10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2008

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to ______________

Commission File Number:  000-22887

RJO GLOBAL TRUST

(Exact name of registrant as specified in its charter)

Delaware	36-4113382
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

c/o R.J. O’Brien Fund Management, LLC

222 South Riverside Plaza

Suite 900

Chicago, IL  60606

(Address of principal executive offices) (Zip Code)

(312) 373-5000

(Registrant's telephone number, including area code)

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

x Yes         ¨ No

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

Large accelerated filer  £	Accelerated filer £
Non-accelerated filer    x (Do not check if smaller reporting company)	Smaller reporting company £

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

o Yes         x No

1

Explanatory Note

On September 26, 2008 the legal name of the Trust was changed from “JWH Global Trust” to “RJO Global Trust.”

2

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements	4
Consolidated Statements of Financial Condition, as of September 30, 2008 (unaudited) and December 31, 2007	4
Condensed Consolidated Schedule of Investments, as of September 30, 2008 (unaudited)	5
Condensed Consolidated Schedule of Investments, as of December 31, 2007	6
Consolidated Statements of Operations, for the three and nine months ended September 30, 2008 and 2007 (unaudited)	7
Consolidated Statement of Changes in Unitholders' Capital, for the nine months ended September 30, 2008 (unaudited)	8
Notes to Consolidated Financial Statements (unaudited)	9
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3. Quantitative and Qualitative Disclosures about Market Risk	27
Item 4T. Controls and Procedures	27
PART II. OTHER INFORMATION	28
Item 1. Legal Proceedings	28
Item 1A. Risk Factors	28
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	28
Item 6. Exhibits	28
SIGNATURES	29

3

PART I – FINANCIAL INFORMATION

Item 1.  Financial Statements

RJO GLOBAL TRUST AND SUBSIDIARY

Consolidated Statements of Financial Condition

	September 30, 2008		December 31, 2007
	UNAUDITED
Assets
Assets:
Equity in commodity Trading accounts:
Cash on deposit with brokers	$	74,213,187	$	72,906,959
Unrealized gain on open contracts		3,227,649		1,468,910
Cash on deposit with bank		52,617		30,436
Cash on deposit with bank - Non-Trading		6,828,766		8,881,327
		84,322,219		83,287,632
Interest receivable		61,745		135,241
Total Assets	$	84,383,964	$	83,422,873
Liabilities and Unitholders' Capital
Liabilities:
Accrued commissions	$	280,196	$	271,984
Accrued management fees		128,942		123,807
Accrued incentive fees		-		-
Accrued offering expenses		94,630		30,000
Accrued operating expenses		159,227		292,627
Redemptions payable - Trading		657,914		1,641,786
Accrued legal fees - Non-Trading		41,873		76,170
Accrued management fees to U.S. Bank - Non-Trading		23,667		29,424
Distribution payable - Non-Trading		39,801		39,801
Total liabilities		1,426,250		2,505,599
Unitholders' capital:
Unitholders’ capital (Trading):
Beneficial owners (735,058 and 831,874 units outstanding at
September 30, 2008 and December 31, 2007, respectively)		74,647,232		70,450,079
Managing owner (15,552 and 20,218 units outstanding at
September 30, 2008 and December 31, 2007, respectively)		1,579,306		1,712,262
Unitholders' capital (LLC equity/Non-Trading):
Participating owners (681,966 and 798,724 units outstanding at
September 30, 2008 and December 31, 2007, respectively)		2,018,618		3,075,087
Nonparticipating owners (1,591,322 and 1,474,564 units outstanding at
September 30, 2008 and December 31, 2007, respectively)		4,712,558		5,679,846
Total unitholders' capital		82,957,714		80,917,274
Total Liabilities and Unitholders’ Capital	$	84,383,964	$	83,422,873
Net asset value per unit:
Trading	$	101.55	$	84.69
LLC equity/Non-Trading	$	2.96	$	3.85
See accompanying notes to consolidated financial statements.

4

RJO GLOBAL TRUST AND SUBSIDIARY

Condensed Consolidated Schedule of Investments

as of September 30, 2008

UNAUDITED

	Number of		Principal		Value/open
	contracts		(notional)		trade equity
Long positions (-0.62%)
Futures Positions (-0.56%)
Agriculture		114	$	2,456,675	$	(112,075	)
Indices		6		1,199,756		(3,945	)
Interest rates		942		190,366,541		(302,358	)
Metals		15		1,437,885		(45,715	)
				195,460,857		(464,093	)
Forward Positions (-0.06%)
Currencies		3		66,921,600		(50,174	)
Total long positions			$	262,382,457	$	(514,267	)
Short positions (4.51%)
Future positions (5.01%)
Agriculture		541		20,286,722		1,894,419
Energy		172		16,559,080		280,949
Indices		369		19,596,967		1,093,230
Interest rates		19		8,128,677		29,275
Metals		127		10,784,110		857,924
				75,355,556		4,155,797
Forward positions (-0.50%)
Currencies		4		135,615,736		(413,881	)
Total short positions			$	210,971,292	$	3,741,916
Total Unrealized Gain on Open Contracts (3.89%)					$	3,227,649
Cash on deposit and open contracts with brokers (89.46%)						74,213,187
Cash on deposit with bank (8.30%)						6,881,383
Other liabilites in excess of assets (-1.65%)						(1,364,505	)
Net assets (100.00%)					$	82,957,714
See accompanying notes to consolidated financial statements.

5

JWH GLOBAL TRUST AND SUBSIDIARY

Condensed Consolidated Schedule of Investments

December 31, 2007

	Number of		Principal		Value/open
	contracts		(notional)		trade equity
Long positions (3.24%)
Futures Positions (2.18%)
Agriculture		1,145	$	27,440,938	$	1,316,159
Energy		243		21,641,588		704,037
Indices		61		13,352,207		(973	)
Interest rates		1,332		340,380,811		(280,099	)
Metals		140		11,716,520		23,669
				414,532,064		1,762,793
Forward Positions (1.06%)
Currencies		4		142,065,738		858,449
Total long positions			$	556,597,802	$	2,621,242
Short positions (-1.42%)
Futures positions (0.27%)
Agriculture		72	$	2,343,040	$	17,480
Energy		44		3,327,850		18,610
Indices		79		11,180,426		321,195
Interest rates		795		193,800,873		(220,909	)
Metals		82		6,072,288		78,700
				216,724,477		215,076
Forward positions (-1.69%)
Currencies		8		173,483,740		(1,367,408	)
Total short positions			$	390,208,217	$	(1,152,332	)
Total unrealized gain on open contracts (1.82%)					$	1,468,910
Cash on deposit and open contracts with brokers (90.10%)						72,906,959
Cash on deposit with bank (11.01%)						8,911,763
Other liabilites in excess of assets (-2.93%)						(2,370,358	)
Net assets (100.00%)					$	80,917,274
See accompanying notes to consolidated financial statements.

6

RJO GLOBAL TRUST AND SUBSIDIARY

Consolidated Statements of Operations

UNAUDITED

		Three Months Ended September 30,						Nine Months Ended September 30,
		2008			2007			2008			2007
Trading gain (loss):
	Gain (loss) on trading of commodity contracts:
	Realized gain (loss) on closed positions	$	(3,857,598	)	$	(8,001,847	)	$	16,692,646		$	(14,720,850	)
	Change in unrealized gain (loss) on open positions		505,130			2,317,304			1,758,739			2,114,790
	Foreign currency transaction gain (loss)		(86,341	)		5,192			(87,906	)		(105,937	)
	Total Trading gain (loss)		(3,438,809	)		(5,679,351	)		18,363,479			(12,711,997	)
Investment income:
	Interest income		249,597			690,629			886,451			2,597,161
Expenses:
	Commissions		907,987			1,098,169			3,005,941			4,155,914
	Management fees		363,270			388,223			1,202,560			1,407,759
	Incentive fees		-			-			-			-
	Ongoing offering expenses		135,000			60,000			342,000			257,000
	Operating expenses		192,000			187,643			433,207			367,367
	Total expenses		1,598,257			1,734,035			4,983,708			6,188,040
Trading income (loss)			(4,787,469	)		(6,722,757	)		14,266,222			(16,302,876	)
Non-Trading income (loss):
	Interest on Non-Trading reserve		25,022			80,613			101,820			175,481
	Collections in excess of impaired value		-			2,589,725			1,747,216			3,782,808
	Legal and administrative fees		(60,959	)		(85,849	)		(306,366	)		(529,301	)
	Management fees paid to US Bank		(77,476	)		(23,525	)		(270,932	)		(319,582	)
	Non-Trading income (loss)		(113,413	)		2,560,964			1,271,738			3,109,406
Net income (loss)		$	(4,900,882	)	$	(4,161,793	)	$	15,537,960		$	(13,193,470	)
See accompanying notes to consolidated financial statements.

7

RJO GLOBAL TRUST AND SUBSIDIARY

Consolidated Statement of Changes in Unitholders’ Capital

For the nine months ended September 30, 2008

UNAUDITIED

Unitholders' Capital (Trading)	Beneficial Owners - Trading						Managing Owners - Trading						Total Unitholders' Capital - Trading
	Units			Dollars			Units			Dollars			Units			Dollars
Balances at December 31, 2007		831,874		$	70,450,079			20,218		$	1,712,262			852,092		$	72,162,341
Net income		-			13,876,401			-			389,821			-			14,266,222
Unitholders’ contributions		10,736			1,053,815			1,329			120,000			12,065			1,173,815
Unitholders’ redemptions		(107,552	)		(10,733,063	)		(5,995	)		(642,777	)		(113,547	)		(11,375,840	)
Balances at September 30, 2008		735,058		$	74,647,232			15,552		$	1,579,306			750,610		$	76,226,538
Unitholders' Capital (LLC Equity/Non-Trading)	Participating Owners- LLC Equity/Non-Trading						Nonparticipating Owners- LLC Equity/Non-Trading						Total Unitholders' Capital- LLC Equity/Non-Trading
	Units			Dollars			Units			Dollars			Units			Dollars
Balances at December 31, 2007		798,724		$	3,075,087			1,474,564		$	5,679,846			2,273,288		$	8,754,933
Net income		-			424,473			-			847,265			-			1,271,738
Unitholders’ contributions		-			-			-			-			-			-
Reallocation due to redemptions		(116,758	)		(427,127	)		116,758			427,127			-			-
Unitholders' distribution		-			(1,053,815	)		-			(2,241,680	)		-			(3,295,495	)
Balances at September 30, 2008		681,966		$	2,018,618			1,591,322		$	4,712,558			2,273,288		$	6,731,176
Total Unitholders Capital at September 30, 2008																$	82,957,714
	Unitholders' Capital (Trading)						Unitholders' Capital (LLC Equity/Non-Trading)
Net asset value per unit at December 31, 2007	$	84.69					$	3.85
Net change per unit		16.86						(0.89	)
Net asset value per unit at September 30, 2008	$	101.55					$	2.96

See accompanying notes to consolidated financial statements.

8

RJO GLOBAL TRUST AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2008

(Unaudited)

(1)General Information and Summary

RJO Global Trust (the “Trust” formerly JWH Global Trust), a Delaware statutory trust organized on November 12, 1996, was formed to engage in the speculative trading of futures contracts on currencies, interest rates, energy and agricultural products, metals and stock indices, spot and forward contracts on currencies and precious metals, and exchanges for physicals pursuant to the trading instructions of independent trading advisors. Since December 1, 2006, R.J. O’Brien Fund Management, LLC (“RJOFM” or the “Managing Owner”) has been the Managing Owner of the Trust. R.J. O’Brien & Associates, LLC. (“RJO”), an affiliate of RJOFM, is the clearing broker and the broker for forward contracts for the Trust.

