10-Q/A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

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

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2012

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

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 the definitions 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 £ (Do not check if smaller reporting company)	Smaller reporting company x

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

Explanatory Note: The sole purpose of this Amendment to RJO Global Trust’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2012, filed with the Securities and Exchange Commission on August 14, 2012 (the “Form 10-Q”), is to provide the consolidated financial statements and related notes from the Form 10-Q formatted in eXtensible Business Reporting Language (“XBRL”) and to furnish Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T. Exhibit 101 to this report provides the consolidated financial statements and related notes from the Form 10-Q formatted in XBRL. No other changes have been made to the Form 10-Q. This Amendment containing financial statements in XBRL format is filed within the period permitted under Rule 405 of Regulation S-T.

Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

2

Item 6. Exhibits

a) Exhibits

Index to Exhibits

Exhibit Number Description of Document

3.01* Ninth Amended and Restated Declaration and Agreement of Trust of the Registrant, dated as of September 1, 2010.

3.02^* First Amendment to the Ninth Amended and Restated Declaration and Agreement of Trust of the Registrant, dated as of July 13, 2011.

3.03^* Restated Certificate of Trust of the Registrant.

10.01^*+ Advisory Agreement, made as of March 27, 2012, as amended June 28, 2012, among RJO Global Trust, R.J. O’Brien Fund Management, LLC, and Liberty Funds Group Inc.

10.02^*+ Advisory Agreement, made as of March 30, 2012, among RJO Global Trust, R.J. O’Brien Fund Management, LLC, and Hyman Beck & Company, Inc.

10.03^*+ Advisory Agreement, made as of June 25, 2012, among RJO Global Trust, R.J. O’Brien Fund Management, LLC, and Aventis Asset Management LLC.

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.

101.INS^** XBRL Instance Document

101.SCH^** XBRL Taxonomy Extension Schema

101.CAL^** XBRL Taxonomy Extension Calculation Linkbase

101.DEF^** XBRL Taxonomy Extension Definition Linkbase

101.LAB^** XBRL Taxonomy Extension Label Linkbase

101.PRE^** XBRL Taxonomy Extension Presentation Linkbase

_____________________________

^* These exhibits were previously included or incorporated by reference in RJO Global Trust’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012, filed with the Securities and Exchange Commission on August 14, 2012.

⁺ Certain information in this exhibit has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

^** Filed herewith.

3

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: August 15, 2012

By: R.J. O’Brien Fund Management, LLC

Managing Owner

By: /s/ Jason Manumaleuna

Jason Manumaleuna

Principal Financial Officer and duly authorized officer

4

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Cash Management Agreement with Affiliate - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Related Party Transaction [Line Items]
Cash and cash equivalents on deposit with affiliate	$ 5,180,075		$ 5,180,075		$ 9,596,823
Fixed income securities held by affiliate	19,952,245		19,952,245		21,870,890
Advisory fees	$ 11,546	$ 15,594	$ 26,865	$ 30,860
Annual fee			0.20%
Description of daily fee rate calculated and accrued			RJOIM is paid an annual fee, currently 0.20%, calculated and accrued daily at a rate equal to 1/360 of the principal balance.

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Recoveries from RCM, Distributions Paid by US Bank from LLC, and Effect on Impaired Value of Assets Held at RCM (Detail) (USD $)	1 Months Ended																											67 Months Ended
	Dec. 01, 2011	Aug. 30, 2011		Jun. 02, 2011		Dec. 30, 2010		Oct. 15, 2010		Aug. 01, 2010	Jun. 04, 2010		May 19, 2010	Dec. 30, 2009	Jun. 29, 2009	Dec. 31, 2008	Jun. 26, 2008	Apr. 29, 2008	Mar. 28, 2008	Dec. 31, 2007	Sep. 19, 2007	Aug. 29, 2007	Jul. 03, 2007	Jun. 28, 2007	Jun. 07, 2007	Apr. 20, 2007	Dec. 29, 2006	Jun. 30, 2012
Distribution Made to Member or Limited Partner [Line Items]
Amounts Received from RCM		$ 1,328,832	[1]	$ 343,664	[1]	$ 563,163	[1]	$ 282,790	[1]		$ 14,329,450	[1]	$ 1,695,150	$ 1,102,612	$ 2,748,048	$ 769,001	$ 701,148		$ 1,046,068	$ 2,708,467	$ 2,584,070		$ 5,654	$ 4,783,640	$ 265,758	$ 2,787,629	$ 10,319,318	$ 48,364,462
Balance of Impaired Value																									3,590,557	3,856,315	6,643,944
Collections in Excess of Impaired Value		1,328,832	[1]	343,664	[1]	563,163	[1]	282,790	[1]		14,329,450	[1]	1,695,150	1,102,612	2,748,048	769,001	701,148		1,046,068	2,708,467	2,584,070		5,654	1,193,083				31,401,200
Cash Distributions to Non-Participating Owners	3,689,555									16,076,112								2,241,680				2,787,947					4,180,958	28,976,252
Additional Units in Trust for Participating Owners, Units	6,168									40,839								10,736				23,183					54,914	135,840
Additional Units in Trust for Participating Owners, Dollars	$ 561,489									$ 3,928,806								$ 1,053,815				$ 1,758,626					$ 5,154,711	$ 12,457,447

[1] The collections on June 4, 2010 were from a settlement agreement reached with Cargill, Inc. and Cargill Investors Services, Inc. (together, "Cargill"). The gross collections of $15,300,000 on June 4, 2010, were reduced by $970,550, which represented Cargill's percentage of distributions, as defined in the Settlement Agreement. All subsequent collections are shown net and were reduced by Cargill's percentage of distributions at 57.25% of the gross collections.

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Condensed Consolidated Schedule of Investments (Detail) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Fixed Income Securities
Schedule of Investments [Line Items]
Fair value	$ 19,952,245	$ 21,870,890
Fixed Income Securities | Commercial Paper
Schedule of Investments [Line Items]
Percentage of Net Assets	12.69%	9.00%
Fair value	3,545,497	3,142,811
Fixed Income Securities | Commercial Paper | South Korea | Financials
Schedule of Investments [Line Items]
Percentage of Net Assets	3.57%
Fair value	999,017
Fixed Income Securities | Commercial Paper | Australia | Financials
Schedule of Investments [Line Items]
Percentage of Net Assets	4.65%
Fair value	1,298,353
Fixed Income Securities | Commercial Paper | Chile | Financials
Schedule of Investments [Line Items]
Percentage of Net Assets	4.47%
Fair value	1,248,127
Fixed Income Securities | Commercial Paper | United States | Financials
Schedule of Investments [Line Items]
Percentage of Net Assets		5.44%
Fair value		1,899,873
Fixed Income Securities | Commercial Paper | United States | Energy
Schedule of Investments [Line Items]
Percentage of Net Assets		3.56%
Fair value		1,242,938
Fixed Income Securities | Corporate Bonds
Schedule of Investments [Line Items]
Percentage of Net Assets	23.98%	23.53%
Fair value	6,703,371	8,224,432
Fixed Income Securities | Corporate Bonds | Australia | Financials
Schedule of Investments [Line Items]
Percentage of Net Assets	15.75%
Fair value	4,402,115
Fixed Income Securities | Corporate Bonds | United States | Financials
Schedule of Investments [Line Items]
Percentage of Net Assets	8.23%	19.22%
Fair value	2,301,256	6,717,547
Fixed Income Securities | Corporate Bonds | Great Britain | Energy
Schedule of Investments [Line Items]
Percentage of Net Assets		4.31%
Fair value		1,506,885
Fixed Income Securities | Government Agencies | United States
Schedule of Investments [Line Items]
Percentage of Net Assets	34.70%	30.04%
Fair value	9,699,284	10,498,215
Fixed Income Securities | Short-Term Investment Funds | United States
Schedule of Investments [Line Items]
Percentage of Net Assets	0.01%	0.02%
Fair value	4,093	5,432
Long Positions, Futures Positions
Schedule of Investments [Line Items]
Fair value	45,727	(373,540)
Long Positions, Futures Positions | Energy
Schedule of Investments [Line Items]
Percentage of Net Assets	0.06%	(0.34%)
Fair value	15,729	(119,410)
Long Positions, Futures Positions | Agriculture
Schedule of Investments [Line Items]
Percentage of Net Assets	0.31%	0.01%
Fair value	85,341	3,573
Long Positions, Futures Positions | Currency
Schedule of Investments [Line Items]
Percentage of Net Assets	(0.01%)	0.03%
Fair value	(2,638)	9,244
Long Positions, Futures Positions | Indices
Schedule of Investments [Line Items]
Percentage of Net Assets	0.08%	0.05%
Fair value	22,188	17,851
Long Positions, Futures Positions | Interest Rates
Schedule of Investments [Line Items]
Percentage of Net Assets	(0.05%)	0.40%
Fair value	(12,962)	139,768
Long Positions, Futures Positions | Metals
Schedule of Investments [Line Items]
Percentage of Net Assets	(0.22%)	(0.23%)
Fair value	(61,931)	(80,138)
Long Positions, Futures Positions | Forward Positions | Currency
Schedule of Investments [Line Items]
Percentage of Net Assets		(0.99%)
Fair value		(344,428)
Long Positions, Futures Positions | Put Option
Schedule of Investments [Line Items]
Fair value		22,525
Long Positions, Futures Positions | Put Option | Currency
Schedule of Investments [Line Items]
Percentage of Net Assets		0.06%
Fair value		22,525
Short Positions, Futures Positions
Schedule of Investments [Line Items]
Fair value	(393,725)	737,487
Short Positions, Futures Positions | Energy
Schedule of Investments [Line Items]
Percentage of Net Assets	(0.21%)	0.64%
Fair value	(59,466)	225,038
Short Positions, Futures Positions | Agriculture
Schedule of Investments [Line Items]
Percentage of Net Assets	(0.42%)	0.02%
Fair value	(116,067)	6,835
Short Positions, Futures Positions | Currency
Schedule of Investments [Line Items]
Percentage of Net Assets	(0.36%)	(0.02%)
Fair value	(99,739)	(5,365)
Short Positions, Futures Positions | Indices
Schedule of Investments [Line Items]
Percentage of Net Assets	(0.79%)	(0.13%)
Fair value	(220,361)	(47,027)
Short Positions, Futures Positions | Interest Rates
Schedule of Investments [Line Items]
Percentage of Net Assets	0.00%	(0.03%)
Fair value	398	(10,045)
Short Positions, Futures Positions | Metals
Schedule of Investments [Line Items]
Percentage of Net Assets	0.36%	0.21%
Fair value	101,510	72,320
Short Positions, Futures Positions | Forward Positions | Currency
Schedule of Investments [Line Items]
Percentage of Net Assets		1.42%
Fair value		495,731
Short Positions, Futures Positions | Put Option
Schedule of Investments [Line Items]
Fair value	(34,540)	(1,006)
Short Positions, Futures Positions | Put Option | Currency
Schedule of Investments [Line Items]
Percentage of Net Assets		0.00%
Fair value		(1,006)
Short Positions, Futures Positions | Put Option | Indices
Schedule of Investments [Line Items]
Percentage of Net Assets	(0.12%)
Fair value	(34,540)
Total unrealized gain (loss) on open contracts
Schedule of Investments [Line Items]
Fair value	$ (347,998)	$ 363,947

