5.00% floor (5.00% at December 31, 2010); maturity on August 1, 2014.                                                       |   |    | 93,205,46810,000,000   |          |          | 95,366,72610,000,000   |          |
|                                                                                                                                                                                                                                |   |    |                   |          |          |                   |          |
| $15 million revolving working capital term facility payable to AgStar bearing interest at LIBOR plus 3.65% with a 5.00% floor (5.00% at September 30, 2010), maturing March 31, 2011.                                               |   |    | 12,500,000             |          |          | 9,250,000              |          |
|                                                                                                                                                                                                                                |   |    |                   |          |          |                   |          |
| Revolving line of credit payable to affiliate Holdings bearing interest at LIBOR plus 7.50-10.5% with a floor of 3.00% (7.76% at December 31, 2010).                                                                                |   |    |  3,750,000        |          |          |  -                |          |
|  Less current maturities                                                                                                                                                                                                       |   |    | 159,060,403(29,276,492 |  )  |     | 153,926,661(18,058,574 |  )  |
|  Total  long term debt                                                                                                                                                                                               |   |  $ |  129,783,911      |          |  $       |  135,868,087      |          |

----

| Year Ended December 31, |   |   |    |              |   |
|-------------------------|--------|--------|---------|-------------------|--------|
|                    |   |   |    |              |   |   |
|                    | 2011   |   |  $ |  29,276,492  |   |   |
|                    |   |   |    |              |   |   |
|                    | 2012   |   |    | 9,275,642         |   |   |
|                    |   |   |    |              |   |   |
|                    | 2013   |   |    |   9,745,176  |   |   |
|                    |   |   |    |              |   |   |
|                    | 2014   |   |    | 110,728,094       |   |   |
|                    |   |   |    |              |   |   |
|                    | 2015   |   |    | 30,000            |   |   |
|                    |   |   |    |              |   |   |
|                    | Total  |   |  $ |  159,060,403 |   |   |

|   | Level 1 -      | Valuations for assets and liabilities traded in active markets from readily available pricing sources formarket transactions involving identical assets or liabilities.                                   |   |
|--------|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |           |                                                                                                                                                                                                      |   |
|   | Level 2 -      | Valuations for assets and liabilities traded in less active dealer or broker markets.  Valuations areobtained from third-party pricing services for identical or similar assets or liabilities. |   |
|   |           |                                                                                                                                                                                                      |   |
|   | Level 3-  | Valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities.                                                                          |   |

----

|                             |                                                |   |   |       |          | December 31, 2010 |               |          |    |    |    |       |
|----------------------------------|-----------------------------------------------------|--------|--------|------------|---------------|-------------------|--------------------|---------------|---------|---------|---------|------------|
|                             |                                                |   | Total  |       |          | Level 1           |               |          | Level 2 |    | Level 3 |
| Derivative financial instruments |                                                |   |   |       |          |              |               |          |    |    |    |       |   |   |   |   |
|                             | Corn forward contracts asset                        |   | $      | 12,135,270 |          |              | $                  | ---           |    |    | $       | 12,135,270 |   |   | $ |   | --- |
|                             |                                                |   |   |       |          |              |               |          |    |    |    |       |   |   |   |   |   |
|                             | Corn futures & exchange traded optionsliability |   | $      | (3,769,750 | )             |              | $                  | (3,769,750    | )       |    | $       | ---        |   |   | $ |   | --- |
|                             |                                                |   | $      | 8,365,520  |          |              | $                  | (3,769,750    | )       |    | $       | 12,135,270 |   |   | $ |   | --- |
|                             |                                                |   |   |       |          |              |               |          |    |    |    |       |   |   |   |   |   |
|                             |                                                |   |   |       |          |              |               |          |    |    |    |       |   |   |   |   |   |
|                             |                                                |   |   |       |          |              | September 30, 2010 |          |    |    |    |       |   |   |   |   |
|                             |                                                | Total  |   |       |  Level 1 |              |               | Level 2       |    | Level 3 |
| Derivative financial instruments |                                                |   |   |       |          |              |               |          |    |    |    |       |   |   |   |   |
|                             | Corn forward contracts asset                        |   | $      | 688,039    |          |              | $                  | ---           |    |    | $       | 688,039    |   |   |   |   | --- |
|                             |                                                |   |   |       |          |              |               |          |    |    |    |       |   |   |   |   |   |
|                             | Corn futures & exchange traded optionsliability |   | $      | (75,125    | )             |              | $                  | (75,125  | )       |    | $       | ---   |   |   |   |   | ---  |
|                             |                                                |   | $      | 612,914    |          |              | $                  | (75,125       | )       |    | $       | 688,039    |   |   |   |   | --- |