John W. Henry & Company, Inc. (“JWH”) served as the Trust’s sole trading advisor until October 31, 2008.  The advisory agreement between the Trust and JWH provided that JWH had sole discretion in and responsibility for the selection of the Trust’s commodity transactions with respect to that portion of the Trust’s assets allocated to it.  As of  September 30, 2008, JWH was managing 100% of the Trust’s assets. See Note (9) for subsequent additions of trading advisors. 

Units of beneficial ownership of the Trust commenced selling on April 3, 1997.  The Managing Owner filed a registration statement on Form S-1 on behalf of the Trust with respect to the registration of 1,000,000 units of beneficial interest on September 19, 2007 (File No. 333-146177). This registration statement became effective with the Securities and Exchange Commission (the “SEC”) on December 4, 2007 and was amended by Post-Effective Amendment No. 1 on Form S-1, filed with the SEC on April 18, 2008 and Post-Effective Amendment No. 2 on Form S-1, filed with the SEC on October 6, 2008.

The Trust will be terminated on December 31, 2026, unless terminated earlier upon the occurrence of one of the following:

(1) beneficial owners holding more than 50% of the outstanding units notify the Managing Owner to dissolve the Trust as of a specific date; (2) dissolution of the Managing Owner of the Trust; (3) bankruptcy of the Trust; (4) a decrease in the net asset value to less than $2,500,000; (5) a decline in the net asset value per unit to $50 or less; (6) dissolution of the Trust; or (7) any event that would make it unlawful for the existence of the Trust to be continued or require dissolution of the Trust.

Prior to December 1, 2006, the managing owner of the Trust was Refco Commodity Management, Inc. (“RCMI”).  An affiliate of RCMI, Refco Capital Markets, Ltd. (“RCM”) had held certain assets of the Trust acting as the Trust’s broker of forward contracts during 2005.  During that year, RCM experienced financial difficulties resulting in RCM’s inability to liquidate the assets.  RCM filed for bankruptcy protection in October, 2005.

Effective January 1, 2007, JWH Special Circumstance LLC (the “LLC”), a Delaware limited liability company, was established to pursue the claims against RCM. On January 2, 2007, the Trust transferred all non-trading assets and liabilities, which had a net asset value of $7,791,679, to the LLC. The Trust is the sole member of the LLC and holds that membership for the benefit of the unitholders who were investors in the Trust at the time of the bankruptcy of RCM.  US Bank National Association (“US Bank”) is the manager of the LLC. US Bank may make distributions to the unitholders, as defined above, upon collection, sale, settlement or other disposition of the bankruptcy claim and after payment of all fees and expenses pro rata to the unitholders, as explained above, as follows:

(a)	Any unitholder who had redeemed their entire interest in the Trust prior to distribution shall receive cash (“Non Participating Owners”).
(b)	Any unitholder who had continued to own units in the Trust shall receive additional units in the Trust at the then Net Asset Value of the Trust (“Participating Owners”).

The unitholders have no right to request redemptions from the LLC.

The LLC has agreed to compensate US Bank, as manager, the following: (1) an initial acceptance fee of $120,000,  (2) an annual fee of $25,000,  (3) a distribution fee of $25,000 per distribution,  (4) out-of-pocket expenses,  and  (5) an hourly fee for all personnel at the then expected hourly rate  ($350 per hour at execution of agreement).

See Note (6) for further detail regarding collection and distribution activity related to the assets held at RCM.

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(2)   Summary of Significant Accounting Policies

(a) Basis of Presentation

The accompanying unaudited consolidated financial statements of the Trust have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.  In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the financial condition and results of operation of the Trust for the periods presented have been included.

The Trust’s unaudited consolidated financial statements and the related notes should be read together with the consolidated financial statements and related notes included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2007.

(b)    Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Trust and its wholly-owned subsidiary, JWH Special Circumstance, LLC. All material intercompany transactions have been eliminated upon consolidation.

(c)    Revenue Recognition

Commodity futures contracts, forward contracts, physical commodities, and related options are recorded on the trade date.  All such transactions are recorded on the identified cost basis and marked to market daily.  Unrealized gains on open contracts reflected in the consolidated statements of financial condition represent the difference between original contract amount and market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the consolidated financial statements.

The Trust earns interest on 100% of the Trust’s average daily balances on deposit with RJO during each month at 75% of the average 4-week Treasury bill rate for that month in respect of deposits denominated in dollars.  For deposits denominated in other currencies, the Trust earns interest at a rate of 3-month LIBOR less 100 basis points.

(d)    Redemptions

A beneficial owner may cause any or all of his or her units to be redeemed by the Trust effective as of the last business day of any month of the Trust based on the Net Asset Value per unit on such date on five business days’ written notice to The Bank of New York Mellon or the Managing Owner.  Payment will generally be made within ten business days of the effective date of the redemption. As of September 1, 2007, any redemption made during the first eleven months of investment is subject to a 2% redemption penalty, payable to the Managing Owner.  Any redemption made in the twelfth month of investment or later will not be subject to any redemption penalty.  The Trust’s Eighth Amended and Restated Declaration and Agreement of Trust contains a full description of redemption and distribution policies.

Effective October 31, 2005, the Net Asset Value per unit was split into a “Trading” account and a “Non-Trading” account, the latter representing the assets held at RCM plus $1,000,000 in cash in connection with expenses related to the collection of assets held at RCM and potential third party claims.  All unitholders of record as of October 31, 2005 received their pro-rata right to the assets and the 2,273,288 in substitute units that were transferred to the Non-Trading account.  Investors who redeemed from October 31, 2005 through September 30, 2008 received the Net Asset Value per Unit represented by assets held in the Trading account.

(e)     Ongoing Offering Costs

Ongoing offering costs subject to a ceiling of 0.50% of the Trust’s average month-end net assets, are paid by the Trust and expensed as incurred. In anticipation of renewing the offering for new subscriptions, $342,000 in ongoing offering costs were accrued during the first nine months of 2008.

(f)    Commissions

Commodity brokerage commissions are typically paid for each trade transacted and are referred to as “round-turn commissions.”  These commissions cover both, the initial purchase (or sale) and the subsequent offsetting sale (or purchase) of a commodity futures contract.  The Trust does not pay commodity brokerage commissions on a per-trade basis, but rather pays  flat-rate brokerage fees on a monthly basis of 5.0% per annum (or approximately 0.417% per month) of the Trust’s month-end assets after reduction of the management fee.  Prior to September 1, 2007, the Trust paid commodity brokerage commissions

10

on a monthly basis of 6% per annum.  The clearing brokers receive these brokerage fees irrespective of the number of trades executed on the Trust’s behalf.  The amount paid is reduced by exchange fees paid by the Trust.  Commissions are not paid with respect to the LLC.

Since December 1, 2006, the Managing Owner and/or affiliates act as commodity brokers for the Trust through RJO.  As such, the Managing Owner and/or affiliates receive all commissions after December 1, 2006 that were recorded as such in the consolidated financial statements.

(g)    Foreign Currency Transactions

Trading accounts in foreign currency denominations are susceptible to both movements in the underlying contract markets as well as fluctuation in currency rates.  Foreign currencies are translated into U.S. dollars for closed positions at an average exchange rate for the year, while year-end balances are translated at the year-end currency rates.  The impact of the translation is reflected in the statements of operations.

(h)     Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

(i)    Valuation of Assets Held at Refco Capital Markets, Ltd.

The Trust recorded an impairment charge against its assets held at RCM at December 31, 2005, based on management’s estimate of fair value at that time.  Subsequent recoveries from RCM were credited against the then book value of the claim.  On June 28, 2007, the Trust’s cumulative recoveries from RCM exceeded the book value of the impaired assets held at RCM, which resulted in no remaining book value for those assets.  All recoveries in excess of the book value of the impaired assets have been recorded as “Collections in excess of impaired value” on the Trust’s consolidated statement of operations.  See Note (6) for further details.  Any future administrative and/or legal expenses associated with liquidation of the assets held at RCM have not been reflected as such future expenses are not estimable.

(j)    Recent Pronouncements

In September, 2006, the Financial Accounting Standards Board (“FASB”) issued a Statement of Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements” which defined Fair Value Measurements.  The Trust adopted SFAS 157 effective January 1, 2008, resulting in additional disclosures regarding fair value measurements.  The Trust’s financial assets and liabilities fall into exchange and inter-bank dealer market(s) as it pertains to inputs to the fair valuation techniques described in the pronouncement.  The Trust’s financial assets and liabilities are all “Level 1” inputs, as described in the fair value hierarchy.  The valuation of the Trust’s assets and liabilities can be obtained through price quotes provided by active futures and forward trading exchanges and the inter-bank currency dealing market.  These price quotes represent fair value measurement at a particular date of the financial assets and liabilities held within the Trust.

 In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”).  SFAS 161 establishes, among other things, the disclosure requirements for derivative instruments and for hedging activities.  This statement requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair values amounts of and gains and losses on derivative instruments, and disclosures about contingent features related to credit risk in derivative agreements. SFAS 161 is effective for the Trust beginning January 1, 2009.  The Trust is evaluating the effect the adoption of SFAS 161 will have on its consolidated financial statements.

(3)Fees

Management fees are accrued and paid monthly. Incentive fees are accrued monthly and paid quarterly. Trading decisions for the Trust were made by JWH utilizing four of its trading programs through February 29, 2008: JWH Global Analytics®, the Financial and Metals Portfolio, the International Foreign Exchange program, and Global Diversified. As of March 1, 2008, the Trust’s assets were re-allocated to utilize three of the JWH programs: 20% Financial and Metals Portfolio, 40% JWH Global Analytics® and 40% JWH Diversified Plus portfolio.

Pursuant to the Trust’s agreement with JWH, JWH receives a monthly management fee at the rate of 0.167% (a 2% annual rate) of the Trust’s month-end net assets calculated after deduction of a portion of the brokerage fee at an annual rate of 1.25%

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of the Trust’s month-end net assets, but before reduction for any incentive fee or other costs and before inclusion of purchases and redemptions for the month. These management fees were not paid on the Non-Trading/LLC net assets.

The Trust also pays JWH a quarterly incentive fee equal to 20% of the “New Trading Profit”, if any, of the Trust. The incentive fee is based on the overall performance of the Trust, not individually in respect of the performance of the individual programs utilized by the Trust. New Trading Profit in any quarter is equal to the “Trading Profit” for such quarter that is in excess of the highest level of such cumulative trading profit as of any previous calendar quarter-end.  Trading Profit is calculated by including realized and unrealized profits and losses, excluding interest income, and deducting the management fee and a portion of the brokerage fees at an annual rate of 1.25%.

(4)Income Taxes

No provision for Federal income taxes has been made in the accompanying financial statements as each beneficial owner is responsible for reporting income (loss) based on the pro rata share of the profits or losses of the Trust.  Generally, for both Federal and state tax purposes, trusts, such as the RJO Global Trust, are treated as partnerships. The LLC is also treated as a partnership. The only significant differences in financial and income tax reporting basis are ongoing offering costs.

(5)Trading Activities and Related Risks

The Trust engages in the speculative trading of U.S. and foreign futures contracts, and forward contracts (collectively derivatives).  These derivatives include both financial and non-financial contracts held as part of a diversified trading strategy.  The Trust is exposed to market risk and credit risk. Market risk arises from changes in the market value of the contracts; and credit risk occurs from the failure by another party to perform according to the terms of a contract.

The purchase and sale of futures requires margin deposits with a futures commission merchant (“FCM”).  Additional deposits may be necessary for any loss on contract value.  The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities.  A customer’s cash and other property, such as U.S. Treasury Bills, deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements.  In the event of an FCM’s insolvency, recovery may be limited to a pro rata share of segregated funds available.  It is possible that the recovered amount could be less than the total of cash and other property deposited.

The Trust has cash on deposit with an affiliated interbank market maker in connection with its trading of forward contracts.    In the normal course of business, the Trust does not require collateral from such interbank market maker.  Due to forward contracts being traded in unregulated markets between principals, the Trust also assumes a credit risk, the risk of loss from counter party non-performance.