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Subsequent Events - Additional Information (Detail) (Portfolio Allocation Agreement)	1 Months Ended
	Jul. 01, 2012
Liberty Funds Group
Subsequent Event [Line Items]
Allocation percent of the portfolio	21.00%
Nuwave Investment Management, Llc
Subsequent Event [Line Items]
Allocation percent of the portfolio	22.00%
Abraham Trading Corp
Subsequent Event [Line Items]
Allocation percent of the portfolio	16.67%
Aventis Asset Management
Subsequent Event [Line Items]
Allocation percent of the portfolio	22.00%
Hyman Beck and Company, Inc | Maximum
Subsequent Event [Line Items]
Allocation percent of the portfolio	10.00%
John W. Henry and Company, Inc | Maximum
Subsequent Event [Line Items]
Allocation percent of the portfolio	10.00%

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Brokerage Fee Across Each Class of Units (Detail)	Jun. 30, 2012
Class A
Brokers and Dealers Disclosure [Line Items]
Brokerage fee	4.67%
Class A | Managing Owner | Managing Owner fee
Brokers and Dealers Disclosure [Line Items]
Brokerage fee	0.75%
Class A | Managing Owner | Underwriting expenses
Brokers and Dealers Disclosure [Line Items]
Brokerage fee	0.35%
Class A | Managing Owner | Clearing, NFA, and exchange fees (capped)
Brokers and Dealers Disclosure [Line Items]
Brokerage fee	1.57%
Class A | Selling Agent | Selling commission
Brokers and Dealers Disclosure [Line Items]
Brokerage fee	2.00%
Class B
Brokers and Dealers Disclosure [Line Items]
Brokerage fee	2.67%
Class B | Managing Owner | Managing Owner fee
Brokers and Dealers Disclosure [Line Items]
Brokerage fee	0.75%
Class B | Managing Owner | Underwriting expenses
Brokers and Dealers Disclosure [Line Items]
Brokerage fee	0.35%
Class B | Managing Owner | Clearing, NFA, and exchange fees (capped)
Brokers and Dealers Disclosure [Line Items]
Brokerage fee	1.57%
Class B | Selling Agent | Selling commission
Brokers and Dealers Disclosure [Line Items]
Brokerage fee	0.00%

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Fees

67 Months Ended

Jun. 30, 2012

Fees

(3) Fees

Management fees are accrued and paid monthly. Incentive fees are accrued monthly and paid quarterly. Trading decisions for the periods covered by these financial statements were made by the Advisors.

Pursuant to the Advisory Agreements, each Advisor receives a monthly management fee at the rate of up to 0.167% (a 2.0% annual rate) of the Trust’s month-end net assets calculated after deduction of brokerage fees, but before reduction for any incentive fee or other costs and before inclusion of new unitholder subscriptions and redemptions for the month. These management fees are not paid on the LLC net assets.

The Trust also pays the Advisors a quarterly incentive fee of up to 20% of the “New Trading Profit,” if any, of the Trust. The incentive fee is based on the performance of each Advisor’s portion of the assets allocated to it. 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 brokerage fees.

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Fees - Additional Information (Detail) (Maximum)	3 Months Ended
	Jun. 30, 2012
Other Noninterest Expense [Line Items]
Quarterly incentive fee to Advisors as percentage of New Trading Profit	20.00%
Monthly Payment Rate
Other Noninterest Expense [Line Items]
Management fee as percentage of month-end net assets	0.167%
Annual Payment Rate
Other Noninterest Expense [Line Items]
Management fee as percentage of month-end net assets	2.00%

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Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	6 Months Ended
	Jun. 30, 2012
Significant Accounting Policies [Line Items]
Interest earned on the Trust's average daily balances on deposit, percentage	100.00%
Percentage of interest bearing deposits	100.00%
Interest rate under deposit denominated with foreign currencies	1.00%
Wells Fargo
Significant Accounting Policies [Line Items]
Trust assets owned	25,100,000
Maximum
Significant Accounting Policies [Line Items]
Ongoing offering costs as percentage of month-end net assets, to be paid and expensed as incurred	0.50%

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Income Taxes - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2012
Minimum
Income Taxes [Line Items]
Examination period of state and local income tax returns	3 years
Maximum
Income Taxes [Line Items]
Examination period of state and local income tax returns	5 years

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Trading Activities and Related Risks - Additional Information (Detail) (Maximum)	Jun. 30, 2012
Maximum
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Percentage of total investment to total assets	40.00%

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Summary of Significant Accounting Policies

67 Months Ended

Jun. 30, 2012

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

The accounting and reporting policies of the Trust conform to accounting principles generally accepted in the United States of America and to practices in the commodities industry. The following is a description of the more significant of those policies that the Trust follows in preparing its consolidated financial statements.

(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 rules and regulations of the SEC. 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 presentation of the financial condition and results of operations 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, 2011.

(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 measured at fair value daily. Unrealized gains on open contracts reflected in the consolidated statements of financial condition represent the difference between original contract amount and fair 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. As the broker has the right of offset, the Trust presents unrealized gains and losses on open futures contracts (the difference between contract trade price and quoted market price) as a net amount in the consolidated statements of financial condition. Any change in net unrealized gain or loss on futures and forward contracts from the preceding period is reported in the consolidated statements of operations. Gains or losses are realized when contracts are liquidated.

The Trust may write (sell) and purchase exchange listed options on commodities or financial instruments. An option is a contract allowing, but not requiring, its holder to buy (call) or sell (put) a specific or standard commodity or financial instrument at a specified price during a specified time period. The option premium is the total price paid or received for the option contract. When the Trust writes an option, the premium received is recorded as a liability in the statement of financial condition and measured at fair value daily. When the Trust purchases an option, the premium paid is recorded as an asset in the consolidated statements of financial condition and measured at fair value daily. Realized gains (losses) and changes in unrealized gains (losses) on options contracts are included in the consolidated statements of operations. When a written option expires or the Trust enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction, including commission, is recognized as a component of realized gain (loss) on closed positions. When a purchased option is exercised, the proceeds on the sale of an underlying instrument (for a purchased put option), or the purchased cost of an underlying instrument (for a purchased call option) is adjusted by the amount of the premium paid.