----

----

----

|   | ● | Overcapacity in the ethanol industry; |
|--------|---------|---------------------------------------|

|   | ● | Fluctuations in the price and market for ethanol and distillers grains; |
|--------|---------|-------------------------------------------------------------------------|

|   | ● | Availability and costs of products and raw materials, particularly corn, steam and natural gas; |
|--------|---------|-------------------------------------------------------------------------------------------------|

|   | ● | Changes in our business strategy, capital improvements or development plans; |
|--------|---------|------------------------------------------------------------------------------|

|   | ● | Changes in the environmental regulations that apply to our plant site and operations; |
|--------|---------|---------------------------------------------------------------------------------------|

|   | ● | Our ability to hire and retain key employees for the operation of the plant; |
|--------|---------|------------------------------------------------------------------------------|

|   | ● | Changes in general economic conditions or the occurrence of certain events causing an economic impact in the agricultural, oil or automobile industries; |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | Changes in the weather and economic conditions impacting the availability and price of corn and natural gas; |
|--------|---------|--------------------------------------------------------------------------------------------------------------|

|   | ● | Changes in federal and/or state laws (including the elimination of any federal and/or state ethanol tax incentives); |
|--------|---------|----------------------------------------------------------------------------------------------------------------------|

|   | ● | Changes and advances in ethanol production technology, and competition from alternative fuel additives; |
|--------|---------|---------------------------------------------------------------------------------------------------------|

|   | ● | Lack of transport, storage and blending infrastructure preventing ethanol from reaching high demand markets; |
|--------|---------|--------------------------------------------------------------------------------------------------------------|

|   | ● | Changes in interest rates and lending conditions; and |
|--------|---------|-------------------------------------------------------|

|   | ● | Results of our hedging strategies. |
|--------|---------|------------------------------------|

----

|   | Three Months Ended December 31, 2010(Unaudited)(1) |    | Three Months Ended December 31, 2009(Unaudited)(1)  |
|--------|----------------------------------------------------|---------|----------------------------------------------------------|
|   |                                               | Amounts | % ofRevenues                                             | Gallons |   | Amounts | % ofRevenues | Gallons |
| Income Statement Data |
|-----------------------|
| Revenues                                     | $      | 62,265,743  |   | 100% | $      | 2.36   |   | $      | 50,748,439  |   | 100% |   $ | 1.84   |
|----------------------------------------------|--------|-------------|--------|------|--------|--------|--------|--------|-------------|--------|------|----------|--------|
| Cost of Goods Sold                           |   | 59,032,232  |   | 95%  |   | 2.24   |   |   | 48,854,151  |   | 96%  |     | 1.77   |
| Gross Margin                                 |   | 3,233,511   |   | 5%   |   | 0.12   |   |   | 1,894,288   |   | 4%   |     | .07    |
| Selling, General and Administrative Expenses |   | 1,200,888   |   | 2%   |   | 0.04   |   |   | 1,138,298   |   | 2%   |     | 0.05   |
| Other (Expense)                              |   | (2,428,941) |   | (4%) |   | (0.09) |   |   | (2,311,247) |   | (5%) |     | (0.08) |
| Net Loss                                     | $      | (396,318)   |   | (1%) | $      | (0.01) |   | $      | (1,555,257) |   | (3%) |   $ | (0.06) |

