10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

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

SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2013

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.)

222 S Riverside Plaza

Suite 900

Chicago, IL 60606

(Address of principal executive offices) (Zip Code)

(888) 292 - 9399

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:  None

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

Units of Beneficial Interest

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

o Yes     x No

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

o Yes     x No

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    o  No

Indicate by check mark where the registrant has submitted electronically and posted on its corporate Website, 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    o  No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  x Yes    o  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.  (Check One):

Large-accelerated filer  o   Accelerated filer  o   Non-accelerated filer  o (Do not check if a 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 Act).

o Yes     x No

State the aggregate market value of the units of the trust held by non-affiliates of the registrant.  The aggregate market value shall be computed by reference to the price at which units were sold as of the last business day of the registrant’s most recently completed second fiscal quarter: $18,218,316 as of June 30, 2013.

TABLE OF CONTENTS

Part I			2
	Item 1.	Business	2
	Item 1A.	Risk Factors	7
	Item 2.	Properties	16
	Item 3.	Legal Proceedings	16
	Item 4.	Mine Safety Disclosure	16
Part II			16
	Item 5.	Market for the Registrant’s Units and Related Security Holder Matters and Issuer Purchases of Equity Securities	16
	Item 6.	Selected Financial Data	16
	Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
	Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	24
Qualitative Disclosures Regarding Means of Managing Risk Exposure			28
Risk Management			28
	Item 8.	Financial Statements and Supplementary Data	31
	Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	32
	Item 9A.	Controls and Procedures	32
	Item 9B.	Other Information	33
Part III			33
	Item 10.	Directors, Executive Officers and Corporate Governance	33
	Item 11.	Executive Compensation	34
	Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters	35
	Item 13.	Certain Relationships and Related Transactions and Director Independence.	35
	Item 14.	Principal Accounting Fees and Services.	35
Part IV			36
	Item 15.	Exhibits, Financial Statements Schedules.	36

Part I

Item 1.  Business

General Development of Business: Narrative Description of Business

RJO Global Trust (the “Trust”), is a Delaware statutory trust organized on November 12, 1996 under the Delaware Statutory Trust Act.  The business of the Trust is the speculative trading of commodity interests, including 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 multiple independent commodity trading advisors (“CTAs”).

R.J. O’Brien Fund Management, LLC (“RJOFM” or the “Managing Owner”) acquired the managing owner interest in the Trust from Refco Commodity Management, Inc. (“RCMI”) on November 30, 2006.  The Managing Owner of the Trust was initially formed as an Illinois corporation in November 2006, and became a Delaware Limited Liability Company in July of 2007.  The Managing Owner is registered as a commodity pool operator under the Commodity Exchange Act, as amended (“CE Act”), and is responsible for administering the business and affairs of the Trust.  The Managing Owner is an affiliate of R.J. O’Brien & Associates LLC, the clearing broker for the Trust (“RJO” or the “Clearing Broker”).

Pursuant to an Investment Management Agreement dated August 30, 2013 (the “Investment Management Agreement”), the Managing Owner appointed RPM Risk & Portfolio Management Aktiebolag, a limited liability company organized under the laws of Sweden, as investment manager to the Trust (“RPM” or the “Investment Manager”).  The Trust remains a multi-advisor commodity pool where trading decisions for the Trust are delegated to multiple independent commodity trading advisors (each a “Trading Advisor” and collectively, the “Trading Advisors”) representing the Investment Manager’s “Evolving Manager Program”.  The Evolving Manager Program seeks to identity and select commodity trading advisors with shorter track records and with smaller assets under management who, in the opinion of the Investment Manager, appear to have potential for long-term over-performance relative to their respective peer group.  RPM may add, delete or modify such categories of investment strategies in line with its investment objective and policy.  The strategies include three broad based categories that are described as follows (each, an “Eligible Strategy”):

·   Trend Following. A strategy that is often classified as “long volatility” because it tries to take advantage of large movements or “trends” in prices.  Trading programs are often fully systematic with limited application of discretion using a wide range of technical analysis methods to determine when trends occur.

·   Short-Term Trading. A strategy that refers to all futures and currency investment strategies with a trading horizon ranging from intraday to less than a month, which seeks to exploit short-term price inefficiencies.  This is typically done using technical analysis.

·   Fundamental Trading. A strategy that attempts to predict the future direction of markets based on macroeconomic data with less focus on price data alone.  A fundamental approach seeks to find opportunities where price does not properly reflect the fundamental valuation of the underlying asset, i.e. its intrinsic value.  A fundamental valuation can be done using various approaches but the most common methodologies are macroeconomic analysis and relative valuation.

The Investment Manager will, in its discretion, determine the minimum or maximum target allocation or allocation range, or the manner in which to rebalance the Trust or adjust relative weightings of the Trust.  RPM has complete flexibility in allocation and reallocating the Trust’s capital in any manner that it may deem appropriate.  There can be no assurance as to which factors the Investment Manager may consider in making capital allocations for the Trust, or as to which allocation the Investment Manager may make.

The Trust’s assets are currently allocated to O’Brien Alternative Strategic Investment Solutions, LLC (“RJ OASIS”), a Delaware series limited liability company operated by RJOFM.  Each “series” of RJ OASIS feeds into a separate trading company established to facilitate trading by a particular Trading Advisor (each “Trading Company” and collectively, the “Trading Companies”).  The Trading Companies are operated by RJOFM.

On October 22, 2013, a Second Amendment to the Trust Agreement (as defined below) was entered into to reflect certain updates to the fees and expenses of the Trust in connection with the appointment of the Investment Manager.  The change in fees and expenses are not expected to significantly affect Class A and Class B unitholders.  As of December 31, 2013, RPM has delegated trading decisions for the Trust to five independent Trading Advisors:  Revolution Capital Management LLC (“RCM”), PGR Capital LLP (“PGR”), Bleecker Street Capital, LLC (“Bleecker”), Paskewitz Asset Management, LLC (“PAM”) and Prescient Ridge Management, LLC (“PR”),  pursuant to advisory agreements executed between the Managing Owner, the Investment Manager,  and, as applicable, each Trading Company and each Trading Advisor (each an “Advisory Agreement” and collectively the “Advisory Agreements”).

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The Trust has no officers, directors or employees.  The Managing Owner and/or RPM may change the allocation to each Trading Advisor, or add, remove, or replace any Trading Advisor without the consent of or advance notice to investors.  Investors will be notified of any material change in the basic investment policies or structure of the Trust.

RJO is a “futures commission merchant,” the Managing Owner is a “commodity pool operator” and the Trading Advisors to the Trust are “commodity trading advisors,” as those terms are used in the CE Act.  As such, they are registered with and subject to regulation by the Commodity Futures Trading Commission (“CFTC”) and are each a member of the National Futures Association (“NFA”).  R.J. O’Brien Securities, LLC, an affiliate of RJOFM and the lead selling agent for the Trust, is registered as a broker-dealer with the U.S. Securities and Exchange Commission (the “SEC”), and is a member of the Financial Industry Regulatory Authority (“FINRA”).

RCM, PGR, PAM and PR are technical traders, and as such, their programs do not predict price movements.  No fundamental economic supply or demand analysis is used in attempting to identify mispricing in the market, and no macroeconomic assessments of the relative strengths of different national economies or economic sectors are made. However, there are frequent periods during which fundamental factors external to the market dominate prices.  For Bleecker, which is a discretionary trader, economic fundamentals and macroeconomic assessments are made in the implementation of its investment strategy.

Units of beneficial ownership of the Trust (“units”) commenced selling on April 3, 1997.  Effective July 1, 2011, the Managing Owner discontinued 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 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 Managing Owner is responsible for the preparation of monthly and annual reports to the beneficial owners of the Trust (the “Beneficial Owners”), filing reports required by the CFTC, the NFA, the SEC and certain state agencies having jurisdiction over the Trust; calculation of the Trust’s net asset value (“NAV”) (meaning the total assets less total liabilities of the Trust) and directing payment of the management and incentive fees payable to the Investment Manager and Trading Advisors under the Investment Management Agreement and Advisory Agreements, as applicable.

The Managing Owner provides suitable facilities and procedures for handling redemptions, transfers, distributions of profits (if any) and, if necessary, the orderly liquidation of the Trust.  Although RJO acts as the Trust’s clearing broker, the Managing Owner is responsible for selecting another clearing broker in the event RJO is unable or unwilling to continue in that capacity.  The Managing Owner is further authorized, on behalf of the Trust: (i) to enter into a brokerage clearing agreement and related customer agreements with other brokers, pursuant to which other brokers will render clearing services to the Trust; (ii) to cause the Trust to pay brokerage commissions at the rates provided for in the Trust’s Confidential Private Placement Memorandum and Disclosure Document, as amended or supplemented from time to time (the “Memorandum”); and (iii) to pay delivery, insurance, storage, service and other fees and charges incidental to the Trust’s trading.  For the year ended December 31, 2013, $46,500 of ongoing offering costs were paid or accrued in connection with the offering of the units.

The Advisory Agreements between the Trading Companies and the appropriate Trading Advisors provide that each Trading Advisor has 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 December 31, 2013, prior to quarter-end reallocation, RCM was managing 14.83%, PGR 23.44%, Bleecker 20.77%, PAM 10.69% and PR 11.55% of the Trust’s assets, respectively.  Approximately 18.72% of the Trust’s assets were not allocated to a Trading Advisor.  The Advisory Agreements with RCM, PGR, Bleecker and PAM were entered into on October 9, 2013 and the Advisory Agreement with PR was entered into on October 15, 2013.

Pursuant to the Advisory Agreements, the Trust pays each Trading Advisor a management fee of up to 0.08333% of the month-end net assets allocated to each Trading Advisor (up to 1.0% annually) and a quarterly incentive fee of up to 25% of new trading profits, if any, attributable to assets under its management (both fees are calculated after deduction of actual brokerage commissions and incentive fee paid after deduction of management fees also).

3

The Advisory Agreements terminate automatically in the event that the Trust is terminated in accordance with the Ninth Amended and Restated Declaration and Agreement of Trust, as amended (the “Trust Agreement”).  The Advisory Agreements generally allow the appropriate Trading Company or the Managing Owner to terminate upon written notice the Advisory Agreement upon specified notice periods or upon the occurrence of certain events, which may include where, (A) any person described as a “principal” of the Trading Advisor in the Trust’s offering document ceases for any reason to be an active “principal” of the Trading Advisor; (B) a Trading Advisor becomes bankrupt or insolvent; (C) a Trading Advisor is unable to use its trading systems or methods as in effect on the date of its respective Advisory Agreement and as modified for the benefit of the appropriate Trading Company; (D) the registration, as a CTA, of a Trading Advisor with the Financial Services Authority (“FSA”), as applicable, the CFTC or its membership in the NFA is revoked, suspended, terminated, or not renewed, or limited or qualified in any respect; (E) except as otherwise provided in its Advisory Agreement, a Trading Advisor merges or consolidates with, or sells or otherwise transfers its advisory business, or all or a substantial portion of its assets, any portion of its futures interest trading systems or methods, or its goodwill to, any individual or entity; (F) if, at any time, a Trading Advisor violates any Trading Policy (as defined in its Advisory Agreements) or administrative policy, except with the prior express written consent of the Managing Owner; or (G) a Trading Advisor fails in a material manner to perform any of its obligations under its Advisory Agreement.

The Advisory Agreements generally allow the appropriate Trading Advisor to terminate upon written notice its Advisory Agreement upon specified notice periods or upon the occurrence of certain events, which may include where, (A) the Managing Owner imposes additional trading limitations in the form of one or more Trading  Policies (as defined in its Advisory Agreement) or administrative policies that a Trading Advisor does not consent to, such consent not to be unreasonably withheld; (B) the Managing Owner objects to a Trading Advisor implementing a proposed material change to its respective trading program and the Trading Advisor certifies to the Managing Owner in writing that it believes such change is in the best interests of the appropriate Trading Company; (C) the Managing Owner or the appropriate Trading Company materially breaches an Advisory Agreement and does not correct the breach within ten days of receipt of a written notice of such breach from the counterparty Trading Advisor; (D) the total Trust funds allocated to the Trading Advisor’s management falls below a level at which the Trading Advisor can reasonably implement its Trading Program; (E) the  appropriate Trading Company becomes bankrupt or insolvent, (F) the registration of the Managing Owner with the CFTC as a commodity pool operator or its membership in the NFA is revoked, suspended, terminated or not renewed, or limited or qualified in any respect; or (G) the Managing Owner or appropriate Trading Company merges, consolidates or sells a substantial portion of its assets.

The Trading Advisors and their principals, affiliates and employees are free to trade for their own accounts and manage other commodity accounts during the term of the Advisory Agreements and to use the same information and trading strategy which the Trading Advisor obtains, produces or utilizes in the performance of services for the Trust.  To the extent that a Trading Advisor recommends similar or identical trades to the Trust and other accounts, which it manages, the Trust may compete with those accounts for the execution of the same or similar trades.

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 decrease in the NAV to lessthan $2,500,000; (8) a decline in the NAV 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.

A portion of the Trust’s net assets are deposited in the Trust’s accounts with RJO, the Trust’s clearing broker and currency dealer.  For U.S. dollar deposits, 100% of interest earned on the Trust’s assets, calculated by the average four-week Treasury bill rate, is paid to the Trust.  For non-U.S. dollar deposits, the current rate of interest is equal to a rate of one-month LIBOR less 100 basis points.  Any amounts received by RJO in excess of amounts paid to the Trust are retained by RJO.  On October 6, 2010, the Managing Owner appointed RJO Investment Management LLC (“RJOIM”), an affiliate of the Managing Owner, to manage the Trust’s cash deposited with Wells Fargo Bank, N.A. (“Wells”).  As of December 31, 2013, Wells  held approximately $2.8 million of the Trust’s assets.  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.

4

As of December 31, 2013, accounting and transfer agency services for the Trust are provided by NAV Consulting, Inc.

Refco-related Matter

In 2005, certain assets held by the Trust’s prior clearing broker, Refco Capital Markets, LTD (“REFCO, LTD”), were determined to be illiquid.  On October 31, 2005, $57,544,206 of equity was moved to a separate non-trading account (the “Non-Trading Account”) and 2,273,288 in substitute units were issued to the unitholders at that time, pro rata to their share in the Trust.  At December 31, 2005, the illiquid assets were determined to be impaired and were reduced by $39,580,944 for impairment, based on management’s estimate at that time.

Through 2006, the Trust received $10,319,318 from the prior clearing broker in bankruptcy court and distributed $9,335,669 to unitholders in the manner as described in (a) and (b) below.

Effective January 1, 2007, JWH Special Circumstance LLC (the “LLC”), a limited liability company, was established to pursue additional claims against REFCO, LTD, and all Non-Trading Accounts were transferred to the LLC.  Any new funds received from REFCO, LTD by the LLC will be distributed to unitholders who were investors in the Trust at the time of the bankruptcy of REFCO, LTD and Refco, Inc.  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 explained above, 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 rights 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).

Recoveries by and distributions from the LLC are detailed in the chart below:

5

Recoveries from REFCO, LTD, Distributions paid by US Bank from the LLC, and effect on impaired value of assets held at REFCO, LTD
	Amounts Received from			Balance of		Collections in Excess of			Cash Distributions to Non-Participating		Additional Units in Trust for Participating Owners
Date	REFCO, LTD			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
10/31/12		404,908	*		-		404,908	*		-		-		-
12/05/12		294,875	*		-		294,875	*		-		-		-
08/05/13		240,556	*		-		240,556	*		-		-		-
Totals	$	49,304,801		$	-	$	32,341,539		$	28,976,252		135,840	$	12,457,447

*The collections on June 4, 2010 were from a settlement agreement (the “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.

Financial Information about Segments

The Trust’s business constitutes only one segment for financial reporting purposes; it is a Delaware statutory trust whose purpose is to trade, buy, sell, spread or otherwise acquire, hold or dispose of commodity interests including 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.  The Trust does not engage in the production or sale of any goods or services.  The objective of the Trust business is appreciation of its assets through speculative trading in such commodity interests.  Financial information about the Trust’s business, as of December 31, 2013, is set forth under Items 6, 7, and 8 herein.

Financial Information about Geographic Areas

Although the Trust trades in the global futures and forward markets, it does not have operations outside of the United States.

6

Available Information

The Trust files an annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to these reports with the SEC.  You may read and copy any document filed by the Trust at the SEC’s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549 on official business days during the hours of 10:00 a.m. to 3:00 p.m.  Please call the SEC at 1-800-SEC-0330 for information on the Public Reference Room.  The Trust does not maintain an internet website; however, links to certain of the Trust’s public filings may be found on the Managing Owner’s website at http://www.rjobrien.com/clients/fundmanagement.  Additionally, the SEC maintains a website that contains annual, quarterly, and current reports, proxy statements, and other information that issuers (including the Trust) file electronically with the SEC.  The SEC’s website address is http://www.sec.gov.

The Trust will provide paper copies of such reports and amendments to its investors free of charge upon written request.

Item 1A. Risk Factors.

Possible Total Loss of an Investment in the Trust

Investors could lose all or substantially all of their investment in the Trust.  Neither the Trust nor the Trading Advisors have any ability to control or predict market conditions.  The investment approach utilized on behalf of the Trust may not be successful, and there is no guarantee that the strategies employed by the Trading Advisors on behalf of the Trust will be successful.

Specific Risks Associated with a Multi-Advisor Commodity Pool

The Trust is a multi-advisor commodity pool.  Each of the Trading Advisors makes trading decisions independent of the other Trading Advisors for the Trust.  Thus, it is possible that the Trust could hold opposite positions in the same or similar futures, forwards, and options, thereby offsetting any potential for profit from these positions.  Each such position would cost the Trust transactional expenses (such as brokerage, commissions and NFA fees) but could not generate any recognized gain or loss.

Moreover, the Investment Manager is responsible for selecting, monitoring, and replacing each commodity trading advisor available for its Evolving Manager Program.  The Investment Manager is also responsible for the Trust’s allocations to each Trading Advisor through the Trust’s investment in RJ OASIS.  The Investment Manager may change the allocation to each Trading Advisor at any time without the consent of or advance notice to Unitholders.

The Investment Manager is responsible for selecting and replacing, if necessary, each commodity trading advisor that is available to the Trust through RPM’s Evolving Manager Program.  The Investment Manager may, add, remove or replace any Trading Advisor without the consent of or advance notice to unitholders.

Any such replacement or reallocation could adversely affect the performance of the Trust or of any one Trading Company.

Investing in the Units Might Not Diversify an Overall Portfolio

One of the objectives of the Trust is to add an element of diversification to a traditional securities or debt portfolio.  While the Trust may perform in a manner largely independent from the general equity and debt markets, there is no assurance it will do so.  An investment in the Trust could increase, rather than reduce, the overall portfolio losses of an investor during periods when the Trust, as well as equities and debt markets, decline in value.  There is no way of predicting whether the Trust will lose more or less than stocks and bonds in declining markets.  Investors must not rely on the Trust as any form of protection against losses in their securities or debt portfolios.

Investors Must Not Rely on the Past Performance of the Trust, the Trading Companies or the Trading Advisors in Deciding Whether to Buy Units

The performance of the Trust is entirely unpredictable, and the past performance of the Trust, as well as of the Trading Companies and their respective Trading Advisors, is not necessarily indicative of their future results.

An influx of new market participants, changes in market regulation, international political developments, demographic changes and numerous other factors can contribute to once-successful strategies becoming outdated.  Not all of these factors can be identified, much less quantified.  There can be no assurance that the Trading Advisors will trade the Trust’s assets in a profitable manner.

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A principal risk in commodity interest trading is the traditional volatility (or rapid fluctuation) in the market prices of commodities.  The volatility of commodity trading may cause the Trust or a Trading Company to lose all or a substantial amount of its assets in a short period of time.  Prices of commodity interests are affected by a wide variety of complex and hard to predict factors, such as political and economic events, weather and climate conditions and the prevailing psychological characteristics of the marketplace.

The Trust’s Substantial Expenses Will Cause Losses for the Trust Unless Offset by Profits and Interest Income

The Trust pays annual expenses of approximately 5.25% (for Class B units) to 7.25% (for Class A units) after taking into account estimated interest incomeof its average month-end assets.  In addition to this annual expense level, the Trust is subject to quarterly incentive fees of up to 25% on any new trading profits.  Because these incentive fees are calculated quarterly, they could represent a substantial expense to the Trust even in a breakeven or unprofitable year.

The Trust’s expenses could, over time, result in significant losses.  Except for the incentive fee, these expenses are not contingent and are payable, whether or not the Trust is profitable.  Furthermore, some of the strategies and techniques employed by the Trust’s Trading Advisors may require frequent trades to take place and, as a consequence, portfolio turnover and brokerage commissions may be greater than for other investment entities of similar size.  Investors will sustain these losses if the Trust is unable to generate sufficient trading profits to offset its fees and expenses.

Incentive Fees May be Paid Even Though Trading Losses are Sustained

The Trust pays the Trading Advisors and the Investment Manager incentive fees based on the new trading profits they each generate for the Trust with respect to the assets traded by such Trading Advisor.  These new trading profits include unrealized appreciation on open positions.  Accordingly, it is possible that the Trust will pay an incentive fee on new trading profits that do not become realized.  Also, each Trading Advisor will retain all incentive fees paid to it, even if it incurs a subsequent loss after payment of an incentive fee.  Due to the fact that incentive fees are paid quarterly, it is possible that an incentive fee may be paid to a Trading Advisor during a year in which the assets allocated to the Trading Company to which it advises suffer a loss for the year.  Because each Trading Advisor receives an incentive fee based on the new net trading profits earned by the Trading Company that it advises, the Trading Advisor may have an incentive to make investments that are riskier than would be the case in the absence of such incentive fee being paid to the Trading Advisors based on new trading profits.  In addition, as incentive fees are calculated on a Trading Advisor-by-Trading Advisor basis, it is possible that one or more Trading Advisors could receive incentive fees during periods when the Trust has a negative return as a whole.

An Investment in the Trust is Not Liquid

The units are not a liquid investment.  There is no secondary market for the units and none is expected to develop.  Investors may redeem units only as of the last day of each calendar month on five business days’ written notice.  Partial redemptions must be in the amount of at least $1,000 of units and investors must maintain a balance of $1,000 of units.

The Trust is Subject to Market Fluctuations

Managed futures trading, involves trading in various commodity interests.  The market prices of futures contracts fluctuate rapidly.  Prices of futures contracts traded by the Trading Advisors are affected generally, among other things, by (1) changing supply and demand relationships, (2) weather, agricultural, trade, fiscal, monetary and exchange control programs, (3) policies of governments and national and international political and economic events; and (4) changes in interest rates.  The profitability of the Trust depends entirely on capitalizing on fluctuations in market prices.  If a Trading Advisor incorrectly predicts the direction of prices in futures, forwards, and options, large losses may occur.  Often, the most unprofitable market conditions for the Trust are those in which prices “whipsaw,” moving quickly upward, then reversing, then moving upward again, then reversing again.

8

Options Trading Can be More Volatile and Expensive Than Futures Trading

The Trust may also trade options which, although options trading requires many of the same skills, have different risks than futures trading.  Successful options trading, requires a trader to assess accurately near-term market volatility because that volatility is immediately reflected in the price of outstanding options.  Correct assessment of market volatility can therefore be of much greater significance in trading options than it is in many long-term futures strategies where volatility does not have as great an effect on the price of a futures contract.  Specific market movements of the commodities or futures contracts underlying an option cannot accurately be predicted.  The purchaser of an option may lose the entire premium paid for the option.  The writer, or seller, of a put option collects a premium and risks losing the difference between the strike price and the market price of the underlying commodity or futures contract (less the premium received) if the option buyer exercises its put option.  The writer, or seller, of a call option has unlimited risk.  A call option writer collects a premium and risks losing the difference between the price it would have to pay to obtain the underlying commodity or futures contract and the strike price (less the premium received) if the option buyer exercises its call option.

Options Are Volatile and Inherently Leveraged, and Sharp Movements in Prices Could Cause the Trust to Incur Large losses

Certain Trading Advisors may use options on futures contracts, forward contracts or commodities to generate premium income or speculative gains.  Options involve risks similar to futures, because options are subject to sudden price movements and are highly leveraged, in that payment of a relatively small purchase price, called a premium, gives the buyer the right to acquire an underlying futures contract, forward contract or commodity that has a face value substantially greater than the premium paid.  The buyer of an option risks losing the entire purchase price of the option.  The writer, or seller, of an option risks losing the difference between the purchase price received for the option and the price of the futures contract, forward contract or commodity underlying the option that the writer must purchase or deliver upon exercise of the option.  There is no limit on the potential loss.  Specific market movements of the futures contracts, forward contracts or commodities underlying an option cannot accurately be predicted.

Cash Flow Needs May Cause Positions to be Closed which May Cause Substantial Losses

Certain Trading Advisors may trade options on futures.  Futures contract gains and losses are marked-to-market daily for purposes of determining margin requirements.  Option positions generally are not marked-to-market daily, although short option positions will require additional margin if the market moves against the position.  Due to these differences in margin treatment between futures and options, there may be periods in which positions on both sides must be closed down prematurely due to short-term cash flow needs of the Trust.  If this occurs during an adverse move in a spread or straddle relationship, then a substantial loss could occur.

The Large Size of the Trust’s Trading Positions Increases the Risk of Sudden, Major Losses

The Trust takes positions with face values up to as much as approximately fifteen times its total equity.  Consequently, even small price movements can cause major losses.

As a Result of Leverage, Small Changes in the Price of the Trading Advisors’ Positions May Result in Substantial Losses

Commodity interest contracts are typically traded on margin.  This means that a small amount of capital can be used to invest in contracts of much greater total value.  The resulting leverage means that a relatively small change in the market price of a contract can produce a substantial loss.  Like other leveraged investments, any purchase or sale of a contract may result in losses in excess of the amount invested in that contract, which includes the initial margin deposit.  The amount of margin required to be deposited with respect to an individual futures contract is determined by the exchange upon which the contract is traded and the commodity broker at which the position is held and may be changed at any time.

The Trading Advisors’ Trading is Subject to Execution Risks

Market conditions may make it impossible for the Trading Advisors to execute a buy or sell order at the desired price, or to close out an open position.  Daily price fluctuation limits are established by the exchanges and approved by the CFTC.  When the market price of a contract reaches its daily price fluctuation limit, no trades can be executed outside the limit.  The holder of a contract may therefore be locked into an adverse price movement for several days or more and lose considerably more than the initial margin put up to establish the position.  Thinly-traded or illiquid markets also can make it difficult or impossible to execute trades.

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Unit Values are Unpredictable and Vary Significantly Month-to-Month

The net asset value per unit can vary significantly month-to-month.  Investors will not know at the time they submit a subscription or a redemption request what the subscription price or redemption value of their units will be.

The only way to take money out of the Trust is to redeem units.  Investors can only redeem units at month-end on five business days’ advance notice and subject to minimum balance and redemption request amounts.  The restrictions imposed on redemptions limit investors’ ability to protect themselves against major losses by redeeming units.

Transfers of units are subject to limitations as well, such as advance written notice of any intent to transfer and the consent of the Managing Owner prior to the acceptance of a substitute unitholder.

In addition, investors are unable to know whether they are subscribing for units after a significant upswing in the net asset value per unit — often a time when the Trust has an increased probability of entering into a losing period.

Possible Effect of Redemptions on the Value of Units

Redemptions are funded from unallocated cash for trading on deposit in the Trust.  The Managing Owner knows the amount of redemptions prior to the month end and communicates that to the Investment Manager for their review in determining if there is to be any reallocation of assets among the Trading Advisors at the end of the month.  The Managing Owner communicates any trading level adjustments to the Trading Advisors as of the first business day of the month.  Trading level is typically adjusted for redemptions, trading profit and loss, fees and expenses to be paid.

Substantial redemptions of units could require the Trust to liquidate investments more rapidly than otherwise desirable in order to raise the necessary cash to fund the redemptions and, at the same time, achieve a market position appropriately reflecting a smaller equity base.  This could make it more difficult to recover losses or generate profits.  Illiquidity in the markets could make it difficult to liquidate positions on favorable terms, and may result in losses.

Performance-Based Compensation to the Investment Manager and Trading Advisors

The Investment Manager and the Trading Advisors are entitled to compensation based upon net trading gain in the value of the assets they manage on behalf of the Trust.  Performance-based arrangements may give the Investment Manager incentives to cause the Trading Advisors to engage in transactions that are more risky or speculative than they might otherwise make because speculative investments might result in higher incentive fees received by the Investment Manager.  The Trading Advisors also receive performance-based compensation and may have similar incentives.  This behavior may result in substantial losses to the Trust.  The Trading Advisors will not return an incentive fee for a period in which there is net trading gain if, in a subsequent period, the investments under their management suffer a net trading loss.  In addition, because the incentive fee for each Trading Advisor is based solely on its performance, and not the overall performance of the Trust, the Trust may indirectly pay an incentive fee to one or more Trading Advisors during periods when the Trust is not profitable on an overall basis.  Also, the fees payable to Trading Advisors in other investments utilizing RPM’s Evolving Manager Program may differ materially from the fees payable to the Trading Advisors by the Trading Companies of the Trust.

Disadvantages of Replacing or Switching Trading Advisors

A Trading Advisor generally is required to recoup previous trading losses before it can earn performance-based competition.  However, the Managing Owner may elect to replace a Trading Advisor that has a “loss carry-forward.”  In that case, the Trust would lose the “free ride” of any potential recoupment of the prior losses of such Trading Advisor.  In addition, the new or replacement Trading Advisor would earn performance-based compensation on the first dollars of investment profits.  The effect of the replacement of or the reallocation of assets away from a Trading Advisor, therefore, could be significant.

The Opportunity Costs of Rebalancing the Trading Programs

The monthly (or more frequent) rebalancing of the Trust’s assets among its Trading Advisors and their trading programs may result in the liquidation of profitable positions, thereby foregoing greater profits which the Trust would otherwise have realized, and the establishment of unprofitable positions, thereby incurring losses which the Trust would otherwise have avoided had rebalancing not occurred.

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Alteration of Trading Systems and Contracts and Markets Traded

The Trust’s Trading Advisors may, in their discretion, change and adjust the trading programs, as well as the contracts and markets traded.  These adjustments may result in foregoing profits which the trading programs would otherwise have captured, as well as incurring losses which they would otherwise have avoided.  Neither the Managing Owner nor the unitholders are likely to be informed of any non-material changes in the trading programs.

Increased Competition from Other Trend-Following Traders Could Reduce the Trust’s Profitability

There has been a dramatic increase over the past 25 years in the amount of assets managed by trend-following trading systems, which may be employed by some of the Trust’s Trading Advisors.  In 1980, the amount of assets in the managed futures industry was estimated at approximately $300 million; by 2013 this estimate was approximately $330 billion.  It is also estimated that over halfof all managed futures trading advisors rely primarily on trend-following systems.  Although the amount of trading in the futures industry as a whole has increased significantly during the same period of time, the increase in managed money increases trading competition.  The more competition there is for the same positions, the more costly and harder they are to acquire.

Systematic Strategies Do Not Consider Fundamental Types of Data, or Minimally Consider Fundamental Types of Data, and Do Not Have the Benefit of Discretionary Decision Making

Some of the Trust’s Trading Advisors may rely primarily on technical, systematic strategies that do not take into account factors external to the market itself (although certain of these strategies may have minor discretionary elements incorporated into their system strategy).  The widespread use of technical trading systems frequently results in numerous managers attempting to execute similar trades at or about the same time, altering trading patterns and affecting market liquidity.  Furthermore, the profit potential of trend-following systems may be diminished by the changing character of the markets, which may make historical price data (on which technical programs are based) only marginally relevant to future market patterns.  Systematic strategies are developed on the basis of a statistical analysis of market prices.  Consequently, any factor external to the market itself that dominates prices that a discretionary decision-maker may take into account may cause major losses for a systematic strategy.  For example, a pending political or economic event may be very likely to cause a major price movement, but a systematic strategy may continue to maintain positions indicated by its trading method that might incur major losses if the event proved to be adverse.

The Trust is Subject to Speculative Position Limits

U.S. futures exchanges have established speculative position limits (referred to as “position limits”) on the maximum net long or net short position which any person or group of persons may hold or control in particular futures and options on futures.  Most exchanges also limit the amount of fluctuation in commodity futures contract prices on a single trading day.  Therefore, a Trading Advisor may have to modify its trading instructions, or reduce the size of its position in one or more futures or options contracts in order to avoid exceeding such position limits, which could adversely affect the profitability of the Trust. The futures exchanges may amend or adjust these position limits or the interpretation of how such limits are applied, which may adversely affect the profitability of the Trust.

In addition, in October 2011, the CFTC adopted rules governing position limits on futures (and options on futures) on a number of agricultural, energy and metals commodities, as well as on swaps that perform a significant price discovery function with respect to those futures and options.  In September 2012, the CFTC’s rules were vacated by the United States District Court for the District of Columbia and remanded to the CFTC for further consideration.  It is possible, nevertheless, that these rules may take effect in some form via re-promulgation or a successful appeal by the CFTC of the District Court’s ruling.  If so, these rules could have an adverse effect on the Trading Advisors’ trading for the Trust.

Increasing the Level of Equity under a Trading Advisor’s Management Could Lead to Diminished Returns

The rates of returns achieved by a Trading Advisor often diminish as the assets under its management increases.  This can occur for many reasons, including the inability of the Trading Advisor to execute larger position sizes at desired prices and because of the need to adjust the Trading Advisor’s trading program to avoid exceeding speculative position limits.  These are limits established by the CFTC and the exchanges on the number of speculative futures and options contracts in a commodity that one trader may own or control.  The Trading Advisors have not agreed to limit the amount of additional assets that they will manage.

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Illiquid Markets Could Make It Impossible for the Trust to Realize Profits or Limit Losses

In illiquid markets, the Trust’s Trading Advisors could be unable to capitalize on the opportunities identified by them or to close out positions against which the market is moving.  There are numerous factors which can contribute to market illiquidity, far too many for the Trading Advisors to predict when or where illiquid markets may occur.  The Trust attempts to limit its trading to highly liquid markets, but there can be no assurance that a market which has been highly liquid in the past will not experience periods of unexpected illiquidity.

Unexpected market illiquidity has caused major losses in recent years in such sectors as emerging markets, fixed income relative value strategies and mortgage-backed securities.  There can be no assurance that the same will not happen to the Trust at any time or from time to time.  The large size of the positions which the Trading Advisors acquire for the Trust increases the risk of illiquidity by both making its positions more difficult to liquidate and increasing the losses incurred while trying to do so.

The Trust Trades in Foreign Markets; These Markets are Less Regulated than U.S. Markets and are Subject to Exchange Rate, Market Practices and Political Risks

Some of the trading programs used for the Trust trade outside the U.S.  From time to time, as much as 20%–40% of the Trust’s overall market exposure could involve positions taken on foreign markets.  Foreign trading involves risks, including exchange-rate exposure, possible governmental intervention and lack of regulation, which U.S. trading does not.  In addition, the Trust may not have the same access to certain positions on foreign exchanges as do local traders, and the historical market data on which the Trading Advisors base their strategies may not be as reliable or accessible as it is in the United States.  Certain foreign exchanges may also be in a more or less developmental stage so that prior price histories may not be indicative of current price dynamics.  The rights of traders or investors in the event of the insolvency or bankruptcy of a non-U.S. market or broker are also likely to be more limited than in the case of U.S. markets or brokers.  Additionally, trading on U.S. exchanges is subject to CFTC regulation and oversight, including, for example, minimum capital requirements for commodity brokers, regulation of trading practices on the exchanges, prohibitions against trading ahead of customer orders, prohibitions against filling orders off exchanges, prescribed risk disclosure statements, testing and licensing of industry sales personnel and other industry professionals and record keeping requirements, and other requirements and restrictions for the purpose of preventing price manipulation and other disruptions to market integrity, avoiding systemic risk, preventing fraud and promoting innovation, competition and financial integrity of transaction.  Trading on non-U.S. exchanges is not regulated by the CFTC or any other U.S. governmental agency or instrumentality and may be subject to regulations that are different from those to which U.S. exchanges trading is subject, provide fewer protections to investors than trading on U.S. exchanges, and may be less vigorously enforced than regulations in the U.S.  The CFTC has no power to compel the enforcement of the rules of a foreign exchange or applicable foreign laws.  Therefore, the Trust will not receive a benefit of U.S. government regulation for these trading activities.

Unregulated Markets, Particularly the Trading of Spot and Forward Contracts in Currency, Lack Regulatory Protections of Exchanges

A substantial portion of the Trust’s trading—primarily it’s trading of spot and forward contracts in currencies—takes place in unregulated markets.  It is impossible to determine fair pricing, prevent abuses such as “front-running” or impose other effective forms of control over such markets.  The absence of regulation could expose the Trust in certain circumstances to significant losses which it might otherwise have avoided.  Because these contracts are not traded on an exchange, the performance of them is not guaranteed by an exchange or its clearinghouse, and the Trust is at risk with respect to the ability of the counterparty to perform on the contract.  Additionally, see the Risk Factor entitled “The Trust Trades in Foreign Markets; These Markets are Less Regulated than U.S. Markets and are Subject to Exchange Rate, Market Practices and Political Risks” directly above.

Electronic Trading

The Trust’s Trading Advisors may from time to time trade on electronic markets and use electronic order routing systems, which differ from traditional open outcry pit trading and manual order routing methods.  Characteristics of electronic trading and order routing systems vary widely among the different electronic systems with respect to order matching procedures, opening and closing procedures and prices, error trade policies and trading limitations or requirements.  There are also differences regarding qualifications for access and grounds for termination and limitations on the types of orders that may be entered into the system.  Each of these matters may present different risk factors with respect to trading on or using a particular system.  Each system may also present risks related to system access, varying response times and security.  Trading through an electronic trading or order routing system also entails risks associated with system or component failure.  In the event of system or component failure, it is possible that for a certain time period, it might not be possible to enter new orders, execute existing orders or modify or cancel orders that were previously entered.  System or component failure may also result in loss of orders or order priority.  Some contracts offered on an electronic trading system may be traded electronically and through open outcry during the same trading hours.  Exchanges offering an electronic trading or order routing system and/or listing the contract may have adopted rules to limit their liability, the liability of futures brokers and software and communication system vendors and the amount that may be collected for system failures and delays.  These limitations of liability provisions vary among the exchanges.

12

The Trust Could Lose All of Its Assets and Have Its Trading Disrupted Due to the Bankruptcy of the Managing Owner, the Trust’s Commodity Brokers or Others

The Trust is subject to the risk of insolvency of an exchange, clearinghouse, commodity broker, and counterparties with whom the Trading Advisors trade.  Trust assets could be lost or impounded in such an insolvency during lengthy bankruptcy proceedings.  Were a substantial portion of the Trust’s capital tied up in a bankruptcy, the Managing Owner might suspend or limit trading, perhaps causing the Trust to miss significant profit opportunities.  The Trust is subject to the risk of the inability or refusal to perform on the part of the counterparties with whom contracts are traded.  In the event that the clearing broker is unable to perform its obligations, the Trust’s assets are at risk and investors may only recover a pro rata share of their investment, or nothing at all.

Exchange-traded futures and futures-styled option contracts are marked-to-market on a daily basis, with variations in value credited or charged to the Trust’s account on a daily basis.  The Trust’s clearing broker, as futures commission merchant for the Trust’s exchange-traded contracts, is required, pursuant to CFTC regulations, to segregate from its own assets, and for the sole benefit of its commodity customers, all funds held by such clients with respect to exchange-traded futures and futures-styled options contracts, including an amount equal to the net unrealized gain on all open futures and futures-styled options contracts.  Bankruptcy law applicable to all U.S. futures brokers requires that, in the event of the bankruptcy of such a broker, all property held by the broker, including certain property specifically traceable to the Trust, will be returned, transferred, or distributed to the broker's customers only to the extent of each customer’s pro rata share of the assets held by such futures broker.  If no property is available for distribution, the Trust would not recover any of its assets.

On July 21, 2010, the President signed into law major financial services reform legislation in the form of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”).  With respect to each Trading Advisor’s over-the-counter (“OTC”) foreign exchange contracts and uncleared swaps, prior to the implementation of the Dodd-Frank Act’s provisions, there was no requirement to segregate funds held with respect to such contracts.  Once the Dodd-Frank Act is fully implemented, a party engaging in uncleared swaps with a swap dealer or major swap participant can ask that the portion of collateral at risk upon the swap dealer or major swap participant’s insolvency be held with an independent third party custodian.  It is likely the party requesting segregation will pay the costs of such custodial arrangement. There are no limitations on the amount of allocated assets a portfolio manager can trade on foreign exchanges or in forward contracts.

Special Redemption in Event of 50% Decline in Net Assets; Limitation on Redemption Payments

If the Trust experiences a decline in net asset value per unit of any class as of the close of business on any business day to less than 50% of the net asset value per unit on the prior month-end net asset value, or to $50 or less, the Managing Owner will liquidate all open positions and suspend trading.  Within ten days of such event, the Managing Owner shall declare a special redemption date and mail notice of such event to each unitholder.  The right of a unitholder to receive a redemption payment, including in connection with this special notice, depends on the Trust’s ability to obtain the necessary funds by liquidating commodity positions and obtaining payments from its commodity brokers, banks, or other persons or entities.

Possibility of Termination of the Trust Before Expiration of Its Stated Term

The Managing Owner may withdraw from managing the Trust upon 120 days’ notice, which would cause the Trust to terminate unless a substitute managing owner was to be obtained.  Other events, such as: a substantial decline in the aggregate net assets of the Trust, or the net asset value per unit, as described in the Trust Agreement, could also cause the Trust to terminate before the expiration of its stated term.  This could cause investors to liquidate their investments and upset the overall maturity and timing of their investment portfolio.  If the registration with the CFTC or membership in the NFA of the Managing Owner were revoked or suspended, such entity would no longer be able to provide services to the Trust, which would cause the Trust to terminate in 90 days unless a substitute managing owner, were obtained.

13

Off-Exchange Foreign Currency Futures and Options

The Trust’s Trading Advisors may trade forward contracts in foreign currencies and may engage in spot commodity transactions (transactions in physical commodities).  These contracts, unlike futures contracts and options on futures, historically were not regulated by the CFTC when traded between certain “eligible contract participants,” as defined in the CE Act.  The Dodd-Frank Act includes foreign currency forwards and foreign currency swaps (as such terms are defined in the Dodd-Frank Act) in the definition of “swap.”  The CFTC has been granted authority to regulate all non-security based swaps, but grants the U.S. Treasury Department the discretion to exempt foreign currency forwards and foreign currency swaps from all aspects of the Dodd-Frank Act other than reporting, recordkeeping and business conduct rules for swap dealers and major swap participants.  In November 2012, Treasury determined that those transactions can be carved out of the swap category, and they are subject only to the noted categories of the Dodd-Frank Act requirements.  Therefore, the Trust will not receive the full benefit of CFTC regulation for certain of its foreign currency trading activities.

The percentage of each Trading Advisor’s positions that are expected to constitute foreign currency forwards and foreign currency swaps can vary substantially from month to month.

Trading Swaps Creates Distinctive Risks

The Trading Advisors may trade in certain swaps.  Unlike futures and options on futures contracts, most swap contracts currently are not traded on or cleared by an exchange or clearinghouse.  The CFTC currently requires only a limited class of swap contracts (certain interest rate and credit default swaps) to be cleared and executed on an exchange or other organized trading platform.  In accordance with the Dodd-Frank Act, the CFTC will in the future determine which other classes of swap contracts will be required to be cleared and executed on an exchange or other organized trading platform.  Until such time as these transactions are cleared, the Trust will be subject to a greater risk of counterparty default on its swaps.  Because swaps do not generally involve the delivery of underlying assets or principal, the amount payable upon default and early termination is usually calculated by reference to the current market value of the contract.  Some swap counterparties may require the Trust to deposit collateral to support its obligation under the swap agreement but may not themselves provide collateral for the benefit of the Trust.  If the counterparty to such a swap defaults, the Trust would be a general unsecured creditor for any termination amounts owed by the counterparty to the Trust as well as for any collateral deposits in excess of the amounts owed by the Trust to the counterparty, which would result in losses to the Trust. See “Commodity Markets”.

There are no limitations on daily price movements in swaps.  Speculative position limits are not currently applicable to swaps, but in the future may be applicable for swaps on certain commodities.  In addition, participants in the swap markets are not required to make continuous markets in the swaps they trade, and determining a market value for calculation of termination amounts can lead to uncertain results.

Trading of swaps will be subject to substantial change under the Dodd-Frank Act and related regulatory action.  Under the Dodd-Frank Act, many commodity swaps will be required to be cleared through central clearing parties and executed on exchanges or other organized trading platforms.  Security-based swaps will be subject to similar requirements.  Additional regulatory requirements will apply to all swaps, whether subject to mandatory clearing, or not.  These include margin, collateral and capital requirements, reporting obligations, speculative position limits for certain swaps, and other regulatory requirements.  Swaps which are not offered for clearing by a clearing house will continue to be traded bi-laterally.  Such bi-lateral transactions will remain subject to many of the risks discussed in the preceding paragraph.

Central Clearing Parties Could Fail

Central clearing parties are highly capitalized.  Cleared transactions are supported by initial and variation margin.  As a result, failure of a central clearing party is highly unlikely.  If a central clearing party were to fail, however, the impact on the financial system in general and on the Trust’s positions in particular is uncertain.

14

Stop-loss Orders May not Prevent Large Losses

Certain of the Trust’s Trading Advisors may use stop-loss orders.  Such stop-loss orders may not effectively prevent substantial losses, and depending on market factors at the time, may not be able to be executed at such stop-loss levels.  No risk control technique can assure that large losses will be avoided.

Lack of Regulation of Investment Manager

The Investment Manager is not required to be registered, and is not registered, as a CTA and is not a member of the NFA.  As such, the Investment Manager’s operations are not subject to review or audit by the NFA and it does not need to comply with most provisions of the CE Act and the CFTC’s regulations promulgated thereunder.

Investors are Taxed Every Year on Their Share of the Trust’s Profits Regardless of Whether They Receive Any Cash from the Trust

The Managing Owner does not intend to make distributions to the unitholders, but intends to re-invest substantially all of the Trust’s income and gains for the foreseeable future.  As long as the Trust is treated as a partnership, for U.S. federal income tax purposes and is not treated as a publicly-traded partnership that is taxable as a corporation, taxable U.S. investors are subject to U.S. federal income tax (and applicable state income taxes) each year on their shares of any income and gain of the Trust, even if they receive no distributions and redeem no units.  Investors may therefore need to use other sources of funds or redeem units from the Trust to satisfy their tax liability.

The Trust Generates Short-Term Capital Gains That are Not Eligible for a Preferential Tax Rate

Investors are taxed on their share of any gains of the Trust at both short- and long-term capital gain rates depending on the mix of Section 1256 contracts and non-Section 1256 contracts traded.  The term “Section 1256 contracts” generally includes regulated futures and certain futures options traded on U.S. exchanges, certain foreign currency contracts, and certain broad based stock index options.  These tax rates are determined irrespective of how long an investor holds units.  Consequently, an investor’s tax rate on his or her investment in the units may be higher than the rate applicable to other investments held by an investor for a comparable period.

Tax Could Be Due from Investors on Their Share of the Trust’s Interest Income Despite Overall Losses

Investors will be required to include in their incomes their share of the Trust’s interest income, even if the Trust realizes overall losses.  Trading losses generally will be capital losses that can be used by individuals only to offset capital gains and $3,000 of ordinary income, such as interest income, each year.  Consequently, if an investor were allocated $5,000 of interest income and $10,000 of net trading losses, the investor would generally owe tax on $2,000 of interest income even though the investor would have a $5,000 economic loss for the year attributable to his or her investment in the Trust.  The $7,000 capital loss would carry forward or back to other taxable years, but subject to the same limitation on its deductibility against ordinary income.

Deductibility of Trust Expenses May Be Limited if Characterized as Investment Advisory Fees

The Managing Owner does not intend to treat the operating expenses of the Trust, including management fees and incentive fees, as “investment advisory fees” for U.S. federal income tax purposes.  However, were the operating expenses of the Trust characterized as investment advisory fees, non-corporate taxpayers would be subject to substantial restrictions on the deductibility of those expenses (including a complete disallowance of any deduction for any expense so characterized), would pay increased taxes in respect of an investment in the Trust, and may be required to recognize net taxable income from their investment in units despite having incurred a financial loss.

Tax Laws Are Subject To Change at Any Time

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

15

Item 2.  Properties

The Trust does not utilize any physical properties in the conduct of its business.  The Managing Owner uses the offices of RJO at no additional charge to the Trust, to perform its administration functions, and the Trust uses the offices of RJO at no additional charge to the Trust, as its principal administrative offices.

Item 3.  Legal Proceedings

The Trust is not a party to any material pending legal proceedings.

Item 4.  Mine Safety Disclosure

The Trust is not an operator, and does not have a subsidiary that is an operator, of a coal or other mine.  Therefore, disclosure under Item 4 is not applicable.

Part II

Item 5.  Market for the Registrant’s Units and Related Security Holder Matters and Issuer Purchases of Equity Securities

(a) (i) There is no established public market for the units and none is expected to develop.

(ii) As of December 31, 2013, there were 195,022units held in the trading account by approximately 1,400 Beneficial Owners for an investment of $13,928,712 and 535 units held in the trading account by the Managing Owner for an investment of $38,117.  A total of 87,470 units had been redeemed by Beneficial Owners and zero units were redeemed by the Managing Owner during the period from January 1, 2013 to December 31, 2013.  The Trust Agreement contains a full description of redemption and distribution procedures.

(iii) To date no distributions have been made to Beneficial Owners in the trading account of the Trust.  The Trust Agreement does not provide for regular or periodic cash distributions, but gives the Managing Owner sole discretion to determine what distributions, if any, the Trust will make to its Beneficial Owners.  The Managing Owner has not declared any such distributions to date, and does not currently intend to declare such distribution.

(iv) The Trust does not authorize the issuance of units under any employee compensation plan (including any individual compensation arrangements).

(b) The Trust did not repurchase any units registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), during the period January 1, 2013 through December 31, 2013.

Effective July 1, 2011, the Managing Owner determined to discontinue the public offering of the units and begin offering the units on a private offering basis only.  As such, effective July 1, 2011, units of the Trust are sold only to persons and entities who are accredited investors as the term is defined in Rule 501(a) of Regulation D.

The aggregate proceeds of securities sold in all share classes to the unitholders during fiscal year 2013 were $0.00.

Item 6.  Selected Financial Data

The following Selected Financial Data is presented for the years ended December 31, 2009, 2010, 2011, 2012 and 2013 and is derived from the financial statements for such fiscal years.

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	2009			2010			2011			2012			2013
Revenues (000)	$	(4,721	)	$	3,533		$	(257	)	$	(2,267	)	$	247
Net Income (Loss) From Continuing Operations (000)		(10,233	)		(1,101	)		(4,188	)		(4,738	)		(1,531	)
Net Income (Loss) Non-Trading (000)		1,303			15,550			1,312			254			(237	)
Net Income (Loss) Per Unit - Class A		(17	)		(2	)		(9	)		(14	)		(6	)
Net Income (Loss) Per Unit - Class B		(14	)		-			(8	)		(14	)		(5	)
Total Assets (000)		69,523			59,412			36,392			25,015			16,132
Net Asset Value per Unit - Class A		103			101			91			77			71
Net Asset Value per Unit - Class B		105			105			97			83			79

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

(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.  During 2013, no Class A units were purchased by the Beneficial Owners and, 156 Class A units with a NAV of $10,854 were converted to 142 Class B units.  The Managing Owner did not purchase any units during this time.  For the fiscal year ended December 31, 2013, the Beneficial Owners redeemed a total of 87,470 units for $6,325,902.  For the fiscal year ended December 31, 2013, the Beneficial Owners redeemed a total of 83,789 Class A units for $6,028,261 and 3,681 Class B units for $297,641. The Managing Owner did not redeem any units during the fiscal year ended December 31, 2013.

The Trust’s involvement in the futures and forward markets exposes the Trust to both market risk — the risk arising from changes in the market value of the futures and forward contracts held by the Trust — and credit risk — the risk that another party to a contract will fail 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 Trading Advisors monitor their respective Trading Company’s trading activities and attempt to control the Trust’s exposure to market risk by, among other things, refining their respective trading strategies, adjusting position sizes of the Trading Company’s futures and forward contracts and re-allocating Trading Company’s assets to different market sectors.  As of December 31, 2013, the market sectors where the Trust maintained an investment having the highest exposure were: Indices having a net long value of $392,266, Agricultural having a net long value of $185,375, Currencies having a net long value of $93,295 and Metals having a net long value of $78,920.  The Trust’s primary exposure to credit risk is its exposure to the non-performance of the Trust’s forward currency broker.  The forward 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 clearing houses whose credit supports the obligations of its members and that operate as principals markets, in which case the Trust will be exposed to the credit risk of the other party to such trades.

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 statement of financial condition of the Trust.

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 the Trading Advisors, and the Trust’s expenses are primarily charged as a fixed percentage of its asset base, however large, or by number of investors.  To a lesser extent, some expenses are incurred as minimums regardless of the size of the asset base, such as audit and legal fees.

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 and have been immaterial to the Trust’s operation to date and are expected to continue to be so.

During the fiscal year ended December 31, 2013, the Trust had no credit exposure to a counterparty which is a foreign commodities exchange which was material.

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.

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(b) Liquidity

The Trust’s net assets 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 very 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 securities holdings quickly and at market prices.  This should permit the Trading Advisors to limit losses as well as reduce market exposure on short notice should their programs indicate reducing market exposure.

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 dollars.  For deposits denominated in other currencies, the Trust earns interest at a rate of one-month LIBOR less 100 basis points.  For the calendar year ended December 31, 2013, RJO had paid or accrued to pay interest of $1,112 to the Trust.  For the calendar year ended December 31, 2012, the Clearing Broker paid or accrued to pay interest of $2,005 to the Trust.

Additionally, effective October 6, 2010, the Managing Owner retained RJOIM, an affiliate of the Managing Owner, to serve as a cash manager to the Trust.  The Trust’s assets which are managed by the cash manager are held by Wells as custodian.  As of December 31, 2013, Wells held approximately $2.8 million of the Trust’s assets.  For the calendar year ended December 31, 2013 the assets held in this account earned $198,773 of interest income.

Most United States commodity exchanges limit the amount of fluctuation in commodity futures contract prices during a single trading day by regulations.  These regulations specify what 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 the 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 CFTC 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, and there are no material unused sources of liquid assets.

(c)           Results of Operations

The Trust’s success depends on the Trading Advisors’ ability 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.

RCM, PGR, PAM and PR are technical traders, and as such, their programs do not predict price movements. No fundamental economic supply or demand analysis is used in attempting to identify mispricing in the market, and no macroeconomic assessments of the relative strengths of different national economies or economic sectors are made.  However, there are frequent periods during which fundamental factors external to the market dominate prices.  For Bleecker, which is a discretionary trader, economic fundamentals and macroeconomic assessments are made in the implementation of its investment strategy.

The summaries set forth below outline certain performance factors which may have affected the performance of the Trading Advisors during fiscal years 2013, 2012, and 2011.  During this time, the Trust’s assets were allocated to different combinations of CTAs over time.  As of December 31, 2013, trading decisions for the Trust have been delegated to five independent CTAs:  RCM, PGR, Bleecker, PAM and PR.

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The performance summaries are an outline description of how the Trust performed in the past, and not necessarily any indication of how it will perform in the future.  Furthermore, the general causes to which certain trends or market movements are attributed may or may not in fact have caused such trends or movements, as opposed to simply having occurred at about the same time.

2013

The RJO Global Trust Class A units posted a loss of (7.38%) and Class B units posted a loss of (5.52%) for 2013.  The NAV per unit for Class A at year-end was $71.25 and for Class B at year end was $78.74 (please see Note (1) and Note (9) in the notes to financial statements for more information with respect to the calculation of net asset value) compared to $76.92 per Class A unit at the beginning of the year and $83.34 per unit for Class B.  During 2013 no Class A or Class B units were purchased and $10,854 worth of Class A units were converted to Class B units.

Several reports out in January 2013 noted that market participation by governments and central banks around the world reached unprecedented levels over the last few years.  This participation has suppressed market volatility and put off an ultimate response to ballooning global debt problems.  The U.S. Congress and President have pushed back budget discussions until late spring 2014.  The stock market did not experience negative effects as a result.  The S&P 500 jumped out to a 5% gain in January.  Interest rates, on the other hand, have not reacted favorably to the recent developments.  While the interest rate on the 10-year U.S. Treasury has crept back into the 2% range after spending much of last year between 1.5% and 1.8%, it is still low by historical standards.  Crude oil is creeping back towards $100 per barrel and other commodities appear to be well bid for.  In February, the S&P 500 continued its climb and tested the all-time highs established back in October 2007 by adding a 1.4% profit to its 5% gain in January.  Sell offs in crude oil and gold led the commodity sector lower.  The Dow Jones UBS Commodity Index was down over 4% in February, pushing it into negative territory for the year. Yield on the 10-year U.S. Treasury found support at the 2% level and drifted back to 1.85%.  In part, the commodity sell off and bounce in the treasury market was in response to the U.S. government sequester that took place at month end February and was signed into law on March 1. The automatic spending cuts are expected to dampen economic activity and temporarily put off inflation concerns.  Governments around the world continue to participate in the markets, postponing more lasting solutions to the global economic challenges.  The ultimate market response to this unprecedented government participation is expected to be significant and could offer some investment opportunities in the managed futures sector.  In March, the S&P 500 posted new all-time highs, rising 3.75% and finishing the quarter up nearly 11% for year-to-date.  The 10-year U.S. Treasury returned 0.26%.  The commodity sector, as reflected by the Dow Jones UBS Commodity Index, rose 0.67% during March but remained in negative territory for the year, down 1.13%.  Governments and central banks around the world remain engaged and very active in their respective economies as they try to manage a fragile global economic recovery. The strengthening U.S. dollar and the rising U.S. stock market appear to be the result of bleak situations in the European economies rather than outright strength of the U.S. economy.

The stock market set new all time highs during the month of April.  The S&P finished April up almost 13% for the year.  Near record low yields persist in German, French, Japanese, and U.S. sovereign debt markets.  Central banks around the world remain committed to a low to near zero interest rate environment in an attempt to provide fuel to weak global economic recoveries.  The Dow Jones UBS Commodity Index continued its slide during April and was down approximately 4% for the year to date.  With no signs of inflation and stagnant global demand for most commodities, markets just cannot seem to sustain any upside momentum.  The stock market posted new all time highs again during the month of May.  The S&P 500 Total Return Index gained another 2.3% and is up just over 15% for the year.  A stronger U.S. dollar and a perception of tepid global economic growth kept pressure on the Dow Jones UBS Commodity Index.  The Index lost over 2% during the month and was now down over 6% for the year to date.  While central banks around the world remain committed to a near zero interest rate environment in an attempt to provide fuel to weak global economic recoveries, longer term rates crept higher during the month.  The yield on the U.S.10-year Treasury closed the month at 2.16%, a new high for the year.  The perception that the central banks are going to remain committed to an “easy” monetary environment while governments put off dealing with mounting debts and budget issues might just be starting concerns on the part of bond holders.  During June, the Federal Reserve Bank announced its plan to gradually begin reducing the amount of U.S. Treasury notes and bonds it has been purchasing on a monthly basis.  This caused interest rates to rise to their highest levels in over a year.  The yield on the 10-year note rose rapidly from 2% to just over 2.5%.  While rates continue to be low by historical standards, the change of stance by the Fed did serve to dampen investors’ enthusiasm for stocks, bonds, and commodities during June.  The S&P 500 Total Return Index lost just over 1.4% during June, its first losing month since October of last year.  The Index managed to remain positive for the 2nd quarter and has gained almost 14% for the year to date.  A stronger U.S. dollar didn’t provide any help for the Dow Jones UBS Commodity Index.  The Index lost 4.72% during the month and commodities are now down over 10% for the year to date.  In the commodity sector, crude oil and natural gas have held steady while the metals markets have faced the most selling pressure.

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Stocks rebounded strongly in July with the S&P 500 rising almost 5% to finish the month at a new all-time high, showing a gain of 18.20% for the year.  After a significant percentage jump in June, interest rates stabilized in July.  The 10-Year U.S. Treasury note traded in a narrow range during the month averaging 2.6%.  The markets seemed to acknowledge that the U.S. economy is growing steadily without much inflationary pressure.  Still, investors are watching the Fed very closely for any hint of a pullback from its 4-year endeavor to support the economy with easy monetary policy.  A new variable for Fed watchers was the replacement for Fed Chairman Bernanke.  The U.S. dollar remained strong against the Japanese Yen, Aussie Dollar and Canadian Dollar but slid a bit during the month against the Euro.  The Dow Jones UBS Commodity Index gained slightly during the month but remained down almost 10% for the year to date.  Stocks lost ground in August for the second time in the last three months.  Concern over military action in Syria and inconsistent economic reports seemed to have given the market a reason for pause.  The S&P was still up approximately 16% for the year to date.  U.S. Treasury yields inched higher over the course of the month.  The total return on the U.S. 10-year note was -5.39% for the year to date.  The U.S. dollar remained strong against the Japanese Yen, Australian Dollar and Canadian Dollar but remained on the weaker side versus the Euro, Pound, and the Swiss Franc.  The Dow Jones UBS Commodity Index gained just over 3% for the month on the back of stronger energy and precious metals markets, but remained down over 6% for the year to date.  Stocks regained lost ground, posted a new all-time high mid-month, then settled back a bit at month end to finish September with a 3% gain.  That puts the S&P 500 Total Return index up approximately 20% for the year to date.  Stock and bond markets were both pleased when the Federal Reserve signaled that it would not begin to taper its purchasing of treasuries in the near future.  The Fed’s decision was based on continued weakness in certain areas of the economy and concern for the lack of momentum of the nation’s overall economic recovery.  Commodities trended lower reflecting adequate supplies in agriculture markets and the lessening of tensions surrounding Egypt and Syria in the Middle East which had supported higher oil prices recently.  As a result, the Dow Jones UBS Commodity Index lost 2.55% during the month and had lost almost 9% for the year to date.  After a brief rise in August, the U.S. dollar resumed a weakening trend in September.  The U.S. Dollar Index had lost 5.6% from its recent peak in early July.

During the first half of October, the focus remained on the debt ceiling discussion in Washington. As the U.S. government shutdown became reality resulting in a lack of economic data availability uncertainty remained high creating a choppy market environment.  By mid-month, however, anxiety of a potential default of government debt payments were replaced by relief following president Barack Obama’s signing of a temporary extension until February 2014.  As a result of the extension, global equity markets surged higher with emerging market equities leading the way.  Fixed income markets also gained on the back of the decision as well as a result of soft U.S. employment data that was taken as a sign that the Fed will not start tapering any time soon.  In currency markets, the Euro strengthened against the U.S. dollar extending its bullish trend from September.  In the commodity sector, sugar futures were the big gainers on the month, reversing sharply from the long-term bearish trend that had prevailed since mid-2011.  Throughout November, mixed economic news kept markets guessing whether the U.S. recovery was a) strong enough for traders to not worry about any tapering, b) strong enough for the Fed to start tapering but too weak for traders not to worry about that, or c) too weak for the Fed to start tapering and, thus, markets enjoying more QE.  Eventually, equity markets continued their steady grind higher amid better-than-expected economic news and the quasi-confirmation of Fed vice-chair Janet Yellen as Ben Bernanke’s successor as Fed chair, which points towards a continuation of the Fed’s loose monetary policy.  In fixed income, however, bond yields ticked up somewhat. In currencies, Yen weakness persisted as carry traders continued to sell the low-yielding Japanese currency in order to fund purchases of higher-yielding assets.  In commodities, gold declined significantly, hit hard by a strengthening U.S. dollar and strong economic data.  The beginning of December was marked by high uncertainty as investors turned increasingly worried for the start of Federal Reserve tapering ahead of their policy meeting.  However, these fears were replaced by euphoria by mid-month as the Fed announced only a slight reduction of monthly asset purchases hinting that its key interest rate would stay near zero “well past the time” that that the U.S. jobless rate falls below 6.5%.  As a result, equity markets rallied broadly in the latter part of the month building on the gains seen in September, October, and November.  Energy and base metal prices also pushed higher. The fixed income sector showed a measured response to the Fed announcement while in FX markets the Japanese Yen continued to slide hitting a 5-year low against the U.S. dollar.  In precious metals, the price of gold edged lower recording its biggest yearly loss in 32 years.

2012

The RJO Global Trust Class A units posted a loss of (15.77%) for 2012, Class B units posted a loss of (14.06%).  The NAV  per unit for Class A at year-end was $76.92 and for Class B at year end was $83.34 (please see Note (1) and Note (9) in the notes to financial statements for more information with respect to the calculation of Net Asset Value) compared to $91.32 per Class A unit at the beginning of the year and $96.98 per unit for Class B. Beneficial Owners purchased $137,436 worth of Class A units and $4,404 worth of Class B units were transferred from Class A units in the Trust during 2012.

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With short-term interest rates at or near zero and no implosion in the European debt saga, the stock market continued to drift higher with little resistance during January. Bonds were choppy but only slightly lower on the month as interest rates inched higher.  Commodities were higher as a sector thanks to strength in crude oil, cattle, and soybean markets.  Gold, corn, and natural gas markets were a drag on the sector finishing flat to lower on the month. In February, the stock market moved ahead on light volume during the month and posted its best February since 1997.  Bonds and commodities also posted small gains to start the year. The managed futures industry continues to struggle.  A violent reversal by grains, bonds, and some metals caused losses during the month. The Barclay Top 50 which is representative of all managed futures strategies and over 50% of the industry’s assets finished 2012 with its worst 36 month performance period since the index began in 1987.  Erratic volatility, fluctuating volume, and government intervention in Europe, Asia, the U.S., and China have been blamed by traders for the difficult environment.  The index finds itself two standard deviations from its positive historical average annual return. Some would argue that the U.S. Federal Reserve is already in the middle of its third round of quantitative easing. With short term interest rates continuing at or near zero and no further shocks in the European debt saga, the stock market continued a climb higher during March and posted its best first quarter in 14 years.  Bonds were lower posting their worst quarter in two years.  The commodity sector was lower on the month due to weakness in the energy, base metals, meats, and corn markets.

Stocks and commodities drifted lower during the month of April.  Bonds rallied a bit leaving the 10-Year U.S. Treasury in positive territory for the year with a yield of 1.93%.  Spain has now taken center stage in the European debt drama.  Spain’s debt was downgraded as the country posted an unemployment rate of 24%, its worst in over 30 years.  Domestically, concern is building over the slowing rate of growth in our economic recovery.  The Fed has signaled that it is content with its current monetary policy and does not envision another round of quantitative easing to stimulate the economy.  Volatility indicators remain on the low side of their “normal” range which is interesting given the potential for market problems building around the world. The Barclay Top 50, which is representative of all managed futures strategies and over 50% of the industry’s assets, was flat for the month and remains in negative territory for the year.  The last 36 months for the managed futures index are among its worst ever.  Many trend following strategies posted disappointing results during the month.  Some short-term managers and counter trend strategies were modestly successful during the month. Stocks and commodities suffered through a very difficult month of May.  Europe was again the catalyst for most of the concerns.  Greece is on the brink of falling out of the Euro zone.  A June 17th election holds little hope of electing a government with the resolve to take the disciplined action needed to correct the situation.  In the meantime, market focus has sharpened with respect to Spain.  As a result, the EAFE Index was down over 12% for the month.  The S&P 500 lost 6%.  The Dow Jones UBS Commodity Index lost over 9%, while cotton lost 20%, crude oil lost 18%, corn lost 12%, copper lost 12%, and gold lost 6%.  In the midst of this chaos, the yield on the U.S. 10 Year Treasury reached a new all time low of just under 1.5%.  Obviously, this has become a fearsome environment for global investors. For the first time since 2008, every one of the Trust’s managers and every sector traded were positive for the month.  Trend following strategies led the way after dragging the portfolio down over the last several months.  Long positions at the end of April in currencies and energy markets were reversed and traders were able to capture the moves down in those markets.  Stocks and commodities rebounded during the latter part of June.  The Greeks elected a new government which pledged to work with other European countries to implement austerity measure to cut debt and bring finances under control.  At a summit of European leaders on the 29th of June, an agreement was made to support the banks and economies of Spain, Italy, and Portugal.  All of this will be done with more debt which hardly seems a long term solution.  The European agreement triggered a rally in stocks, commodities, and currencies.  On the last trading day of June the Euro rallied 3%, crude oil gained 9%, and stocks surged 2.5%.  That was the strongest day for the Euro and crude in almost 3 years.  The U.S. 10 Year Treasury note finished the month at a yield of 1.58%.  The yield hovers near its post war low of 1.49% which was touched during the first week of June as the U.S. continues to serve as a relative safe haven during these times of uncertainty.

Stocks, bonds, and commodity sectors each posted positive results during July. The U.S.10-Year Treasury posted a new record low yield during the latter part of the month at 1.38% as the U.S. continues to serve as a relative safe haven during these times of uncertainty. Five European countries have registered negative yields for their short to medium- term treasury securities. This would have been an unimaginable situation just a few years ago. Investors actually buy these securities certain that they will lose a certain amount of their principal at maturity. European governments and central banks have pledged to stay together and to do anything it takes to turn their collective economies around. Markets in general took this as good news but it remains to be seen if investors have confidence in governments to take the action needed that would truly make a difference in the long run. Stocks and commodity sectors crawled higher in August.  Stocks rose a little over 2%.  The S&P 500 has gained over 13% for the year to date.  After climbing for the last 3 years, the S&P rests approximately 10% below its October 2007 peak.  Oil has regained its losses from May and June and now trades in the mid-to-upper $90 per barrel range.  The drought across the mid section of the U.S. has driven corn and soybean prices higher.  Interest rates remain in a narrow trading range near historical lows.  Stock and commodity sectors climbed higher in September.  Stocks rose a little over 2.5% and the S&P 500 has now gained almost 16.5% for the year to date.  The market has benefited from a Federal Reserve Bank dedicated to supporting a timid economic recovery at all costs.  After climbing for the last 3 years, the S&P rests approximately 9% below its October 2007 peak.  Oil touched a price of $100 dollars per barrel but immediately sold off $10 dollars and now trades in a range based in the low $90’s.  The drought across the mid section of the U.S. has dramatically damaged corn and soybean crops.  Prices remain at high levels as we approach the harvest season.  Doubts about crop yields have kept volatility unusually high as well.  Interest rates rose during the middle of the month but pressure subsided after weaker than expected economic news was revealed.  Interest rates remain in a narrow trading range near historical lows.