For derivatives, risks arise from changes in the market value of the contracts.  Theoretically, the Trust is exposed to a market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short.

Net trading results from derivatives for the periods ended September 30, 2008 and 2007, are reflected in the consolidated statements of operations and equal gain from trading less brokerage commissions.  Such trading results reflect the net gain or loss arising from the Trust’s speculative trading of futures contracts and forward contracts.

The notional amounts of open contracts at September 30, 2008 and December 31, 2007, as disclosed in the respective Condensed Consolidated Schedule of Investments, do not represent the Trust’s risk of loss due to market and credit risk, but rather represent the Trust’s extent of involvement in derivatives at the date of the statement of financial condition.

The beneficial owners bear the risk of loss only to the extent of the market value of their respective investment in the Trust.

(6) Assets Held at Refco Capital Markets, Ltd.

Effective October 31, 2005, $57,544,206 of equity and 2,273,288 in substitute units, which represented the assets held at RCM plus $1,000,000 in cash were transferred to a Non-Trading account, as explained in Note 2(d). On December 31, 2005 the $56,544,206 of assets held at RCM were reduced by $39,580,944 for impairment to $16,963,262, or 30% of the original value of the assets. The table below summarizes all recoveries from RCM and distributions to redeemed and continuing unitholders:

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Recoveries from RCM, Distributions paid by US Bank from the LLC, and effect on impaired value of assets held at RCM
	Amounts Received from		Balance of		Collections in Excess of		Cash Distributions to Non-Participating		Additional Units in Trust for Participating Owners
Date	RCM		Impaired Value		Impaired Value		Owners		Units		Dollars
12/29/06	$	10,319,318	$	6,643,944	$	-	$	4,180,958		54,914	$	5,154,711
04/20/07		2,787,629		3,856,315		-		-		-		-
06/07/07		265,758		3,590,557		-		-		-		-
06/28/07		4,783,640		-		1,193,083		-		-		-
07/03/07		5,654		-		5,654		-		-		-
08/29/07		-		-		-		2,787,947		23,183		1,758,626
09/19/07		2,584,070		-		2,584,070		-		-		-
12/31/07		2,708,467		-		2,708,467		-		-		-
03/28/08		1,046,068		-		1,046,068		-		-		-
04/29/08		-		-		-		2,241,680		10,736		1,053,815
06/26/08		701,148		-		701,148		-		-		-
Totals	$	25,201,752	$	-	$	8,238,490	$	9,210,585		88,833	$	7,967,152

(7)   Financial Highlights

The following financial highlights show the Trust’s financial performance for the three-month and nine-month periods ended September 30, 2008 and 2007.  Total return is calculated as the change in a theoretical beneficial owner’s investment over the entire period and is not annualized.  Total return is calculated based on the aggregate return of the Trust taken as a whole.

	Three months ended Sepember 30,						Nine months ended September 30,
	2008			2007			2008			2007
Net asset value of trading units at beginning of period	$	107.50		$	87.37		$	84.69		$	93.86
Trading income (loss) per unit		(5.95	)		(6.75	)		16.86			(13.24	)
Net asset value of trading units at end of period	$	101.55		$	80.62		$	101.55		$	80.62
Total Return:
Total return before incentive fee		(5.53	%)		(7.73	%)		19.91	%		(14.11	%)
Less incentive fee allocation		0.00	%		0.00	%		0.00	%		0.00	%
Total return:		(5.53	%)		(7.73	%)		19.91	%		(14.11	%)
Ratios to average net assets:
Trading income (loss):		(6.44	%)		(8.61	%)		18.33	%		(17.54	%)
Expenses:
Expenses less incentive fees		(2.15	%)		(2.22	%)		(6.41	%)		(6.66	%)
Incentive fees		0.00	%		0.00	%		0.00	%		0.00	%
Total expenses		(2.15	%)		(2.22	%)		(6.41	%)		(6.66	%)

The calculations above do not include activity within the Trust's Non-Trading accounts.

The net loss and expense ratios are computed based upon the weighted average net assets for the Trust for the three-month and nine-month periods ended September 30, 2008 and 2007. The amounts are not annualized.

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(8) Amendments to Trust Agreement

Effective September 26, 2008, the Trust is governed by the Eighth Amended and Restated Declaration and Agreement of Trust (the “Trust Agreement”).  The Managing Owner amended the prior Trust Agreement to reflect the change in the name of the Trust from the JWH Global Trust to the RJO Global Trust, to convert the Trust to a multi-advisor platform, and to update and remove outdated information, clarify certain ambiguities, and to reconcile inconsistencies that appeared in the prior Trust Agreement..

(9) Subsequent Events

      (a) Change in Commodity Trading Advisors

On or about November 1, 2008, the Managing Owner reallocated the trading of the Trust’s assets among five Commodity Trading Advisors (“CTAs”) by entering into five advisory agreements (collectively the “Advisory Agreements”) as follows:

1.	Amended and Restated Advisory Agreement with John W. Henry & Company, Inc. dated as of September 16, 2008;
2.	Advisory Agreement with Abraham Trading, L.P. dated as of August 25, 2008;

3.	Advisory Agreement with AIS Futures Management, LLC dated as of August 25, 2008;
4.	Advisory Agreement with Global Advisors L.P. dated as of August 25, 2008; and

5.   Advisory Agreement with Peninsula LP dated as of August 25, 2008.

The Advisory Agreements were executed on September 24, 2008 and will be effective on or about November 1, 2008.

     (b) Changes in Fees

In accordance with the terms of the Advisory Agreements, each CTA was allocated 20% of the assets of the Trust.  The Trust will pay each CTA an annual management fee of up to 2% of the Trust’s assets traded by that CTA, in accordance with its respective Advisory Agreement.  The Trust will also pay each CTA an incentive fee of up to 20% of the new trading profit (as defined in each Advisory Agreement) generated by the CTA.

     (c) Changes in Selling and Brokerage Commissions

Pending approval from the SEC and NFA, the Trust will begin selling its Units in two classes:  Class A Units will be subject to a 2.0% selling agent commission and Class B Units will not.  Additionally, and commencing on November 1, 2008, the Trust’s brokerage fee is paid on an actual, per-trade basis that constitutes a “wrap fee” of 4.65% – 5.00%, which includes:  managing owner fee of 0.75% annually; selling commission of 2.35% annually (of which 2.0% is paid to the selling agent and 0.35% is allocated to other underwriting expenses) with respect to Class A Units and 0.35% annually with respect to Class B Units (no fee is paid to the selling agent with respect to Class B Units); clearing, NFA, and exchange fees (paid as incurred and estimated at 1.22% to 1.42% annually and capped at 1.57%); and 0.33% to the Trust’s consultant, Liberty Funds Group.

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

Effective November 1, 2008, the Trust’s assets were reallocated equally among five separate trading advisors.

(a) Capital Resources

The Trust’s capital resources fluctuate based upon the purchase and redemption of units and the gains and losses of the Trust’s trading activities.   The amount of assets invested in the Trust generally does not affect its performance, as typically this amount is not a limiting factor on the positions acquired by JWH, and the Trust’s expenses are primarily charged as a fixed percentage of its asset base.

The Trust’s trading activities involve varying degrees of off-balance sheet risk whereby changes in the market values of the futures and forward contracts underlying the financial instruments or the Trust’s satisfaction of the obligations may exceed the amount recognized in the consolidated statement of financial condition of the Trust.

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The Trust borrows only to a limited extent and only on a strictly short-term basis in order to finance losses on non-U.S. dollar denominated trading positions pending the conversion of the Trust’s dollar deposits.  These borrowings are at a prevailing short-term rate in the relevant currency.  They have been immaterial to the Trust’s operation to date and are expected to continue to be so.

There are no known material trends, favorable or unfavorable, that would affect, nor any expected material changes, to the Trust’s capital resource arrangements at the present time.

(b)      Liquidity

The Trust’s assets at September 30, 2008 are held in brokerage accounts with RJO.  Such assets are used as margin to engage in trading and may be used as margin solely for the Trust’s trading.   Except in unusual circumstances, the Trust should be able to close out any or all of its open trading positions and liquidate any or all of its holdings quickly and at market prices.  This should permit the Trust’s  CTAs to limit losses as well as reduce market exposure on short notice should their programs indicate reducing market exposure.

The Trust is paid interest on the average daily U.S. dollar balances on deposit with RJO at a rate equal to 75% of the average four-week Treasury Bill rate; the remaining 25% of the average four-week Treasury Bill rate is retained by RJO.  With respect to non-U.S. dollar deposits, the rate of interest is equal to a rate of 3-month LIBOR less 1.0%.  Any amounts received by RJO in excess of amounts paid to the Trust are retained by RJO.  For the fiscal quarters ended September 30, 2008 and 2007, the Trust had received or accrued to receive trading interest of $249,597 and $690,629 respectively.  For the nine months ended September 30, 2008 and 2007, the Trust has received or accrued to receive trading interest of $886,451 and $2,597,161, respectively.

The Trust’s involvement in the futures and forward markets exposes the Trust to both market risk and credit risk.  Market risk arises from changes in the market value of the futures and forward contracts held by the Trust.  Credit risk occurs when another party to a contract fails to perform its obligations according to the terms of the contract.  The Trust is exposed to a market risk equal to the value of the futures and forward contracts purchased and theoretically unlimited risk of loss on contracts sold short.  The Trust’s CTAs monitor the Trust’s trading activities and attempt to control the Trust’s exposure to market risk by, among other things, refining its trading strategies, adjusting position sizes of the Trust’s futures and forward contacts and re-allocating Trust assets to different market sectors.  The Trust’s primary exposure to credit risk is its exposure to the non-performance of the forwards currency broker.  The forwards currency broker generally enters into forward contracts with large, well-capitalized institutions and then enters into a back-to-back contract with the Trust.  The Trust also may trade on exchanges that do not have associated clearinghouses whose credit supports the obligations of its members and operate as principals markets, in which case the Trust will be exposed to the credit risk of the other party to such trades.

Most United States commodity exchanges limit the amount of fluctuation in commodity futures contract prices during a single trading day by regulations.  These regulations are referred to as “daily price fluctuation limits” or “daily limits.”  The daily limits establish the maximum amount the price of a futures contract may vary either up or down from the previous day’s settlement price at the end of a trading session.  Once the daily limit has been reached in a particular commodity, no trades may be made at a price beyond that limit.  Positions in the commodity could then be taken or liquidated only if traders are willing to effect trades at or within the limit during the period for trading on such day.  Because the “daily limit” rule only governs price movement for a particular trading day, it does not limit losses.  In the past, futures prices have moved the daily limit for numerous consecutive trading days and thereby prevented prompt liquidation of futures positions on one side of the market, subjecting commodity futures traders holding such positions to substantial losses for those days.

It is also possible for an exchange or the Commodity Futures Trading Commission to suspend trading in a particular contract, order immediate settlement of a particular contract, or direct that trading in a particular contract be for liquidation only.

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

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(c)    Results of Operations

The Trust’s success depends on the ability of its CTAs to recognize and capitalize on major price movements and other profit opportunities in different sectors of the world economy.  Because of the speculative nature of its trading, operational or economic trends have little relevance to the Trust’s results, and its past performance is not necessarily indicative of its future results.  The Managing Owner believes, however, that there are certain market conditions — for example, markets with major price movements — in which the Trust has a better opportunity of being profitable than in others.

The performance summaries set forth below outline certain major price trends which JWH’s programs have identified for the Trust during the third quarters of fiscal years 2008 and 2007.  The fact that certain trends were captured does not imply that others, perhaps larger and potentially more profitable trends, were not missed or that the Trust’s CTAs will be able to capture similar trends in the future.  Moreover, the fact that the programs were profitable in certain market sectors in the past does not mean that they will be so in the future.