|                            | Three Months Ended December 31, 2010 (Unaudited) |   | Three Months Ended December 31, 2009 (Unaudited) |
|---------------------------------|-------------------------------------------------------|--------|-------------------------------------------------------|
|                            |                                                  |   | Gallons/Tons Sold                                     |   | % ofRevenues | Gallons/TonsAverage Price |   | Gallons/Tons Sold |   | % ofRevenues |   | Gallons/TonsAverage Price |
| Statistical Revenue Information |
| Denatured Ethanol               | 26,333,450                                            |   | 82%                                                   | $ | 1.93 |   |   | 27,543,976 |   | 85% |   | $ | 1.57 |
|                            |                                                  |   |                                                  |   |   |   |   |   |   |   |   |   |   |
| Dry Distiller’s Grains    | 80,360                                                |   | 18%                                                   | $ | 133.17 |   |   | 70,908 |   | 15% |   | $ | 100.10 |
|                            |                                                  |   |                                                  |   |   |   |   |   |   |   |   |   |   |

----

----

----

|   | ● | Revenue Recognition |
|--------|---------|---------------------|

|   | ● | Incentive Compensation Plan |
|--------|---------|-----------------------------|

|   | ● | Investment in Commodities Contracts, Derivative Instruments and Hedging Activities |
|--------|---------|------------------------------------------------------------------------------------|

----

|   | ● | Inventory |
|--------|---------|-----------|

|   | ● | Property and Equipment |
|--------|---------|------------------------|

|   | Buildings               |   | 40 Years  |
|--------|-------------------------|--------|-----------|
|   |                    |   |      |
|   | Process Equipment  |   | 10 Years  |
|   |                    |   |      |
|   | Office Equipment        |   | 3-7 Years |