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Hurricane Sandy became the story at month-end October.  Many markets were closed and others were very lethargic while the world watched the giant storm cripple New York City and the Northeastern seaboard of the United States.  Commodities, stocks, and bonds all registered losses during the month.  The markets also appeared to be stuck in gridlock as polls showed the U.S. Presidential race to be a “too close to call” proposition.  There is too much economic and political pressure built up in the U.S., Europe, and Asia for the markets to tread water much longer.  We look for capital flows to be much more pronounced following the election.   With the Presidential election come and gone, we are staring at a fiscal cliff.  Since late 2008 and early 2009, it seems that the market has been searching for and finding the next possible financial or political meltdown to fret over.  With tension in the Middle East, economic problems and disagreement among members of the European community, and our own budget arguments, there has been no shortage of news to create a background of uncertainty for the various markets traded by the advisors in the Trust.  Commodities, stocks, and bonds all registered small gains during November but volatility remains low.  Volatility, however, has become more erratic in recent years.  In other words, the volatility surrounding the markets has the ability to change very quickly.  A higher volatility environment would be a welcome change for our advisors.  Governments around the world have interfered dramatically with market activity during the last few years.  This interference has suppressed market volatility and put off the ultimate response to ballooning global debt problems.  It should have come as no surprise that the U.S. government allowed the “fiscal cliff” drama to hang over the market until the last day of 2012.  Our leaders could not come to a constructive agreement on how to address the budget deficit or our country’s debt, so they compromised on tax increases and put off more difficult decisions on spending cuts.  Stocks responded favorably gaining 1% in December and 16% for 2012.  U.S. 10-year notes lost for the month but posted a 4.2% gain for 2012.  The Dow Jones UBS commodity index was slightly negative for 2012 while the U.S. Dollar Index was virtually unchanged for the year.

2011

The RJO Global Trust Class A units posted a loss of (9.26%) for 2011, Class B units posted a loss of (7.42%).  The NAV  per unit for Class A at year-end was $91.32 and for Class B at year end was $96.98 (please see Note (1) and Note (9) in the notes to financial statements for more information with respect to the calculation of Net Asset Value) compared to $100.64 per Class A unit at the beginning of the year and $104.75 per unit for Class B. Beneficial Owners purchased $943,530 worth of Class A units and $219,959 worth of Class B units in the Trust during 2011.

The stock market started the year with a solid gain.  U.S. Treasuries and the U.S. dollar were slightly weaker.  Precious metals were decidedly weaker during the month but other commodities, lead higher by grains, allowed the Dow Jones-UBS Commodity Index to post a gain of 1%.  The stock market benefitted from low interest rates and strong corporate earnings.  The U.S. bond market has not responded to signs of inflation that have begun to surface in the emerging economies of China, India, and Brazil.  In particular the economies of several Northern African countries have shown stress over food prices.  The political stress in Egypt and Tunisia added significant support to grain and energy prices.  Near month end, market participants saw evidence of those governments beginning to hoard food to make sure supplies are adequate at any cost.  Concern over access to the Suez Canal and the flow of oil exports from the region were reasons given for strength in oil prices. Stocks kept climbing higher quietly during the month of February.  The rally was disrupted in the latter part of February as violence erupted in Libya.  Stress in the Middle East sparked a renewed rally in the petroleum markets.  In an odd turn of events, market participants identified climbing fuel prices, which on their own might be considered inflationary and negative for fixed income markets, as a reason that global economies might slow and therefore lessen inflationary pressures.  With this as a backdrop, U.S. Treasuries posted a modest gain.  Commodity indices led higher by energy and metals markets posted all-time highs.  Domestically, the House and Senate have undertaken a project to revise and pass a budget that will reign in the country’s ballooning budget deficit.  Negotiations do not appear to be going well.  This all adds up to a volatile market outlook.  In March, an earthquake in Japan and the tsunami that followed unleashed a series of events that will change that country forever.  Stocks and commodities plunged following the disaster but recovered during the latter part of the month to finish unchanged.  A coalition of foreign forces decided to intervene in Libya to support the rebel groups battling against Gaddafi.  Unemployment in the U.S. was reported to be improving with the best number since 2008.    The United States Department of Agriculture (“USDA”), reports the lowest corn inventories in years.

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In April stocks scored another gain in what has been a near perfect environment for the market over the last 12 months.  The S&P 500 has doubled since March 2009 and remains just 13% below an all time high.  Interest rates have remained at near historic lows and economic activity has been quietly improving.  Still, there is a certain uneasiness surrounding the current situation, as many prudent market watchers are concerned that the Federal Reserve Bank’s accommodative monetary policy is the only support underlying the market.  If the Fed were unable to maintain accommodative monetary policy, the market would have to deal quickly with inflationary evidence and questions of currency stability.  Commodities remain in a steady uptrend and, although experiencing some brief pullbacks, have been led higher by food, metal, and energy markets.   Stocks lost just over 1% during May while commodities lost just over 5%.  The markets seemed concerned that domestic global economic growth was slowing.  Concerns over the European Union’s situation with Greece and its debt situation have brought credit market tensions to the forefront.  As a result, U.S. Treasuries showed strength again this month with the benchmark 10-year note closing out the month with its yield hovering near 3%.  Given the markets concern over budget deficits and commodity led inflation, it is remarkable that the yield on the 10-year note is trading so low.  The markets appear to be very nervous about the potential of a U.S. budget impasse and a double dip recession.  Stocks staged a strong rally during the last few days of June but still finished the month down almost 2%.  Commodities lost 5% during the month as crude oil and grains sold off dramatically from recent highs.  On the energy front, the International Energy Agency orchestrated the release of 60 million barrels of oil to help loosen the oil market and to keep prices below $100 per barrel.  The USDA reported that farmers have planted a record amount of corn.  In fact, planted acreage is 9% higher than ever before.  Greece avoided a financial default by approving an austerity package despite a series of violent domestic protests.  Allowing Greece to solve its debt problem by creating more debt from within the European Community in a global environment that includes the U.S. fighting its own rising debt problems, finally got the attention of treasury markets around the world.  The unfolding events caused rates to creep up slightly during the month.  July was interesting as politicians position themselves in the effort to increase the U.S. debt ceiling or face our own credit default.

Stocks continued their losing streak in July finishing with a lackluster 2% loss.  The market continues to struggle with anemic economic data and a stressful political climate related to debt management both here in the U.S. and in Europe.  While the European community avoided an immediate crisis in Greece, problems remain critical in Italy and in Spain.  For the first time our country’s history, our government flirted with default as our leaders could not agree on a plan to increase our debt limit or a long term plan to balance the U.S. budget.  With this environment as a backdrop and investors looking for safe havens to protect value, gold and the Swiss franc each made new highs.  Interest rates remain at or near record lows.  Many commodities began climbing back to higher price levels seen earlier this spring.  As a result, the Dow Jones-UBS Commodity Index returned to positive territory at month end for the year to date.  At one point during August, stocks were down almost 12%.  The S&P rallied five straight days to finish the month with a loss of 5.43%.  The final monthly result masks the fear that was present in early August.  As stocks were in free fall, gold rocketed to an all time high nominal price of over $1,900 per ounce.  The Swiss franc rose to an all time high against the U.S. dollar and against the Euro as global investors worried over the viability of the European Union and the ability of the U.S. economy to avoid another recession.  Ten-year note yields dipped below 2% for a few days for the first time since 1960 seeming to signal desperation on the part of investors seeking to avoid stock exposure and market risk.  With no evidence of a solution to numerous global economic and political problems, it was somewhat surprising to see that stocks and commodities finished the month on a positive note.  The market seems to have embraced the Federal Reserve Bank’s plan to leave interest rates at or near zero until 2013.  It seems that something would have to give between weakening global economies and increasing global debt problems.  Global stock markets continued their slide during September and posted their worst quarterly performance since the fall of 2008.  Concerns over slumping global demand for commodities caused a 15% drop in the Dow Jones-UBS Commodity Index, its second worst month ever and the worst month since October 2008.  After making new highs earlier this summer gold and corn are each almost 25% below their peaks.  Crude oil, coffee, and copper have fallen between 15 and 20%.  It would appear that the markets are pricing in a Greek default and the impact such a default might have on the European Union.  While the direct economic impact of such a problem is uncertain, the thought of it has created a lack of confidence that has been pervasive across many markets and has been reflected in many recent consumer and business reports.  Consumers appear reluctant to spend and businesses are hesitant to hire new employees and invest in new projects.  Not a good combination for economic growth.

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After posting the worst quarterly performance since the fall of 2008, the stock market responded in October with a gain of 13%, its best single month since 1987.  It is interesting to note the market’s increased volatility.  For a record 68 consecutive days the S&P had an intraday trading range of over 1%.  The string was interrupted on Friday, October 28 as the market seemed to pause to consider the announced European debt restructuring plan.  A new string began on October 31 with the market losing 2.5%.  Commodities, which had been tracking stocks closely for the last two years, decoupled and continued their losing streak.  The Dow Jones-UBS Commodity Index rebounded gaining over 6% during the month.  The Index has lost 7.9% for the year to date.  Interest rates experienced a reversal with the 10-year note yield rising 50 basis points from its early October low.  This reversal was attributed to problems in Europe, inflationary concerns, and poor demand for treasuries at recent U.S. government debt auctions.  At the close on the day before Thanksgiving, the S&P 500 had lost 8.5% during November.  The market staged an amazing turn around to finish slightly positive for the month.  This helped crude oil and gold but other commodities slumped and caused the Dow Jones-UBS Commodity Index to post another negative month.  Corn and natural gas for example both lost over 6% during the month.  The market continues to be sensitive to and influenced by developments surrounding the European debt crisis.  Every morning, it seems, the market reacts positively or negatively to overnight headlines coming out of Europe.  United government central bank intervention to create additional liquidity for European financial institutions, in fact, caused the market to surge almost 4% on the last day of November.  Market rallies based on government intervention do not usually signify a stable foundation for economic growth.  In addition to the rally in stocks, the concerted central bank intervention caused foreign currencies to surge against the dollar and interest rates on longer duration treasuries to increase.  There seems to be plenty of turmoil in the market to create trading opportunities.   For a year that contained historically high periods of volatility, blistering sell offs, short covering rallies, and ranges from low to high of over 27%; it was interesting to see the stock market close the year with a very slight 2% gain.  Commodities as an asset class lost over 13% and were lead lower by grains, softs, base metals, and some energy markets.  Fixed income markets confounded experts, who expected a rising interest rate environment earlier in the year, by finishing with the best performance of the year.  The U.S. Government’s 10-year note, for example, finished with a total return of more than 15%.  As we begin 2012, the European debt situation remains unsolved, there is plenty of tension in the Middle East and on the Korean peninsula, China’s economic development continues to dominate global trade issues, and an already deadlocked partisan U.S. political system is entering a Presidential election year.  Basically, it’s business as usual.  The market turmoil can represent opportunities for our traders as we look forward to the year ahead.

(d) Inflation

Inflation does have an effect on commodity prices and the volatility of commodity markets; however, continued inflation is not expected to have a material adverse effect on the Trust’s operations or assets.

(e) Off-Balance-Sheet Arrangements

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

(f)    Tabular Disclosure of Contractual Obligations

The business of the Trust is the speculative trading of commodity interests, including 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.  The majority of the Trust’s futures and forward positions, which may be categorized as “purchase obligations” under Item 303 of Regulation S-K, are short-term.  That is, they are held for less than one year.  Because the Trust does not enter into other long-term debt obligations, capital lease obligations, operating lease obligations or other long-term liabilities that would otherwise be reflected on the Trust’s Statement of Financial Condition, a table of contractual obligations has not been presented.

Item 7A.  Quantitative and Qualitative Disclosures About Market Risk

Introduction

Past Results Are Not Necessarily Indicative of Future Performance

The Trust is a speculative commodity pool.  The market sensitive instruments held by it are acquired for speculative trading purposes, and all or substantially all of the Trust’s assets are subject to the risk of trading loss.  Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Trust’s main line of business.  Market movements result in frequent changes in the fair market value of the Trust’s open positions and, consequently, in its earnings and cash flow.  The Trust’s market risk is influenced by a wide variety of factors, including the level and volatility of interest rates, exchange rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Trust’s open positions and the liquidity of the markets in which it trades.

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The Trust can acquire and/or liquidate both long and short positions in a wide range of different markets.  Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Trust’s past performance is not necessarily indicative of its future results.

Standard of Materiality

Materiality as used in this section, “Quantitative and Qualitative Disclosures About Market Risk,” is based on an assessment of reasonably possible market movements and the potential losses caused by such movements, taking into account the leverage, optionality and multiplier features of the Trust’s market sensitive instruments.

Quantifying the Trust’s Trading Value at Risk

“Value at Risk” is a measure of the maximum amount which the Trust could reasonably be expected to lose in a given market sector.  However, the inherent uncertainty of the Trust’s speculative trading and the recurrence in the markets traded by the Trust of market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated Value at Risk or the Trust’s experience to date (i.e., “risk of ruin”).  In light of the foregoing as well as the risks and uncertainties intrinsic to all future projections, the inclusion of the quantification included in this section should not be considered to constitute any assurance or representation that the Trust’s losses in any market sector will be limited to Value at Risk or by the Trust’s attempts to manage its market risk.

Quantitative Forward-Looking Statements

The following quantitative disclosures regarding the Trust’s market risk exposures contain “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Exchange Act).  All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact.

The Trust’s risk exposure in the various market sectors traded by the Trading Advisors is quantified below in terms of Value at Risk.  Due to the Trust’s mark-to-market accounting, any loss in the fair value of the Trust’s open positions is directly reflected in the Trust’s earnings (realized or unrealized) and cash flow (at least in the case of exchange-traded contracts in which profits and losses on open positions are settled daily through variation margin).

Exchange maintenance margin requirements have been used by the Trust as the measure of its Value at Risk.  Maintenance margin requirements are set by exchanges to equal or exceed the maximum losses reasonably expected to be incurred in the fair value of any given contract in 95% - 99% of any one-day intervals.  The maintenance margin levels are established by dealers and exchanges using historical price studies as well as an assessment of current market volatility (including the implied volatility of the options on a given futures contract) and economic fundamentals to provide a probabilistic estimate of the maximum expected near-term one-day price fluctuation.

Maintenance margin has been used rather than the more generally available initial margin, because initial margin includes a credit risk component, which is not relevant to Value at Risk.

In the case of market sensitive instruments, which are not exchange traded (almost exclusively currencies in the case of the Trust), the margin requirements for the equivalent futures positions have been used as Value at Risk.  In those rare cases in which a futures-equivalent margin is not available, dealers’ margins have been used.

The fair value of the Trust’s futures and forward positions does not have any optionality component.

In quantifying the Trust’s Value at Risk, 100% positive correlation in the different positions held in each market risk category has been assumed.  Consequently, the margin requirements applicable to the open contracts have simply been aggregated to determine each trading category’s aggregate Value at Risk.  The diversification effects resulting from the fact that the Trust’s positions are rarely, if ever, 100% positively correlated have not been reflected.

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The Trust’s Trading Value at Risk in Different Market Sectors

The following tables indicate the average, highest and lowest amounts of trading Value at Risk associated with the Trust’s open positions by market category for fiscal years 2013 and 2012.  All open position trading risk exposures of the Trust have been included in calculating the figures set forth below.  During fiscal year 2013, the Trust’s average total capitalization was approximately $17.6 million, and during fiscal year 2012, the Trust’s average total capitalization was approximately $27.0 million.

	FISCAL YEAR 2013
Market Sector	Highest Value at Risk*		Lowest Value at Risk*(A)		Average Value at Risk*		% of Average Capitalization**
Agriculture	$	1.2	$	0.2	$	0.8		4.6	%
Currencies		0.3		0.1		0.2		1.1	%
Energies		0.3		0.1		0.2		0.9	%
Indices		1.7		0.2		0.5		3.0	%
Interest Rates		0.7		0.0		0.2		1.4	%
Metals		0.5		0.1		0.2		1.0	%
Total	$	4.7	$	0.7	$	2.1		12.0	%

	FISCAL YEAR 2012
Market Sector	Highest Value at Risk*		Lowest Value at Risk*		Average Value at Risk*		% of Average Capitalization**
Agriculture	$	2.2	$	0.1	$	0.7		2.5	%
Currencies		1.1		0.0		0.4		1.6	%
Energies		0.5		0.0		0.2		0.7	%
Indices		0.9		0.0		0.3		1.2	%
Interest Rates		0.8		0.0		0.3		1.3	%
Metals		0.5		0.0		0.2		0.7	%
Total	$	6.0	$	0.1	$	2.1		8.0	%

*   Average, highest and lowest Value at Risk amounts relate to the month-end amounts for each calendar month-end during the fiscal year.  All amounts represent millions of dollars committed to margin.

** Average capitalization is the average of the Trust’s capitalization at the end of each fiscal month during the relevant fiscal year.

(A)  As of September 30, 2013 all trading accounts were flat and there was not Value at Risk at the end of September 2013, due to the transition to the new Trading Advisors that began trading in October 2013.  Therefore, this table does not include the zero Value at Risk Amounts for September 2013 in the Average or Lowest Value at Risk amounts or in the % of average capitalization amount.

Material Limitations on Value at Risk as an Assessment of Market Risk

The face value of the market sector instruments held by the Trust is typically many times the applicable maintenance margin requirement (maintenance margin requirements generally range between approximately 1% and 10% of contract face value) as well as many times the capitalization of the Trust.  The magnitude of the Trust’s open positions creates a “risk of ruin” not typically found in most other investment vehicles.  Because of the size of its positions, certain market conditions - unusual, but historically recurring from time to time - could cause the Trust to incur severe losses over a short period of time.  The foregoing Value at Risk table, as well as the past performance of the Trust, gives no indication of this “risk of ruin.”

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Non-Trading Risk

The Trust has non-trading market risk on its foreign cash balances not needed for margin.  However, these balances (as well as any market risk they represent) are immaterial.  The Trust holds a significant portion of its assets in cash on deposit with RJO.  The Trust has cash flow risk on these cash deposits because if interest rates decline, so will the interest paid out by RJO at 100% of the four-week Treasury bill rate.  As of December 31, 2013 and December 31, 2012, the Trust had approximately $11.3 million and $2.2 million, respectively, in cash on deposit with RJO.  Additionally, effective October 6, 2010, the Managing Owner retained RJOIM, an affiliate of the Managing Owner, to serve as a cash manager to the Trust.  The Trust’s assets which are managed by the cash manager are held by Wells as custodian.  As of December 31, 2013 and 2012, Wells held approximately $2.8 million and $19.7 million, respectively, of the Trust’s assets.  To the extent excess cash is not invested in securities by the cash manager, such cash will be subject to the creditworthiness of the institution where such funds are deposited.

Qualitative Disclosures Regarding Primary Trading Risk Exposures

The following qualitative disclosures regarding the Trust’s market risk exposures — except for (i) those disclosures that are statements of historical fact and (ii) the descriptions of how the Trust and its Trading Advisors manage the Trust’s primary market risk exposures, constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act.  The Trust’s primary market risk exposures as well as the strategies used and to be used by the Trust’s Trading Advisors for managing such exposures are subject to numerous uncertainties, contingencies and risks, any one of which could cause the actual results of the Trust’s risk controls to differ materially from the objectives of such strategies.  Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures and the risk management strategies of the Trust.  There can be no assurance that the Trust’s current market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short or long term.  Investors must be prepared to lose all or substantially all of their investment in the Trust.

The Trust may 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.

The following were the primary trading risk exposures of the Trust as of December 31, 2013, by market sector.

Currencies.  The Trust’s currency exposure is to exchange rate fluctuations.  These fluctuations are influenced by interest rate changes as well as political and general economic conditions.  The Trust trades in a number of currencies, including cross-rates (i.e., positions between two currencies other than the U.S. dollar).  The Trust’s major exposures have typically been in the dollar/yen, dollar/euro, dollar/Swiss franc, dollar/British pound, dollar/Canadian dollar positions, and dollar/Australian dollar, dollar/Mexican peso and exposure to cross-rates positions such as Australian dollar/Canadian dollar, euro/Australian dollar and euro/British pound positions.

Interest Rates.  Interest rate risk is a major market exposure of the Trust.  Interest rate movements directly affect the price of the sovereign bond positions held by the Trust and indirectly the value of its stock index and currency positions.  Interest rate movements in one country as well as relative interest rate movements between countries materially impact the Trust’s profitability.  The Trust’s primary interest rate exposure is to interest rate fluctuations in the United States and the other G-7 countries.  However, the Trust also takes positions in the government debt of smaller nations such as Australia.  The Trust has a majority of its interest rate exposure in euro bonds, U.S. 10 and 5 year Notes, U.S. T-Bonds, Euribor, Eurodollars, Gilts, and Short Sterling.

Stock Indices.  The Trust’s primary equity exposure is to equity price risk in the G-7 countries including the U.S.  The stock index futures traded by the Trust are by law limited to futures on broadly based indices.  As of December 31, 2013, the Trust’s primary exposure was in the Mini-S&P 500 Index (U.S.), the E-Mini Russell Index (U.S.), the EURO-STOXX 50 (Germany), and the Nikkei Index (Japan). The Trust is primarily exposed to the risk of adverse price trends or trendless markets in the major U.S., European and Japanese indices.  (Trendless markets would not cause major market changes but could make it difficult for the Trust to avoid being “whipsawed” into numerous small losses.)

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Metals.  The programs currently used for the Trust may trade precious and base metals.  The Trust’s primary metals market exposure is to price fluctuations.  At December 31, 2013 the Trust had significant exposure to base metals which included aluminum, copper, nickel and zinc.  Exposure to precious metals included gold and silver.

Agricultural.  The Trust’s primary commodities exposure is to agricultural price movements, which are often directly affected by severe or unexpected weather conditions, such as the drought that occurred during the summer of 2013.  Corn, wheat, cocoa, sugar, coffee, soybeans, live cattle and cotton accounted for the substantial bulk of the Trust’s agricultural exposure as of December 31, 2013.  To a lesser extent and in the past, the Trust has had market exposure to orange juice, milk and hogs.

Energy.  The Trust’s primary energy market exposure is to gas and oil price movements, which sometimes result from political developments in the Middle East.  Oil prices can be volatile and substantial profits and losses have been and may continue to be experienced in this market.  As of December 31, 2013 the Trust had exposure in crude oil, heating oil, gasoline blend oil, and natural gas.

Fixed Income Securities.  The Trust’s primary exposure to fixed income securities are defined by the CFTC guidelines of acceptable securities for investment of segregated assets.  The scope of the acceptable securities by the CFTC are defined further by the RJOIM agreement with the Trust to include but not 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.  Note that total investment in corporate debt securities, bank deposit securities, and certificate of deposits combined cannot exceed 40% of the Trust’s total assets.  Fixed income securities are recorded at fair market value with changes in fair value recorded in the statement of operations.  Premiums and discounts on securities purchased are amortized over the life of the instrument.  Interest income is accrued and recorded when paid in the statement of operations.  

Qualitative Disclosures Regarding Non-Trading Risk Exposure

The following were the only non-trading risk exposures of the Trust as of December 31, 2013 and December 31, 2012.

Foreign Currency Balances.  The Trust’s primary foreign currency balances are in Japanese Yen, British Pounds, Euro Dollar and Canadian Dollar.

Cash Position.  The Trust holds assets in cash at RJO, earning interest at 100% of the average four-week Treasury bill rate (calculated daily).  For deposits denominated in other currencies, the Trust earns interest at a rate of the one-month LIBOR less 100 basis points. Additionally, effective October 6, 2010, the Managing Owner retained RJOIM, an affiliate of the Managing Owner, to serve as a cash manager to the Trust.  The Trust’s assets which are managed by the cash manager are held by Wells as custodian.  As of December 31, 2013, Wells held approximately $2.8 million of the Trust’s assets.  To the extent excess cash is not invested in securities by the cash manager, such cash will be subject to the creditworthiness of the institution where such funds are deposited.

Qualitative Disclosures Regarding Means of Managing Risk Exposure

The Manager Owner together with the Investment Manager monitors the Trust’s performance and the concentration of its open positions, and consults with the Trading Advisors concerning the Trust’s overall risk profile.  If the Managing Owner or the Investment Manager felt it necessary to do so, the Managing Owner could require the Trading Advisors to close out individual positions as well as entire programs traded on behalf of the Trust.  However, any such intervention would be a highly unusual event.  The Managing Owner and Investment Manager primarily rely on the Trading Advisors’ own risk control policies while maintaining a general supervisory overview of the Trust’s market risk exposures.

Risk Management

The information below outlines the general risk management practices of each Trading Advisor to the Trust.  These descriptions are not intended to be exhaustive.

Revolution Capital Management LLC:  RCM utilizes rigorous statistical methods to uncover and exploit numerous inefficiencies in futures markets.  RCM utilizes multiple different model architectures encompassing several hundred independent signal generators for each market traded and combines these signals in a proprietary manner to maximize risk-adjusted performance.  All trading signals are generated and followed in a systematic manner, although RCM reserves the right to override the system in a discretionary manner in certain specified circumstances in accordance with its risk management policies.

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RCM’s overall model ensemble exploits inefficiencies over short- to long-term time scales, which they define as a 1 to 200 day range.  The models attempt to profit from price trends, but not all of the models used are “trend-following” in nature.  RCM is involved in ongoing research and development and will continue to add models to the trading ensemble as they are developed and validated.  The offered trading programs use various combinations of models from the ensemble. Thus, the overall strategy for an offered program may change over time, and clients will not necessarily be informed of these changes as they occur.

RCM employs sophisticated risk-management techniques that account for long-term volatility, short-term volatility, the number and liquidity of the markets traded, and the dependencies/inter- relationships between markets and market sectors. The account positions are automatically balanced on an ongoing basis to maximize the expected risk-adjusted return of the account.  The execution of the trading system is fully automated: data acquisition, data processing, and order requests are all automated. Nonetheless, in order to minimize the probability of mistakes, all potential orders are validated by RCM’s principals before actual execution occurs.

“Alpha Program”

RCM’s Alpha Program incorporates long-term, medium-term, and short-term models into one ensemble system. Because of the long-term component, the performance may have a nonzero correlation to trend following systems employed by others. The model suite has been chosen to provide maximal diversification across time scales and strategies. The program targets an annualized volatility in the range of 12% to 15%.

The Alpha Program will trade on both U.S. and foreign exchanges, and may trade in the following markets:

·   Metals: Gold, Copper, Silver

·   Meats: Live cattle, Lean hogs

·   Currencies: Swiss Franc, Mexican Peso, Australian Dollar, Canadian Dollar, British Pound, Japanese Yen, Euro Currency

·   Grains: Wheat, Soybeans, Soybean oil, Corn

·   Stock Indices: S&P 500, FTSE 100 (UK), CAC40 (France), DAX (Germany), Hang Seng (Hong Kong), Share Price Index (Australia), Nikkei 225 (Japan), Nasdaq, Euro Stoxx (Euro zone)

·   Interest Rates: Thirty-year U.S. bond, 10-year U.S. note, 5-year U.S. note, 2-year U.S. note, Long Gilt (UK), Euro Schatz, Euro Bobl, Euro Bund, 3-year Australian Bonds

·   Energies: Crude oil, Heating oil, Natural Gas, RBOB Gas

·   Softs: Coffee, Cotton, Sugar #11

PGR Capital LLC:PGR’s investment strategies have a strong mathematical and statistical basis and exploit established signal processing and econometric techniques. Underlying PGR’s strategies are models of how markets move; it is an important principle that focuses on real markets rather than data mining.  Strategies are primarily directional in nature; they identify and take advantage of both upward and downward price momentum. The source of these trends may be sound economic considerations, asymmetric information or behavioral patterns of market participants. Whatever the cause, persistent trends can be shown to occur in all markets across all sectors with varying strengths and durations. PGR’s strategies have been designed to identify the direction and strength of any trend over multiple timeframes and have the ability to adapt to the prevailing market conditions. Another key feature of PGR’s strategies is that they are continuous and update on every tick in the market. This approach allows PGR to be fully systematic, enhances our ability to adapt to changes in conditions and avoids the dangers of optimization around discrete events.

Broad diversification is a key feature of the program and is achieved through trading a wide range of global futures and forwards markets. These encompass liquid markets in the equity index, bond, currency, short-term interest rate and commodity sectors. Over time, markets may be added to add diversification and capacity; equally, markets may be removed should opportunities disappear.

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Rigorous risk management is central to all PGR’s systems and operations. Risk control is integral to the trading strategies themselves; the strategies scale positions according to individual market risk and react dynamically to changing market conditions to control the risk of the portfolio as a whole. The automation of trade execution and reconciliation avoids the possibility of human errors while further processes continuously monitor and assess risk throughout all stages of the investment process.  Financial markets are always subject to unexpected events which by their nature cannot be predicted. These include the effects of wars, terrorist attacks, natural disasters, fraud etc.  Any investment program is vulnerable to these events which cannot be avoided. However, when they do occur it is important to be able to rapidly assess the situation and react accordingly.  By PGR adjusting its positions and gearing according to the prevailing levels of market and portfolio risk PGR can rapidly control the risk of its portfolio as a whole.  PGR has developed novel processes to monitor and assess market risk using a number of standard and non-standard measures including correlations, value at risk, sector exposure, entropy, stress tests etc. These measures enable PGR to better understand and react to market risks.

Technology is the backbone of PGR’s business. PGR’s sophisticated, robust and already-proven computerized systems enable the entire trading process to be automated, from real-time signal generation, through electronic trade execution to STP trade reconciliation.  This results in reliable and efficient execution and operations twenty-four hours a day, five days a week without the need for a dedicated trading team.  The system monitors live market data from real-time feeds and continuously updates the desired position for each market.  Orders are generated and sent electronically when there is sufficient liquidity and the spread is narrow.

Bleecker Street Capital, LLC:  Bleecker’s Systematic Global Macro Program (the “Program”) seeks to generate high “absolute” risk – adjusted returns amidst a wide range of market conditions by exploiting relative valuation opportunities across global markets.  Bleecker’s investment portfolio is expected to consist of long and short positions in highly liquid equity index futures, bond futures, and G10 currency forwards or currency futures.  The Program’s rigorous research process aims to convert economic and financial theories into quantifiable relationships, explaining markets behavior on a relative basis.  The Program focuses on opportunities, which are expected to generate high-risk adjusted returns, independently of the markets’ direction while utilizing two types of factors: fundamental factors to analyze differences in expected returns and behavioral factors which aim to exploit investors’ under- and over-reaction to changes in economic variables.  The Program utilizes systematic, model driven approach to making investment decisions and consists of three independent and uncorrelated strategies: equity futures relative value, bond futures relative value and currency strategy.  These strategies utilize a unique set of quantitative factors, which are analyzed by constructing hypothetical historical portfolios for every trading day going back 12-18 years, depending on data availability, and calculating hypothetical returns of such portfolios.  Only factors, which proved their viability in these hypothetical back-tests are included in the investment process.  Generally, the factors are based on economic theory and are designed to explain investors’ behavior over medium term horizon.  The Program maintains portfolio positions that tend to be diversified across markets and investment themes and utilizes a risk management algorithm that seeks to reduce draw downs and allocate risk to the highest expected risk adjusted return factors.

Paskewitz Asset Management, LLC:  The Multi-Strategy Futures (MSF) Program contains three different types of models: contrarian, trend-following and short-term momentum.  The combination of these three classes of systematic strategies takes advantage of the demonstrated negative correlation they exhibit with other asset classes, indices and strategy types.  Combining these three types of uncorrelated trading strategies all into a single program provides an enhanced diversification benefit.  For example, if an investor were to allocate to two separate uncorrelated managers, the first of which earns 10% in a quarter and the second of which loses 10%, the investor would pay an incentive fee to one manager even though their overall portfolio was flat for the quarter. The MSF Program clients avoid this netting risk by gaining exposure to multiple trading methodologies in a single product. Our contrarian models look to buy into oversold and sell into overbought markets on a short-term basis. Our trend-following models predict and participate in larger market moves, buying when the market has momentum to the upside and selling when the market has momentum to the downside.  Our short-term momentum models use underlying logic that is similar to the trend-following models but on a much smaller time scale.  All three strategy classes used by the MSF Program are diversified in the patterns the models use to decide when to enter and exit the market as well as the time horizon over which they are investing.  The MSF Program seeks to identify and take advantage of investment opportunities in 35 liquid futures markets around the world, including markets in the US, Europe and Asia.  These markets represent the most liquid futures markets across a range of sectors, including, equity indices, fixed income, currencies, energies, metals and agricultural.  

Prescient Ridge Management, LLC:  The PR managed futures program specializes in short-term, systematic trading strategies.  The program seeks to produce absolute returns irrespective of individual market direction through the deployment of numerous strategies in exchange listed futures.  These strategies are spread over multiple time frames and asset classes to create a diverse portfolio.  The program currently trades in excess of 40 exchange listed futures products on both domestic and international exchanges, and includes equity, commodity, fixed income and foreign exchange products.

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The PR program is differentiated from other CTA/Managed Futures managers in that the program emphasizes short-term trading activity in which the average holding duration is less than one day.  These short-duration strategies, referred to as Intraday Strategies, represent approximately 85% of the program’s trading activity and are concentrated in the most liquid exchange traded futures.  The general objective of the Intraday Strategies is to identify significant single day directionality using traditional technical analysis techniques - most notably moving average crossovers.  In general, these strategies will enter a market early in the trading session and hold the position until the end of the day.  The average holding period of these strategies is typically one to five hours. Proprietary trade filters are built into the Intraday Strategies to evaluate the quality of the trade signal.  Although the primary exit methodology for these strategies is time based, additional proprietary exits and stop-losses are used.

Additional strategies such as momentum, pattern recognition and trend following are included in the program.  These strategies typically have longer holding periods which can range from multiple days to many months.  These strategies comprise the remaining trading activity of the program (approximately 15%) and are also predicated on technical analysis with an emphasis on moving averages.  Entry and exit methodology for these strategies varies depending on the strategy and trade duration.  These strategies help to provide further diversification for the program.

The entire program is built on a foundation of risk management.  The risk management process begins with the portfolio optimization, which is conducted quarterly, and is used to determine the trading size for all strategies.  The optimization process of PR is different from other programs in that it is rooted in a desire to control draw downs and is not driven by metrics such as targeted return.  Dynamic position sizing, which evaluates daily market volatility as well as sudden price movements, allows the program to maintain a consistent risk profile in various market environments.  All strategy entries and exits have been designed to mitigate the impact of fundamental information such as economic reports.  Additional risk controls are embedded in the program to help avoid illiquid or non-directional markets.  PR closely monitors the performance of the program as well as individual strategies to determine if reductions in exposure are required due to underperformance.

Item 8.  Financial Statements and Supplementary Data

Reference is made to the financial statements and the notes thereto filed as Exhibit 13.01 to this report.

The following summarized (unaudited) quarterly financial information presents the results of operations and other data for three-month periods ended March 31, June 30, September 30 and December 31, 2013 and 2012.

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	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	2013			2013			2013			2013
Total Trading Revenues (Loss)	$	178,081		$	(399,067	)	$	(333,675	)	$	801,862
Total Trading Expenses		479,850			447,445			409,435			441,110
Trading Income (Loss)		(301,769	)		(846,512	)		(743,110	)		360,752
Non-Trading Income (Loss)		(110,695	)		(61,284	)		116,980			(181,865	)
Net Income (Loss)	$	(412,464	)	$	(907,796	)	$	(626,130	)	$	178,887
Net Income (Loss) per Trading Unit
Class A	$	(1.12	)	$	(3.25	)	$	(3.06	)	$	1.76
Class B	$	(0.81	)	$	(3.15	)	$	(2.96	)	$	2.32

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
		2012			2012			2012			2012
Total Trading Revenues (Loss)	$	(1,104,952	)	$	(187,909	)	$	(485,061	)	$	(489,365	)
Total Trading Expenses		696,264			616,586			641,292			516,927
Trading Income (Loss)		(1,801,216	)		(804,495	)		(1,126,353	)		(1,006,292	)
Non-Trading Income (Loss)		(103,279	)		(211,651	)		(59,855	)		628,742
Net Income (Loss)	$	(1,904,495	)	$	(1,016,146	)	$	(1,186,208	)	$	(377,550	)
Net Income (Loss) per Trading Unit
Class A	$	(4.95	)	$	(2.44	)	$	(3.67	)	$	(3.34	)
Class B	$	(4.80	)	$	(2.15	)	$	(3.51	)	$	(3.18	)

The Trust has not disposed of any segments of its business.

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

None.

Item 9A.  Controls and Procedures

Evaluation of Disclosure Controls and Procedures: Under the supervision and with the participation of the management of R.J. O’Brien Fund Management, LLC, the Managing Owner of the Trust at the time this annual report was filed, the Managing Owner’s Chief Executive Officer (the Trust’s principal executive officer) and Chief Financial Officer (the Trust’s principal financial officer), have evaluated the effectiveness of the design and operation of the Trust’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of December 31, 2013.  The Trust’s disclosure controls and procedures are designed to provide reasonable assurance that information the Trust is required to disclose in the reports that the Trust files or submits under the Exchange Act are recorded, processed and summarized and reported within the time period specified in the applicable rules and forms.  Based on this evaluation, the Chief Executive Officer and Chief Financial Officer of the Managing Owner have concluded that the disclosure controls and procedures of the Trust were effective at December 31, 2013.

Management’s Report on Internal Control Over Financial Reporting.  The Managing Owner of the Trust is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act).  The Managing Owner has assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2013.  In making this assessment, the Managing Owner used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission, known as COSO, in Internal Control-Integrated Framework.  The Managing Owner has concluded that, as of December 31, 2013, the Trust’s internal control over financial reporting is effective based on these criteria.  This report shall not be deemed to be filed for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section.  This annual report does not include an attestation report of the Trust’s independent registered public accounting firm regarding internal control over financial reporting.  Management’s report was not subject to attestation by the Trust’s independent registered public accounting firm pursuant to the rules of the SEC that permit the Trust to provide only management’s report in this annual report.

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Changes in Internal Control Over Financial Reporting:  There were no changes in the Trust’s internal control over financial reporting, during the quarter ended December 31, 2013, that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Limitations on the Effectiveness of Controls: Any control system, no matter how well designed and operated, can only provide reasonable (but 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.

Item 9B.   Other Information

None.

Part III

Item 10.  Directors, Executive Officers and Corporate Governance

There are no directors or executive officers of the Trust.  As of December 31, 2013, the Trust was managed by its Managing Owner, R.J. O’Brien Fund Management, LLC.  The officers and directors of the Managing Owner as of December 31, 2013 were as follows:

R.J. O’Brien Fund Management, LLC

Julie M. DeMatteo - Manager and Director: Ms. DeMatteo joined the Managing Owner in June of 2013 and became registered as a Principal in October 2013.  Ms. DeMatteo is the principal executive officer of the Managing Owner. Ms. DeMatteo is also currently Managing Director, Asset Management Division, of R.J. O’Brien Associates, LLC, a futures commission merchant and the registrant’s futures broker, which she became in June 2013.  Ms. DeMatteo was transitioning employment from March 2013 to May 2013. From April 2010 to February 2013, Ms. DeMatteo was a Director in the Prime Services Division of Barclays Capital Inc., a futures commission merchant.  She was responsible for working with the capital introduction and structured product groups to expand the firm’s footprint in the managed futures market segment.  From July 2008 to March 2010, Ms. DeMatteo was Executive Director of Business Development for AlphaMetrix LLC, a CPO and CTA.  In this role, she was responsible for asset raising, product development and establishing wholesale distribution relationships for the firm.  From July 2008 to December 2008, she was an Associated Person with Dekla Financial Inc., an introducing broker. In this capacity, she was responsible for business development for the firm.  She was transitioning between employers during June 2008.  From August 2005 to May 2008, Ms. DeMatteo was Director, President and Chief Executive Officer of UBS Managed Fund Services Inc. (“UBSMF”).  UBSMF created custom investment solutions for UBS clients and affiliated companies. In this capacity, she was responsible for business development and oversaw all logistical aspects of the firm’s business. From July 2000 to August 2005, she was Executive Director and Senior Counsel for the exchange traded derivatives business at UBS Securities.  In this capacity, she was responsible for all legal and compliance initiatives for the business. She holds a Bachelor of Science in Accounting and Finance from Eastern Illinois University and a Juris Doctorate from Loyola University College of Law.

James Gabriele - Manager and Director: Mr. Gabriele joined RJO Holdings Corp. in September 2012 as CFO of RJO Holdings Corp., a Principal of the Managing Owner. He joined the Managing Owner in August 2013, and became registered as a Principal in December 2013. Mr. Gabriele became listed as a Principal for R.J. O’Brien Associates, LLC, a futures commission merchant in December 2013, where he supervises finance department staff.  At RJO, he oversees all aspects of finance for the Managing Owner’s operating entities, including futures brokerage and asset management.  From March 1993 to December 2001, he served as Managing Director and Chief Financial Officer of ING Barings Futures and Options Clearing Services, part of ING Group. At ING, Jim served as Global Head of Finance and member of the Executive Committee. After that, Mr. Gabriele spent eight years in hedge fund administration where he started his own company providing clients with full service back office outsourcing across numerous structures and asset classes. In January 2002, Mr. Gabriele co-founded The Gabriele Group, which provided outsourced accounting and back office services to hedge funds, trading companies, and real estate limited partnerships.  In March of 2006, The Gabriele Group combined its hedge fund administration business with Caledonian Group, a fund administration provider.  From March 2006 to March 2009, he was Managing Director at Caledonian Global Fund Services.  As a shareholder and member of the senior management team, his responsibilities included operations and client management. From April 2009 to January 2011, Mr. Gabriele was at Butterfield Fulcrum, a top tier global hedge fund administrator, as Managing Director and member of the Business Development and the Client Management Teams. In February 2011, Mr. Gabriel returned to The Gabriele Group as Managing Member providing management consulting services to a variety of financial sector firms. Mr. Gabriele has a BBS in accounting from Loyola University of Chicago, and is a Certified Public Accountant.

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Nancy Westwick – Chief Compliance Officer: Ms. Westwick joined the Managing Owner as chief compliance officer in August 2013. Ms. Westwick joined R.J. O’Brien Investment Management, LLC as chief compliance officer in December 2012. Ms. Westwick joined R.J. O’Brien Associates, LLC as chief compliance officer in December 2010. Ms. Westwick became registered as a Principal for the Managing Owner in January 2014. Ms. Westwick became registered as a Principal of R.J. O’Brien Investment Management, LLC in December 2012.  Ms. Westwick became registered as a Principal and Associated Person of R.J. O’Brien Associates, LLC in July 2011. Her primary duties as chief compliance officer of the Managing Owner, R.J. O’Brien Investment Management, LLC and R.J. O’Brien Associates, LLC is ensuring employees and introducing brokers are complying with all rules and regulations of the CE Act and various exchanges, implementing new policies and procedures as mandated by applicable regulatory rules and reforms and establishing procedures for the remediation of noncompliance issues. From November 2005 to November 2010, Ms. Westwick was compliance counsel for MF Global Inc. (also known as Man Financial Inc.), a futures commission merchant. From September 2001 to October 2005, Ms. Westwick was associate general counsel for Refco LLC, a futures commission merchant. From May 2000 to August 2001, Ms. Westwick was assistant general counsel for Lind-Waldock, a futures commission merchant.  For each of Lind-Waldock (became a division of Refco LLC in September 2001), Refco LLC (acquired by MF Global Inc. in November 2005) and MF Global Inc., Ms. Westwick worked to ensure compliance with all necessary rules and regulations and also trained broker staff in compliance matters. Ms. Westwick has a bachelor of arts from Rutgers University, a Juris Doctor from Loyola University of Chicago Law School and an LL.M. from IIT/Chicago – Kent College of Law.

Each officer and director holds such office until the election and qualification of his or her successor or until his or her earlier death, resignation or removal.

Section 16(a) Beneficial Ownership Reporting Compliance

The Trust does not have any directors or officers of its own and no person is known to the Trust to beneficially own more than 10% of the outstanding units.

Audit Committee

The Managing Owner created an audit committee on August 27, 2008.  The audit committee with respect to the Trust is comprised of Julie M. DeMatteo and James Gabriele.  None of the directors are considered to be independent as that term is used in Item 7(d)(3)(iv) of Schedule 14A under the Exchange Act.  Therefore, there is no Audit Committee Financial Expert.

Code of Ethics

The Trust does not have any officers; therefore, it has not adopted a code of ethics applicable to the Trust’s principal executive officer, principal financial officer, principal accounting officer and persons performing similar functions.  The Managing Owner operates the Trust and has adopted a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer and persons performing similar functions.  This code of ethics is included by reference in Exhibit 14.01 of this annual report.

Item 11.  Executive Compensation

The Trust has no officers or directors.  The Managing Owner administers the business and affairs of the Trust (exclusive of Trust trading decisions which are made by the independent Trading Advisors).  The officers and directors of the Managing Owner receive no compensation from the Trust for acting in their respective capacities with the Managing Owner.

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

(a) As of December 31, 2013, no person was known to the Trust to own beneficially more than 5% of the outstanding units.

(b) As of December 31, 2013, the Managing Owner beneficially held an ownership of $38,117 (which is the equivalent of 535 units) or approximately 0.27% of the ownership of the Trust as of that date.

(c) As of December 31, 2013, no arrangements were known to the Trust, including any pledges by any person of units of the Trust or units of its Managing Owner or the parent of the Managing Owner, such that a change in control of the Trust may occur at a subsequent date.

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

None.  The Trust does not have any directors or officers of its own nor is any person known to have beneficial ownership of more than 5% of the outstanding units.  The Trust is not the subsidiary of any business entity.

Item 14.  Principal Accounting Fees and Services.

(a)      Audit Fees

The Trust paid CF & Co., L.L.P., the Trust’s independent registered public accounting firm $89,238 and $108,719 respectively for the 2013 and 2012 audits and for professional services rendered in connection with the audit of the Trust’s annual financial statements included in the Trust’s Form 10-K filings, the review of financial statements included in the Trust’s Form 10-Q filings, and the review of other SEC filings.

(b)      Audit-Related Fees

The Trust did not pay CF & Co., L.L.P. any amount in 2013 or 2012 for assurance reviews and related professional services rendered in connection with the audit or review of the Trust’s financial statements that are not covered by Item 14(a) above.

(c)      Tax Fees

The Trust did not pay CF & Co., L.L.P. any amount in 2013 or 2012 for professional services in connection with tax compliance, tax advice and tax planning.  The Trust engaged Deloitte Tax LLP, which does not provide audit services to the Trust, to provide professional services in connection with tax compliance, tax advice and tax planning and paid Deloitte Tax LLP $75,250 for such services for 2013 and $80,000 for such services for 2012.  These fees consisted primarily of services rendered in connection with the preparation of a Schedule K-1 to IRS Form 1065 for each unitholder.

(d)      All Other Fees

None.

(e)      Audit Committee Pre-Approval Policies and Procedures

(i) The audit committee with respect to the Trust has not developed pre-approval policies as of the date of this report.  Consequently, all audit and non-audit services provided by CF & Co., L.L.P. must be approved by the directors of the Managing Owner.

(ii) None of the services described in Item 9(e)(2) through 9(e)(4) of Schedule 14A of the Exchange Act were provided by CF & Co., L.L.P.; therefore, no services were required to be approved by the board of directors of the Managing Owner on behalf of the Trust.

(f)   Less than 50% of the hours expended on CF & Co., L.L.P.’s audit of the Trust’s financial statements were attributable to the work of persons who were not full-time, permanent employees of CF & Co., L.L.P.

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Part IV

Item 15.  Exhibits, Financial Statements Schedules.

(a) The following documents are included herein:

(1) Financial Statements:

a. Report of Independent Registered Public Accounting Firm — CF & Co., L.L.P.

b. Consolidated Statements of Financial Condition as of December 31, 2013 and 2012

c. Condensed Consolidated Schedules of Investments as of December 31, 2013 and 2012

d. Consolidated Statements of Operations, for the years ended December 31, 2013, 2012 and 2011

e. Consolidated Statements of Changes in Unitholders’ Capital for the years ended December 31, 2013, 2012, and 2011

f. Notes to Consolidated Financial Statements.

(2) All financial statement schedules have been omitted either because the information required by the schedules is not applicable, or because the information required is contained in the financial statements herein or the notes hereto.

(3) Exhibits:

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Index to Exhibits

Exhibit
Number	Description of Document
1.01	Third Amended and Restated Selling Agreement, made as of July 1, 2011, among R.J. O’Brien Securities, LLC, RJO Global Trust (the “Registrant”), and R.J. O’Brien Fund Management, LLC. (1)
3.01	Ninth Amended and Restated Declaration and Agreement of Trust of the Registrant, dated as of September 1, 2010. (2)
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)
3.03	Second Amendment to the Ninth Amended and Restated Declaration and Agreement of Trust of the Registrant, dated as of October 22, 2013. (4)
3.04	Restated Certificate of Trust of the Registrant. (5)
10.01**	Investment Management Agreement, entered into as of August 30, 2013, among RJO Global Trust, R.J. O’Brien Fund Management LLC and RPM Risk and Portfolio Management AB. (6)
10.02**	Advisory Agreement, made as of October 9, 2013, among OASIS RCM LLC, R. J. O’Brien Fund Management LLC and Revolution Capital Management LLC.
10.03**	Advisory Agreement, made as of October 9, 2013, among OASIS PGR LLC, R. J. O’Brien Fund Management LLC and PGR Capital LLP.
10.04**	Advisory Agreement, made as of October 9, 2013, among OASIS Bleecker LLC, R.J. O’Brien Fund Management, LLC, and Bleecker Street Capital, LLC.
10.05**	Advisory Agreement, made as of October 9, 2013, among OASIS PAM LLC, R.J. O’Brien Fund Management, LLC, and Paskewitz Asset Management, LLC.
10.06**	Advisory Agreement, made as of October 15, 2013, among OASIS PR LLC, R.J. O’Brien Fund Management, LLC, and Prescient Ridge Management, LLC.
10.07	Limited Liability Company Agreement of O’Brien Alternative Strategic Investment Solutions, LLC, dated October 21, 2013.
13.01	Annual Report to Unitholders for Fiscal Year 2013.
14.01	R.J. O’Brien Fund Management, LLC. Code of Ethics.
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 Chief Executive Officer.
32.02	Section 1350 Certification of Chief Financial Officer.

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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

(1)    Incorporated by reference herein from the exhibit of the same description filed on August 15, 2011 with the Registrant’s Quarterly Report on Form 10-Q.

(2)    Incorporated by reference herein from the exhibit of the same description filed on September 7, 2010 on Form 8-K.

(3)    Incorporated by reference herein from the exhibit of the same description filed on July 15, 2011 on Form 8-K.

(4)    Incorporated by reference herein from the exhibit of the same description filed on November 13, 2013 with the Registrant’s Quarterly Report on Form 10-Q.

(5)    Incorporated by reference herein from the exhibit of the same description filed on September 30, 2008 on Form 8-K

(6)    Incorporated by reference herein from the exhibit of the same description filed on November 11, 2013 with the Registrant’s Quarterly Report on Form 10-Q.

** 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.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: March 31, 2014	RJO GLOBAL TRUST
	By: R.J. O’Brien Fund Management, LLC.
	(Managing Owner)
	By:	/s/ James Gabriele
		James Gabriele
		Chief Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Form 10-K has been signed below by the following persons on behalf of the Registrant on March 31, 2014, and in the capacities indicated:

R.J. O’Brien Fund Management, LLC.

Signatures	Title
/s/ Julie M. DeMatteo	Chief Executive Officer and Director
Julie M. DeMatteo	(principal executive officer)
/s/ James Gabriele	Chief Financial Officer and Director
James Gabriele	(principal financial and accounting officer)

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EX-10.02

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

EXHIBIT 10.02

ADVISORY AGREEMENT

THIS AGREEMENT, made as of October 9, 2013 among OASIS RCM LLC, a Delaware limited liability company and (the “Trading Company”), R.J. O’Brien Fund Management, LLC, a Delaware limited liability company (the “Managing Member”), and Revolution Capital Management LLC, a Colorado limited liability company (the “Trading Ad visor”).

W I T N E S S E T H:

WHEREAS, the Trading Company has been organized as a Delaware limited liability company pursuant to its organizational documents to, among other things, directly or indirectly through a commodity trading advisor, trade, buy, sell, spread, or otherwise acquire, hold, or dispose of commodities (including, but not limited to, foreign currencies, mortgage-backed securities, money market instruments, financial instruments, and any other securities or items which are now, or may hereafter be, the subject of futures contract trading), domestic and foreign commodity futures contracts, forward contracts, foreign exchange commitments, options on physical commodities and on futures contracts, spot (cash) commodities and currencies, exchange of futures contracts for physicals transactions, exchange of physicals for futures contracts transactions, and any rights pertaining thereto, whether traded on an organized exchange or otherwise (hereinafter referred to collectively as “futures interests;” provided, however, such definition shall exclude securities futures products as defined by the Commodity Futures Trading Commission (“CFTC”), options in securities futures and options in equities) and securities (such as United States Treasury securities) approved by the CFTC for investment of customer funds and other securities on a limited basis, and to engage in all activities incident thereto;

WHEREAS, the Trading Company is a master fund that has or will have assets invested into it directly or indirectly by one or more entities, including, but not necessarily limited to certain commodity pools operated by the Managing Owner (each individually, a “Fund”);

WHEREAS, the principals of the Trading Advisor have extensive experience trading in futures interests and the Trading Advisor is willing to provide the services and undertake the obligations as set forth herein;

WHEREAS, the Trading Company and the Managing Member each desires the Trading Advisor to act as a trading advisor for the Trading Company and to make investment decisions with respect to futures interests for the Trading Company and the Trading Advisor desires so to act; and

WHEREAS, the Trading Company, the Managing Member and the Trading Advisor wish to enter into this Agreement which, among other things, sets forth certain terms and conditions upon which the Trading Advisor will conduct the futures interest trading with respect to a portion of the Trading Company’s assets, as described herein.

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

NOW, THEREFORE, the parties hereto hereby agree as follows:

1.       Undertakings in Connection with the Continuing Offering of a Fund.

(a)         The Trading Advisor agrees with respect to the continuing offering of interests (“Units”) in a Fund: (i) to make all disclosures regarding itself, its principals and affiliates, its trading performance, its trading systems, methods and strategies (subject to the need, in the reasonable discretion of the Trading Advisor, to preserve the secrecy of Proprietary Information (as defined in Section 1(c) hereof) concerning such systems, methods and strategies), and otherwise, as a Fund and/or the Trading Company may reasonably require (x) in connection with a Fund’s offering materials (the “Prospectus”) as required by any applicable regulations under the Commodity Exchange Act (the “CEA”), and/or the rules and regulations of the Securities and Exchange Commission (the “SEC”), including in connection with any amendments or supplements thereto, or (y) to comply with any other applicable law or rule or regulation, including those of the CFTC, the National Futures Association (the “NFA”), the SEC, or any other regulatory or self-regulatory body, exchange, or board with jurisdiction over its members (or to comply with the reasonable request of the aforementioned organizations); and (ii) to otherwise cooperate with a Fund and/or the Trading Company and the Managing Member by providing information regarding the Trading Advisor in connection with the preparation of the Prospectus, including any amendments and/or supplements thereto, as a Fund and/or the Trading Company may deem appropriate; provided that all such disclosures are subject to the need, in the reasonable discretion of the Trading Advisor, to preserve the secrecy of Proprietary Information concerning its clients, systems methods and strategies. As used herein, unless otherwise provided, the term “principal” shall have the meaning as defined in Rule 4.10(e) of the CFTC’s regulations and the term “affiliate” shall mean an individual or entity that directly or indirectly controls, is controlled by, or is under common control with, such party.

(b)         If the Trading Advisor becomes aware of any materially untrue or misleading statement or omission regarding itself or any of its principals or affiliates in the Disclosure Document (as defined in Section 17 hereof), or of the occurrence of any event or change in circumstances which would result in there being any materially untrue or misleading statement or omission in the Disclosure Document regarding itself or any of its principals or affiliates, the Trading Advisor shall promptly notify the Managing Member and shall cooperate with the Managing Member in the preparation of any necessary amendments or supplements to the Fund(s)’s Prospectus. Neither the Trading Advisor nor any of its principals, or affiliates, or any stockholders, officers, directors, or employees shall distribute a Fund’s Prospectus or selling literature or shall engage in any selling activities whatsoever in connection with the continuing offering of Units except as may be specifically approved by the Managing Member and agreed to by the Trading Advisor.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(c)         For purposes of this Agreement, and notwithstanding any of the provisions hereof, all non-public information relating to the Trading Advisor including, but not limited to, records, whether original, duplicated, computerized, handwritten, or in any other form, and information contained therein, business and/or marketing and/or sales plans and proposals, names of past and current clients, names of past, current and prospective contacts, trading methodologies, systems, strategies and programs, trading advice, trading instructions, results of proprietary accounts, training materials, research data bases, portfolios, and computer software, and all written and oral information, furnished by the Trading Advisor to the Trading Company and the Managing Member and/or their officers, directors, employees, agents (including, but not limited to, attorneys, accountants, consultants, and financial advisors) or controlling persons (each a “Recipient”), regardless of the manner in which it is furnished, together with any analysis, compilations, studies or other documents or records which are prepared by a Recipient of such information and which contain or are generated from such information, regardless of whether explicitly identified as confidential, with the exception of information which (i) is or becomes generally available to the public other than as a result of acts by the Recipient in violation of this Agreement, (ii) is in the possession of the Recipient prior to its disclosure pursuant to the terms hereof, (iii) is or becomes available to the Recipient from a source that is not bound by a confidentiality agreement with regard to such information or by any other legal obligation of confidentiality prohibiting such disclosure, or (iv) that is independently developed by the Recipient without use of the confidential information described in this Section 1(c), are and shall be confidential information and/or trade secrets and the exclusive property of the Trading Advisor (“Confidential Information” and/or “Proprietary Information”).

(d)         The Trading Company and the Managing Member each warrants and agrees that they and their respective officers, directors, members, equity holders, employees and agents (including for purposes of this Agreement, but not limited to, attorneys, accountants, consultants, and financial advisors) will protect and preserve the Confidential Information and will disclose Confidential Information or otherwise make Confidential Information available only to the Trading Company’s or the Managing Member’s officers, directors, members, equity holders, employees and agents (including for purposes of this Agreement, but not limited to, attorneys, accountants, consultants, and financial advisors), who need to know the Confidential Information (or any part of it) for the purpose of satisfying their fiduciary, legal, reporting, filing or other obligations hereunder or to monitor performance in the account during the term of this Agreement or thereafter, or to the Trading Company, Managing Member or a Recipient, as the case may be, is required to disclose such Confidential Information due to a fiduciary obligation or legal or regulatory request.  Additionally, the Trading Company and the Managing Member each warrants and agrees that it and any Recipient will use the Confidential Information solely for the purpose of satisfying the Trading Company’s or the Managing Member’s obligations under this Agreement and not in a manner which violates the terms of this Agreement.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

2.       Duties of the Trading Advisor.

(a)         Upon the commencement of trading operations on or about October 10, 2013 by the Trading Advisor with respect to all or a portion of the assets of the Trading Company, the Trading Advisor hereby agrees to act as a Trading Advisor for the Trading Company and, as such, shall have authority and responsibility for directing the investment and reinvestment of that portion of the Trading Company’s assets allocated to the Trading Advisor, which shall consist of the Allocated Net Assets (as defined in Section 5(c) hereof) plus “notional” funds, if any, allocated to the Trading Advisor, as specified in writing by the Managing Member and consented to by the Trading Advisor (the “Assets”), on the terms and conditions and in accordance with the prohibitions and the trading policies set forth in Exhibit A to this Agreement as amended from time to time and provided in writing to the Trading Advisor by the Managing Member (the “Trading Policies”); provided, however, that the Managing Member may override the instructions of the Trading Advisor without notice to the Trading Advisor to the extent necessary (i) to comply with the Trading Policies and with applicable speculative position limits, (ii) to fund any distributions or redemptions, (iii) to pay the Trading Company’s expenses, (iv) to the extent the Managing Member believes doing so is necessary for the protection of the Trading Company, (v) to terminate the futures interest trading of the Account (as defined in Section 4) with the Trading Advisor, or (vi) to comply with any applicable law or regulation. The Managing Member agrees not to override any such instructions for the reasons specified in clauses (ii) or (iii) of the preceding sentence unless the Trading Advisor fails to comply with a request of the Managing Member to make the necessary amount of funds available to the Trading Company within two trading days of such request.  The Trading Advisor shall not be liable for the consequences of any decision by the Managing Member to override instructions of the Trading Advisor, except to the extent that such consequences result from a material breach of this Agreement by the Trading Advisor or the Trading Advisor fails to comply with the Managing Member’s decision to override an instruction.  Notwithstanding anything to the contrary contained in this Agreement, the Trading Company shall have the right to instruct the Trading Advisor to liquidate any or all positions at any time.

(b)         The Trading Advisor shall:

(i)          Exercise good faith and due care in trading futures interests for the account of the Trading Company in accordance with the prohibitions and Trading Policies, and the trading systems, methods, and strategies of the Trading Advisor described in the Disclosure Document, with such changes and additions to such trading systems, methods or strategies as the Trading Advisor, from time to time, incorporates into its trading approach for accounts the size of the Trading Company.

(ii)         Provide the Managing Member, within 10 business days of the end of a calendar quarter, and within 10 business days of a separate request which the Managing Member may make from time to time, with information comparing the performance of the Trading Company’s account and the performance of all other client accounts (“Other Accounts”) directed by the Trading Advisor using the trading systems used by the Trading Advisor on behalf of the Trading Company over a specified period of time for the purpose of confirming that the Trading Company has been treated equitably compared to such Other Accounts.  In providing such information, the Trading Advisor may take such steps as are necessary to assure the confidentiality of the Trading Advisor’s clients’ identities.  The Trading Advisor shall, upon the Managing Member’s request, consult with the Managing Member concerning any discrepancies between the performance of such Other Accounts and the Trading Company’s account.  The Trading Advisor shall promptly inform the Managing Member in writing of any material discrepancies of which the Trading Advisor is aware.  The Managing Member acknowledges that the following differences in accounts may cause divergent trading results: different brokerage commissions and related transaction fees, different foreign exchange margin management, different trading strategies, methods or degrees of leverage, different trading policies, accounts experiencing differing inflows or outflows of equity, different risk profiles, accounts which commence trading at different times and accounts which have different portfolios or different fiscal years.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(iii)        Inform the Managing Member when the Trading Advisor’s open positions maintained by the Trading Advisor exceed the Trading Advisor’s applicable speculative position limits.

(iv)        Upon request of the Managing Member, promptly provide the Managing Member with all information concerning the Trading Advisor and its activities reasonably requested by the Managing Member (including, without limitation, information relating to changes in control, key personnel, trading approach, or financial condition).  Additionally, the Trading Advisor agrees to furnish R.J. O’Brien & Associates, LLC (“RJOB”) in an electronic format as requested by RJOB (i) a final report of all trades at the end of each business day and (ii) a report of any trade made involving a position with a required initial margin equal to 10% or more of the Assets within 30 minutes of the Trading Advisor’s receipt of confirmation, verbal or otherwise, from the executing broker that such a trade has been executed.  The Trading Advisor further acknowledges and agrees that the timely provision of all such information is of the essence in order to enable the Trading Company, its designated entities, and RJOB to monitor and comply with mandatory risk control algorithms imposed upon the operation of the Trading Company.

(c)         All purchases and sales of futures interests pursuant to this Agreement shall be for the account, and at the risk, of the Trading Company and not for the account, or at the risk of the Trading Advisor or any of its affiliates or each of their principals, stockholders, directors, officers, or employees, or any other person, if any, who controls the Trading Advisor.  All brokerage commissions and related transaction fees arising from such trading by the Trading Advisor shall be for the account of the Trading Company.

(d)         Subject to 78(a) hereof, the Trading Advisor shall assume financial responsibility for any material errors committed or caused by it in transmitting orders for the purchase or sale of futures interests for the Trading Company’s account that are a result of the gross negligence, fraud or willful misconduct of the Trading Advisor.  The Trading Advisor shall have an affirmative obligation to promptly notify the Managing Member upon discovery of any material error committed by the Trading Advisor with respect to the account, and the Trading Advisor shall use its best efforts to identify and promptly notify the Managing Member of any order or trade which the Trading Advisor reasonably believes was not executed in accordance with its instructions to any Commodity Broker or such other commodity broker utilized to execute orders for the Trading Company.

(e)         Prior to the commencement of trading by the Trading Company, the Managing Member, on behalf of the Fund, shall deliver to the Trading Advisor a trading authorization appointing the Trading Advisor the Trading Company’s attorney-in-fact for such purpose (a form of which is attached hereto as Exhibit B).

(f)         In performing services to the Trading Company, the Trading Advisor shall utilize its Alpha Program (the “Trading Program”), as described in the Disclosure Document, and as modified from time to time.  The Trading Advisor shall give the Managing Member prior written notice of any change in the Trading Program that the Trading Advisor considers to be material (and shall not effect such change on behalf of the Trading Company without the Managing Member’s consent), including any additional futures interests to be traded by the Trading Advisor not already listed on Exhibit C.  Changes in the futures interests traded, provided that such futures interests are listed on Exhibit C, shall not be deemed a modification of the Trading Program.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

3.       Trading Advisor as an Independent Contractor.

For all purposes of this Agreement, the Trading Advisor shall be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized, have no authority to act for or represent the Trading Company in any way or otherwise be deemed an agent of the Trading Company and/or the Fund(s).  Nothing contained herein shall be deemed to require the Trading Company to take any action contrary to its governing documents as from time to time in effect, or any applicable law or rule or regulation of any regulatory or self-regulatory body, exchange, or’ board.  Nothing herein contained shall constitute the Trading Advisor or the Managing Member as members of any partnership, joint venture, association, syndicate or other entity, or be deemed to confer on any of them any express, implied, or apparent authority to incur any obligation or liability on behalf of any other.  It is expressly agreed that the Trading Advisor is neither a promoter, sponsor, nor issuer with respect to the Trading Company or any Fund, nor does the Trading Advisor have any authority or responsibility with respect to the offer, sale or issuance of Units of any Fund.

4.       Futures Broker.

The Trading Advisor shall effect all transactions in futures interests for the Trading Company through the Trading Company’s separate account of the Trading Company to be traded exclusively by the Trading Advisor (the “Account”) maintained with RJOB or such commodity broker or brokers as the Managing Member shall direct and appoint from time to time (the “Futures Brokers”).

Notwithstanding the foregoing, the Trading Advisor may execute trades through brokers other than those employed by RJOB and its affiliates so long as arrangements (including executed give-up agreements) are made for such floor brokers to “give-up” or transfer the positions to RJOB in conformity with the Trading Policies set forth in Exhibit A attached hereto.

5.       Fees.

(a)         For the services to be rendered to the Trading Company by the Trading Advisor under this Agreement:

(i)          The Trading Company shall pay the Trading Advisor a monthly management fee equal to 1/12 of *% (a *% annual rate) of the Assets allocated to it (as defined in Section 2(a) hereof) as of the last day of each month (the “Management Fee”).  The Management Fee is payable in arrears within 20 Business Days of the end of the month for which it was calculated.  For purposes of this Agreement, “Business Day” shall mean any day which the securities markets are open in the United States.  At no time during the term of this Agreement shall the Management Fee rate exceed the management fee rate payable to Trading Advisor under its negotiated fee agreement with RPM Risk & Portfolio Management AB (“RPM”).

* Confidential material redacted and filed separately with the Commission.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(ii)         The Trading Company shall pay the Trading Advisor a quarterly incentive fee equal to *% of the New Trading Profit (as defined in Section 5(d) hereof) (the “Incentive Fee”).  The initial incentive period will commence on the date the Trading Advisor commences trading the Account and shall end on the last day of the calendar quarter after such date.  The Incentive Fee is payable within 20 Business Days of the end of the calendar quarter for which it was calculated.  At no time during the term of this Agreement shall the Incentive Fee rate exceed the incentive fee rate payable to Trading Advisor under its negotiated fee agreement with RPM.

(b)         If this Agreement is terminated on a date other than the last day of a calendar quarter, the Incentive Fee shall be determined as if such date were the end of a calendar quarter.  If this Agreement is terminated on a date other than the end of a month, the Management Fee described above shall be determined as if such date were the end of a month, but such fee shall be prorated based on the ratio of the number of trading days in the month through the date of termination to the total number of trading days in the month.  If, during any month after the Trading Advisor commences trading operations on behalf of the Account (including the month in which the Trading Advisor commences such operations), the Trading Company does not conduct business operations, or suspends trading for the Account, or, as a result of an act or material failure to act by the Trading Advisor, is otherwise unable to utilize the trading advice of the Trading Advisor on any of the trading days of that month for any reason, the Management Fee shall be prorated based on the ratio of the number of trading days in the month which the Account engaged in trading operations or utilizes the trading advice of the Trading Advisor to the total number of trading days in the month.  The Management Fee payable to the Trading Advisor for the month in which the Trading Company begins to receive trading advice from the Trading Advisor pursuant to this Agreement shall be prorated based on the ratio of the number of trading days in the month from the day the Trading Company begins to receive such trading advice to the total number of trading days in the month.  In the event that there is an increase or decrease in the Assets as of any day other than the first day of a month, the Trading Advisor shall be paid a pro rata Management Fee on such increase or decrease in the Assets for such month.

(c)         The term “Allocated Net Assets” shall mean the total assets of the Trading Company allocated to the Account (including, but not limited to, all cash and cash equivalents, accrued interest and amortization of original issue discount, and the market value (marked-to-market) of all open futures interest positions and other assets of the Account) less all liabilities of the Trading Company determined in accordance with generally accepted accounting principles consistently applied under the accrual basis of accounting.  Unless generally accepted accounting principles require otherwise, the market value of a futures or option contract traded on a United States exchange shall mean the settlement price on the exchange on which the particular futures or option contract shall be traded by the Trading Advisor on behalf of the Account with respect to which the Net Assets are being determined; provided, however, that if a contract could not be liquidated on such day due to the operation of daily limits or other rules of the exchange on which that contract shall be traded or otherwise, the settlement price on the first subsequent day on which the contract could be liquidated shall be the market value of such contract for such day, or if a contract could not be liquidated on such day due to the exchange being closed for an exchange holiday, the settlement price on the most recent preceding day on which the contract could have been liquidated shall be the market value of such contract for such day.  The market value of a forward contract or a futures or option contract traded on a foreign exchange or market shall mean its market value as determined by the Managing Member on a basis consistently applied for each different variety of contract.

* Confidential material redacted and filed separately with the Commission.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(d)         The term “New Trading Profit” shall mean net futures interest trading profits (realized and unrealized) on the Assets, decreased proportionally by the Trading Advisor’s monthly Management Fees and brokerage commissions and NFA fees applicable to the Account.  Interest income is not included in New Trading Profit.  Extraordinary expenses do not reduce New Trading Profit.  Such trading profits and items of decrease shall be determined from the end of the last calendar quarter in respect of which an Incentive Fee was earned by the Trading Advisor or, if no Incentive Fee has been earned previously by the Trading Advisor, from the date that the Trading Advisor commenced managing the Assets, to the end of the calendar quarter as of which such incentive Fee calculation is being made.  New Trading Profit shall be calculated before reduction for Incentive Fees paid or accrued so that the Trading Advisor does not have to earn back Incentive Fees.