The performance summaries are an outline description of how the Trust performed in the past, not necessarily any indication of how it will perform in the future.  Furthermore, the general causes to which certain trends are attributed may or may not in fact have caused such trends, as opposed to simply having occurred at about the same time.  While there can be no assurance that JWH will be profitable even in trending markets, markets in which substantial and sustained price movements occur offer the best profit potential for the Trust.

Fiscal Quarter ended September 30, 2008

The Trust recorded net trading loss of $4,787,469 or $5.95 per unit in the third quarter of 2008.  (*** Please see “Notes to Consolidated Financial Statements” in Part I – Item 1 for an explanation of Net Asset Value/unit pursuant to events of October, 2005, as the following excludes the Trust’s Non-Trading accounts.)  As of September 30, 2008, the Trust had gained 24.14% since its inception in June 1997.

 July was a difficult month for the Trust as many global markets experienced abrupt, record reversals in trend. The Trust experienced losses in every market sector it trades.  The largest losses came from the energy sector as a result of dramatic falls in the price of both natural gas and crude oil during the month.  The interest rate sector was also hit hard as the markets struggled to find direction amidst the conflicting effects of both inflationary and deflationary forces. The cloud of the U.S. housing and credit crisis continues to create turmoil in the markets. In July, it was the near demise and subsequent bailout of Fannie Mae and Freddie Mac that grabbed the headlines. The interest rate markets were among the worst-performing part of the Trust.  The Trust entered the month with positions in European bonds and interest rates aligned as they followed the trend of higher European rates. This trend reversed during the first half of the month as nervousness about the future of U.S. government-sponsored entities, Fannie Mae and Freddie Mac occurred. The pending effect their possible failure would have on the U.S. stock and housing markets prompted global investors to seek the safety of government bonds. Positions in the German bund market were the worst-performing in this sector.  Later in the month the announced restructuring plan for Fannie Mae and Freddie Mac, orchestrated by the Federal Reserve Board and the U.S. Treasury was initially well received by the market. Stability in Fannie Mae and Freddie Mac combined with sharply declining commodity prices had a modestly positive effect on market sentiment, which put at least a temporary end to the rise in global bond prices. Trading in currencies was also unprofitable.  Positions in European currencies were hit hardest as price action was choppy throughout the month. At times during July, the dollar showed signs of strength, particularly during the sell-off in commodities later in the month. Overall, however, the dollar continued to trade in a trendless pattern at low levels.  Positions in non-dollar crossrates made a modest positive contribution to the portfolio but not enough to offset the losses sustained from positions in the major European currencies. Many global equity indices started the month in a clear down trend and were contributing positively to performance until mid-July. The rally that started near the middle of the month and continued to month-end wiped out the gains and left the portfolio with small losses in this sector. A rotation out of the commodity sector and into certain financials was a key theme during the rebound in prices. Positions in U.S., European and Asian equities were all modestly unprofitable for the month. The energy markets experienced significant declines in July.  The peak in natural gas was reached just as July was getting underway.  By the close of the month, natural gas had experienced nearly a 35% decline in 21 trading days. Crude oil peaked later in the month.  Its failure to breach the psychologically important $150/ barrel market may have led to selling across the energy complex.  Fundamentals, including rising inventories, the easing of political tension in Iran and perceptions about the prospects for diminished future demand given the declining global equity markets - - can not fully explain the speed and magnitude of these declines. In the agricultural sector dramatic reversals of prices in soybeans and corn contributed to most of the losses. December corn, for example, fell almost 20% for the month. Damage from the spring floods was less-than-expected and growing conditions improved during the month. There is also a fundamental link between grain prices and energy via the ethanol component of gasoline.  As a result, the decline in the price of energy affected the price of grains. Gold tracked higher

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early in the month as the dollar made new lows against the euro and investors sought a safe haven from the declines in the stock market.  However, gold then sold off hard under the weight of improving equity market sentiment and rapidly declining energy prices. Trading in the metals sector was unprofitable.

The Trust’s performance was positive for the month of August.  Major market moves that contributed negatively to July’s performance served as  sources of the Trust’s August returns as the portfolio shifted to reflect new trends in energy, metals and the U.S. dollar.  The dollar, as measured by the dollar index, surged 5% in August and by the end of the month, was more than 8% above the mid-July low.  The Federal Open Market Committee statement acknowledged that the Federal Reserve Board (the Fed) had “significant concern about the upside risk to inflation”. Considering the weakened U.S. credit markets and the overall economy, this new language inferred that the value of the dollar might weigh more heavily on future decision by the Fed to lower interest rates. Economic data from other countries showed weakness, casting doubt on the thesis that the rest of the global economy would be immune from the slowdown in the U.S. Other factors that supported the dollar were narrowing interest rate differentials, technical factors related to the liquidation of long-held dollar shorts, weakness in the commodity sector and the unwinding of commodity-linked trades. Positions in British pound and Swiss franc were the most profitable. The metals markets were influenced by the dollar rally and the decline in demand for commodities. The price of gold followed through on the reversal that began in July and declined nearly 10% further in August. Silver also moved sharply to the downside and was the biggest contributor to the sector’s positive performance.  The energy markets continued their decline from the records highs that were made earlier in the summer. Signs that the extended run up in energy prices are having an effect on consumer behavior and overall demand continue to show up in sector data reports. For example, the Energy Information Administration report for the week ending August 22nd showed a larger-than-expected build in natural gas inventories pushing them close to the high end of the 5-year range for this time of the year. This deteriorating supply/demand dynamic combined with a strengthening dollar weighed on both crude oil and natural gas with both markets declining by more than 8% for the month. Forecasts predicting hurricane Gustav would hit the important oil and natural gas areas in the U.S. Gulf region provided only modest and temporary support for the markets.  Some of the shorter-term models employed in the Trust were able to react to the sharp decline in energy prices and profit from the moves in August while the longer-term models adjusted more slowly and suffered losses. Trading in the energy sector was slightly negative for the month.  Trading in the agricultural markets was unprofitable in August. In general the price action was choppy and idiosyncratic. These commodities as a group did not respond to the strength in the dollar in the same way as the energy and metals markets.  The gains from trading in the bean oil and cotton markets did not offset the accumulation of small losses in the other markets in the sector. Despite the turmoil in the currency and commodity markets, the price action in the stock and bond markets was relatively subdued. Most major stock markets shrugged off negative news and fundamentals, including worsening credit conditions, the prospect of a government bailout of Fannie Mae and Freddie Mac and geo-political tensions with Russia, to post either slightly positive or slightly negative returns for the month. For example, the total return of the S&P 500 for August was +1.4%; the total return of the German Dax Index for the month was -0.88%.  Performance in the global equity sector was slightly unprofitable.  The global government bond markets also experienced lower volatility in August as most markets labored to move slightly higher. Declining commodities prices and a stronger dollar were positive developments that affected the outlook on inflation.  Global bonds may have also benefited from a flight to quality as the crisis in the credit markets, and in particular U.S. Government Sponsored Enterprises, intensified in August. In addition and on balance, the data released during the month suggested a slowing global economy.  Overall, the Trust’s net exposure in the bond markets was profitable as gains from positions in Japanese and U.S. interest rates offset losses from positions in European government bonds.

September was one of the most unstable and volatile periods in the history of the U.S. financial markets. During the month, the world’s credit markets virtually seized up, commodity prices plunged, some major stock indices declined by more than 10%, while some of the largest U.S. financial institutions were pushed to extinction. High volatility across most market sectors was a manifestation of investor fears and anxiety. Amidst this backdrop, the Trust thrived with 5 of the 6 sectors producing positive results. Trading in the global stock indices generated positive returns in the pronounced downtrends in global equity prices. A crisis of confidence pressured the financial sector throughout the month, punctuated by the bankruptcy of Lehman Brothers Holdings, the merger of Merrill Lynch and Bank of America, and the U.S. government bailout of American International Group (AIG). The scarcity and rising cost of credit infected the entire market and the outlook for the U.S. economy. This culminated on the last day of the month when the Dow Jones had its largest single point drop since the stock market crash of 1987 following news that the U.S. House of Representatives rejected a measure to back the Treasury’s Troubled Assets Relief Program. The Trust’s trading was profitable in Asian, European and U.S. stock index futures. Trading in the interest rate sector was more challenging, and slightly negative, as the price action for bonds was less directional, particularly in foreign bonds. Global interest rates were falling early in the year, benefiting from investor fear and risk aversion as well as diminished prospects for the U.S. and world economy. Sentiment shifted markedly near mid-month with the announcement of the $700 billion Treasury Troubled Assets Relief Program. Uncertainty about implications for inflation, hope that this would be a

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remedy to cure the markets and  profit taking prompted a sharp reversal in global interest rate prices. The bond market resumed its march higher after the violent sell-off. The focus in the currency markets shifted. Recent periods of risk aversion and global investor fear often coincided with or prompted dollar weakness. However, the dollar strengthened substantially even as most of the negative news seemed to emanate from the United States. The reasons for this shift may be tied to action in the money markets where LIBOR rates were soaring leading to a hoarding of dollars. The EUR/USD exchange rate fell from approximately 1.4673 to 1.4092, 4%, while the British pound fell from 1.8211 to 1.7805, 2.2%. The currency sector was profitable for the month. Trading in metals was profitable as market correlations shifted during the month. As the dollar strengthened, most commodities, including the metals markets, fell. However, as fear in the financial markets intensified, gold began to break higher while other metals continued to fall.  Silver was the best performer in this sector.  The energy sector generated positive returns for the Trust during the month. Crude oil, crude oil products and natural gas all finished the month down more than 10% from the prior month’s close. A weakening global economy that is now viewed to be extending to the emerging markets, and a strengthening U.S. dollar have negatively impacted the demand side of the energy markets while supply fundamentals have not changed.  Trading in the agricultural markets was also profitable for the month as the Trust benefited from short positions across the complex. These downtrends were supported by a general flight from the commodity markets due to weakening global demand and a strong dollar. Some of the best trades, however, benefited from deteriorating market specific fundamentals. For example, wheat was weighed down further after the release of the September USDA report which showed a meaningful rise in the world’s wheat production.

During the quarter no units were sold.  Beneficial Owners redeemed a total of 24,783 units during the quarter.  The Managing Owner purchased a total of 1,329 units during the quarter.  At the end of the quarter there were 735,058 units outstanding owned by the Beneficial Owners and 15,552 units outstanding owned by the Managing Owner.

During the fiscal quarter ending September 30, 2008, the Trust had no material credit exposure to a counterparty, which is a foreign commodity exchange, or to any counterparties dealing in over-the-counter contracts.

Fiscal Quarter ended September 30, 2007

The Trust recorded net trading loss of $6,722,757 or $6.75 per unit in the third quarter of 2007.  (*** Please see “Notes to Consolidated Financial Statements” in Part I – Item 1 for an explanation of Net Asset Value/unit pursuant to events of October, 2005, as the following excludes the Trust’s Non-Trading accounts.)  As of September 30, 2007, the Trust had lost -1.42% since its inception in June 1997.