----

----

| 2 | Omitted – Inapplicable. |
|---|-------------------------------|

| 3(i) | Articles of Organization, as filed with the Iowa Secretary of State on March 28, 2005 (incorporated by reference to Exhibit 3(i) of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4(i) | Third Amended and Restated Operating Agreement dated July 17, 2009 (incorporated by reference to Exhibit 3.1 of Form 8-K filed by the Company on August 21, 2009). |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1 | Agreement dated October 13, 2006 with Bunge North America, Inc. (incorporated by reference to Exhibit 10.1 of Registration Statement on Form 10/A filed by the Company on October 23, 2008).  Portions of the Agreement have been omitted pursuant to a request for confidential treatment. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | Executed Steam Service Contract dated January 22, 2007 with MidAmerican Energy Company (incorporated by reference to Exhibit 10.4 of Registration Statement on Form 10/A filed by the Company on October 23, 2008).   Portions of the Contract have been omitted pursuant to a request for confidential treatment. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3 | Assignment of Steam Service Contract dated May 2, 2007 in favor of AgStar Financial Services, PCA (incorporated by reference to Exhibit 10.5 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4 | Electric Service Contract dated December 15, 2006 with MidAmerican Energy Company (incorporated by reference to Exhibit 10.6 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.5 | Assignment of Electric Service Contract dated May 2, 2007 in favor of AgStar Financial Services, PCA (incorporated by reference to Exhibit 10.7 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.6 | Distillers Grain Purchase Agreement dated October 13, 2006 with Bunge North America, Inc. (incorporated by reference to Exhibit 10.8 of Registration Statement on Form 10 filed by the Company on January 28, 2008).  Portions of the Agreement have been omitted pursuant to a request for confidential treatment. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.7 | Assignment of Distillers Grain Purchase Agreement dated May 2, 2007 in favor of AgStar Financial Services, PCA (incorporated by reference to Exhibit 10.9 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.8 | Grain Feedstock Agency Agreement dated October 13, 2006 with AGRI-Bunge, LLC (incorporated by reference to Exhibit 10.10 of Registration Statement on Form 10 filed by the Company on October 23, 2008).  Portions of the Agreement have been omitted pursuant to a request for confidential treatment. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.9 | Assignment of Grain Feedstock Agency Agreement dated May 2, 2007 with AgStar Financial Services, PCA (incorporated by reference to Exhibit 10.11 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.10 | Agreement between Owner and Design/Builder Based on The Basis of a Stipulated Price dated September 25, 2006 with ICM, Inc. (incorporated by reference to Exhibit 10.12 of Registration Statement on Form 10/A filed by the Company on October 23, 2008).  Portions of the Agreement have been omitted pursuant to a request for confidential treatment. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.11 | Security Agreement dated May 2, 2007 with AgStar Financial Services, PCA (incorporated by reference to Exhibit 10.15 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.12 | Mortgage, Security Agreement Assignment of Rents and Leases and Fixture Filing dated May 2, 2007 in favor of AgStar Financial Services, PCA (incorporated by reference to Exhibit 10.16 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.13 | Environmental Indemnity Agreement dated May 2, 2007 with AgStar Financial Services, PCA (incorporated by reference to Exhibit 10.17 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.14 | Convertible Note dated May 2, 2007 in favor of Monumental Life Insurance Company (incorporated by reference to Exhibit 10.18 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.15 | Convertible Note dated May 2, 2007 in favor of Metlife Bank, N.A. (incorporated by reference to Exhibit 10.19 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.16 | Convertible Note dated May 2, 2007 in favor of Cooperative Centrale Raiffeisen-Boerenleenbank, B.A. (incorporated by reference to Exhibit 10.20 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.17 | Convertible Note dated May 2, 2007 in favor of Metropolitan Life Insurance Company (incorporated by reference to Exhibit 10.21 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.18 | Convertible Note dated May 2, 2007 in favor of First National Bank of Omaha (incorporated by reference to Exhibit 10.22 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.19 | Revolving Line of Credit Note in favor of Cooperative Centrale Raiffeisen-Boerenleenbank, B.A. (incorporated by reference to Exhibit 10.23 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.20 | Revolving Line of Credit Note in favor of Metropolitan Life Insurance Company (incorporated by reference to Exhibit 10.24 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.21 | Revolving Line of Credit Note in favor of First National Bank of Omaha (incorporated by reference to Exhibit 10.25 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.22 | Term Revolving Note in favor of Metlife Bank, N.A. (incorporated by reference to Exhibit 10.26 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.23 | Term Revolving Note in favor of Cooperative Centrale Raiffeisen-Boerenleenbank, B.A. (incorporated by reference to Exhibit 10.27 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.24 | Term Revolving Note in favor of Metropolitan Life Insurance Company (incorporated by reference to Exhibit 10.28 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.25 | Term Revolving Note in favor of First National Bank of Omaha (incorporated by reference to Exhibit 10.29 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.26 | Lien Subordination Agreement dated May 2, 2007 among Southwest Iowa Renewable Energy, LLC, AgStar Financial Services, PCA and Iowa Department of Economic Development (incorporated by reference to Exhibit 10.30 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.27 | Value Added Agricultural Product Marketing Development Grant Agreement dated November 3, 2006 with the United States of America (incorporated by reference to Exhibit 