(e)        If any payment of Incentive Fees is made to the Trading Advisor on account of New Trading Profit earned by the Trading Advisor and the Trading Advisor thereafter fails to earn New Trading Profit or experiences losses for any subsequent incentive period, the Trading Advisor shall be entitled to retain such amounts of Incentive Fees previously paid to the Trading Advisor in respect of such New Trading Profit.  No Incentive Fees shall be payable to the Trading Advisor until the Trading Advisor has earned New Trading Profit; provided, however, that if the Assets are reduced because of redemptions that occur at the end of, and/or subsequent to, a calendar quarter in which the Trading Advisor experiences a futures interest trading loss for the Trading Company, the trading loss that must be recovered before the Trading Advisor will be deemed to experience New Trading Profit in a subsequent calendar quarter will be equal to the amount determined by (x) dividing the Assets after such decrease by the Assets in immediately before such decrease and (y) multiplying that fraction by the amount of the unrecovered futures interest trading loss prior to such decrease.  In the event that the Trading Advisor experiences a trading loss in more than one calendar quarter without the Trading Company paying an intervening Incentive Fee and Assets are reduced in more than one such calendar quarter because of redemptions, then the trading loss for each such calendar quarter shall be adjusted in accordance with the formula described above and such reduced amount of futures interest trading loss shall be carried forward and used to offset subsequent futures interest trading profits.  No Incentive Fees shall be payable to the Trading Advisor until the Trading Advisor has earned New Trading Profit.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

6.       Term.

(a)         This Agreement shall continue in effect for a period of one year from the date the Agreement was entered into unless otherwise terminated as set forth in this Section 6.  The Trading Advisor may terminate this Agreement at the end of such one-year period by providing prior written notice of termination to the Trading Company at least sixty days prior to the expiration of such one-year period.  If the Agreement is not terminated upon the expiration of such one-year period, this Agreement shall automatically renew for an additional one-quarter period and shall continue to renew for additional one-quarter periods until this Agreement is otherwise terminated, as provided for herein.  This Agreement shall automatically terminate if the Trading Company is dissolved.

(b)         The Trading Company and Managing Member each shall have the right to terminate this Agreement in its discretion (i) at any month end upon five days’ prior written notice to the Trading Advisor, or (ii) at any time upon prior written notice to the Trading Advisor upon the occurrence of any of the following events: (A) if any person described as a “principal” of the Trading Advisor in the Prospectus ceases for any reason to be an active “principal” of the Trading Advisor; (B) if the Trading Advisor becomes bankrupt or insolvent; (C) if the Trading Advisor is unable to use its trading systems or methods as in effect on the date hereof and as modified in the future for the benefit of the Trading Company; (D) if the registration, as a commodity trading advisor, of the Trading Advisor with the CFTC or its membership in the NFA is revoked, suspended, terminated, or not renewed, or limited or qualified in any respect; (E) except as provided in Section 12 hereof, if the Trading Advisor merges or consolidates with, or sells or otherwise transfers its advisory business, or all or a substantial portion of its assets, any portion of its futures interest trading systems or methods, or its goodwill to, any individual or entity; (F) if, at any time, the Trading Advisor violates any Trading Policy or administrative policy, except with the prior express written consent of the Managing Member; or (G) if the Trading Advisor fails in a material manner to perform any of its obligations under this Agreement.

(c)         The Trading Advisor may terminate this Agreement at any time, upon thirty days’ prior written notice to the Trading Company and Managing Member, in the event: (A) that the Managing Member imposes additional trading limitation(s) in the form of one or more Trading Policies or administrative policies that the Trading Advisor does not consent to, such consent not to be unreasonably withheld; (B) the Managing Member objects to the Trading Advisor implementing a proposed material change to the Trading Program and the Trading Advisor certifies to the Managing Member in writing that it believes such change is in the best interests of the Trading Company; (C) the Managing Member or the Trading Company materially breaches this Agreement and does not correct the breach within ten days of receipt of a written notice of such breach from the Trading Advisor; (D) the Assets fall below a level at which the Trading Advisor cannot effectively implement the Trading Program; (E) the Trading Company becomes bankrupt or insolvent, or (F) the registration of the Managing Member with the CFTC as a commodity pool operator or its membership in the NFA is revoked, suspended, terminated or not renewed, or limited or qualified in any respect.  If the Managing Member or Trading Company merges, consolidates or sells a substantial portion of its assets pursuant to Section 11 of this Agreement, the Trading Advisor may terminate this Agreement upon prior written notice to the Managing Member and Trading Company.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(d)         Except as otherwise provided in this Agreement, any termination of this Agreement in accordance with this Section 6 shall be without penalty or liability to any party, on account of such termination.

(e)         The indemnities set forth in Section 7 hereof shall survive any termination of this Agreement.

7.       Standard of Liability: Indemnifications.

(a)         Limitation of Trading Advisor Liability. In respect of the Trading Advisor’s role in the futures interests trading of the Trading Company, the Trading Advisor shall not be liable to the Trading Company or the Managing Member or their partners, directors, officers, principals, managers, members, shareholders, employees, controlling persons or successors and assigns except that the Trading Advisor shall be liable for acts or omissions that constitute a breach of this Agreement or a representation, warranty or covenant herein, misconduct or negligence, or are the result of the Trading Advisor not having acted in good faith and in the reasonable belief that such actions or omissions were in, or not opposed to, the best interests of the Trading Company.

(b)         Trading Advisor Indemnity in Respect of Management Activities. The Trading Advisor shall indemnify, defend and hold harmless the Trading Company and the Managing Member, their controlling persons, their affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and controlling persons from and against any and all losses, claims, damages, liabilities (joint and several), costs, and expenses (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Advisor shall have approved such settlement) resulting from a demand, claim, lawsuit, action or proceeding (other than those incurred as a result of claims brought by or in the right of an indemnified party) relating to this Agreement (except as covered by paragraph (d) below); provided that a court of competent jurisdiction upon entry of a final judgment (or, if no final judgment is entered, by an opinion rendered by counsel who is approved by the Trading Company and the Trading Advisor, such approval not to be unreasonably withheld) to the effect that the action or inaction of such indemnified party that was the subject of the demand, claim, lawsuit, action, or proceeding did not constitute negligence, misconduct, or a breach of this Agreement or a representation, warranty or covenant of the Trading Company or the Managing Member, their controlling persons, their affiliates and their respective directors, officers, shareholders, employees, and controlling persons and was done in good faith.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(c)         Trading Company Indemnity in Respect of Management Activities. The Trading Company shall indemnify, defend and hold harmless the Trading Advisor, its controlling persons, their affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and controlling persons, from and against any and all losses, claims, damages, liabilities (joint and several), costs and expenses (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Company shall have approved such settlement) resulting from a demand, claim, lawsuit, action or proceeding (other than those incurred as a result of claims brought by or in the right of an indemnified party) relating to this Agreement (except as covered by paragraph (e) below); provided that a court of competent jurisdiction upon entry of a final judgment finds (or, if no final judgment is entered, by an opinion rendered by counsel who is approved by the Trading Company and the Trading Advisor, such approval not to be unreasonably withheld) to the effect that the action or inaction of such indemnified party that was the subject of the demand, claim, lawsuit, action, or proceeding did not constitute negligence, misconduct, or a breach of this Agreement or a representation, warranty or covenant of the Trading Advisor, its controlling persons, its affiliates and directors, officers, shareholders, employees, and controlling persons and was done in good faith.

(d)         Trading Advisor Indemnity in Respect of Sale of a Fund’s Units. The Trading Advisor shall indemnify, defend and hold harmless the Trading Company, any Fund, the Managing Member, any selling agent, their controlling persons and their affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and controlling persons from and against any and all losses, claims, damages, liabilities, costs, and expenses, (joint and several), to which any indemnified person may become subject (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Advisor shall have approved such settlement, and in connection with any administrative proceedings), in respect of the offer or sale of Units, insofar as such losses, claims, damages, liabilities, costs, or expenses (or action in respect thereof) arise out of, or are based upon: (i) a breach by the Trading Advisor of any applicable laws or regulations or any representation, warranty or agreement in this Agreement; or (ii) any materially untrue statement or omission relating or with respect to the Trading Advisor, or any of its principals, or their operations, trading systems, methods or performance, which was made in any Fund Prospectus or any amendment or supplement thereto or any other sales literature and furnished by the Trading Advisor for inclusion therein.

(e)         Trading Company Indemnity in Respect of Sale of Units. Trading Company shall indemnify, defend and hold harmless the Trading Advisor its controlling persons, their affiliates and their respective directors, officers, principals, managers, members shareholders, employees and controlling persons from and against any loss claim, damage, liability, cost, and expense, joint and several, to which any indemnified person may become subject (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Company and the relevant Fund shall have approved such settlement, and in connection with any administrative proceedings), in respect of the offer or sale of a Fund’s Units, unless such loss, claim, damage, liability, cost, or expense (or action in respect thereof) arises out of, or is based upon (i) a breach by the Trading Advisor of any applicable laws or regulations or any representation, warranty or agreement in this Agreement; or (ii) any materially untrue statement or omission relating or with respect to the Trading Advisor, or any of its principals or their operations, trading systems, methods or performance that was made in the relevant Fund’s Prospectus or in any other sales literature furnished by the Trading Advisor for inclusion therein.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(f)          Subject to Section 7(a) hereof, the foregoing agreements of indemnity shall be in addition to, and shall in no respect limit or restrict, any other remedies which may be available to an indemnified person.

(g)         Promptly after receipt by an indemnified person of notice of the commencement of any action, claim, or proceeding to which any of the indemnities may apply, the indemnified person will notify the indemnifying party in writing of the commencement thereof if a claim in respect thereof is to be made against the indemnifying party hereunder; but the omission so to notify the indemnifying party will not relieve the indemnifying party from any liability that the indemnifying party may have to the indemnified person hereunder, except where such omission has materially prejudiced the indemnifying party.  In case any action, claim, or proceeding is brought against an indemnified person and the indemnified person notifies the indemnifying party of the commencement thereof as provided above, the indemnifying party will be entitled to participate therein and, to the extent that the indemnifying party desires, to assume the defense thereof with counsel selected by the indemnifying party and not unreasonably disapproved by the indemnified person.  After notice from the indemnifying party to the indemnified person of the indemnifying party’s election so to assume the defense thereof as provided above, the indemnifying party will not be liable to the indemnified person under the indemnity provisions hereof for any legal and other expenses subsequently incurred by the indemnified person in connection with the defense thereof, other than reasonable costs of investigation.

Notwithstanding the preceding paragraph, if in any action, claim, or proceeding as to which indemnification is or may be available hereunder, an indemnified person reasonably determines that its interests are or may be adverse, in whole or in part, to the indemnifying party’s interests or that there may be legal defenses available to the indemnified person that are different from, in addition to, or inconsistent with the defenses available to the indemnifying party, the indemnified person may retain its own counsel in connection with such action, claim, or proceeding and will be indemnified (provided the indemnified person is so entitled) by the indemnifying party for any legal and other expenses reasonably incurred in connection with investigating or defending such action, claim, or proceeding.

In no event will the indemnifying party be liable for the fees and expenses of more than one counsel for all indemnified persons in connection with any one action; claim, or proceeding or in connection with separate but similar or related actions, claims, or proceedings in the same jurisdiction arising out of the same general allegations.  The indemnifying party will not be liable for any settlement of any action, claim, or proceeding effected without the indemnifying party’s express written consent, but if any action, claim, or proceeding, is settled with the indemnifying party’s express written consent, the indemnifying party will indemnify, defend, and hold harmless an indemnified person as provided in this Section 7.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

8.       Right to Advise Others and Uniformity of Acts and Practices.

(a)         The Trading Advisor is engaged in the business of advising clients as to the purchase and sale of futures interests.  During the term of this Agreement, the Trading Advisor, its principals and affiliates, will be advising other clients (including affiliates and the stockholders, officers, directors, and employees of the Trading Advisor and its affiliates and their families) and trading for their own accounts.  The Trading Advisor will use its best efforts to implement a fair and consistent allocation policy that seeks to ensure that all clients are treated equitably and positions allocated as nearly as possible in proportion to the assets available for trading of the accounts managed or controlled by the Trading Advisor.  Upon written request, the Managing Member may request a copy of the Trading Advisor’s procedures regarding the equitable treatment of trades across accounts.  Such procedures shall be provided to the Managing Member within 30 days of such request by the Managing Member.  Except as otherwise set forth herein, the Trading Advisor and its principals and affiliates agree to treat the Trading Company in a fiduciary capacity to the extent recognized by applicable law, but subject to that standard.  Under no circumstances shall the Trading Advisor by any act or omission knowingly or intentionally favor any account advised or managed by the Trading Advisor over the account of the Trading Company in any way or manner.  Nothing contained in this Section 8(a) shall preclude the Trading Advisor from charging different management and/or incentive fees to its clients.  Subject to the Trading Advisor’s obligations under applicable law, the Trading Advisor or any of its principals or affiliates shall be free to advise and manage accounts for other clients and shall be free to trade on the basis of the same trading systems, methods, or strategies employed by the Trading Advisor for the account of the Trading Company, or trading systems, methods, or strategies that are entirely independent of, or materially different from, those employed for the account of the Trading Company, and shall be free to compete for the same futures interests as the Trading Company or to take positions opposite to the Trading Company, where such actions do not knowingly or intentionally prefer any of such accounts over the account of the Trading Company on an overall basis.

(b)         The Trading Advisor shall not be restricted as to the number or nature of its clients, except that: (i) so long as the Trading Advisor acts as a trading advisor for the Trading Company, neither the Trading Advisor nor any of its principals or affiliates shall knowingly hold any position or control any other account that would cause the Trading Company, the Trading Advisor, or the principals or affiliates of the Trading Advisor to be in violation of the CEA or any regulations promulgated thereunder, any other applicable law, or any applicable rule or regulation of the CFTC or any other regulatory or self-regulatory body, exchange, or board; and (ii) neither the Trading Advisor nor any of its principals or affiliates shall render futures interests trading advice to any other individual or entity or otherwise engage in activity that shall knowingly cause positions in futures interests to be attributed to the Trading Advisor under the rules or regulations of the CFTC or any other regulatory or self-regulatory body, exchange, or board so as to require the significant modification of positions taken or intended for the account of the Fund; provided that the Trading Advisor may modify its trading systems, methods or strategies to accommodate the trading of additional funds or accounts.  If applicable speculative position limits are exceeded by the Trading Advisor in the opinion of (i) independent counsel (who shall be other than counsel to the Trading Company), (ii) the CFTC, or (iii) any other regulatory or self-regulatory body, exchange, or board, the Trading Advisor and its principals and affiliates shall promptly liquidate positions in all of their accounts, including the Trading Company’s account, as to which positions are attributed to the Trading Advisor as nearly as possible in proportion to the accounts’ respective amounts available for trading (taking into account different degrees of leverage and “notional” equity) to the extent necessary to comply with the applicable position limits.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

9.       Representations, Warranties, and Covenants of the Trading Advisor.

(a)         Representations and Warranties of the Trading Advisor.

The Trading Advisor represents and warrants to and agrees with the Managing Member and the Trading Company as follows:

(i)         It will exercise good faith and due care in implementing the Trading Program on behalf of the Trading Company as described in the Disclosure Document (as modified from time to time) or any other trading programs agreed to by the Managing Member and the Trading Advisor.

(ii)        The Trading Advisor shall follow and comply with, at all times, the Trading Policies.

(iii)       The Trading Advisor shall trade the Assets pursuant to the same trading programs described in the Disclosure Document unless the Managing Member and the Trading Advisor agree otherwise.

(iv)       The Trading Advisor is duly organized, validly existing and in good standing under the laws of the state of its organization and is qualified to do business as a foreign corporation or and is in good standing in each other jurisdiction in which the nature or conduct of its business requires such qualification and the failure to so qualify would materially adversely affect the Trading Advisor’s ability to perform its duties under this Agreement.  The Trading Advisor has full power and authority to perform its obligations under this Agreement.  The only principals of the Trading Advisor are those set forth in the Disclosure Document (the “Trading Advisor Principals”).

(v)        The Disclosure Document contains all statements and information required to be included therein under the CEA and other applicable laws, and such information is accurate and complete in all material respects.

(vi)       This Agreement has been duly and validly authorized, executed and delivered on behalf of the Trading Advisor and is a valid and binding agreement of the Trading Advisor enforceable in accordance with its terms.

(vii)      Each of the Trading Advisor and the Trading Advisor Principals has all federal, state and foreign governmental, regulatory and exchange licenses and approvals and has effected all filings and registrations with federal, state and foreign governmental and regulatory agencies required to conduct its business and required to perform its or his obligations under this Agreement.  The Trading Advisor is registered as a commodity trading advisor under the CEA and is a member of the NFA in such capacity.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(viii)      The execution and delivery of this Agreement, the incurrence of the obligations set forth herein, the consummation of the transactions contemplated herein and the payment of the fees hereunder will not violate, or constitute a breach of, or default under, the certificate of incorporation or bylaws (or any other organizational documents) of the Trading Advisor or any agreement or instrument by which it is bound or of any order, rule, law or regulation binding on it of any court or any governmental body or administrative agency or panel or self-regulatory organization having jurisdiction over it.

(ix)        Since the respective dates as of which information is given in the Disclosure Document, and except as may otherwise be stated in or contemplated by the Disclosure Document, there has not been any material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor or any Trading Advisor Principal.

(x)         Except as set forth in the Disclosure Document there have not been and there is not pending, or to the best of the Trading Advisor’s knowledge after due inquiry, threatened, any action, suit or proceeding before or by any court or other governmental body to which the Trading Advisor or any Trading Advisor Principal is or was a party, or to which any of the assets of the Trading Advisor is or was subject and which resulted in or might reasonably be expected to result in any material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor.  None of the Trading Advisor or any Trading Advisor Principal has received any notice of an investigation by the NFA, CFTC or other administrative agency or self-regulatory body (whether United States or foreign) regarding noncompliance by the Trading Advisor or any of the Trading Advisor Principals with the CEA or any other applicable law.

(xi)        Neither the Trading Advisor nor any Trading Advisor Principal has received, or is entitled to receive, directly or indirectly, any commission, finder’s fee, similar fee, or rebate from any person in connection with the organization or operation of the Trading Company and any Fund(s).

(xii)       Participation by the Trading Advisor in accordance with the terms hereof and will not violate any provisions of the Investment Advisers Act of 1940, as amended.

(xiii)      Neither the Trading Advisor nor any Trading Advisor Principal will use or distribute any Fund’s Prospectus or any selling literature or engage in any selling activities whatsoever in connection with the offering of the Units.

(xiv)     The foregoing representations and warranties shall be continuing during the term of this Agreement and if at any time any event shall occur which could make any of the foregoing representations or warranties inaccurate, the Trading Advisor shall promptly notify the Managing Member and the Trading Company of the nature of such event.

(b)         Covenants of the Trading Advisor.

The Trading Advisor covenants and agrees that:

(i)         The Trading Advisor shall maintain all registrations and memberships necessary for the Trading Advisor to continue to act as described herein and to at all times comply in all respects with all applicable laws, rules, and regulations, to the extent that the failure to so comply would have a materially adverse effect on the Trading Advisor’s ability to act as described herein.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(ii)        The Trading Advisor shall inform the Managing Member immediately as soon as the Trading Advisor or any Trading Advisor Principal becomes the subject of any investigation, claim or proceeding of any regulatory authority having jurisdiction over such person or becomes a named party to any litigation materially affecting (or which may, with the passage of time, materially affect) the business of the Trading Advisor.  The Trading Advisor shall also inform the Managing Member immediately if the Trading Advisor or any of its officers becomes aware of any breach of this Agreement by the Trading Advisor.

(iii)       The Trading Advisor agrees to cooperate by providing information regarding itself and its performance in the preparation of any amendments or supplements to the Prospectus (subject to the limitation set forth in Section 1 hereof).

10.       Representations and Warranties of the Trading Company and the Managing Member; Covenants of the Managing Member.

(a)         The Trading Company and the Managing Member represent and warrant to the Trading Advisor, as follows:

(i)         The Trading Company is a Delaware limited liability company formed pursuant to its organizational documents and Delaware law and is validly existing and in good standing under the laws of the State of Delaware with full power and authority to engage in the trading of futures interests and to engage in its other contemplated activities as described in the Prospectus; the Trading Company is qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualification and where failure to be so qualified could materially adversely affect the Trading Company’s ability to perform its obligations hereunder.

(ii)        The Managing Member is duly organized and validly existing and in good standing as a limited liability company under the laws of the State of Delaware and is qualified to do business and is in good standing as a foreign corporation in each jurisdiction in which the nature or conduct of its business requires such qualification and where the failure to be so qualified could materially adversely affect the Managing Member’s ability to perform its obligations hereunder.

(iii)       The Trading Company and the Managing Member have full power and authority under applicable law to conduct their business and to perform their respective obligations under this Agreement and as described in the Prospectus.

(iv)       This Agreement has been duly and validly authorized, executed and delivered by the Managing Member on behalf of the Trading Company and constitutes a valid, binding and enforceable agreement of the Trading Company and the Managing Member in accordance with its terms.

16

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(v)        The execution and delivery of this Agreement, the incurrence of the obligations set forth herein and the consummation of the transactions contemplated herein and in the Prospectus will not violate, or constitute a breach of, or default under, the Managing Member’s organizational documents, or the Trading Company’s organizational documents, or any material agreement or instrument by which either the Managing Member or the Trading Company, as the case may be, is bound or any material order, rule, law or regulation applicable to the Managing Member or the Trading Company of any court or any governmental body or administrative agency or panel or self-regulatory organization having jurisdiction over the Managing Member or the Trading Company.

(vi)       There have not been in the five years preceding the date of this Agreement and there is not pending or, to the Managing Member’s knowledge, threatened, any action, suit or proceeding at law or in equity before or by any court or by any federal, state, municipal or other governmental body or any administrative, self-regulatory or commodity exchange organization to which the Managing Member or the Trading Company is or was a party, or to which any of the assets of the Managing Member or the Trading Company is or was subject; and neither the Managing Member nor any of the principals of the Managing Member (“Managing Member Principals”) has received any notice of an investigation by the NFA, CFTC or any other administrative or self-regulatory organization regarding non-compliance by the Managing Member or the Managing Member Principals or the Trading Company with the CEA, the Securities Act of 1933, as amended, or any applicable laws.

(vii)       The Managing Member and the Managing Member Principals have all federal, state and foreign governmental, regulatory and exchange approvals and licenses, and have effected all filings and registrations with federal, state and foreign governmental agencies required to conduct their business or required to perform their obligations under this Agreement and will maintain all such required approvals, licenses, filings and registrations for the term of this Agreement.

(viii)      The Trading Company is and shall remain in material compliance in all respects with all laws, rules, regulations and orders of any government, governmental agency or self-regulatory organization applicable to its business as described in this Agreement.

(ix)         The foregoing representations and warranties shall be continuing during the term of this Agreement and if at any time any event shall occur which could make any of the foregoing representations or warranties inaccurate, the Managing Member shall promptly notify the Trading Advisor of the nature of such event.

(b)         Covenants of the Managing Member.

The Managing Member covenants and agrees that:

(i)         The Managing Member shall maintain all registrations and memberships necessary for the Managing Member to continue to act as described herein and to all times comply in all respects with all applicable laws, rules, and regulations, to the extent that the failure to so comply would have a materially adverse effect on the Managing Member’s ability to act as described herein.

17

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(ii)         The Managing Member shall inform the Trading Advisor immediately as soon as the Managing Member or any of their principals becomes the subject of any lawsuit, investigation, claim, or proceeding of any regulatory authority having jurisdiction over such person or becomes a named party to any litigation materially affecting the business of the Managing Member or the Trading Company.  The Managing Member shall also inform the Trading Advisor immediately if the Managing Member or the Trading Company or any of their officers become aware of any material breach of this Agreement by the Managing Member or the Trading Company.

11.       Merger or Transfer of Assets.

The Managing Member, Trading Company or the Trading Advisor may merge or consolidate with, or sell or otherwise transfer its business, or all or a substantial portion of its assets, to any entity upon written notice to the other parties.

12.       Complete Agreement.

This Agreement constitutes the entire agreement between the parties with respect to the matters referred to herein, and no other agreement, verbal or otherwise, shall be binding as between the parties unless in writing and signed by the party against whom enforcement is sought.

13.       Assignment.

Subject to Section 11, hereof, this Agreement may not be assigned, transferred by operation of law, change in control or otherwise, by any party hereto without the express prior written consent of the other parties hereto.

14.       Amendment.

This Agreement may not be amended except by the written consent of the parties hereto.  No waiver of any provision of this Agreement shall be implied from any course of dealings between the parties, from any failure by any party to assert its rights hereunder or any occasion or series of occasions.

15.       Severability.

The invalidity or unenforceability of any provision of this Agreement or any covenant herein contained shall not affect the validity or enforceability of any other provision or covenant hereof or herein contained and any such invalid provision or covenant shall be deemed to be severable.

16.       Inconsistent Filings.

If the Trading Advisor intends to file, to participate in the filing of, or to publish any description of the Trading Advisor, or of its respective principals or trading approaches that is materially inconsistent with those in the Disclosure Document, the Trading Advisor shall inform the Managing Member of such intention and shall furnish copies of all such filings or publications at least ten Business Days prior to the date of filing or publication.

18

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

17.       Disclosure Documents.

(a)         During the term of this Agreement, the Trading Advisor shall furnish to the Managing Member promptly copies of any and all disclosure-documents as filed in final form with the CFTC, NFA or other self-regulatory organization by the Trading Advisor.  The Managing Member and Fund each acknowledge receipt of the Trading Advisor’s disclosure document (the “Disclosure Document”).

(b)         The Managing Member, the Trading Company and the Fund(s) will not distribute or supplement any promotional material relating to the Trading Advisor unless the Trading Advisor has approved reasonable prior notice of and a copy of such promotional material and has received such material in writing.

18.       Track Record.

The track record and other performance information of the Trading Company and/or Fund(s) shall be the property of the Managing Member and not the Trading Advisor.

19.       Use of Name.

Upon termination of this Agreement, the Trading Company, at its expense, as promptly as practicable: (i) shall take all necessary action to cause the Prospectus of any Fund(s) and organizational documents of the Fund(s) to be amended in order to eliminate any reference to “Revolution Capital Management” (except to the extent required by law, regulation or rule); and (ii) shall cease to use in any other manner, including, but not limited to, use in any sales literature or promotional material, the name “Revolution Capital Management” or any name, mark or logo type derived from it or similar to it (except to the extent required by law, regulation or rule).

20.       Notices.

All notices required to be delivered under this Agreement shall be in writing and shall be effective when delivered personally on the day delivered, by facsimile on receipt confirmation, by email followed by delivery of an original, or when given by registered or certified mail, postage prepaid, return receipt requested, on the second business day following the day on which it is so mailed, addressed as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof):

if to the Trading Company:

OASIS RCM, LLC

c/o R. J. O’Brien Fund Management, LLC

222 S. Riverside Plaza

Suite 900

Chicago, Illinois 60606

Facsimile: 312-373-4831

Email: jdematteo@rjobrien.com

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

if to the Managing Member:

R. J. O’Brien Fund Management, LLC

222 S. Riverside Plaza

Suite 900

Chicago, Illinois 60606

Facsimile: 312-373-4831

Email: jdematatteo@rjobrien.com

With a copy to:

Alston & Bird LLP

90 Park Avenue

New York, NY 10016

Attn: Timothy P. Selby

Facsimile: (212) 210-9444

Email: timothy.selby@alston.com

if to the Trading Advisor:

Revolution Capital Management LLC

520 Zang Street, Suite 209

Broomfield, CO 80021

Attn: Michael Mundt

Phone: 720-496-0940

Email: michael.mundt@revolutionfutures.com

20

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

21.       Continuing Nature of Representations, Warranties and Covenants: Survival.

All representations, warranties and covenants contained in this Agreement shall be continuing during the term of this Agreement and the provisions of this Agreement shall survive the termination of this Agreement with respect to any matter arising while this Agreement was in effect.  Each party hereby agrees that as of the date of this Agreement it is, and during its term shall be, in compliance with its representations, warranties and covenants herein contained.  In addition, if at any time any event occurs which would make any of such representations, warranties or covenants not true, the affected party will use its best efforts to promptly notify the other parties of such fact.

22.       Third-Party Beneficiaries.

This Agreement is not intended and shall not convey any rights to a party to this Agreement.

23.       Governing Law.

This Agreement and any amendment hereto shall be governed by, and construed in accordance with, the laws of the State of Illinois, United States of America (excluding the law thereof which requires the application of, or reference to, the law of any other jurisdiction).  Each party hereto expressly and irrevocably agrees (a) that it waives any objection, and specifically consents, to venue in the United States federal or state courts located in the City of Chicago, State of Illinois, United States of America, so that any action at law or in equity may be brought and maintained in any such court, and (b) that service of process in any such action may be effected against such party by certified or registered mail or in any other manner permitted by applicable United States Federal Rules of Civil Procedure or rules of the Courts of the State of Illinois.  In addition each party hereto expressly and irrevocably waives, in respect of any action brought in any United States federal or state court located in the City of Chicago, State of Illinois or any resulting judgment, any objection, and hereby specifically consents, to the jurisdiction of any such court and agrees not to seek to change the situs of such action or to assert that any other court in any other jurisdiction is a more suitable forum for the hearing and adjudication of any claim or dispute raised in such action.

24.       Remedies.

In any action or proceeding arising out of any of the provisions of this Agreement, the Trading Advisor agrees not to seek any prejudgment equitable or ancillary relief.  The Trading Advisor agrees that its sole remedy in any such action or proceeding shall be to seek actual monetary damages for any breach of this Agreement, except that Trading Advisor may seek a declaratory judgment with respect to the indemnification provisions of this Agreement.

25.       Headings.

Headings to sections herein are for the convenience of the parties only and are not intended to be part of or to affect the meaning or interpretation of this Agreement.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

26.       Successors.

This Agreement including the representations, warranties and covenants contained herein shall be binding upon and inure to the benefit of the parties hereto, their successors and permitted assigns, and no other person shall have any right or obligation under this Agreement.

27.       Counterparts.

This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

28.       Waiver of Breach.

The waiver by any party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach or of a breach by any other party.  The failure of a party to insist upon strict adherence to any provision of the Agreement shall not constitute a waiver or thereafter deprive such party of the right to insist upon strict adherence.

22

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned as of the day and year first above written.

OASIS RCM, LLC
By R.J. O’Brien Fund Management, LLC
Managing Member
By:	/s/ Julie M. DeMatteo
	Name: Julie M. DeMatteo
	Title: Managing Director
R.J. O’BRIEN FUND MANAGEMENT, LLC
By:	/s/ Julie M. DeMatteo
	Name: Julie M. DeMatteo
	Title: Managing Director
Revolution Capital Management LLC
By:	/s/ Michael Mundt
	Name: Michael Mundt
	Title: Managing Member

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

EXHIBIT A

Trading Policies

1.        The Trading Advisor will not employ the trading technique commonly known as “pyramiding”, in which the Trading Advisor uses unrealized profits on existing positions in a given futures interest due to favorable price movement as margin specifically to buy or sell additional positions in the same or a related futures interest.  Taking into account the Trading Company’s open trade equity (i.e., the profit or loss on an open futures interest position) on existing positions in determining generally whether to acquire additional futures interest positions on behalf of the Trading Company will not be considered to constitute “pyramiding”.

2.         The Trading Advisor will not utilize borrowings on behalf of the Trading Company except if the Trading Company purchases or takes delivery of commodities.  If the Trading Advisor borrows money on behalf of the Trading Company, the lending entity in such case (the “lender”) may not receive interest in excess of its interest costs, nor may the lender receive interest in excess of the amounts which would be charged the Trading Company by unrelated banks on comparable loans for the same purpose, nor may the lender or any affiliate thereof receive any points or other financing charges or fees regardless of the amount.  Use of lines of credit in connection with its forward trading does not, however, constitute borrowing for purposes of this trading limitation.

3.         The Trading Advisor will not “churn” the Trading Company’s assets.  Churning is the unnecessary execution of trades so as to generate increased brokerage commissions.

4.         The Trading Advisor will trade currencies and other commodities on futures exchanges, in the interbank and forward contract markets only with banks, brokers, dealers, and other financial institutions which the Managing Member has determined to be creditworthy.

5.         The Trading Advisor will trade only in those futures interests that have been approved by the CFTC as suitable for US investors.  The Trading Advisor will not establish new positions in a futures interest on behalf of the Trading Company for any one contract month or option if such additional positions would result in a net long or short position for that futures interest requiring as margin or premium more than 15% of the Trading Company’s net assets.  In addition, the Trading Advisor will, on behalf of the Trading Company, except under extraordinary circumstances, maintain positions in futures interests in at least two market segments (i.e., agricultural items, industrial items (including energies), metals, currencies, and financial instruments (including stock, financial, and economic indexes)) at any one time.

6.         The Trading Advisor will not acquire additional positions in any futures interest on behalf of the Trading Company if such additional positions would result in the aggregate net long or short positions for all futures interests requiring as margin or premium for all outstanding positions more than 66 2/3% of the Trading Company’s net assets.

7.         The Trading Advisor will not purchase, sell, or trade securities (except securities approved by the CFTC for investment of customer funds).

A-1

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

EXHIBIT B

COMMODITY TRADING AUTHORITY

Dear Revolution Capital Management LLC:

OASIS RCM, LLC (the “Trading Company”) and R.J. O’Brien Fund Management, LLC, the Trading Company’s managing member (the “Managing Owner”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Managing Owner on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Managing Member and you as of the 9th day of September, as amended or supplemented, and in accordance with the terms and conditions of said Agreement.

This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement.

Very truly yours,
OASIS RCM, LLC
by R.I. O’Brien Fund Management, LLC
Managing Member
By:	/s/ Julie M. DeMatteo
	Name: Julie M. DeMatteo
	Title: Managing Director
R.J. O’BRIEN FUND MANAGEMENT, LLC
By:	/s/ Julie M. DeMatteo
	Name: Julie M. DeMatteo
	Title: Managing Director

B-1

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

EXHIBIT C

FUTURES INTERESTS TRADED

Description	Exchange	Reuters Code	Sector/Type	Exchange Description	Exchange Territory
E-mini Dow Future	CBT	0#YM:	Equity Index	Chicago Board of Trade	USA
E-Mini Nasdaq-100 Future	CME	0#NQ:	Equity Index	Chicago Mercantile Exchange	USA
E-Mini S&P 500 Future	CME	0#ES:	Equity Index	Chicago Mercantile Exchange	USA
CAC 40 Future	EOP	0#FCE:	Equity Index	NYSE LIFFE - Paris	France
DAX Index Future	EUX	0#FDX:	Equity Index	EUREX	Germany
EURO STOXX 50 Index Future	EUX	0#STXE:	Equity Index	EUREX	Germany
Hang Seng Index Future	HKG	0Hsi:	Equity Index	Hong Kong Stock Exchange	Hong Kong
FTSE 100 Index Future	LIF	0#FFI:	Equity Index	NYSE LIFFE - London	UK
Nikkei 225 Future	OSE	0#JNI:	Equity Index	Osaka Securities Exchange Australian Securities Exchange	Japan
SPI 200 Index Future	SFE	0#YAP:	Equity Index	(ASX)	Australia
Nikkei 225 Index Future	SGX	0#SSI:	Equity Index	Singapore Exchange (was SIMEX)	Singapore
TOPIX Future	TSE	0#JTI:	Equity Index	Tokyo Stock Exchange	Japan
AUD/USD Future	CME	0#AD:	Fx Future	Chicago Mercantile Exchange	USA
CAD/USD Future	CME	0#CD:	Fx Future	Chicago Mercantile Exchange	USA
CHF/USD Future	CME	0#SF:	Fx Future	Chicago Mercantile Exchange	USA
EUR/USD Future	CME	0#URO:	Fx Future	Chicago Mercantile Exchange	USA
GBP/USD Future	CME	0#BP:	Fx Future	Chicago Mercantile Exchange	USA
JPY/USD Future	CME	0#JY:	Fx Future	Chicago Mercantile Exchange	USA
MXN/USD Future	CME	0#MP:	Fx Future	Chicago Mercantile Exchange	USA
Eurodollar Future	CME	0#GE:	Interest Rate	Chicago Mercantile Exchange	USA
3 month Euro (EURIBOR) Future	LIF	0#FEI:	Interest Rate	NYSE LIFFE - London	UK
3 month Sterling Future	LIF	0#FSS:	Interest Rate	NYSE LIFFE - London	UK
Brent Crude Monthly Future	ICE	0#LCO:	Energy	ICE Futures Europe	UK
Gasoil Monthly Future	ICE	0#LGO:	Energy	ICE Futures Europe	UK
Heating Oil Future	NYM	0#HO:	Energy	CME.NYMEX Exchange	USA
Henry Hub Natural Gas Future	NYM	0#NG:	Energy	CME.NYMEX Exchange	USA
Light Sweet Crude Oil (WTI) Future	NYM	0#CL:	Energy	CME.NYMEX Exchange	USA
NY Harbor RBOB Gasoline Future	NYM	0#RB:	Energy	CME.NYMEX Exchange	USA
Copper Future	CMX	0#HG:	Metals	CME.COMEX division of NYMEX	USA
Gold Future	CMX	0#GC:	Metals	CME.COMEX division of NYMEX	USA
Silver Future	CMX	0#SI:	Metals	CME.COMEX division of NYMEX	USA
Corn Future	CBT	0#C:	Agricultural	Chicago Board of Trade	USA
Soybean Meal Future	CBT	0#SM:	Agricultural	Chicago Board of Trade	USA
Soybean Oil Future	CBT	0#BO:	Agricultural	Chicago Board of Trade	USA
Soybeans Future	CBT	0#S:	Agricultural	Chicago Board of Trade	USA

C-1

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

Wheat Future	CBT	0#W:	Agricultural	Chicago Board of Trade	USA
Lean Hog Future	CME	0#LH:	Agricultural	Chicago Mercantile Exchange	USA
Live Cattle Future	CME	0#LC:	Agricultural	Chicago Mercantile Exchange	USA
Cocoa Future	NYB	0#CC:	Agricultural	ICE Futures US Softs	USA
Coffee C Future	NYB	0#CC:	Agricultural	ICE Futures US Softs	USA
Cotton No.2 Future	NYB	0#CT:	Agricultural	ICE Futures US Softs	USA
Sugar No.11 Future	NYB	0#SB:	Agricultural	ICE Futures US Softs	USA
10 year US Treasury Notes Future	CBT	0#TY:	Bond Future	Chicago Board of Trade	USA
2 year US Treasury Notes Future	CBT	0#TU:	Bond Future	Chicago Board of Trade	USA
30 year US Treasury Bonds Future	CBT	0#US:	Bond Future	Chicago Board of Trade	USA
5 year US Treasury Notes Future	CBT	0#FV:	Bond Future	Chicago Board of Trade	USA
2 year Euro-Schatz Future	EUX	0#FGBS:	Bond Future	EUREX	Germany
Euro-BOBL Future	EUX	0#FGBM:	Bond Future	EUREX	Germany
Euro-BUND Future	EUX	0#FGBL:	Bond Future	EUREX	Germany
Long Gilt Future	LIF	0#FLG:	Bond Future	NYSE LIFFE - London Australian Securities Exchange	UK
10 year T-Bond Future	SFE	0#YTC:	Bond Future	(ASX) Australian Securities Exchange	Australia
3 year T-Bond Future	SFE		Bond Future	(ASX)	Australia
10 year Japanese Government Bond
Future	TSE	0#JGB:	Bond Future	Tokyo Stock Exchange	Japan

C-2

EX-10.03

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

EXHIBIT 10.03

ADVISORY AGREEMENT

THIS AGREEMENT, made as of October 9, 2013 among OASIS PGR LLC, a Delaware limited liability company and (the “Trading Company”), R.J. O’Brien Fund Management, LLC, a Delaware limited liability company (the “Managing Member”), and PGR Capital LLP, a limited liability partnership under the laws of England and Wales (the “Trading Advisor”).

W I T N E S S E T H:

WHEREAS, the Trading Company has been organized as a Delaware limited liability company pursuant to its organizational documents to, among other things, directly or indirectly through a commodity trading advisor, trade, buy, sell, spread.  or otherwise acquire, hold, or dispose of commodities (including, but not limited to, foreign currencies, mortgage-backed securities, money market instruments, financial instruments, and any other securities or items which are now, or may hereafter be, the subject of futures contract trading), domestic and foreign commodity futures contracts, forward contracts, foreign exchange commitments, options on physical commodities and on futures contracts, spot (cash) commodities and currencies, exchange of futures contracts for physicals transactions, exchange of physicals for futures contracts transactions, and any rights pertaining thereto, whether traded on an organized exchange or otherwise (hereinafter referred to collectively as “futures interests;” provided, however, such definition shall, exclude securities futures products as defined by the Commodity Futures Trading Commission (“CFTC”), options in securities futures and options in equities) and securities (such as United States Treasury securities) approved by the CFTC for investment of customer funds and other securities on a limited basis, and to engage in all activities incident thereto;

WHEREAS, the Trading Company is a master fund has or will have assets invested into it directly or indirectly by one or more entities, including, but not necessarily limited to certain commodity pools operated by the Managing Owner (each individually, a “Fund”) ;

WHEREAS, the principals of the Trading Advisor have extensive experience trading in futures interests and the Trading Advisor is willing to provide the services and undertake the obligations as set forth herein;

WHEREAS, the Trading Company and the Managing Member each desires the Trading Advisor to act as a trading advisor for the Trading Company and to make investment decisions with respect to futures interests for the Trading Company and the Trading Advisor desires so to act; and

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

WHEREAS, the Trading Company, the Managing Member and the Trading Advisor wish to enter into this Agreement which, among other things, sets forth certain terms and conditions upon which the Trading Advisor will conduct the futures interest trading with respect to a portion of the Trading Company’s assets as described herein.

NOW, THEREFORE, the parties hereto hereby agree as follows:

1.      Undertakings in Connection with the Continuing Offering of a Fund.

(a)         The Trading Advisor agrees with respect to the continuing offering of interests (“Units”) in a Fund: (i) to make all disclosures regarding itself, its principals and affiliates, its trading performance, its trading systems, methods and strategies (subject to the need, in the reasonable discretion of the Trading Advisor, to preserve the secrecy of Proprietary Information (as defined in Section 1(c) hereof) concerning such systems, methods and strategies), and otherwise, as a Fund and/or the Trading Company may reasonably require (x) in connection with a Fund’s offering materials (the “Prospectus”) as required by any applicable regulations under the Commodity Exchange Act (the “CEA”), and/or the rules and regulations of the Securities and Exchange Commission (the “SEC”), including in connection with any amendments or supplements thereto, or (y) to comply with any other applicable law or rule or regulation, including those of the CFTC, the National Futures Association (the “NFA”), the SEC, or any other regulatory or self-regulatory body, exchange, or board with jurisdiction over its members (or to comply with the reasonable request of the aforementioned, organizations); and (ii) to otherwise cooperate with a Fund and/or the Trading Company and the Managing Member by providing information regarding the Trading Advisor in connection with the preparation of the Prospectus, including any amendments and/or supplements thereto, as a Fund and/or the Trading Company may deem appropriate; provided that all such disclosures are subject to the need, in the reasonable discretion of the Trading Advisor; to preserve the secrecy of Proprietary Information concerning its clients, systems methods and strategies. As used herein, unless otherwise provided, the term “principal” shall have the meaning as defined in Rule 4.10(e) of the CFTC’s regulations and the term “affiliate” shall mean an individual or entity that directly or indirectly controls, is controlled by, or under common control with, such party.

(b)         If the Trading Advisor becomes aware of any materially untrue or misleading statement or omission regarding itself or any of its principals or affiliates in the Program Materials (as defined in Section 17 hereof), or of the occurrence of any event or change in circumstances which would result in there being any materially untrue or misleading statement or omission in the Program Materials regarding itself or any of its principals or affiliates, the Trading Advisor shall promptly notify the Managing Member and shall cooperate with the Managing Member in the preparation of any necessary amendments or supplements to the Fund(s)’s Prospectus. Neither the ‘Trading Advisor nor any of its principals, or affiliates, or any stockholders, officers, directors, or employees shall distribute a Fund’s Prospectus or selling literature or shall engage in any selling activities whatsoever in connection with the continuing offering of Units except as may be specifically approved by the Managing Member and agreed to by the Trading Advisor.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(c)         For purposes of this Agreement, and notwithstanding any of the provisions hereof, all non-public information relating to the Trading Advisor including, but not limited to, records, whether original, duplicated, computerized, handwritten, or in any other form, and information contained therein, business and/or marketing and/or sales plans and proposals, names of past and current clients, names of past, current and prospective contacts, trading methodologies, systems, strategies and programs, trading advice, trading instructions, results of proprietary accounts, training materials, research data bases, portfolios, and computer software, and all written and oral information, furnished by the Trading Advisor to the Trading Company and the Managing Member and/or their officers, directors, employees, agents (including, but not limited to, attorneys, accountants, consultants, and financial advisors) or controlling persons (each a “Recipient”), regardless of the manner in which it is furnished, together with any analysis, compilations, studies or other documents or records which are prepared by a Recipient of such information and which contain or are generated from such information, regardless of whether explicitly identified as confidential, with the exception of information which (i) is or becomes generally available to the public other than as a result of acts by the Recipient in violation of this Agreement, (ii) is in the possession of the Recipient prior to its disclosure pursuant to the terms hereof, (iii) is or becomes available to the Recipient from a source that is not bound by a confidentiality agreement with regard to such information or by any other legal obligation of confidentiality prohibiting such disclosure, or (iv) that is independently developed by the Recipient without use of the confidential information described in this Section 1(c), are and shall be confidential information and/or trade secrets and the exclusive property of the Trading Advisor (“Confidential Information” and/or “Proprietary Information”).

(d)         The Trading Company and the Managing Member each warrants and agrees that they and their respective officers, directors, members, equity holders, employees and agents (including for purposes of this Agreement, but not limited to, attorneys, accountants, consultants, and financial advisors) will protect and preserve the Confidential Information and will disclose Confidential Information or otherwise make Confidential Information available only to the Trading Company’s or the Managing Member’s officers, directors, members, equity holders, employees and agents (including for purposes of this Agreement, but not limited to_ attorneys, accountants, consultants, and financial advisors), who need to know the Confidential Information (or any part of it) for the purpose of satisfying their fiduciary, legal, reporting, filing or other obligations hereunder or to monitor performance in the account during the term of this Agreement or thereafter, or to the Trading Company, Managing Member or a Recipient, as the case may be, is required to disclose such Confidential Information due to a fiduciary obligation or legal or regulatory request. Additionally, the Trading Company and the Managing Member each warrants and agrees that it and any Recipient will use the Confidential Information solely for the purpose of satisfying the Trading Company’s or the Managing Member’s obligations tinder this Agreement and not in a manner which violates the terms of this Agreement.

3

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

2.      Duties of the Trading Advisor.

(a)         Upon the commencement of trading operations on or about October 10, 2013 by the Trading Advisor with respect to all or a portion of the assets of the Trading Company, the Trading Advisor hereby agrees to act as a Trading Advisor for the Trading Company and, as such, shall have authority and responsibility for directing the investment and reinvestment of that portion of the Trading Company’s assets allocated to the Trading Advisor, which shall consist of the Allocated Net Assets (as defined in Section 5(c) hereof) plus “notional” funds, if any, allocated to the Trading Advisor, as specified in writing by the Managing Member and consented to by the Trading Advisor (the “Assets”) in the absence of any instruction from the Managing Member, the Trading Advisor will reset the value of the Allocated Net Assets on the 1st of each month, such that they are equal to the value, of the Net Allocated Assets from the preceding month, adjusted for any profit or loss incurred over the preceding month, less any fees and expenses, plus and subscriptions and less any redemptions, as notified by the Managing Member, on the terms and conditions and in accordance with the prohibitions and the trading policies set forth in Exhibit A to this Agreement as amended from time to time and provided in writing to the Trading Advisor by the Managing Member (the “Trading Policies”); provided, however, that the Managing Member may override the instructions of the Trading Advisor without notice to the Trading Advisor to the extent necessary (i) to comply with the Trading Policies and with applicable speculative position limits, (ii) to fund any distributions or redemptions, (iii) to pay the Trading Company’s expenses, (iv) to the extent the Managing Member believes doing so is necessary for the protection of the Trading Company, (v) to terminate the futures interest trading of the Account (as defined in Section 4) with the Trading Advisor, or (vi) to comply with any applicable law or regulation. The Managing Member agrees not to override any such instructions for the reasons specified in clauses (ii) or (iii) of the preceding sentence unless the Trading Advisor fails to comply with a request of the Managing Member to make the necessary amount of funds available to the Trading Company within two trading days of such request. The Trading Advisor shall not be liable for the consequences of any decision by the Managing Member to override instructions of the Trading Advisor, except to the extent that such consequences result from a material breach of this Agreement by the Trading Advisor or the Trading Advisor fails to comply with the Managing Member’s decision to override an instruction. Notwithstanding anything to the contrary contained in this Agreement, the Trading Company shall have the right to instruct the Trading Advisor to liquidate any or all positions at any time.

4

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(b)         The Trading Advisor shall:

(i)         Exercise good faith and due care in trading futures interests for the account of the Trading Company in accordance with the prohibitions and Trading Policies, and the trading systems, methods, and strategies of the Trading Advisor described in the Program Materials, with such Changes and additions to such trading systems, methods or strategies as the Trading Advisor, from time to time, incorporates into its trading approach for accounts the size of the Trading Company.

(ii)         Provide the Managing Member, within 10 business days of the end of a calendar quarter, and within 10 business days of a separate request which the Managing Member may make from time to time, with information comparing the performance of the Trading Company’s account to PGR Capital Systematic Strategies, an off-shore fund (the “Reference Fund”) and FOR Partners UP, a managed account set up to trade the partners’ capital, both are directed by the Trading Advisor using the trading systems used by the Trading Advisor on behalf of the Trading Company over a specified period of time for the purpose of confirming that the Trading Company has been treated equitably compared to such Other Accounts, in providing such information, the Trading Advisor may take such steps as are necessary to assure the confidentiality of the Trading Advisor’s clients’ identities. The Trading Advisor shall, upon the Managing Member’s request, consult with the Managing Member concerning any discrepancies between the performance of such Other Accounts and the Trading Company’s account. The Trading Advisor shall promptly inform the Managing Member in writing of any material discrepancies of which the ‘Trading Advisor is aware. The Managing Member acknowledges that the following differences in accounts may cause divergent trading results: different trading strategies, methods or degrees of leverage, different trading policies, accounts experiencing differing inflows or outflows of equity, different risk profiles, accounts which commence trading at different times, accounts which have different portfolios or different fiscal years and accounts which may have different fee and expense structures.

(iii)         Inform the Managing Member when the Trading Advisor’s open positions maintained by the Trading Advisor exceed the Trading Advisor’s applicable speculative position limits.

(iv)         Upon request of the Managing Member, promptly provide the Managing Member with all information concerning the Trading Advisor and its activities reasonably requested by the Managing Member (including, without limitation, information relating to changes in control, key personnel, trading approach, or financial condition). Additionally, the Trading Advisor agrees to furnish R.J. O’Brien & Associates, LLC (“RJOB”) in an electronic format as requested by RJOB (i) a final report of all trades at the end of each business day and (ii) a report of any trade made involving a position with a required initial margin equal to 30% or more of the Assets within 30 minutes of the Trading Advisor’s receipt of confirmation, verbal or otherwise, from the executing broker that such a trade has been executed. The Trading Advisor further acknowledges and agrees that the timely provision of all such information is of the essence in order to enable the Trading Company, its designated entities, and RJOB to monitor and comply with mandatory risk control algorithms imposed upon the operation of the Trading Company.

5

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(c)         All purchases and sales of futures interests pursuant to this Agreement shall be for the account, and at the risk, of the Trading Company and not for the account, or at the risk of the Trading Advisor or any of its affiliates or each of their principals, stockholders, directors, officers, or employees, or any other person, if any, who controls the Trading Advisor. All brokerage commissions and rehired transaction fees arising from such trading by the Trading Advisor shall be for the account of the Trading Company.

(d)         Subject to §8(a) hereof, the Trading Advisor shall assume financial responsibility for any errors committed or caused by it in transmitting orders for the purchase or sale of futures interests for the Trading Company’s account including reimbursement of the Trading Company for any payments to the Commodity Brokers (as described in Section 4 hereof) of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Trading Advisor’s errors shall include, but not be limited to, inputting improper trading signals or communicating incorrect orders to the Commodity Brokers. The Trading Advisor Shall have an affirmative obligation to promptly notify the Managing Member upon discovery of its own errors with respect to the account, and the Trading Advisor shall use its best efforts to identify and promptly notify the Managing Member of any order or trade which the Trading Advisor reasonably believes was not executed in accordance with its instructions to any Commodity Broker or such other commodity broker utilized to execute orders for the Trading Company.

(e)         Prior to the commencement of trading by the Trading Company, the Managing Member, on behalf of the Fund, shall deliver to the Trading Advisor a trading authorization appointing the Trading Advisor the Trading Company’s attorney-in-fact for such purpose (a form of which is attached hereto as Exhibit B).

(f)         In performing services to the Trading Company, the Trading Advisor shall utilize its PGR Mayfair Investment Program (the “Trading Program”), as described in the Program Materials, and as modified from time to time The Trading Advisor shall give the Managing Member prior written notice of any change in the Trading Program that the Trading Advisor considers to be material (and shall not effect such change on behalf of the Trading Company without the Managing Member’s consent), including any additional futures interests to be traded by the Trading Advisor not already listed on Exhibit C, Changes in the futures interests traded, provided that such futures interests are listed on Exhibit C, shall not be deemed a modification of the Trading, Program.

6

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

3.      Trading Advisor as an Independent Contractor.

For all purposes of this Agreement, the Trading Advisor shall be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized, have no authority to act for or represent the Trading Company in any way or otherwise be deemed an agent of the Trading Company and/or the Fund(s). Nothing contained herein shall be deemed to require the Trading Company to take any action contrary to its governing documents as from time to time in effect or any applicable law or rule or regulation of any regulatory or self-regulatory body, exchange, or board. Nothing herein contained shall constitute the Trading Advisor or the Managing Member as members of any partnership, joint venture, association, syndicate or other entity, or be deemed to confer on any of them any express, implied, or apparent authority to incur any obligation or liability on behalf of any other. It is expressly agreed that the Trading Advisor is neither a promoter, sponsor, nor issuer with respect to the Trading Company or any Fund, nor does the Trading Advisor have any authority or responsibility with respect to the offer sale or issuance of Units of any Fund.

4.      Futures Broker.

The Trading Advisor shall effect all transactions in futures interests for the Trading Company through the Trading Company’s separate account of the Trading Company to be traded exclusively by the Trading Advisor (the “Account”) maintained with RIOS or such commodity broker or brokers as the Managing Member shall direct and appoint from time to time (the “Futures Brokers”).

Notwithstanding the foregoing, the Trading Advisor may execute trades through brokers other than those employed by RJOB and its affiliates so long as arrangements (including executed give-up agreements) are made for such floor brokers to “give-up” or transfer the positions to RJOB in conformity with the Trading Policies set forth in Exhibit A attached hereto.

5.      Fees.

(a)         For the services to be rendered to the Trading Company by the Trading Advisor under this Agreement:

(i)         The Trading Company shall pay the Trading Advisor a monthly management fee equal to 1/12 of *% (a *% annual rate) of the Assets allocated to it (as defined in Section 2(a) hereof) as of the last day of each month (the “Management Fee”), The Management Fee is payable in arrears within 20 Business Days of the end of the month for which it was calculated. For purposes of this Agreement, “Business Day” shall mean any day which the securities markets are open in the United States.

* Confidential material redacted and filed separately with the Commission.

7

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(ii)         The Trading Company shall pay the Trading Advisor a quarterly incentive fee equal to *% of the New Trading Profit (as defined in Section 5(d) hereof) (the “Incentive Fee”). The initial incentive period will commence on the date the Trading Advisor commences trading the Account and shall end on the last day of the calendar quarter after such date, The Incentive Fee is payable within 20 Business Days of the end of the calendar quarter for which it was calculated.

(b)         If this Agreement is terminated on a date other than the last day of a calendar quarter, the Incentive Fee shall be determined as if such date were the end of a calendar quarter. If this Agreement is terminated on a date other than the end of a month, the Management Fee described above shall be determined as if such date were the end of a month, but such fee shall be prorated based on the ratio of the number of trading days in the month through the date of termination to the total number of trading days in the month. If, during any month after the Trading Advisor commences trading operations on behalf of the Account (including the month in which the Trading Advisor commences such operations), the Trading Company does not conduct business operations, or suspends trading for the Account, or, as a result of an act or material failure to act by the Trading Advisor, is otherwise unable to utilize the trading advice of the Trading Advisor on any of the trading days of that month for any reason, the Management Fee shall be prorated based on the ratio of the number of trading days in the month which the Account engaged in trading operations or utilizes the trading advice of the Trading Advisor to the total number of trading days in the month. The Management Fee payable to the Trading Advisor for the month in which the Trading Company begins to receive trading advice from the Trading Advisor pursuant to this Agreement shall be prorated based on the ratio of the number of trading days in the month from the day the Trading Company begins to receive such trading advice to the total number of trading days in the month. In the event that there is an increase or decrease in the Assets as of any day other than the first day of a month, the Trading Advisor shall be paid a pro rata Management Fee on such increase or decrease in the Assets for such month.

(c)         The term “Allocated Net Assets” shall mean the total assets of the Trading Company allocated to the Account (including, but not limited to, all cash and cash equivalents, accrued interest and amortization of original issue discount, and the market value (marked-to-market) of all open futures interest positions and other assets of the Account) less all liabilities of the Trading Company determined in accordance with generally accepted accounting principles consistently applied under the accrual basis of accounting. Unless generally accepted accounting principles require otherwise, the market value of a futures or option contract traded on a United States exchange shall mean the settlement price on the exchange on which the particular futures or option contract shall be traded by the Trading Advisor on behalf of the Account with respect to which the Net Assets are being determined; provided, however, that if a contract could not be liquidated on such day due to the operation of daily limits or other rules of the exchange on which that contract shall be traded or otherwise, the settlement price on the first subsequent day on which the contract could be liquidated shall be the market value of such contract for such day, or if a contract could not be liquidated on such day due to the exchange being closed for an exchange holiday, the settlement price on the most recent preceding day on which the contract could have been liquidated shall be the market value of such contract for such day. The market value of a forward contract or a futures or option contract traded on a foreign exchange or market shall mean its market value as determined by the Managing Member on a basis consistently applied for each different variety of contract.

* Confidential material redacted and filed separately with the Commission.

8

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(d)         The term “New Trading Profit” shalt mean net futures interest trading profits (realized and unrealized) on the Assets, decreased by the Trading Advisor’s monthly Management Fees and brokerage commissions and NFA fees applicable to the Account. Interest income is not included in New Trading Profit. Extraordinary expenses do not reduce New Trading Profit. Such trading profits and items of decrease shall be determined from the end of the last calendar quarter in respect of which an Incentive Fee was earned by the Trading Advisor or, if no Incentive Fee has been earned previously by the. Trading Advisor, from the date that the Trading Advisor commenced managing the Assets, to the end of the calendar quarter as of which such Incentive Fee calculation is being made. New Trading Profit shall be calculated before reduction for Incentive Fees paid or accrued so that the Trading Advisor does not have to cam back Incentive Fees.

(e)         If any payment of incentive Fees is made to the Trading Advisor on account of New Trading Profit earned by the Trading Advisor and the Trading Advisor thereafter fails to earn New Trading Profit or experiences losses for any subsequent incentive period, the Trading Advisor shall be entitled to retain such amounts of Incentive Fees previously paid to the Trading Advisor in respect of such New Trading Profit. No Incentive Fees shall be payable to the Trading Advisor until the Trading Advisor has earned New Trading Profit; provided, however, that if the Assets are reduced because of redemptions that occur at the end of, and/or subsequent to a calendar quarter in which the Trading Advisor experiences a futures interest trading loss for the Trading Company, the trading loss that must .be recovered before the Trading Advisor will be deemed to experience New Trading Profit in a subsequent calendar quarter will be equal to the amount determined by (x) dividing the Assets after such decrease by the Assets in immediately before such decrease and (v) multiplying that fraction by the amount of the unrecovered futures interest trading loss prior to such decrease. In the event that the Trading Advisor experiences a trading Loss in more than one calendar quarter without the Trading Company paying an intervening Incentive Fee and Assets are reduced in more than one such calendar quarter because of redemptions, then the trading loss for each such calendar quarter shall be adjusted in accordance with the formula described above and such reduced amount of futures interest trading loss shall be carried forward and used to offset subsequent futures interest trading profits.  No Incentive Fees shall be payable to the Trading Advisor until the Trading Advisor has earned New Trading Profit.

9

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

6.      Term.

(a)         This Agreement shall continue in effect for a period of one year from the date the Agreement was entered into unless otherwise terminated as set forth in this Section 6. The Trading Advisor may terminate this Agreement at the end of such one-year period by providing prior written notice of termination to the Trading Company at least sixty days prior to the expiration of such one-year period. If the Agreement is not terminated upon the expiration of such one-year period, this Agreement shall automatically renew for an additional one-year period and shall continue to renew for additional one-year periods until this Agreement is otherwise terminated, as provided for herein. This Agreement shall automatically terminate if the Trading Company is dissolved.

(b)         The Trading Company and Managing Member each shall have the right to terminate this Agreement in its discretion (i) at any month end upon five days’ prior written notice to the Trading Advisor, or (ii) at any time upon prior written notice to the Trading Advisor upon the occurrence of any of the following events: (A) if any person described as a “principal” of the Trading Advisor in the Prospectus ceases for any reason to be an active “principal” of the Trading Advisor; (B) if the Trading Advisor becomes bankrupt or insolvent; (C) if the Trading Advisor is unable to use its trading systems or methods as in effect on the date hereof and as modified in the future for the benefit of the Trading Company; (D) if the registration, as a commodity trading advisor, of the Trading), Advisor with the CFTC or its membership in the NFA is revoked, suspended, terminated, or not renewed, or limited or qualified in any respect; (E) except as provided in Section 12 hereof, if’ the Trading Advisor merges or consolidates with, or sells or otherwise transfers its advisory business, or all or a substantial portion of its assets, any portion of its futures interest trading systems or methods, or its goodwill to, any individual or entity; (F) if, at any time, the Trading Advisor violates any Trading Policy or administrative policy, except with the prior express written consent of the Managing Member; or (G) if the Trading Advisor fails in a material manner to perform any of its obligations under this Agreement.

(c)         The Trading Advisor may terminate this Agreement at any time, upon thirty days’ prior written notice to the Trading Company and Managing Member, in the event: (A) that the Managing Member imposes additional trading Limitation(s) in the form of one or more Trading Policies or administrative policies that the Trading Advisor does not consent to, such consent not to be unreasonably withheld; (B) the Managing Member objects to the Trading Advisor implementing a proposed material change to the Trading Program and the Trading Advisor certifies to the Managing Member in writing that it believes such change is in the best interests of the Trading Company; (C) the Managing Member or the Trading Company materially breaches this Agreement and does not correct the breach within ten days of receipt of a written notice of such breach from the Trading Advisor; (D) the Trading Company becomes bankrupt or insolvent, (E) the Assets of the Trading Company fall below a level at which the Trading Advisor can no longer reasonably implement its Trading Program; or (F) the registration of the Managing Member with the CFTC as a commodity pool operator or its membership in the NFA is revoked, suspended, terminated or not renewed, or limited or qualified in any respect. If the Managing Member or Trading Company merges, consolidates or sells a substantial portion of its assets pursuant to Section 11 of this Agreement, the Trading Advisor may terminate this Agreement upon prior written notice to the Managing Member and Trading Company.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(d)         Except as otherwise provided in this Agreement, any termination of this Agreement in accordance with this Section 6 shall be without penalty or liability to any party on account of such termination.

(e)         The indemnities set forth in Section 7 hereof shall survive any termination of this Agreement.

7.      Standard of Liability: Indemnifications.

(a)         Limitation of Trading, Advisor Liability.In respect of the Trading Advisor’s role in the futures interests trading of the Trading Company, the Trading Advisor shall not be liable to the Trading Company or the Managing Member or their partners, directors, officers, principals, managers, ‘members, shareholders, employees, controlling persons or successors and assigns except that the Trading Advisor shall be liable for acts or omissions that constitute a breach of this Agreement or a representation, warranty or covenant herein, misconduct, or negligence, or are the result of the Trading Advisor not having acted in good faith and in the reasonable belief that such actions or omissions were in, or not opposed to, the best interests of the Trading Company.

(b)         Trading Advisor indemnity in Respect of Management Activities.The Trading Advisor shall indemnify, defend and hold harmless the Trading Company and the Managing Member, their controlling persons, their affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and controlling persons from and against any and all losses, claims, damages, liabilities (joint and several), costs, and expenses (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Advisor shall have approved such settlement) resulting from a demand, claim, lawsuit, action or proceeding (other than those incurred as a result of claims brought by or in the right of an indemnified party) relating to this Agreement (except as covered by paragraph (i) below); provided that a court of competent jurisdiction upon entry of a final judgment (or, if no final judgment is entered, by an opinion rendered by counsel who is approved by the Trading Company and the Trading Advisor, such approval not to be unreasonably withheld) to the effect that the action or inaction of such indemnified party that was the subject of the demand, claim, lawsuit, action, or proceeding did not constitute negligence, misconduct or a breach of this Agreement or a representation, warranty or covenant of the Trading Company or the Managing Member, their controlling persons, their affiliates and their respective directors, officers, shareholders, employees, and controlling persons and was done in good faith.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(c)         Trading Company Indemnity in Respect of Management Activities. The Trading Company shall indemnify, defend and hold harmless the Trading Advisor, its controlling persons, their affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and controlling persons, from and against any and all losses, claims, damages, liabilities (joint and several), costs and expenses (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with and any amounts paid in any litigation or other proceeding or any settlement; provided that, solely in the case of a. settlement, the Trading Company shall have approved such settlement) resulting from a demand, claim, lawsuit, action or proceeding (other than those incurred as a result of claims brought by or in the right of an indemnified party) relating to this Agreement (except as covered by paragraph (e) below): provided that a court of competent jurisdiction upon entry of a final judgment finds (or, if no final judgment is entered, by an opinion rendered by counsel who is approved by the Trading Company and the Trading Advisor, such approval not to be unreasonably withheld) to the effect that the action or inaction of such indemnified party that was the subject of the demand, claim, lawsuit action or proceeding did not constitute negligence, misconduct; or a breach of this Agreement or a representation, warranty or covenant of the Trading Advisor, its controlling persons, its affiliates and directors, officers, shareholders, employees, and controlling persons and was done in good faith.

(d)         Trading Advisor Indemnity in Respect of Sale of a Fund’s Units. The Trading Advisor shall indemnify, defend and hold harmless the Trading Company, any Fund, the Managing Member, any selling agent, their controlling: persons and their affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and controlling persons from and against any and all losses, claims, damages, liabilities, costs, and expenses, (joint and several), to which any indemnified person may become subject (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Advisor shall have approved such settlement, and in connection with any administrative proceedings), in respect of the offer or sale of Units, insofar as such losses, claims, damages, liabilities, costs, or expenses (or action in respect thereof) arise out of, or arc based upon: (i) a breach by the Trading Advisor of any applicable laws or regulations or any representation, warranty or agreement in this Agreement; or (ii) any materially untrue statement or omission relating or with respect to the Trading Advisor, or any of its principals, or their operations, trading systems, methods or performance, which was made in any Fund Prospectus or any amendment or supplement thereto or any other sales literature and furnished by the Trading Advisor for inclusion therein.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(e)         Trading Company Indemnity in Respect of Sale of Units.Trading Company shall indemnify, defend and hold harmless the Trading Advisor its controlling persons, their affiliates and their respective directors, officers, principals, managers, members shareholders, employees and controlling persons from and against any loss claim, damage, liability, cost, and expense, joint and several, to which any indemnified person may become subject (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Company and the relevant Fund shall have approved such settlement, and in connection with any administrative proceedings), in respect of the offer or sale of a Fund’s Units, unless such loss, claim, damage, liability, cost, or expense (or action in respect thereof) arises out of; or is based upon (i) a breach by the Trading Advisor of any applicable laws or regulations or any representation, warranty or agreement in this Agreement; or (ii) any materially untrue statement or omission relating or with respect to the Trading Advisor, or any of its principals or their operations, trading systems, methods or performance that was made in the relevant Fund’s Prospectus or in any other sales literature furnished by the Trading Advisor for inclusion therein.

(f)         Subject to Section 7(a) hereof, the foregoing agreements of indemnity shall be in addition to, and shall in no respect limit or restrict, any other remedies which may be available to an indemnified person.

(g)         Promptly after receipt by an indemnified person of notice of the commencement of any action, claim, or proceeding to which any of the indemnities may apply, the indemnified person will notify the indemnifying party in writing of the commencement thereof if a claim in respect thereof is to be made against the indemnifying party hereunder; but the omission so to notify the indemnifying party will not relieve the indemnifying party from any liability that the indemnifying party may have to the indemnified person hereunder, except where such omission has materially prejudiced the indemnifying party. In case any action, claim, or proceeding is brought against an indemnified person and the indemnified person notifies the indemnifying party of the commencement thereof as provided above, the indemnifying party will be entitled to participate therein and, to the extent that the indemnifying party desires, to assume the defense thereof with counsel selected by the indemnifying party and not unreasonably disapproved by the indemnified person. After notice from the indemnifying party to the indemnified person of the indemnifying party’s election so to assume the defense thereof as provided above, the indemnifying party will not be liable to the indemnified person under the indemnity provisions hereof for any legal and other expenses subsequently incurred by the indemnified person in connection with the defense thereof, other than reasonable costs of investigation.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

Notwithstanding the preceding paragraph, if in any action, claim, or proceeding as to which indemnification is or may be available hereunder, an indemnified person reasonably determines that its interests are or may be adverse, in whole or in part, to the indemnifying party’s interests or that there may be legal defenses available to the indemnified person that are different from, in addition to, or inconsistent with the defenses available to the indemnifying party, the indemnified person may retain its own counsel in connection with such action, claim, or proceeding and will be indemnified (provided the indemnified person is so entitled) by the indemnifying party for any legal and other expenses reasonably incurred in connection with investigating or defending such action, claim, or proceeding.

In no event will the indemnifying party be liable for the fees and expenses of more than one counsel for all indemnified persons in connection with any one action; claim, or proceeding or in connection with separate but similar or related actions, claims, or proceedings in the same jurisdiction arising out of the same general allegations. The indemnifying party will not be liable for any settlement of any action, claim, or proceeding effected without the indemnifying party’s express written consent, but if any action, claim, or proceeding, is settled with the indemnifying party’s express written consent, the indemnifying party will indemnify, defend, and hold harmless an indemnified person as provided in this Section 7.