The Trust’s performance was negative for July as many of the trends that contributed to second quarter gains were disrupted or ended.  Concerns about strains in the U.S. housing market, exposure to sub-prime mortgages and excess leverage in the financial system resurfaced prompting investors to reduce positions in “risky” assets. The manifestation of this “flight to quality” was most noticeable in the credit markets where market forces pushed borrowing costs significantly higher. In this volatile trading environment, government bond prices rose while global equities and higher yielding currencies declined. The Trust benefited from the diversification associated with its commodity allocation. While the financial sectors of the Trust were negatively impacted by trend reversals and rising volatility, overall Trust losses were partially mitigated by gains resulting from the rising price of crude oil and trends in the grain markets. Strong global growth, rising inflationary concerns and vigilant central banks were three factors that combined to drive global interest rates higher during the third quarter of 2007. Festering near the surface of the market consciousness however, was real concern about the state of the U.S. housing market, hedge fund and investment bank exposure to sub-prime mortgages and the fragility of the liquidity dependent capital markets. These fears increased in July resulting in higher bond prices and a clear re-pricing of risk.  The broad-based trend reversals in global bonds caused the Trust to incur losses in the interest rate sector. Trading in currencies was also unprofitable. At the start of the month, the profile of the Trust’s currency portfolio generally reflected the markets’ desire for higher yielding currencies at the expense of lower yielding currencies. As it turned out, the turmoil in the credit markets had a collateral effect on the currency markets as investors bought back short positions in low yielding currencies that were used to finance long positions in higher yielding currencies. The Trust’s largest loss was in the Japanese yen. Global equity prices suffered a significant setback in July as the S&P 500 and most emerging markets fell more than five percent from their highs during the month. Trading in this sector was difficult in July as a number of long held positions were stopped out. The energy sector was profitable and helped to offset losses in other areas of the Trust’s portfolio. While crude and petroleum products were moving higher, natural gas prices were moving lower. Unlike the financial sectors, where correlations within sectors were rising because of the flight to quality, the energy markets moved independently generating profit opportunities for the Trust. Outside the energy sector, other commodity prices were mixed on the month. The Trust benefited from positions in the grain markets. Trading in other commodities was uneventful with only modest influences on the Trust’s overall performance during July.

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The Trust’s performance was negative for the month of August as the crisis that began in the sub-prime mortgage market continued spreading globally. This produced short-lived, sharp and unusually well correlated spikes in volatility throughout global financial markets.  As a result, the Trust’s long-term diversified trend-following methodology suffered losses as the market dislocations forced the exiting of positions. The interest rate sector was the Trust’s strongest performer for the month as investors sought the relative safety of government debt.  Japanese Government 10-year bonds (JGBs) were the sector’s best performer. They completed their biggest monthly gain in a year as investors speculated that the Bank of Japan would delay raising interest rates. U.S. Treasuries also helped performance as benchmark 10-year note yields decreased 21 basis points for the month.  The sector’s gains were hampered as various central banks added liquidity. Despite these attempts  the, fixed-income trends remained intact with the U.S. 3-month bill yields falling more than any other month in almost six years. The currency sector was the Trust’s worst performer for the month.  The yen was the sector’s best performer ending the month at a 2.5% increase vs. the dollar. The Trust experienced losses as it systematically exited positions in the British pound and the Euro on strong downward spikes, only to see both currencies immediately rally higher after the Fed rate change. The energy sector was negative as petroleum products suffered strong trend reversals.  Crude oil, the sector’s worst performer, traded near an 8-week low after reaching a record $78.77 a barrel on August 1st.  This was due to the forecast of diminishing demand for gasoline as concern grew that credit woes would lead to lower demand in the U.S., the world’s largest oil user.  Crude oil finished the month down 5.3%.  The agricultural, metals and indices sectors were slightly negative for the month as range-bound markets and trend reversals dominated these sectors.  The only component that exhibited noteworthy performance was CBOT wheat.  Wheat was up 23% for the month, its largest monthly gain since 1975.  For the year, wheat is up 92% as global consumption exceeded production and inventories headed for their lowest levels since 1982.  The gains were offset by the combined losses of the other agricultural commodities.

The Trust’s performance was positive for the month of September.  The Trust gained as its systematic trend-following approach capitalized on the dollar’s plunge and also benefited from the enhanced appeal of energies, grains and precious metals, which drove commodities to their biggest monthly gain in 32 years. The currency sector was the Trust’s strongest performer for the month as the U.S. dollar hit record lows with the interest rate cut by the Fed.  The New York Board of Trade’s dollar index fell to its lowest level since the gauge began in 1973.  The Fed’s trade-weighted index comparing the dollar vs. other major currencies dropped  to the lowest level since its inception in 1971.  The weakness of the dollar against the euro was a significant contributor to gains as its fall led to an all-time low of $1.4278 per euro. The agriculture sector was positive for the month.  Wheat futures for December delivery reached a record $9.6175, rising 21 % for the month on projections that “global inventories would dwindle to their lowest level in 26 years”.  Soybeans also trended higher as November futures reached the highest price since May 2004.  Soybean futures rallied 14 % in September and 79 % in the past year after U.S. farmers cut acreage 15% to a 12-year low. The energy sector was positive in September as petroleum products rose to record highs.  The falling dollar makes oil cheaper in countries using foreign currencies.  Crude oil reached a record-breaking $83.90 a barrel on September 20th.  This record high was less than a dollar from the all-time inflation-adjusted high reached in 1981, when prices jumped because Iran cut oil exports. The metal sector was positive for the month as gold extended its rally to its highest price since 1980. Gold gained 11 % for the month and 15 % for the third quarter, the most of any quarter since 1986. The indices and interest rate sectors did not exhibit noteworthy performance for the month as both equity and fixed-income markets experienced trend reversals.  The interest rate sector was negative for September; European government bonds fell on the month amid indications that German inflation was accelerating. The benchmark 10-year bund yields, the worst performer in the interest rate sector, touched a six-week high.  The indices sector was slightly positive for the month as stocks rose to complete their steepest September advance since 1998.

During the quarter no units were sold, however 23,182.53 new units were issued to Beneficial Owners who had not redeemed through August 31, 2007. These units were issued as a result of US Bank distributing $1,758,626 to continuing unitholders. Beneficial owners redeemed a total of 76,768.92 units during the quarter. The Managing Owner redeemed a total of 0 units during the quarter. At the end of the quarter there were 920,453 units outstanding owned by the Beneficial Owners and 20,218 units outstanding owned by the Managing Owner.

During the fiscal quarter ending September 30, 2007, the Trust had no material credit exposure to a counterparty, which is a foreign commodity exchange, or to any counterparties dealing in over-the-counter contracts.

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Fiscal Quarter ended June 30, 2008

The Trust recorded net trading loss of $413,339 or $0.41 per unit in the second quarter of 2008.  (*** Please see “Notes to Consolidated Financial Statements” in Part I – Item 1 for an explanation of Net Asset Value/unit pursuant to events of October, 2005, as the following excludes the Trust’s Non-Trading accounts.)  As of June 30, 2008, the Trust had gained 31.41% since its inception in June 1997.

The Trust’s performance was negative in April as many of the year-to-date trends were interrupted or came to an end. Earlier market pessimism and fear began to ebb as massive monetary and fiscal stimuli were digested by traders and investors. In retrospect, the actions taken by the Federal Reserve Board (the Fed) in the second half of March to bail out Bear Stearns and add liquidity to the financial system marked an intermediate turning point in many markets. As volatility subsided and sentiment improved into April, long held positions were unwound.  The overall improvement in sentiment was evident in the stock market as the Dow Industrials closed April well off the March lows and near its high for the year. The S&P 500 rallied 4.8% in April, posting its best month in almost 5 years.  The CBOE Volatility Index (VIX), a popular measure of implied market volatility, which is sometimes referred to as the “fear index”, closed the month at 20.8%, more than 40% below its highest levels in March. In this environment of declining volatility, global equity indices rallied, reducing the profitability of open trades in this sector.  The interest rate markets also experienced significant reversals in April as the combination of Fed policy, better-than-expected economic data and improving stock market performance combined to push intermediate-to-long-term global interest rates higher during the month. The Fed punctuated the month by announcing the seventh interest rate cut in eight months. The economic data released during the month, including first quarter Gross Domestic Product, which was up 0.6%, proved better than the market expected and created doubts as to whether the U.S. economy is or will be in a recession. Positions in European interest rates fared better than those in the U.S. and Asia.  The currency sector was also unprofitable in April. The dollar staged a modest recovery in April. Positions in the Japanese yen and Swiss franc were hardest hit. The Australian dollar contributed positively to performance as it remained strong against the U.S. dollar. Positions in non-dollar cross-rates were largely flat on the month.  The metals sector was negative for the month. Gold remained under pressure and somewhat linked to the fortunes of the U.S. dollar, however the Trust’s models were able to adjust to the price action and limit losses.  Positions in London copper were slightly profitable, as declining stocks and strong global demand continue to support prices.  Performance in agricultural commodities was mixed for the month. Price action was relatively tame when compared to the extreme volatility of the first quarter. Positions in the grain markets worked well as the Trust profited from divergent trends in corn and wheat. Small losses were incurred in the soft commodities.  The Trust’s performance in the energy sector was positive in April. Crude oil continued its march higher – more than 12% for the month - bolstered by strong demand and tight supplies. Higher prices have not deterred demand according to the International Energy Agency who reported that they expect global demand to rise by close to 2% this year with Chinese consumption increasing by 5%.  Unrest in Nigeria has exacerbated the supply situation. Natural gas, reacting to separate fundamentals also moved higher and contributed positively to performance.

The Trust produced positive performance for the month of May.  The majority of the markets traded were relatively quiet and directionless with the exception of the energy sector.  The most notable gains were centered in the energy markets as crude traded above $135 per barrel, gasoline topped $4.00 at the pump in the U.S. and natural gas rallied more than 11%. The general fundamentals supporting the rise in energy prices did not change in May. Supply continues to be tight and demand from large emerging economies continues to be strong.  On May 21st, a day before the monthly high price in crude oil was reached, the U.S. reported that crude oil inventories fell 5.32 million barrels in the prior week, the largest drop in four months. Commodity analysts began to raise their price targets for energy. The increases in energy prices led to calls in the U.S. Congress for increased regulatory scrutiny of those markets. Critical focus was on the effect of speculation in the commodity markets and the impact of passive commodity indexing. Time will tell, but the government furor may coincide with the market peak. The Trust’s trading in energies accounted for a majority of the Trust’s gains for the month.  The interest rate sector also contributed to the monthly gains, as the prospect for higher inflation and more stable financial markets on a global scale outweighed concerns over slowing economic activity. The U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) releases aligned with expectations, but year-over-year rates of 3.9% and 6.5% respectively, are indications that inflationary pressures are building in the U.S. economy. The yield on the benchmark U.S. 10-year bond rose to close the month at 4.05%. Positions in European interest rates were among the most profitable.  Global equity markets, on the surface, were stable in May as volatility continued to decline from the peak levels witnessed earlier in the year.  The ranges were relatively tight and offered few opportunities for trend-followers. The U.S. S&P 500 opened the month at 1386 and closed at 1400, a gain of 1%. Underneath the surface, shares of banks and brokerage firms remained under pressure. The equity sector contributed little to the Trust’s profit/loss as small gains from Japanese positions were largely offset by small losses in other markets.  The currency markets were also quiet in May. While the significant downward pressure on the U.S. dollar appears to have abated, there was little evidence of strong demand to own dollars.  Price action in May affirmed the fact that there remains a link between the EUR/USD exchange rate and oil prices; however, this correlation is not as strong across all currencies traded in the Trust.

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Nevertheless, this link has become an important consideration for policy makers. Official rhetoric throughout the month suggested that continued weakness in the dollar would be unwelcome. Overall trading in the currency markets was trendless and consequently unprofitable for the Trust.  Trading in the metals markets was also calm in May as prices were directionless. The demand for metals as a safe haven has ebbed for now as a degree of stability has returned to the financial markets. Additionally, the stability of the dollar took away one of the fundamentals in support of owning metals. Trading in both base and precious metals produced slightly negative results in May.  Trading in the agricultural markets produced slight gains. Positions in certain grain markets were profitable as concerns about growing conditions in the Midwest impacted prices. Positions in other markets were light with trend-less patterns.