At June 30, 2012, the Trust earns interest on 100% of the Trust’s average daily balances on deposit with RJO during each month at 100% of the average four-week Treasury bill rate for that month in respect of deposits denominated in U.S. dollars. For deposits denominated in other currencies, the Trust earns interest at a rate of one-month LIBOR less 100 basis points. To the extent excess cash is not invested in securities, such cash will be subject to the creditworthiness of the institution where such funds are deposited. The Trust also earns interest on cash and cash equivalents held at Wells Fargo Bank N.A. and managed by RJO Investment Management, LLC (“RJOIM”), an affiliate of the Managing Owner. As of June 30, 2012, Wells Fargo Bank, N.A. held approximately $25.1 million of the Trust’s assets.

Fixed income securities are recorded at fair value, with changes in fair value recorded in the statement of operations as unrealized gain (loss) on fixed income securities. Realized gains (losses) from liquidation of fixed income securities are determined on the specific identification basis. Premiums and discounts on securities purchased are amortized over the lives of the respective instruments. Interest income is recognized on the accrual basis.

(d) 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.

(e) 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 consolidated statements of operations.

(f) 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.

(g) 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 statements of operations. 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 capable of being estimated. See Note (6) for further details.

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Assets Held at Refco Capital Markets, Ltd. - Additional Information (Detail) (USD $)	1 Months Ended					1 Months Ended
	Jun. 07, 2007	Apr. 20, 2007	Dec. 29, 2006	Jun. 30, 2012	Dec. 31, 2011	Dec. 31, 2005 LLC equity/Non-Trading	Oct. 31, 2005 LLC equity/Non-Trading
Cash, cash equivalents and marketable securities [Line Items]
Fixed income securities held by affiliate				$ 19,952,245	$ 21,870,890		$ 57,544,206
Substitute units held by affiliate							2,273,288
Cash and cash equivalents on deposit with affiliate				5,180,075	9,596,823		1,000,000
Assets held in trust						56,544,206
Impairment charge of assets held by affiliate	3,590,557	3,856,315	6,643,944			39,580,944
Net asset held by trust						$ 16,963,262
Percentage decrease in asset held in trust to original value of assets						30.00%

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Derivatives Not Designated as Hedging Instruments (Detail) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Derivative [Line Items]
Asset Derivatives Fair Value	$ 266,687	$ 992,885
Liability Derivatives Fair Value	(649,225)	(607,419)
Net Fair Value	(382,538)	385,466
Agriculture
Derivative [Line Items]
Asset Derivatives Fair Value	80,272	10,408
Liability Derivatives Fair Value	(110,998)
Net Fair Value	(30,726)	10,408
Currency
Derivative [Line Items]
Asset Derivatives Fair Value	13,751	527,500
Liability Derivatives Fair Value	(116,128)	(350,799)
Net Fair Value	(102,377)	176,701
Energy
Derivative [Line Items]
Asset Derivatives Fair Value	16,608	225,038
Liability Derivatives Fair Value	(60,345)	(119,410)
Net Fair Value	(43,737)	105,628
Indices
Derivative [Line Items]
Asset Derivatives Fair Value	8,390	17,851
Liability Derivatives Fair Value	(241,103)	(47,027)
Net Fair Value	(232,713)	(29,176)
Interest Rates
Derivative [Line Items]
Asset Derivatives Fair Value	55,791	139,768
Liability Derivatives Fair Value	(68,355)	(10,045)
Net Fair Value	(12,564)	129,723
Metals
Derivative [Line Items]
Asset Derivatives Fair Value	91,875	72,320
Liability Derivatives Fair Value	(52,296)	(80,138)
Net Fair Value	$ 39,579	$ (7,818)

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Consolidated Statements of Financial Condition (USD $)	Jun. 30, 2012	Dec. 31, 2011
Equity in commodity Trading accounts:
Cash on deposit with broker	$ 3,644,712	$ 2,670,744
Unrealized gain (loss) on open contracts	(347,998)	363,947
Purchased options on futures contracts (premiums paid - $33,376)		22,525
Total due from broker	3,296,714	3,057,216
Cash and cash equivalents on deposit with affiliate	5,180,075	9,596,823
Cash on deposit with bank	6,697	648
Fixed income securities (cost $19,978,783 and $21,993,704, respectively), held by affiliate	19,952,245	21,870,890
Interest receivable	23,152	123,363
Cash on deposit with bank - Non-Trading	796,103	1,647,219
Prepaid expenses - Non-Trading	83,381	95,825
Total Assets	29,338,367	36,391,984
Equity in commodity Trading accounts:
Options written on futures contracts (premiums received - $34,125 and $14,375, respectively)	34,540	1,006
Accrued commissions	68,875	111,034
Accrued management fees	29,191	48,884
Accrued incentive fees	4,411
Accrued operating expenses	179,332	217,118
Accrued offering expenses	11,974
Redemptions payable-Trading	1,040,617	493,332
Accrued legal fees- Non-Trading	2,863	500
Accrued management fees to U.S. Bank-Non-Trading	16,907	31,715
Distribution payable - Non-Trading		536,188
Total liabilities	1,388,710	1,439,777
Unitholders' capital:
Unitholders' capital	27,949,657	34,952,207
Total Liabilities and Unitholders' Capital	29,338,367	36,391,984
Trading
Unitholders' capital:
Unitholders' capital	27,089,923	33,777,543
Trading | Class A
Net asset value per unit:
Net asset value per unit	$ 83.93	$ 91.32
Trading | Class B
Net asset value per unit:
Net asset value per unit	$ 90.03	$ 96.98
Trading | Beneficial owners | Class A
Unitholders' capital:
Unitholders' capital	26,107,641	32,497,392
Trading | Beneficial owners | Class B
Unitholders' capital:
Unitholders' capital	937,379	1,231,294
Trading | Managing owner | Class A
Unitholders' capital:
Unitholders' capital	44,903	48,857
LLC equity/Non-Trading
Unitholders' capital:
Unitholders' capital	859,734	1,174,664
Net asset value per unit:
Net asset value per unit	$ 0.38	$ 0.52
LLC equity/Non-Trading | Participating owners
Unitholders' capital:
Unitholders' capital	102,004	158,535
LLC equity/Non-Trading | Nonparticipating owners
Unitholders' capital:
Unitholders' capital	$ 757,730	$ 1,016,129

XML

Condensed Consolidated Schedules of Investments

67 Months Ended

Jun. 30, 2012

Condensed Consolidated Schedules of Investments

RJO GLOBAL TRUST AND SUBSIDIARY
Condensed Consolidated Schedule of Investments
	June 30, 2012						December 31, 2011
	Percentage of						Percentage of
	Net Assets			Fair value			Net Assets			Fair value
	UNAUDITED
Long Positions
Fixed Income Securities
Commercial Paper
South Korea
Financials (cost $999,017)		3.57	%	$	999,017			-		$	-
Australia
Financials (cost $1,298,353)		4.65	%		1,298,353			-			-
Chile
Financials (cost $1,248,127)		4.47	%		1,248,127			-			-
United States
Energy (cost $1,242,569)		-			-			3.56	%		1,242,938
Financials (cost $1,896,629)		-			-			5.44	%		1,899,873
Total Commercial Paper		12.69	%		3,545,497			9.00	%		3,142,811
Corporate Bonds
United States
Financials (cost $2,305,348 and $6,682,059, respectively)		8.23	%		2,301,256			19.22	%		6,717,547
Australia
Financials (cost $4,424,295)		15.75	%		4,402,115			-			-
Great Britain
Energy (cost $1,527,135)		-			-			4.31	%		1,506,885
Total Corporate Bonds		23.98	%		6,703,371			23.53	%		8,224,432
Government Agencies
United States
US Government Agency (cost $9,699,550 and $10,499,879, respectively)		34.70	%		9,699,284			30.04	%		10,498,215
Short-Term Investment Funds
United States
Short-Term Investment Funds (cost $4,093 and $5,432, respectively)		0.01	%		4,093			0.02	%		5,432
Total Fixed Income Securities (cost $19,978,783 and $21,993,704, respectively)				$	19,952,245					$	21,870,890
Long Positions
Futures Positions
Agriculture		0.31	%	$	85,341			0.01	%	$	3,573
Currency		-0.01	%		(2,638	)		0.03	%		9,244
Energy		0.06	%		15,729			-0.34	%		(119,410	)
Indices		0.08	%		22,188			0.05	%		17,851
Interest rates		-0.05	%		(12,962	)		0.40	%		139,768
Metals		-0.22	%		(61,931	)		-0.23	%		(80,138	)
Forward Positions
Currency		-			-			-0.99	%		(344,428	)
Total long positions on open contracts				$	45,727					$	(373,540	)
Short Positions
Futures Positions
Agriculture		-0.42	%	$	(116,067	)		0.02	%	$	6,835
Currency		-0.36	%		(99,739	)		-0.02	%		(5,365	)
Energy		-0.21	%		(59,466	)		0.64	%		225,038
Indices		-0.79	%		(220,361	)		-0.13	%		(47,027	)
Interest rates		0.00	%		398			-0.03	%		(10,045	)
Metals		0.36	%		101,510			0.21	%		72,320
Forward Positions
Currency		-		$	-			1.42	%	$	495,731
Total short positions on open contracts				$	(393,725	)				$	737,487
Total unrealized gain (loss) on open contracts				$	(347,998	)				$	363,947
Long put options on future contracts
Currency (premiums paid - $33,376)		-			-			0.06	%		22,525
Total long put options on futures contracts				$	-					$	22,525
Short put options on future contracts
Indices (premiums received -  $34,125)		-0.12	%	$	(34,540	)		-		$	-
Currency (premiums received - $14,375)		-			-			0.00	%		(1,006	)
Total short put options on futures contracts					(34,540	)					(1,006	)
See accompanying notes to consolidated financial statements.