8.      Right to Advise Others and Uniformity of Acts and Practices.

(a)         The Trading Advisor is engaged in the business of advising clients as to the purchase and sale of futures interests. During the term of this Agreement, the Trading Advisor, its principals and affiliates, will be advising other clients (including affiliates and the stockholders, officers, directors, and employees of the Trading Advisor and its affiliates and their families) and trading for their own accounts. The Trading Advisor will use its best efforts to implement a fair and consistent allocation policy that seeks to ensure that all clients are treated equitably and positions allocated as nearly as possible in proportion to the assets available for trading of the accounts managed or controlled by the Trading Advisor. Upon written request, the Managing Member may request a copy of the Trading Advisor’s procedures regarding the equitable treatment of trades across accounts. Such procedures shall be provided to the Managing Member within 30 days of such request by the Managing Member. Except as otherwise set forth herein, the Trading Advisor and its principals and affiliates agree to treat the Trading Company in a fiduciary capacity to the extent recognized by applicable law, but subject to that standard. Under no Circumstances shall the Trading Advisor by any act or omission knowingly or intentionally favor any account advised or managed by the Trading Advisor over the account of the Trading Company in any way or manner. Nothing contained in this Section 8(a) shall preclude the Trading Advisor from charging different management and/or incentive fees to its clients. Subject to the Trading Advisor’s obligations under applicable law, the Trading Advisor or any of its principals or affiliates shall be free to advise and manage accounts for other clients and shall be free to trade on the basis of the same trading systems, methods, or strategies employed by the Trading Advisor for the account of the Trading Company; or trading systems, methods, or strategies that are entirely independent of, or materially different from, those employed for the account of the Trading Company, and shall be free to compete for the same futures interests as the Trading Company or to take positions opposite to the Trading Company, where such actions do not knowingly or intentionally prefer any of such accounts over the account of the Trading Company on an overall basis.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(b)         The Trading Advisor shall not be restricted as to the number or nature of its clients, except that: (i) so long as the Trading Advisor acts as a trading advisor for the Trading Company, neither the Trading Advisor nor any of its principals or affiliates shall knowingly hold any position or control any other account that would cause the Trading Company, the Trading Advisor, or the principals or affiliates of the Trading Advisor to be in violation of the CEA or any regulations promulgated thereunder, any other applicable law, or any applicable rule or regulation of the CFTC or any other regulatory or self regulatory body, exchange, or board; and (ii) neither the Trading Advisor nor any of its principals or affiliates shall render futures interests trading advice to any other individual or entity or otherwise engage in activity that shall knowingly cause positions in futures interests to be attributed to the Trading Advisor under the rules or regulations of the CFTC or any other regulatory or self regulatory body, exchange, or board so as to require the significant modification of positions taken or intended for the account of the Fund; provided that the Trading Advisor may modify its trading systems, methods or strategies to accommodate the trading of additional funds or accounts. If applicable speculative position limits are exceeded by the Trading Advisor in the opinion of (i) independent counsel (who shall be other than counsel to the Trading Company), (ii) the CFTC, or (:iii) any other regulatory or self regulatory body, exchange, or board, the Trading Advisor and its principals and affiliates shall promptly liquidate positions in all of their accounts, including the Trading Company’s account, as to which positions are attributed to the Trading Advisor as nearly as possible in proportion to the accounts’ respective amounts available for trading (taking into account different degrees of leverage and “notional” equity) to the extent necessary to comply with the applicable position limits.

9.      Representations, Warranties, and Covenants of the Trading Advisor.

(a)         Representations and Warranties of the Trading Advisor. The Trading Advisor represents and warrants to and agrees with the Managing Member and the Trading Company as follows:

(i)         It will exercise good faith and due care in implementing the Trading Program on behalf of the Trading Company as described in the Program Materials (as modified from time to time) or any other trading programs agreed to by the Managing Member and the Trading Advisor.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(ii)        The Trading Advisor shall follow and comply with, at all times, the Trading Policies.

(iii)       The Trading Advisor shall trade the Assets pursuant to the same trading programs described in the Program Materials unless the Managing Member and the Trading Advisor agree otherwise.

(iv)       The Trading Advisor is duly organized, validly existing and in good standing under the laws of the state of its organization and is in good standing in each other jurisdiction in which the nature or conduct of its business requires such qualification and the failure to so qualify would materially adversely affect the Trading Advisor’s ability to perform its duties under this Agreement. The Trading Advisor has full power and authority to perform its obligations under this Agreement. The only principals of the Trading Advisor are those set forth in the Program Materials (the “Trading Advisor Principals”).

(v)        The Program Materials contains all statements and information required to be included therein under the CEA and other applicable laws, and such information is accurate and complete in all material respects.

(vi)       This Agreement has been duly and validly authorized, executed and delivered on behalf of the Trading Advisor and is a valid and binding agreement of the Trading Advisor enforceable in accordance with its terms.

(vii)      Each of the Trading Advisor and the Trading Advisor Principals has all federal, state and foreign governmental, regulatory and exchange licenses and approvals and has effected all filings and registrations with federal, state and foreign governmental and regulatory agencies required to conduct its business and required to perform its or his obligations under this Agreement. The Trading Advisor is registered as a commodity trading advisor under the CEA and is a member of the NFA in such capacity.

(viii)     The execution and delivery of this Agreement, the incurrence of the obligations set forth herein, the consummation of the transactions contemplated herein and the payment of the fees hereunder will not violate, or constitute a breach of, or default under, the certificate of incorporation or bylaws (or any other organizational documents) of the Trading Advisor or any agreement or instrument by which it is bound or of any Order, rule, law or regulation binding on it of any court or any governmental body or administrative agency or panel or self-regulatory organization having jurisdiction over it.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(ix)       Since the respective dates as of which information is given in the Disclosure Document, and except as may otherwise be stated in or contemplated by the Disclosure Document, there has not been any material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor or any Trading Advisor Principal.

(x)        The Trading Adviser has complied and will continue to comply, with all Laws having application to its business (including the Bribery Act 2010, as amended). There have not been and there is no pending, or to the best of the Trading Advisor’s knowledge after due inquiry, threatened, any action, suit or proceeding before or by any court or other governmental body to which the Trading Advisor or any Trading Advisor Principal is or was a party, or to which any of the assets of the Trading Advisor is or was subject and which resulted in or might reasonably be expected to result in any material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor. None of the Trading Advisor or any Trading Advisor Principal has received any notice of an investigation by the NFA, CFTC or other administrative agency or self-regulatory body (whether United States or foreign) regarding noncompliance by the Trading Advisor or any of the Trading Advisor Principals with the CEA or any other applicable law.

(xi)       Neither the Trading Advisor nor any Trading Advisor Principal has received, or is entitled to receive, directly or indirectly, any commission, finder’s fee, similar fee, or rebate from any person in connection with the organization or operation of the Trading Company and any Fund(s).

(xii)      Participation by the Trading Advisor in accordance with the terms hereof will not violate any provisions of the investment Advisers Act of 1940, as amended.

(xiii)     Neither the Trading Advisor nor any Trading Advisor Principal will use or distribute any Fund’s Prospectus or any selling literature or engage in any selling activities whatsoever in connection with the offering of the Units.

(xiv)     The foregoing representations and warranties shall be continuing during the term of this Agreement and if at any time any event shall occur which could make any of the foregoing representations or warranties inaccurate, the Trading Advisor shall promptly notify the Managing Member and the Trading Company of the nature of such event.

(b)         Covenants of the Trading Advisor. The Trading Advisor covenants and agrees that:

(i)         The Trading Advisor shall maintain all registrations and memberships necessary for the Trading Advisor to continue to act as described herein and to at all times comply in all respects with all applicable laws, rules, and regulations, to the extent that the failure CO so comply would have a materially adverse effect on the Trading Advisor’s ability to act as described herein.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(ii)        The Trading Advisor shall inform the Managing Member immediately as soon as the Trading Advisor or any Trading Advisor Principal becomes the subject of any investigation, claim or proceeding of any regulatory authority having jurisdiction over such person or becomes a named party to any litigation materially affecting (or which may, with the passage of time, materially affect) the business of the Trading Advisor. The Trading Advisor shall also inform the Managing Member immediately if the Trading Advisor or any of its officers becomes aware of any breach of this Agreement by the Trading Advisor.

(iii)       The Trading Advisor agrees to cooperate by providing information regarding itself and its performance in the preparation of any amendments or supplements to the Prospectus (subject to the limitation set forth in Section 1 hereof).

10.      Representations and Warranties of the Trading Company and the Managing Member; Covenants of the Managing Member.

(a)         The Trading Company and the Managing Member represent and warrant to the Trading Advisor, as follows:

(i)         The Trading Company is a Delaware limited liability company formed pursuant to its organizational documents and Delaware law and is validly existing and in good standing under the laws of the State of Delaware with full power and authority to engage in the trading of futures interests and to engage in its other contemplated activities as described in the Prospectus; the Trading Company is qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualification and where failure to be so qualified could materially adversely affect the Trading Company’s ability to perform its obligations hereunder.

(ii)        The Managing Member is duly organized and validly existing and in good standing as a limited liability company under the laws of the State of Delaware and is qualified to do business and is in good standing as a foreign corporation in each jurisdiction in which the nature or conduct of its business requires such qualification and where the failure to be so qualified could materially adversely affect the Managing Member’s ability to perform its obligations hereunder.

(iii)       The Trading Company and the Managing Member have full power and authority under applicable law to conduct their business and to perform their respective obligations under this Agreement and as described in the Prospectus.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(iv)       This Agreement has been duly and validly authorized, executed and delivered by the Managing Member on behalf of the Trading Company and constitutes a valid, binding and enforceable agreement of the Trading Company and the Managing Member in accordance with its terms.

(v)        The execution and delivery of this Agreement, the incurrence of the obligations set forth herein and the consummation of the transactions contemplated herein and in the Prospectus will not violate, or constitute a breach of or default under, the Managing Member’s organizational documents, or the Trading Company’s organizational documents, or any material agreement or instrument by which either the Managing Member or the Trading Company, as the case may be, is bound or any material order, rule, law or regulation applicable to the Managing Member or the Trading Company of any court or any governmental body or administrative agency or panel or self-regulatory organization having jurisdiction over the Managing Member or the Trading Company.

(vi)       The Trading Company and the Managing Member have materially complied, and will continue to materially comply, with all laws having application to their business, properties and assets (including any applicable anti-bribery and anticorruption laws and regulations).

(vii)      There have not been in the five years preceding the date of this Agreement and there is not pending or, to the Managing Member’s knowledge, threatened, any action, suit or proceeding at law or in equity before or by any court or by any federal, state, municipal or other governmental body or any administrative, self-regulatory or commodity exchange organization to which the Managing Member or the Trading Company is or was a party, or to which any of the assets of the Managing Member or the Trading Company is or was subject; and neither the Managing Member nor any of the principals of the Managing Member (“Managing Member Principals”) has received any notice of an investigation by the NFA, CFTC or any other administrative or self-regulatory organization regarding non-compliance by the Managing Member or the Managing Member Principals or the Trading Company with the CEA, the Securities Act of 1933, as amended, or any applicable laws.

(viii)     The Managing Member and the Managing Member Principals have all federal, state and foreign governmental, regulatory and exchange approvals and licenses, and have effected all filings and registrations with federal, state and foreign governmental agencies required to conduct their business or required to perform their obligations under this Agreement and will maintain all such required approvals, licenses, filings and registrations for the term of this Agreement.

(ix)        The Trading Company is and shall remain in material compliance in all respects with all laws, rules, regulations and orders of any government, governmental agency or self-regulatory organization applicable to its business as described in this Agreement.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(x)        The foregoing representations and warranties shall be continuing during the term of this Agreement and if at any time any event shall occur which could make any of the foregoing representations or warranties inaccurate, the Managing Member shall promptly notify the Trading Advisor of the nature of such event.

(b)         Covenants of the Managing Member. The Managing Member covenants and agrees that:

(i)         The Managing Member shall maintain all registrations and memberships necessary for the Managing Member to continue to act as described herein and to all times comply in all respects with all applicable laws, rules, and regulations, to the extent that the failure to so comply would have a materially adverse effect on the Managing Member’s ability to act as described herein.

(ii)        The Managing Member shall inform the Trading Advisor immediately as soon as the Managing Member or any of their principals becomes the subject of any lawsuit, investigation, claim, or proceeding of any regulatory authority having jurisdiction over such person or becomes a named party to any litigation materially affecting the business of the Managing Member or the Trading Company. The Managing Member shall also inform the Trading Advisor immediately if the Managing Member or the Trading Company or any of their officers become aware of any material breach of this Agreement by the Managing Member or the Trading Company.

11.      Merger or Transfer of Assets.

The Managing Member,, Trading Company or the Trading Advisor may merge or consolidate with, or sell or otherwise transfer its business, or all or a substantial portion of its assets, to any entity upon written notice to the other parties.

12.      Complete Agreement.

This Agreement constitutes the entire agreement between the parties with respect to the matters referred to herein, and no other agreement, verbal or otherwise, shall be binding as between the parties unless in writing and signed by the party against whom enforcement is sought.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

13.      Assignment,

Subject to Section 11, hereof, this Agreement may not be assigned, transferred by operation of law, change in control or otherwise, by any party hereto without the express prior written consent of the other parties hereto.

14.      Amendment.

This Agreement may not be amended except by the written consent of the parties hereto.  No waiver of any provision of this Agreement shall be implied from any course of dealings between the parties, from any failure by any party to assert its rights hereunder or any occasion or series of occasions.

15.      Severability.

The invalidity or unenforceability of any provision of this Agreement or any covenant herein contained shall not affect the validity or enforceability of any other provision or covenant hereof or herein contained and any such invalid provision, or covenant shall be deemed to be severable.

16.      Inconsistent Filings.

If the Trading Advisor intends to file, to participate in the filing of, or to publish any description of the Trading Advisor, or of its respective principals or trading approaches that is materially inconsistent with those in the Program Materials, the Trading Advisor shall inform the Managing Member of such intention and shall furnish copies of all such filings or publications at least ten Business Days prior to the date of filing or publication.

17.      Program Materials.

(a)         During the term of this Agreement, the Trading Advisor shall furnish to the Managing Member promptly copies of any and all promotional materials and other written descriptive materials regarding its Trading Program, The Managing Member and Fund each acknowledge receipt of the Trading Advisor’s Program Materials (the “Program Materials”).

(b)         The Managing Member, the Trading Company and the Fund(s) will not distribute or supplement any promotional material relating to the Trading Advisor unless the Trading Advisor has approved reasonable prior notice of and a copy of such promotional material and has received such material in writing,

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

18.      Track Record.

The track record and other performance information of the Trading Company and/or Fund(s) shall be the property of the Managing Member and not the Trading Advisor.

19.      Use of Name.

Upon termination of this Agreement, the Trading Company, at its expense, as promptly as practicable: (i) shall take all necessary action to cause the Prospectus of any Fund(s) and organizational documents of the Fund(s) to be amended in order to eliminate any reference to “PGR Capital LLP” (except to the extent required by law, regulation or rule); and (ii) shall cease to use in any other manner, including, but not limited to, use in any sales literature or promotional material, the name “PGR Capital LLP” or any name, mark or logo type derived from it or similar to it (except to the extent required by law, regulation or rule).

20.      Notices.

All notices required to be delivered under this Agreement shall be in writing and shall be effective when delivered personally on the day delivered, by facsimile on receipt confirmation, by email followed by delivery of an original, or when given by registered or certified mail, postage prepaid, return receipt requested, on the second business clay following the day on which it is so mailed, addressed as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof):

if to the Trading Company:

OASIS PGR, LLC

c/o R. J. O’Brien Fund Management, LLC

222 S. Riverside Plaza

Suite 900

Chicago, Illinois 60606

Facsimile: 312-373-4831

Email: jdematteo@rjobrien.com

if to the Managing Member:

R. J. O’Brien Fund Management, LLC

222 S. Riverside Plaza

Suite 900

Chicago, Illinois 60606

Facsimile: 312-373-4831

Email: jdematteo@robrien.com

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

With a copy to:

Alston & Bird LLP

90 Park Avenue

New York, NY 10016

Ann: Timothy P. Selby

Facsimile: (212) 210-9444

Email: timothy.selby@alston.com

if to the Trading Advisor:

PGR Capital LLP

Liberty House

222 Regent Street

London

W1B 5TR

Phone: +44 (0) 20 3397 3510

Email: oasis@pgrcapital.com

21.      Continuing Nature of Representations, Warranties and Covenants:  Survival.

All representations, warranties and covenants contained in this Agreement shall be continuing during the term of this Agreement and the provisions of this Agreement shall survive the termination of this Agreement with respect to any matter arising while this Agreement was in effect. Each party hereby agrees that as of the date of this Agreement it is, and during its term shall be, in compliance with its representations, warranties and covenants herein contained. In addition, if at any time any event occurs which would make any of such representations, warranties or covenants not true, the affected party will use its best efforts to promptly notify the other parties of such fact.

22.      Third-Party Beneficiaries.

This Agreement is not intended and shall not convey any rights to a party to this Agreement.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

23.      Governing Law.

This Agreement and any amendment hereto shall be governed by, and construed in accordance with, the laws of the State of Illinois, United States of America (excluding the law thereof which requires the application of, or reference to the law of any other jurisdiction). Each party hereto expressly and irrevocably agrees (a) that it waives any objection, and specifically consents, to venue in the United States federal or state courts located in the City of Chicago, State of Illinois, United States of America, so that any action at law or in equity may be brought and maintained in any such court, and (b) that service of process in any such action may be effected against such party by certified or registered mail or in any other manner permitted by applicable United States Federal Rules of Civil Procedure or rules of the Courts of the State of Illinois. In addition each party hereto expressly and irrevocably waives, in respect of any action brought in any United States federal or state court located in the City of Chicago, State of Illinois or any resulting judgment, any objection, and hereby specifically consents, to the jurisdiction of any such court and agrees not to seek to change the situs of such action or to assert that any other court in any other jurisdiction is a more suitable forum for the hearing and adjudication of any claim or dispute raised in such action.

24.      Remedies.

In any action or proceeding arising out of any of the provisions of this Agreement, the Trading Advisor agrees not to seek any prejudgment equitable or ancillary relief. The Trading Advisor agrees that its sole remedy in any such action or proceeding shall be to seek actual monetary damages for any breach of this Agreement, except that Trading Advisor may seek a declaratory judgment with respect to the indemnification provisions of this Agreement.

25.      Headings,

Headings to sections herein are for the convenience of the parties only and are not intended to be part of or to affect the meaning or interpretation of this Agreement.

26.      Successors,

This Agreement including the representations, warranties and covenants contained herein shall be binding upon and inure to the benefit of the parties hereto, their successors and permitted assigns, and no other person shall have any right or obligation under this Agreement.

27.      Counterparts.

This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

28.      Waiver of Breach.

The waiver by any party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach or of a breach by any other party. The failure of a party to insist upon strict adherence to any provision of the Agreement shall not constitute a waiver or thereafter deprive such party of the right to insist upon strict adherence.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE, CONSEQUENTLY. THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS ACCOUNT DOCUMENT.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned as of the day and year first above written.

OASIS PGR, LLC
by R.J. O’Brien Fund Management, LLC
Managing Member
By:	/s/ Julie M. DeMatteo
	Name: Julie M. DeMatteo
	Title: Managing Director
R.J. O’BRIEN FUND MANAGEMENT, LLC
By:	/s/ Julie M. DeMatteo
	Name: Julie M. DeMatteo
	Title: Managing Director
PGR Capital LLP
By:	/s/ Casey Grylls
	Name: Casey Grylls
	Title: Partner

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

EXHIBIT A

Trading Policies

1.         The Trading Advisor will not employ the trading technique commonly known as “pyramiding”, in which the Trading Advisor uses unrealized profits on existing positions in a given futures interest due to favorable price movement as margin specifically to buy or sell additional positions in the same or a related futures interest. Taking into account the Trading Company’s open trade equity (i.e., the profit or loss on an open futures interest position) on existing positions determining generally whether to acquire additional futures interest positions on behalf of the Trading Company will not be considered to constitute “pyramiding”.

2.         The Trading Advisor will not utilize borrowings on behalf of the Trading Company except if the Trading Company purchases or takes delivery of commodities. If the Trading Advisor borrows money on behalf of the Trading Company, the lending entity in such case (the “lender”) may not receive interest in excess of its interest costs, nor may the lender receive interest in excess of the amounts which would be charged the Trading Company by unrelated banks on comparable loans for the same purpose, nor may the lender or any affiliate thereof receive any points or other financing charges or fees regardless of the amount. Use of lines of credit in connection with its forward trading does not, however, constitute borrowing for purposes of this trading limitation.

3.         The Trading Advisor will not “churn” the Trading Company’s assets. Churning is the unnecessary execution of trades so as to generate increased brokerage commissions.

4.         The Trading Advisor will trade currencies and other commodities on futures exchanges, in the interbank and forward contract markets only with banks, brokers, dealers, and other financial institutions which the Managing Member has determined to be creditworthy.

5.         The Trading Advisor will trade only in those futures interests that have been approved by the CFTC as suitable for US investors. The Trading Advisor will not establish new positions in a futures interest on behalf of the Trading Company for any one contract month or option if such additional positions would result in a net long or short position for that futures interest requiring as margin or premium more than 15% of the Trading Company’s Allocated Net Assets. In addition, the Trading Advisor will, on behalf of the Trading Company, except under extraordinary circumstances, maintain positions in futures interests in at least two market segments (i.e., agricultural items, industrial items (including energies); metals, currencies, and financial instruments (including stock, financial, and economic indexes)) at any one time.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

6.         The Trading Advisor will not acquire additional positions in arty futures interest on behalf of the Trading Company if such additional positions would result in the aggregate net long or short positions for all futures interests requiring as margin or premium for all outstanding positions more than 66 2/3% or the Trading Company’s Allocated Net Assets.

7.         The Trading Advisor will not purchase, sell, or trade securities (except securities approved by the CFTC for investment of customer funds).

8.         The Trading Advisor will be responsible for errors committed or caused by it in transmitting orders for the purchase or sale of futures interests for the Trading Company’s account.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

EXHIBIT B

COMMODITY TRADING AUTHORITY

Dear PGR Capital LLP:

OASIS PGR, LLC (the “Trading Company”) and R.J. O’Brien Fund Management, LLC, the Trading Company’s managing member (the “Managing Member”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Managing Member on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Managing Member and you as of the 9th day of October, as amended or supplemented, and in accordance with the terms and conditions of said Agreement.

This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement.

Very truly yours,
OASIS PGR, LLC
By R.J. O’Brien Fund Management, LLC
Managing Member
By:	/s/ Julie M. DeMatteo
	Name: Julie M. DeMatteo
	Title: Managing Director
R.J. O’BRIEN FUND MANAGEMENT, LLC
By:	/s/ Julie M. DeMatteo
	Name: Julie M. DeMatteo
	Title: Managing Director

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

EXHIBIT C

EXHIBIT C - FUTURES MARKETS TRADED

Total Trade-able Universe: 64 futures markets

Sector	Future	Exchange
Agriculture	Cocoa	LIFFE
Agriculture	Cocoa	NYBOT
Agriculture	Coffee, ‘C’	NYBOT
Agriculture	Corn	CBOT
Agriculture	Cotton, No. 2	NYBOT
Agriculture	Live Cattle	CME
Agriculture	Robusta Coffee	LIFFE
Agriculture	Soybean	CBOT
Agriculture	Soybean Meal	CBOT
Agriculture	Soybean Oil	CBOT
Agriculture	Sugar, No. 11	NYBOT
Agriculture	Wheat	CBOT
Bonds	Australian Gov’t Bond, 10Yr	SFE
Bonds	Canadian Gov’t Bond, 10Yr	MFE
Bonds	Euro Bobl	EUREX
Bonds	Euro Bund	EUREX
Bonds	Japan Gov’t Bond, 10 Yr	TSE
Bonds	Long Gilt	LIFFE
Bonds	Mini Jas	SGX
Bonds	US Treasury Long Bond	CBOT
Bonds	US Treasury Note, 10Yr	CBOT
Bonds	US Treasury Note, 5Yr	CBOT
Currencies	AUD	CME
Currencies	CAD	CME
Currencies	CHF	CME
Currencies	EUR	CME
Currencies	GBP	CME
Currencies	JPY	CME
Currencies	MXN	CME
Currencies	NZD	CME
Energies	Crude Oil, Brent	ICE
Energies	Crude Oil, WTI	NYMEX
Energies	Gasoil	ICE
Energies	Gasoline, RBOB	NYMEX

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

Energies	Heating Oil	NYMEX
Energies	Natural Gas	NYMEX
Equity Index	Amsterdam Index	EOE
Equity Index	CAC 40 10 EUR	MONEP
Equity Index	DAX Index	EUREX
Equity Index	DJ Euro STOXX SO	EUREX
Equity Index	DJ Industrial Average mini	CBOT
Equity Index	FTSE 100	LIFFE
Equity Index	Hang Seng	HKFE
Equity Index	MSCI Singapore	SGX
Equity Index	MSCI Taiwan	SGX
Equity Index	Nasdaq 100 E-mini	CME
Equity Index	Nikkei 225	OSE
Equity Index	Nikkei 225	SGX
Equity index	Russell 2000 Mini	CME
Equity Index	S&P Toronto 60	MFE
Equity Index	SnP 500 E-mini	CME
Equity Index	SnP ASX 200	SFE
Equity Index	TOPIX	TSE
Interest Rates	Australian Bank Bill	SFE
Interest Rates	Australian Gov’t Bond, 3Yr	SFE
interest Rates	Canadian Bank Bill	MFE
Interest Rates	Euribor, 3Mo	LIFFE
Interest Rates	Euro Schatz	EUREX
Interest Rates	Eurodollar, 3Mo	CME
Interest Rates	Sterling, 90 Day	LIFFE
Interest Rates	US Treasury Note, 2Yr	CBOT
Metals	Copper	COMEX
Metals	Gold, 100 oz	COMEX
Metals	Silver	COMEX

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EX-10.04

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

EXHIBIT 10.04

ADVISORY AGREEMENT

THIS AGREEMENT, made as of October 9, 2013 among OASIS Bleecker LLC, a Delaware limited liability company (the “Trading Company”), R.J. O’Brien Fund Management, LLC, a Delaware limited liability company (the “Managing Member”), and Bleecker Street Capital, LLC, a Delaware limited liability company (the “Trading Advisor”).

W I T N E S S E T H:

WHEREAS, the Trading Company has been organized as a Delaware limited liability company pursuant to its organizational documents to, among other things, directly or indirectly through a commodity trading advisor, trade, buy, sell, spread, or otherwise acquire, hold, or dispose of commodities (including, but not limited to, foreign currencies, mortgage-backed securities, money market instruments, financial instruments, and any other securities or items which are now, or may hereafter be, the subject of futures contract trading), domestic and foreign commodity futures contracts, forward contracts, foreign exchange commitments, options on physical commodities and on futures contracts, spot (cash) commodities and currencies, exchange of futures contracts for physicals transactions, exchange of physicals for futures contracts transactions, and any rights pertaining thereto, whether traded on an organized exchange or otherwise (hereinafter referred to collectively as “futures interests;” provided, however, such definition shall exclude securities futures products as defined by the Commodity Futures Trading Commission (“CFTC”), options in securities futures and options in equities) and securities (such as United States Treasury securities) approved by the CFTC for investment of customer funds and other securities on a limited basis, and to engage in all activities incident thereto;

WHEREAS, the Trading Company is a master fund has or will have assets invested into it directly or indirectly by one or more entities, including, but not necessarily limited to certain commodity pools operated by the Managing Owner (each individually, a “Fund”) ;

WHEREAS, the principals of the Trading Advisor have extensive experience trading in futures interests and the Trading Advisor is willing to provide the services and undertake the obligations as set forth herein;

WHEREAS, the Trading Company and the Managing Member each desires the Trading Advisor to act as a trading advisor for the Trading Company and to make investment decisions with respect to futures interests for the Trading Company and the Trading Advisor desires so to act; and

WHEREAS, the Trading Company, the Managing Member and the Trading Advisor wish to enter into this Agreement which, among other things, sets forth certain terms and conditions upon which the Trading Advisor will conduct the futures interest trading with respect to a portion of the Trading Company’s assets, as described herein.

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

NOW, THEREFORE, the parties hereto hereby agree as follows:

1.       Undertakings in Connection with the Continuing Offering of a Fund.

(a)         The Trading Advisor agrees with respect to the continuing offering of interests (“Units”) in a Fund: (1) to make all disclosures regarding itself, its principals and affiliates, its trading performance, its trading systems, methods and strategies (subject to the need, in the reasonable discretion of the Trading Advisor, to preserve the secrecy of Proprietary Information (as defined in Section 1(c) hereof) concerning such systems, methods and strategies), and otherwise, as a Fund and/or the Trading Company may reasonably require (x) in connection with a Fund’s offering materials (the “Prospectus”) as required by any applicable regulations under the Commodity Exchange Act (the “CEA”), and/or the rules and regulations of the Securities and Exchange Commission (the “SEC”), including in connection with any amendments or supplements thereto, or (y) to comply with any other applicable law or rule or regulation, including those of the CFTC, the National Futures Association (the “NFA”), the SEC, or any other regulatory or self-regulatory body, exchange, or board with jurisdiction over its members (or to comply with the reasonable request of the aforementioned organizations); and (ii) to otherwise cooperate with a Fund and/or the Trading Company and the Managing Member by providing information regarding the Trading Advisor in connection with the preparation of the Prospectus, including any amendments and/or supplements thereto, as a Fund and/or the Trading Company may deem appropriate; provided that all such disclosures are subject to the need, in the reasonable discretion of the Trading Advisor, to preserve the secrecy of Proprietary Information concerning its clients, systems methods and strategies. As used herein, unless otherwise provided, the term “principal” shall have the meaning as defined in Rule 4.10(e) of the CFTC’s regulations and the term “affiliate” shall mean an individual or entity that directly or indirectly controls, is controlled by, or is under common control with, such party.

(b)         If the Trading Advisor becomes aware of any materially untrue or misleading statement or omission regarding itself or any of its principals or affiliates in the Disclosure Document (as defined in Section 17 hereof), or of the occurrence of any event or change in circumstances which would result in there being any materially untrue or misleading statement or omission in the Disclosure Document regarding itself or any of its principals or affiliates, the Trading Advisor shall promptly notify the Managing Member and shall cooperate with the Managing Member in the preparation of any necessary amendments or supplements to the Fund(s)’s Prospectus. Neither the Trading Advisor nor any of its principals, or affiliates, or any stockholders, officers, directors, or employees shall distribute a Fund’s Prospectus or selling literature or shall engage in any selling activities whatsoever in connection with the continuing offering of Units except as may be specifically approved by the Managing Member and agreed to by the Trading Advisor.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(c)         For purposes of this Agreement, and notwithstanding any of the provisions hereof, all non-public information relating to the Trading Advisor including, but not limited to, records, whether original, duplicated, computerized, handwritten, or in any other form, and information contained therein, business and/or marketing and/or sales plans and proposals, names of past and current clients, names of past, current and prospective contacts, trading methodologies, systems, strategies and programs, trading advice, trading instructions, results of proprietary accounts, training materials, research data bases, portfolios, and computer software, and all written and oral information, furnished by the Trading Advisor to the Trading Company and the Managing Member and/or their officers, directors, employees, agents (including, but not limited to, attorneys, accountants, consultants, and financial advisors) or controlling persons (each a “Recipient”), regardless of the manner in which it is furnished, together with any analysis, compilations, studies or other documents or records which are prepared by a Recipient of such information and which contain or are generated from such information, regardless of whether explicitly identified as confidential, with the exception of information which (i) is or becomes generally available to the public other than as a result of acts by the Recipient in violation of this Agreement, (ii) is in the possession of the Recipient prior to its disclosure pursuant to the terms hereof, (iii) is or becomes available to the Recipient from a source that is not bound by a confidentiality agreement with regard to such information or by any other legal obligation of confidentiality prohibiting such disclosure, or (iv) that is independently developed by the Recipient without use of the confidential information described in this Section 1(c), are and shall be confidential information and/or trade secrets and the exclusive property of the Trading Advisor (“Confidential Information” and/or “Proprietary Information”).

(d)         The Trading Company and the Managing Member each warrants and agrees that they and their respective officers, directors, members, equity holders, employees and agents (including for purposes of this Agreement, but not limited to, attorneys, accountants, consultants, and financial advisors) will protect and preserve the Confidential Information and will disclose Confidential Information or otherwise make Confidential Information available only to the Trading Company’s or the Managing Member’s officers, directors, members, equity holders, employees and agents (including for purposes of this Agreement, but not limited to, attorneys, accountants, consultants, and financial advisors), who need to know the Confidential Information (or any part of it) for the purpose of satisfying their fiduciary, legal, reporting, filing or other obligations hereunder or to monitor performance in the account during the term of this Agreement or thereafter, or to the Trading Company, Managing Member or a Recipient, as the case may be, is required to disclose such Confidential Information due to a fiduciary obligation or legal or regulatory request. Additionally, the Trading Company and the Managing Member each warrants and agrees that it and any Recipient will use the Confidential Information solely for the purpose of satisfying the Trading Company’s or the Managing Member’s obligations under this Agreement and not in a manner which violates the terms of this Agreement.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

2.       Duties of the Trading Advisor.

(a)         Upon the commencement of trading operations on or about October 10, 2013 by the Trading Advisor with respect to all or a portion of the assets of the Trading Company, the Trading Advisor hereby agrees to act as a Trading Advisor for the Trading Company and, as such, shall have authority and responsibility for directing the investment and reinvestment of that portion of the Trading Company’s assets allocated to the Trading Advisor, which shall consist of the Allocated Net Assets (as defined in Section 5(c) hereof) plus “notional” funds, if any, allocated to the Trading Advisor, as specified in writing by the Managing Member and consented to by the Trading Advisor (the “Assets”), on the terms and conditions and in accordance with the prohibitions and the trading policies set forth in Exhibit A to this Agreement as amended from time to time and provided in writing to the Trading Advisor by the Managing Member (the “Trading Policies”); provided, however, that the Managing Member may override the instructions of the Trading Advisor without notice to the Trading Advisor to the extent necessary (i) to comply with the Trading Policies and with applicable speculative position limits, (ii) to fund any distributions or redemptions, (iii) to pay the Trading Company’s expenses, (iv) to the extent the Managing Member believes doing so is necessary for the protection of the Trading Company, (v) to terminate the futures interest trading of the Account (as defined in Section 4) with the Trading Advisor, or (vi) to comply with any applicable law or regulation. The Managing Member agrees not to override any such instructions for the reasons specified in clauses (ii) or (iii) of the preceding sentence unless the Trading Advisor fails to comply with a request of the Managing Member to make the necessary amount of funds available to the Trading Company within two trading days of such request. The Trading Advisor shall not be liable for the consequences of any decision by the Managing Member to override instructions of the Trading Advisor, except to the extent that such consequences result from a material breach of this Agreement by the Trading Advisor or the Trading Advisor fails to comply with the Managing Member’s decision to override an instruction. Notwithstanding anything to the contrary contained in this Agreement, the Trading Company shall have the right to instruct the Trading Advisor to liquidate any or all positions at any time.

(b)         The Trading Advisor shall:

(i)         Exercise good faith and due care in trading futures interests for the account of the Trading Company in accordance with the prohibitions and Trading Policies, and the trading systems, methods, and strategies of the Trading Advisor described in the Disclosure Document, with such changes and additions to such trading systems, methods or strategies as the Trading Advisor, from time to time, incorporates into its trading approach for accounts the size of the Trading Company.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(ii)        Provide the Managing Member, within 10 business days of the end of a calendar quarter, and within 10 business days of a separate request which the Managing Member may make from time to time, with information comparing the performance of the Trading Company’s account and the performance of all other client accounts (“Other Accounts”) directed by the Trading Advisor using the trading systems used by the Trading Advisor on behalf of the Trading Company over a specified period of time for the purpose of confirming that the Trading Company has been treated equitably compared to such Other Accounts. In providing such information, the Trading Advisor may take such steps as are necessary to assure the confidentiality of the Trading Advisor’s clients’ identities. The Trading Advisor shall, upon the Managing Member’s request, consult with the Managing Member concerning any discrepancies between the performance of such Other Accounts and the Trading Company’s account. The Trading Advisor shall promptly inform the Managing Member in writing of any material discrepancies of which the Trading Advisor is aware. The Managing Member acknowledges that the following differences in accounts may cause divergent trading results: different trading strategies, methods or degrees of leverage, different trading policies, accounts experiencing differing inflows or outflows of equity, different risk profiles, accounts which commence trading at different times and accounts which have different portfolios or different fiscal years.

(iii)       Inform the Managing Member when the Trading Advisor’s open positions maintained by the Trading Advisor exceed the Trading Advisor’s applicable speculative position limits.

(iv)       Upon request of the Managing Member, promptly provide the Managing Member with all information concerning the Trading Advisor and its activities reasonably requested by the Managing Member (including, without limitation, information relating to changes in control, key personnel, trading approach, or financial condition). Additionally, the Trading Advisor agrees to furnish R.J. O’Brien & Associates, LLC (“RJOB”) in an electronic format as requested by RJOB (i) a final report of all trades at the end of each business day and (ii) a report of any trade made involving a position with a required initial margin equal to 10% or more of the Assets within 30 minutes of the Trading Advisor’s receipt of confirmation, verbal or otherwise, from the executing broker that such a trade has been executed. The Trading Advisor further acknowledges and agrees that the timely provision of all such information is of the essence in order to enable the Trading Company, its designated entities, and RJOB to monitor and comply with mandatory risk control algorithms imposed upon the operation of the Trading Company.

(c)         All purchases and sales of futures interests pursuant to this Agreement shall be for the account, and at the risk, of the Trading Company and not for the account, or at the risk of the Trading Advisor or any of its affiliates or each of their principals, stockholders, directors, officers, or employees, or any other person, if any, who controls the Trading Advisor. All brokerage commissions and related transaction fees arising from such trading by the Trading Advisor shall be for the account of the Trading Company.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(d)         Subject to 78(a) hereof, the Trading Advisor shall assume financial responsibility for any errors committed or caused by it in transmitting orders for the purchase or sale of futures interests for the Trading Company’s account including payment to the Commodity Brokers (as described in Section 4 hereof) of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Trading Advisor’s errors shall include, but not be limited to, inputting improper trading signals or communicating incorrect orders to the Commodity Brokers. The Trading Advisor shall have an affirmative obligation to promptly notify the Managing Member upon discovery of its own errors with respect to the account, and the Trading Advisor shall use its best efforts to identify and promptly notify the Managing Member of any order or trade which the Trading Advisor reasonably believes was not executed in accordance with its instructions to any Commodity Broker or such other commodity broker utilized to execute orders for the Trading Company.

(e)         Prior to the commencement of trading by the Trading Company, the Managing Member, on behalf of the Fund, shall deliver to the Trading Advisor a trading authorization appointing the Trading Advisor the Trading Company’s attorney-in-fact for such purpose (a form of which is attached hereto as Exhibit B).

(f)         In performing services to the Trading Company, the Trading Advisor shall utilize its Systematic Global Macro Program (the “Trading Program”), as described in the Disclosure Document, and as modified from time to time. The Trading Advisor shall give the Managing Member prior written notice of any change in the Trading Program that the Trading Advisor considers to be material (and shall not effect such change on behalf of the Trading Company without the Managing Member’s consent), including any additional futures interests to be traded by the Trading Advisor not already listed on Exhibit C. Changes in the futures interests traded, provided that such futures interests are listed on Exhibit C, shall not be deemed a modification of the Trading Program.

3.       Trading Advisor as an Independent Contractor.

For all purposes of this Agreement, the Trading Advisor shall be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized, have no authority to act for or represent the Trading Company in any way or otherwise be deemed an agent of the Trading Company and/or the Fund(s). Nothing contained herein shall be deemed to require the Trading Company to take any action contrary to its governing documents as from time to time in effect, or any applicable law or rule or regulation of any regulatory or self-regulatory body, exchange, or board. Nothing herein contained shall constitute the Trading Advisor or the Managing Member as members of any partnership, joint venture, association, syndicate or other entity, or be deemed to confer on any of them any express, implied, or apparent authority to incur any obligation or liability on behalf of any other. It is expressly agreed that the Trading Advisor is neither a promoter, sponsor, nor issuer with respect to the Trading Company or any Fund, nor does the Trading Advisor have any authority or responsibility with respect to the offer, sale or issuance of Units of any Fund.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

4.       Futures Broker.

The Trading Advisor shall effect all transactions in futures interests for the Trading Company through the Trading Company’s separate account of the Trading Company to be traded exclusively by the Trading Advisor (the “Account”) maintained with RJOB or such commodity broker or brokers as the Managing Member shall direct and appoint from time to time (the “Futures Brokers”).

Notwithstanding the foregoing, the Trading Advisor may execute trades through brokers other than those employed by RJOB and its affiliates so long as arrangements (including executed give-up agreements) are made for such floor brokers to “give-up” or transfer the positions to RJOB in conformity with the Trading Policies set forth in Exhibit A attached hereto.

5.       Fees.

(a)         For the services to be rendered to the Trading Company by the Trading Advisor under this Agreement:

(i)         The Trading Company shall pay the Trading Advisor a monthly management fee equal to 1/12 of *% (a *% annual rate) of the Assets allocated to it (as defined in Section 2(a) hereof) as of the last day of each month (the “Management Fee”). The Management Fee is payable in arrears within 20 Business Days of the end of the month for which it was calculated. For purposes of this Agreement, “Business Day” shall mean any day which the securities markets are open in the United States. At no time during the term of this Agreement shall the Management Fee rate exceed the management fee rate payable to Trading Advisor under its negotiated fee agreement with RPM Risk & Portfolio Management AB (“RPM”).

(ii)        The Trading Company shall pay the Trading Advisor a quarterly incentive fee equal to *% of the New Trading Profit (as defined in Section 5(d) hereof) (the “Incentive Fee”). The initial incentive period will commence on the date the Trading Advisor commences trading the Account and shall end on the last day of the calendar quarter after such date. The Incentive Fee is payable within 20 Business Days of the end of the calendar quarter for which it was calculated. At no time during the term of this Agreement shall the Incentive Fee rate exceed the incentive fee rate payable to Trading Advisor under its negotiated fee agreement with RPM.

* Confidential material redacted and filed separately with the Commission.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(b)         If this Agreement is terminated on a date other than the last day of a calendar quarter, the Incentive Fee shall be determined as if such date were the end of a calendar quarter. If this Agreement is terminated on a date other than the end of a month, the Management Fee described above shall be determined as if such date were the end of a month, but such fee shall be prorated based on the ratio of the number of trading days in the month through the date of termination to the total number of trading days in the month. If, during any month after the Trading Advisor commences trading operations on behalf of the Account (including the month in which the Trading Advisor commences such operations), the Trading Company does not conduct business operations, or suspends trading for the Account, or, as a result of an act or material failure to act by the Trading Advisor, is otherwise unable to utilize the trading advice of the Trading Advisor on any of the trading days of that month for any reason, the Management Fee shall be prorated based on the ratio of the number of trading days in the month which the Account engaged in trading operations or utilizes the trading advice of the Trading Advisor to the total number of trading days in the month. The Management Fee payable to the Trading Advisor for the month in which the Trading Company begins to receive trading advice from the Trading Advisor pursuant to this Agreement shall be prorated based on the ratio of the number of trading days in the month from the day the Trading Company begins to receive such trading advice to the total number of trading days in the month. In the event that there is an increase or decrease in the Assets as of any day other than the first day of a month, the Trading Advisor shall be paid a pro rata Management Fee on such increase or decrease in the Assets for such month.

(c)         The term “Allocated Net Assets” shall mean the total assets of the Trading Company allocated to the Account (including, but not limited to, all cash and cash equivalents, accrued interest and amortization of original issue discount, and the market value (marked-to-market) of all open futures interest positions and other assets of the Account) less all liabilities of the Trading Company determined in accordance with generally accepted accounting principles consistently applied under the accrual basis of accounting. Unless generally accepted accounting principles require otherwise, the market value of a futures or option contract traded on a United States exchange shall mean the settlement price on the exchange on which the particular futures or option contract shall be traded by the Trading Advisor on behalf of the Account with respect to which the Net Assets are being determined; provided, however, that if a contract could not be liquidated on such day due to the operation of daily limits or other rules of the exchange on which that contract shall be traded or otherwise, the settlement price on the first subsequent day on which the contract could be liquidated shall be the market value of such contract for such day, or if a contract could not be liquidated on such day due to the exchange being closed for an exchange holiday, the settlement price on the most recent preceding day on which the contract could have been liquidated shall be the market value of such contract for such day. The market value of a forward contract or a futures or option contract traded on a foreign exchange or market shall mean its market value as determined by the Managing Member on a basis consistently applied for each different variety of contract.

(d)         The term “New Trading Profit” shall mean net futures interest trading profits (realized and unrealized) on the Assets, decreased proportionally by the Trading Advisor’s monthly Management Fees and brokerage commissions and NFA fees applicable to the Account. Interest income is not included in New Trading Profit. Extraordinary expenses do not reduce New Trading Profit. Such trading profits and items of decrease shall be determined from the end of the last calendar quarter in respect of which an Incentive Fee was earned by the Trading Advisor or, if no Incentive Fee has been earned previously by the Trading Advisor, from the date that the Trading Advisor commenced managing the Assets, to the end of the calendar quarter as of which such Incentive Fee calculation is being made. New Trading Profit shall be calculated before reduction for Incentive Fees paid or accrued so that the Trading Advisor does not have to earn back Incentive Fees.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(e)         If any payment of Incentive Fees is made to the Trading Advisor on account of New Trading Profit earned by the Trading Advisor and the Trading Advisor thereafter fails to earn New Trading Profit or experiences losses for any subsequent incentive period, the Trading Advisor shall be entitled to retain such amounts of Incentive Fees previously paid to the Trading Advisor in respect of such New Trading Profit. No Incentive Fees shall be payable to the Trading Advisor until the Trading Advisor has earned New Trading Profit; provided, however, that if the Assets are reduced because of redemptions that occur at the end of, and/or subsequent to, a calendar quarter in which the Trading Advisor experiences a futures interest trading loss for the Trading Company, the trading loss that must be recovered before the Trading Advisor will be deemed to experience New Trading Profit in a subsequent calendar quarter will be equal to the amount determined by (x) dividing the Assets after such decrease by the Assets in immediately before such decrease and (y) multiplying that fraction by the amount of the unrecovered futures interest trading loss prior to such decrease. In the event that the Trading Advisor experiences a trading loss in more than one calendar quarter without the Trading Company paying an intervening Incentive Fee and Assets are reduced in more than one such calendar quarter because of redemptions, then the trading loss for each such calendar quarter shall be adjusted in accordance with the formula described above and such reduced amount of futures interest trading loss shall be carried forward and used to offset subsequent futures interest trading profits. No Incentive Fees shall be payable to the Trading Advisor until the Trading Advisor has earned New Trading Profit.

6.       Term

(a)         This Agreement shall remain in full force and effect until terminated by any party hereto upon written notice to the other parties hereto. Upon the termination of this Agreement, the parties hereto will cooperate with each other to ensure the orderly transfer, liquidation or closing out of all positions in the Trading Account by the Trading Adviser.

(b)         The Trading Company and Managing Member may terminate the Agreement immediately upon written notice.

(c)         The Trading Advisor may terminate this Agreement at any time upon thirty (30) days’ written notice and may terminate this Agreement immediately upon written notice in the event that: A) the Managing Member imposes additional trading limitation(s) in the form of one or more Trading Policies or administrative policies that the Trading Advisor does not consent to, such consent not to be unreasonably withheld; (B) the Managing Member objects to the Trading Advisor implementing a proposed material change to the Trading Program and the Trading Advisor certifies to the Managing Member in writing that it believes such change is in the best interests of the Trading Company; (C) the Managing Member or the Trading Company materially breaches this Agreement and does not correct the breach within ten days of receipt of a written notice of such breach from the Trading Advisor; (D (E) the Trading Company becomes bankrupt or insolvent, or (F) the registration of the Managing Member with the CFTC as a commodity pool operator or its membership in the NFA is revoked, suspended, terminated or not renewed, or limited or qualified in any respect.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(d)         Except as otherwise provided in this Agreement, any termination of this Agreement in accordance with this Section 6 shall be without penalty or liability to any party, on account of such termination.

(e)         The indemnities set forth in Section 7 hereof shall survive any termination of this Agreement.

7.       Standard of Liability: Indemnifications.

(a)         Limitation of Trading Advisor Liability. In respect of the Trading Advisor’s role in the futures interests trading of the Trading Company, the Trading Advisor shall not be liable to the Trading Company or the Managing Member or their partners, directors, officers, principals, managers, members, shareholders, employees, controlling persons or successors and assigns except that the Trading Advisor shall be liable for acts or omissions that constitute a breach of this Agreement or a representation, warranty or covenant herein, misconduct or negligence, or are the result of the Trading Advisor not having acted in good faith and in the reasonable belief that such actions or omissions were in, or not opposed to, the best interests of the Trading Company.

(b)         Trading Advisor Indemnity in Respect of Management Activities. The Trading Advisor shall indemnify, defend and hold harmless the Trading Company and the Managing Member, their controlling persons, their affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and controlling persons from and against any and all losses, claims, damages, liabilities (joint and several), costs, and expenses (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Advisor shall have approved such settlement) resulting from a demand, claim, lawsuit, action or proceeding (other than those incurred as a result of claims brought by or in the right of an indemnified party) relating to this Agreement (except as covered by paragraph (d) below); provided that a court of competent jurisdiction upon entry of a final judgment (or, if no final judgment is entered, by an opinion rendered by counsel who is approved by the Trading Company and the Trading Advisor, such approval not to be unreasonably withheld) to the effect that the action or inaction of such indemnified party that was the subject of the demand, claim, lawsuit, action, or proceeding did not constitute negligence, misconduct, or a breach of this Agreement or a representation, warranty or covenant of the Trading Company or the Managing Member, their controlling persons, their affiliates and their respective directors, officers, shareholders, employees, and controlling persons and was done in good faith.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(c)         Trading Company Indemnity in Respect of Management Activities. The Trading Company shall indemnify, defend and hold harmless the Trading Advisor, its controlling persons, their affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and controlling persons, from and against any and all losses, claims, damages, liabilities (joint and several), costs and expenses (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Company shall have approved such settlement) resulting from a demand, claim, lawsuit, action or proceeding (other than those incurred as a result of claims brought by or in the right of an indemnified party) relating to this Agreement (except as covered by paragraph (e) below); provided that a court of competent jurisdiction upon entry of a final judgment finds (or, if no final judgment is entered, by an opinion rendered by counsel who is approved by the Trading Company and the Trading Advisor, such approval not to be unreasonably withheld) to the effect that the action or inaction of such indemnified party that was the subject of the demand, claim, lawsuit, action, or proceeding did not constitute negligence, misconduct, or a breach of this Agreement or a representation, warranty or covenant of the Trading Advisor, its controlling persons, its affiliates and directors, officers, shareholders, employees, and controlling persons and was done in good faith.

(d)         Trading Advisor Indemnity in Respect of Sale of a Fund’s Units. The Trading Advisor shall indemnify, defend and hold harmless the Trading Company, any Fund, the Managing Member, any selling agent, their controlling persons and their affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and controlling persons from and against any and all losses, claims, damages, liabilities, costs, and expenses, (joint and several), to which any indemnified person may become subject (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Advisor shall have approved such settlement, and in connection with any administrative proceedings), in respect of the offer or sale of Units, insofar as such losses, claims, damages, liabilities, costs, or expenses (or action in respect thereof) arise out of, or are based upon: (i) a breach by the Trading Advisor of any applicable laws or regulations or any representation, warranty or agreement in this Agreement; or (ii) any materially untrue statement or omission relating or with respect to the Trading Advisor, or any of its principals, or their operations, trading systems, methods or performance, which was made in any Fund Prospectus or any amendment or supplement thereto or any other sales literature and furnished by the Trading Advisor for inclusion therein.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(e)         Trading Company Indemnity in Respect of Sale of Units. Trading Company shall indemnify, defend and hold harmless the Trading Advisor its controlling persons, their affiliates and their respective directors, officers, principals, managers, members shareholders, employees and controlling persons from and against any loss claim, damage, liability, cost, and expense, joint and several, to which any indemnified person may become subject (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Company and the relevant Fund shall have approved such settlement, and in connection with any administrative proceedings), in respect of the offer or sale of a Fund’s Units, unless such loss, claim, damage, liability, cost, or expense (or action in respect thereof) arises out of, or is based upon (i) a breach by the Trading Advisor of any applicable laws or regulations or any representation, warranty or agreement in this Agreement; or (ii) any materially untrue statement or omission relating or with respect to the Trading Advisor, or any of its principals or their operations, trading systems, methods or performance that was made in the relevant Fund’s Prospectus or in any other sales literature furnished by the Trading Advisor for inclusion therein.

(f)         Subject to Section 7(a) hereof, the foregoing agreements of indemnity shall be in addition to, and shall in no respect limit or restrict, any other remedies which may be available to an indemnified person.

(g)         Promptly after receipt by an indemnified person of notice of the commencement of any action, claim, or proceeding to which any of the indemnities may apply, the indemnified person will notify the indemnifying party in writing of the commencement thereof if a claim in respect thereof is to be made against the indemnifying party hereunder; but the omission so to notify the indemnifying party will not relieve the indemnifying party from any liability that the indemnifying party may have to the indemnified person hereunder, except where such omission has materially prejudiced the indemnifying party. In case any action, claim, or proceeding is brought against an indemnified person and the indemnified person notifies the indemnifying party of the commencement thereof as provided above, the indemnifying party will be entitled to participate therein and, to the extent that the indemnifying party desires, to assume the defense thereof with counsel selected by the indemnifying party and not unreasonably disapproved by the indemnified person. After notice from the indemnifying party to the indemnified person of the indemnifying party’s election so to assume the defense thereof as provided above, the indemnifying party will not be liable to the indemnified person under the indemnity provisions hereof for any legal and other expenses subsequently incurred by the indemnified person in connection with the defense thereof, other than reasonable costs of investigation.

Notwithstanding the preceding paragraph, if in any action, claim, or proceeding as to which indemnification is or may be available hereunder, an indemnified person reasonably determines that its interests are or may be adverse, in whole or in part, to the indemnifying party’s interests or that there may be legal defenses available to the indemnified person that are different from, in addition to, or inconsistent with the defenses available to the indemnifying party, the indemnified person may retain its own counsel in connection with such action, claim, or proceeding and will be indemnified (provided the indemnified person is so entitled) by the indemnifying party for any legal and other expenses reasonably incurred in connection with investigating or defending such action, claim, or proceeding.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

In no event will the indemnifying party be liable for the fees and expenses of more than one counsel for all indemnified persons in connection with any one action; claim, or proceeding or in connection with separate but similar or related actions, claims, or proceedings in the same jurisdiction arising out of the same general allegations. The indemnifying party will not be liable for any settlement of any action, claim, or proceeding effected without the indemnifying party’s express written consent, but if any action, claim, or proceeding, is settled with the indemnifying party’s express written consent, the indemnifying party will indemnify, defend, and hold harmless an indemnified person as provided in this Section 7.

8.       Right to Advise Others and Uniformity of Acts and Practices.

(a)         The Trading Advisor is engaged in the business of advising clients as to the purchase and sale of futures interests. During the term of this Agreement, the Trading Advisor, its principals and affiliates, will be advising other clients (including affiliates and the stockholders, officers, directors, and employees of the Trading Advisor and its affiliates and their families) and trading for their own accounts. The Trading Advisor will use its best efforts to implement a fair and consistent allocation policy that seeks to ensure that all clients are treated equitably and positions allocated as nearly as possible in proportion to the assets available for trading of the accounts managed or controlled by the Trading Advisor. Upon written request, the Managing Member may request a copy of the Trading Advisor’s procedures regarding the equitable treatment of trades across accounts. Such procedures shall be provided to the Managing Member within 30 days of such request by the Managing Member. Except as otherwise set forth herein, the Trading Advisor and its principals and affiliates agree to treat the Trading Company in a fiduciary capacity to the extent recognized by applicable law, but subject to that standard. Under no circumstances shall the Trading Advisor by any act or omission knowingly or intentionally favor any account advised or managed by the Trading Advisor over the account of the Trading Company in any way or manner. Nothing contained in this Section 8(a) shall preclude the Trading Advisor from charging different management and/or incentive fees to its clients. Subject to the Trading Advisor’s obligations under applicable law, the Trading Advisor or any of its principals or affiliates shall be free to advise and manage accounts for other clients and shall be free to trade on the basis of the same trading systems, methods, or strategies employed by the Trading Advisor for the account of the Trading Company, or trading systems, methods, or strategies that are entirely independent of, or materially different from, those employed for the account of the Trading Company, and shall be free to compete for the same futures interests as the Trading Company or to take positions opposite to the Trading Company, where such actions do not knowingly or intentionally prefer any of such accounts over the account of the Trading Company on an overall basis.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(b)         The Trading Advisor shall not be restricted as to the number or nature of its clients, except that: (i) so long as the Trading Advisor acts as a trading advisor for the Trading Company, neither the Trading Advisor nor any of its principals or affiliates shall knowingly hold any position or control any other account that would cause the Trading Company, the Trading Advisor, or the principals or affiliates of the Trading Advisor to be in violation of the CEA or any regulations promulgated thereunder, any other applicable law, or any applicable rule or regulation of the CFTC or any other regulatory or self regulatory body, exchange, or board; and (ii) neither the Trading Advisor nor any of its principals or affiliates shall render futures interests trading advice to any other individual or entity or otherwise engage in activity that shall knowingly cause positions in futures interests to be attributed to the Trading Advisor under the rules or regulations of the CFTC or any other regulatory or self regulatory body, exchange, or board so as to require the significant modification of positions taken or intended for the account of the Fund; provided that the Trading Advisor may modify its trading systems, methods or strategies to accommodate the trading of additional funds or accounts. If applicable speculative position limits are exceeded by the Trading Advisor in the opinion of (i) independent counsel (who shall be other than counsel to the Trading Company), (ii) the CFTC, or (iii) any other regulatory or self regulatory body, exchange, or board, the Trading Advisor and its principals and affiliates shall promptly liquidate positions in all of their accounts, including the Trading Company’s account, as to which positions are attributed to the Trading Advisor as nearly as possible in proportion to the accounts’ respective amounts available for trading (taking into account different degrees of leverage and “notional” equity) to the extent necessary to comply with the applicable position limits.

9.       Representations, Warranties, and Covenants of the Trading Advisor.

(a)         Representations and Warranties of the Trading Advisor. The Trading Advisor represents and warrants to and agrees with the Managing Member and the Trading Company as follows:

(i)         It will exercise good faith and due care in implementing the Trading Program on behalf of the Trading Company as described in the Disclosure Document (as modified from time to time) or any other trading programs agreed to by the Managing Member and the Trading Advisor.

(ii)        The Trading Advisor shall follow and comply with, at all times, the Trading Policies.

(iii)       The Trading Advisor shall trade the Assets pursuant to the same trading programs described in the Disclosure Document unless the Managing Member and the Trading Advisor agree otherwise.

(iv)       The Trading Advisor is duly organized, validly existing and in good standing under the laws of the state of its organization and is qualified to do business as a foreign corporation or and is in good standing in each other jurisdiction in which the nature or conduct of its business requires such qualification and the failure to so qualify would materially adversely affect the Trading Advisor’s ability to perform its duties under this Agreement. The Trading Advisor has full power and authority to perform its obligations under this Agreement. The only principals of the Trading Advisor are those set forth in the Disclosure Document (the “Trading Advisor Principals”).

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(v)        The Disclosure Document contains all statements and information required to be included therein under the CEA and other applicable laws, and such information is accurate and complete in all material respects.

(vi)       This Agreement has been duly and validly authorized, executed and delivered on behalf of the Trading Advisor and is a valid and binding agreement of the Trading Advisor enforceable in accordance with its terms.

(vii)      Each of the Trading Advisor and the Trading Advisor Principals has all federal, state and foreign governmental, regulatory and exchange licenses and approvals and has effected all filings and registrations with federal, state and foreign governmental and regulatory agencies required to conduct its business and required to perform its or his obligations under this Agreement. The Trading Advisor is registered as a commodity trading advisor under the CEA and is a member of the NFA in such capacity.

(viii)     The execution and delivery of this Agreement, the incurrence of the obligations set forth herein, the consummation of the transactions contemplated herein and the payment of the fees hereunder will not violate, or constitute a breach of, or default under, the certificate of incorporation or bylaws (or any other organizational documents) of the Trading Advisor or any agreement or instrument by which it is bound or of any order, rule, law or regulation binding on it of any court or any governmental body or administrative agency or panel or self-regulatory organization having jurisdiction over it.

(ix)        Since the respective dates as of which information is given in the Disclosure Document, and except as may otherwise be stated in or contemplated by the Disclosure Document, there has not been any material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor or any Trading Advisor Principal.

(x)         Except as set forth in the Disclosure Document there have not been and there is not pending, or to the best of the Trading Advisor’s knowledge after due inquiry, threatened, any action, suit or proceeding before or by any court or other governmental body to which the Trading Advisor or any Trading Advisor Principal is or was a party, or to which any of the assets of the Trading Advisor is or was subject and which resulted in or might reasonably be expected to result in any material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor. None of the Trading Advisor or any Trading Advisor Principal has received any notice of an investigation by the NFA, CFTC or other administrative agency or self-regulatory body (whether United States or foreign) regarding noncompliance by the Trading Advisor or any of the Trading Advisor Principals with the CEA or any other applicable law.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(xi)        Neither the Trading Advisor nor any Trading Advisor Principal has received, or is entitled to receive, directly or indirectly, any commission, finder’s fee, similar fee, or rebate from any person in connection with the organization or operation of the Trading Company and any Fund(s).

(xii)       Participation by the Trading Advisor in accordance with the terms hereof and will not violate any provisions of the Investment Advisers Act of 1940, as amended.

(xiii)      Neither the Trading Advisor nor any Trading Advisor Principal will use or distribute any Fund’s Prospectus or any selling literature or engage in any selling activities whatsoever in connection with the offering of the Units.

(xiv)      The foregoing representations and warranties shall be continuing during the term of this Agreement and if at any time any event shall occur which could make any of the foregoing representations or warranties inaccurate, the Trading Advisor shall promptly notify the Managing Member and the Trading Company of the nature of such event.

(b)         Covenants of the Trading Advisor. The Trading Advisor covenants and agrees that:

(i)         The Trading Advisor shall maintain all registrations and memberships necessary for the Trading Advisor to continue to act as described herein and to at all times comply in all respects with all applicable laws, rules, and regulations, to the extent that the failure to so comply would have a materially adverse effect on the Trading Advisor’s ability to act as described herein.

(ii)        The Trading Advisor shall inform the Managing Member immediately as soon as the Trading Advisor or any Trading Advisor Principal becomes the subject of any investigation, claim or proceeding of any regulatory authority having jurisdiction over such person or becomes a named party to any litigation materially affecting (or which may, with the passage of time, materially affect) the business of the Trading Advisor. The Trading Advisor shall also inform the Managing Member immediately if the Trading Advisor or any of its officers becomes aware of any breach of this Agreement by the Trading Advisor.

(iii)       The Trading Advisor agrees to cooperate by providing information regarding itself and its performance in the preparation of any amendments or supplements to the Prospectus (subject to the limitation set forth in Section 1 hereof).

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

10.       Representations and Warranties of the Trading Company and the Managing Member; Covenants of the Managing Member.

(a)         The Trading Company and the Managing Member represent and warrant to the Trading Advisor, as follows:

(i)         The Trading Company is a Delaware limited liability company formed pursuant to its organizational documents and Delaware law and is validly existing and in good standing under the laws of the State of Delaware with full power and authority to engage in the trading of futures interests and to engage in its other contemplated activities as described in the Prospectus; the Trading Company is qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualification and where failure to be so qualified could materially adversely affect the Trading Company’s ability to perform its obligations hereunder.

(ii)        The Managing Member is duly organized and validly existing and in good standing as a limited liability company under the laws of the State of Delaware and is qualified to do business and is in good standing as a foreign corporation in each jurisdiction in which the nature or conduct of its business requires such qualification and where the failure to be so qualified could materially adversely affect the Managing Member’s ability to perform its obligations hereunder.

(iii)       The Trading Company and the Managing Member have full power and authority under applicable law to conduct their business and to perform their respective obligations under this Agreement and as described in the Prospectus.

(iv)       This Agreement has been duly and validly authorized, executed and delivered by the Managing Member on behalf of the Trading Company and constitutes a valid, binding and enforceable agreement of the Trading Company and the Managing Member in accordance with its terms.

(v)        The execution and delivery of this Agreement, the incurrence of the obligations set forth herein and the consummation of the transactions contemplated herein and in the Prospectus will not violate, or constitute a breach of, or default under, the Managing Member’s organizational documents, or the Trading Company’s organizational documents, or any material agreement or instrument by which either the Managing Member or the Trading Company, as the case may be, is bound or any material order, rule, law or regulation applicable to the Managing Member or the Trading Company of any court or any governmental body or administrative agency or panel or self-regulatory organization having jurisdiction over the Managing Member or the Trading Company.

(vi)       There have not been in the five years preceding the date of this Agreement and there is not pending or, to the Managing Member’s knowledge, threatened, any action, suit or proceeding at law or in equity before or by any court or by any federal, state, municipal or other governmental body or any administrative, self-regulatory or commodity exchange organization to which the Managing Member or the Trading Company is or was a party, or to which any of the assets of the Managing Member or the Trading Company is or was subject; and neither the Managing Member nor any of the principals of the Managing Member (“Managing Member Principals”) has received any notice of an investigation by the NFA, CFTC or any other administrative or self-regulatory organization regarding non-compliance by the Managing Member or the Managing Member Principals or the Trading Company with the CEA, the Securities Act of 1933, as amended, or any applicable laws.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(vii)      The Managing Member and the Managing Member Principals have all federal, state and foreign governmental, regulatory and exchange approvals and licenses, and have effected all filings and registrations with federal, state and foreign governmental agencies required to conduct their business or required to perform their obligations under this Agreement and will maintain all such required approvals, licenses, filings and registrations for the team of this Agreement.

(viii)     The Trading Company is and shall remain in material compliance in all respects with all laws, rules, regulations and orders of any government, governmental agency or self-regulatory organization applicable to its business as described in this Agreement.

(ix)        The Trading Company is a “qualified eligible client” as defined in Commodity Futures Trading Commission (“CFTC”) Regulation 4.7.

(x)         Information provided in Schedule D is accurate.

(xi)        The foregoing representations and warranties shall be continuing during the term of this Agreement and if at any time any event shall occur which could make any of the foregoing representations or warranties inaccurate, the Managing Member shall promptly notify the Trading Advisor of the nature of such event.

(b)         Covenants of the Managing Member. The Managing Member covenants and agrees that:

(i)         The Managing Member shall maintain all registrations and memberships necessary for the Managing Member to continue to act as described herein and to all times comply in all respects with all applicable laws, rules, and regulations, to the extent that the failure to so comply would have a materially adverse effect on the Managing Member’s ability to act as described herein.

(ii)        The Managing Member shall inform the Trading Advisor immediately as soon as the Managing Member or any of their principals becomes the subject of any lawsuit, investigation, claim, or proceeding of any regulatory authority having jurisdiction over such person or becomes a named party to any litigation materially affecting the business of the Managing Member or the Trading Company. The Managing Member shall also inform the Trading Advisor immediately if the Managing Member or the Trading Company or any of their officers become aware of any material breach of this Agreement by the Managing Member or the Trading Company.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

11.       Merger or Transfer of Assets.

The Managing Member, Trading Company or the Trading Advisor may merge or consolidate with, or sell or otherwise transfer its business, or all or a substantial portion of its assets, to any entity upon written notice to the other parties.

12.       Complete Agreement.

This Agreement constitutes the entire agreement between the parties with respect to the matters referred to herein, and no other agreement, verbal or otherwise, shall be binding as between the parties unless in writing and signed by the party against whom enforcement is sought.

13.       Assignment.

Subject to Section 11, hereof, this Agreement may not be assigned, transferred by operation of law, change in control or otherwise, by any party hereto without the express prior written consent of the other parties hereto.

14.       Amendment.

This Agreement may not be amended except by the written consent of the parties hereto. No waiver of any provision of this Agreement shall be implied from any course of dealings between the parties, from any failure by any party to assert its rights hereunder or any occasion or series of occasions.

15.       Severability.

The invalidity or unenforceability of any provision of this Agreement or any covenant herein contained shall not affect the validity or enforceability of any other provision or covenant hereof or herein contained and any such invalid provision or covenant shall be deemed to be severable.

16.       Inconsistent Filings.

If the Trading Advisor intends to file, to participate in the filing of, or to publish any description of the Trading Advisor, or of its respective principals or trading approaches that is materially inconsistent with those in the Disclosure Document, the Trading Advisor shall inform the Managing Member of such intention and shall furnish copies of all such filings or publications at least ten Business Days prior to the date of filing or publication.

17.       Disclosure Documents.

(a)         During the term of this Agreement, the Trading Advisor shall furnish to the Managing Member promptly copies of any and all disclosure-documents as filed in final form with the CFTC, NFA or other self-regulatory organization by the Trading Advisor. The Managing Member and Fund each acknowledge receipt of the Trading Advisor’s disclosure document (the “Disclosure Document”).

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(b)         The Managing Member, the Trading Company and the Fund(s) will not distribute or supplement any promotional material relating to the Trading Advisor unless the Trading Advisor has approved reasonable prior notice of and a copy of such promotional material and has received such material in writing.

18.       Track Record.

The track record and other performance information of the Trading Company and/or Fund(s) shall be the property of the Managing Member and not the Trading Advisor. Trading Advisor may use performance results of the Allocated Net Assets for inclusion in its composite performance results.

19.       Use of Name.

Upon termination of this Agreement, the Trading Company, at its expense, as promptly as practicable: (i) shall take all necessary action to cause the Prospectus of any Fund(s) and organizational documents of the Fund(s) to be amended in order to eliminate any reference to “Bleecker Street Capital” (except to the extent required by law, regulation or rule); and (ii) shall cease to use in any other manner, including, but not limited to, use in any sales literature or promotional material, the name “Bleecker Street Capital” or any name, mark or logo type derived from it or similar to it (except to the extent required by law, regulation or rule).

20.       Notices.

All notices required to be delivered under this Agreement shall be in writing and shall be effective when delivered personally on the day delivered, by facsimile on receipt confirmation, by email followed by delivery of an original, or when given by registered or certified mail, postage prepaid, return receipt requested, on the second business day following the day on which it is so mailed, addressed as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof):

if to the Trading Company:

OASIS Bleecker, LLC

c/o R. J. O’Brien Fund Management, LLC

222 S. Riverside Plaza

Suite 900

Chicago, Illinois 60606

Facsimile: 312-373-4831

Email: jdematteo@rjobrien.com

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

if to the Managing Member:

R. J. O’Brien Fund Management, LLC

222 S. Riverside Plaza

Suite 900

Chicago, Illinois 60606

Facsimile: 312-373-4831

Email: jdematteo@rjobrien.com

With a copy to:

Alston & Bird LLP

90 Park Avenue

New York, NY 10016

Attn: Timothy P. Selby

Facsimile: 212- 210-9444

Email: timothy.selby@alston.com

if to the Trading Advisor:

Bleecker Street Capital, LLC

733 Third Avenue, 24th Floor

New York, NY 10017

Facsimile: 646-701-0086

Email: dmitri@bleeckerstreetfund.com

21.       Continuing Nature of Representations Warranties and Covenants; Survival.

All representations, warranties and covenants contained in this Agreement shall be continuing during the term of this Agreement and the provisions of this Agreement shall survive the termination of this Agreement with respect to any matter arising while this Agreement was in effect. Each party hereby agrees that as of the date of this Agreement it is, and during its term shall be, in compliance with its representations, warranties and covenants herein contained. In addition, if at any time any event occurs which would make any of such representations, warranties or covenants not true, the affected party will use its best efforts to promptly notify the other parties of such fact.