The Trust was positive in June. While many strong macro economic trends, including weakness in the housing market, the rationing of credit, and significant stress in the financial system remain intact and continue to pressure global equity prices, many financial markets continue to be choppy and devoid of clear trends.  The majority of the gains for the Trust came from the commodity markets; global demand for energy continued to push prices higher and flooding in the Midwest impacted the outlook for the future supply of grain.   In difficult market conditions, the Trust was able to limit losses in the interest rate sector. Global bond prices generally continued the falling trend from May.  A marked change toward a more hawkish tone from central banks, declining stock prices and the flight to quality were powerful forces that combined to disrupt this trend.  The U.S. benchmark yield fell from an intra-month high of 4.27% on June 17th to close the month below 4% amidst heavy quarter-end selling in the stock markets.  Positions in U.S. and Japanese bonds were unprofitable but positions in European bonds fared better because of a more muted price reversal.  The major currency markets were unable to find direction from changing and conflicting signals on the economy and global interest rate differentials.  The dollar attempted to rally from its weakened state early in June only to fall back later in the month as the stock market declined, risk was reduced, and U.S. interest rates fell.  Trading in currencies was unprofitable for the month as gains from trades in Swiss franc, Euro and crossrates were unable to offset losses from positions in other currencies.  Global equity markets suffered significant declines during the month of June as higher energy prices, tighter monetary conditions and continued stress in the financial sector depressed prices. For example, the S&P 500 was down 8.6% for the month. The Dow Jones Industrial Average approached bear market territory as the decline from its high approached 20%.  The MSCI world stock index declined more than 8% in June, extending year-to-date losses through June 2008 to 10%.  Financial shares led the decline. In contrast to March, when market volatility was extremely high, the price action in June was relatively tame with the move lower being more of a steady, persistent decline. The Trust’s performance in this sector was slightly positive as it entered the month with a mix of both long and short positions.  Trading performance in the metals sector was flat.  Although metals prices staged a rally in the second half of the month, positions in both precious and base metals were light as the price action was largely directionless.  A good portion of the Trust’s monthly gains came from the energy sector as crude, crude products and natural gas continued to move higher. On June 19th, China announced that they would be raising crude and jet fuel prices by more than 15%. The market initially tumbled on the prospect for lower demand from one of the world’s largest energy consumers. The market not only recovered from this news, but went on to post another record high at month end as analysts began to reassess China’s announcement, the dollar and stock market slides and the rise of geo-political tensions in the Middle East.  The agricultural markets, and in particular, grains, were also profitable. Corn and soybean prices started the month moving higher as floods affected the Midwest growing regions. Uncertainty over how the floods would impact plantings and future yields pushed corn and other grain prices up sharply with corn finishing the month more than 20% higher than May’s close.  The Trust recorded a trading gain of 4.19% for the month.  The June month-end trading NAV was $107.50.

During the quarter no units were sold.  Beneficial Owners redeemed a total of 35,552 units during the quarter.  The Managing Owner redeemed a total of 872 units during the quarter.  At the end of the quarter there were 759,841 units outstanding owned by the Beneficial Owners and 14,223 units outstanding owned by the Managing Owner.

During the fiscal quarter ending June 30, 2008, the Trust had no material credit exposure to a counterparty, which is a foreign commodity exchange, or to any counterparties dealing in over the counter contracts.

Fiscal Quarter ended June 30, 2007

The Trust recorded net trading gain of $12,228,625 or $10.91 per unit in the second quarter of 2007.  (*** Please see “Notes to Consolidated Financial Statements” in Part I – Item 1 for an explanation of Net Asset Value/unit pursuant to events of October, 2005, as the following excludes the Trust’s Non-Trading accounts.) As of June 30, 2007, the Trust had gained 6.80% since its inception in June 1997.

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The Trust’s performance was positive for the month of April.  Global financial markets recovered from the explosion in volatility that occurred at the end of February and continued into March.  The currency sector was the best performer for the month as the Euro reached a historical high against both the U.S. dollar and the Japanese yen. and the British pound reached a 25-year high against the dollar. The dollar weakened on speculation that the Federal Reserve Board would cut rates. At the same time, expectations grew that the European Central Bank and the Bank of England would raise rates as their economies strengthened.  The Japanese yen reached a record low against the Euro and was weaker against major currencies. The majority of the sector was positive for the month, with the largest gain achieved in the Euro. The agriculture sector was positive for the month. Gains in N.Y. cotton and coffee were partially offset by losses in CBOT wheat.  N.Y. cotton trended lower throughout April as supply continued to outpace demand.  U.S. exports to China, the largest consumer of the fiber, fell to 1.5 million bales from 5.4 million bales a year earlier.  N.Y. coffee continued to trend lower and fell to a six-month low due to increases in inventories from last year. Wheat, which had been trending lower prior to the cold weather at the beginning of the month, suffered a reversal due to the resulting global supply concerns. The global stock indices sector was positive for April driven by stronger-than-expected first quarter earnings, an increase in mergers and acquisitions, economic growth in Europe, and benign inflation in the U.S.  In April, the S&P 500 gained 4.3 %, the Dow Jones Industrial Average soared 5.7 %, and the Euro Stoxx 50 gained .2 %. Osaka Nikkei was slightly negative as the Trust exited positions when Asian stocks fell on April 19th in reaction to China’s benchmark CSI 300 Index falling 4.7 %.  The metals sector was positive for the month asLME copper strengthened in April to the highest it has been in more than 7 months.  Gold also added to performance as the precious metal reached an 11 month high.  Silver was negative for the month as speculation that the rally in precious metals was overdone which caused reversals as prices dropped. The energy sector was negative for the month. Natural gas fluctuated throughout the month as weather drove demand.  Crude oil, the sector’s worst performer, fell to $61.34 a barrel on April 19th before reversing to $66.70 a barrel on April 27th.  The interest rate sector was negative for the month on uncertainty in interest rate policy of the world’s two largest economies.  Both U.S. Treasuries and Japanese Government 10-year Bonds (JGBs) were trendless in April. While uncertainty surrounded the state of these two economies, the German Benchmark 10-year bund and the British long gilts supported performance. Bund yields rose to their highest level since August 2005.

The Trust’s performance was positive for the month of May.  The interest rate sector was the Trust’s strongest performer for the month.   Global interest rates sustained their steady rise as economic growth continued in Europe and as the U.S. housing market began to stabilize.  The German Benchmark 10-year bund led performance as consumer confidence climbed and manufacturing expanded in the Euro region economy. U.S. Treasuries also bolstered performance as the benchmark 10-year bond yield increased 26 basis points since April 30th, its biggest monthly increase since March 2006.  The indices sector was also positive for May as equity markets reached new highs due to continued economic growth in Europe and indications from the U.S. Federal Reserve Board (Fed) that growth would accelerate.  $1.1 trillion of announced Merger and Acquisition deals so far this year pushed the S&P 500 past its 2000 peak. The Euro Stoxx 50 and Nasdaq E-mini led performance as the NASDAQ ended the month at 2604.52, its highest level since February 2001.The energy sector was negative for the month as energy markets remained range-bound.  U.S. oil futures traded between $60 and $67 the past two months as ample domestic stockpiles countered the impact of supply shutdowns in Alaska and Nigeria.  The metals sector was negative for the month.  The LME Copper strengthening trend faltered during the month on speculation that China may be oversupplied.  Gold limited performance as it fell to a two-month low in May.  Silver dropped 0.7 % in May.  Despite the drop, gold has gained 4.5 % for the year, while silver has risen 4.1%. The currency sector was negative for the month. The U.S. dollar rebounded in May from an all-time low against the Euro and rose 1% against the British pound.  The dollar reversed as signs of economic strength reduced the likelihood of cuts in interest rates by the Fed.  A majority of the sector’s losses were offset by the dollar’s strengthening against the Japanese yen.  The U.S. currency gained 1.9 % against the yen in May and reached a three-month high.  The agriculture sector was negative for the month.  Soybean futures rallied to a 35-month high as U.S. farmers said they would cut soybean acreage 67.1 million, the smallest since 1996.  Trend reversals in London sugar, CBOT wheat and New York coffee more than offset the gains. Bean oil was the sector’s best performer.

The Trust’s performance was positive for the month of June.  The interest rate sector was positive as European government bonds recorded their steepest quarterly decline in almost 8 years.  The German Benchmark 10-year bund trended lower for the fourth month in June.  The yield touched 4.70 % on June 13th, it’s highest since August of 2002.  U.S. Treasuries also fell, suffering their biggest quarterly decline since the 1st quarter of 2006. The energy sector was positive in June as increased terrorism fears combined with lower supplies in petroleum-based products and higher supplies in natural gas drove the sector’s performance.  Natural gas futures for August delivery plunged to a five-month low. This move occurred after a weekly government report indicated that inventories rose more than analysts expected and the outlook for colder temperatures this summer was likely to cut demand. The currency sector was positive for the month as the Japanese yen suffered its biggest quarterly loss against the Euro and the dollar since 2001.  The weakness of the U.S. dollar against both the British pound and

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the Euro limited the sector’s gains.  The weakness was caused by speculation that the Federal Reserve Board would keep borrowing costs unchanged for the remainder of the year, while both the Bank of England and the European Central Bank would continue to raise rates. The metals and agriculture sectors were basically flat for the month, while the indices sector was slightly negative as range-bound markets and trend reversals dominated these sectors.  The only components that exhibited noteworthy performance were wheat and corn.  The Trust profited as wheat futures trended higher. The gains were offset by losses in corn.  Corn plunged to a 12-week low in Chicago after the government said U.S. farmers planted more acres than forecast in March and the most since 1944. The Trust recorded a trading gain of 7.08% for the month.  The June month-end trading NAV was $ 87.37.

During the quarter no units were sold. Beneficial owners redeemed a total of 200,636 units during the quarter. The Managing Owner redeemed a total of 0 units during the quarter. At the end of the quarter there were 974,039 units outstanding owned by the Beneficial Owners and 20,218 units outstanding owned by the Managing Owner.

During the fiscal quarter ending June 30, 2007, the Trust had no material credit exposure to a counterparty, which is a foreign commodity exchange, or to any counterparties dealing in over the counter contracts.

Fiscal Quarter ended March 31, 2008

The Trust recorded net trading gain of $19,467,032 or $ 23.22 per trading unit in the first quarter of 2008.  (*** Please see “Notes to Consolidated Financial Statements” in Part I – Item 1 for an explanation of Net Asset Value/unit pursuant to events of October, 2005, as the following excludes the Trust’s Non-Trading accounts.)  As of March 31, 2008, the Trust had gained 31.91% since its inception in June 1997.

The Trust experienced positive performance for the month of January.  An important shift in the market’s focus seemed to be emerging at the start of 2008. Last year the global economy was relatively strong. The market consternation was related to specific issues affecting the housing and credit markets in the U.S. In January, the concern was more generalized, as the market began to adjust to the possibility of a U.S. recession and a significant slowdown in global growth. By mid month, many of the world’s major stock markets were experiencing double-digit declines. Concerns about the economy and the performance of U.S. equities led the U.S. Federal Reserve Board (the Fed) to cut interest rates 75 basis points on January 22nd - the first inter-meeting rate move since 2001. This reduction was followed by a second cut of 50 basis points on January 30th. The Fed Funds rate ended the month at 3%. The aggressive stance of the Fed and the White House and Congress coming to an agreement on an economic stimulus package combined to stabilize equity prices towards the end of the month.  The Trust’s trading in global equity futures was profitable during the month. U.S. equities suffered through one of the worst Januarys on record as fears of a U.S. recession intensified. The S&P 500 lost 6.1% for the month, while the Nasdaq Composite shed 9.9%.  Financial shares were particularly hard hit as uncertainty about the extent of sub-prime write-offs persisted. Increasing risk of recession took its toll on the technology sector as a number of bellwether issuers suffered significant declines. Global decoupling and the belief that the world economy can be immune from weakness in the U.S. was put to the test in January as stock markets worldwide and, in particular, those in Japan and Europe experienced worse declines than the U.S. markets. Similarly, there was strong performance in the interest rate sector as both the long and the short end of the U.S. yield curve rallied sharply in response to weakening economic data, declining stock prices and monetary stimulus. The yield on the benchmark U.S. 10-year bond declined 43 basis points to 3.59% by month-end. The actions by the Fed were notable in terms of both magnitude and timing, as they reduced interest rates by close to 30% in two separate moves over an 8-day period. Significant profits were generated in Eurodollar futures and Japanese government bonds (JGBs) performed well. Trading in currencies was more challenging, resulting in slightly positive performance from this sector. The dollar declined modestly. Rising volatility and investor fear resulted in a general unwinding of currency carry trades. Within the G-10 universe, the low-yielding Japanese yen and Swiss franc were the strongest currencies, appreciating the most. The relative weakness of the British pound continued in January and the long position in the euro/British pound cross rate was a top performer for the Trust.  Trading in metals was positive with positions in gold driving performance. Gold traded to an all-time high during the month above $930 per ounce. The continued weakness of the U.S. dollar, stock and credit markets as well as disruptions in African mining activity drove the rally. Positions in silver also contributed to performance in the sector as it loosely followed the direction of gold. Positions in base metals were unprofitable. Trading in energies was negative for January.  Crude oil and the crude oil products started the year faltering from near record prices. Trading was volatile as an impending OPEC meeting on February 1st added to market uncertainty. Positions in natural gas were also unprofitable as the market traded in a directionless pattern for most of the month. The Trust continues to benefit from the bull market in grain prices. Positions in corn, wheat, soybeans and bean oil were all profitable. Corn positions led the way as the price moved higher in response to a USDA report that showed a sharp drop-off in the U.S. corn stockpile. Wheat prices also were helped by reports of lower than expected planting intentions. Positions in sugar and coffee also contributed to profits this month.