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Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased options on futures contracts		$ 22,525
Unrealized gain (loss) on open contracts	(347,998)	363,947
Fixed income securities	19,952,245	21,870,890
Options written on futures contracts	(34,540)	(1,006)
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased options on futures contracts		22,525
Fixed income securities	19,952,245	21,870,890
Total assets	19,604,247	22,257,362
Options written on futures contracts	(34,540)	(1,006)
Total fair value	19,569,707	22,256,356
Recurring | Futures positions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on open contracts	(347,998)	212,644
Recurring | Forward Currency Positions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on open contracts		151,303
Recurring | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchased options on futures contracts		22,525
Total assets	(347,998)	235,169
Options written on futures contracts	(34,540)	(1,006)
Total fair value	(382,538)	234,163
Recurring | Fair Value, Inputs, Level 1 | Futures positions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on open contracts	(347,998)	212,644
Recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income securities	19,952,245	21,870,890
Total assets	19,952,245	22,022,193
Total fair value	19,952,245	22,022,193
Recurring | Fair Value, Inputs, Level 2 | Forward Currency Positions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on open contracts		$ 151,303

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Operations (Tables)

67 Months Ended

Jun. 30, 2012

Brokerage Fee Across Each Class of Units

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

Recipient	Nature of Payment	Class A Units	Class B Units
Managing Owner	Managing Owner fee	0.75%	0.75%
Selling Agent	Selling commission	2.00%	0.00%
Managing Owner	Underwriting expenses	0.35%	0.35%
Managing Owner	Clearing, NFA, and
	exchange fees (capped	1.57%	1.57%
Totals		4.67%	2.67%

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Operations - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2012
Brokers and Dealers Disclosure [Line Items]
Redemption penalty if redemption is made during first 11 months	1.50%
Written notice period for redemption	5 days
Number of business days redemption required to make payment	10 days
Class A
Brokers and Dealers Disclosure [Line Items]
Brokerage fee	4.67%
Class A | Annual Payment Rate
Brokers and Dealers Disclosure [Line Items]
Brokerage fee	4.67%
Class A | Monthly Payment Rate
Brokers and Dealers Disclosure [Line Items]
Brokerage fee	0.38917%
Class B
Brokers and Dealers Disclosure [Line Items]
Brokerage fee	2.67%
Class B | Annual Payment Rate
Brokers and Dealers Disclosure [Line Items]
Brokerage fee	2.67%
Class B | Monthly Payment Rate
Brokers and Dealers Disclosure [Line Items]
Brokerage fee	0.2225%

XML

Derivative Instruments and Hedging Activities (Tables)

67 Months Ended

Jun. 30, 2012

Derivatives Not Designated as Hedging Instruments

Derivatives not designated as hedging instruments:

As of June 30, 2012
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value
Agriculture	$	80,272	$	(110,998	)	$	(30,726	)
Currency		13,751		(116,128	)		(102,377	)
Energy		16,608		(60,345	)		(43,737	)
Indices		8,390		(241,103	)		(232,713	)
Interest Rates		55,791		(68,355	)		(12,564	)
Metals		91,875		(52,296	)		39,579
	$	266,687	$	(649,225	)	$	(382,538	)

As of December 31, 2011
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value
Agriculture	$	10,408	$	-		$	10,408
Currency		527,500		(350,799	)		176,701
Energy		225,038		(119,410	)		105,628
Indices		17,851		(47,027	)		(29,176	)
Interest Rates		139,768		(10,045	)		129,723
Metals		72,320		(80,138	)		(7,818	)
	$	992,885	$	(607,419	)	$	385,466

Trading Gain (Loss)

Trading gain (loss) for the following periods:

	Three months ended June 30,						Six months ended June 30,
Type of Futures Contracts	2012			2011			2012			2011
Agriculture	$	(116,326	)	$	(513,248	)	$	(316,348	)	$	(611,681	)
Currency		(205,017	)		(701,077	)		(643,324	)		(1,225,707	)
Energy		(15,791	)		(66,697	)		182,210			196,021
Indices		(375,453	)		219,316			(337,237	)		266,085
Interest Rates		425,208			241,800			137,614			(386,676	)
Metals		70,627			(207,505	)		(393,854	)		(116,584	)
	$	(216,752	)	$	(1,027,411	)	$	(1,370,939	)	$	(1,878,542	)

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General Information and Summary

67 Months Ended

Jun. 30, 2012

General Information and Summary

(1) General Information and Summary

RJO Global Trust (the “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, commodity indices 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. R.J. O’Brien Securities, LLC (“Selling Agent”) is the lead selling agent of the units of beneficial interest of the Trust (the “Units”).

The Trust is a multi-advisor commodity pool where trading decisions for the Trust are delegated to six independent commodity trading advisors (each an “Advisor” and collectively the “Advisors”) as of June 30, 2012, pursuant to advisory agreements executed between the Trust and each Advisor (each an “Advisory Agreement” and collectively the “Advisory Agreements”).

Units of beneficial ownership of the Trust commenced selling on April 3, 1997.  Effective July 1, 2011, the Managing Owner determined to discontinue the public offering of the Units and begin offering the Units on a private placement basis only.  The Trust filed a Post-Effective Amendment to its Registration Statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) on July 5, 2011 to deregister the remaining Units that were unsold under the public offering.  The Post-Effective Amendment was declared effective by the SEC on July 8, 2011.

The Trust currently offers two classes of Units on a private basis: Class A Units and Class B Units.  Class A Units are subject to a selling commission.  Class B Units are not charged a selling commission, and will only be offered to certain qualified investors participating in a program through certain financial advisors.  Both Class A and Class B Units are traded pursuant to identical trading programs and differ only in respect to selling commissions.  See Note (8) for further detail regarding commissions.

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) 120 days after the filing of a bankruptcy petition by or against the Managing Owner, unless the bankruptcy court approves the sale and assignment of the interests of the Managing Owner to a purchaser/assignor that assumes the duties of the Managing Owner; (3) 120 days after the notice of the retirement, resignation, or withdrawal of the Managing Owner, unless beneficial owners holding more than 50% of the outstanding Units appoint a successor; (4) 90 days after the insolvency of the Managing Owner or any other event that would cause the Managing Owner to cease being managing owner of the Trust, unless beneficial owners holding more than 50% of the outstanding Units appoint a successor; (5) dissolution of the Managing Owner; (6) insolvency or bankruptcy of the Trust; (7) a decline in the aggregate net assets of the Trust to less than $2,500,000; (8) a decline in the net asset value per Unit to $50 or less; (9) dissolution of the Trust; or (10) 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. As a result, the Trust held a bankruptcy claim against RCM.

Effective January 1, 2007, JWH Special Circumstance LLC (the “LLC”), a Delaware limited liability company, was established to pursue the claims against RCM. Any assets or liabilities held by the LLC are designated as “Non-Trading.” Any revenue earned or expenses incurred by the LLC are also designated as “Non-Trading.” 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. U.S. 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 follows:

(a)	Any unitholder who had redeemed their entire interest in the Trust prior to distribution shall receive cash.
(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.

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

The LLC 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 the time the agreement was executed).