10.31 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.28 | Fee Letter dated May 2, 2007 with AgStar Financial Services, PCA (incorporated by reference to Exhibit 10.33 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.29 | Master Contract dated November 21, 2006 with Iowa Department of Economic Development (incorporated by reference to Exhibit 10.35 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.30 | Amended and Restated Disbursing Agreement dated March 7, 2008 with AgStar Financial Services, PCA (incorporated by reference to Exhibit 10.39 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.31 | Allonge to Revolving Line of Credit Note in favor of First National Bank of Omaha dated March 7, 2008 (incorporated by reference to Exhibit 10.43 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.32 | Allonge to Revolving Line of Credit Note in favor of Cooperative Centrale Raiffeisen-Boerenleenbank, B.A., dated March 7, 2008 (incorporated by reference to Exhibit 10.44 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.33 | Allonge to Revolving Line of Credit Note in favor of Metropolitan Life Insurance Company, dated March 7, 2008 (incorporated by reference to Exhibit 10.45 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.34 | Allonge to Convertible Note in favor of First National Bank of Omaha, dated March 7, 2008 (incorporated by reference to Exhibit 10.46 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.35 | Allonge to Convertible Note in favor of Metlife Bank, N.A., dated March 7, 2008 (incorporated by reference to Exhibit 10.47 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.36 | Allonge to Convertible Note in favor of Metropolitan Life Insurance Company, dated March 7, 2008 (incorporated by reference to Exhibit 10.48 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.37 | Allonge to Convertible Note in favor of Cooperative Centrale Raiffeisen-Boerenleenbank, B.A., dated March 7, 2008 (incorporated by reference to Exhibit 10.49 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.38 | Allonge to Term Revolving Note in favor of First National Bank of Omaha, dated March 7, 2008 (incorporated by reference to Exhibit 10.50 of Amendment No. 1 to Registration Statement on Form 10  filed by the Company on March 21, 2008). |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.39 | Allonge to Term Revolving Note in favor of Cooperative Centrale Raiffeisen-Boerenleenbank, B.A., dated March 7, 2008 (incorporated by reference to Exhibit 10.51 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.40 | Allonge to Term Revolving Note in favor of Metlife Bank, N.A., dated March 7, 2008 (incorporated by reference to Exhibit 10.52 of Amendment No. 1 to Registration Statement on Form 10  filed by the Company on March 21, 2008). |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.41 | Allonge to Term Revolving Note in favor of Metropolitan Life Insurance Company, dated March 7, 2008 (incorporated by reference to Exhibit 10.53 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.42 | Allonge to Convertible Note in favor of Monumental Life Insurance Company, dated March 7, 2008 (incorporated by reference to Exhibit 10.54 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.43 | Term Revolving Note in favor of Amarillo National Bank (incorporated by reference to Exhibit 10.55 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.44 | Allonge to Term Revolving Note in favor of Amarillo National Bank, dated March 7, 2008 (incorporated by reference to Exhibit 10.56 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.45 | Convertible Note dated May 2, 2007, in favor of Amarillo National Bank (incorporated by reference to Exhibit 10.57 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.46 | Allonge to Convertible Note in favor of Amarillo National Bank, dated March 7, 2008 (incorporated by reference to Exhibit 10.58 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.47 | Revolving Line of Credit Note in favor of Amarillo National Bank (incorporated by reference to Exhibit 10.59 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.48 | Allonge to Revolving Line of Credit Note in favor of Amarillo National Bank, dated March 7, 2008 (incorporated by reference to Exhibit 10.60 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.50 | Support Services Agreement dated January 30, 2008 with Bunge North America, Inc. (incorporated by reference to Exhibit 10.63 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.51 | Amendment No. 01 dated March 9, 2007 with Iowa Department of Economic Development (incorporated by reference to Exhibit 10.2 of Form 8-K filed by the Company on June 10, 2006). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.52 | Amendment No. 02 dated May 30, 2008 with Iowa Department of Economic Development (incorporated by reference to Exhibit 10.1 of Form 8-K filed by the Company on June 10, 2006). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.53 | Industrial Track Agreement dated as of June 18, 2008 with CBEC Railway, Inc. (incorporated by reference to Exhibit 10.1 of Form 8-K filed by the Company on June 25, 2006). |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.54 | Base Agreement dated August 27, 2008 between Southwest Iowa Renewable Energy, LLC and Cornerstone Energy, LLC (incorporated by reference to Exhibit 10.1 of Form 8-K filed by the Company on September 2, 2008). |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.55 | Lease Agreement dated December 15, 2008 with Bunge North America, Inc. (incorporated by reference to Exhibit 10.2 of Form 8-K filed by the Company on December 22, 2008). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.56 | Ethanol Purchase Agreement dated December 15, 2008 with Bunge North America, Inc.  Portions of the Agreement have been omitted pursuant to a request for confidential treatment (incorporated by reference to Exhibit 10.3 of Form 8-K filed by the Company on December 22, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.57 | Risk Management Services Agreement dated December 15, 2008 with Bunge North America, Inc. (incorporated by reference to Exhibit 10.4 of Form 8-K filed by the Company on December 22, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.58 | Grain Feedstock Supply Agreement dated December 15, 2008 with AGRI-Bunge, LLC.  