22.       Third-Party Beneficiaries.

This Agreement is not intended and shall not convey any rights to a party to this Agreement.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

23.       Governing Law.

This Agreement and any amendment hereto shall be governed by, and construed in accordance with, the laws of the State of Illinois, United States of America (excluding the law thereof which requires the application of, or reference to, the law of any other jurisdiction). Each party hereto expressly and irrevocably agrees (a) that it waives any objection, and specifically consents, to venue in the United States federal or state courts located in the City of Chicago, State of Illinois, United States of America, so that any action at law or in equity may be brought and maintained in any such court, and (b) that service of process in any such action may be effected against such party by certified or registered mail or in any other manner permitted by applicable United States Federal Rules of Civil Procedure or rules of the Courts of the State of Illinois. In addition each party hereto expressly and irrevocably waives, in respect of any action brought in any United States federal or state court located in the City of Chicago, State of Illinois or any resulting judgment, any objection, and hereby specifically consents, to the jurisdiction of any such court and agrees not to seek to change the situs of such action or to assert that any other court in any other jurisdiction is a more suitable forum for the hearing and adjudication of any claim or dispute raised in such action.

24.       Remedies.

In any action or proceeding arising out of any of the provisions of this Agreement, the Trading Advisor agrees not to seek any prejudgment equitable or ancillary relief. The Trading Advisor agrees that its sole remedy in any such action or proceeding shall be to seek actual monetary damages for any breach of this Agreement, except that Trading Advisor may seek a declaratory judgment with respect to the indemnification provisions of this Agreement.

25.       Headings.

Headings to sections herein are for the convenience of the parties only and are not intended to be part of or to affect the meaning or interpretation of this Agreement.

26.       Successors.

This Agreement including the representations, warranties and covenants contained herein shall be binding upon and inure to the benefit of the parties hereto, their successors and permitted assigns, and no other person shall have any right or obligation under this Agreement.

27.       Counterparts.

This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

28.       Waiver of Breach.

The waiver by any party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach or of a breach by any other party. The failure of a party to insist upon strict adherence to any provision of the Agreement shall not constitute a waiver or thereafter deprive such party of the right to insist upon strict adherence.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned as of the day and year first above written.

OASIS Bleecker, LLC
by R.J. O’Brien Fund Management, LLC
Managing Member
By	/s/ Julie M. DeMatteo
	Name:  Julie M. DeMatteo
	Title:    Managing Director
R.J. O’BRIEN FUND MANAGEMENT, LLC
By	/s/ Julie M. DeMatteo
	Name:  Julie M. DeMatteo
	Title:    Managing Director
BLEECKER STREET CAPITAL, LLC
By	/s/ Dmitri Smolansky
	Name:  Dmitri Smolansky
	Title:    Managing Member, CEO

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

EXHIBIT A

Trading Policies

1.         The Trading Advisor will not employ the trading technique commonly known as “pyramiding”, in which the Trading Advisor uses unrealized profits on existing positions in a given futures interest due to favorable price movement as margin specifically to buy or sell additional positions in the same or a related futures interest. Taking into account the Trading Company’s open trade equity (i.e., the profit or loss on an open futures interest position) on existing positions in determining generally whether to acquire additional futures interest positions on behalf of the Trading Company will not be considered to constitute “pyramiding”.

2.         The Trading Advisor will not utilize borrowings on behalf of the Trading Company except if the Trading Company purchases or takes delivery of commodities. If the Trading Advisor borrows money on behalf of the Trading Company, the lending entity in such case (the “lender”) may not receive interest in excess of its interest costs, nor may the lender receive interest in excess of the amounts which would be charged the Trading Company by unrelated banks on comparable loans for the same purpose, nor may the lender or any affiliate thereof receive any points or other financing charges or fees regardless of the amount. Use of lines of credit in connection with its forward trading does not, however, constitute borrowing for purposes of this trading limitation.

3.         The Trading Advisor will not “churn” the Trading Company’s assets. Churning is the unnecessary execution of trades so as to generate increased brokerage commissions.

4.         The Trading Advisor will trade currencies and other commodities on futures exchanges, in the interbank and forward contract markets only with banks, brokers, dealers, and other financial institutions which the Managing Member has determined to be creditworthy.

5.         The Trading Advisor will trade only in those futures interests that have been approved by the CFTC as suitable for US investors. The Trading Advisor will not establish new positions in a futures interest on behalf of the Trading Company for any one contract month or option if such additional positions would result in a net long or short position for that futures interest requiring as margin or premium more than 15% of the Trading Company’s net assets. In addition, the Trading Advisor will, on behalf of the Trading Company, except under extraordinary circumstances, maintain positions in futures interests in at least two market segments (i.e., agricultural items, industrial items (including energies), metals, currencies, and financial instruments (including stock, financial, and economic indexes)) at any one time.

6.         The Trading Advisor will not acquire additional positions in any futures interest on behalf of the Trading Company if such additional positions would result in the aggregate net long or short positions for all futures interests requiring as margin or premium for all outstanding positions more than 662/3% of the Trading Company’s net assets.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

7.         The Trading Advisor will not purchase, sell, or trade securities (except securities approved by the CFTC for investment of customer funds).

8.         The Trading Advisor will be responsible for errors committed or caused by it in transmitting orders for the purchase or sale of futures interests for the Trading Company’s account.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

EXHIBIT B

COMMODITY TRADING AUTHORITY

Dear Bleecker Street Capital, LLC:

OASIS Bleecker, LLC (the “Trading Company”) and R.J. O’Brien Fund Management, LLC, the Trading Company’s managing member (the “Managing Owner”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Managing Owner on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Managing Member and you as of the 9th day of October, as amended or supplemented, and in accordance with the terms and conditions of said Agreement.

This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement.

Very truly yours,
OASIS BLEECKER, LLC
by R.J. O’Brien Fund Management, LLC
Managing Member
By	/s/ Julie M. DeMatteo
	Name:  Julie M. DeMatteo
	Title:    Managing Director
R.J. O’BRIEN FUND MANAGEMENT, LLC
By	/s/ Julie M. DeMatteo
	Name:  Julie M. DeMatteo
	Title:    Managing Director

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

EXHIBIT C

Country	Contract	Exchange	FX Forwards
Australia	SPI 200	Sydney Futures Exchange
Canada	S&P TSE60	Montreal Exchange	AUD	CAD	CHF	EUR	GBP  JPY
France	CAC	Euronext Paris	NOK	NZD	SEK	USD	CZK HUF ILS
Germany	DAX	Eurex		MXN	PLN	SGD	TRY ZAR
Hong Kong	Hang Seng	Hong Kong Futures Exchange
Italy	S&P / MIB	Borsa Italiana
Japan	TPX	Tokyo stock Exchange
Japan	NKY	CME Globex
Netherlands	AEX	Euronext Amsterdam
Spain	IBEX 35	Madrid (Meff Renta Variable)
Switzerland	SMI	Eurex
UK	FTSE	LIFFE
US	e-mini S&P500	CME Globex
Bond Futures
Australia	3YR	Sydney Futures Exchange
Australia	10YR	Sydney Futures Exchange
Canada	10YR	Montreal Exchange
Europe	Schatz	Eurex
Europe	Bund	Eurex
Japan	JGB 10YR	Tokyo Stock Exchange
UK	Long Gilt 10YR	LIFFE
US	2yr	CBOT
US	10YR	CBOT
FX Futures
Australia	AUD (ADA)	CME Globex
Canada	CAD (CDA)	CME Globex
Europe	EUR (ECA)	CME Globex
Japan	JPY (JYA)	CME Globex
New Zealand	NZD (NVA)	CME Globex
Switzerland	CHF (SFA)	CME Globex
UK	GBP (BPA)	CME Globex

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

SCHEDULE D

Client Financial Information (Filled by the Client)

Name	R.J. O’Brien Fund Management, LLC
Principal Business	Commodity Pool Operator
Net Assets Under Management (or Net Worth)	$15.8 Million
Years / Months in Business	7 years
Current Year Estimated Income	N/A
Previous Year Annual Income	N/A
Experience investing in Commodities	Registered as a commodity pool operator since 12/01/2006

CLIENT Acknowledgement: 

By: 

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EX-10.05

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

EXHIBIT 10.05

ADVISORY AGREEMENT

THIS AGREEMENT, made as of October 9, 2013 among OASIS PAM LLC, a Delaware limited liability company and (the “Trading Company”), R.J. O’Brien Fund Management, LLC, a Delaware limited liability company (the “Managing Member”), and Paskewitz Asset Management, LLC, a limited liability company formed under the laws of Delaware (the “Trading Advisor”).

W I T N E S S E T H:

WHEREAS, the Trading Company has been organized as a Delaware limited liability company pursuant to its organizational documents to, among other things, directly or indirectly through a commodity trading advisor, trade, buy, sell, spread, or otherwise acquire, hold, or dispose of commodities (including, but not limited to, foreign currencies, mortgage-backed securities, money market instruments, financial instruments, and any other securities or items which are now, or may hereafter be, the subject of futures contract trading), domestic and foreign commodity futures contracts, forward contracts, foreign exchange commitments, options on physical commodities and on futures contracts, spot (cash) commodities and currencies, exchange of futures contracts for physicals transactions, exchange of physicals for futures contracts transactions, and any rights pertaining thereto, whether traded on an organized exchange or otherwise (hereinafter referred to collectively as “futures interests;” provided, however, such definition shall exclude securities futures products as defined by the Commodity Futures Trading Commission (“CFTC”), options in securities futures and options in equities) and securities (such as United States Treasury securities) approved by the CFTC for investment of customer funds and other securities on a limited basis, and to engage in all activities incident thereto;

WHEREAS, the Trading Company is a master fund has or will have assets invested into it directly or indirectly by one or more entities, including, but not necessarily limited to limited to certain commodity pools operated by the Managing Owner (each individually, a “Fund”) ;

WHEREAS, the principals of the Trading Advisor have extensive experience trading in futures interests and the Trading Advisor is willing to provide the services and undertake the obligations as set forth herein;

WHEREAS, the Trading Company and the Managing Member each desires the Trading Advisor to act as a trading advisor for the Trading Company and to make investment decisions with respect to futures interests for the Trading Company and the Trading Advisor desires so to act; and

WHEREAS, the Trading Company, the Managing Member and the Trading Advisor wish to enter into this Agreement which, among other things, sets forth certain terms and conditions upon which the Trading Advisor will conduct the futures interest trading with respect to a portion of the Trading Company’s assets, as described herein.

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

NOW, THEREFORE, the parties hereto hereby agree as follows:

1.         Undertakings in Connection with the Continuing Offering of a Fund.

(a)         The Trading Advisor agrees with respect to the continuing offering of interests (“Units”) in a Fund: (i) to make all disclosures regarding itself, its principals and affiliates, its trading performance, its trading systems, methods and strategies (subject to the need, in the reasonable discretion of the Trading Advisor, to preserve the secrecy of Proprietary Information (as defined in Section 1(c) hereof) concerning such systems, methods and strategies), and otherwise, as a Fund and/or the Trading Company may reasonably require (x) in connection with a Fund’s offering materials (the “Prospectus”) as required by any applicable regulations under the Commodity Exchange Act (the “CEA”), and/or the rules and regulations of the Securities and Exchange Commission (the “SEC”), including in connection with any amendments or supplements thereto, or (y) to comply with any other applicable law or rule or regulation, including those of the CFTC, the National Futures Association (the “NFA”), the SEC, or any other regulatory or self-regulatory body, exchange, or board with jurisdiction over its members (or to comply with the reasonable request of the aforementioned organizations); and (ii) to otherwise cooperate with a Fund and/or the Trading Company and the Managing Member by providing information regarding the Trading Advisor in connection with the preparation of the Prospectus, including any amendments and/or supplements thereto, as a Fund and/or the Trading Company may deem appropriate; provided that all such disclosures are subject to the need, in the reasonable discretion of the Trading Advisor, to preserve the secrecy of Proprietary Information concerning its clients, systems methods and strategies. As used herein, unless otherwise provided, the term “principal” shall have the meaning as defined in Rule 4.10(e) of the CFTC’s regulations and the term “affiliate” shall mean an individual or entity that directly or indirectly controls, is controlled by, or is under common control with, such party.

(b)         If the Trading Advisor becomes aware of any materially untrue or misleading statement or omission regarding itself or any of its principals or affiliates in the Disclosure Document (as defined in Section 17 hereof), or of the occurrence of any event or change in circumstances which would result in there being any materially untrue or misleading statement or omission in the Disclosure Document regarding itself or any of its principals or affiliates, the Trading Advisor shall promptly notify the Managing Member and shall cooperate with the Managing Member in the preparation of any necessary amendments or supplements to the Fund(s)’s Prospectus. Neither the Trading Advisor nor any of its principals, or affiliates, or any stockholders, officers, directors, or employees shall distribute a Fund’s Prospectus or selling literature or shall engage in any selling activities whatsoever in connection with the continuing offering of Units except as may be specifically approved by the Managing Member and agreed to by the Trading Advisor.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(c)         For purposes of this Agreement, and notwithstanding any of the provisions hereof, all non-public information relating to the Trading Advisor including, but not limited to, records, whether original, duplicated, computerized, handwritten, or in any other form, and information contained therein, business and/or marketing and/or sales plans and proposals, names of past and current clients, names of past, current and prospective contacts, trading methodologies, systems, strategies and programs, trading advice, trading instructions, results of proprietary accounts, training materials, research data bases, portfolios, and computer software, and all written and oral information, furnished by the Trading Advisor to the Trading Company and the Managing Member and/or their officers, directors, employees, agents (including, but not limited to, attorneys, accountants, consultants, and financial advisors) or controlling persons (each a “Recipient”), regardless of the manner in which it is furnished, together with any analysis, compilations, studies or other documents or records which are prepared by a Recipient of such information and which contain or are generated from such information, regardless of whether explicitly identified as confidential, with the exception of information which (i) is or becomes generally available to the public other than as a result of acts by the Recipient in violation of this Agreement, (ii) is in the possession of the Recipient prior to its disclosure pursuant to the terms hereof, (iii) is or becomes available to the Recipient from a source that is not bound by a confidentiality agreement with regard to such information or by any other legal obligation of confidentiality prohibiting such disclosure, or (iv) that is independently developed by the Recipient without use of the confidential information described in this Section 1(c), are and shall be confidential information and/or trade secrets and the exclusive property of the Trading Advisor (“Confidential Information” and/or “Proprietary Information”).

(d)         The Trading Company and the Managing Member each warrants and agrees that they and their respective officers, directors, members, equity holders, employees and agents (including for purposes of this Agreement, but not limited to, attorneys, accountants, consultants, and financial advisors) will protect and preserve the Confidential Information and will disclose Confidential Information or otherwise make Confidential Information available only to the Trading Company’s or the Managing Member’s officers, directors, members, equity holders, employees and agents (including for purposes of this Agreement, but not limited to, attorneys, accountants, consultants, and financial advisors), who need to know the Confidential Information (or any part of it) for the purpose of satisfying their fiduciary, legal, reporting, filing or other obligations hereunder or to monitor performance in the account during the term of this Agreement or thereafter, or to the Trading Company, Managing Member or a Recipient, as the case may be, is required to disclose such Confidential Information due to a fiduciary obligation or legal or regulatory request. Additionally, the Trading Company and the Managing Member each warrants and agrees that it and any Recipient will use the Confidential Information solely for the purpose of satisfying the Trading Company’s or the Managing Member’s obligations under this Agreement and not in a manner which violates the terms of this Agreement.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

2.         Duties of the Trading Advisor.

(a)         Upon the commencement of trading operations on or about October 10, 2013 by the Trading Advisor with respect to all or a portion of the assets of the Trading Company, the Trading Advisor hereby agrees to act as a Trading Advisor for the Trading Company and, as such, shall have authority and responsibility for directing the investment and reinvestment of that portion of the Trading Company’s assets allocated to the Trading Advisor, which shall consist of the Allocated Net Assets (as defined in Section 5(c)hereof) plus “notional” funds, if any, allocated to the Trading Advisor, as specified in writing by the Managing Member and consented to by the Trading Advisor (the “Assets”), on the terms and conditions and in accordance with the prohibitions and the trading policies set forth in Exhibit A to this Agreement as amended from time to time and provided in writing to the Trading Advisor by the Managing Member (the “Trading Policies”); provided, however, that the Managing Member may override the instructions of the Trading Advisor without notice to the Trading Advisor to the extent necessary (i) to comply with the Trading Policies and with applicable speculative position limits, (ii) to fund any distributions or redemptions, (iii) to pay the Trading Company’s expenses, (iv) to the extent the Managing Member believes doing so is necessary for the protection of the Trading Company, (v) to terminate the futures interest trading of the Account (as defined in Section 4) with the Trading Advisor, or (vi) to comply with any applicable law or regulation. The Managing Member agrees not to override any such instructions for the reasons specified in clauses (ii) or (iii) of the preceding sentence unless the Trading Advisor fails to comply with a request of the Managing Member to make the necessary amount of funds available to the Trading Company within two trading days of such request. The Trading Advisor shall not be liable for the consequences of any decision by the Managing Member to override instructions of the Trading Advisor, except to the extent that such consequences result from a material breach of this Agreement by the Trading Advisor or the Trading Advisor fails to comply with the Managing Member’s decision to override an instruction. Notwithstanding anything to the contrary contained in this Agreement, the Trading Company shall have the right to instruct the Trading Advisor to liquidate any or all positions at any time.

(b)         The Trading Advisor shall:

(i)         Exercise good faith and due care in trading futures interests for the account of the Trading Company in accordance with the prohibitions and Trading Policies, and the trading systems, methods, and strategies of the Trading Advisor described in the Disclosure Document, with such changes and additions to such trading systems, methods or strategies as the Trading Advisor, from time to time, incorporates into its trading approach for accounts the size of the Trading Company.

(ii)         Provide the Managing Member, within 20 business days of the end of a calendar quarter, and within 20 business days of a separate request which the Managing Member may make from time to time, with information comparing the performance of the Trading Company’s account and the performance of all other client accounts (“Other Accounts”) directed by the Trading Advisor using the trading systems used by the Trading Advisor on behalf of the Trading Company over a specified period of time for the purpose of confirming that the Trading Company has been treated equitably compared to such Other Accounts. In providing such information, the Trading Advisor may take such steps as are necessary to assure the confidentiality of the Trading Advisor’s clients’ identities. The Trading Advisor shall, upon the Managing Member’s request, consult with the Managing Member concerning any discrepancies between the performance of such Other Accounts and the Trading Company’s account. The Trading Advisor shall promptly inform the Managing Member in writing of any material discrepancies of which the Trading Advisor is aware. The Managing Member acknowledges that the following differences in accounts may cause divergent trading results: different trading strategies, methods or degrees of leverage, different trading policies, accounts experiencing differing inflows or outflows of equity, different risk profiles, accounts which commence trading at different times and accounts which have different portfolios or different fiscal years.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(iii)         Inform the Managing Member when the Trading Advisor’s open positions maintained by the Trading Advisor exceed the Trading Advisor’s applicable speculative position limits.

(iv)         Upon request of the Managing Member, promptly provide the Managing Member with all information concerning the Trading Advisor and its activities reasonably requested by the Managing Member (including, without limitation, information relating to changes in control, key personnel, trading approach, or financial condition). Additionally, the Trading Advisor agrees to furnish R.J. O’Brien & Associates, LLC (“RJOB”) in an electronic format as requested by RJOB (i) a final report of all trades at the end of each business day and (ii) a report of any trade made involving a position with a required initial margin equal to 15% or more of the Assets within 60 minutes on a best efforts basis of the Trading Advisor’s receipt of confirmation, verbal or otherwise, from the executing broker that such a trade has been executed. The Trading Advisor further acknowledges and agrees that the timely provision of all such information is of the essence in order to enable the Trading Company, its designated entities, and RJOB to monitor and comply with mandatory risk control algorithms imposed upon the operation of the Trading Company.

(c)         All purchases and sales of futures interests pursuant to this Agreement shall be for the account, and at the risk, of the Trading Company and not for the account, or at the risk of the Trading Advisor or any of its affiliates or each of their principals, stockholders, directors, officers, or employees, or any other person, if any, who controls the Trading Advisor. All brokerage commissions and related transaction fees arising from such trading by the Trading Advisor shall be for the account of the Trading Company.

(d)         Subject to §7(a) hereof, the Trading Advisor shall assume financial responsibility for any errors committed or caused by it in transmitting orders for the purchase or sale of futures interests for the Trading Company’s account including payment to the Commodity Brokers (as described in Section 4 hereof) of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Trading Advisor’s errors shall include, but not be limited to, inputting improper trading signals or communicating incorrect orders to the Commodity Brokers. The Trading Advisor shall have an affirmative obligation to promptly notify the Managing Member upon discovery of its own errors with respect to the account, and the Trading Advisor shall use its best efforts to identify and promptly notify the Managing Member of any order or trade which the Trading Advisor reasonably believes was not executed in accordance with its instructions to any Commodity Broker or such other commodity broker utilized to execute orders for the Trading Company.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(e)         Prior to the commencement of trading by the Trading Company, the Managing Member, on behalf of the Fund, shall deliver to the Trading Advisor a trading authorization appointing the Trading Advisor the Trading Company’s attorney-in-fact for such purpose (a form of which is attached hereto as Exhibit B).

(f)         In performing services to the Trading Company, the Trading Advisor shall utilize its Diversified Program (the “Trading Program”), and as modified from time to time. The Trading Advisor shall give the Managing Member prior written notice of any change in the Trading Program that the Trading Advisor considers to be material (and shall not effect such change on behalf of the Trading Company without the Managing Member’s consent), including any additional futures interests to be traded by the Trading Advisor not already listed On Exhibit C. Changes in the futures interests traded, provided that such futures interests are listed on Exhibit C, shall not be deemed a modification of the Trading Program.

3.         Trading Advisor as an Independent Contractor.

For all purposes of this Agreement, the Trading Advisor shall be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized, have no authority to act for or represent the Trading Company in any way or otherwise be deemed an agent of the Trading Company and/or the Fund(s). Nothing contained herein shall be deemed to require the Trading Company to take any action contrary to its governing documents as from time to time in effect, or any applicable law or rule or regulation of any regulatory or self-regulatory body, exchange, or board. Nothing herein contained shall constitute the Trading Advisor or the Managing Member as members of any partnership, joint venture, association, syndicate or other entity, or be deemed to confer on any of them any express, implied, or apparent authority to incur any obligation or liability on behalf of any other. It is expressly agreed that the Trading Advisor is neither a promoter, sponsor, nor issuer with respect to the Trading Company or any Fund, nor does the Trading Advisor have any authority or responsibility with respect to the offer, sale or issuance of Units of any Fund.

4.         Futures Broker.

The Trading Advisor shall effect all transactions in futures interests for the Trading Company through the Trading Company’s separate account of the Trading Company to be traded exclusively by the Trading Advisor (the “Account”) maintained with RJOB or such commodity broker or brokers as the Managing Member shall direct and appoint from time to time (the “Futures Brokers”).

Notwithstanding the foregoing, the Trading Advisor may execute trades through brokers other than those employed by RJOB and its affiliates so long as arrangements (including executed give-up agreements) are made for such floor brokers to “give-up” or transfer the positions to RJOB in conformity with the Trading Policies set forth in Exhibit A attached hereto.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

5.         Fees.

(a)         For the services to be rendered to the Trading Company by the Trading Advisor under this Agreement:

(i)         The Trading Company shall pay the Trading Advisor a monthly management fee equal to 1/12 of *% (a *% annual rate) of the Assets allocated to it (as defined in Section 2(a) hereof) as of the last day of each month (the “Management Fee”). The Management Fee is payable in arrears within 20 Business Days of the end of the month for which it was calculated. For purposes of this Agreement, “Business Day” shall mean any day which the securities markets are open in the United States. At no time shall during the term of this Agreement shall the Management Fee rate exceed the management fee rate payable to Trading Advisor under its negotiated fee agreement with RPM Risk & Portfolio Management AB (“RPM”).

(ii)         The Trading Company shall pay the Trading Advisor a quarterly incentive fee equal to *% of the New Trading Profit (as defined in Section 5(d) hereof) (the “Incentive Fee”). The initial incentive period will commence on the date the Trading Advisor commences trading the Account and shall end on the last day of the calendar quarter after such date. The Incentive Fee is payable within 20 Business Days of the end of the calendar quarter for which it was calculated. At no time shall during the term of this Agreement shall the Incentive Fee rate exceed the incentive fee rate payable to Trading Advisor under its negotiated fee agreement with RPM.

(b)         If this Agreement is terminated on a date other than the last day of a calendar quarter, the Incentive Fee shall be determined as if such date were the end of a calendar quarter. If this Agreement is terminated on a date other than the end of a month, the Management Fee described above shall be determined as if such date were the end of a month, but such fee shall be prorated based on the ratio of the number of trading days in the month through the date of termination to the total number of trading days in the month. If, during any month after the Trading Advisor commences trading operations on behalf of the Account (including the month in which the Trading Advisor commences such operations), the Trading Company does not conduct business operations, or suspends trading for the Account, or, as a result of an act or material failure to act by the Trading Advisor, is otherwise unable to utilize the trading advice of the Trading Advisor on any of the trading days of that month for any reason, the Management Fee shall be prorated based on the ratio of the number of trading days in the month which the Account engaged in trading operations or utilizes the trading advice of the Trading Advisor to the total number of trading days in the month. The Management Fee payable to the Trading Advisor for the month in which the Trading Company begins to receive trading advice from the Trading Advisor pursuant to this Agreement shall be prorated based on the ratio of the number of trading days in the month from the day the Trading Company begins to receive such trading advice to the total number of trading days in the month. In the event that there is an increase or decrease in the Assets as of any day other than the first day of a month, the Trading Advisor shall be paid a pro rata Management Fee on such increase or decrease in the Assets for such month.

* Confidential material redacted and filed separately with the Commission.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(c)         The term “Allocated Net Assets” shall mean the total assets of the Trading Company allocated to the Account (including, but not limited to, all cash and cash equivalents, accrued interest and amortization of original issue discount, and the market value (marked-to-market) of all open futures interest positions and other assets of the Account) less all liabilities of the Trading Company determined in accordance with generally accepted accounting principles consistently applied under the accrual basis of accounting. Unless generally accepted accounting principles require otherwise, the market value of a futures or option contract traded on a United States exchange shall mean the settlement price on the exchange on which the particular futures or option contract shall be traded by the Trading Advisor on behalf of the Account with respect to which the Net Assets are being determined; provided, however, that if a contract could not be liquidated on such day due to the operation of daily limits or other rules of the exchange on which that contract shall be traded or otherwise, the settlement price on the first subsequent day on which the contract could be liquidated shall be the market value of such contract for such day, or if a contract could not be liquidated on such day due to the exchange being closed for an exchange holiday, the settlement price on the most recent preceding day on which the contract could have been liquidated shall be the market value of such contract for such day. The market value of a forward contract or a futures or option contract traded on a foreign exchange or market shall mean its market value as determined by the Managing Member on a basis consistently applied for each different variety of contract.

(d)         The term “New Trading Profit” shall mean net futures interest trading profits (realized and unrealized) on the Assets, decreased proportionally by the Trading Advisor’s monthly Management Fees and brokerage commissions and NFA fees applicable to the Account. Interest income is not included in New Trading Profit. Extraordinary expenses do not reduce New Trading Profit. Such trading profits and items of decrease shall be determined from the end of the last calendar quarter in respect of which an incentive Fee was earned by the Trading Advisor or, if no Incentive Fee has been earned previously by the Trading Advisor, from the date that the Trading Advisor commenced managing the Assets, to the end of the calendar quarter as of which such Incentive Fee calculation is being made. New Trading Profit shall be calculated before reduction for Incentive Fees paid or accrued so that the Trading Advisor does not have to earn back Incentive Fees.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(e)         If any payment of Incentive Fees is made to the Trading Advisor on account of New Trading Profit earned by the Trading Advisor and the Trading Advisor thereafter fails to earn New Trading Profit or experiences losses for any subsequent incentive period, the Trading Advisor shall be entitled to retain such amounts of Incentive Fees previously paid to the Trading Advisor in respect of such New Trading Profit. No Incentive Fees shall be payable to the Trading Advisor until the Trading Advisor has earned New Trading Profit: provided, however, that if the Assets are reduced because of redemptions that occur at the end of, and/or subsequent to, a calendar quarter in which the Trading Advisor experiences a futures interest trading loss for the Trading Company, the trading loss that must be recovered before the Trading Advisor will be deemed to experience New Trading Profit in a subsequent calendar quarter will be equal to the amount determined by (x) dividing the Assets after such decrease by the Assets in immediately before such decrease and (y) multiplying that fraction by the amount of the unrecovered futures interest trading loss prior to such decrease. In the event that the Trading Advisor experiences a trading loss in more than one calendar quarter without the Trading Company paying an intervening incentive Fee and Assets are reduced in more than one such calendar quarter because of redemptions, then the trading loss for each such calendar quarter shall be adjusted in accordance with the formula described above and such reduced amount of futures interest trading loss shall be carried forward and used to offset subsequent futures interest trading profits. No Incentive Fees shall be payable to the Trading Advisor until the Trading Advisor has earned New Trading Profit.

6.         Term

(a)         This Agreement shall continue in effect for a period of one year from the date the Agreement was entered into unless otherwise terminated as set forth in this Section 6. The Trading Advisor may terminate this Agreement at the end of such one-year period by providing prior written notice of termination to the Trading Company at least sixty days prior to the expiration of such one-year period. If the Agreement is not terminated upon the expiration of such one-year period, this Agreement shall automatically renew for an additional one-year period and shall continue to renew for additional one-year periods until this Agreement is otherwise terminated, as provided for herein. This Agreement shall automatically terminate if the Trading Company is dissolved.

(b)         The Trading Company and Managing Member each shall have the right to terminate this Agreement in its discretion (i) at any month end upon five days’ prior written notice to the Trading Advisor, or (ii) at any time upon prior written notice to the Trading Advisor upon the occurrence of any of the following events: (A) if any person described as a “principal” of the Trading Advisor in the Prospectus ceases for any reason to be an active “principal” of the Trading Advisor; (B) if the Trading Advisor becomes bankrupt or insolvent; (C) if the Trading Advisor is unable to use its trading systems or methods as in effect on the date hereof and as modified in the future for the benefit of the Trading Company; (D) if the registration, as a commodity trading advisor, of the Trading Advisor with the CFTC or its membership in the NFA is revoked, suspended, terminated, or not renewed, or limited or qualified in any respect; (E) except as provided in Section 12 hereof, if the Trading Advisor merges or consolidates with, or sells or otherwise transfers its advisory business, or all or a substantial portion of its assets, any portion of its futures interest trading systems or methods, or its goodwill to, any individual or entity; (F) if, at any time, the Trading Advisor violates any Trading Policy or administrative policy, except with the prior express written consent of the Managing Member; or (G) if the Trading Advisor fails in a material manner to perform any of its obligations under this Agreement.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(c)         The Trading Advisor may terminate this Agreement at any time:

(i)         upon thirty days’ prior written notice to the Trading Company and Managing Member, in the event: (A) that the Managing Member imposes additional trading limitation(s) in the form of one or more Trading Policies or administrative policies that the Trading Advisor does not consent to, such consent not to be unreasonably withheld; (B) the Managing Member objects to the Trading Advisor implementing a proposed material change to the Trading Program and the Trading Advisor certifies to the Managing Member in writing that it believes such change is in the best interests of the Trading Company or (C); the Assets of the Trading Company fall below a level at which the Trading Advisor can no longer reasonably implement its Trading Program.

(ii)        immediately upon providing written notice to the Trading Company and Managing Member, in the event (A) the Managing Member or the Trading Company materially breaches this Agreement and does not correct the breach within ten days of receipt of a written notice of such breach from the Trading Advisor; (B) the Trading Company becomes bankrupt or insolvent, (C) the registration of the Managing Member with the CFTC as a commodity pool operator or its membership in the NFA is revoked, suspended, terminated or not renewed, or limited or qualified in any respect; or (D) if the Managing Member or Trading Company merges, consolidates or sells a substantial portion of its assets pursuant to Section 11 of this Agreement, the Trading Advisor may terminate this Agreement immediately upon proving written notice to the Managing Member and Trading Company

(iii)       as of any month end occurring after the initial 12 month period following the effective date of this Agreement end upon 30 days’ prior written notice to the Managing Member and the Trading Company.

(d)         Except as otherwise provided in this Agreement, any termination of this Agreement in accordance with this Section 6 shall be without penalty or liability to any party, on account of such termination.

(e)         The indemnities set forth in Section 7 hereof shall survive any termination of this Agreement.

7.         Standard of Liability: Indemnifications.

(a)         Limitation of Trading Advisor Liability. In respect of the Trading Advisor’s role in the futures interests trading of the Trading Company, the Trading Advisor shall not be liable to the Trading Company or the Managing Member or their partners, directors, officers, principals, managers, members, shareholders, employees, controlling persons or successors and assigns except that the Trading Advisor shall be liable for acts or omissions that constitute a material breach of this Agreement or a representation, warranty or covenant herein, willful misconduct or gross negligence, or are the result of the Trading Advisor not having acted in good faith and in the reasonable belief that such actions or omissions were in, or not opposed to, the best interests of the Trading Company.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(b)         Trading Advisor Indemnity in Respect of Management Activities. The Trading Advisor shall indemnify, defend and hold harmless the Trading Company and the Managing Member, their controlling persons, their affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and controlling persons from and against any and all losses, claims, damages, liabilities (joint and several), costs, and expenses (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Advisor shall have approved such settlement) resulting from a demand, claim, lawsuit, action or proceeding (other than those incurred as a result of claims brought by or in the right of an indemnified party) relating to this Agreement (except as covered by paragraph (d) below); provided that a court of competent jurisdiction upon entry of a final judgment (or, if no final judgment is entered, by an opinion rendered by counsel who is approved by the Trading Company and the Trading Advisor, such approval not to be unreasonably withheld) to the effect that the action or inaction of such indemnified party that was the subject of the demand, claim, lawsuit, action, or proceeding constituted gross negligence, willful misconduct, or a material breach of this Agreement or a representation, warranty or covenant of the Trading Advisor, its controlling persons, affiliates, directors, officers, shareholders, employees, or controlling persons.

(c)         Trading Company Indemnity in Respect of Management Activities. The Trading Company shall indemnify, defend and hold harmless the Trading Advisor, its controlling persons, their affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and controlling persons, from and against any and all losses, claims, damages, liabilities (joint and several), costs and expenses (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Company shall have approved such settlement) resulting from a demand, claim, lawsuit, action or proceeding (other than those incurred as a result of claims brought by or in the right of an indemnified party) relating to this Agreement (except as covered by paragraph (e) below); provided that a court of competent jurisdiction upon entry of a final judgment finds (or, if no final judgment is entered, by an opinion rendered by counsel who is approved by the Trading Company and the Trading Advisor, such approval not to be unreasonably withheld) to the effect that the action or inaction of such indemnified party that was the subject of the demand, claim, lawsuit, action, or proceeding did not constitute gross negligence, willful misconduct, or a material breach of this Agreement or a representation, warranty or covenant of the Trading Advisor, its controlling persons, its affiliates and directors, officers, shareholders, employees, and controlling persons and was done in good faith.

(d)         Trading Advisor Indemnity in Respect of Sale of a Fund’s Units. The Trading Advisor shall indemnify, defend and hold harmless the Trading Company, any Fund, the Managing Member, any selling agent, their controlling persons and their affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and controlling persons from and against any and all losses, claims, damages, liabilities, costs, and expenses, (joint and several), to which any indemnified person may become subject (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Advisor shall have approved such settlement, and in connection with any administrative proceedings), in respect of the offer or sale of Units, insofar as such losses, claims, damages, liabilities, costs, or expenses (or action in respect thereof) arise out of, or are based upon: (i) a breach by the Trading Advisor of any applicable laws or regulations or any representation, warranty or agreement in this Agreement; or (ii) any materially untrue statement or omission relating or with respect to the Trading Advisor, or any of its principals, or their operations, trading systems, methods or performance, which was made in any Fund Prospectus or any amendment or supplement thereto or any other sales literature and furnished by the Trading Advisor for inclusion therein.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(e)         Trading Company Indemnity in Respect of Sale of Units. Trading Company shall indemnify, defend and hold harmless the Trading Advisor its controlling persons, their affiliates and their respective directors, officers, principals, managers, members shareholders, employees and controlling persons from and against any loss claim, damage, liability, cost, and expense, joint and several, to which any indemnified person may become subject (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Company and the relevant Fund shall have approved such settlement, and in connection with any administrative proceedings), in respect of the offer or sale of a Fund’s Units, unless such loss, claim, damage, liability, cost, or expense (or action in respect thereof) arises out of, or is based upon any materially untrue statement or omission relating or with respect to the Trading Advisor, or any of its principals or their operations, trading systems, methods or performance that was made in the relevant Fund’s Prospectus or in any other sales literature furnished by the Trading Advisor for inclusion therein.

(f)         Subject to Section 7(a) hereof, the foregoing agreements of indemnity shall be in addition to, and shall in no respect limit or restrict, any other remedies which may be available to an indemnified person.

(g)         Promptly after receipt by an indemnified person of notice of the commencement of any action, claim, or proceeding to which any of the indemnities may apply, the indemnified person will notify the indemnifying party in writing of the commencement thereof if a claim in respect thereof is to be made against the indemnifying party hereunder; but the omission so to notify the indemnifying party will not relieve the indemnifying party from any liability that the indemnifying party may have to the indemnified person hereunder, except where such omission has materially prejudiced the indemnifying party. In case any action, claim, or proceeding is brought against an indemnified person and the indemnified person notifies the indemnifying party of the commencement thereof as provided above, the indemnifying party will be entitled to participate therein and, to the extent that the indemnifying party desires, to assume the defense thereof with counsel selected by the indemnifying party and not unreasonably disapproved by the indemnified person. After notice from the indemnifying party to the indemnified person of the indemnifying party’s election so to assume the defense thereof as provided above, the indemnifying party will not be liable to the indemnified person under the indemnity provisions hereof for any legal and other expenses subsequently incurred by the indemnified person in connection with the defense thereof, other than reasonable costs of investigation.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

Notwithstanding the preceding paragraph, if in any action, claim, or proceeding as to which indemnification is or may be available hereunder, an indemnified person reasonably determines that its interests are or may be adverse, in whole or in part, to the indemnifying party’s interests or that there may be legal defenses available to the indemnified person that are different from, in addition to, or inconsistent with the defenses available to the indemnifying party, the indemnified person may retain its own counsel in connection with such action, claim, or proceeding and will be indemnified (provided the indemnified person is so entitled) by the indemnifying party for any legal and other expenses reasonably incurred in connection with investigating or defending such action, claim, or proceeding.

In no event will the indemnifying party be liable for the fees and expenses of more than one counsel for all indemnified persons in connection with any one action; claim, or proceeding or in connection with separate but similar or related actions, claims, or proceedings in the same jurisdiction arising out of the same general allegations. The indemnifying party will not be liable for any settlement of any action, claim, or proceeding effected without the indemnifying party’s express written consent, but if any action, claim, or proceeding, is settled with the indemnifying party’s express written consent, the indemnifying party will indemnify, defend, and hold harmless an indemnified person as provided in this Section 7.

8.         Right to Advise Others and Uniformity of Acts and Practices.

(a)         The Trading Advisor is engaged in the business of advising clients as to the purchase and sale of futures interests. During the term of this Agreement, the Trading Advisor, its principals and affiliates, will be advising other clients (including affiliates and the stockholders, officers, directors, and employees of the Trading Advisor and its affiliates and their families) and trading for their own accounts. The Trading Advisor will use its best efforts to implement a fair and consistent allocation policy that seeks to ensure that all clients are treated equitably and positions allocated as nearly as possible in proportion to the assets available for trading of the accounts managed or controlled by the Trading Advisor. Upon written request, the Managing Member may request a copy of the Trading Advisor’s procedures regarding the equitable treatment of trades across accounts. Such procedures shall be provided to the Managing Member within 30 days of such request by the Managing Member. Under no circumstances shall the Trading Advisor by any act or omission knowingly or intentionally favor any account advised or managed by the Trading Advisor over the account of the Trading Company in any way or manner. Nothing contained in this Section 8(a) shall preclude the Trading Advisor from charging different management and/or incentive fees to its clients. Subject to the Trading Advisor’s obligations under applicable law, the Trading Advisor or any of its principals or affiliates shall be free to advise and manage accounts for other clients and shall be free to trade on the basis of the same trading systems, methods, or strategies employed by the Trading Advisor for the account of the Trading Company, or trading systems, methods, or strategies that are entirely independent of, or materially different from, those employed for the account of the Trading Company, and shall be free to compete for the same futures interests as the Trading Company or to take positions opposite to the Trading Company, where such actions do not knowingly or intentionally prefer any of such accounts over the account of the Trading Company on an overall basis.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(b)         The Trading Advisor shall not be restricted as to the number or nature of its clients, except that: (i) so long as the Trading Advisor acts as a trading advisor for the Trading Company, neither the Trading Advisor nor any of its principals or affiliates shall knowingly hold any position or control any other account that would cause the Trading Company, the Trading Advisor, or the principals or affiliates of the Trading Advisor to be in violation of the CEA or any regulations promulgated thereunder, any other applicable law, or any applicable rule or regulation of the CFTC or any other regulatory or self regulatory body, exchange, or board; and (ii) neither the Trading Advisor nor any of its principals or affiliates shall render futures interests trading advice to any other individual or entity or otherwise engage in activity that shall knowingly cause positions in futures interests to be attributed to the Trading Advisor under the rules or regulations of the CFTC or any other regulatory or self regulatory body, exchange, or board so as to require the significant modification of positions taken or intended for the account of the Fund; provided that the Trading Advisor may modify its trading systems, methods or strategies to accommodate the trading of additional funds or accounts. If applicable speculative position limits are exceeded by the Trading Advisor in the opinion of (i) independent counsel (who shall be other than counsel to the Trading Company), (ii) the CFTC, or (iii) any other regulatory or self regulatory body, exchange, or board, the Trading Advisor and its principals and affiliates shall promptly liquidate positions in all of their accounts, including the Trading Company’s account, as to which positions are attributed to the Trading Advisor as nearly as possible in proportion to the accounts’ respective amounts available for trading (taking into account different degrees of leverage and “notional” equity) to the extent necessary to comply with the applicable position limits.

9.         Representations, Warranties, and Covenants of the Trading Advisor.

(a)         Representations and Warranties of the Trading Advisor. The Trading Advisor represents and warrants to and agrees with the Managing Member and the Trading Company as follows:

(i)         It will exercise good faith and due care in implementing the Trading Program on behalf of the Trading Company as agreed to by the Managing Member and the Trading Advisor.

(ii)        The Trading Advisor shall follow and comply with, at all times, the Trading Policies.

(iii)       The Trading Advisor shall trade the Assets pursuant to the same trading programs described in Exhibit D unless the Managing Member and the Trading Advisor agree otherwise.

(iv)       The Trading Advisor is duly organized, validly existing and in good standing under the laws of the state of its organization and is qualified to do business as a foreign corporation or and is in good standing in each other jurisdiction in which the nature or conduct of its business requires such qualification and the failure to so qualify would materially adversely affect the Trading Advisor’s ability to perform its duties under this Agreement. The Trading Advisor has full power and authority to perform its obligations under this Agreement.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(v)        This Agreement has been duly and validly authorized, executed and delivered on behalf of the Trading Advisor and is a valid and binding agreement of the Trading Advisor enforceable in accordance with its terms.

(vi)       Each of the Trading Advisor and the Trading Advisor Principals has all federal, state and foreign governmental, regulatory and exchange licenses and approvals and has effected all filings and registrations with federal, state and foreign governmental and regulatory agencies required to conduct its business and required to perform its or his obligations under this Agreement. The Trading Advisor is registered as a commodity trading advisor under the CEA and is a member of the NFA in such capacity.

(vii)      The execution and delivery of this Agreement, the incurrence of the obligations set forth herein, the consummation of the transactions contemplated herein and the payment of the fees hereunder will not violate, or constitute a breach of, or default under, the certificate of incorporation or bylaws (or any other organizational documents) of the Trading Advisor or any agreement or instrument by which it is bound or of any order, rule, law or regulation binding on it of any court or any governmental body or administrative agency or panel or self-regulatory organization having jurisdiction over it.

(viii)      Since the respective dates as of which information is given in connection with the execution of this Agreement, there has not been any material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor or any Trading Advisor Principal.

(ix)        There have not been and there is not pending, or to the best of the Trading Advisor’s knowledge after due inquiry, threatened, any action, suit or proceeding before or by any court or other governmental body to which the Trading Advisor or any Trading Advisor Principal is or was a party, or to which any of the assets of the Trading Advisor is or was subject and which resulted in or might reasonably be expected to result in any material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor. None of the Trading Advisor or any Trading Advisor Principal has received any notice of an investigation by the NFA, CFTC or other administrative agency or self-regulatory body (whether United States or foreign) regarding noncompliance by the Trading Advisor or any of the Trading Advisor Principals with the CEA or any other applicable law.

(x)        Neither the Trading Advisor nor any Trading Advisor Principal has received, or is entitled to receive, directly or indirectly, any commission, finder’s fee, similar fee, or rebate from any person in connection with the organization or operation of the Trading Company and any Fund(s).

(xi)       Neither the Trading Advisor nor any Trading Advisor Principal will use or distribute any Fund’s Prospectus or any selling literature or engage in any selling activities whatsoever in connection with the offering of the Units.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(xii)      The foregoing representations and warranties shall be continuing during the term of this Agreement and if at any time any event shall occur which could make any of the foregoing representations or warranties inaccurate, the Trading Advisor shall promptly notify the Managing Member and the Trading Company of the nature of such event.

(b)         Covenants of the Trading Advisor. The Trading Advisor covenants and agrees that:

(i)         The Trading Advisor shall maintain all registrations and memberships necessary for the Trading Advisor to continue to act as described herein and to at all times comply in all respects with all applicable laws, rules, and regulations, to the extent that the failure to so comply would have a materially adverse effect on the Trading Advisor’s ability to act as described herein.

(ii)        The Trading Advisor shall inform the Managing Member immediately as soon as the Trading Advisor or any Trading Advisor Principal becomes the subject of any investigation, claim or proceeding of any regulatory authority having jurisdiction over such person or becomes a named party to any litigation materially affecting (or which may, with the passage of time, materially affect) the business of the Trading Advisor. The Trading Advisor shall also inform the Managing Member immediately if the Trading Advisor or any of its officers becomes aware of any breach of this Agreement by the Trading Advisor.

(iii)       The Trading Advisor agrees to cooperate by providing information regarding itself and its performance in the preparation of any amendments or supplements to the Prospectus (subject to the limitation set forth in Section 1 hereof).

10.         Representations and Warranties of the Trading Company and the Managing Member; Covenants of the Managing Member.

(a)         The Trading Company and the Managing Member represent and warrant to the Trading Advisor, as follows:

(i)         The Trading Company is a Delaware limited liability company formed pursuant to its organizational documents and Delaware law and is validly existing and in good standing under the laws of the State of Delaware with full power and authority to engage in the trading of futures interests and to engage in its other contemplated activities as described in the Prospectus; the Trading Company is qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualification and where failure to be so qualified could materially adversely affect the Trading Company’s ability to perform its obligations hereunder.

(ii)        The Managing Member is duly organized and validly existing and in good standing as a limited liability company under the laws of the State of Delaware and is qualified to do business and is in good standing as a foreign corporation in each jurisdiction in which the nature or conduct of its business requires such qualification and where the failure to be so qualified could materially adversely affect the Managing Member’s ability to perform its obligations hereunder.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(iii)       The Managing Member is registered as a commodity pool operator under the CEA and is a member of the NFA in such capacity.

(iv)       The Trading Company is a “qualified eligible person” as defined under CFTC Regulation 4.7.

(v)        The Trading Company and the Managing Member have full power and authority under applicable law to conduct their business and to perform their respective obligations under this Agreement and as described in the Prospectus.

(vi)       This Agreement has been duly and validly authorized, executed and delivered by the Managing Member on behalf of the Trading Company and constitutes a valid, binding and enforceable agreement of the Trading Company and the Managing Member in accordance with its terms.

(vii)      The execution and delivery of this Agreement, the incurrence of the obligations set forth herein and the consummation of the transactions contemplated herein and in the Prospectus will not violate, or constitute a breach of, or default under, the Managing Member’s organizational documents, or the Trading Company’s organizational documents, or any material agreement or instrument by which either the Managing Member or the Trading Company, as the case may be, is bound or any material order, rule, law or regulation applicable to the Managing Member or the Trading Company of any court or any governmental body or administrative agency or panel or self-regulatory organization having jurisdiction over the Managing Member or the Trading Company.

(viii)      There have not been in the five years preceding the date of this Agreement and there is not pending or, to the Managing Member’s knowledge, threatened, any action, suit or proceeding at law or in equity before or by any court or by any federal, state, municipal or other governmental body or any administrative, self-regulatory or commodity exchange organization to which the Managing Member or the Trading Company is or was a party, or to which any of the assets of the Managing Member or the Trading Company is or was subject; and neither the Managing Member nor any of the principals of the Managing Member (“Managing Member Principals”) has received any notice of an investigation by the NFA, CFTC or any other administrative or self-regulatory organization regarding non-compliance by the Managing Member or the Managing Member Principals or the Trading Company with the CEA, the Securities Act of 1933, as amended, or any applicable laws.

(ix)        The Managing Member and the Managing Member Principals have all federal, state and foreign governmental, regulatory and exchange approvals and licenses, and have effected all filings and registrations with federal, state and foreign governmental agencies required to conduct their business or required to perform their obligations under this Agreement and will maintain all such required approvals, licenses, filings and registrations for the term of this Agreement.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(x)       The Trading Company is and shall remain in material compliance in all respects with all laws, rules, regulations and orders of any government, governmental agency or self-regulatory organization applicable to its business as described in this Agreement.

(xi)      The foregoing representations and warranties shall be continuing during the term of this Agreement and if at any time any event shall occur which could make any of the foregoing representations or warranties inaccurate, the Managing Member shall promptly notify the Trading Advisor of the nature of such event.

(b)         Covenants of the Managing Member. The Managing Member covenants and agrees that

(i)         The Managing Member shall maintain all registrations and memberships necessary for the Managing Member to continue to act as described herein and to all times comply in all respects with all applicable laws, rules, and regulations, to the extent that the failure to so comply would have a materially adverse effect on the Managing Member’s ability to act as described herein.

(ii)        The Managing Member shall inform the Trading Advisor immediately as soon as the Managing Member or any of their principals becomes the subject of any lawsuit, investigation, claim, or proceeding of any regulatory authority having jurisdiction over such person or becomes a named party to any litigation materially affecting the business of the Managing Member or the Trading Company. The Managing Member shall also inform the Trading Advisor immediately if the Managing Member or the Trading Company or any of their officers become aware of any material breach of this Agreement by the Managing Member or the Trading Company.

11.        Merger or Transfer of Assets.

The Managing Member, Trading Company or the Trading Advisor may merge or consolidate with, or sell or otherwise transfer its business, or all or a substantial portion of its assets, to any entity upon written notice to the other parties.

12.        Complete Agreement.

This Agreement constitutes the entire agreement between the parties with respect to the matters referred to herein, and no other agreement, verbal or otherwise, shall be binding as between the parties unless in writing and signed by the party against whom enforcement is sought.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

13.        Assignment.

Subject to Section 11, hereof, this Agreement may not be assigned, transferred by operation of law, change in control or otherwise, by any party hereto without the express prior written consent of the other parties hereto.

14.        Amendment.

This Agreement may not be amended except by the written consent of the parties hereto. No waiver of any provision of this Agreement shall be implied from any course of dealings between the parties, from any failure by any party to assert its rights hereunder or any occasion or series of occasions.

15.        Severability.

The invalidity or unenforceability of any provision of this Agreement or any covenant herein contained shall not affect the validity or enforceability of any other provision or covenant hereof or herein contained and any such invalid provision or covenant shall be deemed to be severable.

16.        Inconsistent Filings.

If the Trading Advisor intends to file, to participate in the filing of, or to publish any description of the Trading Advisor, or of its respective principals or trading approaches that is materially inconsistent with those described in Exhibit D (or otherwise provided to the Managing Member), the Trading Advisor shall inform the Managing Member of such intention and shall furnish copies of all such filings or publications at least ten Business Days prior to the date of filing or publication.

17.        Disclosure Documents.

(a)         During the term of this Agreement, the Trading Advisor shall furnish to the Managing Member promptly copies of any and all disclosure-documents as filed in final form with the CFTC, NFA or other self-regulatory organization by the Trading Advisor, if applicable.

(b)         The Managing Member, the Trading Company and the Fund(s) will not distribute or supplement any promotional material relating to the Trading Advisor unless the Trading Advisor has approved reasonable prior notice of and a copy of such promotional material and has received such material in writing.

18.        Track Record.

The track record and other performance information of the Trading Company and/or Fund(s) shall be the property of the Managing Member and not the Trading Advisor; provided that the Trading Advisor is authorized to include and utilize the performance of the Account as part of the historical composite performance record of the Trading Program.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

19.        Use of Name.

Upon termination of this Agreement, the Trading Company, at its expense, as promptly as practicable: (i) shall take all necessary action to cause the Prospectus of any Fund(s) and organizational documents of the Fund(s) to be amended in order to eliminate any reference to “Paskewitz” or “PAM” (except to the extent required by law, regulation or rule); and (ii) shall cease to use in any other manner, including, but not limited to, use in any sales literature or promotional material, the name “Paskewitz” or “PAM” or any name, mark or logo type derived from it or similar to it (except to the extent required by law, regulation or rule).

20.        Notices.

All notices required to be delivered under this Agreement shall be in writing and shall be effective when delivered personally on the day delivered, by facsimile on receipt confirmation, by email followed by delivery of an original, or when given by registered or certified mail, postage prepaid, return receipt requested, on the second business day following the day on which it is so mailed, addressed as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof):

if to the Trading Company:

OASIS PAM, LLC

c/o R. J. O’Brien Fund Management, LLC

222 S. Riverside Plaza

Suite 900

Chicago, Illinois 60606

Facsimile: 312-373-4831

Email: jdematteo@rjobrien.com

if to the Managing Member:

R. J. O’Brien Fund Management, LLC

222 S. Riverside Plaza

Suite 900

Chicago, Illinois 60606

Facsimile: 312-373-4831

Email: jdematteo@rjobrien.com

With a copy to:

Alston & Bird LLP

90 Park Avenue

New York, NY 10016

Attn: Timothy P. Selby

Facsimile: (212) 210-9444

Email: timothy.selby@alston.com

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

if to the Trading Advisor:

Paskewitz Asset Management, LLC

100 Plainfield Avenue, Suite 1

Edison, New Jersey 08817

Facsimile: (732) 393-0041

1) Email: bradp@pamhf.com

2) Email: dianak@pamhf.com

21.        Continuing Nature of Representations, Warranties and Covenants: Survival.

All representations, warranties and covenants contained in this Agreement shall be continuing during the term of this Agreement and the provisions of this Agreement shall survive the termination of this Agreement with respect to any matter arising while this Agreement was in effect. Each party hereby agrees that as of the date of this Agreement it is, and during its term shall be, in compliance with its representations, warranties and covenants herein contained. In addition, if at any time any event occurs which would make any of such representations, warranties or covenants not true, the affected party will use its best efforts to promptly notify the other parties of such fact.

22.        Third-Party Beneficiaries.

This Agreement is not intended and shall not convey any rights to a party to this Agreement.

23.        Governing Law.

This Agreement and any amendment hereto shall be governed by, and construed in accordance with, the laws of the State of Illinois, United States of America (excluding the law thereof which requires the application of, or reference to, the law of any other jurisdiction). Each party hereto expressly and irrevocably agrees (a) that it waives any objection, and specifically consents, to venue in the United States federal or state courts located in the City of Chicago, State of Illinois, United States of America, so that any action at law or in equity may be brought and maintained in any such court, and (b) that service of process in any such action may be effected against such party by certified or registered mail or in any other manner permitted by applicable United States Federal Rules of Civil Procedure or rules of the Courts of the State of Illinois. In addition each party hereto expressly and irrevocably waives, in respect of any action brought in any United States federal or state court located in the City of Chicago, State of Illinois or any resulting judgment, any objection, and hereby specifically consents, to the jurisdiction of any such court and agrees not to seek to change the situs of such action or to assert that any other court in any other jurisdiction is a more suitable forum for the hearing and adjudication of any claim or dispute raised in such action.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

24.        Remedies.

In any action or proceeding arising out of any of the provisions of this Agreement, the Trading Advisor agrees not to seek any prejudgment equitable or ancillary relief. The Trading Advisor agrees that its sole remedy in any such action or proceeding shall be to seek actual monetary damages for any breach of this Agreement, except that Trading Advisor may seek a declaratory judgment with respect to the indemnification provisions of this Agreement.

25.        Headings.

Headings to sections herein are for the convenience of the parties only and are not intended to be part of or to affect the meaning or interpretation of this Agreement.

26.        Successors.

This Agreement including the representations, warranties and covenants contained herein shall be binding upon and inure to the benefit of the parties hereto, their successors and permitted assigns, and no other person shall have any right or obligation under this Agreement.

27.        Counterparts.

This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

28.        Waiver of Breach.

The waiver by any party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach or of a breach by any other party. The failure of a party to insist upon strict adherence to any provision of the Agreement shall not constitute a waiver or thereafter deprive such party of the right to insist upon strict adherence.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned as of the day and year first above written.

OASIS PAM, LLC
by R.J. O’Brien Fund Management, LLC
Managing Member
By	/s/ Julie M. DeMatteo
	Name:  Julie M. DeMatteo
	Title:    Managing Director
R.J. O’BRIEN FUND MANAGEMENT, LLC
By	/s/ Julie M. DeMatteo
	Name:  Julie M. DeMatteo
	Title:    Managing Director
PASKEWITZ ASSET MANAGEMENT, LLC
By	/s/ Bradford Paskewitz
	Name:  Bradford Paskewitz
	Title:    CEO

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

EXHIBIT A

Trading Policies

1.         The Trading Advisor will not employ the trading technique commonly known as “pyramiding”, in which the Trading Advisor uses unrealized profits on existing positions in a given futures interest due to favorable price movement as margin specifically to buy or sell additional positions in the same or a related futures interest Taking into account the Trading Company’s open trade equity (i.e., the profit or loss on an open futures interest position) on existing positions in determining generally whether to acquire additional futures interest positions on behalf of the Trading Company will not be considered to constitute “pyramiding”.

2.         The Trading Advisor will not utilize borrowings on behalf of the Trading Company except if the Trading Company purchases or takes delivery of commodities. If the Trading Advisor borrows money on behalf of the Trading Company, the lending entity in such case (the “lender”) may not receive interest in excess of its interest costs, nor may the lender receive interest in excess of the amounts which would be charged the Trading Company by unrelated banks on comparable loans for the same purpose, nor may the lender or any affiliate thereof receive any points or other financing charges or fees regardless of the amount. Use of lines of credit in connection with its forward trading does not, however, constitute borrowing for purposes of this trading limitation.

3.         The Trading Advisor will not “churn” the Trading Company’s assets. Churning is the unnecessary execution of trades so as to generate increased brokerage commissions.

4.         The Trading Advisor will trade currencies and other commodities on futures exchanges, in the interbank and forward contract markets only with banks, brokers, dealers, and other financial institutions which the Managing Member has determined to be creditworthy.

5.         The Trading Advisor will trade only in those futures interests that have been approved by the CFTC as suitable for US investors. The Trading Advisor will not establish new positions in a futures interest on behalf of the Trading Company for any one contract month or option if such additional positions would result in a net long or short position for that futures interest requiring as margin or premium more than 15% of the Trading Company’s net assets

6.         The Trading Advisor will not acquire additional positions in any futures interest on behalf of the Trading Company if such additional positions would result in the aggregate net long or short positions for all futures interests requiring as margin or premium for all outstanding positions more than 662/3% of the Trading Company’s net assets.

7.         The Trading Advisor will not purchase, sell, or trade securities (except securities approved by the CFTC for investment of customer funds).

8.         The Trading Advisor will be responsible for errors committed or caused by it in transmitting orders for the purchase or sale of futures interests for the Trading Company’s account.

A-1

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

EXHIBIT B

COMMODITY TRADING AUTHORITY

Dear Paskewitz Asset Management, LLC:

OASIS PAM, LLC (the “Trading Company”) and R.J. O’Brien Fund Management, LLC, the Trading Company’s managing member (the “Managing Owner”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Managing Owner on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Managing Member and you as of the 9th day of October as amended or supplemented, and in accordance with the terms and conditions of said Agreement.

This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement.

Very truly yours,
OASIS PAM, LLC
by R.J. O’Brien Fund Management, LLC
Managing Member
By	/s/ Julie M. DeMatteo
	Name:  Julie M. DeMatteo
	Title:    Managing Director
R.J. O’BRIEN FUND MANAGEMENT, LLC
By	/s/ Julie M. DeMatteo
	Name:  Julie M. DeMatteo
	Title:    Managing Director

B-1

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

EXHIBIT C

FUTURES INTERESTS TRADED

Description	Exchange	Continent	Sector	Currency
Corn	CBT	North America	Agricultural	USD
5 Yr T-Note	CBT	North America	Interest Rates	USD
Soybean Oil	CBT	North America	Agricultural	USD
Soybean Meal	CBT	North America	Agricultural	USD
Soybeans	CBT	North America	Agricultural	USD
2 year T-Note	CBT	North America	Interest Rates	USD
Australian Dollar	CME	North America	FOREX	USD
British Pound	CME	North America	FOREX	USD
Canadian Dollar	CME	North America	FOREX	USD
Euro	CME	North America	FOREX	USD
Japanese Yen	CME	North America	FOREX	USD
Mexican Peso	CME	North America	FOREX	USD
Swiss Franc	CME	North America	FOREX	USD
Lean Hogs	CME	North America	Agricultural	USD
Live Cattle	CME	North America	Agricultural	USD
Nasdaq 100 Mini	CME	North America	Equity Indexes	USD
Gold	COMEX	North America	Metals	USD
Copper	COMEX	North America	Metals	USD
Silver	COMEX	North America	Metals	USD
Amsterdam Index	EOE	Europe	Equity Indexes	EUR
DAX Index	EUREX	Europe	Equity Indexes	EUR
DJ Euro STOXX 50	EUREX	Europe	Equity Indexes	EUR
CAC 40 Index	EURONEXT	Europe	Equity Indexes	EUR
FTSE 100	EURONEXT	Europe	Equity Indexes	GBP
US Dollar Index	FINEX	North America	FOREX	USD
Hang Seng Index	HKEX	Asia	Equity Indexes	HKD
Crude Oil Light	NYMEX	North America	Energy	USD
Heating Oil	NYMEX	North America	Energy	USD
Natural Gas	NYMEX	North America	Energy	USD
Nikkei 225	SGX	Asia	Equity Indexes	JPY
MSCI Taiwan Index	SGX	Asia	Equity Indexes	USD
TOPIX Index	TSE	Asia	Equity Indexes	JPY
10 Yr T-Note	CME	North America	Interest Rates	USD
Long Gilt	EURONEXT	Europe	Interest Rates	GBP
Euro-Bund	EUREX	Europe	Interest Rates	EUR

C-1

EX-10.06

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

EXHIBIT 10.06

ADVISORY AGREEMENT

THIS AGREEMENT, made as of October 15, 2013 among OASIS PR LLC, a Delaware limited liability company and (the “Trading Company”), R.J. O’Brien Fund Management, LLC, a Delaware limited liability company (the “Managing Member”), and Prescient Ridge Management, LLC, an Illinois limited liability company (the “Trading Advisor”).

W I T N E S S E T H:

WHEREAS, the Trading Company has been organized as a Delaware limited liability company pursuant to its organizational documents to, among other things, directly or indirectly through a commodity trading advisor, trade, buy, sell, spread, or otherwise acquire, hold, or dispose of commodities (including, but not limited to, foreign currencies, mortgage-backed securities, money market instruments, financial instruments, and any other securities or items which are now, or may hereafter be, the subject of futures contract trading), domestic and foreign commodity futures contracts, forward contracts, foreign exchange commitments, options on physical commodities and on futures contracts, spot (cash) commodities and currencies, exchange of futures contracts for physicals transactions, exchange of physicals for futures contracts transactions, and any rights pertaining thereto, whether traded on an organized exchange or otherwise (hereinafter referred to collectively as “futures interests;” provided, however, such definition shall exclude securities futures products as defined by the Commodity Futures Trading Commission (“CFTC”), options in securities futures and options in equities) and securities (such as United States Treasury securities) approved by the CFTC for investment of customer funds and other securities on a limited basis, and to engage in all activities incident thereto;

WHEREAS, the Trading Company is a master fund has or will have assets invested into it directly or indirectly by one or more entities, including, but not necessarily limited to limited to certain commodity pools operated by the Managing Owner;

WHEREAS, the principals of the Trading Advisor have extensive experience trading in futures interests and the Trading Advisor is willing to provide the services and undertake the obligations as set forth herein;

WHEREAS, the Trading Company and the Managing Member each desires the Trading Advisor to act as a trading advisor for the Trading Company and to make investment decisions with respect to futures interests for the Trading Company and the Trading Advisor desires so to act; and

WHEREAS, the Trading Company, the Managing Member and the Trading Advisor wish to enter into this Agreement which, among other things, sets forth certain terms and conditions upon which the Trading Advisor will conduct the futures interest trading with respect to a portion of the Trading Company’s assets, as described herein.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

NOW, THEREFORE, the parties hereto hereby agree as follows:

1.          Undertakings in Connection with Private Placements.

(a)         The Trading Advisor agrees (i) to make all disclosures regarding itself, its principals and affiliates, its trading performance, its trading systems, methods and strategies (subject to the need, in the reasonable discretion of the Trading Advisor, to preserve the secrecy of Proprietary Information (as defined in Section 1(c) hereof) concerning such systems, methods and strategies used on behalf of the Account(as defined in Section 4 hereof)), the Trading Company may reasonably require in connection with any private placement offerings in connection with this Agreement and (ii) to otherwise cooperate with the Trading Company and the Managing Member by providing information regarding the Trading Advisor in connection with the preparation of any private placement memorandum including any amendments and/or supplements thereto, as the Trading Company may reasonably request; provided that all such disclosures are subject to the need, in the reasonable discretion of the Trading Advisor, to preserve the secrecy of Proprietary Information concerning its clients, systems methods and strategies. As used herein, unless otherwise provided, the term “principal” shall have the meaning as defined in Rule 4.10(e) of the CFTC’s regulations and the term “affiliate” shall mean an individual or entity that directly or indirectly controls, is controlled by, or is under common control with, such party.

(b)         If the Trading Advisor becomes aware of any materially untrue or misleading statement or omission regarding itself or any of its principals or affiliates in the Program Materials (as defined in Section 17 hereof), or of the occurrence of any event or change in circumstances which would result in there being any materially untrue or misleading statement or omission in any private placement memorandum regarding Trading Advisor or any of its principals or affiliates, the Trading Advisor shall promptly notify the Managing Member and shall cooperate with the Managing Member in the preparation of any necessary amendments or supplements to any private placement memorandum. Neither the Trading Advisor nor any of its principals, or affiliates, shall on behalf of the Trading Company distribute a private placement memorandum or selling literature or shall engage in any selling activities whatsoever in connection with this Agreement except as may be specifically approved by the Managing Member and agreed to by the Trading Advisor.

2

(c)         For purposes of this Agreement, and notwithstanding any of the provisions hereof, all non-public information relating to the Trading Advisor including, but not limited to, records, whether original, duplicated, computerized, handwritten, or in any other form, and information contained therein, business and/or marketing and/or sales plans and proposals, names of past and current clients, names of past, current and prospective contacts, trading methodologies, systems, strategies and programs, trading advice, trading instructions, results of proprietary accounts, training materials, research data bases, portfolios, and computer software, and all written and oral information, furnished by the Trading Advisor to the Trading Company or the Managing Member and/or their officers, directors, employees, agents (including, but not limited to, attorneys, accountants, consultants, and financial advisors) or controlling persons (each a “Recipient”), regardless of the manner in which it is furnished, together with any analysis, compilations, studies or other documents or records which are prepared by a Recipient of such information and which contain or are generated from such information, regardless of whether explicitly identified as confidential, with the exception of information which (i) is or becomes generally available to the public other than as a result of acts by the Recipient in violation of this Agreement, (ii) is in the possession of the Recipient prior to its disclosure with respect to this Agreement, (iii) is or becomes available to the Recipient from a source that is not hound by a confidentiality agreement with regard to such information or by any other legal obligation of confidentiality prohibiting such disclosure, or (iv) that is independently developed by the Recipient without use of the confidential information described in this Section 1(c), are and shall be confidential information and/or trade secrets and the exclusive property of the Trading Advisor (“Confidential Information” and/or “Proprietary Information”).

(d)         The Trading Company and the Managing Member each warrants and agrees that they and their respective officers, directors, members, equity holders, employees and agents (including for purposes of this Agreement, but not limited to, attorneys, accountants, consultants, and financial advisors) will protect and preserve the Confidential Information and will disclose Confidential Information or otherwise make Confidential Information available only to the Trading Company’s or the Managing Member’s officers, directors, members, equity holders, employees and agents (including for purposes of this Agreement, but not limited to, attorneys, accountants, consultants, and financial advisors), who need to know the Confidential Information (or any part of it) for the purpose of satisfying their fiduciary, legal, reporting, filing or other obligations hereunder or to monitor performance in the account during the term of this Agreement or thereafter, or to the Trading Company, Managing Member or a Recipient, as the case may be, is required to disclose such Confidential Information due to a fiduciary obligation or legal or regulatory request. Additionally, the Trading Company and the Managing Member each warrants and agrees that they and their respective officers, directors, members, equity holders, employees and agents and any Recipient will use the Confidential Information solely for the purpose of satisfying the Trading Company’s or the Managing Member’s obligations under this Agreement and not in a manner which violates the teens of this Agreement.

3

CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

2.          Duties of the Trading Advisor.

(a)         Upon the commencement of trading operations on or about October 15, 2013 by the Trading Advisor with respect to all or a portion of the assets of the Trading Company, the Trading Advisor hereby agrees to act as a Trading Advisor for the Trading Company and, as such, shall have authority and responsibility for directing the investment and reinvestment of that portion of the Trading Company’s assets allocated to the Trading Advisor, which shall consist of the Allocated Net Assets (as defined in Section 5(c) hereof) plus “notional” funds, if any, allocated to the Trading Advisor, as specified in writing by the Managing Member and consented to by the Trading Advisor (the “Assets”), on the terms and conditions and in accordance with the prohibitions and the trading policies set forth in Exhibit A to this Agreement as amended from time to time and provided in writing to the Trading Advisor by the Managing Member (the “Trading Policies”); provided, however, that the Managing Member may override the instructions of the Trading Advisor without notice to the Trading Advisor to the extent necessary (i) to comply with the Trading Policies and with applicable speculative position limits or to comply with any applicable law or regulation. The Trading Advisor shall not be liable for the consequences of any decision by the Managing Member to override instructions of the Trading Advisor, except to the extent that such consequences result from Trading Advisor’s Failure to comply with the Managing Member’s decision to override an instruction.