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

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Consolidated Statements of Financial Condition (Parenthetical) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Purchased options on futures contracts, premiums paid	$ 33,376
Fixed income securities, cost	19,978,783	21,993,704
Options written on futures contracts, premiums received	$ 34,125	$ 14,375
Trading
Unitholders' capital, units outstanding	322,003	369,090
LLC equity/Non-Trading
Unitholders' capital, units outstanding	2,273,288	2,273,288
Participating owners | LLC equity/Non-Trading
Unitholders' capital, units outstanding	268,424	306,807
Nonparticipating owners | LLC equity/Non-Trading
Unitholders' capital, units outstanding	2,004,864	1,966,481
Class A | Beneficial owners | Trading
Unitholders' capital, units outstanding	311,056	355,858
Class A | Managing owner | Trading
Unitholders' capital, units outstanding	535	535
Class B | Beneficial owners | Trading
Unitholders' capital, units outstanding	10,412	12,697

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Derivative Instruments and Hedging Activities

67 Months Ended

Jun. 30, 2012

Derivative Instruments and Hedging Activities

(11) Derivative Instruments and Hedging Activities

The Trust does not utilize hedge accounting and marks its derivatives to market through operations.

Derivatives not designated as hedging instruments:

As of June 30, 2012
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value
Agriculture	$	80,272	$	(110,998	)	$	(30,726	)
Currency		13,751		(116,128	)		(102,377	)
Energy		16,608		(60,345	)		(43,737	)
Indices		8,390		(241,103	)		(232,713	)
Interest Rates		55,791		(68,355	)		(12,564	)
Metals		91,875		(52,296	)		39,579
	$	266,687	$	(649,225	)	$	(382,538	)

As of December 31, 2011
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value
Agriculture	$	10,408	$	-		$	10,408
Currency		527,500		(350,799	)		176,701
Energy		225,038		(119,410	)		105,628
Indices		17,851		(47,027	)		(29,176	)
Interest Rates		139,768		(10,045	)		129,723
Metals		72,320		(80,138	)		(7,818	)
	$	992,885	$	(607,419	)	$	385,466

The above reported fair values are included in equity in commodity Trading accounts – unrealized gain on open contracts and in purchased and written options on futures contracts on the consolidated statements of financial condition as of June 30, 2012 and December 31, 2011 respectively.

Trading gain (loss) for the following periods:

	Three months ended June 30,						Six months ended June 30,
Type of Futures Contracts	2012			2011			2012			2011
Agriculture	$	(116,326	)	$	(513,248	)	$	(316,348	)	$	(611,681	)
Currency		(205,017	)		(701,077	)		(643,324	)		(1,225,707	)
Energy		(15,791	)		(66,697	)		182,210			196,021
Indices		(375,453	)		219,316			(337,237	)		266,085
Interest Rates		425,208			241,800			137,614			(386,676	)
Metals		70,627			(207,505	)		(393,854	)		(116,584	)
	$	(216,752	)	$	(1,027,411	)	$	(1,370,939	)	$	(1,878,542	)

See Note (5) for additional information on the Trust’s purpose for entering into derivatives not designed as hedging instruments and its overall risk management strategies.

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2012
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Entity Registrant Name	RJO GLOBAL TRUST
Entity Central Index Key	0001027099
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	0

XML

Subsequent Events

67 Months Ended

Jun. 30, 2012

Subsequent Events

(12) Subsequent Events

As of June 30, 2012, the Trust terminated Conquest Capital Group as an Advisor. As of July 1, 2012, Aventis Asset Management was appointed as an Advisor to the Trust. As of July 1, 2012 the allocation percent of the portfolio was as follows, Liberty Funds Group 21%, Nuwave Investment Management, LLC 22%, Abraham Trading Corp. 16.67%, Aventis Asset Management 22% and Hyman Beck & Company, Inc. and John W. Henry & Company, Inc each controlled less than 10% of the portfolio.

XML

Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Gain (loss) on trading of commodity contracts:
Realized gain (loss) on closed positions	$ 164,707	$ 501,004	$ (640,659)	$ (62,269)
Change in unrealized gain (loss) on open positions	(377,535)	(1,507,010)	(714,879)	(1,932,365)
Foreign currency transaction gain (loss)	(3,924)	(21,405)	(15,401)	116,092
Total Trading gain (loss)	(216,752)	(1,027,411)	(1,370,939)	(1,878,542)
Net investment income (loss):
Interest income	55,524	822	154,464	(19,308)
Realized gain (loss) on fixed income securities	(47,078)	(14,347)	(178,092)	(4,031)
Change in unrealized gain (loss) on fixed income securities	20,397	23,290	101,707	106,134
Total net investment gain (loss)	28,843	9,765	78,079	82,795
Expenses:
Advisory fees	11,546	15,594	26,865	30,860
Management fees	103,780	181,534	239,399	394,556
Incentive fees	4,411	59,402	4,411	117,502
Ongoing offering expenses	21,001	75,000	37,467	105,000
Operating expenses	137,001	187,048	270,534	372,050
Total expenses	616,586	1,046,523	1,312,850	2,164,692
Trading income (loss)	(804,495)	(2,064,169)	(2,605,710)	(3,960,439)
Non-Trading income (loss):
Interest on Non-Trading reserve	84	542	142	2,407
Collections in excess of impaired value		343,664		343,664
Legal and administrative fees	(138,543)	(82,015)	(139,298)	(124,116)
Management fees paid to US Bank	(73,192)	(48,201)	(175,774)	(123,808)
Non-Trading income (loss)	(211,651)	213,990	(314,930)	98,147
Net income (loss)	(1,016,146)	(1,850,179)	(2,920,640)	(3,862,292)
Class A
Expenses:
Commissions	332,014	517,624	718,852	1,124,300
Class B
Expenses:
Commissions	$ 6,833	$ 10,321	$ 15,322	$ 20,424

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Assets Held at Refco Capital Markets, Ltd.

67 Months Ended

Jun. 30, 2012

Assets Held at Refco Capital Markets, Ltd.

(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)(g). 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.

Recoveries from RCM, Distributions paid by US Bank from the LLC, and effect on impaired value of assets held at RCM
	Amounts					Collections in			Cash Distributions to		Additional Units in Trust for
	Received from			Balance of		Excess of			Non-Participating		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			-		-		-
12/31/08		769,001			-		769,001			-		-		-
06/29/09		2,748,048			-		2,748,048			-		-		-
12/30/09		1,102,612			-		1,102,612			-		-		-
05/19/10		1,695,150			-		1,695,150			-		-		-
06/04/10		14,329,450	*		-		14,329,450	*		-		-		-
08/01/10		-			-		-			16,076,112		40,839		3,928,806
10/15/10		282,790	*		-		282,790	*		-		-		-
12/30/10		563,163	*		-		563,163	*		-		-		-
06/02/11		343,664	*		-		343,664	*		-		-		-
08/30/11		1,328,832	*		-		1,328,832	*		-		-		-
12/01/11		-			-		-			3,689,555		6,168		561,489
Totals	$	48,364,462		$	-	$	31,401,200		$	28,976,252		135,840	$	12,457,447

*The collections on June 4, 2010 were from a settlement agreement reached with Cargill, Inc. and Cargill Investors Services, Inc. (together, "Cargill"). The gross collections of $15,300,000 on June 4, 2010, were reduced by $970,550, which represented Cargill's percentage of distributions, as defined in the Settlement Agreement. All subsequent collections are shown net and were reduced by Cargill's percentage of distributions at 57.25% of the gross collections.

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Trading Activities and Related Risks

67 Months Ended

Jun. 30, 2012

Trading Activities and Related Risks

(5) Trading Activities and Related Risks

The Trust engages in the speculative trading of U.S. and foreign futures contracts, options, and forward contracts (collectively derivatives) through the Advisors. These derivatives include both financial and non-financial contracts held as part of a diversified trading strategy. The Trust is exposed to both market risk, the risk arising from changes in the market value of the contracts, and credit risk, the risk of 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 FCMs to segregate or secure 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 affiliate 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 counterparty 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.

The Trust, as writer of an option, has no control over whether the underlying instrument may be sold (called) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option. There is also the risk the Trust may not be able to enter into a closing transaction because of an illiquid market.

The Trust is a buyer of exchange-traded options. As such, the Trust pays a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. Purchased options expose the Trust to a risk of loss limited to the premiums paid.

Net trading results from derivatives for the three-month periods ended June 30, 2012 and 2011 are reflected in the consolidated statements of operations and equal gain or loss from trading less brokerage commissions. Such trading results reflect the net gain or loss arising from the Trust’s speculative trading of futures contracts, options and forward contracts.

The Trust’s primary exposure to fixed income securities are defined by the U.S. Commodity Futures Trading Commission (“CFTC”) guidelines of acceptable securities for investment of segregated assets. The scope of the acceptable securities by the CFTC are defined further by the agreement between the Trust and RJOIM to include, but not be limited to, U.S. Treasury and government agencies’ securities, purchase agreements collateralized by U.S. Treasury and government agencies, corporate debt securities, and bank debt securities. The Trust’s total investment in corporate debt securities, bank deposit securities, and certificate of deposits combined cannot exceed 40% of the Trust’s total assets.

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

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Financial Highlights (Tables)

67 Months Ended

Jun. 30, 2012

Financial Performance

The following financial highlights show the Trust’s financial performance for the three and six-month periods ended June 30, 2012 and 2011. 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.