Portions of the Agreement have been omitted pursuant to a request for confidential treatment (incorporated by reference to Exhibit 10.1 of Form 8-K filed by the Company on December 22, 2008). |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.59 | Subordinated Revolving Credit Note made by Southwest Iowa Renewable Energy, LLC in favor of Bunge N.A. Holdings, Inc. dated effective August 26, 2009 (incorporated by reference to Exhibit 10.2 of Form 8-K filed by the Company on September 2, 2009). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.60 | Employment Agreement dated August 27, 2009 between Southwest Iowa Renewable Energy, LLC and Mr. Brian T. Cahill (incorporated by reference to Exhibit 10.3 of Form 8-K filed by the Company on September 2, 2009). |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.61 | Amendment to Steam Service Contract by and between Southwest Iowa Renewable Energy, LLC and MidAmerican Energy Company dated effective October 3, 2008. Portions of the Agreement have been omitted pursuant to a request for confidential treatment. (1) |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.62 | Second Amendment to Steam Service Contract by and between Southwest Iowa Renewable Energy, LLC and MidAmerican Energy Company dated effective January 1, 2009. Portions of the Agreement have been omitted pursuant to a request for confidential treatment. (1) |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.63 | Third Amendment to Steam Service Contract by and between Southwest Iowa Renewable Energy, LLC and MidAmerican Energy Company dated effective January 1, 2009. Portions of the Agreement have been omitted pursuant to a request for confidential treatment. (1) |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.64 | Fourth Amendment to Steam Service Contract by and between Southwest Iowa Renewable Energy, LLC and MidAmerican Energy Company dated effective December 1, 2009. Portions of the Agreement have been omitted pursuant to a request for confidential treatment. (1) |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.65 | Separation Agreement and Release of All Claims Agreement between Southwest Iowa Renewable Energy, LLC and Cindy Patterson (incorporated by reference to Exhibit 10.2 of Form 8-K filed by the Company on July 2, 2009). |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.66 | Amended and Restated Railcar Sublease Agreement dated March 25, 2009 with Bunge North America, Inc. (incorporated by reference to Exhibit 10.1 of Form 8-K filed by the Company on August 14, 2009).  Portions of the Agreement have been omitted pursuant to a request for confidential treatment. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.67 | Amended and Restated Credit Agreement by and among Southwest Iowa Renewable Energy, LLC and AgStar Financial Services, PCA, the Banks named therein, dated as of March 31, 2010 (incorporated by reference to Exhibit 99.1 of Form 8-K filed by the Company on April 5, 2010). |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.68 | Loan Satisfaction Agreement, by and among Southwest Iowa Renewable Energy, LLC, ICM, Inc., and Commerce Bank, N.A., dated June 17, 2010 (incorporated by reference to Exhibit 10.1 of Form 8-K filed by the Company on June 23, 2010). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.69 | Negotiable Subordinated Term Loan Note issued by Southwest Iowa Renewable Energy, LLC in favor of ICM, Inc., dated June 17, 2010 (incorporated by reference to Exhibit 10.2 of Form 8-K filed by the Company on June 23, 2010). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.70 | ICM, Inc. Agreement – Equity Matters, by and between ICM, Inc. and Southwest Iowa Renewable Energy, LLC, dated as of June 17, 2010 (incorporated by reference to Exhibit 10.3 of Form 8-K filed by the Company on June 23, 2010). |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.71 | Subordinated Term Loan Note issued by Southwest Iowa Renewable Energy, LLC in favor of Bunge N.A. Holdings, Inc., dated June 17, 2010 (incorporated by reference to Exhibit 10.4 of Form 8-K filed by the Company on June 23, 2010). |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.72 | Bunge Agreement - Equity Matters by and between Southwest Iowa Renewable Energy, LLC and Bunge N.A. Holdings, Inc. date effective August 26, 2009. (1) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.73 | First Amendment to Bunge Agreement – Equity Matters, by and between Bunge N.A. Holdings, Inc. and Southwest Iowa Renewable Energy, LLC, dated as of June 17, 2010 (incorporated by reference to Exhibit 10.5 of Form 8-K filed by the Company on June 23, 2010). |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.74 | Subordination Agreement, by and among Bunge N.A. Holdings, Inc., ICM, Inc., and AgStar Financial Services, PCA and acknowledged by Southwest Iowa Renewable Energy, LLC, dated as of June 17, 2010 (incorporated by reference to Exhibit 10.6 of Form 8-K filed by the Company on June 23, 2010). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.75 | Intercreditor Agreement, by and between Bunge N.A. Holdings, Inc. and ICM, Inc. and acknowledged by Southwest Iowa Renewable Energy, LLC, dated as of June 17, 2010. (incorporated by reference to Exhibit 10.7 of Form 8-K filed by the Company on June 23, 2010). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.76 | Southwest Iowa Renewable Energy Equity Incentive Plan (incorporated by reference to Exhibit 10.1 of Form 8-K filed by the Company on July 6, 2010). |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.77 | Joint Defense Agreement between ICM, Inc. and Southwest Iowa Renewable Energy, LLC dated July 13, 2010 (incorporated by reference to Exhibit 10.1 of Form 8-K filed by the Company on July 16, 2010). |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.78 | Tricanter Purchase and Installation Agreement by and between ICM, Inc. and Southwest Iowa Renewable Energy, LLC dated August 25, 2010 (incorporated by reference to Exhibit 10.1 of Form 8-K/A filed by the Company on January 12, 2011). Portions of the Agreement have been omitted pursuant to a request for confidential treatment. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.79 | Corn Oil Agency Agreement by and between ICM, Inc. and Southwest Iowa Renewable Energy, LLC effective as of November 12, 2010 (incorporated by reference to Exhibit 10.1 of Form 8-K filed by the Company on November 30, 2010).  Portions of the Agreement have been omitted pursuant to a request for confidential treatment. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11 | Omitted – Inapplicable. |
|----|-------------------------------|