(b)         The Trading Advisor shall:

(i)         Exercise good faith in trading futures interests for the Account in accordance with the Trading Policies, and the trading systems, methods, and strategies of the Trading Advisor described in the Program Materials, with such changes and additions to such trading systems, methods or strategies as the Trading Advisor, from time to time, incorporates into its trading approach for accounts trading with a substantially similar investment strategy to the Account.

(ii)         Provide the Managing Member, within 10 business days of the end of a calendar quarter, and within 10 business days of a separate request which the Managing Member may make from time to time, with information comparing the performance of the Account and the performance of all other client accounts (“Other Accounts”) directed by the Trading Advisor using the trading systems used by the Trading Advisor on behalf of the Trading Company over a specified period of time for the purpose of confirming that the Trading Company has been treated equitably compared to such Other Accounts. In providing such information, the Trading Advisor may take such steps as are necessary to assure the confidentiality of the Trading Advisor’s clients’ identities. The Trading Advisor shall, upon the Managing Member’s request, consult with the Managing Member concerning any material discrepancies between the performance of such Other Accounts and the Account. The Trading Advisor shall promptly inform the Managing Member in writing of any material discrepancies of which the Trading Advisor is aware. The Managing Member acknowledges that the following differences in accounts may cause divergent trading results: different trading strategies, different asset levels, different methods or degrees of leverage, different trading policies, accounts experiencing differing inflows or outflows of equity, different risk profiles, accounts which commence trading at different times and accounts which have different portfolios or different fiscal years.

(iii)         Inform the Managing Member when the Trading Advisor’s open positions maintained by the Trading Advisor exceed the Trading Advisor’s applicable speculative position limits.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(iv)         Upon request of the Managing Member, promptly provide the Managing Member with all information concerning the Trading Advisor and its activities in connection with this Agreement that are reasonably requested by the Managing Member (including, without limitation, information relating to changes in control, key personnel, trading approach, or financial condition). Additionally, the Trading Advisor agrees to furnish R.J. O’Brien &Associates, LLC (“RJOB”) in an electronic format as requested by RJOB (i) a final report of all trades in connection with this Agreement at the end of each business day and (ii) a report of any trade in connection with this Agreement made involving a position with a required initial margin equal to 10% or more of the Assets within 30 minutes of the Trading Advisor’s receipt of confirmation, verbal or otherwise, from the executing broker that such a trade has been executed. The Trading Advisor further acknowledges and agrees that the timely provision of all such information is of the essence in order to enable the Trading Company, its designated entities, and RJOB to monitor and comply with mandatory risk control algorithms imposed upon the operation of the Trading Company.

(c)         All purchases and sales of futures interests pursuant to this Agreement shall be for the Account and at the risk of the Trading Company and not for the account, or at the risk of the Trading Advisor or any of its affiliates or any of their principals, members, managers, stockholders, directors, officers, or employees, or any other person, if any, who controls the Trading Advisor. All brokerage commissions and related transaction fees arising from such trading by the Trading Advisor shall be for the Account and paid by the Trading Company with respect to the Account.

(d)         Subject to Section 7(a) hereof, the Trading Advisor shall assume financial responsibility for any material errors committed or caused by it in transmitting orders for the purchase or sale of futures interests for the Account that result from the Trading Advisor’s gross negligence, fraud or willful misconduct. Material errors may include, but are not limited to, inputting improper trading signals or communicating incorrect orders to the Commodity Brokers (as described in Section 4 hereof). The Trading Advisor shall have an affirmative obligation to promptly notify the Managing Member upon discovery of its own material errors with respect to the Account, and the Trading Advisor shall use its reasonable efforts to identify and promptly notify the Managing Member of any order or trade which the Trading Advisor reasonably believes was not executed in accordance with its instructions to any Commodity Broker or such other commodity broker utilized to execute orders for the Trading Company.

(e)         Prior to the commencement of trading by the Trading Company, the Managing Member, on behalf of the Trading Company, shall deliver to the Trading Advisor a trading authorization appointing the Trading Advisor the Trading Company’s attorney-in-fact for such purpose (a form of which is attached hereto as Exhibit B).

(f)         In performing services to the Trading Company, the Trading Advisor shall utilize its managed futures program (the “Trading Program”), as described in Exhibit D, and as modified from time to time. The Trading Advisor shall give the Managing Member prior written notice of any change in the Trading Program that the Trading Advisor considers to be material (and shall not effect such change on behalf of the Trading Company without the Managing Member’s consent), including any additional futures interests to be traded by the Trading Advisor not already listed on Exhibit C. Changes in the futures interests traded, provided that such futures interests are listed on Exhibit C, shall not be deemed a modification of the Trading Program.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

3.          Trading Advisor as an Independent Contractor.

For all purposes of this Agreement, the Trading Advisor shall be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized, have no authority to act for or represent the Trading Company in any way or otherwise be deemed an agent of the Trading Company. Nothing contained herein shall be deemed to require the Trading Company to take any action contrary to its governing documents as from time to time in effect, or any applicable law or rule or regulation of any regulatory or self-regulatory body, exchange, or board. Nothing herein contained shall constitute the Trading Advisor or the Managing Member as members of any partnership, joint venture, association, syndicate or other entity, or be deemed to confer on any of them any express, implied, or apparent authority to incur any obligation or liability on behalf of any other. It is expressly agreed that the Trading Advisor is neither a promoter, sponsor, nor issuer with respect to the Trading Company.

4.          Futures Broker.

The Trading Advisor shall effect all transactions in futures interests for the Trading Company through the Trading Company’s separate account of the Trading Company to be traded exclusively by the Trading Advisor (the “Account”) maintained with RJOB or such commodity broker or brokers as the Managing Member shall direct and appoint from time to time (the “Futures Brokers”).

Notwithstanding the foregoing, the Trading Advisor may execute trades through brokers other than those employed by RJOB and its affiliates so long as arrangements (including executed give-up agreements) are made for such floor brokers to “give-up” or transfer the positions to RJOB in conformity with the Trading Policies set forth in Exhibit A attached hereto.

5.          Fees.

(a)         For the services to be rendered to the Trading Company by the Trading Advisor under this Agreement:

(i)         The Trading Company shall pay the Trading Advisor a monthly management fee equal to 1/12 of *% (a *% annual rate) of the Assets allocated to it (as defined in Section 2(a) hereof) as of the last day of each month (the “Management Fee”). The Management Fee is payable in arrears within 20 Business Days of the end of the month for which it was calculated. For purposes of this Agreement, “Business Day” shall mean any day which the securities markets are open in the United States.

* Confidential material redacted and filed separately with the Commission.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(ii)         The Trading Company shall pay the Trading Advisor a quarterly incentive fee equal to *% of the New Trading Profit (as defined in Section 5(d) hereof) (the “Incentive Fee”). The initial incentive period will commence on the date the Trading Advisor commences trading the Account and shall end on the last day of the calendar quarter after such date. The Incentive Fee is payable within 20 Business Days of the end of the calendar quarter for which it was calculated.

(b)         If this Agreement is terminated on a date other than the last day of a calendar quarter, the Incentive Fee shall be determined as if such date were the end of a calendar quarter. If this Agreement is terminated on a date other than the end of a month, the Management Fee described above shall be determined as if such date were the end of a month, but such fee shall be prorated based on the ratio of the number of trading days in the month through the date of termination to the total number of trading days in the month. If, during any month after the Trading Advisor commences trading operations on behalf of the Account (including the month in which the Trading Advisor commences such operations), the Trading Company does not conduct business operations, or suspends trading for the Account, or, as a result of an act or material failure to act by the Trading Advisor, is otherwise unable to utilize the trading advice of the Trading Advisor on any of the trading days of that month for any reason, the Management Fee shall be prorated based on the ratio of the number of trading days in the month which the Account engaged in trading operations or utilizes the trading advice of the Trading Advisor to the total number of trading days in the month. The Management Fee payable to the Trading Advisor for the month in which the Trading Company begins to receive trading advice from the Trading Advisor pursuant to this Agreement shall be prorated based on the ratio of the number of trading days in the month from the day the Trading Company begins to receive such trading advice to the total number of trading days in the month. In the event that there is an increase or decrease in the Assets as of any day other than the first day of a month, the Trading Advisor shall be paid a pro rata Management Fee on such increase or decrease in the Assets for such month.

* Confidential material redacted and filed separately with the Commission.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(c)         The term “Allocated Net Assets” shall mean the total assets of the Trading Company allocated to the Account (including, but not limited to, all cash and cash equivalents, accrued interest and amortization of original issue discount, and the market value (marked-to-market) of all open futures interest positions and other assets of the Account) less all liabilities of the Trading Company with respect to the Account determined in accordance with generally accepted accounting principles consistently applied under the accrual basis of accounting. Unless generally accepted accounting principles require otherwise, the market value of a futures or option contract traded on a United States exchange shall mean the settlement price on the exchange on which the particular futures or option contract shall be traded by the Trading Advisor on behalf of the Account with respect to which the Net Assets are being determined; provided, however, that if a contract could not be liquidated on such day due to the operation of daily limits or other rules of the exchange on which that contract shall be traded or otherwise, the settlement price on the first subsequent day on which the contract could be liquidated shall be the market value of such contract for such day, or if a contract could not be liquidated on such day due to the exchange being closed for an exchange holiday, the settlement price on the most recent preceding day on which the contract could have been liquidated shall be the market value of such contract for such day. The market value of a forward contract or a futures or option contract traded on a foreign exchange or market shall mean its market value as determined by the Managing Member on a basis consistently applied for each different variety of contract.

(d)         The term “New Trading Profit” shall mean net futures interest trading profits (realized and unrealized) on the Assets, decreased proportionally by the Trading Advisor’s monthly Management Fees and brokerage commissions and NFA fees applicable to the Account. Interest income is not included in New Trading Profit. Extraordinary expenses do not reduce New Trading Profit. Such trading profits and items of decrease shall be determined from the end of the last calendar quarter in respect of which an Incentive Fee was earned by the Trading Advisor or, if no Incentive Fee has been earned previously by the Trading Advisor, from the date that the Trading Advisor commenced managing the Assets, to the end of the calendar quarter as of which such Incentive Fee calculation is being made. New Trading Profit shall be calculated before reduction for Incentive Fees paid or accrued so that the Trading Advisor does not have to earn back Incentive Fees.

(e)         If any payment of Incentive Fees is made to the Trading Advisor on account of New Trading Profit earned by the Trading Advisor and the Trading Advisor thereafter fails to earn New Trading Profit or experiences losses for any subsequent incentive period, the Trading Advisor shall be entitled to retain such amounts of Incentive Fees previously paid to the Trading Advisor in respect of such New Trading Profit. No Incentive Fees shall be payable to the Trading Advisor until the Trading Advisor has earned New Trading Profit; provided, however, that if the Assets are reduced because of redemptions that occur at the end of, and/or subsequent to, a calendar quarter in which the Trading Advisor experiences a futures interest trading loss for the Trading Company, the trading loss that must be recovered before the Trading Advisor will be deemed to experience New Trading Profit in a subsequent calendar quarter will be equal to the amount determined by (x) dividing the Assets after such decrease by the Assets in immediately before such decrease and (y) multiplying that fraction by the amount of the unrecovered futures interest trading loss prior to such decrease. In the event that the Trading Advisor experiences a trading loss in more than one calendar quarter without the Trading Company paying an intervening Incentive Fee and Assets are reduced in more than one such calendar quarter because of redemptions, then the trading loss for each such calendar quarter shall be adjusted in accordance with the formula described above and such reduced amount of futures interest trading loss shall be carried forward and used to offset subsequent futures interest trading profits. No Incentive Fees shall be payable to the Trading Advisor until the Trading Advisor has earned New Trading Profit.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

6.          Term.

(a)         This Agreement shall continue in effect for a period of one year from the date the Agreement was entered into unless otherwise terminated as set forth in this Section 6. If the Agreement is not terminated upon the expiration of such one-year period, this Agreement shall automatically renew for an additional one-year period and shall continue to renew for additional one-year periods until this Agreement is otherwise terminated, as provided for herein. This Agreement shall automatically terminate if the Trading Company is dissolved.

(b)         The Trading Company and Managing Member each shall have the right to terminate this Agreement in its discretion (i) at any month end upon five days’ prior written notice to the Trading Advisor, or (ii) at any time upon prior written notice to the Trading Advisor upon the occurrence of any of the following events: (A) if any person described as a “principal” of the Trading Advisor in the Prospectus ceases for any reason to be an active “principal” of the Trading Advisor; (B) if the Trading Advisor becomes bankrupt or insolvent; (C) if the Trading Advisor is unable to use its trading systems or methods as in effect on the date hereof and as modified in the future for the benefit of the Trading Company; (D) if the registration, as a commodity trading advisor, of the Trading Advisor with the CFTC or its membership in the NFA is revoked, suspended, terminated, or not renewed, or limited or qualified in any respect; (E) except as provided in Section 12 hereof, if the Trading Advisor merges or consolidates with, or sells or otherwise transfers its advisory business, or all or a substantial portion of its assets, any portion of its futures interest trading systems or methods, or its goodwill to, any individual or entity; (F) if, at any time, the Trading Advisor violates any Trading Policy or administrative policy, except with the prior express written consent of the Managing Member; or (G) if the Trading Advisor fails in a material manner to perform any of its obligations under this Agreement.

(c)         The Trading Advisor may terminate this Agreement at any time, upon thirty days’ prior written notice to the Trading Company and Managing Member.

(d)         Except as otherwise provided in this Agreement, any termination of this Agreement in accordance with this Section 6 shall be without penalty or liability to any party, on account of such termination.

(e)         The indemnities set forth in Section 7, obligations to pay Trading Advisor under Section 5, obligations of confidentiality in Section 1 herein and Sections 11-26 shall survive any termination of this Agreement.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

7.          Standard of Liability: Indemnifications.

(a)         Limitation on Trading Advisor. None of the Trading Advisor, any of the Trading Advisor’s affiliates, or any of their respective managers, principals, members, partners, advisory board members, shareholders, officers, directors, employees, principals, controlling persons, or agents (any of the foregoing, individually, an “Advisor Party” and all of the foregoing, collectively, the “Advisor Parties”) shall be liable to the Trading Company, the Managing Member or any other party for any loss or cost arising out of, or in connection with, any act or activity undertaken (or omitted to be undertaken) in fulfillment of any obligation or responsibility under this Agreement, including any such loss sustained by reason of any investment in or sale or retention of any Allocated Net Assets; provided, however, that any Advisor Party exculpated from liability under this Section 7(a) shall not be exculpated from liability with respect to losses found by a court of competent jurisdiction upon entry of a final judgment rendered and unappealable or not timely appealed to be caused by his, her or its gross negligence, willful misconduct or fraud. In no respect by way of limiting the foregoing exculpatory provision but rather by way of greater certainty, no Advisor Party shall be liable to the Trading Company, the Managing Member or any other party for any loss or cost arising out of, or in connection with, any action or omission (including, but not limited to, any error in the preparation or delivery of any account statement, monthly statement or other reports or statements) of the Commodity Broker, the Futures Broker or other brokers or counter-parties permitted to be used by the Trading Adviser under this Agreement.

(b)         Trading Advisor Indemnification. The Trading Advisor shall indemnify, defend and hold harmless the Trading Company, the Managing Member, their affiliates and their respective managers, principals, members, partners, advisory board members, shareholders, officers, directors, employees, principals, controlling persons and agents (any of the foregoing, individually, a “Trading Company Party” and all of the foregoing, collectively, the “Trading Company Parties”) from and against any and all losses, claims, damages, liabilities and expenses (including attorneys’ fees and expenses) due to or arising out of: (i) any gross negligence, fraud or violation of applicable laws or regulations by the Trading Advisor or (ii) any litigation, claims or proceedings, brought by any third party not affiliated with the Trading Company Parties, relating to the Other Accounts or any other pooled investment vehicle managed by the Trading Advisor.

(c)         Trading Company Indemnification. The Trading Company and the Managing Member shall jointly and severally indemnify, defend and hold harmless the Advisor Parties from and against any and all losses, claims, damages, liabilities and expenses (including attorney’s fees and expenses) due to or arising out of: (i) underfunding of the Account by the Trading Company, (ii) any liability to the Futures Broker, (iii) any gross negligence, fraud, or violation of applicable laws or regulations by any Trading Company Party, (iii) any litigation, claims or proceedings relating to any pooled investment or account offered by or affiliated with the Trading Company or Managing Member (but excluding the Account for avoidance of doubt), including, without limitation, the offering or sale of units with respect to such funds, or (iv) any litigation, claims or proceedings, brought by any third party not affiliated with the Trading Advisor, relating to any separately managed accounts or any other pooled investment vehicle managed by the Trading Company, the Managing Member or their respective affiliates.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(d)         The foregoing agreement of indemnity set forth in Sections 7(b) and (c)shall be in addition to, and shall in no respect limit or restrict, any other remedies which may be available to an indemnified party. In no case shall any party be liable under this indemnity agreement with respect to any claim made against any indemnified party unless the indemnifying party shall be notified in writing of the nature of the claim within a reasonable time after the assertion thereof, but failure so to notify the indemnifying party shall not relieve the indemnifying party from any liability which it may have otherwise than on account of this indemnity agreement except to the extent the indemnifying party is prejudiced by such delay. The indemnifying party shall be entitled to participate at its own expense in the defense or, if it so elects within a reasonable time after receipt of such notice, to assume the control and defense of that portion of any suit so brought relating to the indemnifying party’s indemnification obligations hereunder, which defense shall be conducted by counsel chosen by the indemnifying party and satisfactory to the indemnified party or parties, defendant or defendants therein (in each case, acting reasonably). In the event that the indemnifying party elects to assume the defense of any such suit and retain such counsel, the indemnified party or parties, defendant or defendants in the suit, shall bear the fees and expenses of any additional counsel retained by it or them.

8.          Right to Advise Others and Uniformity of Acts and Practices.

(a)         The Trading Advisor is engaged in the business of advising clients as to the purchase and sale of futures interests. During the term of this Agreement, the Trading Advisor, its principals and affiliates, will be advising other clients (including affiliates and the managers, members, stockholders, officers, directors, and employees of the Trading Advisor and its affiliates and their families) and trading for their own accounts. The Trading Advisor will use its reasonable efforts to implement a fair and consistent allocation policy that seeks to ensure that all clients are treated equitably and positions allocated as nearly as possible in proportion to the assets available for trading of the accounts managed or controlled by the Trading Advisor which use substantially the same trading strategy as the Account. Upon written request, the Managing Member may request a copy of the Trading Advisor’s procedures regarding the equitable treatment of trades across accounts. Such procedures shall be provided to the Managing Member within 30 days of such request by the Managing Member. Under no circumstances shall the Trading Advisor by any act or omission knowingly or intentionally favor in any material way any account advised or managed by the Trading Advisor over the account of the Trading Company that is using substantially the same trading strategy as the Account. Nothing contained in this Section 8(a) shall preclude the Trading Advisor from charging different management and/or incentive fees to its clients. Subject to the Trading Advisor’s obligations under applicable law, the Trading Advisor and any of its principals or affiliates shall be free to advise and manage accounts for other clients and shall be free to trade on the basis of the same trading systems, methods, or strategies employed by the Trading Advisor for the Account, or trading systems, methods, or strategies that are entirely independent of or materially different from, those employed for the Account, and shall be free to compete for the same futures interests as the Trading Company or to take positions opposite to the Trading Company, where such actions do not knowingly or intentionally prefer any of such accounts in a material manner over the Account on an overall basis.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(b)         The Trading Advisor shall not be restricted as to the number or nature of its clients, except that: (i) so long as the Trading Advisor acts as a trading advisor for the Trading Company, neither the Trading Advisor nor any of its principals or affiliates shall knowingly hold any position or control any other account that would cause the Trading Company, the Trading Advisor, or the principals or affiliates of the Trading Advisor to be in violation of the CEA or any regulations promulgated thereunder, any other applicable law, or any applicable rule or regulation of the CFTC or any other regulatory or self-regulatory body, exchange, or board; and (ii) neither the Trading Advisor nor any of its principals or affiliates shall render futures interests trading advice to any other individual or entity or otherwise engage in activity that shall knowingly cause positions in futures interests to be attributed to the Trading Advisor under the rules or regulations of the CFTC or any other regulatory or self-regulatory body, exchange, or board so as to require the significant modification of positions taken or intended for the account of the Trading Company; provided that the Trading Advisor may modify its trading systems, methods or strategies to accommodate the trading of additional funds or accounts. If applicable speculative position limits are exceeded by the Trading Advisor in the opinion of (i) independent counsel (who shall be other than counsel to the Trading Company), (ii) the CFTC, or (iii) any other regulatory or self-regulatory body, exchange, or board, the Trading Advisor and its principals and affiliates shall promptly liquidate positions in all of their accounts, including the Trading Company’s account, as to which positions are attributed to the Trading Advisor as nearly as possible in proportion to the accounts’ respective amounts available for trading (taking into account different degrees of leverage and “notional” equity) to the extent necessary to comply with the applicable position limits.

9.          Representations, Warranties, and Covenants of the Trading Advisor.

(a)         Representations and Warranties of the Trading Advisor. The Trading Advisor represents and warrants to and agrees with the Managing Member and the Trading Company as follows:

(i)         It will exercise good faith in implementing the Trading Program on behalf of the Trading Company as described in the Program Materials (as modified from time to time) or any other trading programs agreed to by the Managing Member and the Trading Advisor.

(ii)        The Trading Advisor shall follow and comply with, at all times, the Trading Policies.

(iii)       The Trading Advisor shall trade the Account pursuant to the same trading programs described in the Program Materials unless the Managing Member and the Trading Advisor agree otherwise.

(iv)       The Trading Advisor is duly organized, validly existing and in Good standing under the laws of the state of its organization and is qualified to do business as a foreign corporation or and is in good standing in each other jurisdiction in which the nature or conduct of its business requires such qualification and the failure to so qualify would materially adversely affect the Trading Advisor’s ability to perform its duties under this Agreement. The Trading Advisor has full power and authority to perform its obligations under this Agreement. The only principals of the Trading Advisor are those set forth in the Program Materials (the “Trading Advisor Principals”).

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(v)        This Agreement has been duly and validly authorized, executed and delivered on behalf of the Trading Advisor and is a valid and binding agreement of the Trading Advisor enforceable in accordance with its terms subject to bankruptcy, insolvency, reorganization or similar laws of general application affecting rights and creditors and to general equity principals.

(vi)       Each of the Trading Advisor and the Trading Advisor’s Principals has all federal, state and foreign governmental, regulatory and exchange licenses and approvals and has effected all filings and registrations with federal and state governmental and regulatory agencies required to conduct its business and required to perform its or his obligations under this Agreement. The Trading Advisor is registered as a commodity trading advisor under the CEA and is a member of the NFA in such capacity.

(vii)      The execution and delivery of this Agreement, the incurrence of the obligations set forth herein, the consummation of the transactions contemplated herein and the payment of the fees hereunder will not violate, or constitute a breach of, or default under, the organizational documents of the Trading Advisor or any agreement or instrument by which it is bound or of any order, rule, law or regulation binding on it of any court or any governmental body or administrative agency or panel or self-regulatory organization having jurisdiction over it.

(viii)     Since the respective dates as of which information is given in the Program Materials, and except as may otherwise be stated in or contemplated by the Program Materials, there has not been any material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor or, to the knowledge of Trading Advisor, any Trading Advisor Principal.

(ix)       Except as set forth in the Program Materials there have not been and there is not pending, or to the best of the Trading Advisor’s knowledge after due inquiry, threatened, any action, suit or proceeding before or by any court or other governmental body to which the Trading Advisor or any Trading Advisor Principal is or was a party, or to which any of the assets of the Trading Advisor is or was subject and which resulted in or might reasonably be expected to result in any material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor. None of the Trading Advisor or any Trading Advisor Principal has received any notice of an investigation by the NFA, CFTC or other administrative agency or self-regulatory body (whether United States or foreign) regarding noncompliance by the Trading Advisor or any of the Trading Advisor Principals with the CEA or any other applicable law.

(x)        Neither the Trading Advisor nor any Trading Advisor Principal has received, or is entitled to receive, directly or indirectly, any commission, finder’s fee, similar fee, or rebate from any person in connection with the organization or operation of the Trading Company.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(xi)       The foregoing representations and warranties shall be continuing during the term of this Agreement and if at any time any event shall occur which could make any of the foregoing representations or warranties inaccurate, the Trading Advisor shall promptly notify the Managing Member and the Trading Company of the nature of such event.

(b)         Covenants of the Trading Advisor. The Trading Advisor covenants and agrees that:

(i)         The Trading Advisor shall maintain all registrations and memberships necessary for the Trading Advisor to continue to act as described herein and to at all times comply in all respects with all applicable laws, rules, and regulations, to the extent that the failure to so comply would have a materially adverse effect on the Trading Advisor’s ability to act as described herein.

(ii)        The Trading Advisor shall inform the Managing Member immediately as soon as the Trading Advisor or any Trading Advisor Principal becomes the subject of any investigation, claim or proceeding of any regulatory authority having jurisdiction over such person or becomes a named party to any litigation materially affecting (or which may, with the passage of time, materially affect) the business of the Trading Advisor. The Trading Advisor shall also inform the Managing Member immediately if the Trading Advisor or any of its officers becomes aware of any breach of this Agreement by the Trading Advisor.

(iii)       The Trading Advisor agrees to cooperate by providing information regarding itself and its performance in the preparation of any amendments or supplements to the Prospectus (subject to the limitation set forth in Section 1 hereof).

10.          Representations and Warranties of the Trading Company and the Managing Member; Covenants of the Managing Member.

(a)         The Trading Company and the Managing Member represent and warrant to the Trading Advisor, as follows:

(i)         The Trading Company is a Delaware limited liability company formed pursuant to its organizational documents and Delaware law and its validly existing and in good standing under the laws of the State of Delaware with full power and authority to engage in the trading of futures interests and to engage in its other contemplated activities as described in the Prospectus; the Trading Company is qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualification and where failure to be so qualified could materially adversely affect the Trading Company’s ability to perform its obligations hereunder.

(ii)        The Managing Member is duly organized and validly existing and min good standing as a limited liability company under the laws of the State of Delaware and is qualified to do business and is in good standing as a foreign corporation in each jurisdiction in which the nature or conduct of its business requires such qualification and where the failure to be so qualified could materially adversely affect the Managing Member’s ability to perform its obligations hereunder.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(iii)       The Trading Company and the Managing Member have full power and authority under applicable law to conduct their business and to perform their respective obligations under this Agreement and as described in the Prospectus.

(iv)       This Agreement has been duly and validly authorized, executed and delivered by the Managing Member on behalf of the Trading Company and constitutes a valid, binding and enforceable agreement of the Trading Company and the Managing Member in accordance with its terms.

(v)        The execution and delivery of this Agreement, the incurrence of the obligations set forth herein and the consummation of the transactions contemplated herein and in the Prospectus will not violate, or constitute a breach of or default under, the Managing Member’s organizational documents, or the Trading Company’s organizational documents, or any material agreement or instrument by which either the Managing Member or the Trading Company, as the case may be, is hound or any material order, rule, law or regulation applicable to the Managing Member or the Trading Company of any court or any governmental body or administrative agency or panel or self-regulatory organization having jurisdiction over the Managing Member or the Trading Company.

(vi)       There have not been in the five years preceding the date of this Agreement and there is not pending or, to the Managing Member’s knowledge, threatened, any action, suit or proceeding at law or in equity before or by any court or by any federal, state, municipal or other governmental body or any administrative, self-regulatory or commodity exchange organization to which the Managing Member or the Trading Company is or was a party, or to which any of the assets of the Managing Member or the Trading Company is or was subject; and neither the Managing Member nor any of the principals of the Managing Member (“Managing Member Principals”) has received any notice of an investigation by the NFA, CFTC or any other administrative or self-regulatory organization regarding non-compliance by the Managing Member or the Managing Member Principals or the Trading Company with the CEA, the Securities Act of 1933, as amended, or any applicable laws.

(vii)      The Managing Member and the Managing Member Principals have all federal, state and foreign governmental, regulatory and exchange approvals and licenses, and have effected all filings and registrations with federal, state and foreign governmental agencies required to conduct their business or required to perform their obligations under this Agreement and will maintain all such required approvals, licenses, filings and registrations for the term of this Agreement.

(viii)     The Trading Company is and shall remain in material compliance in all respects with all laws, rules, regulations and orders of any government, governmental agency or self-regulatory organization applicable to its business as described in this Agreement.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

(ix)       The Trading Company and Managing Member are each a “qualified eligible person” pursuant to Rule 4.7 of the United States Commodity Exchange Act, as amended (“Rule 4.7”). The Trading Company and Managing Member consent to the Account being an exempt account under Rule 4.7.

(x)        The foregoing representations and warranties shall be continuing during the term of this Agreement and if at any time any event shall occur which could make any of the foregoing representations or warranties inaccurate, the Managing Member shall promptly notify the Trading Advisor of the nature of such event.

(b)         Covenants of the Managing Member. The Managing Member covenants and agrees that:

(i)         The Managing Member shall maintain all registrations and memberships necessary for the Managing Member to continue to act as described herein and to all times comply in all respects with all applicable laws, rules, and regulations, to the extent that the failure to so comply would have a materially adverse effect on the Managing Member’s ability to act as described herein.

(ii)        The Managing Member shall inform the Trading Advisor immediately as soon as the Managing Member or any of their principals becomes the subject of any lawsuit, investigation, claim, or proceeding of any regulatory authority having jurisdiction over such person or becomes a named party to any litigation materially affecting the business of the Managing Member or the Trading Company. The Managing Member shall also inform the Trading Advisor immediately if the Managing Member or the Trading Company or any of their officers become aware of any material breach of this Agreement by the Managing Member or the Trading Company.

11.        Merger or Transfer of Assets.

The Managing Member, Trading Company or the Trading Advisor may merge or consolidate with, or sell or otherwise transfer its business, or all or a substantial portion of its assets, to any entity upon written notice to the other parties.

12.        Complete Agreement.

This Agreement constitutes the entire agreement between the parties with respect to the matters referred to herein, and no other agreement, verbal or otherwise, shall be binding as between the parties unless in writing and signed by the party against whom enforcement is sought.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

13.        Assignment.

Subject to Section 11, hereof, this Agreement may not be assigned, transferred by operation of law, change in control or otherwise, by any party hereto without the express prior written consent of the other parties hereto.

14.        Amendment.

This Agreement may not be amended except by the written consent of the parties hereto. No waiver of any provision of this Agreement shall be implied from any course of dealings between the parties, from any failure by any party to assert its rights hereunder or any occasion or series of occasions.

15.        Severability.

The invalidity or unenforceability of any provision of this Agreement or any covenant herein contained shall not affect the validity or enforceability of any other provision or covenant hereof or herein contained and any such invalid provision or covenant shall be deemed to be severable.

16.         Inconsistent Filings.

If the Trading Advisor intends to file, to participate in the filing of, or to publish any description of the Trading Advisor, or of its respective principals or trading approaches that is materially inconsistent with those in the Program Materials, the Trading Advisor shall inform the Managing Member of such intention and shall furnish copies of all such filings or publications at least ten Business Days prior to the date of filing or publication.

17.        Program Materials.

(a)         During the term of this Agreement, the Trading Advisor shall furnish to the Managing Member promptly copies of any descriptions of the trading program. The Managing Member and the Trading Company each acknowledge receipt of the Trading Advisor’s description of the trading program which is attached hereto as Exhibit D (the “Program Materials”).

(b)         The Managing Member, the Trading Company and the fund(s) sponsored or affiliated with the Managing Member and Trading Company will not distribute or supplement any promotional material relating to the Trading Advisor unless the Trading Advisor has approved with reasonable prior notice a copy of such promotional material and has received such material in writing.

18.        Track Record.

The track record and other performance information of the Trading Company shall be the property of the Managing Member and not the Trading Advisor. The Trading Advisor may use the performance information of the Account for reasonable business purposes.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

19.        Notices.

All notices required to be delivered under this Agreement shall be in writing and shall be effective when delivered personally on the day delivered, by facsimile on receipt confirmation, by email followed by delivery of an original, or when given by registered or certified mail, postage prepaid, return receipt requested, on the second business day following the day on which it is so mailed, addressed as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof):

if to the Trading Company:

OASIS PR, LLC

c/o R. J. O’Brien Fund Management, LLC

222 S. Riverside Plaza

Suite 900

Chicago, Illinois 60606

Facsimile: 312-373-4831

Email: jdematteo@rjobrien.com

if to the Managing Member:

R. J. O’Brien Fund Management, LLC

222 S. Riverside Plaza

Suite 900

Chicago, Illinois 60606

Facsimile: 312-373-4831

Email: jdematteo@rjobrien.com

With a copy to:

Alston & Bird LLP

90 Park Avenue

New York, NY 10016

Attn: Timothy P. Selby

Facsimile: (212) 210-9444

Email: timothy.selby@alston.com

if to the Trading Advisor:

Prescient Ridge Management, LLC

70 West Madison Street, Suite 2600

Chicago, IL 60602

Attn: Mr. Christopher A. Olson

Fax: (312)___ - ________

Email: colson@pn-nllc.com

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

with a copy to:

Neal, Gerber & Eisenberg LLP

2 North LaSalle Street, 17th Floor

Chicago, IL 60602

Attn: Michael B. Gray, Esq.

Fax: (312) 750-6551

Email: mgray@ngelaw.com

20.        Third-Party Beneficiaries.

This Agreement is not intended and shall not convey any rights to a party to this Agreement.

21.        Governing Law.

This Agreement and any amendment hereto shall be governed by, and construed in accordance with, the laws of the State of Illinois, United States of America (excluding the law thereof which requires the application of or reference to, the law of any other jurisdiction). Each party hereto expressly and irrevocably agrees (a) that it waives any objection, and specifically consents, to venue in the United States federal or state courts located in the City of Chicago, State of Illinois, United States of America, so that any action at law or in equity may be brought and maintained in any such court, and (b) that service of process in any such action may be effected against such party by certified or registered mail or in any other manner permitted by applicable United States Federal Rules of Civil Procedure or rules of the Courts of the State of Illinois. In addition each party hereto expressly and irrevocably waives, in respect of any action brought in any United States federal or state court located in the City of Chicago, State of Illinois or any resulting judgment, any objection, and hereby specifically consents, to the jurisdiction of any such court and agrees not to seek to change the situs of such action or to assert that any other court in any other jurisdiction is a more suitable forum for the hearing and adjudication of any claim or dispute raised in such action.

22.        Remedies.

In any action or proceeding arising out of any of the provisions of this Agreement, the Trading Advisor agrees not to seek any prejudgment equitable or ancillary relief. The Trading Advisor agrees that its sole remedy in any such action or proceeding shall be to seek actual monetary damages for any breach of this Agreement, except that Trading Advisor may seek a declaratory judgment with respect to the indemnification provisions of this Agreement.

23.        Headings.

Headings to sections herein are for the convenience of the parties only and are not intended to be part of or to affect the meaning or interpretation of this Agreement.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

24.          Successors.

This Agreement including the representations, warranties and covenants contained herein shall be binding upon and inure to the benefit of the parties hereto, their successors and permitted assigns, and no other person shall have any right or obligation under this Agreement.

25.        Counterparts.

This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

26.        Waiver of Breach.

The waiver by any party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach or of a breach by any other party. The failure of a party to insist upon strict adherence to any provision of the Agreement shall not constitute a waiver or thereafter deprive such party of the right to insist upon strict adherence.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned as of the day and year first above written.

OASIS PR, LLC
By R.J. O’Brien Fund Management, LLC
Managing Member
By:	/s/ Julie M. DeMatteo
	Name: Julie M. DeMatteo
	Title: Managing Director
R.J. O’BRIEN FUND MANAGEMENT, LLC
By:	/s/ Julie M. DeMatteo
	Name: Julie M. DeMatteo
	Title: Managing Director
PRESCIENT RIDGE MANAGEMENT, LLC
By:	/s/ Christopher A. Olson
	Name: Christopher A. Olson
	Title: Chief Operating Officer

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

EXHIBIT A

Trading Policies

1.         The Trading Advisor will not employ the trading technique commonly known as “pyramiding”, in which the Trading Advisor uses unrealized profits on existing positions in a given futures interest due to favorable price movement as margin specifically to buy or sell additional positions in the same or a related futures interest. Taking into account the Trading Company’s open trade equity (i.e., the profit or loss on an open futures interest position) on existing positions in determining generally whether to acquire additional futures interest positions on behalf of the Trading Company will not be considered to constitute “pyramiding”.

2.         The Trading Advisor will not utilize borrowings on behalf of the Trading Company except if the Trading Company purchases or takes delivery of commodities. If the Trading Advisor borrows money on behalf of the Trading Company, the lending entity in such case (the “lender”) may not receive interest in excess of its interest costs, nor may the lender receive interest in excess of the amounts which would be charged the Trading Company by unrelated banks on comparable loans for the same purpose, nor may the lender or any affiliate thereof receive any points or other financing charges or fees regardless of the amount. Use of lines of credit in connection with its forward trading does not, however, constitute borrowing for purposes of this trading limitation.

3.         The Trading Advisor will not “churn” the Trading Company’s assets. Churning is the unnecessary execution of trades so as to generate increased brokerage commissions.

4.         The Trading Advisor will trade currencies and other commodities on futures exchanges, in the interbank and forward contract markets only with banks, brokers, dealers, and other financial institutions which the Managing Member has determined to be creditworthy.

5.         The Trading Advisor will trade only in those futures interests that have been approved by the CFTC as suitable for US investors. The Trading Advisor will not establish new positions in a futures interest on behalf of the Trading Company for any one contract month or option if such additional positions would result in a net long or short position for that futures interest requiring as margin or premium more than 15% of the Trading Company’s net assets. In addition, the Trading Advisor will, on behalf of the Trading Company, except under extraordinary circumstances, maintain positions in futures interests in at least two market segments (i.e., agricultural items, industrial items (including energies), metals, currencies, and financial instruments (including stock, financial, and economic indexes)) at any one time.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

6.         The Trading Advisor will not acquire additional positions in any futures interest on behalf of the Trading Company if such additional positions would result in the aggregate net long or short positions for all futures interests requiring as margin or premium for all outstanding positions more than 66 2/3% of the Trading Company’s net assets.

7.         The Trading Advisor will not purchase, sell, or trade securities (except securities approved by the CFTC for investment of customer funds).

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

EXHIBIT B

COMMODITY TRADING AUTHORITY

Dear Prescient Ridge Management, LLC:

OASIS PR, LLC (the “Trading Company”) and R.J. O’Brien Fund Management, LLC, the Trading Company’s managing member (the “Managing Owner”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Managing Owner on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Managing Member and you as of the 15th day of October, as amended or supplemented, and in accordance with the terms and conditions of said Agreement.

This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement.

Very truly yours,
OASIS PR, LLC
By R.J. O’Brien Fund Management, LLC
Managing Member
By:	/s/ Julie M. DeMatteo
	Name: Julie M. DeMatteo
	Title: Managing Director
R.J. O’BRIEN FUND MANAGEMENT, LLC
By:	/s/ Julie M. DeMatteo
	Name: Julie M. DeMatteo
	Title: Managing Director

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

EXHIBIT C

FUTURES INTERESTS TRADED

2013 Futures contracts (Exchange)

Equity Products S&P 500 eMini (CME) S&P MidCap 400 eMini (CME) NasdaqeMini (CME) Dow Jones eMini (CBOT) Russell 2000 Mini Index (ICE) VIX Volatility Index (CBOE)	CAC 40 Index (LIFFE) FTSE 100 Index (LIFFE) Euro EStoxx (EUREX) German Dax Index (EUREX) Japanese Nikkei-225 (CME)
Fixed Income Products U.S. 30 Yr. Bond (CBOT) U.S. 10 Yr. Note (CBOT) U.S. 5 Yr. Note (CBOT) U.S. 2 Yr. Note (CBOT) Eurodollars (CME)	German Bunds (EUREX) German Bobl (EUREX) German Schatz (EUREX) Japanese Government Bond (LIFFE) Long Gilt (LIFFE)
Currencies Euro (CME) Swiss Franc (CME) British Pound (CME) Aussie Dollar (CME)	Japanese Yen (CME) Mexican Peso (CME) Canadian Dollar (CME) US Dollar Index (10E)
Commodities Crude Oil (NYMEX) Heating Oil (NYMEX) Natural Gas (NYMEX) Copper (COMEX) Gold (COMEX) Silver (COMEX)	Corn (CBOT) Soybeans (CBOT) Wheat (CBOT) Cotton No. 2 (ICE) Sugar No. 11 (ICE) RBOB

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

Execution Copy

EXHIBIT D

The Prescient Ridge managed futures program specializes in short-term, systematic trading strategies. The program seeks to produce absolute returns irrespective of individual market direction through the deployment of numerous strategies in exchange listed futures. These strategies are spread over multiple time frames and asset classes to create a diverse portfolio. The program currently trades in excess of 40 exchange listed futures products on both domestic and international exchanges.

PR’s Principals are:

David Shorr, (48) Chief Executive Officer. Mr. Shorr began his career with O’Connor & Company in 1986 as a derivatives trader at the Chicago Board of Trade. He quickly became a prominent options trader over his eighteen years on the CBOT floor. In 1990 Mr. Shorr and Mr. Zednik formed a proprietary trading firm specializing in trading fixed-income options at the Chicago Board of Trade. In 1998 Mr. Shorr helped create York Business Associates, a proprietary trading firm specializing in trading derivatives on electronic exchanges in both the U.S. and Europe. Mr. Shorr was the founder, CEO and Chairman of the Board of Check Giant, dba CashNetUSA, an internet-based loan company that he founded in 2003. At the end of 2006 Mr. Shorr sold CashNetUSA to a publicly traded company relinquishing his role as Chairman and CEO. Mr. Shorr received a Bachelor of Business Administration from the University of Wisconsin in 1986.

Alan Swimmer, (52) President. Prior to joining Prescient Ridge Management Mr. Swimmer spent over 26 years in the Futures and Options industry, building and running futures commission merchant businesses including from 2002 to 2008 as Head of U.S. Futures at Bear Stearns and then as Head of North American Futures Sales at JP Morgan following its purchase of Bear Stearns. Prior to Bear Stearns, Mr. Swimmer was with Citigroup from 1990-2002 and was head of its Chicago futures office. Mr. Swimmer received a B.A. in psychology from Washington University in St. Louis, where he is currently Vice Chair of the Alumni Board of Governors. Mr. Swimmer has been on the Board of Directors of the Minneapolis Grain Exchange since 2008.

Jeffrey Olson, (41) Director of Research. Mr. Olson began his career in the Advanced Technologies Division of Andersen Consulting. He continued his information systems career at a boutique consulting firm. Mr. Olson joined York Business Associates in 1996 as head of software development to build user-friendly futures and options electronic trading applications on the Eurex platform. In 2000 he became Vice President of Product Development and Client Services for a related software company of York that specialized in electronic trading, risk management and exchange connectivity. In 2002 Mr. Olson began trading in the S & P 500 Index and US Treasury Bond futures using both fundamental and technical analysis. He also electronically hedged floor options books and ran automated market-making applications. Mr. Olson received his B.S. in Aeronautics and Astronautics from the Massachusetts Institute of Technology in 1994.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

Christopher Olson, (46) Chief Operating Officer.  Mr. Olson began his career as a loan analyst for a commercial mortgage broker.  Mr. Olson joined Mr. Zednik and Mr. Shorr as a trading assistant and eventually became risk manager of both fixed income and equity derivative portfolios. In 1998 he established the European office for York Business Associates where he served as director of European derivatives and chief operating officer. While at York Mr. Olson was responsible for day-to-day operations as well as all business relationships and risk management. In 2000 Mr. Olson became director of international sales for a related software company of York that specialized in managing risk for electronic trading. Mr. Olson received his B.S. in Psychology from the University of Richmond in 1989.

Joseph Zednik, (72) General Partner. Mr. Zednik has been active in the trading and investment business since 1974. Mr. Zednik began his career at Montgomery Ward and Illinois Bell where he developed his technology and information systems background. In 1973 Mr. Zednik began his career as an independent trader at the Chicago Board of Trade where he has held a seat for almost thirty years. Following his success as an independent trader, in 1985 Mr. Zednik joined Chicago Research and Trading, CRT, where he managed the stock index trading operations. In 1990 Mr. Zednik and Mr. Shorr established a proprietary trading firm specializing in trading fixed-income options at the Chicago Board of Trade. In 1998 Mr. Zednik helped create York Business Associates, a proprietary trading firm specializing in trading derivatives on electronic exchanges with offices in both the U.S. and Europe. Mr. Zednik was also instrumental in the creation of a software company specializing in electronic trading and risk management. Mr. Zednik received a B.A. in Liberal Arts from Illinois Institute of Technology.

Trading Strategy:

The Prescient Ridge managed futures program specializes in short-term, systematic trading strategies. The program seeks to produce absolute returns irrespective of individual market direction through the deployment of numerous strategies in exchange listed futures. These strategies are spread over multiple time frames and asset classes to create a diverse portfolio. The program currently trades in excess of 40 exchange listed futures products on both domestic and international exchanges.

The Prescient Ridge program is differentiated from other CTA/Managed Futures managers in that the program emphasizes short-term trading activity in which the average holding duration is less than one day. These short-duration strategies, referred to as Intraday Strategies, represent approximately 85% of the program’s trading activity and are concentrated in the most liquid exchange traded futures. The general objective of the Intraday Strategies is to identify significant single day directionality using traditional technical analysis techniques - most notably moving average crossovers. In general, these strategies will enter a market early in the trading session and hold the position until the end of the day. The average holding period of these strategies is typically one to five hours. Proprietary trade filters are built into the Intraday Strategies to evaluate the quality of the trade signal. Although the primary exit methodology for these strategies is time based, additional proprietary exits and stop-losses are used.

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CONFIDENTIAL TREATMENT REQUESTED.  Confidential portions of this document have been redacted and have been separately filed with the Commission.

Additional strategies such as momentum, pattern recognition and trend following are included in the program. These strategies typically have longer holding periods which can range from multiple days to many months. These strategies comprise the remaining trading activity of the program (approximately 15%) and are also predicated on technical analysis with an emphasis on moving averages. Entry and exit methodology for these strategies varies depending on the strategy and trade duration. These strategies help to provide further diversification for the program.

The entire program is built on a foundation of risk-management. The risk management process begins with the portfolio optimization, which is conducted quarterly, and is used to determine the trading size for all strategies. The optimization process of Prescient Ridge is different from other programs in that it is rooted in a desire to control draw downs and is not driven by metrics such as targeted return. Dynamic position sizing, which evaluates daily market volatility as well as sudden price movements, allows the program to maintain a consistent risk profile in various market environments. All strategy entries and exits have been designed to mitigate the impact of fundamental information such as economic reports. Additional risk controls are embedded in the program to help avoid illiquid or non-directional markets. The firm closely monitors the performance of the program as well as individual strategies to determine if reductions in exposure are required due to underperformance.

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EX-10.07

EXHIBIT 10.07

LIMITED LIABILITY COMPANY AGREEMENT

OF

O’BRIEN ALTERNATIVE STRATEGIC INVESTMENT SOLUTIONS, LLC

This Limited Liability Company Agreement of O’Brien Alternative Strategic Investment Solutions, LLC (the “Company”), dated as of October 21, 2013, by and between R.J. O’Brien Fund Management, LLC, a Delaware limited liability company (the “Managing Member”), and the other parties who shall become members of the Company with respect to each Series (as defined herein) in accordance with the provisions hereof (collectively “Non-Managing Members”; the Managing Member and the Non-Managing Members may be collectively referred to herein as “Members”).

W I T N E S S E T H:

WHEREAS, the parties hereto desire to form a series limited liability company for the purpose of speculative trading in futures interests (as defined herein).

NOW, THEREFORE, the parties hereto hereby agree as follows:

1.           Formation; Name

The parties hereto formed a series limited liability company under the Delaware Limited Liability Company Act, as amended and in effect on September 4, 2013 (the “Act”), which will offer designated series of limited liability company interests in the Company established in accordance with this Agreement and pursuant to Section 18-215 of the Act having separate rights, powers and/or duties with respect to specified obligations and, to the extent provided in this Agreement or a Series Designation (as defined in Section 3) of the designated series, having a separate business purpose or investment objective (each a “Series” and collectively, the “Series”).

The business of each Series will be conducted under the name of each such Series and not under the name of the Company generally. The Managing Member has executed and filed a Certificate of Formation for the Company (the “Certificate of Formation”) in accordance with the Act, and the Managing Member shall execute, file, record and publish as appropriate such amendments, assumed name certificates, and other documents as are or become necessary or advisable in connection with the operation of the Company and each Series, as determined by the Managing Member, and shall take all steps which the Managing Member shall deem necessary or advisable to allow the Company and each Series to conduct business as a series limited liability company where the Company and each Series conducts business in any jurisdiction, and to otherwise provide that the Members will have limited liability with respect to the activities of the Series in all such jurisdictions, and to comply with the laws of any such jurisdiction. Each Non-Managing Member hereby undertakes to furnish to the Managing Member a power of attorney and such additional information as the Managing Member may request to complete such documents and to execute and cooperate in the filing, recording, or publishing of such documents at the request of the Managing Member. The rights, duties and liabilities of the Members will be as provided in the Act, except as otherwise provided herein or in a Series Designation.

2.           Office

The principal office of the Company and each Series shall be c/o R.J. O’Brien Alternative Strategic Investment Solutions, LLC, 222 South Riverside Plaza, Suite 900, Chicago, Illinois 60606, or such other place as the Managing Member may designate from time to time.

The address of the principal office of the Company and each Series in the State of Delaware is c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801, and the name and address of the registered agent for service of process on the Company and each Series in the State of Delaware is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801.

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3.           Series

(a)          Series Designation.  Series may be established from time to time in accordance with this Agreement and the separate agreements establishing each Series described therein (each separate agreement, a “Series Designation”).  No Series may be established except as expressly permitted by this Agreement.  The terms of each Series will be as generally set forth in this Agreement and as specifically set forth in the applicable Series Designation.  However, and notwithstanding any other provision of this Agreement, the terms and provisions of any Series Designation may only alter or amend the terms and provisions of this Agreement as specifically provided herein; and in no case will alter or amend any terms and provisions of any other Series Designation.  For all purposes of the Act, this Agreement together with each Series Designation entered into from time to time constitute the “limited liability company agreement” of the Company within the meaning of the Act.  With respect to each Series and as further described in Section 6 hereof, each Series Designation must be executed by the applicable parties thereto upon the creation of such new Series (subject to Section 11 hereof).  Notwithstanding any other provision of this Agreement, the establishment of a new Series and the execution of any Series Designation will not be deemed an amendment of this Agreement for purposes of Section 16(a).

(b)          Series Separateness.

(1)          Each Series will have:

(aa) separate rights, powers, duties and management from each other Series; and

(bb) exclusive rights with respect to the property, obligations, profits, and losses associated with that Series and all proceeds derived therefrom.  A person may be admitted as a Non-Managing Member of the Company with respect to more than one Series and each Series may have multiple Non-Managing Members.

(2)          The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a Series will be enforceable against the assets of that Series only and not against any other assets of the Company generally or any other Series, and none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Company generally, or any other Series will be enforceable against the assets of that Series. The books and records maintained for each Series will account for the assets associated with that Series separately from the other assets of the Company, or any other Series, and assets associated with that Series may be held, directly or indirectly, including in the name of that Series, in the name of the Company, the Managing Member (subject to Section 8(c)(2)) through a nominee or otherwise.  Notwithstanding the foregoing, any assets or liabilities of the Company used by (or in connection with the activities of) more than one Series will be allocated to each Series by the Managing Member in accordance with United States generally accepted accounting principles consistently applied under the accrual basis of accounting (“GAAP”).  Costs, fees and expenses may be allocated pro rata amongst the Series that have incurred them.  Books and records maintained for each Series that reasonably identify its assets, including by specific listing, category, type, quantity, computational or allocational formula or procedure or by any other method where the identity of the assets is objectively determinable, will be deemed to account for the assets associated with that Series separately from the other assets of the Company or any other Series.  No assets of one Series may be commingled with the assets of any other Series or the assets, if any, of the Company, generally.  The Certificate of Formation contains a notice of the limitation of liabilities of the Series in conformity with Section 18-215 of the Act.

(3)          The Series Designation of each Series may be updated from time to time as is necessary to accurately reflect the information contained therein, including, without limitation, the admission of a Substitute Non-Managing Member (as defined herein) associated with the Series and the capital contributions of the Non-Managing Member of the Series.  Any revision to a Series Designation made in accordance with this Agreement will not be deemed an amendment to this Agreement for purposes of Section 16(a).

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4.           Business

Except as may otherwise be expressly provided in this Agreement and a Series Designation, the business of each Series is to engage in any lawful act or activity for which limited liability companies may be organized under the Act, including, but not limited to, directly or indirectly through a commodity trading advisor, trade, buy, sell, spread, or otherwise acquire, hold, or dispose of commodities (including, but not limited to, foreign currencies, money market instruments, financial instruments, and any other securities or items which are now, or may hereafter be, the subject of futures contract trading), domestic and foreign commodity futures contracts, forward contracts, commodity forward contracts, foreign exchange commitments, options on physical commodities and on futures contracts, spot (cash) commodities and currencies, exchange of futures contracts for physicals transactions, exchange of physicals for futures contracts transactions, and any rights pertaining thereto (hereinafter referred to collectively as “futures interests;” provided, however, such definition shall exclude securities futures products as defined by the Commodity Futures Trading Commission (“CFTC”), options on securities futures and options on equities) and securities (such as United States Treasury securities) approved by the CFTC for investment of customer funds and other securities on a limited basis, and to engage in all activities incident thereto. Each Series may pursue this objective in any lawful manner.  Each Series may engage in the foregoing activities through any lawful transaction or any lawful activity into which a limited liability company may enter or in which a limited liability company may engage under the laws of the State of Delaware; including, but not limited to, through an investment of all or a portion of its assets in multiple trading companies (the “Trading Companies”) (provided that such transactions or activities do not subject the Members to any liability in excess of the limited liability provided for herein and contemplated by the Act.)

5.           Dissolution of the Company; Termination of a Series; Winding Up; Fiscal Year

(a)          Dissolution of the Company.

(1)           The Company shall end upon the first to occur of the following: (i) receipt by the Managing Member of a notice setting forth an election to terminate and dissolve the Company at a specified time by the Non-Managing Members holding not less than a “Majority of Interests in the Company” (as defined below), with or without cause, which notice shall be sent by registered mail to the Managing Member not less than 90 days prior to the effective date of such termination and dissolution; (ii) the withdrawal, insolvency, bankruptcy, dissolution or liquidation of the Managing Member (unless a new managing member is elected by a vote of the Non-Managing Members owning a Majority of Interests in the Company and such new managing member shall have elected to continue the business of the Company and the Series); (iii) the occurrence of any event which shall make it unlawful for the existence of the Company to be continued; (iv) the termination or dissolution or bankruptcy of the last of the remaining Series; or (v) a determination by the Managing Member upon 60 days’ notice to the Non-Managing Members to terminate the Company, for any reason.  A “Majority of Interests in the Company” shall mean the Non-Managing Members of each Series, excluding any affiliates (as defined in Section 14(c)) of the Managing Member, representing in aggregate for all Series of the Company, greater than 50% of the Net Asset Value of the Series (as defined in Section 7(d)(1)) of the Company.

(2)           Upon the dissolution of the Company as provided herein, the Company shall be wound up by winding up each Series in the manner provided by Section 5(c).

(b)          Termination of a Series.

(1)           With respect to each Series, a Series shall terminate upon the occurrence of any of the following events: (i) receipt by the Managing Member of a notice setting forth an election to terminate and dissolve a Series at a specified time by the Non-Managing Members holding not less than a “Majority of Interests in a Series” (as defined below), with or without cause, which notice shall be sent by registered mail to the Managing Member not less than 90 days prior to the effective date of such termination and dissolution; (ii) the withdrawal, insolvency, bankruptcy, dissolution or liquidation of the Managing Member (unless a new managing member is elected by a vote of the Non-Managing Members owning a Majority of Interests in the Company, and such new managing member shall have elected to continue the business of the Company and the Series; (iii) the occurrence of any event which shall make it unlawful for the existence of the Company or a Series to be continued; (iv) the occurrence of an event of termination (if any) as provided in a Series Designation; (v) the complete withdrawal by each of the Non-Managing Members from a Series or (vi) a determination by the Managing Member upon 60 days’ notice to the Non-Managing Members to terminate a Series, for any reason.  A “Majority of Interests in a Series” shall mean the Non-Managing Members of a particular Series, excluding any affiliates (as defined in Section 14(c)) of the Managing Member, representing greater than 50% of the Net Asset Value of the Series (as defined in Section 7(d)(1)).

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(2)           The termination and winding up of a Series will not, in and of itself, cause a dissolution of the Company or the termination of any other Series.  The termination of a Series will not affect the limitation on liabilities of the Series or any other Series provided by this Agreement, the Series Designations, the Certificate of Formation or the Act.

(c)          Winding Up, Liquidation, and Distribution of Assets. Dissolution, payment of creditors, and distribution of the Net Asset Value of each Series (as defined in Section 7(d)(1)) to Members in proportion to their respective positive Capital Account (as defined herein) balances shall be effected as soon as practicable in accordance with the Act.  The Managing Member shall, at its option, be entitled to supervise the liquidation of each Series.  Nothing contained in this Agreement or a Series Designation shall impair, restrict, or limit the rights and powers of the Members under the laws of the State of Delaware and any other jurisdiction in which the Company and each Series shall be conducting business to reform and reconstitute themselves as a limited liability company following dissolution of each Series, either under provisions identical to those set forth herein or any others that they deem appropriate.

(d)          Fiscal Year. The fiscal year of the Company and each Series shall begin on January 1st of each year and end on December 31st of such year (each a “Fiscal Year”).  The Fiscal Year in which the Company and each Series shall terminate shall begin on January 1 and end on the date of dissolution of the Company and the termination of each Series.

6.           Capital Contributions and Offering of Limited Liability Company Interests

The Managing Member may contribute such amounts (or no amounts) as determined by the Managing Member, which may vary by Series) to each Series for which it received a limited liability company interest in each Series (a “Managing Member Interest”).  The Managing Member may contribute to each Series such additional amount in cash as determined by it in its sole discretion.  Such additional contribution by the Managing Member was evidenced by additional Managing Member Interests with respect to each Series on the books and records of each such Series.  The Managing Member, without notice to or consent of the Non-Managing Members, may withdraw any portion of its capital contributions.

Interests in the Company with respect to each Series, other than the Managing Member Interests, shall be designated as Non-Managing Member Interests (collectively the “Interests” or, individually, an “Interest”), which may be offered in one or more “Classes”.  Each Non-Managing Member of a Series will hold Interests pursuant to its Series Designation.  The name and address of the Non-Managing Members associated with each Series shall be set forth on Schedule A to the Series Designation.  A person will be deemed admitted as a Non-Managing Member of a Series at the time the person (i) executes the Series Designation or a counterpart signature page of the Series Designation (subject to Section 11 hereof) and (ii) is listed by the Managing Member as a Non-Managing Member of the Series on the Series Designation; all subject to any further requirements for the establishment of a Series as set forth in this Agreement.

In connection with the Company’s offering of Interests in each Series, the Managing Member, on behalf of each Series, shall: (a) qualify the Interests for sale under the “Blue Sky” and securities laws of such states of the United States or other jurisdictions as the Managing Member shall deem advisable; (b) make such arrangements for the offering and sale of Interests as it shall deem appropriate; and (c) take such action with respect to the matters described in clauses (a) and (b) as it shall deem advisable or necessary.

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No certificate evidencing Interests in a Series shall be issued to a Non-Managing Member (although each Non-Managing Member will receive confirmations of purchase from the Managing Member in its customary form).  The Managing Member may, without the consent of, or notice to, the Non-Managing Members, offer Interests in additional Classes and Series with different terms as it may determine in its sole discretion from time to time.  The terms of each Class or Series may vary in the Managing Member’s sole discretion; including, but not limited to, differences in the fees and expenses charged to each Class or Series.

The Managing Member is authorized to permit any existing Non-Managing Member to make an additional capital contribution with respect to its Series, upon such terms and conditions as the Managing Member, in its sole discretion shall determine.  The terms and conditions by which any existing Non-Managing Member may increase its capital contribution shall be subject to all the provisions of this Agreement and the Series Designation.  Except as expressly provided for herein or in a Series Designation, no Non-Managing Member shall be required to make additional capital contributions to its Series.

7.           Allocation of Profits and Losses; Accounting; Other Matters

(a)         Capital Accounts. A separate capital account (a “Capital Account”) shall be established with respect to each Series for each Member holding Managing Member Interests or Interests, as applicable, in such Series.  With respect to each Series, the initial balance of each Member’s Capital Account shall be the amount of the Member’s initial capital contribution with respect to the Series.  A Member’s Capital Account in a Series shall be increased by any additional capital contributions made by such Member to the Series, increased or decreased by the increase or decrease in the Net Asset Value of the Series allocated to such Member pursuant to Section 7(b), decreased by any Series’ commissions, fees or expenses allocable to such Member, and decreased by the amount of any distribution made to such Member by the Series pursuant to Section 7(b) or as otherwise set forth in this Agreement or a respective Series Designation.  The provisions of this Section 7 and the other provisions of this Agreement or any Series Designation relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b), and will be interpreted and applied in a manner consistent therewith.

(b)         Monthly Allocations. As of the close of business on the last day of each month or at such other times as otherwise determined by the Managing Member (a “Determination Date”) during each Fiscal Year of the Series, the following determinations and allocations shall be made with respect to such Series:

(1)           The Net Asset Value of the Series (as defined in Section 7(d)(1)) shall be determined.

(2)           Any increase or decrease in the Net Asset Value of the Series over those of the immediately preceding Determination Date (or, in the case of the first Determination Date, the initial purchase of Managing Member Interests or Interests, as applicable), shall then be credited or charged to the Capital Accounts of its Members.

(3)           The amount of any distribution to a Member and any amount paid to a Member upon redemption of its Interest in the Series shall be charged to that Member’s Capital Account.

(4)           If any item of loss, deduction or expense otherwise allocable to a Member under this Section 7(b) would create a negative balance in the Capital Account of such Member (or increase the amount by which such Capital Account balance is negative), the item will not be allocated to such Member but will instead be specially allocated to the Managing Member.

(c)          Allocation of Profit and Loss for Federal Income Tax Purposes. Items of a Series’ income, gain, loss, deduction or credit realized for federal income tax purposes will be allocated among the Members participating in such Series for federal income tax purposes in a manner as determined by the Managing Member that equitably reflects the allocations made pursuant to Section 7(b) and is consistent with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”) and the Treasury Regulations thereunder (including all requirements (i.e., the inclusion of a “qualified income offset” provision) set forth in Treasury Regulations Section 1.704-1(b)).

(1)           Solely for federal income tax purposes, if Series property (including an investment in a Trading Company) is reflected in the Capital Accounts of the Members at a Net Asset Value of the Series that differs from the adjusted tax basis of such property, allocations of depreciation, amortization, income, gain or loss with respect to such property will be made among the Members in a manner which takes such difference into account consistent with the principles set forth in Section 704(b) and Section 704(c) of the Code.

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(2)           The allocations of increases and decreases in Net Asset Value of the Series and of profit and loss for federal income tax purposes shall not exceed the allocations permitted under Subchapter K of the Code, as determined by the Managing Member, whose determination shall be binding.  The Managing Member may adjust the allocations set forth in Section 7(c), in the Managing Member’s discretion, if the Managing Member believes that doing so will achieve more equitable allocations or allocations more consistent with the Code and the applicable Treasury Regulations.

(d)          Definitions; Accounting.

(1)           Net Asset Value of the Series. Shall mean the total assets of a Series (including, but not limited to, its investment in the Trading Companies, all cash and cash equivalents, accrued interest and amortization of original issue discount, and the market value of all open futures interest contract positions and other assets of the Series) less all liabilities of the Series (including, but not limited to, its pro rata share of each Trading Company’s liabilities in which the Series is invested, including brokerage commissions that would be payable upon the closing of open futures interest contract positions, management fees, incentive fees, selling commissions, administrative fees, other fees, and extraordinary expenses, determined in accordance with GAAP.  As determined by the Managing Member, the costs associated with the organization and offering of the Company may be amortized over 60 calendar months from the date the initial Series of the Company commences investing.  Net Asset Value of the Series may be determined on a per Class basis as determined by the Managing Member.  Appropriate reserves may be created, accrued, and charged against the Net Asset Value of the Series by the Managing Member for contingent liabilities, if any, as of the date any such contingent liability becomes known to the Managing Member.

(e)          Expenses and Limitations Thereof. Except as may otherwise be expressly provided in this Agreement or a Series Designation, each Non-Managing Member, Class or Series shall be responsible for the fees and expenses charged to it through its investment in a Trading Company.  Each Series will also be obligated to pay any extraordinary expenses of the Series or its pro rata portion of the Company’s (determined in accordance with GAAP) that it may incur.  After the initial capital contribution and after each subsequent capital contribution to a Series, substantially all of the Series’ assets will be invested in the Trading Companies, but may also be held in custodial accounts or interest-bearing accounts or similar.

(f)          Limited Liability of Members. Interests shall be fully paid and nonassessable. No Member shall be liable for its Series’ obligations in excess of such Member’s unredeemed capital contribution, undistributed profits, if any, and any distributions and amounts received upon redemption of Interests, together with interest thereon.  Neither any Series nor the Company will make a claim against a Member with respect to such amounts distributed to such Member or amounts received by such Member upon a redemption of Interests, unless the Net Asset Value of the Series (which shall not include any right of contribution from the Member except to the extent previously made by it pursuant to this Agreement) shall be insufficient to discharge the liabilities of the Series which shall have arisen prior to the payment of such amount.

(g)          Return of Non-Managing Member’s Capital Contribution. Except to the extent that a Non-Managing Member shall have the right to withdraw capital through redemption in accordance with Sections 10(b), no Non-Managing Member shall have any right to demand the return of his capital contribution, or any profits added thereto, except upon the dissolution of the Company or the termination of its Series.  In no event shall a Non-Managing Member be entitled to demand or receive from a Series property other than cash.

(h)          Distributions. With respect to each Series and with respect to each Non-Managing Member, the Managing Member shall have sole discretion in determining what distributions (other than on redemption in accordance with the terms herein and the terms of a Series Designation), if any, to make to a Non-Managing Member.  If made, all distributions shall be pro rata in accordance with the respective Capital Accounts of the Members.  The Managing Member may, but shall not have any obligation to, distribute assets in-kind at any time or for any reason.

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8.           Management Policies

(a)          Management of the Company and each Series. Except as may be otherwise specifically provided herein or a Series Designation, the Managing Member, to the exclusion of all Non-Managing Members, shall conduct and manage the business of the Company and each Series.  No Non-Managing Member shall have the power to represent, act for, sign for, or bind the Managing Member, the Company or its Series.  Except as provided herein or in a Series Designation, no Member shall be entitled to any salary, draw, or other compensation from the Company.  Each Non-Managing Member hereby undertakes to furnish to the Managing Member such additional information as may be reasonably determined by the Managing Member to be required or appropriate for the Company or such Non-Managing Member’s Series, including, but not limited to, opening and maintaining an account or accounts with commodity brokerage firms for the purpose of trading in futures interest contracts.  No person dealing with the Managing Member shall be required to determine its authority to make any undertaking on behalf of the Company or a Series or to determine any fact or circumstances bearing upon the existence of its authority.

(b)          Miscellaneous. The Managing Member may take such actions as it deems necessary or desirable to manage the business of the Company and each Series, as applicable, including, but not limited to:

(1)           Opening bank accounts, investment and trading accounts and paying or authorizing the payment of distributions to the Non-Managing Members and the expenses of the Company and each Series, such as management and incentive fees, and brokerage commissions and fees, as permitted by this Agreement or a Series Designation.

(2)           The Managing Member shall prepare or cause to be prepared and shall file on or before the due date (or any extension thereof) any federal, state, or local tax returns which shall be required to be filed by each Series.  The Managing Member shall cause the Company and each Series to pay any taxes payable by the Company and each Series; provided, however, that the Managing Member shall not be required to cause the Company or a Series to pay any tax so long as the Managing Member or the Company or a Series shall be in good faith and by appropriate legal proceedings contesting the validity, applicability, or amount thereof and such contest shall not materially endanger any right or interest of the Company or any Series.  No Non-Managing Member shall file a notice with the Internal Revenue Service under Section 6222(b) of the Code in connection with such Non-Managing Member's intention to treat an item on such Series’ federal income tax return in a manner which is inconsistent with the treatment of such item on the Series’ federal income tax return unless such Non-Managing Member has, not less than 30 days prior to the filing of such notice, provided the tax matters partner with a copy of the notice and thereafter in a timely manner provides such other information related thereto as the tax matters partner shall reasonably request.

(3)           The Managing Member shall be authorized to perform all duties imposed by Sections 6221 through 6233 of the Code on the Managing Member as “tax matters partner” of each Series, including, but not limited to, the following: (a) the power to conduct all audits and other administrative proceedings with respect to the each Series’ tax items; (b) the power to extend the statute of limitations for all Non-Managing Members with respect each Series’ tax items; and (c) the power to file a petition with an appropriate federal court for review of a final administrative adjustment for each Series.  This Section 8(b)(4) and each of the rights, obligations and terms set forth in such Section shall survive the dissolution of the Company and the termination of any Series.

(4)           If a Series is required to withhold United States taxes on income with respect to Interests held by the Non-Managing Members in a Series, the Managing Member may pay such tax out of its own funds and then be reimbursed out of the proceeds of any distribution or redemption with respect to such Interests.

(5)           The Managing Member shall keep at the principal office of the Company and each Series, as applicable, such books and records relating to the business of the Company and each Series as it deems necessary or advisable or as are required by the Commodity Exchange Act, as amended (the “CE Act”), and the rules and regulations thereunder.

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(6)           To the extent required by CFTC regulations, such books and records of a Series shall be available to the Non-Managing Member invested in such Series or its authorized attorneys or agents for inspection and copying during normal business hours of the Managing Member and, upon 10 days’ written notice, copies shall be sent to the Non-Managing Member upon payment by him of reasonable reproduction and distribution costs.  Any agreement entered into by a Non-Managing Member in connection with his purchase of Interests, shall be retained by the Managing Member for not less than the period prescribed by applicable law.