	Class A						Class B						Class A						Class B
	Three months ended						Three months ended						Six months ended						Six months ended
	June 30,						June 30,						June 30,						June 30,
	2012			2011			2012			2011			2012			2011			2012			2011
Per share operating performance:
Net asset value of Trading units, beginning of period	$	86.37		$	96.88		$	92.18		$	101.34		$	91.32		$	100.64		$	96.98		$	104.75
Total Trading income (loss):
Trading gain (loss)		(0.71	)		(2.42	)		(0.76	)		(2.75	)		(3.86	)		(4.07	)		(4.11	)		(4.52	)
Investment income		0.08			0.11			0.09			0.12			0.22			0.24			0.23			0.25
Expenses		(1.81	)		(2.43	)		(1.48	)		(1.84	)		(3.75	)		(4.67	)		(3.07	)		(3.61	)
Trading income (loss)		(2.44	)		(4.74	)		(2.15	)		(4.47	)		(7.39	)		(8.50	)		(6.95	)		(7.88	)
Net asset value of Trading units, end of period	$	83.93		$	92.14		$	90.03		$	96.87		$	83.93		$	92.14		$	90.03		$	96.87
Total return:
Total return before incentive fees		(2.81	%)		(4.75	%)		(2.32	%)		(4.28	%)		(8.09	%)		(8.19	%)		(7.14	%)		(7.29	%)
Less incentive fee allocations		(0.02	%)		(0.14	%)		(0.02	%)		(0.13	%)		(0.01	%)		(0.26	%)		(0.02	%)		(0.24	%)
Total return		(2.83	%)		(4.89	%)		(2.34	%)		(4.41	%)		(8.10	%)		(8.45	%)		(7.16	%)		(7.53	%)
Ratios to average net assets:
Trading income (loss)		(0.75	%)		(4.94	%)		(0.64	%)		(4.68	%)		(4.51	%)		(8.74	%)		(4.48	%)		(7.99	%)
Expenses:
Expenses, less incentive fees		(2.13	%)		(2.40	%)		(1.62	%)		(1.93	%)		(4.34	%)		(4.56	%)		(3.33	%)		(3.56	%)
Incentive fees		(0.02	%)		(0.14	%)		(0.02	%)		(0.13	%)		(0.01	%)		(0.26	%)		(0.02	%)		(0.24	%)
Total expenses		(2.15	%)		(2.54	%)		(1.64	%)		(2.06	%)		(4.35	%)		(4.82	%)		(3.35	%)		(3.80	%)

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Summary of Significant Accounting Policies (Policies)

67 Months Ended

Jun. 30, 2012

Basis of Presentation

(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 rules and regulations of the SEC. 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 presentation of the financial condition and results of operations 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, 2011.

Principles of Consolidation

(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.

Revenue Recognition

(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 measured at fair value daily. Unrealized gains on open contracts reflected in the consolidated statements of financial condition represent the difference between original contract amount and fair 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. As the broker has the right of offset, the Trust presents unrealized gains and losses on open futures contracts (the difference between contract trade price and quoted market price) as a net amount in the consolidated statements of financial condition. Any change in net unrealized gain or loss on futures and forward contracts from the preceding period is reported in the consolidated statements of operations. Gains or losses are realized when contracts are liquidated.

The Trust may write (sell) and purchase exchange listed options on commodities or financial instruments. An option is a contract allowing, but not requiring, its holder to buy (call) or sell (put) a specific or standard commodity or financial instrument at a specified price during a specified time period. The option premium is the total price paid or received for the option contract. When the Trust writes an option, the premium received is recorded as a liability in the statement of financial condition and measured at fair value daily. When the Trust purchases an option, the premium paid is recorded as an asset in the consolidated statements of financial condition and measured at fair value daily. Realized gains (losses) and changes in unrealized gains (losses) on options contracts are included in the consolidated statements of operations. When a written option expires or the Trust enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction, including commission, is recognized as a component of realized gain (loss) on closed positions. When a purchased option is exercised, the proceeds on the sale of an underlying instrument (for a purchased put option), or the purchased cost of an underlying instrument (for a purchased call option) is adjusted by the amount of the premium paid.

At June 30, 2012, the Trust earns interest on 100% of the Trust’s average daily balances on deposit with RJO during each month at 100% of the average four-week Treasury bill rate for that month in respect of deposits denominated in U.S. dollars. For deposits denominated in other currencies, the Trust earns interest at a rate of one-month LIBOR less 100 basis points. To the extent excess cash is not invested in securities, such cash will be subject to the creditworthiness of the institution where such funds are deposited. The Trust also earns interest on cash and cash equivalents held at Wells Fargo Bank N.A. and managed by RJO Investment Management, LLC (“RJOIM”), an affiliate of the Managing Owner. As of June 30, 2012, Wells Fargo Bank, N.A. held approximately $25.1 million of the Trust’s assets.

Fixed income securities are recorded at fair value, with changes in fair value recorded in the statement of operations as unrealized gain (loss) on fixed income securities. Realized gains (losses) from liquidation of fixed income securities are determined on the specific identification basis. Premiums and discounts on securities purchased are amortized over the lives of the respective instruments. Interest income is recognized on the accrual basis.

Ongoing Offering Costs

(d) 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.

Foreign Currency Transactions

(e) 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 consolidated statements of operations.

Use of Estimates

(f) 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.

Valuation of Assets Held at Refco Capital Markets, Ltd.

(g) 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 statements of operations. 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 capable of being estimated. See Note (6) for further details.

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Financial Highlights

67 Months Ended

Jun. 30, 2012

Financial Highlights

(9) Financial Highlights

The following financial highlights show the Trust’s financial performance for the three and six-month periods ended June 30, 2012 and 2011. 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.

	Class A						Class B						Class A						Class B
	Three months ended						Three months ended						Six months ended						Six months ended
	June 30,						June 30,						June 30,						June 30,
	2012			2011			2012			2011			2012			2011			2012			2011
Per share operating performance:
Net asset value of Trading units, beginning of period	$	86.37		$	96.88		$	92.18		$	101.34		$	91.32		$	100.64		$	96.98		$	104.75
Total Trading income (loss):
Trading gain (loss)		(0.71	)		(2.42	)		(0.76	)		(2.75	)		(3.86	)		(4.07	)		(4.11	)		(4.52	)
Investment income		0.08			0.11			0.09			0.12			0.22			0.24			0.23			0.25
Expenses		(1.81	)		(2.43	)		(1.48	)		(1.84	)		(3.75	)		(4.67	)		(3.07	)		(3.61	)
Trading income (loss)		(2.44	)		(4.74	)		(2.15	)		(4.47	)		(7.39	)		(8.50	)		(6.95	)		(7.88	)
Net asset value of Trading units, end of period	$	83.93		$	92.14		$	90.03		$	96.87		$	83.93		$	92.14		$	90.03		$	96.87
Total return:
Total return before incentive fees		(2.81	%)		(4.75	%)		(2.32	%)		(4.28	%)		(8.09	%)		(8.19	%)		(7.14	%)		(7.29	%)
Less incentive fee allocations		(0.02	%)		(0.14	%)		(0.02	%)		(0.13	%)		(0.01	%)		(0.26	%)		(0.02	%)		(0.24	%)
Total return		(2.83	%)		(4.89	%)		(2.34	%)		(4.41	%)		(8.10	%)		(8.45	%)		(7.16	%)		(7.53	%)
Ratios to average net assets:
Trading income (loss)		(0.75	%)		(4.94	%)		(0.64	%)		(4.68	%)		(4.51	%)		(8.74	%)		(4.48	%)		(7.99	%)
Expenses:
Expenses, less incentive fees		(2.13	%)		(2.40	%)		(1.62	%)		(1.93	%)		(4.34	%)		(4.56	%)		(3.33	%)		(3.56	%)
Incentive fees		(0.02	%)		(0.14	%)		(0.02	%)		(0.13	%)		(0.01	%)		(0.26	%)		(0.02	%)		(0.24	%)
Total expenses		(2.15	%)		(2.54	%)		(1.64	%)		(2.06	%)		(4.35	%)		(4.82	%)		(3.35	%)		(3.80	%)

The calculations above do not include activity within the Trust’s Non-Trading Accounts.

The net income and expense ratios are computed based upon the weighted average net assets for the Trust for the three and six-month periods ended June 30, 2012 and 2011, respectively. The amounts are not annualized.

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Fair Value Measurements

67 Months Ended

Jun. 30, 2012

Fair Value Measurements

(7) Fair Value Measurements

In accordance with the Fair Value Measurements Topic of the Financial Accounting Standards Board Accounting Standards Codification, the Trust established a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Trust has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. The value of the Trust’s exchange-traded futures contracts and options fall into this category.

Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. This category includes forward currency contracts, options on forward currency contracts and fixed income securities that the Trust values using models or other valuation methodologies derived from observable market data.

Level 3 inputs are unobservable inputs for an asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. As of June 30, 2012 and December 31, 2011, the Trust did not have any Level 3 assets or liabilities.

An asset or liability’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

The following table presents the Trust’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of June 30, 2012 and December 31, 2011, respectively:

	June 30, 2012
	Level 1			Level 2		Level 3		Total
Assets
Unrealized loss on open contracts:
Futures positions	$	(347,998	)	$	-	$	-	$	(347,998	)
Fixed income securities		-			19,952,245		-		19,952,245
Total assets		(347,998	)		19,952,245		-		19,604,247
Liabilities
Options written on futures contracts		(34,540	)		-		-		(34,540	)
Total fair value	$	(382,538	)	$	19,952,245	$	-	$	19,569,707

	December 31, 2011
	Level 1			Level 2		Level 3		Total
Assets
Unrealized gain on open contracts:
Futures positions	$	212,644		$	-	$	-	$	212,644
Forward currency positions		-			151,303		-		151,303
Purchased options on futures contracts		22,525			-		-		22,525
Fixed income securities		-			21,870,890		-		21,870,890
Total assets		235,169			22,022,193		-		22,257,362
Liabilities
Options written on futures contracts		(1,006	)		-		-		(1,006	)
Total fair value	$	234,163		$	22,022,193	$	-	$	22,256,356

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Operations

67 Months Ended

Jun. 30, 2012

Operations

(8) Operations

Redemptions

A beneficial owner may cause any or all of his or her Units to be redeemed by the Trust effective as of the last business day of any month based on the net asset value per Unit on such date on five business days’ written notice to NAV Consulting, Inc., the Trust’s administrator, or the Managing Owner. Payment will generally be made within 10 business days of the effective date of the redemption. Any redemption made during the first 11 months of investment is subject to a 1.5% 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 Ninth Amended and Restated Declaration and Agreement of Trust, as amended (the “Trust Agreement”), contains a full description of redemption and distribution policies.

Subscriptions

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

Commissions

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

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

Recipient	Nature of Payment	Class A Units	Class B Units
Managing Owner	Managing Owner fee	0.75%	0.75%
Selling Agent	Selling commission	2.00%	0.00%
Managing Owner	Underwriting expenses	0.35%	0.35%
Managing Owner	Clearing, NFA, and
	exchange fees (capped	1.57%	1.57%
Totals		4.67%	2.67%

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

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Cash Management Agreement with Affiliate

67 Months Ended

Jun. 30, 2012

Cash Management Agreement with Affiliate

(10) Cash Management Agreement with Affiliate

On October 6, 2010, the Managing Owner retained RJOIM, an SEC registered investment adviser and an affiliate of the Managing Owner, as cash manager. The assets managed by RJOIM are held in segregated accounts in custody by Wells Fargo Bank, N.A. RJOIM is paid an annual fee, currently 0.20%, calculated and accrued daily at a rate equal to 1/360 of the principal balance. As of June 30, 2012, the Trust’s deposits held by RJOIM consisted of cash of $5,180,075 and fixed income securities of $19,952,245. Advisory fees earned by RJOIM aggregated $11,546 and $26,865 for the three and six months ended June 30, 2012, respectively.

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Recoveries from RCM, Distributions Paid by US Bank from LLC, and Effect on Impaired Value of Assets Held at RCM (Parenthetical) (Detail) (USD $)	1 Months Ended
	Jun. 04, 2010
Distribution Made to Member or Limited Partner [Line Items]
Amounts Received from RCM before Cargill's percentage of distributions	$ 15,300,000
Distribution to Cargill based on settlement agreement	$ 970,550
Distribution to Cargill based on settlement agreement, percentage	57.25%

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Fair Value Measurements (Tables)

67 Months Ended

Jun. 30, 2012

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the Trust’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of June 30, 2012 and December 31, 2011, respectively:

	June 30, 2012
	Level 1			Level 2		Level 3		Total
Assets
Unrealized loss on open contracts:
Futures positions	$	(347,998	)	$	-	$	-	$	(347,998	)
Fixed income securities		-			19,952,245		-		19,952,245
Total assets		(347,998	)		19,952,245		-		19,604,247
Liabilities
Options written on futures contracts		(34,540	)		-		-		(34,540	)
Total fair value	$	(382,538	)	$	19,952,245	$	-	$	19,569,707

	December 31, 2011
	Level 1			Level 2		Level 3		Total
Assets
Unrealized gain on open contracts:
Futures positions	$	212,644		$	-	$	-	$	212,644
Forward currency positions		-			151,303		-		151,303
Purchased options on futures contracts		22,525			-		-		22,525
Fixed income securities		-			21,870,890		-		21,870,890
Total assets		235,169			22,022,193		-		22,257,362
Liabilities
Options written on futures contracts		(1,006	)		-		-		(1,006	)
Total fair value	$	234,163		$	22,022,193	$	-	$	22,256,356

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Condensed Consolidated Schedule of Investments (Parenthetical) (Detail) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Schedule of Investments [Line Items]
Premiums paid	$ 33,376
Premiums received	34,125	14,375
Fixed Income Securities
Schedule of Investments [Line Items]
Investment cost	19,978,783	21,993,704
Put Option | Currency | Long Positions, Futures Positions
Schedule of Investments [Line Items]
Premiums paid	33,376
Put Option | Currency | Short Positions, Futures Positions
Schedule of Investments [Line Items]
Premiums received	14,375
Put Option | Indices | Short Positions, Futures Positions
Schedule of Investments [Line Items]
Premiums received	34,125
South Korea | Commercial Paper | Financials | Fixed Income Securities
Schedule of Investments [Line Items]
Investment cost	999,017
Australia | Commercial Paper | Financials | Fixed Income Securities
Schedule of Investments [Line Items]
Investment cost	1,298,353
Australia | Corporate Bonds | Financials | Fixed Income Securities
Schedule of Investments [Line Items]
Investment cost	4,424,295
Chile | Commercial Paper | Financials | Fixed Income Securities
Schedule of Investments [Line Items]
Investment cost	1,248,127
United States | Commercial Paper | Financials | Fixed Income Securities
Schedule of Investments [Line Items]
Investment cost	1,896,629
United States | Commercial Paper | Energy | Fixed Income Securities
Schedule of Investments [Line Items]
Investment cost	1,242,569
United States | Corporate Bonds | Financials | Fixed Income Securities
Schedule of Investments [Line Items]
Investment cost	2,305,348	6,682,059
United States | Government Agencies | Fixed Income Securities
Schedule of Investments [Line Items]
Investment cost	9,699,550	10,499,879
United States | Short-Term Investment Funds | Fixed Income Securities
Schedule of Investments [Line Items]
Investment cost	4,093	5,432
Great Britain | Corporate Bonds | Energy | Fixed Income Securities
Schedule of Investments [Line Items]
Investment cost	$ 1,527,135

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Trading Gain (Loss) (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	$ (216,752)	$ (1,027,411)	$ (1,370,939)	$ (1,878,542)
Agriculture
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	(116,326)	(513,248)	(316,348)	(611,681)
Currency
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	(205,017)	(701,077)	(643,324)	(1,225,707)
Energy
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	(15,791)	(66,697)	182,210	196,021
Indices
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	(375,453)	219,316	(337,237)	266,085
Interest Rates
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	425,208	241,800	137,614	(386,676)
Metals
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	$ 70,627	$ (207,505)	$ (393,854)	$ (116,584)