| 12 | Omitted – Inapplicable. |
|----|-------------------------------|

| 13 | Omitted – Inapplicable. |
|----|-------------------------------|

| 14 | Omitted – Inapplicable. |
|----|-------------------------------|

| 16 | Omitted – Inapplicable. |
|----|-------------------------------|

| 18 | Omitted – Inapplicable. |
|----|-------------------------------|

----

| 21   | Omitted – Inapplicable.                                                                                                                             |   |   |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
| 22   | Omitted – Inapplicable                                                                                                                              |   |   |
| 31.1 | Rule 13a-14(a)/15d-14(a) Certification (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) executed by the Principal Executive Officer. |
| 31.2 | Rule 13a-14(a)/15d-14(a) Certification (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) executed by the Principal Financial Officer. |
| 32.1 | Rule 15d-14(b) Certifications (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002) executed by the Principal Executive Officer.          |
| 32.2 | Rule 15d-14(b) Certifications (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002) executed by the Principal Financial Officer.          |

----

|                   | SOUTHWEST IOWA RENEWABLE ENERGY, LLC       |   |
|------------------------|--------------------------------------------|--------|
|                   |                                       |   |
| Date: February 9, 2011 | /s/ Brian T. Cahill                        |   |
|                   | President and Chief Executive Officer      |   |
|                   |                                       |   |
| Date: February 9, 2011 | /s/ Karen L. Kroymann                      |   |
|                   | Controller and Principal Financial Officer |   |

----