(7)           The Managing Member shall devote such time and resources to the Company’s and each Series’ business and affairs as it shall, in its sole discretion, deem necessary or advisable to effectively manage the Company and each Series.  The Managing Member may engage in other business activities and shall not be required to refrain from any other activity or disgorge any profits from any such activity, whether as managing member of additional partnerships formed for investment in futures interests or otherwise.  The Managing Member may engage and compensate, on behalf of the Company and each Series, such persons, firms, or corporations, including any affiliated person or entity, as the Managing Member in its sole judgment shall deem advisable for the conduct and operation of the business of the Company and each Series; provided, however, that, except as described herein or in a Series Designation, the Managing Member shall not engage any person, firm, or corporation which is an affiliate of the Managing Member to perform services for the Company or a Series without having made a good faith determination that (i) the affiliate which it proposes to engage to perform such services is qualified to do so (considering the prior experience of the affiliate or the individuals employed thereby) and (ii) the terms and conditions of the agreement pursuant to which such affiliate is to perform services for the Company and the Series are no less favorable to the Company and each Series than could be obtained from equally qualified unaffiliated third parties, or are otherwise determined by the Managing Member to be fair and reasonable to the Company and the Series and the Non-Managing Members.

(8)           The Managing Member may enter into agreements and contracts with third parties, terminate such agreements and institute, defend and settle litigation arising therefrom and give receipts, releases and discharges with respect to all of the foregoing any matters incidental thereto.

(9)           Except as otherwise provided for herein, the Managing Member may pay any and all reasonable fees and to make any and all reasonable expenditures to an affiliated entity which it, in its discretion, deems necessary or appropriate in connection with the administration of the Company and each Series.

(10)         The Managing Member may engage consultants, experts, professionals, accountants, administrator, auditors, attorneys, brokers, engineers, custodians, escrow agents, and any other third parties deemed necessary by the Managing Member, and terminate any such engagements.

(c)          Segregation by Series; Title to Assets.

(1)           Each Series may acquire assets and incur debts, liabilities, expenses or other obligations only to the extent that they are acquired by the Company with respect to a Series and not with respect to the Company generally.  In furtherance of the foregoing, the Managing Member may allocate and charge any assets, debts, liabilities, expenses or other obligations of the Company acquired or incurred by the Company and not readily associated with a particular Series to, between or among any one or more Series, in such manner and on such basis as the Managing Member in its reasonable discretion deems fair and equitable, in accordance with GAAP.

 (2)           Assets associated with a Series may be held directly or indirectly, including in the name of such Series, in the name of the Company, in the name of the Managing Member, through a nominee or otherwise, as the Managing Member may determine in its sole discretion.  The Managing Member hereby declares and warrants that any assets of a Series for which legal title is held in the name of the Managing Member will be held in trust by the Managing Member for the use and benefit of such Series in accordance with the terms and provisions of this Agreement and the applicable Series Designation.  All assets of a Series will be accounted for as the property of that Series in the books and records of the Company and that Series, irrespective of the name in which legal title to the assets of that Series is held.

9.           Audits; Reports to Non-Managing Members

(a)           Reports. The Managing Member shall use its best efforts to cause the Company and each Series to produce and make available such audits and periodic reports and disclosures relating to the business of the Company and each Series as it deems necessary or advisable or as are required by the CE Act, and the rules and regulations thereunder.

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(b)           Tax Information.  Within 90 days after the close of each Fiscal Year the Managing Member shall cause the Company to provide such tax information relating to each Series as is necessary for the completion of federal income tax returns.

10.         Transfer and Redemption of Interests

(a)          Transfer, Sale, Pledge and Assignment. A Non-Managing Member may not transfer, sell, pledge or assign his Interests to a substituted Non-Managing Member (each a “Substituted Non-Managing Member”) unless the Managing Member first consents to such transfer, sale, pledge or assignment in writing, which consent may be withheld in its sole discretion.  The Managing Member need not recognize any transfer, sale, pledge or assignment until the Managing Member has received at least 30 days’ prior written notice thereof from the Non-Managing Member, which notice shall set forth the address and social security or taxpayer identification number of the transferee or assignee and the value of Interests to be transferred or assigned, and which notice shall be signed by the Non-Managing Member (and his signature is guaranteed by a commercial bank with a correspondent in New York, New York or by a member of a registered national securities exchange) and executed by the purchaser, assignee, transferee, purchaser or pledgee.  Any transfer or assignment of Interests permitted by this Agreement and a Series Designation will be effective as of the first day of the month following the requisite notice period (unless such notice period is waived by the Managing Member in its sole discretion).

No transfer, pledge, sale or assignment shall be permitted unless the Managing Member is satisfied that (i) such transfer, sale, pledge or assignment will not be in violation of the Act or applicable federal, state, or foreign securities laws, and (ii) notwithstanding such transfer, sale, pledge or assignment, each Series shall continue to be classified as a company rather than as an association taxable as a corporation under the Code.  No transfer, sale, pledge or assignment shall be effective or recognized by the Company if such transfer, sale, pledge or assignment would result in the termination of the Series for federal income tax purposes, and any attempted transfer, sale, pledge or assignment in violation hereof shall be ineffective to transfer, sale, pledge or assign any such Interests. Any transferee, pledge, purchaser or assignee of Interests who has not been admitted to a Series as a Substituted Non-Managing Member shall not have any of the rights of a Non-Managing Member, except that such person shall receive that share of capital and profits and shall have the right of redemption to which his transferor, seller, pledgor or assignor would otherwise have been entitled and shall remain subject to the other terms of this Agreement binding upon Non-Managing Members.  No Non-Managing Member shall have any right to approve of any person becoming a Substituted Non-Managing Member.  The Non-Managing Member shall bear all costs (including any attorneys’ and accountants’ fees) related to such transfer, sale, pledge or assignment of his Interests.

In the event that the Managing Member consents to the admission of a Substituted Non-Managing Member to a Series pursuant to this Section 10(a), the Managing Member is hereby authorized to take such actions as may be necessary to reflect such substitution of a Non-Managing Member.  Each Substituted Non-Managing Member shall execute and acknowledge such instruments, in a form and substance satisfactory to the Managing Member, as the Managing Member deems necessary or desirable to effectuate such admission and to confirm the agreement of the Substituted Non-Managing Member to be bound by all terms and provisions of this Agreement and the applicable Series Designation.  Further, each Substituted Non-Managing Member agrees upon the request of the Managing Member, to execute such certificates or other documents and perform such acts as the Managing Member deems appropriate to preserve the limited liability status of the Company and each Series after the completion of any assignment, transfer, sale or pledge of the Interests.

Each Substituted Non-Managing Member, as a condition of admission, hereby indemnifies the Managing Member, the Company and the applicable Series against any loss, damage, cost or expense (including without limitation, tax liabilities or loss of tax benefits) arising directly or indirectly as a result of his/its admission as a Substituted Non-Managing Member.

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(b)          Redemption. Except as set forth below and in accordance with the terms hereof or a Series Designation, a Non-Managing Member (or any Substituted Non-Managing Member) may withdraw all or part of his unredeemed capital contribution and undistributed profits with respect to his Series, if any, reduced as hereinafter described (any such withdrawal being herein referred to as a “Redemption”).  A Non-Managing Member shall maintain the minimum investment in the Series as shall be determined by the Managing Member in its sole discretion.  Redemption of all or some of a Non-Managing Member’s Capital Account shall be effective as of the last Business Day of the month subsequent to the timely receipt by the Managing Member of a Request for Redemption, in proper form (unless any or all of such requirements are waived in the sole discretion of the Managing Member) (each a “Redemption Date”); provided that all liabilities, contingent or otherwise, of the Company (except any liability to Members on account of their capital contributions) shall have been paid, or there shall remain property of the Series sufficient to pay them.  As used herein, “Request for Redemption” shall mean a letter in the form specified by the Managing Member.  The Managing Member may consent to Redemptions by a Non-Managing Member in any amount at any time.

Upon Redemption, a Non-Managing Member (or a Substituted Non-Managing Member) shall receive the value of its Capital Account that is requested for withdrawal.  If a Redemption is requested by an assignee, all amounts owed to the Company or the Series under Section 14(d) by the Member to whom such Interests were sold, as well as all amounts owed by all assignees of such Interests, shall be deducted from the amount otherwise due upon Redemption.  The Managing Member shall endeavor to pay Redemptions within 10 Business Days after the Redemption Date; provided, however, if the Managing Member believes that extraordinary circumstances exist, including, but not limited to, the Series’ inability to liquidate any positions as of a Redemption Date, or a default or delay in payments due to the Series by one or more of the Trading Companies, or other significant administrative or other hardships exist (collectively, “Hardships”), the Company may in turn delay payment to Members requesting Redemption of the proportionate part of the value of redeemed Interests represented by the illiquid sum or sums which are the subject of such Hardships, in which event payment for Redemptions will be made to the Members as soon as practicable following the resolution of such Hardships.  The Managing Member may, in its absolute discretion, waive any restrictions or charges applicable to Redemptions.

The Managing Member may suspend Redemptions of Interests of any Class or Series in any Fiscal Year in which the Managing Member determines that (i) such suspension is necessary in order to assure that the Company and each Series will not be treated as “publicly traded” under Internal Revenue Code of 1986, as amended, §7704, and (ii) treatment as “publicly traded” would be adverse to the Non-Managing Members.  The Managing Member’s good faith determinations pursuant to the preceding sentence shall be final and conclusive as to all Non-Managing Members.  In addition, the Managing Member may suspend Redemptions of Interests of any Class or Series for the whole or part of any Fiscal Year if the Managing Member determines that (i) the effect of Redemptions, including Redemptions for which Redemption Requests have been received, would materially impair the Series’ ability to operate in pursuit of its objectives; (ii) the remaining Non-Managing Members would be unfairly and materially disadvantaged; or (iii) Redemptions may result in significant participation in the Company by benefit plan investors; or (iv) as otherwise described in a Series Designation.

The Managing Member may, at any time, require any Non-Managing Member to redeem all or a portion of such Non-Managing Member’s Interests by giving not less than 5 days’ written notice to the Non-Managing Member or without notice in the case of certain events under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

11.         Special Power of Attorney

Each Non-Managing Member of a Series, by the execution of this Agreement, does irrevocably constitute and appoint the Managing Member, with full power of substitution, as his true and lawful attorney-in-fact, in his name, place, and stead (a) to execute, acknowledge, swear to, deliver, file, and record on his behalf in the appropriate public offices and publish: (i) this Agreement, the Series Designation and the Certificate of Formation and amendments thereto; (ii) all instruments that the Managing Member deems necessary or appropriate to reflect any amendment, change, or modification of this Agreement, the Series Designation or the Certificate of Formation made in accordance with terms of this Agreement; (iii) certificates of assumed name; and (iv) all instruments that the Managing Member deems necessary or appropriate to qualify the Company and each Series to do business as a foreign limited liability company in other jurisdictions, and (b) to admit a Substitute Non-Managing Member for a Series and, to the extent that it is necessary under the laws of any jurisdiction, to execute, deliver, and file amended certificates or agreements of limited liability company or other instruments to reflect such admission.  The Power of Attorney granted herein shall be irrevocable and deemed to be a power coupled with an interest and shall survive the incapacity, death, dissolution, liquidation, or termination of a Non-Managing Member.  Each Non-Managing Member hereby agrees to be bound by any representation made by the Managing Member and by any successor thereto acting in good faith pursuant to such Power of Attorney.  In the event of any conflict between this Agreement and any instrument filed by an attorney-in-fact pursuant to the Power of Attorney granted in this Section 11, this Agreement shall control.

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12.         Withdrawal of Members

The Company and each Series shall terminate and be dissolved upon the withdrawal, insolvency, bankruptcy, dissolution or liquidation of the Managing Member (unless a new managing member is elected by a vote of a Majority of Interests in the Company, and such new managing member shall have elected to continue the business of the Company and the Series).  The Managing Member shall not withdraw or assign all of its Managing Member Interests at any time without giving the Non-Managing Members 30 days’ prior written notice of its intention to withdraw or assign, and, if the Non-Managing Members thereupon elect a new managing member or partners which elect to continue the business of the Company and the Series, the withdrawing Managing Member shall pay all reasonable expenses incurred by the Company and each Series in connection with such withdrawal.  The Managing Member shall be paid in accordance with Section 10(b) with respect to its Managing Member Interests in the Company as of the date of such withdrawal.

The death, incompetency, insolvency, bankruptcy, liquidation, or dissolution of a Non-Managing Member shall not terminate its Series, and such Non-Managing Member, his estate, custodian, or personal representative shall have no right to withdraw such Non-Managing Member’s Interest in its Series except as provided in Section 10.  Each Non-Managing Member (and any assignee of such Member’s Interest) expressly agrees that in the event of his death, he waives on behalf of himself and his estate (and he directs the legal representative of his estate and any person interested therein to waive) the furnishing of any inventory, accounting, or appraisal of the assets of its Series and any right to an audit or examination of the books of its Series.

13.         No Personal Liability for Return of Capital

Subject to Section 14, neither the Managing Member nor any “affiliate” (as defined in Section 14(c)) shall be personally liable for the return or repayment of all or any portion of the capital or profits of any Member (or assignee) with respect to its Series, it being expressly agreed that any such return of capital or profits made pursuant to this Agreement or a Series Designation shall be made solely from the assets (which shall not include any right of contribution from the Managing Member) of such Series.

14.         Standard of Liability; Indemnification

(a)          Standard of Liability. Neither the Managing Member, nor its principals, shareholders, officers, directors, employees, representatives, agents or affiliates (as defined in Section 14(c)) shall be liable, responsible or accountable in damages or otherwise to the Company or a Series or any of the Non-Managing Members, their respective successors, assignees or transferees or to their third parties for any act or omission performed or omitted by them on behalf of the Company or a Series and in a manner reasonably believed by them to be within the scope of the authority granted to them by this Agreement or a Series Designation except when such action or failure to act constitutes gross negligence, willful misconduct, bad faith or reckless disregard.  Moreover, neither the Managing Member, nor its officers, directors, employees, shareholders, principals or affiliates, shall have any liability to the Company or a Series for any losses suffered by it due to the action or inaction of any agent retained by the Company or a Series, whether through negligence, dishonesty or otherwise, provided that the agent was selected with reasonable care.  The Managing Member may consult with counsel and accountants in respect of the Company’s or a Series’ affairs and be fully protected and justified in any action or inaction which is taken in good faith and in accordance with the information, reports, statements, advice or opinion provided by such persons, provided that they were selected with reasonable care and the matter consulted is reasonably believed by the Managing Member to be within such persons’ professional or expert competence.  Notwithstanding any of the foregoing to the contrary, the provisions of this Section 14 shall not be construed so as to relieve (or attempt to relieve) the Managing Member of any liability to the extent (but only to the extent) that such liability may not be waived, modified or limited under applicable law, but shall be construed so as to effectuate the provisions of this Section 14 to the fullest extent permitted by law.

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(b)          Indemnification by each Series. Each Series shall indemnify, defend, and hold harmless the Managing Member, its principals, shareholders, officers, directors, employees, representatives, agents or affiliates (as defined in Section 14(c)) from and against any loss, liability, damage, cost, or expense (including attorneys’ and accountants’ fees and expenses incurred in defense of any demands, claims, or lawsuits) actually and reasonably incurred arising from any act or omission performed or omitted by them on behalf of the Company or such Series, including, without limitation, any demands, claims, or lawsuits initiated by a Non-Managing Member (or assignee thereof); provided that the act or omission performed or omitted that was the basis of such loss, liability, damage, cost, or expense was not the result of gross negligence, willful misconduct, bad faith or reckless disregard.  Furthermore, in any action or proceeding brought by a Non-Managing Member in the right of the Company or a Series to which the Managing Member or any affiliate is a party defendant, any such person shall be indemnified only to the extent and subject to the conditions specified in the Act and this Section 14(b).  Each Series shall make advances to the Managing Member or its affiliates hereunder only if: (1) the demand, claim, lawsuit, or legal action relates to the performance of duties or services by such persons to the Company or such Series; (2) such demand, claim, lawsuit, or legal action is not initiated by a Non-Managing Member; and (3) such advances are repaid, with interest at the legal rate under Delaware law, if the person receiving such advance is ultimately found not to be entitled to indemnification hereunder.

Nothing contained in this Section 14(b) shall increase the liability of any Non-Managing Member to its Series beyond the amount of his capital and profits, if any, in such Series, including amounts received on distributions and Redemptions, together with interest thereon.  The Managing Member may allocate and charge any liabilities, expenses or other obligations of the Company acquired or incurred by the Company with respect to this Section 14(b) and not readily associated with a particular Series to, between or among any one or more Series, in such manner and on such basis as the Managing Member in its reasonable discretion deems fair and equitable.  All rights to indemnification and payment of legal fees and expenses shall not be affected by the dissolution of the Company or termination a Series or the withdrawal, insolvency, or dissolution of the Managing Member.

The Company and each Series shall not incur the cost of that portion of liability insurance which insures the Managing Member and its affiliates for any liability as to which the Managing Member and its affiliates are prohibited from being indemnified.

(c)          Affiliate. As used in this Agreement, the term “affiliate” of a person shall mean: (i) any natural person, partnership, corporation, association, or other legal entity directly or indirectly owning, controlling, or holding with power to vote 10% or more of the outstanding voting securities of such person; (ii) any partnership, corporation, association, or other legal entity 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote by such person; (iii) any natural person, partnership, corporation, association, or other legal entity directly or indirectly controlling, controlled by, or under common control with such person; (iv) any officer, director or partner of such person or (v) if such person is an officer, director or partner, any partnership, corporation, association, or other legal entity for which such person acts in any such capacity. Notwithstanding the foregoing, “affiliates” for purposes of this Section 14(c) shall include only those persons performing services for the Company or a Series.

(d)          Indemnification by Members. In the event that the Company or a Series is made a party to any claim, dispute, or litigation or otherwise incurs any loss or expense as a result of, or in connection with, any Member’s (or assignee’s) obligations or liabilities unrelated to the Company’s business, such Member (or assignees cumulatively) shall indemnify, defend, hold harmless and reimburse the Company for such loss, liability, damage, cost and expense to which the Company shall become subject (including attorneys’ and accountants’ fees and expenses).

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15.         Benefit Plan Investors

(a)          Investment in Accordance with Law. Each Non-Managing Member that is, or is investing assets on behalf of, an “employee benefit plan,” as defined in and subject to ERISA, or a “plan,” as defined in and subject to Section 4975 of the Code (each such employee benefit plan and plan, a “Plan”), and each fiduciary thereof who has caused the Plan to become a Non-Managing Member (a “Plan Fiduciary”), represents and warrants that: (a) the Plan Fiduciary has considered an investment in the Series for such Plan in light of the risks relating thereto; (b) the Plan Fiduciary has determined that, in view of such considerations, the investment in the Series for such Plan is consistent with the Plan Fiduciary’s responsibilities under ERISA; (c) the investment in the Series by the Plan does not violate and is not otherwise inconsistent with the terms of any legal document constituting the Plan or any trust agreement thereunder; (d) the Plan’s investment in the Series has been duly authorized and approved by all necessary parties; (e) none of the Managing Member, any affiliates of the Managing Member, any commodity trading advisor to the Series, any employee or any affiliate of the Managing Member that sells Interests, any additional placement agent, any person, firm or corporation engaged by the Managing Member to provide services to the Company or the Series, any of their respective affiliates or any of their respective agents or employees: (i) has investment discretion with respect to the investment of assets of the Plan used to purchase Interests; (ii) has authority or responsibility to or regularly gives investment advice with respect to the assets of the Plan used to purchase Interests for a fee and pursuant to an agreement or understanding that such advice will serve as a primary basis for investment decisions with respect to the Plan and that such advice will be based on the particular investment needs of the Plan; or (iii) is an employer maintaining or contributing to the Plan; (f) the Plan Fiduciary (i) is authorized to make, and is responsible for, the decision for the Plan to invest in the Series, including the determination that such investment is consistent with the requirement imposed by Section 404 of ERISA, including that Plan investments be diversified so as to minimize the risks of large losses; (ii) is independent of the Managing Member, any affiliates of the Managing Member, each commodity trading advisor to the Series, any employee or any affiliate of the Managing Member that sells Interests, any additional placement agent, any person, firm or corporation engaged by the Managing Member to provide services to the Company and the Series, each selling agent and each of their respective affiliates; and (iii) is qualified to make such investment decision; and (g) the Plan’s investment in the Series does not constitute a prohibited transaction or fiduciary breach under ERISA or the Code.

(b)          Disclosures and Restrictions Regarding Benefit Plan Investors. Each Non-Managing Member that is a “benefit plan investor” (defined as any Plan, any other employee benefit plan or plan as defined in but not subject to either ERISA or Section 4975 of the Code and any entity deemed for any purpose of ERISA or Section 4975 of the Code to hold assets of any employee benefit plan or plan) represents that the individual signing the Series Agreement has disclosed such Non-Managing Member’s status as a benefit plan investor in writing to the Managing Member.  Each Non-Managing Member that is not a “benefit plan investor” represents and agrees that if at a later date such Non-Managing Member becomes a benefit plan investor, such Non-Managing Member will immediately notify the Managing Member of such change of status.  Notwithstanding anything herein to the contrary, the Managing Member, on behalf of the Company and each Series, may take any and all action to prevent the Company from holding “plan assets” under ERISA or the Code with respect to any Plan, including, but not limited to, if appropriate under the circumstances as determined by the Managing Member in its sole discretion, refusing to admit persons as Non-Managing Members or refusing to accept additional capital contributions or refusing to permit Redemptions of Interests, and requiring the Redemption of Interests of any Non-Managing Member in accordance with Section 10(b) hereof, as may be necessary or desirable to assure that at all times the aggregate of all Capital Accounts of all benefit plan investors do not amount to or exceed 25% of the total Capital Accounts of all Non-Managing Members (not including the investments of the Managing Member, any commodity trading advisor to the Series, any person who provides investment advice for a fee (direct or indirect) with respect to the Series and “affiliates,” as such term is defined in the applicable regulation promulgated under ERISA, of any such person).

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16.         Amendments

(a)          Managing Member’s Authority to Amend. The Managing Member may make any amendment to this Agreement or a Series Designation that is not materially adverse to the Non-Managing Members, without the consent of the affected Non-Managing Members, including but not limited to the following: (i) change the name of the Company or a Series or cause the Company or a Series to transact business under another name; (ii) clarify any inaccuracy or any ambiguity, or reconcile any inconsistent provisions herein, (iii) effect the intent of the allocations proposed herein to the maximum extent possible in the event of a change in the Code or the interpretations thereof affecting such allocations; (iv) attempt to ensure that a Series is not taxed as an association taxable as a corporation for federal income tax purposes; (v) qualify or maintain the qualification of the Company as a series limited liability company in any jurisdiction; (vi) delete or add any provision of or to this Agreement or a Series Designation required to be deleted or added by the staff of the CFTC, any other federal agency, any state “Blue Sky” official, or other governmental official, or in order to opt to be governed by any amendment or successor to the Act, or to comply with applicable law; (vii) make any modification to this Agreement or a Series Designation to reflect the admission of additional or substitute managing members; (viii) make any amendment that is appropriate or necessary, in the opinion of the Managing Member, to prevent the Company or a Series or the Managing Member or its directors, officers or controlling persons from in any manner being subject to the provisions of the Investment Company Act of 1940 (the “1940 Act”), or the Investment Advisers Act of 1940, as amended (the “Advisers Act”); (ix) take such actions as may be necessary or appropriate to avoid the assets of the Company or a Series being treated for any purpose of ERISA or Section 4975 of the Code as assets of any “employee benefit plan” as defined in and subject to ERISA or of any plan as defined in and subject to Section 4975 of the Code (or any corresponding provisions of succeeding law) or to avoid the Company’s or the Series’ engaging in a prohibited transaction as defined in Section 406 of ERISA or Section 4975(c) of the Code; and (x) make any amendment that is appropriate or necessary, in the opinion of the Managing Member, to qualify the Company or a Series under the 1940 Act, and any persons under the 1940 Act and the Advisers Act, if the Managing Member reasonably believes that doing so is necessary.  Any such supplemental or amendatory agreement of the Company or a Series shall be adhered to and have the same force and effect from and after its effective date as if the same had originally been embodied in, and formed a part of this Agreement or a Series Designation; provided, however, that no such supplemental or amendatory agreement shall, without the consent of all Non-Managing Members affected thereby, change or alter the provisions of this Agreement or a Series Designation, reduce the Capital Account of any Non-Managing Member, or modify the allocation of profits, losses or distributions to which any Non-Managing Member is entitled with respect to its Series.

(b)          Non-Managing Member Voting. Except as otherwise specifically set forth in this Agreement, the Non-Managing Members shall have only the voting rights set forth in the Act.  A meeting of the Non-Managing Members for the purpose of acting upon any matter upon which the Non-Managing Members are entitled to vote may be called at any time by Non-Managing Members owning a Majority of Interests in the Company or in a Series, as applicable, or by the Managing Member.  The Non-Managing Members or the Managing Member shall give written notice of any such meeting to all Non-Managing Members and the Managing Member and such meeting shall be held not less than 10 days and not more than 60 days after the notice to the Non-Managing Members and the Managing Member is provided.  Any action required or permitted to be taken by the Non-Managing Members may be taken with or without a meeting, or by written consent of the Non-Managing Members.  Non-Managing Members shall not have a vote with respect to any Series other than the Series in which they have invested.

17.         Governing Law

The validity and construction of this Agreement and each Series Designation shall be governed by, and construed in accordance with, the law of the State of Delaware, including, specifically, the Act (without regard to its choice of law principles).  If any action or proceeding shall be brought by a party to this Agreement or a Series Designation or to enforce any right or remedy under this Agreement or a Series Designation, each party hereto hereby consents and will submit to the jurisdiction of the courts of the State of Illinois or any federal court sitting in the State of Illinois.  Any action or proceeding brought by any party to this Agreement or a Series Designation to enforce any right, assert any claim or obtain any relief whatsoever in connection with this Agreement or a Series Designation shall be brought by such party exclusively in the courts of the State of Illinois or any federal court sitting in the State of Illinois.

18.         Miscellaneous

(a)          Representations, Warranties, Covenants and Understandings of the Members. Any representations, warranties, covenants and understanding of a Non-Managing Member made with respect to such Non-Managing Member’s admission to the Company with respect to a Series or the making of any additional capital contribution are incorporated herein by reference and made a part hereof as if originally contained herein.

(b)          Notices. All notices and requests to the Managing Member under this Agreement or a Series Designation (other than Subscriptions, Requests for Redemption and notices of assignment or transfer of Interests) shall be in writing and shall be effective upon personal delivery or, if sent by registered or certified mail, postage prepaid, addressed to the Managing Member at 222 South Riverside Plaza, Suite 900, Chicago, Illinois 60606 (or such other address as the Managing Member shall have notified the Non-Managing Members), upon the deposit of such notice in the United States mail.  Requests for Redemption and notices of assignment, sale, pledge or transfer of Interests shall be effective upon timely receipt by the Managing Member.  Except as otherwise provided herein, all reports and notices hereunder shall be in writing and shall be sent by first-class mail to the last known address of the Non-Managing Member or other form of writing (including electronic mail) as agreed to or accepted by the Non-Managing Member.

14

(c)          Binding Effect. This Agreement and each Series Designation shall inure to the benefit of, and be binding upon, all applicable of the parties, their successors, assigns as permitted herein, custodians, estates, heirs, and personal representatives.  For purposes of determining the rights of any Member or assignee hereunder and thereunder, the Company (and each Series) and the Managing Member may rely upon the Series’ records as to who are Members and assignees, and all Members and assignees agree that their rights shall be determined and that they shall be bound thereby, including all rights which they may have under Section 16.

(d)          Entire Agreement. This Agreement and each Series Designation, plus any other agreement which may be required to be signed by the Managing Member prior to the date hereof shall constitute the entire agreement among the Members with respect to the subject matter hereof and thereof, and shall supersede any prior agreement or understanding, oral or written, relating to the Company and each Series.

(e)          Severability. In the event that any provision of this Agreement or a Series Designation shall be declared invalid or unenforceable, such invalidity or unenforceability shall not affect the validity or enforceability of the other provisions of this Agreement or such Series Designation, it being hereby agreed that such provisions are severable and that this Agreement and the Series Designation shall be construed in all respects as if such invalid or unenforceable provision were omitted.

(f)          No Third Party Beneficiaries. This Agreement and each Series Designation are not intended and shall not convey any rights to persons not party to this Agreement or such Series Designation, as the case may be.

(g)          Counterparts. This Agreement and each Series Designation may be executed in several counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument.

(h)          Creditors. None of the provisions of this Agreement or any Series Designation shall be for the benefit of or enforceable by any creditors of the Company or such Series.

(i)           Captions. Captions in no way define, limit, extend, or describe the scope of this Agreement or each Series Designation nor the effect of any of their provisions.

(Signature page follows)

15

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

MANAGING MEMBER:

R.J. O’BRIEN FUND MANAGEMENT, LLC

/s/ Julie M. DeMatteo

Name:  Julie M. DeMatteo

Title:    Managing Director

NON-MANAGING MEMBER:

With respect to a Series, each person who shall execute a Series Designation in accordance with the terms of this Agreement and who is listed by the Managing Member as a Non-Managing Member of the Series on the Series Designation.

EX-13.01

Exhibit 13.01

Message from the Managing Owner

Dear Unitholder:

The RJO Global Trust Class A units posted a loss of (7.38%) and Class B units posted a loss of (5.52%) for 2013.  The NAV  per unit for Class A at year-end was $71.25 and for Class B at year end was $78.74 (please see Note (1) and Note (9) in the notes to financial statements for more information with respect to the calculation of net asset value) compared to $76.92 per Class A unit at the beginning of the year and $83.34 per unit for Class B. During 2013 no Class A or Class B units were purchased and $10,854 worth of Class A units were converted to Class B units.

Several reports out in January 2013 noted that market participation by governments and central banks around the world reached unprecedented levels over the last few years.  This participation has suppressed market volatility and put off an ultimate response to ballooning global debt problems.  The U.S. Congress and President have pushed back budget discussions until late spring 2014.  The stock market did not experience negative effects as a result.  The S&P 500 jumped out to a 5% gain in January.  Interest rates, on the other hand, have not reacted favorably to the recent developments.  While the interest rate on the 10-year U.S. Treasury has crept back into the 2% range after spending much of last year between 1.5% and 1.8%, it is still low by historical standards.  Crude oil is creeping back towards $100 per barrel and other commodities appear to be well bid for.  In February, the S&P 500 continued its climb and tested the all-time highs established back in October 2007 by adding a 1.4% profit to its 5% gain in January.  Sell offs in crude oil and gold led the commodity sector lower.  The Dow Jones UBS Commodity Index was down over 4% in February, pushing it into negative territory for the year. Yield on the 10-Year U.S. Treasury found support at the 2% level and drifted back to 1.85%.  In part, the commodity sell off and bounce in the treasury market was in response to the U.S. government sequester that took place at month end February and was signed into law on March 1. The automatic spending cuts are expected to dampen economic activity and temporarily put off inflation concerns.  Governments around the world continue to participate in the markets, postponing more lasting solutions to the global economic challenges.  The ultimate market response to this unprecedented government participation is expected to be significant and could offer some investment opportunities in the managed futures sector.  In March, the S&P 500 posted new all-time highs, rising 3.75% and finishing the quarter up nearly 11% for year-to-date.  The 10-year U.S. Treasury returned 0.26%.  The commodity sector, as reflected by the Dow Jones UBS Commodity Index, rose 0.67% during March but remained in negative territory for the year, down 1.13%.  Governments and central banks around the world remain engaged and very active in their respective economies as they try to manage a fragile global economic recovery. The strengthening U.S. dollar and the rising U.S. stock market appear to be the result of bleak situations in the European economies rather than outright strength of the U.S. economy.

The stock market set new all time highs during the month of April.  The S&P finished April up almost 13% for the year.  Near record low yields persist in German, French, Japanese, and U.S. sovereign debt markets.  Central banks around the world remain committed to a low to near zero interest rate environment in an attempt to provide fuel to weak global economic recoveries.  The Dow Jones UBS Commodity Index continued its slide during April and was down approximately 4% for the year to date.  With no signs of inflation and stagnant global demand for most commodities, markets just cannot seem to sustain any upside momentum.  The stock market posted new all time highs again during the month of May.  The S&P 500 Total Return Index gained another 2.3% and is up just over 15% for the year.  A stronger U.S. dollar and a perception of tepid global economic growth kept pressure on the Dow Jones UBS Commodity Index.  The Index lost over 2% during the month and was now down over 6% for the year to date.  While central banks around the world remain committed to a near zero interest rate environment in an attempt to provide fuel to weak global economic recoveries, longer term rates crept higher during the month.  The yield on the U.S.10-year Treasury closed the month at 2.16%, a new high for the year.  The perception that the central banks are going to remain committed to an “easy” monetary environment while governments put off dealing with mounting debts and budget issues might just be starting concerns on the part of bond holders.  During June, the Federal Reserve Bank announced its plan to gradually begin reducing the amount of U.S. Treasury notes and bonds it has been purchasing on a monthly basis.  This caused interest rates to rise to their highest levels in over a year.  The yield on the 10-year note rose rapidly from 2% to just over 2.5%.  While rates continue to be low by historical standards, the change of stance by the Fed did serve to dampen investors’ enthusiasm for stocks, bonds, and commodities during June.  The S&P 500 Total Return Index lost just over 1.4% during June, its first losing month since October of last year.  The Index managed to remain positive for the 2nd quarter and has gained almost 14% for the year to date.  A stronger U.S. dollar didn’t provide any help for the Dow Jones UBS Commodity Index.  The Index lost 4.72% during the month and commodities are now down over 10% for the year to date.  In the commodity sector, crude oil and natural gas have held steady while the metals markets have faced the most selling pressure.

40

Stocks rebounded strongly in July with the S&P 500 rising almost 5% to finish the month at a new all-time high, showing a gain of 18.20% for the year.  After a significant percentage jump in June, interest rates stabilized in July.  The 10-Year U.S. Treasury note traded in a narrow range during the month averaging 2.6%.  The markets seemed to acknowledge that the U.S. economy is growing steadily without much inflationary pressure.  Still, investors are watching the Fed very closely for any hint of a pullback from its 4-year endeavor to support the economy with easy monetary policy.  A new variable for Fed watchers was the replacement for Fed Chairman Bernanke.  The U.S. dollar remained strong against the Japanese Yen, Aussie Dollar and Canadian Dollar but slid a bit during the month against the Euro.  The Dow Jones UBS Commodity Index gained slightly during the month but remained down almost 10% for the year to date.  Stocks lost ground in August for the second time in the last three months.  Concern over military action in Syria and inconsistent economic reports seemed to have given the market a reason for pause.  The S&P was still up approximately 16% for the year to date.  U.S. Treasury yields inched higher over the course of the month.  The total return on the U.S. 10-year note was -5.39% for the year to date.  The U.S. dollar remained strong against the Japanese Yen, Australian Dollar and Canadian Dollar but remained on the weaker side versus the Euro, Pound, and the Swiss Franc.  The Dow Jones UBS Commodity Index gained just over 3% for the month on the back of stronger energy and precious metals markets, but remained down over 6% for the year to date.  Stocks regained lost ground, posted a new all-time high mid-month, then settled back a bit at month end to finish September with a 3% gain.  That puts the S&P 500 Total Return index up approximately 20% for the year to date.  Stock and bond markets were both pleased when the Federal Reserve signaled that it would not begin to taper its purchasing of treasuries in the near future.  The Fed’s decision was based on continued weakness in certain areas of the economy and concern for the lack of momentum of the nation’s overall economic recovery.  Commodities trended lower reflecting adequate supplies in agriculture markets and the lessening of tensions surrounding Egypt and Syria in the Middle East which had supported higher oil prices recently.  As a result, the Dow Jones UBS Commodity Index lost 2.55% during the month and had lost almost 9% for the year to date.  After a brief rise in August, the U.S. dollar resumed a weakening trend in September.  The U.S. Dollar Index had lost 5.6% from its recent peak in early July.

During the first half of October, the focus remained on the debt ceiling discussion in Washington. As the U.S. government shutdown became reality resulting in a lack of economic data availability uncertainty remained high creating a choppy market environment.  By mid-month, however, anxiety of a potential default of government debt payments were replaced by relief following president Barack Obama’s signing of a temporary extension until February 2014.  As a result of the extension, global equity markets surged higher with emerging market equities leading the way.  Fixed income markets also gained on the back of the decision as well as a result of soft U.S. employment data that was taken as a sign that the Fed will not start tapering any time soon.  In currency markets, the Euro strengthened against the U.S. dollar extending its bullish trend from September.  In the commodity sector, sugar futures were the big gainers on the month, reversing sharply from the long-term bearish trend that had prevailed since mid-2011.  Throughout November, mixed economic news kept markets guessing whether the U.S. recovery was a) strong enough for traders to not worry about any tapering, b) strong enough for the Fed to start tapering but too weak for traders not to worry about that, or c) too weak for the Fed to start tapering and, thus, markets enjoying more QE.  Eventually, equity markets continued their steady grind higher amid better - than-expected economic news and the quasi-confirmation of Fed vice-chair Janet Yellen as Ben Bernanke’s successor as Fed chair, which points towards a continuation of the Fed’s loose monetary policy.  In fixed income, however, bond yields ticked up somewhat. In currencies, Yen weakness persisted as carry traders continued to sell the low-yielding Japanese currency in order to fund purchases of higher-yielding assets.  In commodities, gold declined significantly, hit hard by a strengthening U.S. dollar and strong economic data.  The beginning of December was marked by high uncertainty as investors turned increasingly worried for the start of Federal Reserve tapering ahead of their policy meeting.  However, these fears were replaced by euphoria by mid-month as the Fed announced only a slight reduction of monthly asset purchases hinting that its key interest rate would stay near zero “well past the time” that that the U.S. jobless rate falls below 6.5%.  As a result, equity markets rallied broadly in the latter part of the month building on the gains seen in September, October, and November.  Energy and base metal prices also pushed higher. The fixed income sector showed a measured response to the Fed announcement while in FX markets the Japanese Yen continued to slide hitting a 5-year low against the U.S. dollar.  In precious metals, the price of gold edged lower recording its biggest yearly loss in 32 years.

We thank you for your continued support.

Past performance is not indicative of future results.

/s/ James Gabriele

James Gabriele

Chief Financial Officer

R.J. O’Brien Fund Management, LLC

   Managing Owner RJO Global Trust

41

RJO GLOBAL TRUST

Table of Contents

Report of Independent Registered Public Accounting Firm – CF & Co., L.L.P.	43
Financial Statements:
Consolidated Statements of Financial Condition as of December 31, 2013 and 2012	44
Condensed Consolidated Schedules of Investments as of December 31, 2013 and 2012	45
Consolidated Statements of Operations, for the years ended December 31, 2013, 2012 and 2011	46
Consolidated Statement of Changes in Unitholders’ Capital, for the years ended December 31, 2013, 2012 and2011	47
Notes to Consolidated Financial Statements	48

42

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Managing Owner and Beneficial Owners of RJO Global Trust and Subsidiary:

We have audited the accompanying consolidated statements of financial condition, including the condensed consolidated schedules of investments, of RJO Global Trust and Subsidiary (the “Trust”) as of December 31, 2013 and 2012 and the related consolidated statements of operations and changes in unitholders’ capital for each of the three years in the period ended December 31, 2013.  These financial statements are the responsibility of the Trust’s management.  Our responsibility is to express an opinion on these financial statements based on our audits.

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

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of RJO Global Trust and Subsidiary as of December 31, 2013 and 2012 and the results of their operations and changes in unitholders’ capital, for each of the three years in the period ended December 31, 2013, in conformity with U.S. generally accepted accounting principles.

/S/ CF & Co., L.L.P.

CF & Co., L.L.P.

Dallas, Texas

March 31, 2014

43

RJO GLOBAL TRUST AND SUBSIDIARY

Consolidated Statements of Financial Condition

	December 31,		December 31,
	2013		2012
Assets
Assets:
Equity in commodity Trading accounts:
Cash on deposit with broker	$	11,311,474	$	2,216,652
Unrealized gain on open contracts		762,636		260,744
Purchased options on futures contracts (premiums paid $0 and $753,417, respectively)		-		728,440
Total due from broker		12,074,110		3,205,836
Cash and cash equivalents on deposit with affiliate		1,301,182		8,659,507
Cash on deposit with bank		3,230		696,111
Fixed income securities (cost $1,501,697 and $11,005,602, respectively), held by affiliate		1,465,195		11,003,681
Interest receivable		9,704		9,207
Cash on deposit with bank - Non-Trading		1,278,723		1,364,487
Prepaid expenses - Non-Trading		-		76,392
Total Assets		16,132,144	$	25,015,221
Liabilities and Unitholders' Capital
Liabilities:
Equity in commodity Trading accounts:
Options written on futures contracts (premiums received $0 and $978,634, respectively)	$	-	$	884,242
Accrued commissions		25,241		54,558
Accrued management fees		30,223		37,239
Accrued incentive fees		118,791		-
Accrued operating expenses		139,655		209,592
Accrued offering expenses		15,033		-
Redemptions payable - Trading		557,636		565,316
Accrued legal fees - Non-Trading		79,883		2,364
Accrued management fees to U.S. Bank - Non-Trading		7,595		10,418
Distribution payable - Non-Trading		1,034		1,034
Total liabilities		975,091		1,764,763
Unitholders' capital:
Unitholders' capital (Trading):
Beneficial owners
190,458 and 274,403 units outstanding at December 31, 2013 and December 31, 2012, respectively)		13,569,363		21,106,894
4,564 and 8,103 units outstanding at December 31, 2013 and December 31, 2012, respectively)		359,349		675,323
Managing owner (535 Class A units outstanding at
December 31, 2013 and December 31, 2012, respectively)		38,117		41,153
Unitholders' capital (LLC equity/Non-Trading):
Participating owners (171,234 and 237,663 units outstanding at December 31, 2013 and December 31, 2012, respectively)		89,652		149,728
Nonparticipating owners (2,102,054 and 2,035,625 units outstanding at December 31, 2013 and December 31, 2012, respectively)		1,100,572		1,277,360
Total unitholders' capital		15,157,053		23,250,458
Total Liabilities and Unitholders' Capital	$	16,132,144	$	25,015,221
Net asset value per unit:
Trading:
Class A		71.25	$	76.92
Class B		78.74	$	83.34
LLC equity/Non-Trading	$	0.52	$	0.63

See accompanying notes to consolidated financial statements.

44

RJO GLOBAL TRUST AND SUBSIDIARY

Condensed Consolidated Schedules of Investments

	December 31, 2013					December 31, 2012
	Percentage of					Percentage of
	Net Assets		Fair value			Net Assets			Fair value
Long Positions
Fixed Income Securities
Commercial Paper
South Korea
Financials (cost $0 and $999,316, respectively)	-		$	-			4.30	%	$	999,316
Australia
Financials (cost $0 and $999,542, respectively)	-			-			4.30	%		999,542
Chile
Financials (cost $0 and $999,222, respectively)	-			-			4.30	%		999,222
United States
Financials (cost $0 and $999,611, respectively)	-			-			4.30	%		999,611
Total Commercial Paper	0.00	%		-			17.20	%		3,997,691
Corporate Bonds
United States
Financials (cost $1,501,697 and $0, respectively)	9.67	%		1,465,195			-			-
Australia
Financials (cost $0 and $1,504,227, respectively)	-			-			6.45	%		1,500,105
Total Corporate Bonds	9.67	%		1,465,195			6.45	%		1,500,105
Government Agencies
United States
US Government Agency (cost $0 and $5,500,084, respectively)	-			-			23.67	%		5,502,285
Short-Term Investment Funds
United States
Short-Term Investment Funds (cost $0 an $3,600, respectively)	-			-			0.02	%		3,600
Total Fixed Income Securities (cost $1,501,697 and $11,005,602, respectively)			$	1,465,195					$	11,003,681
Long Positions
Futures Positions
Agriculture	-0.15	%	$	(22,282	)		-1.04	%	$	(241,904	)
Currency	0.31	%		46,836			0.12	%		28,665
Energy	-0.14	%		(21,904	)		0.33	%		77,294
Indices	2.98	%		450,939			0.22	%		50,444
Interest Rate	-0.92	%		(138,783	)		0.08	%		19,455
Metals	0.03	%		5,005			0.08	%		18,129
Total long positions on open contracts			$	319,811					$	(47,917	)
Short Positions
Futures Positions
Agriculture	1.37	%	$	207,657			1.39	%	$	324,276
Currency	0.31	%		46,459			0.20	%		47,442
Energy	-0.01	%		(770	)		-0.22	%		(51,455	)
Indices	-0.39	%		(58,673	)		-0.05	%		(11,941	)
Interest rates	1.15	%		174,237			0.03	%		7,003
Metals	0.49	%		73,915			-0.03	%		(6,664	)
Total short positions on open contracts			$	442,825					$	308,661
Total unrealized gain on open contracts			$	762,636					$	260,744
Long put options on future contracts
Agriculture (premiums paid - $0 and $437,577, respectively)	-		$	-			2.59	%	$	601,497
Total long put options on futures contracts			$	-					$	601,497
Short put options on future contracts
Agriculture (premiums received - $0 and $106,627, respectively)	-		$	-			-0.44	%	$	(102,345	)
Currency (premiums received - $0 and $73,421, respectively)	-			-			-0.41	%		(95,775	)
Energy (premiums received - $0 and $87,040, respectively)	-			-			-0.46	%		(106,850	)
Indices (premiums received - $0 and $39,900, respectively)	-			-			-0.09	%		(21,850	)
Interest (premiums received - $0 and $29,469, respectively)	-			-			-0.07	%		(16,656	)
Metals (premiums received - $0 and $6,300, respectively)	-			-			-0.02	%		(4,550	)
Total short put options on future contracts			$	-					$	(348,026	)
Long call options on future contracts
Agriculture (premiums paid - $0 and $237,430, respectively)	-		$	-			0.46	%	$	107,423
Energy (premiums paid - $0 and $78,410, respectively)	-			-			0.08	%		19,520
Total long call options on future contracts			$	-					$	126,943
Short call options on future contracts
Agriculture (premiums received - $0 and $460,664, respectively)	-		$	-			-1.64	%	$	(380,603	)
Currency (premiums received - $0 and $83,423, respectively)	-			-			-0.31	%		(71,913	)
Energy (premiums received - $0 and $68,200, respectively)	-			-			-0.28	%		(64,840	)
Indices (premiums received - $0 and $16,800, respectively)	-			-			-0.05	%		(12,000	)
Metals (premiums received - $0 and $6,790, respectively)	-			-			-0.03	%		(6,860	)
Total short put options on future contracts			$	-					$	(536,216	)

See accompanying notes to consolidated financial statements.

45

RJO GLOBAL TRUST AND SUBSIDIARY

Consolidated Statements of Operations

	Year Ended December 31,
	2013			2012			2011
Trading gain (loss):
Gain (loss) on trading of commodity contracts:
Realized gain (loss) on closed positions	$	(200,091	)	$	(2,335,648	)	$	353,195
Change in unrealized gain (loss) on open positions		432,476			(36,306	)		(865,419	)
Realized gain (loss) on investment in
Global Diversified Managed Futures Portfolio LLC		(12,749	)		-			-
Foreign currency transaction gain (loss)		(23,147	)		(27,149	)		167,482
Total Trading gain (loss)		196,489			(2,399,103	)		(344,742	)
Net investment income (loss):
Interest income		199,885			207,562			292,141
Realized gain (loss) on fixed income securities		(114,591	)		(202,071	)		(98,217	)
Change in unrealized gain (loss) on fixed income securities		(34,582	)		126,325			(106,156	)
Total net investment gain (loss)		50,712			131,816			87,768
Expenses:
Commissions - Class A		777,646			1,277,188			2,004,324
Commissions - Class B		12,350			26,844			39,950
Advisory fees		28,101			51,521			62,625
Management fees		356,452			481,644			705,342
Incentive fees		118,791			29,872			155,519
Ongoing offering expenses		46,500			37,640			114,267
Operating expenses		438,000			566,360			848,733
Total expenses		1,777,840			2,471,069			3,930,760
Trading income (loss)		(1,530,639	)		(4,738,356	)		(4,187,734	)
Non-Trading income (loss):
Interest on Non-Trading reserve		370			315			2,927
Collections in excess of impaired value		240,556			699,783			1,672,496
Legal and administrative fees		(256,885	)		(155,913	)		(130,495	)
Management fees paid to US Bank		(220,905	)		(290,228	)		(233,247	)
Non-Trading income (loss)		(236,864	)		253,957			1,311,681
Net income (loss)	$	(1,767,503	)	$	(4,484,399	)	$	(2,876,053	)

See accompanying notes to consolidated financial statements.

46

RJO GLOBAL TRUST AND SUBSIDIARY

Consolidated Statement of Changes in Unitholders’ Capital

For the years ended December 31, 2013, 2012 and 2011

Unitholders' Capital (Trading)	Beneficial Owners - Trading Class A						Beneficial Owners - Trading Class B						Managing Owners - Trading Class A
	Units			Dollars			Units			Dollars			Units			Dollars
Balances at December 31, 2010		490,278		$	49,340,822			13,420		$	1,405,692			11,679		$	1,175,357
Trading income (loss)		-			(3,983,977	)		-			(104,084	)		-			(99,673	)
Unitholders' contributions		10,039			943,530			2,169			219,959			-			-
Transfers from Class A to Class B		-			-			-			-			-			-
Unitholders redemptions		(144,459	)		(13,802,983	)		(2,892	)		(290,273	)		(11,144	)		(1,026,827	)
Balances at December 31, 2011		355,858			32,497,392			12,697			1,231,294			535			48,857
Trading income (loss)		-			(4,583,761	)		-			(146,891	)		-			(7,704	)
Unitholders' contributions		1,574			137,436			-			-			-			-
Transfers from Class A to Class B		(52	)		(4,404	)		49			4,404			-			-
Unitholders redemptions		(82,977	)		(6,939,769	)		(4,643	)		(413,484	)		-			-
Balances at December 31, 2012		274,403			21,106,894			8,103			675,323			535			41,153
Trading income (loss)		-			(1,498,416	)		-			(29,187	)		-			(3,036	)
Transfers from Class A to Class B		(156	)		(10,854	)		142			10,854			-			-
Unitholders redemptions		(83,789	)		(6,028,261	)		(3,681	)		(297,641	)		-			-
Balances at December 31, 2013		190,458		$	13,569,363			4,564		$	359,349			535		$	38,117

Unitholders' Capital (Trading)	Total Unitholders' Capital - Trading
	Units			Dollars
Balances at December 31, 2010		515,377		$	51,921,871
Trading income (loss)		-			(4,187,734	)
Unitholders' contributions		12,208			1,163,489
Transfers from Class A to Class B		-			-
Unitholders' redemptions		(158,495	)		(15,120,083	)
Balances at December 31, 2011		369,090			33,777,543
Trading income (loss)		-			(4,738,356	)
Unitholders' contributions		1,574			137,436
Transfers from Class A to Class B		(3	)		-
Unitholders' redemptions		(87,620	)		(7,353,253	)
Balances at December 31, 2012		283,041			21,823,370
Trading income (loss)		-			(1,530,639	)
Transfers from Class A to Class B		(14	)		-
Unitholders' redemptions		(87,470	)		(6,325,902	)
Balances at December 31, 2013		195,557		$	13,966,829

Unitholders' Capital (LLC Equity/Non-Trading)	Participating Owners-						Nonparticipating Owners-					Total Unitholders' Capital-
	LLC Equity/Non-Trading						LLC Equity/Non-Trading					LLC Equity/Non-Trading
	Units			Dollars			Units		Dollars			Units		Dollars
Balances at December 31, 2010		407,463		$	737,509			1,865,825	$	3,376,518			2,273,288	$	4,114,027
Non-Trading income (loss)		-			148,123			-		1,163,558			-		1,311,681
Reallocation due to Redemptions		(100,656	)		(165,608	)		100,656		165,608			-		-
Unitholders' distribution		-			(561,489	)		-		(3,689,555	)		-		(4,251,044	)
Balances at December 31, 2011		306,807			158,535			1,966,481		1,016,129			2,273,288		1,174,664
Non-Trading income (loss)		-			23,115			-		230,842			-		253,957
Reallocation due to Redemptions		(69,144	)		(31,922	)		69,144		31,922			-		-
Unitholders' distribution		-			-			-		(1,533	)		-		(1,533	)
Balances at December 31, 2012		237,663			149,728			2,035,625		1,277,360			2,273,288		1,427,088
Non-Trading income (loss)		-			(22,145	)		-		(214,719	)		-		(236,864	)
Reallocation due to Redemptions		(66,429	)		(37,931	)		66,429		37,931			-		-
Unitholders' distribution		-			-			-		-			-		-
Balances at December 31, 2013		171,234		$	89,652			2,102,054	$	1,100,572			2,273,288	$	1,190,224
Total Unitholders Capital at December 31, 2013														$	15,157,053

	Unitholders' Capital			Unitholders' Capital			Unitholders' Capital
	Trading Class A			Trading Class B			(LLC Equity/Non-Trading)
Net asset value per unit at December 31, 2012	$	76.92		$	83.34		$	0.63
Net change per unit		(5.67	)		(4.60	)		(0.11	)
Net asset value per unit at December 31, 2013	$	71.25		$	78.74		$	0.52

See accompanying notes to consolidated financial statements.

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Notes to Consolidated Financial Statements –

December 31, 2013, 2012, 2011

(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”).

Pursuant to an Investment Management Agreement dated August 30, 2013 (the “Investment Management Agreement”), the Managing Owner appointed RPM Risk & Portfolio Management Aktiebolag, a limited liability company organized under the laws of Sweden, as investment manager to the Trust (“RPM” or the “Investment Manager”).  The Trust is a multi-advisor commodity pool where trading decisions for the Trust are delegated to multiple independent commodity trading advisors (each a “Trading Advisor” and collectively, the “Trading Advisors”) representing the Investment Manager’s “Evolving Manager Program”.  The Trust’s assets are allocated to O’Brien Alternative Strategic Investment Solutions, LLC (“RJ OASIS”), a Delaware series limited liability company operated by RJOFM.  Each “series” of RJ OASIS feeds into a separate trading company established to facilitate trading by a particular Trading Advisor (each “Trading Company” and collectively, the “Trading Companies”).

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.  See Note (12) for subsequent events.

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 decrease in the net asset value 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. (“REFCO, LTD”) had held certain assets of the Trust, acting as the Trust’s broker of forward contracts during 2005.  During that year, REFCO, LTD experienced financial difficulties resulting in RCMI’s inability to liquidate the assets.  REFCO, LTD filed for bankruptcy protection in October, 2005.  As a result, the Trust held a bankruptcy claim against REFCO, LTD.

48

Effective January 1, 2007, JWH Special Circumstance LLC (the “LLC”), a Delaware limited liability company, was established to pursue the claims against REFCO, LTD.  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 REFCO, LTD.  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 REFCO, LTD.

(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 consolidated financial statements of the Trust have been prepared in accordance with accounting principles generally accepted in the United States of America.

(b)    Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Trust and its wholly-owned subsidiary, JWH Special Circumstances, 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 their trade date.   All such transactions are recorded on a mark-to-market 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 reporting period 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.

49

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 purchase cost of an underlying instrument (for a purchased call option) is adjusted by the amount of the premium paid.

At December 31, 2013, 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 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. (“Wells”) and managed by RJO Investment Management, LLC (“RJOIM”), an affiliate of the Managing Owner.

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 first-in, first-out (FIFO) 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 REFCO, LTD at December 31, 2005, based on management’s estimate of fair value at that time.  Subsequent recoveries from REFCO, LTD were credited against the then book value of the claim.  On June 28, 2007, the Trust’s cumulative recoveries from REFCO, LTD exceeded the book value of the impaired assets held at REFCO, LTD, 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 REFCO, LTD have not been reflected as such future expenses are not capable of being estimated. See Note (6) for further details.

50

(h)           Recent Pronouncements

In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”) requiring disclosure of both gross and net information related to offsetting and related arrangements enabling users of its financial statements to understand the effect of those arrangements on the entity’s financial position.  ASU 2011-11 is effective for interim and annual periods beginning on or after January 1, 2013.  An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented.  Adoption of ASU 2011-11 will expand the Trust’s disclosures, but will have no effect on the Trust’s net assets.  The Trust adopted ASU 2011-11in 2013, with additional disclosure included in Note 11.

In June 2013, the FASB issued ASU 2013-08, Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements (“ASU 2013-08”), containing new guidance on assessing whether an entity is an investment company, requiring non-controlling ownership interest in investment companies to be measured at fair value and requiring certain additional disclosures. This guidance is effective for annual and interim periods beginning on or after December 15, 2013. The Trust currently follows the guidance within the Investment Companies Topic of the FASB Accounting Standards Codification.  The Trust does not expect the adoption of ASU 2013-08 to have a material effect on the Trust's consolidated financial statements.

(3) Fees

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

Pursuant to the Trust’s agreements with the Trading Advisors, each Trading Advisor receives a monthly management fee at the rate of up to 0.08333% (a 1% 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’s net assets.

The Trust also pays the Trading Advisors a quarterly incentive fee of up to 25% of the “New Trading Profit,” if any, of the Trust.  The incentive fee is based on the performance of each Trading Advisor’s portion of the assets allocated to them.  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 fee.

(4) Income Taxes

It is expected that that the Trust will be treated as a “partnership” for both U.S. federal and state tax purposes.  As such, 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 its pro rata share of the profits or losses of the Trust.  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, generally ranging from three to five years from the date of filing.

(5) Trading Activities and Related Risks

The Trust engages in the speculative trading of U.S. and international futures contracts, options, and forward contracts (collectively derivatives) through the trading instructions of the Trading 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 contract - and credit risk - the risk of failure by another party to perform according to the terms of a contract.

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The purchase and sale of futures requires initial and on-going margin deposits with a futures commission merchant (“FCM”).  The Commodity Exchange Act requires an FCM 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 customer’s pro rata share of segregated funds.  It is possible that the recovered amount could be less than the total of cash and other property deposited by the customer.

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 years ended December 31, 2013, 2012, and 2011 are reflected in the consolidated statements of operations and are equal to the 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 through the trading instructions of the Trading Advisors.

The Trust invests its margin in fixed income securities as permitted by the Commodity Futures Trading Commission (“CFTC”) regulations regarding acceptable securities for investment of segregated assets and the RJOIM agreement with the Trust.  Such acceptable securities, include, but are not 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.

See Note (11) for further details on Derivative Instruments and Hedging Activities.

(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 REFCO, LTD 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 REFCO, LTD 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 REFCO, LTD and distributions to redeemed and continuing unitholders.

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Recoveries from REFCO, LTD, Distributions paid by US Bank from the LLC, and effect on impaired value of assets held at REFCO, LTD
	Amounts Received from			Balance of		Collections in Excess of			Cash Distributions to Non-Participating		Additional Units in Trust for Participating Owners
Date	REFCO, LTD			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
10/31/12		404,908	*		-		404,908	*		-		-		-
12/05/12		294,875	*		-		294,875	*		-		-		-
08/05/13		240,556	*		-		240,556	*		-		-		-
Totals	$	49,304,801		$	-	$	32,341,539		$	28,976,252		135,840	$	12,457,447

*The collections on June 4, 2010 were from a settlement agreement (the “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.

(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.

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         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 December 31, 2013 and December 31, 2012, 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 Trust’s exchange-traded futures contracts and options on futures contracts are valued based on quoted prices (unadjusted) in active markets for identical assets or liabilities.  The Trust’s forward currency contracts and options on forward currency contracts are based on third-party quoted dealer values on the interbank market, based on similar assets or liabilities.  The Trust’s fixed income securities are valued using inputs that are observable for the asset or liability, including prices of similar fixed income securities or present values of expected future cash flow models.

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 December 31, 2013 and 2012, respectively:

	December 31, 2013
	Level 1		Level 2		Level 3		Total
Assets
Unrealized gain on open contracts:
Futures positions	$	762,636	$	-	$	-	$	762,636
Fixed income securities		-		1,465,195		-		1,465,195
Total assets		762,636		1,465,195		-		2,227,831
Total fair value	$	762,636	$	1,465,195	$	-	$	2,227,831

	December 31, 2012
	Level 1		Level 2		Level 3		Total
Assets
Unrealized gain on open contracts:
Futures positions	$	260,744	$	-	$	-	$	260,744
Purchased options on futures contracts		728,440		-		-		728,440
Fixed income securities		-		11,003,681		-		11,003,681
Total assets		989,184		11,003,681		-		11,992,865
Liabilities
Options written on futures contracts		884,242		-		-		884,242
Total fair value	$	104,942	$	11,003,681	$	-	$	11,108,623

(8)           Operations

Redemptions

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

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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.

Until October 22, 2013, the Trust’s brokerage fee constitutes a “wrap fee” of  4.67% of the Trust’s month-end assets on an annual basis (0.38916%  monthly) with respect to Class A units and 2.67% of the Trust’s month-end assets on an annual basis (0.225% 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 at)*		1.57	%		1.57	%
			4.67	%		2.67	%

* Beginning October 22, 2013, the Trust unbundled these expenses; these expenses are approximately, 0.92% of the net asset value for both Class A and Class B.

** Effective October 22, 2013, the Managing Owner fee was reduced to 0.50% and waived for the 4th quarter, 2013.

*** Effective October 22, 2013, Underwriting expenses were waived for the 4th quarter, 2013.

There is no significant effect on the Trust’s financial highlights in Note 9 related to these waivers.

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

(9)       Financial Highlights

The following financial highlights show the Trust’s financial performance of the Trading units for the periods ended December 31, 2013, 2012 or 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’s Trading units taken as a whole.

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	Class A									Class B
	2013			2012			2011			2013			2012			2011
Per share operating performance:
Net asset value of Trading units, beginning of period	$	76.92		$	91.32		$	100.64		$	83.34		$	96.98		$	104.75
Total Trading income (loss):
Trading gain (loss)		1.37			(7.26	)		(0.27	)		1.53			(7.78	)		(0.28	)
Investment income		0.20			0.39			0.20			0.22			0.42			0.22
Expenses		(7.24	)		(7.53	)		(9.25	)		(6.35	)		(6.28	)		(7.71	)
Trading income (loss)		(5.67	)		(14.40	)		(9.32	)		(4.60	)		(13.64	)		(7.77	)
Net asset value of Trading units, end of period	$	71.25		$	76.92		$	91.32		$	78.74		$	83.34		$	96.98
Total return:
Total return before incentive fees		(6.72	%)		(15.66	%)		(8.88	%)		(4.79	%)		(13.95	%)		(7.08	%)
Less incentive fee allocations		(0.66	%)		(0.11	%)		(0.38	%)		(0.73	%)		(0.11	%)		(0.34	%)
Total return		(7.38	%)		(15.77	%)		(9.26	%)		(5.52	%)		(14.06	%)		(7.42	%)
Ratios to average net assets:
Trading income (loss)		(8.61	%)		(17.28	%)		(10.32	%)		(5.78	%)		(15.40	%)		(7.94	%)
Expenses:
Expenses, less incentive fees		(9.30	%)		(9.15	%)		(9.30	%)		(7.33	%)		(7.19	%)		(7.34	%)
Incentive fees		(0.66	%)		(0.11	%)		(0.38	%)		(0.73	%)		(0.11	%)		(0.34	%)
Total expenses		(9.96	%)		(9.26	%)		(9.68	%)		(8.06	%)		(7.30	%)		(7.68	%)

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 periods ended December 31, 2013, 2012 and 2011. The amounts are not annualized.

(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 at Wells.   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 December 31, 2013 and 2012, the Trust’s deposits held by RJOIM consisted of cash of $1,301,182 and $8,659,507, respectively, and fixed income securities of $1,465,195 and $11,003,681, respectively.  Advisory fees earned by RJOIM aggregated $28,101, $51,521, and $62,625, for the years ended December 31, 2013, 2012 and 2011 respectively.

(11)       Derivative Instruments and Hedging Activities.

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

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Derivatives not designated as hedging instruments:

As of December 31, 2013
	Asset			Liability
Type of	Derivatives			Derivatives				Net
Futures Contracts	Fair Value			Fair Value				Fair Value
Agriculture		$	223,192		$	(37,817	)		$	185,375
Currency			94,958			(1,663	)			93,295
Energy			15,843			(38,517	)			(22,674	)
Indices			438,814			(46,548	)			392,266
Interest Rates			129,505			(94,051	)			35,454
Metals			78,920			-				78,920
		$	981,232		$	(218,596	)		$	762,636

As of December 31, 2012
	Asset			Liability
Type of	Derivatives			Derivatives				Net
Futures Contracts	Fair Value			Fair Value				Fair Value
Agriculture		$	678,316		$	(369,972	)		$	308,344
Currency			94,041			(185,622	)			(91,581	)
Energy			76,522			(202,853	)			(126,331	)
Indices			60,504			(55,851	)			4,653
Interest Rates			30,579			(20,778	)			9,801
Metals			23,749			(23,693	)			56
		$	963,711		$	(858,769	)		$	104,942

The above reported fair values are included in equity in commodity trading accounts – unrealized gain on open contracts and in purchased options on futures and written options on futures contracts in the consolidated statements of financial condition as of December 31, 2013 and 2012, respectively.

Trading gain (loss) for the following periods:

	Year ended December 31
Type of Futures Contracts	2013			2012			2011
Agriculture	$	441,400		$	(361,619	)	$	(1,105,067	)
Currency		(221,046	)		(598,618	)		(1,380,681	)
Energy		(430,320	)		(483,184	)		63,841
Indices		394,694			(655,571	)		865,269
Interest Rates		(204,765	)		162,682			935,552
Metals		229,275			(462,793	)		276,344
	$	209,238		$	(2,399,103	)	$	(344,742	)

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.

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(12)       Subsequent Events.

Pursuant to an Investment Management Agreement dated August 30, 2013, the Managing Owner appointed RPM Risk & Portfolio Management Aktiebolag, a limited liability company organized under the laws of Sweden, as investment manager to the Trust.  In connection with such appointment, the Trust discontinued its offering of the Class A and Class B units of the Trust.  The Trust began offering Class C and Class D units on January 15, 2014.

The Trust expects to pay annual expenses of approximately 6.30% (for Class C units) to 11.12% (for Class D units) after taking into account estimated interest income of its average month-end assets.

Acknowledgment

To the best of my knowledge and belief, the information contained herein is accurate and complete.

/s/ James Gabriele

James Gabriele

Chief Financial Officer

R.J. O’Brien Fund Management, LLC

The Managing Owner and Commodity Pool Operator of

RJO Global Trust

March 31, 2014

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EX-14.01

Exhibit 14.01

R.J. O’Brien Fund Management, LLC.

Code of Ethics

Introduction

R.J. O’Brien Fund Management, LLC (“RJOFM”) adopted ethical guidelines to provide RJOFM employees a framework in which to examine problems arising out of its business and to assist RJOFM employees to act in a fair, ethical and lawful manner.   In addition, RJOFM has adopted this Code of Ethics to address certain specific issues relating to its business.

RJOFM (“the Company”) acts as the managing owner and/or general partner of a commodity pool (the “Pool”) that is a public reporting issuer under the Securities Exchange Act of 1934, as amended.  As the managing owner and/or general partner, the Company is responsible for the management and administration of the Pool.

The Company expects its principal executive officer, principal financial officer, principal accounting officer and persons performing similar functions (collectively, the “Covered Officers”) to know and follow the policies outlined in this RJOFM Code of Ethics.  Any Covered Officer who violates the letter or spirit of these policies is subject to disciplinary action, up to and including termination.

Every Covered Officer has the responsibility to obey the law and act honestly and ethically.  To that end, this Code of Ethics is a guide that is intended to make Covered Officers sensitive to some of the significant legal and ethical issues that may arise in connection with the operation of the Pool and to the mechanisms available to report illegal or unethical conduct.  It is not, however, a comprehensive document that addresses every legal or ethical issue that you may confront, nor is it a summary of all laws and policies that apply to the business activities of the Company or the Pool.  For additional information regarding the Company policies, you should refer to RJOFM’s Chief Compliance Officer.  Ultimately, no code of ethics can replace the thoughtful behavior of an ethical officer.

If you have any questions about this Code of Ethics or are concerned about conduct you believe violates this Code of Ethics, the Company’s policies or applicable laws, rules or regulations, you should consult with the RJOFM’s Chief Compliance Officer, Nancy Westwick at (312) 373-5000.  No one at the Company has the authority to make exceptions to these policies, other than the Company’s Board of Directors (or a committee thereof).

Compliance with Laws, Rules and Regulations

The Covered Officers must comply fully with all applicable foreign, federal, state and local laws, rules and regulations that govern the Company’s or the Pool’s business conduct.  Failure to comply with such laws, rules and regulations may result in disciplinary action (in addition to those imposed by any governmental, regulatory or self-regulatory body), up to and including termination.

Conflicts of Interest

Business decisions must be made in the best interest of the Company, not motivated by personal interest or gain.  The same principle applies to business decisions made by the Company in respect of the investors in the Pool.  Therefore, as a matter of Company policy, all Covered Officers must avoid any actual or perceived conflict of interest.

A “conflict of interest” occurs when a Covered Officer’s personal interests interfere or conflict in any way (or even appear to interfere or conflict) with the interests of the Company or, as applicable, those of the Pool.  A conflict of interest situation can arise when a Covered Officer takes actions or has interests (financial or other) that may make it difficult to fulfill duties owed to the equity owners of the Pool.  Conflicts of interest also may arise when a Covered Officer or a member of a Covered Officer’s family receives improper personal benefits as a result of the Covered Officer’s affiliation with the Company, regardless of whether such benefits are received from the Company or a third party.  Loans by the Company or the Pool to, or guarantees by the Company or the Pool of obligations of, Covered Officers and their family members are of special concern and are prohibited.

It is difficult to identify exhaustively what constitutes a conflict of interest.  For this reason, the Covered Officers must avoid any situation in which their independent business judgment might appear to be compromised.  Questions about potential conflicts of interest situations, and disclosure of these situations as they arise, should be promptly addressed and reported to RJOFM’s Chief Compliance Officer at (312) 373-5000.

Corporate Opportunities

The Covered Officers are prohibited from:  (a) taking for themselves personally opportunities that properly belong to the Company and/or Pool or are discovered through the use of corporate property, information or position; (b) using corporate property, information or position for personal gain; and (c) competing with the Company.  The Covered Officers owe a duty to the Company and to the Pool to advance its legitimate interests when the opportunity to do so arises.

Public Company Reporting

As a result of the Pool’s status as “public reporting company,” the Company is required, on behalf of the Pool, to file periodic and other reports with the Securities and Exchange Commission.  The Company takes its obligations with respect to the Pool’s public disclosure seriously.  To that end:

A.           each Covered Officer must take all reasonable steps to ensure that these reports and other public communications represent full, fair, accurate, timely and understandable disclosure regarding the financial and business condition of the Pool;

B.           each Covered Officer must promptly bring to the attention of the Board of Directors any material information of which a Covered Officer may become aware that affects the disclosures made by the Company in the public filings made on behalf of the Pool or otherwise would assist the Board of Directors in fulfilling its responsibilities to the Pools; and

C.           each Covered Officer must promptly bring to the attention of the Chief Compliance Officer and the Board of Directors any information he or she may have concerning (i) significant deficiencies in the design or operation of internal controls that could adversely affect the Company’s ability to record, process, summarize and report financial data, including on behalf of the Pool, or (ii) any fraud, whether or not material, involving management or other employees who have a significant role in the Company’s financial reporting, including on behalf of the Pool, disclosures or internal controls.