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Consolidated Statement of Changes in Unitholders' Capital (USD $)	3 Months Ended		6 Months Ended		67 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012
Unitholders' contributions (in units)					135,840
Beginning Balances			$ 34,952,207
Net income (loss)	(1,016,146)	(1,850,179)	(2,920,640)	(3,862,292)
Unitholders' contributions					12,457,447
Ending Balances	27,949,657		27,949,657		27,949,657
Trading
Beginning Balances (in units)			369,090
Unitholders' contributions (in units)			1,574
Unitholders' redemptions (in unit)			(48,661)
Ending Balances (in units)	322,003		322,003		322,003
Beginning Balances			33,777,543
Net income (loss)			(2,605,710)
Unitholders' contributions			137,392
Unitholders' redemptions			(4,219,302)
Ending Balances	27,089,923		27,089,923		27,089,923
Trading | Class A
Net Asset Value Per Unit-Beginning Balance			$ 91.32
Net change per unit	$ (2.44)	$ (4.74)	$ (7.39)	$ (8.50)
Net Asset Value Per Unit-Ending Balance	$ 83.93		$ 83.93		$ 83.93
Trading | Class B
Net Asset Value Per Unit-Beginning Balance			$ 96.98
Net change per unit	$ (2.15)	$ (4.47)	$ (6.95)	$ (7.88)
Net Asset Value Per Unit-Ending Balance	$ 90.03		$ 90.03		$ 90.03
Trading | Beneficial owners | Class A
Beginning Balances (in units)			355,858
Unitholders' contributions (in units)			1,574
Unitholders' redemptions (in unit)			(46,376)
Ending Balances (in units)	311,056		311,056		311,056
Beginning Balances			32,497,392
Net income (loss)			(2,521,373)
Unitholders' contributions			137,392
Unitholders' redemptions			(4,005,770)
Ending Balances	26,107,641		26,107,641		26,107,641
Trading | Beneficial owners | Class B
Beginning Balances (in units)			12,697
Unitholders' redemptions (in unit)			(2,285)
Ending Balances (in units)	10,412		10,412		10,412
Beginning Balances			1,231,294
Net income (loss)			(80,383)
Unitholders' redemptions			(213,532)
Ending Balances	937,379		937,379		937,379
Trading | Managing owner | Class A
Beginning Balances (in units)			535
Ending Balances (in units)	535		535		535
Beginning Balances			48,857
Net income (loss)			(3,954)
Ending Balances	44,903		44,903		44,903
LLC equity/Non-Trading
Beginning Balances (in units)			2,273,288
Ending Balances (in units)	2,273,288		2,273,288		2,273,288
Beginning Balances			1,174,664
Net income (loss)			(314,930)
Ending Balances	859,734		859,734		859,734
Net Asset Value Per Unit-Beginning Balance			$ 0.52
Net change per unit			$ (0.14)
Net Asset Value Per Unit-Ending Balance	$ 0.38		$ 0.38		$ 0.38
LLC equity/Non-Trading | Participating owners
Beginning Balances (in units)			306,807
Unitholders' redemptions (in unit)			(38,383)
Ending Balances (in units)	268,424		268,424		268,424
Beginning Balances			158,535
Net income (loss)			(40,223)
Unitholders' redemptions			(16,308)
Ending Balances	102,004		102,004		102,004
LLC equity/Non-Trading | Nonparticipating owners
Beginning Balances (in units)			1,966,481
Unitholders' redemptions (in unit)			38,383
Ending Balances (in units)	2,004,864		2,004,864		2,004,864
Beginning Balances			1,016,129
Net income (loss)			(274,707)
Unitholders' redemptions			16,308
Ending Balances	$ 757,730		$ 757,730		$ 757,730

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Income Taxes

67 Months Ended

Jun. 30, 2012

Income Taxes

(4) Income Taxes

No provision for U.S. federal income taxes has been made in the accompanying consolidated 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. The LLC is also treated as a partnership. Generally, for both U.S. federal and state tax purposes, trusts, such as the Trust, are treated as partnerships. The only significant differences in financial and income tax reporting basis are ongoing offering costs.

The Trust files income tax returns in the U.S. federal jurisdiction and in various state and local jurisdictions. The Trust’s U.S. federal income tax returns for all tax years ended on or after December 31, 2009, remain subject to examination by the Internal Revenue Service. The Trust’s state and local income tax returns are subject to examination by the respective state and local authorities over various statutes of limitations, most ranging from three to five years from the date of filing.

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General Information and Summary - Additional Information (Detail) (USD $)	6 Months Ended
	Jun. 30, 2012
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Trust termination description	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) 120 days after the filing of a bankruptcy petition by or against the Managing Owner, unless the bankruptcy court approves the sale and assignment of the interests of the Managing Owner to a purchaser/assignor that assumes the duties of the Managing Owner; (3) 120 days after the notice of the retirement, resignation, or withdrawal of the Managing Owner, unless beneficial owners holding more than 50% of the outstanding Units appoint a successor; (4) 90 days after the insolvency of the Managing Owner or any other event that would cause the Managing Owner to cease being managing owner of the Trust, unless beneficial owners holding more than 50% of the outstanding Units appoint a successor; (5) dissolution of the Managing Owner; (6) insolvency or bankruptcy of the Trust; (7) a decline in the aggregate net assets of the Trust to less than $2,500,000; (8) a decline in the net asset value per Unit to $50 or less; (9) dissolution of the Trust; or (10) any event that would make it unlawful for the existence of the Trust to be continued or require dissolution of the Trust.
Trust termination date	2026-12-31
Initial acceptance fee to US Bank	$ 120,000
Management fee to US Bank	25,000
Distribution fee per distribution to US Bank	25,000
Hourly fee rate at execution of agreement to US Bank	350
Minimum
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percent of ownership interest by beneficial owners to determine termination of the trust	50.00%
Filing of bankruptcy petition by or against Managing Owner
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Trust termination period	120 days
Retirement, resignation or withdrawal of Managing Owner
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Trust termination period	120 days
Insolvency of Managing Owner
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Trust termination period	90 days
Decrease in net assets value | Maximum
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Trust termination, net asset value of Trust	$ 2,500,000
Decrease in net asset value per unit | Maximum
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Trust termination, net asset value of Trust per unit	$ 50

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Financial Performance (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Class A
Per share operating performance:
Total return before incentive fees	(2.81%)	(4.75%)	(8.09%)	(8.19%)
Less incentive fee allocations	(0.02%)	(0.14%)	(0.01%)	(0.26%)
Total return	(2.83%)	(4.89%)	(8.10%)	(8.45%)
Ratios to average net assets:
Trading income (loss)	(0.75%)	(4.94%)	(4.51%)	(8.74%)
Expenses:
Expenses, less incentive fees	(2.13%)	(2.40%)	(4.34%)	(4.56%)
Less incentive fee allocations	(0.02%)	(0.14%)	(0.01%)	(0.26%)
Total expenses	(2.15%)	(2.54%)	(4.35%)	(4.82%)
Class A | Trading
Per share operating performance:
Net asset value of Trading units, beginning of period	86.37	96.88	91.32	100.64
Trading gain (loss)	(0.71)	(2.42)	(3.86)	(4.07)
Investment income	0.08	0.11	0.22	0.24
Expenses	(1.81)	(2.43)	(3.75)	(4.67)
Trading income (loss)	(2.44)	(4.74)	(7.39)	(8.50)
Net asset value of Trading units, end of period	83.93	92.14	83.93	92.14
Class B
Per share operating performance:
Total return before incentive fees	(2.32%)	(4.28%)	(7.14%)	(7.29%)
Less incentive fee allocations	(0.02%)	(0.13%)	(0.02%)	(0.24%)
Total return	(2.34%)	(4.41%)	(7.16%)	(7.53%)
Ratios to average net assets:
Trading income (loss)	(0.64%)	(4.68%)	(4.48%)	(7.99%)
Expenses:
Expenses, less incentive fees	(1.62%)	(1.93%)	(3.33%)	(3.56%)
Less incentive fee allocations	(0.02%)	(0.13%)	(0.02%)	(0.24%)
Total expenses	(1.64%)	(2.06%)	(3.35%)	(3.80%)
Class B | Trading
Per share operating performance:
Net asset value of Trading units, beginning of period	92.18	101.34	96.98	104.75
Trading gain (loss)	(0.76)	(2.75)	(4.11)	(4.52)
Investment income	0.09	0.12	0.23	0.25
Expenses	(1.48)	(1.84)	(3.07)	(3.61)
Trading income (loss)	(2.15)	(4.47)	(6.95)	(7.88)
Net asset value of Trading units, end of period	90.03	96.87	90.03	96.87

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

67 Months Ended

Jun. 30, 2012

Recoveries from RCM, Distributions Paid by US Bank from LLC, and Effect on Impaired Value of Assets Held at RCM

Recoveries from RCM, Distributions paid by US Bank from the LLC, and effect on impaired value of assets held at RCM
	Amounts					Collections in			Cash Distributions to		Additional Units in Trust for
	Received from			Balance of		Excess of			Non-Participating		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			-		-		-
12/31/08		769,001			-		769,001			-		-		-
06/29/09		2,748,048			-		2,748,048			-		-		-
12/30/09		1,102,612			-		1,102,612			-		-		-
05/19/10		1,695,150			-		1,695,150			-		-		-
06/04/10		14,329,450	*		-		14,329,450	*		-		-		-
08/01/10		-			-		-			16,076,112		40,839		3,928,806
10/15/10		282,790	*		-		282,790	*		-		-		-
12/30/10		563,163	*		-		563,163	*		-		-		-
06/02/11		343,664	*		-		343,664	*		-		-		-
08/30/11		1,328,832	*		-		1,328,832	*		-		-		-
12/01/11		-			-		-			3,689,555		6,168		561,489
Totals	$	48,364,462		$	-	$	31,401,200		$	28,976,252		135,840	$	12,457,447