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February was another positive month for the Trust. Data released during the month continues to point to a weakening in the U.S. economy.  As the severity of the credit crisis and its ramifications become more apparent and pessimism about the deteriorating state of the economy was met with optimism about the prospects of official forms of economic stimulus, an interesting trading dynamic was created.  Some sectors were confined to broad ranges, while others experienced explosive moves.  Generally, major global equity indices traded in a broad range during the month as market anxiety vacillated between fears of recession and concerns about inflation.  The S&P 500 finished with a modest loss for the month as market volatility declined from the peak readings registered in January. In this environment, the Trust’s trading was positive as positions in European and U.S. markets offset losses in the Japanese Nikkei. Trading in interest rates was unprofitable as the psychology of the market shifted during the month. In January, fear and prospects for a slower global economy drove global bond prices to extremes. In his testimony to the U.S. Senate Banking Committee, Fed chairman, Ben Bernanke, underscored the Fed’s dovish stance on interest rates. He warned that downside risks to the economy remain due to weakness in the housing, labor and credit markets.  The U.S. yield curve steepened as long-term interest rates moved higher. The benchmark U.S. 10-year note yield approached 4% during the month, up from a low of 3.30% in January, only to end the month at 3.5%.  After rallying early in February, the dollar reversed course and closed the month weaker against most major currencies as narrowing interest rate differentials and the prospect for higher inflation in the U.S. combined to weigh on the currency. The low-yielding Swiss franc and Japanese yen were among the strongest currencies against the dollar as risk appetite in the market remains low. The USD/JPY exchange rate closed the month at a multi-year low of 103.75. Trading in the euro was choppy and less profitable; nevertheless, the currency did manage to close at an all-time high of 1.5180. As global demand pushed commodity prices to historic levels, the commodity markets generated the majority of the Trust’s February returns. The greatest profits came from the agriculture markets, particularly from grains and soft commodities. In some cases, the moves were significant: bean oil was up 27% during the month, coffee was up 19%, wheat was up 15%, and sugar was up 14%.  It is uncommon for these markets in this sector to move higher so strongly in the same month. The demand for food-related commodities from a flatter, more prosperous global economy is an important theme driving agricultural commodities. The weakness of the dollar is another important factor. The energy sector was also profitable as crude oil surged above $100 per barrel. The initial stage of the approximate 10% rally in the price of crude during the month may be attributable to the unwinding of large short positions that were established in January. In addition to the old themes of strong demand and dollar weakness, the perception in the market that OPEC would defend levels below $90 per barrel helped to support prices. Natural gas was a significant contributor to the sector’s profits during the month also. Performance from the metals sector was positive as both precious and base metals were higher. Gold continues its march toward the $1,000/ounce level. The weak dollar, further Fed rate cuts and macroeconomic concerns, including the prospects for further inflation, are fundamentals that can have a positive influence on the price of gold.  The movements higher in base metals during the month were based on production outages reported in both China and South Africa. This puts further pressure on inventories which are at multi-year lows.

The Trust posted a positive return in March. The crisis in the financial markets continued in March possibly reaching the nadir on March 17th.  This date also marked the year-to-date low in the S&P 500 and coincided with price reversals in a number of key markets. U.S. officials provided a substantial policy response to the deteriorating markets: in addition to reducing the Federal Funds rate by 75 bps on March 18th, the Federal Reserve established new lending facilities aimed at adding more liquidity and providing access to a broader array of financial institutions. The U.S. Treasury also proposed an overhaul of the financial system. In the near term these measures were effective in alleviating some of the stress in the markets. Equity prices rallied, certain credit spreads tightened and volatility subsided. Currencies were the most profitable sector this month as interest rate differentials between the U.S. and Europe widened further. The Euro traded at a record level of 1.5804 during the month and closed near its all-time high at month-end. The Federal Reserve rate cut on March 18th brought the Fed Funds rate to 2.25%.  On the other hand, the European Central Bank has left official lending rates stable at 4.00% during 2008. The fund generated profits in most major currencies against the dollar. The interest rate sector was at the center of the storm in March as the U.S Federal Reserve actions described above provided a powerful boost to a market that was reeling from fear. These actions prompted meaningful price reversals across the sector.   The stock market was also under pressure which made government bonds and securities the logical haven from the storm. Yields on 10-year U.S. government bonds fell early in the month to close at 3.44%. Performance from this sector was slightly positive. Positions in U.S. and Japanese interest rates performed best.  Equity markets sold off early in March as financial shares were battered on credit concerns. The technology sector was marked down along with growth projections for the U.S economy. However, stocks did recover in the second half of the month. Overall, trading in global equities was profitable for the month with positions in the Japanese Nikkei being the best performer.  Precious metals keyed off of developments in the financial markets. Gold soared to record highs early in the month.  When the markets staged their recovery, gold sold off sharply.  Gold traded down from a monthly high near $1,040/ounce to close the month at $921. Positions in both precious and base metals were unprofitable for the month. Although crude oil prices reached new highs above $100 per barrel in March, natural gas supplied a majority of the profits in the energy

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sector. Natural gas rallied more than 7% during the month as colder-than-expected temperatures and increased demand may slow the build in natural gas inventories. Positions in London gas oil were also profitable. The agricultural sector was a significant drag on performance in March as trading in all component markets was negative. Trading and price action in the grain markets was largely independent from the moves in the financial markets and the dollar. Most grain prices were enjoying a remarkable bull market heading into March and arguably due for a correction.  Recently expanded daily exchange price limits allowed for dramatic moves to the downside in wheat, soybeans and soybean products. Corn bucked the trend and finished the month stronger, buoyed by bullish reports from the USDA. Soft commodities such as sugar, coffee and cotton reversed course during the month, suffering from a reduction in speculative risk taking.

During the quarter no units were sold. Beneficial Owners redeemed a total of 47,216 units during the quarter. The Managing Owner redeemed a total of 5,123 units during the quarter. At the end of the quarter there were 784,658 units outstanding owned by the beneficial owners and 15,095 units outstanding owned by the Managing Owner.

During the fiscal quarter ending March 31, 2008, the Trust had no material credit exposure to a counterparty, which is a foreign commodity exchange, or to any counterparties dealing in over the counter contracts.

Fiscal Quarter ended March 31, 2007

The Trust recorded net trading losses of $21,808,885 or $17.40 per trading unit in the first quarter of 2007.  (*** Please see “Notes to Consolidated Financial Statements” in Part I – Item 1 for an explanation of Net Asset Value/unit pursuant to events of October, 2005, as the following excludes the Trust’s Non-Trading accounts.)  As of March 31, 2007, the Trust had lost - 6.54% since its inception in June 1997.

The Trust’s performance was negative for the month of January. The interest rate sector was the Fund’s best performing sector.  European 10-year bond yields reached 6-month highs and U.K. two-year gilt yields moved toward 5-year highs.  German debt fell during the month with a decline in unemployment and a rise in retail sales.  Long gilts slumped as yields soared after the Bank of England unexpectedly raised interest rates by a quarter point on January 11th.  U.S. Treasuries also helped performance: the U.S. 10-year note yield touched a 5-month high of 4.9% on January 26th, as the U.S. economy expanded faster in the fourth quarter than expected.  Continued volatility in 10-year Japanese Government bonds (JGBs) limited the sector’s performance.  With no change in rates, JGBs had the biggest weekly gain since August.  The currency sector was the Fund’s worst performing sector as currency markets reversed back and forth. The U.S. dollar’s weakening trend against the euro and the British pound continued its reversal. On January 3rd, the dollar rose to a 6-month high against the euro. The December Federal Reserve Board (Fed) meeting minutes stated that inflation (vs. waning growth) was their “predominant concern,” hence supporting the dollar.  The British pound fell to $1.9296 on January 5th from $1.9848 on December 1st (highest level since September 1992).  On January 11th, the pound rose again to a 14-year high of $1.9916 vs. the dollar before falling again.  Offsetting some of the losses was the Japanese yen, which fell 1.4% (to its lowest point in more than 4 years) vs. the dollar.  Towards the end of January, however, the dollar had its largest fall vs. the yen in more than two months. The yen was the best performer, while the euro suffered the largest loss.  The energy sector was positive for the month despite changing weather conditions which caused extreme volatility within the sector.  Warmer-than-expected weather in the beginning of the month, led to decreased demand and lower prices.  Following a government report indicating that U.S. supplies of crude oil, gasoline, heating oil and diesel were above the five-year average for the period, crude oil prices plunged and reached a 19-month low of $49.90 a barrel.  Forecasts of colder weather throughout February reversed the weakening trend. On January 30th, natural gas rose 12% and closed at its highest price since December 4th   (ending the month with a 21% gain).  By the end of January, crude oil rebounded to above $58 a barrel in New York.  Crude oil and London gas oil were the best performers; natural gas was the worst performer. The metals sector was negative for the month as precious metal prices reacted to fluctuations in the U.S. dollar.  The early January strengthening in the U.S. dollar weakened Gold prices which fell 3.1%.  However, gold then rose 3.9% for the month as the dollar once again weakened.  LME copper limited   losses as copper prices fell 10% in January and 35% since reaching a record high in May 2006.  The equity indices sector was negative for the month as losses in the NASDAQ E-mini offset the gains of the other components in the sector.  U.S. stocks completed their longest stretch of monthly gains in more than a decade but, intra-month volatility hurt the sector’s overall performance.  On January 13th, U.S. stocks rose to a more than 3-month high.   The NASDAQ had a 2.8% increase to 2,502.82, a level not seen since February 2001.  However, stocks fell towards the end of the month after profit reports caused concern that analysts’ forecasts for earnings at computer-related companies were too high.  The NASDAQ E-Mini was the worst performer in the sector, while all other components of the sector were positive. The agriculture sector was negative for the month as price instability hurt performance.  New York coffee fell from a 19-month high of $1.30 on December 15th.  Corn suffered a sharp reversal by falling 7.2% in the first 2 days of the year then rebounded, along with soybeans, during the rest of the month.  Corn reached a 10-year high on January 17th, while soybeans reached an 18-month high on January 18th.  The sector’s best performer was New York sugar, while the sector’s worst performer was corn.