Reporting Illegal or Unethical Behavior

Each Covered Officer has a duty to adhere to this Code of Ethics.  Each Covered Officer must also promptly bring to the attention of the Chief Compliance Officer or the CEO and to the Board of Directors any information the Covered Officer may have concerning evidence of a material violation of the securities or other laws, rules or regulations applicable to the Company or the Pool, and the operation of its or their businesses, by the Company or any agent thereof, or of a violation of this Code of Ethics, including any actual or apparent conflicts of interest between personal and professional relationships, involving any management or other employees who have a significant role in the Company’s or the Pool’s financial reporting, disclosures or internal controls.  Confidentiality will be maintained to the fullest extent possible.

A Covered Officer will not be penalized for making a good-faith report of violations of this Code of Ethics or other illegal or unethical conduct, nor will the Company tolerate retaliation of any kind against anyone who makes a good-faith report.  A Covered Officer who knowingly submits a false report of a violation, however, will be subject to disciplinary action.  If you report a violation and in some way also are involved in the violation, the fact that you stepped forward will be considered.

If the result of an investigation indicates that corrective action is required, the Board of Directors will decide, or designate appropriate persons to decide, what actions to take, including, when appropriate, legal proceedings and disciplinary action up to and including termination, to rectify the problem and avoid the likelihood of its recurrence.  Such actions shall be reasonably designed to deter wrongdoing and to promote accountability for adherence to this Code of Ethics, and shall include written notices to the individual indicating any action taken.  In determining what action is appropriate in a particular case, the Board of Directors or its designee shall take into account all relevant information, including the nature and severity of the violation, whether the violation was a single occurrence or repeated occurrences, whether the violation appears to have been intentional or inadvertent, whether the individual in question had been advised prior to the violation as to the proper course of action and whether the individual in question had committed other violations in the past.

Amendment, Modification and Waiver

This Code of Ethics may be amended, modified or waived by the Board of Directors of the Company.  Any change to, or waiver (whether explicit or implicit) of, this Code of Ethics must be disclosed promptly to the Pool that is a public reporting company by filing a Form 8-K on behalf of each affected Pool or by another permitted means.

Acknowledgment

Each Covered Officer is accountable for knowing and abiding by the policies contained in this Code of Ethics.  The Company may require that the Covered Officers sign an acknowledgment confirming that they have received, read and understand this Code of Ethics and are complying with them.

EX-31.01

Exhibit 31.01

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Julie M. DeMatteo, do hereby certify that:

1.	I have reviewed this annual report on Form 10-K 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 annual report;
3.	Based on my knowledge, the financial statements, and other financial information included in this annual 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 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 we 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 and the 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 officers 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: March 31, 2014
By:	/s/ Julie M. DeMatteo
Julie M. DeMatteo
Chief Executive Officer
R.J. O’Brien Fund Management, LLC

EX-31.02

Exhibit 31.02

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, James Gabriele, do hereby certify that:

1.           I have reviewed this annual report on Form 10-K 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 annual 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 annual report;

4. The registrant’s other certifying officer 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 we 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 and the 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 officers 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: March 31, 2014
By:	/s/ James Gabriele
James Gabriele
Chief Financial Officer
R.J. O’Brien Fund Management, LLC

EX-32.01

Exhibit 32.01

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO

18 U.S.C. SECTIONS 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Julie M. DeMatteo, Chief Executive Officer of R.J. O’Brien Fund Management, LLC (“RJOFM”), Managing Owner of RJO Global Trust (the “Trust”), certify that (i) the attached annual report on Form 10-K fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and (ii) the information contained in the attached annual report on Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Trust.

By:	/s/ Julie M. DeMatteo
Julie M. DeMatteo
Chief Executive Officer
R.J. O’Brien Fund Management, LLC
March 31, 2014

EX-32.02

Exhibit 32.02

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO

18 U.S.C. SECTIONS 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, James Gabriele, Chief Financial Officer of R.J. O’Brien Fund Management, LLC (“RJOFM”), Managing Owner of RJO Global Trust (the “Trust”), certify that (i) the attached annual report on Form 10-K fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and (ii) the information contained in the attached annual report on Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Trust.

By:	/s/ James Gabriele
James Gabriele
Chief Financial Officer
R.J. O’Brien Fund Management, LLC
March 31, 2014

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Derivative Instruments and Hedging Activities (Details) - Schedule of Derivatives Not Designated as Hedging Instruments (USD $)	Dec. 31, 2013	Dec. 31, 2012
Derivative Instruments and Hedging Activities (Details) - Schedule of Derivatives Not Designated as Hedging Instruments [Line Items]
Asset Derivatives Fair Value	$ 981,232	$ 963,711
Liability Derivatives Fair Value	(218,596)	(858,769)
Net Fair Value	762,636	104,942
Agriculture [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of Derivatives Not Designated as Hedging Instruments [Line Items]
Asset Derivatives Fair Value	223,192	678,316
Liability Derivatives Fair Value	(37,817)	(369,972)
Net Fair Value	185,375	308,344
Currency [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of Derivatives Not Designated as Hedging Instruments [Line Items]
Asset Derivatives Fair Value	94,958	94,041
Liability Derivatives Fair Value	(1,663)	(185,622)
Net Fair Value	93,295	(91,581)
Energy [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of Derivatives Not Designated as Hedging Instruments [Line Items]
Asset Derivatives Fair Value	15,843	76,522
Liability Derivatives Fair Value	(38,517)	(202,853)
Net Fair Value	(22,674)	(126,331)
Indices [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of Derivatives Not Designated as Hedging Instruments [Line Items]
Asset Derivatives Fair Value	438,814	60,504
Liability Derivatives Fair Value	(46,548)	(55,851)
Net Fair Value	392,266	4,653
Interest Rates [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of Derivatives Not Designated as Hedging Instruments [Line Items]
Asset Derivatives Fair Value	129,505	30,579
Liability Derivatives Fair Value	(94,051)	(20,778)
Net Fair Value	35,454	9,801
Metal [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of Derivatives Not Designated as Hedging Instruments [Line Items]
Asset Derivatives Fair Value	78,920	23,749
Liability Derivatives Fair Value	0	(23,693)
Net Fair Value	$ 78,920	$ 56

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Assets Held at Refco Capital Markets, Ltd. (Details) - Recoveries from RCM, Distributions Paid by US Bank from the LLC, and Effect on Impaired Value of Assets Held at RCM (USD $)	0 Months Ended																																	96 Months Ended
	Aug. 05, 2013		Dec. 05, 2012		Oct. 31, 2012		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	Dec. 31, 2013
Recoveries from RCM, Distributions Paid by US Bank from the LLC, and Effect on Impaired Value of Assets Held at RCM [Abstract]
Amounts Received from RCM	$ 240,556	[1]	$ 294,875	[1]	$ 404,908	[1]	$ 0	$ 1,328,832	[1]	$ 343,664	[1]	$ 563,163	[1]	$ 282,790	[1]	$ 0	$ 14,329,450	[1]	$ 1,695,150	$ 1,102,612	$ 2,748,048	$ 769,001	$ 701,148	$ 0	$ 1,046,068	$ 2,708,467	$ 2,584,070	$ 0	$ 5,654	$ 4,783,640	$ 265,758	$ 2,787,629	$ 10,319,318	$ 49,304,801
Balance of Impaired Value	0		0		0		0	0		0		0		0		0	0		0	0	0	0	0	0	0	0	0	0	0	0	3,590,557	3,856,315	6,643,944	0
Collections in Excess of Impaired Value	240,556	[1]	294,875	[1]	404,908	[1]	0	1,328,832	[1]	343,664	[1]	563,163	[1]	282,790	[1]	0	14,329,450	[1]	1,695,150	1,102,612	2,748,048	769,001	701,148	0	1,046,068	2,708,467	2,584,070	0	5,654	1,193,083	0	0	0	32,341,539
Cash Distributions to Non-Participating Owners	0		0		0		3,689,555	0		0		0		0		16,076,112	0		0	0	0	0	0	2,241,680	0	0	0	2,787,947	0	0	0	0	4,180,958	28,976,252
Additional Units in Trust for Participating Owners, Units (in Shares)	0		0		0		6,168	0		0		0		0		40,839	0		0	0	0	0	0	10,736	0	0	0	23,183	0	0	0	0	54,914	135,840
Additional Units in Trust for Participating Owners, Dollars	$ 0		$ 0		$ 0		$ 561,489	$ 0		$ 0		$ 0		$ 0		$ 3,928,806	$ 0		$ 0	$ 0	$ 0	$ 0	$ 0	$ 1,053,815	$ 0	$ 0	$ 0	$ 1,758,626	$ 0	$ 0	$ 0	$ 0	$ 5,154,711	$ 12,457,447

[1] The collections on June 4, 2010 were from a settlement agreement (the "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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Schedule of Investments (Details) - Condensed Consolidated Schedule of Investments (Futures and Options on Futures Contracts) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Long Positions
Fair Value	$ 762,636	$ 260,744
Long [Member] | South Korea Financials [Member] | Fixed Income Securities [Member] | Commercial Paper [Member]
Long Positions
Percentage of Net Assets	0.00%	4.30%
Fair Value	0	999,316
Long [Member] | Australia Financials [Member] | Fixed Income Securities [Member] | Commercial Paper [Member]
Long Positions
Percentage of Net Assets	0.00%	4.30%
Fair Value	0	999,542
Long [Member] | Australia Financials [Member] | Fixed Income Securities [Member] | Corporate Bond Securities [Member]
Long Positions
Percentage of Net Assets	0.00%	6.45%
Fair Value	0	1,500,105
Long [Member] | Chili Financials [Member] | Fixed Income Securities [Member] | Commercial Paper [Member]
Long Positions
Percentage of Net Assets	0.00%	4.30%
Fair Value	0	999,222
Long [Member] | United States Financials [Member] | Fixed Income Securities [Member] | Commercial Paper [Member]
Long Positions
Percentage of Net Assets	0.00%	4.30%
Fair Value	0	999,611
Long [Member] | United States Financials [Member] | Fixed Income Securities [Member] | Corporate Bond Securities [Member]
Long Positions
Percentage of Net Assets	9.67%	0.00%
Fair Value	1,465,195	0
Long [Member] | United States Financials [Member] | Fixed Income Securities [Member] | US Government Corporations and Agencies Securities [Member]
Long Positions
Percentage of Net Assets	0.00%	23.67%
Fair Value	0	5,502,285
Long [Member] | Agriculture [Member] | Future [Member]
Long Positions
Percentage of Net Assets	(0.15%)	(1.04%)
Fair Value	(22,282)	(241,904)
Long [Member] | Agriculture [Member] | Put Option [Member]
Long Positions
Percentage of Net Assets	0.00%	2.59%
Fair Value	0	601,497
Long [Member] | Agriculture [Member] | Call Option [Member]
Long Positions
Percentage of Net Assets	0.00%	0.46%
Fair Value	0	107,423
Long [Member] | Currency [Member] | Future [Member]
Long Positions
Percentage of Net Assets	0.31%	0.12%
Fair Value	46,836	28,665
Long [Member] | Energy [Member] | Future [Member]
Long Positions
Percentage of Net Assets	(0.14%)	0.33%
Fair Value	(21,904)	77,294
Long [Member] | Energy [Member] | Call Option [Member]
Long Positions
Percentage of Net Assets	0.00%	0.08%
Fair Value	0	19,520
Long [Member] | Indices [Member] | Future [Member]
Long Positions
Percentage of Net Assets	2.98%	0.22%
Fair Value	450,939	50,444
Long [Member] | Interest Rates [Member] | Future [Member]
Long Positions
Percentage of Net Assets	(0.92%)	0.08%
Fair Value	(138,783)	19,455
Long [Member] | Metal [Member] | Future [Member]
Long Positions
Percentage of Net Assets	0.03%	0.08%
Fair Value	5,005	18,129
Long [Member] | Fixed Income Securities [Member] | Commercial Paper [Member]
Long Positions
Percentage of Net Assets	0.00%	17.20%
Fair Value	0	3,997,691
Long [Member] | Fixed Income Securities [Member] | Corporate Bond Securities [Member]
Long Positions
Percentage of Net Assets	9.67%	6.45%
Fair Value	1,465,195	1,500,105
Long [Member] | Fixed Income Securities [Member] | United States Short-Term Investment Funds [Member]
Long Positions
Percentage of Net Assets	0.00%	0.02%
Fair Value	0	3,600
Long [Member] | Fixed Income Securities [Member]
Long Positions
Fair Value	1,465,195	11,003,681
Long [Member] | Future [Member]
Long Positions
Fair Value	319,811	(47,917)
Long [Member] | Put Option [Member]
Long Positions
Fair Value	0	601,497
Long [Member] | Call Option [Member]
Long Positions
Fair Value	0	126,943
Short [Member] | Agriculture [Member] | Future [Member]
Long Positions
Percentage of Net Assets	1.37%	1.39%
Fair Value	207,657	324,276
Short [Member] | Agriculture [Member] | Put Option [Member]
Long Positions
Percentage of Net Assets	0.00%	(0.44%)
Fair Value	0	(102,345)
Short [Member] | Agriculture [Member] | Call Option [Member]
Long Positions
Percentage of Net Assets	0.00%	(1.64%)
Fair Value	0	(380,603)
Short [Member] | Currency [Member] | Future [Member]
Long Positions
Percentage of Net Assets	0.31%	0.20%
Fair Value	46,459	47,442
Short [Member] | Currency [Member] | Put Option [Member]
Long Positions
Percentage of Net Assets	0.00%	(0.41%)
Fair Value	0	(95,775)
Short [Member] | Currency [Member] | Call Option [Member]
Long Positions
Percentage of Net Assets	0.00%	(0.31%)
Fair Value	0	(71,913)
Short [Member] | Energy [Member] | Future [Member]
Long Positions
Percentage of Net Assets	(0.01%)	(0.22%)
Fair Value	(770)	(51,455)
Short [Member] | Energy [Member] | Put Option [Member]
Long Positions
Percentage of Net Assets	0.00%	(0.46%)
Fair Value	0	(106,850)
Short [Member] | Energy [Member] | Call Option [Member]
Long Positions
Percentage of Net Assets	0.00%	(0.28%)
Fair Value	0	(64,840)
Short [Member] | Indices [Member] | Future [Member]
Long Positions
Percentage of Net Assets	(0.39%)	(0.05%)
Fair Value	(58,673)	(11,941)
Short [Member] | Indices [Member] | Put Option [Member]
Long Positions
Percentage of Net Assets	0.00%	(0.09%)
Fair Value	0	(21,850)
Short [Member] | Indices [Member] | Call Option [Member]
Long Positions
Percentage of Net Assets	0.00%	(0.05%)
Fair Value	0	(12,000)
Short [Member] | Interest Rates [Member] | Future [Member]
Long Positions
Percentage of Net Assets	1.15%	0.03%
Fair Value	174,237	7,003
Short [Member] | Interest Rates [Member] | Put Option [Member]
Long Positions
Percentage of Net Assets	0.00%	(0.07%)
Fair Value	0	(16,656)
Short [Member] | Metal [Member] | Future [Member]
Long Positions
Percentage of Net Assets	0.49%	(0.03%)
Fair Value	73,915	(6,664)
Short [Member] | Metal [Member] | Put Option [Member]
Long Positions
Percentage of Net Assets	0.00%	(0.02%)
Fair Value	0	(4,550)
Short [Member] | Metal [Member] | Call Option [Member]
Long Positions
Percentage of Net Assets	0.00%	(0.03%)
Fair Value	0	(6,860)
Short [Member] | Future [Member]
Long Positions
Fair Value	442,825	308,661
Short [Member] | Put Option [Member]
Long Positions
Fair Value	0	(348,026)
Short [Member] | Call Option [Member]
Long Positions
Fair Value	$ 0	$ (536,216)

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Financial Highlights (Details) - Schedule of Finanacial Highlights (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Capital Unit, Class A [Member]
Per share operating performance:
Net asset value of Trading units, beginning of period (in Dollars per share)	$ 76.92	$ 91.32	$ 100.64
Trading gain (loss) (in Dollars per share)	$ 1.37	$ (7.26)	$ (0.27)
Investment income (in Dollars per share)	$ 0.20	$ 0.39	$ 0.20
Expenses (in Dollars per share)	$ (7.24)	$ (7.53)	$ (9.25)
Trading income (loss) (in Dollars per share)	$ (5.67)	$ (14.40)	$ (9.32)
Net asset value of Trading units, end of period (in Dollars per share)	$ 71.25	$ 76.92	$ 91.32
Total return:
Total return before incentive fees	(6.72%)	(15.66%)	(8.88%)
Less incentive fee allocations	(0.66%)	(0.11%)	(0.38%)
Total return	(7.38%)	(15.77%)	(9.26%)
Ratios to average net assets:
Trading income (loss)	(8.61%)	(17.28%)	(10.32%)
Expenses:
Expenses, less incentive fees	(9.30%)	(9.15%)	(9.30%)
Incentive fees	(0.66%)	(0.11%)	(0.38%)
Total expenses	(9.96%)	(9.26%)	(9.68%)
Capital Unit, Class B [Member]
Per share operating performance:
Net asset value of Trading units, beginning of period (in Dollars per share)	$ 83.34	$ 96.98	$ 104.75
Trading gain (loss) (in Dollars per share)	$ 1.53	$ (7.78)	$ (0.28)
Investment income (in Dollars per share)	$ 0.22	$ 0.42	$ 0.22
Expenses (in Dollars per share)	$ (6.35)	$ (6.28)	$ (7.71)
Trading income (loss) (in Dollars per share)	$ (4.60)	$ (13.64)	$ (7.77)
Net asset value of Trading units, end of period (in Dollars per share)	$ 78.74	$ 83.34	$ 96.98
Total return:
Total return before incentive fees	(4.79%)	(13.95%)	(7.08%)
Less incentive fee allocations	(0.73%)	(0.11%)	(0.34%)
Total return	(5.52%)	(14.06%)	(7.42%)
Ratios to average net assets:
Trading income (loss)	(5.78%)	(15.40%)	(7.94%)
Expenses:
Expenses, less incentive fees	(7.33%)	(7.19%)	(7.34%)
Incentive fees	(0.73%)	(0.11%)	(0.34%)
Total expenses	(8.06%)	(7.30%)	(7.68%)

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Fees

12 Months Ended

Dec. 31, 2013

Fees And Commissions [Abstract]

Fees And Commissions [Text Block]

(3) Fees

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

Pursuant to the Trust’s agreements with the Trading Advisors, each Trading Advisor receives a monthly management fee at the rate of up to 0.08333% (a 1% 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’s net assets.

The Trust also pays the Trading Advisors a quarterly incentive fee of up to 25% of the “New Trading Profit,” if any, of the Trust.  The incentive fee is based on the performance of each Trading Advisor’s portion of the assets allocated to them.  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 fee.

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Fees (Details)	12 Months Ended
	Dec. 31, 2013
Quarterly Rate [Member]
Fees (Details) [Line Items]
Advisors Incentive Fee as a Percentage of New Trading Profit	25.00%
Minimum [Member] | Monthly Rate [Member]
Fees (Details) [Line Items]
Management Fee as a Percentage of Net Assets	0.08333%
Maximum [Member] | Annual Rate [Member]
Fees (Details) [Line Items]
Management Fee as a Percentage of Net Assets	1.00%

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Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2013
Summary of Significant Accounting Policies (Details) [Line Items]
Percentage of Interest-bearing Domestic Deposits to Deposits	100.00%
United States of America, Dollars
Summary of Significant Accounting Policies (Details) [Line Items]
Interest Earned on Trust's Average Daily Balance on Deposit	100% of the average four-week Treasury bill rate for that month in respect of deposits denominated in dollars.
Foreign Currencies [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Interest Earned on Trust's Average Daily Balance on Deposit	For deposits denominated in other currencies, the Trust earns interest at a rate of one-month LIBOR less 100 basis points.
Maximum [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Offering Costs as Percentage of Month-end Net Asset Value	0.50%

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Income Taxes (Details)	12 Months Ended
	Dec. 31, 2013
Minimum [Member]
Income Taxes (Details) [Line Items]
Examination Period of State and Local Income Tax Returns	3 years
Maximum [Member]
Income Taxes (Details) [Line Items]
Examination Period of State and Local Income Tax Returns	5 years

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Trading Activities and Related Risks (Details) (Fixed Income Securities [Member], Maximum [Member])	Dec. 31, 2013
Fixed Income Securities [Member] | Maximum [Member]
Trading Activities and Related Risks (Details) [Line Items]
Investment Owned, Percent of Net Assets	40.00%

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

(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 consolidated financial statements of the Trust have been prepared in accordance with accounting principles generally accepted in the United States of America.

(b)    Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Trust and its wholly-owned subsidiary, JWH Special Circumstances, 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 their trade date.   All such transactions are recorded on a mark-to-market 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 reporting period 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 purchase cost of an underlying instrument (for a purchased call option) is adjusted by the amount of the premium paid.

At December 31, 2013, 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 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. (“Wells”) and managed by RJO Investment Management, LLC (“RJOIM”), an affiliate of the Managing Owner.

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 first-in, first-out (FIFO) 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 REFCO, LTD at December 31, 2005, based on management’s estimate of fair value at that time.  Subsequent recoveries from REFCO, LTD were credited against the then book value of the claim.  On June 28, 2007, the Trust’s cumulative recoveries from REFCO, LTD exceeded the book value of the impaired assets held at REFCO, LTD, 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 REFCO, LTD have not been reflected as such future expenses are not capable of being estimated. See Note (6) for further details.

(h)           Recent Pronouncements

In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”) requiring disclosure of both gross and net information related to offsetting and related arrangements enabling users of its financial statements to understand the effect of those arrangements on the entity’s financial position.  ASU 2011-11 is effective for interim and annual periods beginning on or after January 1, 2013.  An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented.  Adoption of ASU 2011-11 will expand the Trust’s disclosures, but will have no effect on the Trust’s net assets.  The Trust adopted ASU 2011-11in 2013, with additional disclosure included in Note 11.

In June 2013, the FASB issued ASU 2013-08, Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements (“ASU 2013-08”), containing new guidance on assessing whether an entity is an investment company, requiring non-controlling ownership interest in investment companies to be measured at fair value and requiring certain additional disclosures. This guidance is effective for annual and interim periods beginning on or after December 15, 2013. The Trust currently follows the guidance within the Investment Companies Topic of the FASB Accounting Standards Codification.  The Trust does not expect the adoption of ASU 2013-08 to have a material effect on the Trust's consolidated financial statements.

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Assets Held at Refco Capital Markets, Ltd. (Details) (USD $)	0 Months Ended																									43 Months Ended	96 Months Ended		0 Months Ended
	Aug. 05, 2013	Dec. 05, 2012	Oct. 31, 2012	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	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2005 LLC Equity/Non-Trading [Member]	Oct. 31, 2005 LLC Equity/Non-Trading [Member]
Assets Held at Refco Capital Markets, Ltd. (Details) [Line Items]
Financial Instruments, Owned, Principal Investments, at Fair Value																										$ 1,465,195	$ 1,465,195	$ 11,003,681		$ 57,544,206
Substitute Units Held by Affiliates (in Shares)																														2,273,288
Cash and Cash Equivalents, at Carrying Value																										1,301,182	1,301,182	8,659,507		1,000,000
Assets Held-in-trust																													56,544,206
Asset Impairment Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3,590,557	3,856,315	6,643,944		0		39,580,944
Net Assets Held-in-trust																													16,963,262
Percentage of Fair Value Under Carring Value																													30.00%
Amounts Received from Recovery of Impared Trust Before Distribution										15,300,000
Payments of Capital Distribution										$ 970,550
Gross Proceeds, Percentage of Distribution																										57.25%

XML

Derivative Instruments and Hedging Activities (Details) - Schedule of Trading Gains (Losses) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	$ 209,238	$ (2,399,103)	$ (344,742)
Agriculture [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	441,400	(361,619)	(1,105,067)
Currency [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	(221,046)	(598,618)	(1,380,681)
Energy [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	(430,320)	(483,184)	63,841
Indices [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	394,694	(655,571)	865,269
Interest Rates [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	(204,765)	162,682	935,552
Metal [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gain (loss)	$ 229,275	$ (462,793)	$ 276,344

XML

Consolidated Statements of Financial Condition (USD $)	Dec. 31, 2013	Dec. 31, 2012
Equity in commodity Trading accounts:
Cash on deposit with broker	$ 11,311,474	$ 2,216,652
Unrealized gain on open contracts	762,636	260,744
Purchased options on futures contracts (premiums paid $0 and $753,417, respectively)	0	728,440
Total due from broker	12,074,110	3,205,836
Cash and cash equivalents on deposit with affiliate	1,301,182	8,659,507
Cash on deposit with bank	3,230	696,111
Fixed income securities (cost $1,501,697 and $11,005,602, respectively), held by affiliate	1,465,195	11,003,681
Interest receivable	9,704	9,207
Cash on deposit with bank - Non-Trading	1,278,723	1,364,487
Prepaid expenses - Non-Trading	0	76,392
Total Assets	16,132,144	25,015,221
Equity in commodity Trading accounts:
Options written on futures contracts (premiums received $0 and $978,634, respectively)	0	884,242
Accrued commissions	25,241	54,558
Accrued management fees	30,223	37,239
Accrued incentive fees	118,791	0
Accrued operating expenses	139,655	209,592
Accrued offering expenses	15,033	0
Redemptions payable - Trading	557,636	565,316
Accrued legal fees - Non-Trading	79,883	2,364
Accrued management fees to U.S. Bank - Non-Trading	7,595	10,418
Distribution payable - Non-Trading	1,034	1,034
Total liabilities	975,091	1,764,763
Beneficial owners
Unitholders' Capital	15,157,053	23,250,458
Total Liabilities and Unitholders' Capital	16,132,144	25,015,221
Beneficial Owner [Member] | Capital Unit, Class A [Member] | Trading [Member] | Limited Partner [Member]
Beneficial owners
Unitholders' Capital	13,569,363	21,106,894
Beneficial Owner [Member] | Capital Unit, Class B [Member] | Trading [Member] | Limited Partner [Member]
Beneficial owners
Unitholders' Capital	359,349	675,323
Managing Owner [Member] | Capital Unit, Class A [Member] | Trading [Member] | General Partner [Member]
Beneficial owners
Unitholders' Capital	38,117	41,153
Participating Owners [Member] | LLC Equity/Non-Trading [Member] | Limited Partner [Member]
Beneficial owners
Unitholders' Capital	89,652	149,728
Nonparticipating Owners [Member] | LLC Equity/Non-Trading [Member] | Limited Partner [Member]
Beneficial owners
Unitholders' Capital	$ 1,100,572	$ 1,277,360
Capital Unit, Class A [Member] | Trading [Member]
Trading:
Net Asset Value Per Unit (in Dollars per share)	$ 71.25	$ 76.92
Capital Unit, Class B [Member] | Trading [Member]
Trading:
Net Asset Value Per Unit (in Dollars per share)	$ 78.74	$ 83.34
LLC Equity/Non-Trading [Member]
Trading:
Net Asset Value Per Unit (in Dollars per share)	$ 0.52	$ 0.63

XML

Schedule of Investments

12 Months Ended

Dec. 31, 2013

Schedule of Investments [Abstract]

Investment Holdings, Schedule of Investments [Text Block]

Condensed Consolidated Schedules of Investments

	December 31, 2013					December 31, 2012
	Percentage of					Percentage of
	Net Assets		Fair value			Net Assets			Fair value
Long Positions
Fixed Income Securities
Commercial Paper
South Korea
Financials (cost $0 and $999,316, respectively)	-		$	-			4.30	%	$	999,316
Australia
Financials (cost $0 and $999,542, respectively)	-			-			4.30	%		999,542
Chile
Financials (cost $0 and $999,222, respectively)	-			-			4.30	%		999,222
United States
Financials (cost $0 and $999,611, respectively)	-			-			4.30	%		999,611
Total Commercial Paper	0.00	%		-			17.20	%		3,997,691
Corporate Bonds
United States
Financials (cost $1,501,697 and $0, respectively)	9.67	%		1,465,195			-			-
Australia
Financials (cost $0 and $1,504,227, respectively)	-			-			6.45	%		1,500,105
Total Corporate Bonds	9.67	%		1,465,195			6.45	%		1,500,105
Government Agencies
United States
US Government Agency (cost $0 and $5,500,084, respectively)	-			-			23.67	%		5,502,285
Short-Term Investment Funds
United States
Short-Term Investment Funds (cost $0 an $3,600, respectively)	-			-			0.02	%		3,600
Total Fixed Income Securities (cost $1,501,697 and $11,005,602, respectively)			$	1,465,195					$	11,003,681
Long Positions
Futures Positions
Agriculture	-0.15	%	$	(22,282	)		-1.04	%	$	(241,904	)
Currency	0.31	%		46,836			0.12	%		28,665
Energy	-0.14	%		(21,904	)		0.33	%		77,294
Indices	2.98	%		450,939			0.22	%		50,444
Interest Rate	-0.92	%		(138,783	)		0.08	%		19,455
Metals	0.03	%		5,005			0.08	%		18,129
Total long positions on open contracts			$	319,811					$	(47,917	)
Short Positions
Futures Positions
Agriculture	1.37	%	$	207,657			1.39	%	$	324,276
Currency	0.31	%		46,459			0.20	%		47,442
Energy	-0.01	%		(770	)		-0.22	%		(51,455	)
Indices	-0.39	%		(58,673	)		-0.05	%		(11,941	)
Interest rates	1.15	%		174,237			0.03	%		7,003
Metals	0.49	%		73,915			-0.03	%		(6,664	)
Total short positions on open contracts			$	442,825					$	308,661
Total unrealized gain on open contracts			$	762,636					$	260,744
Long put options on future contracts
Agriculture (premiums paid - $0 and $437,577, respectively)	-		$	-			2.59	%	$	601,497
Total long put options on futures contracts			$	-					$	601,497
Short put options on future contracts
Agriculture (premiums received - $0 and $106,627, respectively)	-		$	-			-0.44	%	$	(102,345	)
Currency (premiums received - $0 and $73,421, respectively)	-			-			-0.41	%		(95,775	)
Energy (premiums received - $0 and $87,040, respectively)	-			-			-0.46	%		(106,850	)
Indices (premiums received - $0 and $39,900, respectively)	-			-			-0.09	%		(21,850	)
Interest (premiums received - $0 and $29,469, respectively)	-			-			-0.07	%		(16,656	)
Metals (premiums received - $0 and $6,300, respectively)	-			-			-0.02	%		(4,550	)
Total short put options on future contracts			$	-					$	(348,026	)
Long call options on future contracts
Agriculture (premiums paid - $0 and $237,430, respectively)	-		$	-			0.46	%	$	107,423
Energy (premiums paid - $0 and $78,410, respectively)	-			-			0.08	%		19,520
Total long call options on future contracts			$	-					$	126,943
Short call options on future contracts
Agriculture (premiums received - $0 and $460,664, respectively)	-		$	-			-1.64	%	$	(380,603	)
Currency (premiums received - $0 and $83,423, respectively)	-			-			-0.31	%		(71,913	)
Energy (premiums received - $0 and $68,200, respectively)	-			-			-0.28	%		(64,840	)
Indices (premiums received - $0 and $16,800, respectively)	-			-			-0.05	%		(12,000	)
Metals (premiums received - $0 and $6,790, respectively)	-			-			-0.03	%		(6,860	)
Total short put options on future contracts			$	-					$	(536,216	)

RJO GLOBAL TRUST AND SUBSIDIARY

Consolidated Statements of Operations

XML

Operations (Details)	12 Months Ended
	Dec. 31, 2013
Operations (Details) [Line Items]
Written Notice Period for Redemption	5 days
Payment Period for Redemption of Units	10 days
October 22, 2013 Reduction [Member] | Managing Owner [Member] | Managing Owner Fees [Member] | Annual Rate [Member] | Capital Unit, Class A [Member]
Operations (Details) [Line Items]
Brokerage Fee	0.50%
October 22, 2013 Reduction [Member] | Managing Owner [Member] | Managing Owner Fees [Member] | Annual Rate [Member] | Capital Unit, Class B [Member]
Operations (Details) [Line Items]
Brokerage Fee	0.50%
Managing Owner [Member] | Clearing, NFA and Exchange Fees [Member] | Annual Rate [Member] | Capital Unit, Class A [Member]
Operations (Details) [Line Items]
Brokerage Fee	1.57%
Managing Owner [Member] | Clearing, NFA and Exchange Fees [Member] | Annual Rate [Member] | Capital Unit, Class B [Member]
Operations (Details) [Line Items]
Brokerage Fee	1.57%
Managing Owner [Member] | Clearing, NFA and Exchange Fees [Member] | Capital Unit, Class A [Member]
Operations (Details) [Line Items]
Brokerage Fee as a Percentage of Net Assets	0.92%
Managing Owner [Member] | Clearing, NFA and Exchange Fees [Member] | Capital Unit, Class B [Member]
Operations (Details) [Line Items]
Brokerage Fee as a Percentage of Net Assets	0.92%
Managing Owner [Member] | Managing Owner Fees [Member] | Annual Rate [Member] | Capital Unit, Class A [Member]
Operations (Details) [Line Items]
Brokerage Fee	0.75%
Managing Owner [Member] | Managing Owner Fees [Member] | Annual Rate [Member] | Capital Unit, Class B [Member]
Operations (Details) [Line Items]
Brokerage Fee	0.75%
Annual Rate [Member] | Capital Unit, Class A [Member]
Operations (Details) [Line Items]
Brokerage Fee	4.67%
Annual Rate [Member] | Capital Unit, Class B [Member]
Operations (Details) [Line Items]
Brokerage Fee	2.67%
Monthly Rate [Member] | Capital Unit, Class A [Member]
Operations (Details) [Line Items]
Brokerage Fee	0.38916%
Monthly Rate [Member] | Capital Unit, Class B [Member]
Operations (Details) [Line Items]
Brokerage Fee	0.225%

XML

Operations (Tables)

12 Months Ended

Dec. 31, 2013

Brokers and Dealers [Abstract]

Schedule of Due to (from) Broker-Dealers and Clearing Organizations [Table Text Block]

“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 at)*		1.57	%		1.57	%
			4.67	%		2.67	%

* Beginning October 22, 2013, the Trust unbundled these expenses; these expenses are approximately, 0.92% of the net asset value for both Class A and Class B.

** Effective October 22, 2013, the Managing Owner fee was reduced to 0.50% and waived for the 4th quarter, 2013.

*** Effective October 22, 2013, Underwriting expenses were waived for the 4th quarter, 2013.

XML

Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit (Annual Rate [Member])	12 Months Ended
	Dec. 31, 2013
Managing Owner [Member] | Managing Owner Fees [Member] | Capital Unit, Class A [Member]
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]
Brokerage Fee	0.75%
Managing Owner [Member] | Managing Owner Fees [Member] | Capital Unit, Class B [Member]
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]
Brokerage Fee	0.75%
Managing Owner [Member] | Underwriting Expenses [Member] | Capital Unit, Class A [Member]
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]
Brokerage Fee	0.35%
Managing Owner [Member] | Underwriting Expenses [Member] | Capital Unit, Class B [Member]
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]
Brokerage Fee	0.35%
Managing Owner [Member] | Clearing, NFA and Exchange Fees [Member] | Capital Unit, Class A [Member]
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]
Brokerage Fee	1.57%
Managing Owner [Member] | Clearing, NFA and Exchange Fees [Member] | Capital Unit, Class B [Member]
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]
Brokerage Fee	1.57%
Selling Agent [Member] | Selling Commission [Member] | Capital Unit, Class A [Member]
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]
Brokerage Fee	2.00%
Selling Agent [Member] | Selling Commission [Member] | Capital Unit, Class B [Member]
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]
Brokerage Fee	0.00%
Capital Unit, Class A [Member]
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]
Brokerage Fee	4.67%
Capital Unit, Class B [Member]
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items]
Brokerage Fee	2.67%

XML

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

ScheduleOfClientRelatedAndTradingDerivativeInstrumentsTableTextBlock

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

As of December 31, 2013
	Asset			Liability
Type of	Derivatives			Derivatives				Net
Futures Contracts	Fair Value			Fair Value				Fair Value
Agriculture		$	223,192		$	(37,817	)		$	185,375
Currency			94,958			(1,663	)			93,295
Energy			15,843			(38,517	)			(22,674	)
Indices			438,814			(46,548	)			392,266
Interest Rates			129,505			(94,051	)			35,454
Metals			78,920			-				78,920
		$	981,232		$	(218,596	)		$	762,636

As of December 31, 2012
	Asset			Liability
Type of	Derivatives			Derivatives				Net
Futures Contracts	Fair Value			Fair Value				Fair Value
Agriculture		$	678,316		$	(369,972	)		$	308,344
Currency			94,041			(185,622	)			(91,581	)
Energy			76,522			(202,853	)			(126,331	)
Indices			60,504			(55,851	)			4,653
Interest Rates			30,579			(20,778	)			9,801
Metals			23,749			(23,693	)			56
		$	963,711		$	(858,769	)		$	104,942

Schedule of Derivative Instruments Included in Trading Activities [Table Text Block]

Trading gain (loss) for the following periods:

	Year ended December 31
Type of Futures Contracts	2013			2012			2011
Agriculture	$	441,400		$	(361,619	)	$	(1,105,067	)
Currency		(221,046	)		(598,618	)		(1,380,681	)
Energy		(430,320	)		(483,184	)		63,841
Indices		394,694			(655,571	)		865,269
Interest Rates		(204,765	)		162,682			935,552
Metals		229,275			(462,793	)		276,344
	$	209,238		$	(2,399,103	)	$	(344,742	)

XML

General Information and Summary

12 Months Ended

Dec. 31, 2013

Disclosure Text Block [Abstract]

Nature of Operations [Text Block]

(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”).

Pursuant to an Investment Management Agreement dated August 30, 2013 (the “Investment Management Agreement”), the Managing Owner appointed RPM Risk & Portfolio Management Aktiebolag, a limited liability company organized under the laws of Sweden, as investment manager to the Trust (“RPM” or the “Investment Manager”).  The Trust is a multi-advisor commodity pool where trading decisions for the Trust are delegated to multiple independent commodity trading advisors (each a “Trading Advisor” and collectively, the “Trading Advisors”) representing the Investment Manager’s “Evolving Manager Program”.  The Trust’s assets are allocated to O’Brien Alternative Strategic Investment Solutions, LLC (“RJ OASIS”), a Delaware series limited liability company operated by RJOFM.  Each “series” of RJ OASIS feeds into a separate trading company established to facilitate trading by a particular Trading Advisor (each “Trading Company” and collectively, the “Trading Companies”).

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.  See Note (12) for subsequent events.

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 decrease in the net asset value 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. (“REFCO, LTD”) had held certain assets of the Trust, acting as the Trust’s broker of forward contracts during 2005.  During that year, REFCO, LTD experienced financial difficulties resulting in RCMI’s inability to liquidate the assets.  REFCO, LTD filed for bankruptcy protection in October, 2005.  As a result, the Trust held a bankruptcy claim against REFCO, LTD.

Effective January 1, 2007, JWH Special Circumstance LLC (the “LLC”), a Delaware limited liability company, was established to pursue the claims against REFCO, LTD.  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 REFCO, LTD.  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 REFCO, LTD.

XML

Consolidated Statements of Financial Condition (Parentheticals) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Purchased options on futures contracts, premiums paid (in Dollars)	$ 0	$ 753,417
Fixed income securities, cost (in Dollars)	1,501,697	11,005,602
Options written on futures contracts, premiums received (in Dollars)	$ 0	$ 978,634
Beneficial Owner [Member] | Capital Unit, Class A [Member] | Trading [Member] | Limited Partner [Member]
Units outstanding	190,458	274,403
Beneficial Owner [Member] | Capital Unit, Class B [Member] | Trading [Member] | Limited Partner [Member]
Units outstanding	4,564	8,103
Managing Owner [Member] | Capital Unit, Class A [Member] | Trading [Member] | General Partner [Member]
Units outstanding	535	535
Participating Owners [Member] | LLC Equity/Non-Trading [Member] | Limited Partner [Member]
Units outstanding	171,234	237,663
Nonparticipating Owners [Member] | LLC Equity/Non-Trading [Member] | Limited Partner [Member]
Units outstanding	2,102,054	2,035,625

XML

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

(11)       Derivative Instruments and Hedging Activities.

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

Derivatives not designated as hedging instruments:

As of December 31, 2013
	Asset			Liability
Type of	Derivatives			Derivatives				Net
Futures Contracts	Fair Value			Fair Value				Fair Value
Agriculture		$	223,192		$	(37,817	)		$	185,375
Currency			94,958			(1,663	)			93,295
Energy			15,843			(38,517	)			(22,674	)
Indices			438,814			(46,548	)			392,266
Interest Rates			129,505			(94,051	)			35,454
Metals			78,920			-				78,920
		$	981,232		$	(218,596	)		$	762,636

As of December 31, 2012
	Asset			Liability
Type of	Derivatives			Derivatives				Net
Futures Contracts	Fair Value			Fair Value				Fair Value
Agriculture		$	678,316		$	(369,972	)		$	308,344
Currency			94,041			(185,622	)			(91,581	)
Energy			76,522			(202,853	)			(126,331	)
Indices			60,504			(55,851	)			4,653
Interest Rates			30,579			(20,778	)			9,801
Metals			23,749			(23,693	)			56
		$	963,711		$	(858,769	)		$	104,942

The above reported fair values are included in equity in commodity trading accounts – unrealized gain on open contracts and in purchased options on futures and written options on futures contracts in the consolidated statements of financial condition as of December 31, 2013 and 2012, respectively.

Trading gain (loss) for the following periods:

	Year ended December 31
Type of Futures Contracts	2013			2012			2011
Agriculture	$	441,400		$	(361,619	)	$	(1,105,067	)
Currency		(221,046	)		(598,618	)		(1,380,681	)
Energy		(430,320	)		(483,184	)		63,841
Indices		394,694			(655,571	)		865,269
Interest Rates		(204,765	)		162,682			935,552
Metals		229,275			(462,793	)		276,344
	$	209,238		$	(2,399,103	)	$	(344,742	)

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.

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Document And Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013	Jun. 30, 2013
Document and Entity Information [Abstract]
Entity Registrant Name	RJO Global Trust
Document Type	10-K
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	0
Entity Public Float		$ 18,218,316
Amendment Flag	false
Entity Central Index Key	0001027099
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY

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Subsequent Events.

12 Months Ended

Dec. 31, 2013

Subsequent Events [Abstract]

Subsequent Events [Text Block]

(12)       Subsequent Events.

Pursuant to an Investment Management Agreement dated August 30, 2013, the Managing Owner appointed RPM Risk & Portfolio Management Aktiebolag, a limited liability company organized under the laws of Sweden, as investment manager to the Trust.  In connection with such appointment, the Trust discontinued its offering of the Class A and Class B units of the Trust.  The Trust began offering Class C and Class D units on January 15, 2014.

The Trust expects to pay annual expenses of approximately 6.30% (for Class C units) to 11.12% (for Class D units) after taking into account estimated interest income of its average month-end assets.

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Consolidated Statements of Operations (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Trading gain (loss):
Realized gain (loss) on closed positions	$ (200,091)	$ (2,335,648)	$ 353,195
Change in unrealized gain (loss) on open positions	432,476	(36,306)	(865,419)
Global Diversified Managed Futures Portfolio LLC	(12,749)	0	0
Foreign currency transaction gain (loss)	(23,147)	(27,149)	167,482
Total Trading gain (loss)	196,489	(2,399,103)	(344,742)
Net investment income (loss):
Interest income	199,885	207,562	292,141
Realized gain (loss) on fixed income securities	(114,591)	(202,071)	(98,217)
Change in unrealized gain (loss) on fixed income securities	(34,582)	126,325	(106,156)
Total net investment gain (loss)	50,712	131,816	87,768
Expenses:
Advisory fees	28,101	51,521	62,625
Management fees	356,452	481,644	705,342
Incentive fees	118,791	29,872	155,519
Ongoing offering expenses	46,500	37,640	114,267
Operating expenses	438,000	566,360	848,733
Total expenses	1,777,840	2,471,069	3,930,760
Trading income (loss)	(1,530,639)	(4,738,356)	(4,187,734)
Non-Trading income (loss):
Interest on Non-Trading reserve	370	315	2,927
Collections in excess of impaired value	240,556	699,783	1,672,496
Legal and administrative fees	(256,885)	(155,913)	(130,495)
Management fees paid to US Bank	(220,905)	(290,228)	(233,247)
Non-Trading income (loss)	(236,864)	253,957	1,311,681
Net income (loss)	(1,767,503)	(4,484,399)	(2,876,053)
Capital Unit, Class A [Member]
Expenses:
Commissions	777,646	1,277,188	2,004,324
Capital Unit, Class B [Member]
Expenses:
Commissions	$ 12,350	$ 26,844	$ 39,950

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Assets Held at Refco Capital Markets, Ltd.

12 Months Ended

Dec. 31, 2013

Sale Of Bankruptcy Claims Related To Derivative Counterparty [Abstract]

Sale Of Bankruptcy Claims Related To Derivative Counterparty [Text Block]

(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 REFCO, LTD 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 REFCO, LTD 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 REFCO, LTD and distributions to redeemed and continuing unitholders.

Recoveries from REFCO, LTD, Distributions paid by US Bank from the LLC, and effect on impaired value of assets held at REFCO, LTD
	Amounts Received from			Balance of		Collections in Excess of			Cash Distributions to Non-Participating		Additional Units in Trust for Participating Owners
Date	REFCO, LTD			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
10/31/12		404,908	*		-		404,908	*		-		-		-
12/05/12		294,875	*		-		294,875	*		-		-		-
08/05/13		240,556	*		-		240,556	*		-		-		-
Totals	$	49,304,801		$	-	$	32,341,539		$	28,976,252		135,840	$	12,457,447

*The collections on June 4, 2010 were from a settlement agreement (the “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

12 Months Ended

Dec. 31, 2013

Trading Activities And Related Risks [Abstract]

Trading Activities And Related Risks [Text Block]

(5) Trading Activities and Related Risks

The Trust engages in the speculative trading of U.S. and international futures contracts, options, and forward contracts (collectively derivatives) through the trading instructions of the Trading 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 contract - 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 initial and on-going margin deposits with a futures commission merchant (“FCM”).  The Commodity Exchange Act requires an FCM 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 customer’s pro rata share of segregated funds.  It is possible that the recovered amount could be less than the total of cash and other property deposited by the customer.

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 years ended December 31, 2013, 2012, and 2011 are reflected in the consolidated statements of operations and are equal to the 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 through the trading instructions of the Trading Advisors.

The Trust invests its margin in fixed income securities as permitted by the Commodity Futures Trading Commission (“CFTC”) regulations regarding acceptable securities for investment of segregated assets and the RJOIM agreement with the Trust.  Such acceptable securities, include, but are not 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.

See Note (11) for further details on Derivative Instruments and Hedging Activities.

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Financial Highlights (Tables)

12 Months Ended

Dec. 31, 2013

Disclosure Text Block Supplement [Abstract]

Financial Summary [Table Text Block]

The following financial highlights show the Trust’s financial performance of the Trading units for the periods ended December 31, 2013, 2012 or 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’s Trading units taken as a whole.

	Class A									Class B
	2013			2012			2011			2013			2012			2011
Per share operating performance:
Net asset value of Trading units, beginning of period	$	76.92		$	91.32		$	100.64		$	83.34		$	96.98		$	104.75
Total Trading income (loss):
Trading gain (loss)		1.37			(7.26	)		(0.27	)		1.53			(7.78	)		(0.28	)
Investment income		0.20			0.39			0.20			0.22			0.42			0.22
Expenses		(7.24	)		(7.53	)		(9.25	)		(6.35	)		(6.28	)		(7.71	)
Trading income (loss)		(5.67	)		(14.40	)		(9.32	)		(4.60	)		(13.64	)		(7.77	)
Net asset value of Trading units, end of period	$	71.25		$	76.92		$	91.32		$	78.74		$	83.34		$	96.98
Total return:
Total return before incentive fees		(6.72	%)		(15.66	%)		(8.88	%)		(4.79	%)		(13.95	%)		(7.08	%)
Less incentive fee allocations		(0.66	%)		(0.11	%)		(0.38	%)		(0.73	%)		(0.11	%)		(0.34	%)
Total return		(7.38	%)		(15.77	%)		(9.26	%)		(5.52	%)		(14.06	%)		(7.42	%)
Ratios to average net assets:
Trading income (loss)		(8.61	%)		(17.28	%)		(10.32	%)		(5.78	%)		(15.40	%)		(7.94	%)
Expenses:
Expenses, less incentive fees		(9.30	%)		(9.15	%)		(9.30	%)		(7.33	%)		(7.19	%)		(7.34	%)
Incentive fees		(0.66	%)		(0.11	%)		(0.38	%)		(0.73	%)		(0.11	%)		(0.34	%)
Total expenses		(9.96	%)		(9.26	%)		(9.68	%)		(8.06	%)		(7.30	%)		(7.68	%)

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Accounting Policies, by Policy (Policies)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

a)     Basis of Presentation

The accompanying consolidated financial statements of the Trust have been prepared in accordance with accounting principles generally accepted in the United States of America.

Consolidation, Policy [Policy Text Block]

b)    Principles of Consolidation

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

Revenue Recognition, Policy [Policy Text Block]

c)    Revenue Recognition

Commodity futures contracts, forward contracts, physical commodities, and related options are recorded on their trade date.   All such transactions are recorded on a mark-to-market 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 reporting period 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 purchase cost of an underlying instrument (for a purchased call option) is adjusted by the amount of the premium paid.

At December 31, 2013, 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 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. (“Wells”) and managed by RJO Investment Management, LLC (“RJOIM”), an affiliate of the Managing Owner.

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 first-in, first-out (FIFO) basis.  Premiums and discounts on securities purchased are amortized over the lives of the respective instruments.  Interest income is recognized on the accrual basis.

Organization Offering and Related Costs [Policy Text Block]

d) Ongoing Offering CostsOngoing 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 and Translations Policy [Policy Text Block]

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, Policy [Policy Text Block]

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.

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

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

The Trust recorded an impairment charge against its assets held at REFCO, LTD at December 31, 2005, based on management’s estimate of fair value at that time.  Subsequent recoveries from REFCO, LTD were credited against the then book value of the claim.  On June 28, 2007, the Trust’s cumulative recoveries from REFCO, LTD exceeded the book value of the impaired assets held at REFCO, LTD, 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 REFCO, LTD have not been reflected as such future expenses are not capable of being estimated. See Note (6) for further details.

New Accounting Pronouncements, Policy [Policy Text Block]

h)           Recent Pronouncements

In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”) requiring disclosure of both gross and net information related to offsetting and related arrangements enabling users of its financial statements to understand the effect of those arrangements on the entity’s financial position.  ASU 2011-11 is effective for interim and annual periods beginning on or after January 1, 2013.  An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented.  Adoption of ASU 2011-11 will expand the Trust’s disclosures, but will have no effect on the Trust’s net assets.  The Trust adopted ASU 2011-11in 2013, with additional disclosure included in Note 11.

In June 2013, the FASB issued ASU 2013-08, Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements (“ASU 2013-08”), containing new guidance on assessing whether an entity is an investment company, requiring non-controlling ownership interest in investment companies to be measured at fair value and requiring certain additional disclosures. This guidance is effective for annual and interim periods beginning on or after December 15, 2013. The Trust currently follows the guidance within the Investment Companies Topic of the FASB Accounting Standards Codification.  The Trust does not expect the adoption of ASU 2013-08 to have a material effect on the Trust's consolidated financial statements.

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Financial Highlights

12 Months Ended

Dec. 31, 2013

Disclosure Text Block Supplement [Abstract]

Additional Financial Information Disclosure [Text Block]

(9)       Financial Highlights

The following financial highlights show the Trust’s financial performance of the Trading units for the periods ended December 31, 2013, 2012 or 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’s Trading units taken as a whole.

	Class A									Class B
	2013			2012			2011			2013			2012			2011
Per share operating performance:
Net asset value of Trading units, beginning of period	$	76.92		$	91.32		$	100.64		$	83.34		$	96.98		$	104.75
Total Trading income (loss):
Trading gain (loss)		1.37			(7.26	)		(0.27	)		1.53			(7.78	)		(0.28	)
Investment income		0.20			0.39			0.20			0.22			0.42			0.22
Expenses		(7.24	)		(7.53	)		(9.25	)		(6.35	)		(6.28	)		(7.71	)
Trading income (loss)		(5.67	)		(14.40	)		(9.32	)		(4.60	)		(13.64	)		(7.77	)
Net asset value of Trading units, end of period	$	71.25		$	76.92		$	91.32		$	78.74		$	83.34		$	96.98
Total return:
Total return before incentive fees		(6.72	%)		(15.66	%)		(8.88	%)		(4.79	%)		(13.95	%)		(7.08	%)
Less incentive fee allocations		(0.66	%)		(0.11	%)		(0.38	%)		(0.73	%)		(0.11	%)		(0.34	%)
Total return		(7.38	%)		(15.77	%)		(9.26	%)		(5.52	%)		(14.06	%)		(7.42	%)
Ratios to average net assets:
Trading income (loss)		(8.61	%)		(17.28	%)		(10.32	%)		(5.78	%)		(15.40	%)		(7.94	%)
Expenses:
Expenses, less incentive fees		(9.30	%)		(9.15	%)		(9.30	%)		(7.33	%)		(7.19	%)		(7.34	%)
Incentive fees		(0.66	%)		(0.11	%)		(0.38	%)		(0.73	%)		(0.11	%)		(0.34	%)
Total expenses		(9.96	%)		(9.26	%)		(9.68	%)		(8.06	%)		(7.30	%)		(7.68	%)

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 periods ended December 31, 2013, 2012 and 2011. The amounts are not annualized.

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Fair Value Measurements

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

(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 December 31, 2013 and December 31, 2012, 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 Trust’s exchange-traded futures contracts and options on futures contracts are valued based on quoted prices (unadjusted) in active markets for identical assets or liabilities.  The Trust’s forward currency contracts and options on forward currency contracts are based on third-party quoted dealer values on the interbank market, based on similar assets or liabilities.  The Trust’s fixed income securities are valued using inputs that are observable for the asset or liability, including prices of similar fixed income securities or present values of expected future cash flow models.

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 December 31, 2013 and 2012, respectively:

	December 31, 2013
	Level 1		Level 2		Level 3		Total
Assets
Unrealized gain on open contracts:
Futures positions	$	762,636	$	-	$	-	$	762,636
Fixed income securities		-		1,465,195		-		1,465,195
Total assets		762,636		1,465,195		-		2,227,831
Total fair value	$	762,636	$	1,465,195	$	-	$	2,227,831

	December 31, 2012
	Level 1		Level 2		Level 3		Total
Assets
Unrealized gain on open contracts:
Futures positions	$	260,744	$	-	$	-	$	260,744
Purchased options on futures contracts		728,440		-		-		728,440
Fixed income securities		-		11,003,681		-		11,003,681
Total assets		989,184		11,003,681		-		11,992,865
Liabilities
Options written on futures contracts		884,242		-		-		884,242
Total fair value	$	104,942	$	11,003,681	$	-	$	11,108,623

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Operations

12 Months Ended

Dec. 31, 2013

Brokers and Dealers [Abstract]

Brokers and Dealers Disclosure [Text Block]

(8)           Operations

Redemptions

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

Subscriptions

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

Commissions

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

Until October 22, 2013, the Trust’s brokerage fee constitutes a “wrap fee” of  4.67% of the Trust’s month-end assets on an annual basis (0.38916%  monthly) with respect to Class A units and 2.67% of the Trust’s month-end assets on an annual basis (0.225% 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 at)*		1.57	%		1.57	%
			4.67	%		2.67	%

* Beginning October 22, 2013, the Trust unbundled these expenses; these expenses are approximately, 0.92% of the net asset value for both Class A and Class B.

** Effective October 22, 2013, the Managing Owner fee was reduced to 0.50% and waived for the 4th quarter, 2013.

*** Effective October 22, 2013, Underwriting expenses were waived for the 4th quarter, 2013.

There is no significant effect on the Trust’s financial highlights in Note 9 related to these waivers.

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

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Cash Management Agreement with Affiliate

12 Months Ended

Dec. 31, 2013

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

(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 at Wells.   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 December 31, 2013 and 2012, the Trust’s deposits held by RJOIM consisted of cash of $1,301,182 and $8,659,507, respectively, and fixed income securities of $1,465,195 and $11,003,681, respectively.  Advisory fees earned by RJOIM aggregated $28,101, $51,521, and $62,625, for the years ended December 31, 2013, 2012 and 2011 respectively.

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Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis (USD $)	Dec. 31, 2013	Dec. 31, 2012
Assets
Futures positions	$ 762,636	$ 260,744
Purchased options on futures contracts	0	728,440
Fixed income securities	1,465,195	11,003,681
Liabilities
Options written on futures contracts	0	884,242
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets
Futures positions	762,636	260,744
Purchased options on futures contracts		728,440
Fixed income securities	0	0
Total assets	762,636	989,184
Liabilities
Options written on futures contracts		884,242
Total fair value	762,636	104,942
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets
Futures positions	0	0
Purchased options on futures contracts		0
Fixed income securities	1,465,195	11,003,681
Total assets	1,465,195	11,003,681
Liabilities
Options written on futures contracts		0
Total fair value	1,465,195	11,003,681
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets
Futures positions	0	0
Purchased options on futures contracts		0
Fixed income securities	0	0
Total assets	0	0
Liabilities
Options written on futures contracts		0
Total fair value	0	0
Fair Value, Measurements, Recurring [Member]
Assets
Futures positions	762,636	260,744
Purchased options on futures contracts		728,440
Fixed income securities	1,465,195	11,003,681
Total assets	2,227,831	11,992,865
Liabilities
Options written on futures contracts		884,242
Total fair value	$ 2,227,831	$ 11,108,623

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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

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 December 31, 2013 and 2012, respectively:

	December 31, 2013
	Level 1		Level 2		Level 3		Total
Assets
Unrealized gain on open contracts:
Futures positions	$	762,636	$	-	$	-	$	762,636
Fixed income securities		-		1,465,195		-		1,465,195
Total assets		762,636		1,465,195		-		2,227,831
Total fair value	$	762,636	$	1,465,195	$	-	$	2,227,831

	December 31, 2012
	Level 1		Level 2		Level 3		Total
Assets
Unrealized gain on open contracts:
Futures positions	$	260,744	$	-	$	-	$	260,744
Purchased options on futures contracts		728,440		-		-		728,440
Fixed income securities		-		11,003,681		-		11,003,681
Total assets		989,184		11,003,681		-		11,992,865
Liabilities
Options written on futures contracts		884,242		-		-		884,242
Total fair value	$	104,942	$	11,003,681	$	-	$	11,108,623

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Schedule of Investments (Details) - Condensed Consolidated Schedule of Investments (Futures and Options on Futures Contracts) (Parentheticals) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Investment Holdings, Other than Securities [Line Items]
premiums received	$ 0	$ 978,634
Long [Member] | South Korea Financials [Member] | Fixed Income Securities [Member] | Commercial Paper [Member]
Investment Holdings, Other than Securities [Line Items]
Cost	0	999,316
Long [Member] | Australia Financials [Member] | Fixed Income Securities [Member] | Commercial Paper [Member]
Investment Holdings, Other than Securities [Line Items]
Cost	0	999,542
Long [Member] | Australia Financials [Member] | Fixed Income Securities [Member] | Corporate Bond Securities [Member]
Investment Holdings, Other than Securities [Line Items]
Cost	0	1,504,227
Long [Member] | Chili Financials [Member] | Fixed Income Securities [Member] | Commercial Paper [Member]
Investment Holdings, Other than Securities [Line Items]
Cost	0	999,222
Long [Member] | United States Financials [Member] | Fixed Income Securities [Member] | Commercial Paper [Member]
Investment Holdings, Other than Securities [Line Items]
Cost	0	999,611
Long [Member] | United States Financials [Member] | Fixed Income Securities [Member] | Corporate Bond Securities [Member]
Investment Holdings, Other than Securities [Line Items]
Cost	1,501,697	0
Long [Member] | Agriculture [Member] | Put Option [Member]
Investment Holdings, Other than Securities [Line Items]
premiums paid	0	437,577
Long [Member] | Agriculture [Member] | Call Option [Member]
Investment Holdings, Other than Securities [Line Items]
premiums paid	0	237,430
Long [Member] | Energy [Member] | Call Option [Member]
Investment Holdings, Other than Securities [Line Items]
premiums paid	0	78,410
Long [Member] | Fixed Income Securities [Member] | US Government Corporations and Agencies Securities [Member]
Investment Holdings, Other than Securities [Line Items]
Cost	0	5,500,084
Long [Member] | Fixed Income Securities [Member] | United States Short-Term Investment Funds [Member]
Investment Holdings, Other than Securities [Line Items]
Cost	0	3,600
Long [Member] | Fixed Income Securities [Member]
Investment Holdings, Other than Securities [Line Items]
Cost	1,501,697	11,005,602
Short [Member] | Agriculture [Member] | Put Option [Member]
Investment Holdings, Other than Securities [Line Items]
premiums received	0	106,627
Short [Member] | Agriculture [Member] | Call Option [Member]
Investment Holdings, Other than Securities [Line Items]
premiums received	0	460,664
Short [Member] | Currency [Member] | Put Option [Member]
Investment Holdings, Other than Securities [Line Items]
premiums received	0	73,421
Short [Member] | Currency [Member] | Call Option [Member]
Investment Holdings, Other than Securities [Line Items]
premiums received	0	83,423
Short [Member] | Energy [Member] | Put Option [Member]
Investment Holdings, Other than Securities [Line Items]
premiums received	0	87,040
Short [Member] | Energy [Member] | Call Option [Member]
Investment Holdings, Other than Securities [Line Items]
premiums received	0	68,200
Short [Member] | Indices [Member] | Put Option [Member]
Investment Holdings, Other than Securities [Line Items]
premiums received	0	39,900
Short [Member] | Indices [Member] | Call Option [Member]
Investment Holdings, Other than Securities [Line Items]
premiums received	0
Short [Member] | Interest Rates [Member] | Put Option [Member]
Investment Holdings, Other than Securities [Line Items]
premiums received	0	29,469
Short [Member] | Metal [Member] | Put Option [Member]
Investment Holdings, Other than Securities [Line Items]
premiums received	0	6,300
Short [Member] | Metal [Member] | Call Option [Member]
Investment Holdings, Other than Securities [Line Items]
premiums received	$ 0	$ 6,790

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Subsequent Events. (Details) (Subsequent Event [Member])	0 Months Ended
	Jan. 15, 2014
Subsequent Events. (Details) [Line Items]
Subsequent Event, Description	Pursuant to an Investment Management Agreement dated August 30, 2013, the Managing Owner appointed RPM Risk & Portfolio Management Aktiebolag, a limited liability company organized under the laws of Sweden, as investment manager to the Trust. In connection with such appointment, the Trust discontinued its offering of the Class A and Class B units of the Trust. The Trust began offering Class C and Class D units on January 15, 2014.
Capital Unit, Class C [Member]
Subsequent Events. (Details) [Line Items]
Expenses Excluding Incentive Fees, Percentage	6.30%
Capital Unit, Class D [Member]
Subsequent Events. (Details) [Line Items]
Expenses Excluding Incentive Fees, Percentage	11.12%

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Consolidated Statements of Unitholders' Capital (USD $)	12 Months Ended			96 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013
Unitholders Capital	$ 23,250,458
Income (loss)	(1,767,503)	(4,484,399)	(2,876,053)
Unitholders' distribution				28,976,252
Unitholders' contributions				12,457,447
Unitholders' contributions (in Shares)				135,840
Unitholders Capital	15,157,053	23,250,458		15,157,053
Beneficial Owners -Trading Class A [Member] | Limited Partner [Member]
Unitholders Capital	21,106,894	32,497,392	49,340,822
Unitholders Capital (in Shares)	274,403	355,858	490,278
Income (loss)	(1,498,416)	(4,583,761)	(3,983,977)
Unitholders' redemptions	(6,028,261)	(6,939,769)	(13,802,983)
Unitholders' redemptions (in Shares)	(83,789)	(82,977)	(144,459)
Unitholders' contributions		137,436	943,530
Unitholders' contributions (in Shares)		1,574	10,039
Transfers from Class A to Class B	(10,854)	(4,404)
Transfers from Class A to Class B (in Shares)	(156)	(52)
Unitholders Capital	13,569,363	21,106,894	32,497,392	13,569,363
Unitholders Capital (in Shares)	190,458	274,403	355,858	190,458
Beneficial Owners - Trading Class B [Member] | Limited Partner [Member]
Unitholders Capital	675,323	1,231,294	1,405,692
Unitholders Capital (in Shares)	8,103	12,697	13,420
Income (loss)	(29,187)	(146,891)	(104,084)
Unitholders' redemptions	(297,641)	(413,484)	(290,273)
Unitholders' redemptions (in Shares)	(3,681)	(4,643)	(2,892)
Unitholders' contributions			219,959
Unitholders' contributions (in Shares)			2,169
Transfers from Class A to Class B	10,854	4,404
Transfers from Class A to Class B (in Shares)	142	49
Unitholders Capital	359,349	675,323	1,231,294	359,349
Unitholders Capital (in Shares)	4,564	8,103	12,697	4,564
Managing Owners - Trading Class A [Member] | General Partner [Member]
Unitholders Capital	41,153	48,857	1,175,357
Unitholders Capital (in Shares)	535	535	11,679
Income (loss)	(3,036)	(7,704)	(99,673)
Unitholders' redemptions			(1,026,827)
Unitholders' redemptions (in Shares)			(11,144)
Unitholders Capital	38,117	41,153	48,857	38,117
Unitholders Capital (in Shares)	535	535	535	535
Unitholders' Capital - Trading [Member]
Unitholders Capital	21,823,370	33,777,543	51,921,871
Unitholders Capital (in Shares)	283,041	369,090	515,377
Income (loss)	(1,530,639)	(4,738,356)	(4,187,734)
Unitholders' redemptions	(6,325,902)	(7,353,253)	(15,120,083)
Unitholders' redemptions (in Shares)	(87,470)	(87,620)	(158,495)
Unitholders' contributions		137,436	1,163,489
Unitholders' contributions (in Shares)		1,574	12,208
Transfers from Class A to Class B (in Shares)	(14)	(3)
Unitholders Capital	13,966,829	21,823,370	33,777,543	13,966,829
Unitholders Capital (in Shares)	195,557	283,041	369,090	195,557
Participating Owners - LLC Equity/Non-Trading [Member] | Limited Partner [Member]
Unitholders Capital	149,728	158,535	737,509
Unitholders Capital (in Shares)	237,663	306,807	407,463
Income (loss)	(22,145)	23,115	148,123
Unitholders' redemptions	(37,931)	(31,922)	(165,608)
Unitholders' redemptions (in Shares)	(66,429)	(69,144)	(100,656)
Unitholders' distribution			(561,489)
Unitholders Capital	89,652	149,728	158,535	89,652
Unitholders Capital (in Shares)	171,234	237,663	306,807	171,234
Nonparticipating Owners - LLC Equity/Non-Trading [Member] | Limited Partner [Member]
Unitholders Capital	1,277,360	1,016,129	3,376,518
Unitholders Capital (in Shares)	2,035,625	1,966,481	1,865,825
Income (loss)	(214,719)	230,842	1,163,558
Unitholders' redemptions	37,931	31,922	165,608
Unitholders' redemptions (in Shares)	66,429	69,144	100,656
Unitholders' distribution		(1,533)	(3,689,555)
Unitholders Capital	1,100,572	1,277,360	1,016,129	1,100,572
Unitholders Capital (in Shares)	2,102,054	2,035,625	1,966,481	2,102,054
Unitholders' Capital - LLC Equity/Non-Trading [Member]
Unitholders Capital	1,427,088	1,174,664	4,114,027
Unitholders Capital (in Shares)	2,273,288	2,273,288	2,273,288
Net asset value per unit at December 31, 2012 (in Dollars per share)	$ 0.63
Net change per unit (in Dollars per share)	$ (0.11)
Net asset value per unit at December 31, 2013 (in Dollars per share)	$ 0.52	$ 0.63		$ 0.52
Income (loss)	(236,864)	253,957	1,311,681
Unitholders' distribution		(1,533)	(4,251,044)
Unitholders Capital	$ 1,190,224	$ 1,427,088	$ 1,174,664	$ 1,190,224
Unitholders Capital (in Shares)	2,273,288	2,273,288	2,273,288	2,273,288
Unitholders' Capital - Trading Class A [Member]
Net asset value per unit at December 31, 2012 (in Dollars per share)	$ 76.92
Net change per unit (in Dollars per share)	$ (5.67)
Net asset value per unit at December 31, 2013 (in Dollars per share)	$ 71.25			$ 71.25
Unitholders' Capital - Trading Class B [Member]
Net asset value per unit at December 31, 2012 (in Dollars per share)	$ 83.34
Net change per unit (in Dollars per share)	$ (4.60)
Net asset value per unit at December 31, 2013 (in Dollars per share)	$ 78.74			$ 78.74

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Income Taxes

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

(4) Income Taxes

It is expected that that the Trust will be treated as a “partnership” for both U.S. federal and state tax purposes.  As such, 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 its pro rata share of the profits or losses of the Trust.  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, generally ranging from three to five years from the date of filing.

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General Information and Summary (Details)	12 Months Ended
	Dec. 31, 2013
General Information and Summary (Details) [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 decrease in the net asset value 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	Dec. 31, 2026
US Bank [Member]
General Information and Summary (Details) [Line Items]
Compensation Terms for Manager of LLC	(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)

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Cash Management Agreement with Affiliate (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Related Party Transactions [Abstract]
Management Fee, Description	RJOIM is paid an annual fee, currently 0.20% calculated and accrued daily at a rate equal to 1/360 of the principal balance.
Cash and Cash Equivalents, at Carrying Value	$ 1,301,182	$ 8,659,507
Financial Instruments, Owned, Principal Investments, at Fair Value	1,465,195	11,003,681
Noninterest Expense Investment Advisory Fees	$ 28,101	$ 51,521	$ 62,625

XML

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

12 Months Ended

Dec. 31, 2013

Sale Of Bankruptcy Claims Related To Derivative Counterparty [Abstract]

Schedule of Derivatives Not Designated as Hedging Instruments Recognized in Income [Table Text Block]

The table below summarizes all recoveries from REFCO, LTD and distributions to redeemed and continuing unitholders.

Recoveries from REFCO, LTD, Distributions paid by US Bank from the LLC, and effect on impaired value of assets held at REFCO, LTD
	Amounts Received from			Balance of		Collections in Excess of			Cash Distributions to Non-Participating		Additional Units in Trust for Participating Owners
Date	REFCO, LTD			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
10/31/12		404,908	*		-		404,908	*		-		-		-
12/05/12		294,875	*		-		294,875	*		-		-		-
08/05/13		240,556	*		-		240,556	*		-		-		-
Totals	$	49,304,801		$	-	$	32,341,539		$	28,976,252		135,840	$	12,457,447

*The collections on June 4, 2010 were from a settlement agreement (the “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.