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The Trust’s performance was negative for the month of February. This negative performance was a direct result of the explosion in volatility in the last week of the month.  Trading up to that point was positive for the month, but the events of the week reverberated throughout global markets and reversed what few trends of earlier in the month. The events were primarily portrayed in the U.S. media as a stock market decline, but the issues were far broader than that.  Whether due to the Chinese stock market or the trouble in the sub-prime loan sector, global markets awoke to a measure of short-term volatility not seen for many months and was not confined to the equities markets.  Example: the gold market hovered around the high $690s, a level not seen since May of ‘06.  Similarly, the wheat, corn and soybean markets were hitting full-year highs opening the last week of February.  All of these markets suffered sharp declines during the last week, which translated to losses for the Trust.  Example:  the Japanese yen which was at its yearly low strengthened over 2% against the dollar in the last three trading sessions. These examples in unconnected markets indicate how widespread the difficulty was in the last three days of the month.  The agriculture sector was the Trust’s best performing sector as corn rose to a 10-year high in Chicago and soybeans reached $8.0775, their highest level since June 2004, as wet weather threatened to prevent U.S. farmers from planting enough crops to meet surging demand for crop-based fuels.  Cotton and CBOT wheat limited gains as wheat dropped in excess of 2% after prices had reached $5.09, the highest since December 26th, as investors bailed out of the commodity following the global plunge in equities. Corn was the best performing component in the sector. The metals sector was slightly positive for the month as both precious and base metals suffered strong reversals.  Copper rallied for the majority of the month on speculation that China would accelerate its buying.  However, the month end slump in equities prices drove the metal lower once again as markets speculated that demand would decline as economic expansion slowed.  Prior to the drop in equities, industrial and precious metals led a commodity rally amid renewed inflation concerns.  Performance in gold and silver offset losses as prices climbed to nine-month highs. The currency sector was negative for the month as the yen rallied against the dollar to its highest level in more than 19 months on February 27th.  The Swiss franc also reacted to the drop in equities by reversing its weakening trend and rallied to three month highs against the dollar.  Slight gains were produced by the euro as the dollar fell to its lowest level in almost 2 months against the currency.  The energy sector was negative for the month as natural gas reversed its strengthening trend and had its biggest loss in more than 6 weeks. After reaching a two month high on February 5th of $8.035, natural gas for March, delivery dropped 7.7 % on February 12th, its biggest one-day percentage decline since December 26th. Crude oil’s reversal also hurt performance as it rose to $61.79 a barrel, its highest closing price this year. All components of this sector exhibited negative performance for the month. The interest rate sector was negative for the month as global bond markets reversed their weakening trend as global equity sell-off fueled demand for government debt.   The rally in German Benchmark 10-year bonds (bunds) and U.K. fixed income also hurt performance as long gilts posted their biggest gain since May.  U.S. Treasuries posted their biggest gains since December 2004 and yields of U.S. 10-year Treasury notes fell to their lowest level since December 2006 as the drop in equity prices caused concern that investors would avoid riskier assets.  Japanese Government Benchmark 10-year bonds (JGBs) added to the Trust’s negative performance as speculation grew that the Bank of Japan would pause before raising borrowing costs any further. The stock indices sector was negative for the month as a result of the severe volatility in global equity markets.  U.S. stocks had their biggest tumble since 2002, after a plunge in the Chinese equity market.  This sparked a global drop in equity prices and raised concerns that investors would unload equities after a four-year bull market.  On February 27th, Chinese stocks suffered their greatest loss in a decade, while the Dow Jones Stoxx 600 Index dropped 3% and the Dow Jones Industrial Average fell as much as 546 points intraday, the most since the first day of trading after September 11th, 2001. The Euro Stoxx 50 was the sector’s worst performer while the Nikkei 225 offset some losses as the sector’s best performer.

The Trust’s performance was negative for the month of March. The Trust experienced losses as the February explosion in volatility continued into early March.  The currency sector was negative for the month as the Japanese yen’s sharp reversal continued during the first few days of March.  The yen advanced to near its highest level in almost 2 months against the dollar and gained against all 16 of the most-active currencies during the first week of March.  The British pound (worst performer during the month) fell to its lowest level against the yen in more than 4 months, as one month sterling/yen implied volatility soared to a record high of 11.75 due to concerns of rising risk. Offsetting some of the losses was the strengthen trend in the Australian dollar. The interest rate sector was negative for the month. Global bond markets fluctuated during the first half of the month as fixed-income market sentiment vacillated between two conflicting views before ending the month lower. Fixed-income markets, which had rallied throughout February, continued to strengthen as uncertainty increased that the drop in equities and the rising defaults among the riskiest mortgages, called subprime mortgages, would slow consumer spending and the global economy.  In reaction, yields in the German benchmark 10-year bund slid to their lowest in 2007.  However, economic data and central bank statements out of both the U.S. and Europe throughout the month relieved investors’ fears and eventually sent fixed-income markets lower, reversing the previous trend.  The German 10-year bund was the sector’s worst performer. European government bonds posted their biggest back-to-back weekly decline in three months. On March 30th, the

26

U.S. 10-year Treasury surrendered the remainder of the gains it had amassed after the equity sell-off that began on February 27th. The rally had driven the yield to as low as 4.44% on March 5th.  The shifting market sentiment led all components of the sector to end the month in negative territory. The metals sector was negative for the month as the drop in price in the equity markets sent precious metals lower. By March 6th, gold (the sector’s worst performer) had dropped almost $50, or 7.3% since February 26th, when it closed trading at $686.65.  Although gold eventually began to rally, ending the month down only .5%, the extreme drop in prices at the beginning of the month caused the Trust’s systematic investment style to exit positions, which resulted in losses for the Trust.  The stock indices sector was negative for the month as the global sell-off that began on February 27th caused more than $2.4 trillion in share value to be lost over five days.  All components of the sector were negative.  The Osaka Nikkei was the sector’s worst performer.  The agriculture sector was negative for the month as investors sought to cover losses and reduce risk in all markets as a result of the plunge in global equity prices.  As a result, investors bailed out of commodities and took profits in corn and soybeans, which had just reached multi-year highs.  Slight gains were produced in New York coffee. The energy sector was slightly positive for the month as weather and geopolitical events were the driving forces of price movements. Natural gas, the sector’s worst performer, dropped to its lowest price in two months on March 19th as forecasts for milder weather signaled reduced consumption of the heating fuel.  However, when forecasters predicted a shift in the weather pattern that would deliver colder than normal air, prices rose to a one-month high.  Offsetting the losses in natural gas, were the gains achieved in petroleum products.  While gains were achieved in crude oil as it continued its weakening trend for most of the month, they were limited as crude oil spiked higher and traded near a six-month high. The Trust recorded a trading gain of 2.04% for the month.  The March month-end trading NAV was $76.46.

During the quarter no units were sold. Beneficial owners redeemed a total of 108,895.93 units during the quarter. The Managing Owner redeemed a total of 0 units during the quarter. At the end of the quarter there were 1,174,676 units outstanding owned by the Beneficial Owners and 20,218 units outstanding owned by the Managing Owner.

During the fiscal quarter ending March 31, 2007, the Trust had no material credit exposure to a counterparty, which is a foreign commodity exchange, or to any counterparties dealing in over the counter contracts.

(d)    Off-Balance-Sheet Arrangements; Disclosure of Contractual Obligations

The Trust does not have any off-balance-sheet arrangements that have or are reasonably likely to have a current or future affect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.   The Trust does not have any material contractual obligations.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

There has been no material change with respect to the Trust’s market risk as described in the section entitled "Quantitative and Qualitative Disclosures About Market Risk" in our annual report on Form 10-K for the year ended December 31, 2007.

Item 4T.  Controls and Procedures

Under the supervision and with the participation of the management of R.J. O’Brien Fund Management, LLC, the managing owner of the Trust,  including the managing owner’s President and Chief Financial Officer, the Trust has evaluated the effectiveness of the design and operation of its disclosure controls and procedures as of September 30, 2008, and, based on their evaluation, the President and Chief Financial Officer of the managing owner have concluded that these disclosure controls and procedures were effective as of September 30, 2008.  There were no changes in the Trust’s internal control over financial reporting, during the quarter ended September 30, 2008 that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Any control system, no matter how well designed and operated, can provide reasonable (not absolute) assurance that its objectives will be met.  Furthermore, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

27

PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

The LLC is pursuing certain claims with respect to assets of the Trust formerly held by RCM.  See “Notes to Consolidated Financial Statement – Note 1.”  There is no assurance that such efforts will result in additional recoveries.

Item 1A. Risk Factors

There have been no material changes from the risk factors in the section entitled “The Risks You Face” in the Trust Post-Effective Amendment No. 2 to the Registration Statement on Form S-1 filed on October 6, 2008.

Item 2.  Unregistered Sales of Securities and Use of Proceeds

a)  None

b)  The Trust permits unitholders to redeem units at the end of each month at the Net Asset Value per unit on the redemption date.  The redemption of units has no impact on the net asset value of the units that remain outstanding and units may not be reissued once they are redeemed.

The following table summarizes the redemptions by unitholders during the third quarter of 2008:

Month	Units Redeemed	Redemption Date NAV per Unit
July	11,272	$                                                90.29
August	7,104	$                                                91.38
September	6,407	$                                              101.55
Total	24,783

Units sold January 1, 2008 through September 30, 2008: 1,329 (managing owner purchase)

Units unsold through September 30, 2008: 998,671 ($101,415,040)

Aggregate price paid for units sold January 1, 2008 through September 30, 2008: $120,000

Item 6.  Exhibits

a)   Exhibits

Index to Exhibits

Exhibit Number	Description of Document
3.01	Eighth Amended and Restated Declaration and Agreement of Trust of the Registrant.1
3.02	Certificate of Amendment of Certificate of Trust of the Registrant.1
31.01	Rule 13a-14(a)/15d-14(a) Certifications of Principal Executive Officer.
31.02	Rule 13a-14(a)/15d-14(a) Certifications of Principal Financial Officer.
32.01	Section 1350 Certification of Principal Executive Officer and Principal Financial Officer.

____________

1 Incorporated by reference from the exhibit of the same description filed on  September 30, 2008 on the Registrant's Form 8-K., and incorporated herein by reference

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned and thereunto duly authorized.

RJO Global Trust
Date:	November 6, 2008
By:	R.J. O’Brien Fund Management, LLC.
	Managing Owner
By:	/s/ Thomas J. Anderson
	Thomas J. Anderson
	Chief Financial Officer and duly authorized officer

29

EX-31

EXHIBIT 31.01

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Gerald Corcoran, certify that:

1. I have reviewed this report on Form 10-Q of RJO Global Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting andthe preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)  Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  November 6, 2008

By:	/s/ Gerald Corcoran
	Gerald Corcoran, Chief Executive Officer
	(principal executive officer)
	R. J. O’Brien Fund Management, LLC, Managing Owner

EX-31

EXHIBIT 31.02

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Thomas J. Anderson, certify that:

1. I have reviewed this report on Form 10-Q of RJO Global Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting andthe preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  November 6, 2008

By:	/s/ Thomas J. Anderson
	Thomas J. Anderson, Chief Financial Officer
	(principal financial officer)
	R. J. O’Brien Fund Management, LLC, Managing Owner

EX-32

 EXHIBIT 32.01

SECTION 1350 CERTIFICATION

OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER

I, Gerald Corcoran, Chief Executive Officer, and I, Thomas J. Anderson, Chief Financial Officer, of R.J. O’Brien Fund Management, LLC (“RJOFM”), the Managing Owner of RJO Global Trust (the “Trust” formally known as JWH Global Trust), certify that, to my knowledge (i) the attached Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in the attached Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Trust.

/s/ Gerald Corcoran	/s/ Thomas J. Anderson
Gerald Corcoran	Thomas J. Anderson
Chief Executive Officer	Chief Financial Officer
R. J. O’Brien Fund Management, LLC, Managing Owner	R. J. O’Brien Fund Management, LLC, Managing Owner
November 6, 2008	November 6, 2008